智通财经APP获悉，东方证券发布研报称，市场部分观点仍然担忧地产下行对于建材板块估值的压制， 同时认为在建材整体需求未回暖背景下，板块配置价值较低。该行认为，经过数年地产下行周期，企业 发展和经营的风险已有充分释放，而涂料赛道内的龙头企业已出现经营改善和业绩修复，未来发展将会 更上一层楼，期待成长性兑现，当前已处于较好的配置时点。建议关注三棵树(603737.SH)、北新建材 (000786.SZ)。 在基本面企稳背景下，关注国内涂料龙头配置机会 涂料一直是消费建材中较为优质的赛道，翻新重涂需求叠加品牌属性较强，头部企业成长潜力大。此 前，我国涂料市场由立邦、多乐士等外资领衔，而本土企业如三棵树等通过打磨自身核心竞争力，产品 服务持续升级，并开拓新的增长渠道，实现了业绩的稳步增长。立邦2025年上半年建筑涂料收入100.6 亿元，同比下降14.3%，三棵树与其差距在逐步缩小。未来伴随国内品牌更加深入人心、渠道发展更为 成熟，中资企业在国内涂料市场的份额有望进一步提升。 风险提示 涂料需求进一步大幅下滑、头部企业市场份额提升不及预期、原燃材料价格上涨。 近期北京市和上海市相继出台房地产政策优化措施，限购政策再度 ...

Investment Rating - The report maintains a "Positive" outlook for the building materials industry, particularly highlighting the recovery of leading companies in the paint sector [4][9]. Core Viewpoints - The report indicates that after several years of downturn in the real estate sector, the risks associated with corporate development and operations have been largely mitigated. Leading companies in the paint sector are showing signs of operational improvement and performance recovery, suggesting a favorable time for investment [4][9]. - The report emphasizes that the demand for building materials is expected to stabilize due to recent policy relaxations in first-tier cities, which are anticipated to boost consumer demand for building materials [9]. - The leading domestic paint company, SanKeShu (三棵树), has shown significant improvement in its operational performance, with a reported revenue of 5.82 billion yuan in the first half of 2025, reflecting a year-on-year growth of 1.0%, and a net profit of 440 million yuan, up 107.5% compared to the same period in 2024 [9]. Summary by Sections Market Outlook - The report notes that the overall demand for the paint industry is expected to see slight growth despite the ongoing downturn in the real estate sector. Urban renewal projects and renovation needs are driving demand [9]. Investment Recommendations - The report suggests focusing on leading companies in the paint sector, specifically recommending SanKeShu (三棵树) and Beixin Building Materials (北新建材), as they are well-positioned to benefit from the anticipated recovery in demand [4][9].