【一周一议】 继续挖潜 PCB 上游新材料，结合新材料在 PCB 中成本占比、供给格局，我们看好电子布、铜箔两个领域。英伟达将 GB200NVLink 设计从基于 HDI+铜连接更改为高层高频低介电 PCB，下游 AI 应用场景高景气催化上游新材料，PCB 上游 为 CCL，CCL 上游采购主材包括电子布、铜箔、树脂等。此前，电子布的市场研究较为充分，从 low-dk 一代、二代延 伸到三代（也称为 Q 布/石英布），以及 low-cte 品类，当前电子布的需求和供给预期差越来越小，但同属于高端 PCB 原材料的高阶铜箔材料，具备同样持续升级、高端紧缺属性，预期差仍然较大。RTF 铜箔和 HVLP 铜箔属于高性能电子 电路中的高频高速基板用铜箔，具有低的表面轮廓度，传送信号损失低，阻抗小等优良介电特性，应用于不同传输速 率的服务器、数据中心、雷达等通信和智能化领域。首先，高阶铜箔分为多代产品，终端应用尚未定型，存在较大的 可能性。第二，铜箔和电子布均是促进电性能的重要材料，产品之间的应用比例，是否存在叠加或者替代关系仍需下 游验证、确认最终 PCB 的设计方案。第三，高阶铜箔国产化率较低，国内能够顺利进入批量 ...

Industry Overview - Waterproof membranes are essential functional materials in the construction industry, comprising a significant part of the building materials industry. They mainly include SBS/APP modified bitumen waterproof membranes, self-adhesive membranes, and polymer waterproof membranes. Among these, polymer waterproof membranes are rapidly increasing their market share due to their durability, corrosion resistance, environmental friendliness, and ease of construction [1][18] - The market demand for polymer waterproof membranes has seen explosive growth due to accelerated urbanization and continuous investment in infrastructure. The market size for polymer waterproof membranes in China is projected to reach approximately 21.808 billion yuan in 2024 [1][18] Market Dynamics - The production of waterproof materials in China has maintained a steady growth rate of around 10% since 2015, with a significant increase in 2020 due to heightened demand. In 2023, the production of waterproof materials reached 5.81 billion square meters, a year-on-year increase of 19.16%. The production is expected to further increase to approximately 6.525 billion square meters in 2024 [14][15] - The polymer waterproof membrane market is expected to continue growing, supported by government policies favoring green building materials and increasing environmental regulations [1][18] Competitive Landscape - The market for polymer waterproof membranes in China is characterized by low concentration and a large number of companies. Major domestic players include Oriental Yuhong, Beixin Waterproof, and Kairun Building Materials, among others. There are also many small and medium-sized enterprises with varying product quality [21][22] - The competitive landscape is evolving, with larger companies expanding and smaller firms facing pressure, potentially leading to increased market concentration in the future [21] Industry Development Trends - The polymer waterproof membrane industry is expected to accelerate its focus on environmental sustainability, emphasizing the development and application of solvent-free and low-VOC materials. Traditional materials will gradually be replaced by recyclable high polymer materials [27] - Future advancements will focus on enhancing performance, including weather resistance, puncture resistance, and lifespan. Innovations such as self-healing materials and specialized membranes for unique applications will drive the industry towards high-end and professional development [28] - The integration of smart technologies in production and application processes is anticipated, with IoT and AI optimizing quality control and enabling real-time monitoring of material performance [29] - The industry will also prioritize ease of construction, developing products that reduce reliance on skilled labor and streamline installation processes [30]

点击上图▲立即收听 " 近几年 ' 内卷式 ' 竞争的出现，并非是企业、雇员变得 ' 急功近利 ' 所致，其背后有深刻的宏观经济背景，受经济周期变化、体制机制问题和技术发展规律综合影响。 文 / 巴九灵（微信公众号：吴晓波频道） 一股"刀刃向内"的改革正在一些重点行业展开。 汽车行业在这轮行动中最出圈，轰轰烈烈的60天账期革命备受关注，与此同时，近日，全国工商联汽车经销商商会又向各大汽车生产厂家提出缩 短返利兑现账期、简化返利政策、取消复杂限制条件等呼吁，打响了"反内卷"第二枪。 据路透社报道，中国新能源一家头部企业近期在多家工厂取消夜班、将部分产线产能削减至少1/3，并推迟新增产线计划。 还有"二师兄"。近期， 多家头部猪企接相关部门要求，去产能、二育调控、头部企业带头稳价格，集团场暂停能繁母猪扩产，出栏体重也需要控 制在120公斤左右。 光伏行业在主动踩刹车。自7月起，国内头部光伏玻璃企业计划集体减产30％，预计供应量将由此前的约64GW降至约45GW。 水泥行业则在展开自查。中国水泥协会发布文件，要求各会员企业对照备案产能与实际产能差异，依法依规按备案日产能和年产能组织生产。 " 7月的第一天， 中央财 ...

Core Viewpoint - The major shareholder and actual controller of Dongfang Yuhong, Li Weiguo, plans to reduce his stake in the company by up to 46.38 million shares, representing no more than 1.94% of the total share capital, primarily to repay debts [1] Group 1: Shareholding and Financial Moves - Li Weiguo currently holds 22.22% of the company's total share capital, valued at approximately 5.8 billion yuan based on the current share price of around 11 yuan [1] - After the planned reduction, Li Weiguo is expected to cash out about 500 million yuan [1] - Li Weiguo has recently released 18.5 million shares from pledge, which is 3.49% of his holdings, but still has 72.43% of his shares under pledge [1] Group 2: Debt and Pledge Situation - Li Weiguo and his associate Li Xingguo have 67.14% of their pledged shares maturing within the next year, with a remaining financing balance of 1.548 billion yuan, and 46.96% of the pledged shares maturing in the next six months, with a balance of 1.064 billion yuan [1] Group 3: Historical Performance and Market Impact - Dongfang Yuhong experienced significant revenue and profit growth from 2008 to 2021, but has faced a downturn since 2021 due to the real estate industry's decline [4] - Revenue figures from 2021 to 2024 are 31.923 billion yuan, 31.21 billion yuan, 32.82 billion yuan, and 28.06 billion yuan, with net profits dropping from 3.867 billion yuan to 123.6 million yuan [4] - The company's stock price has plummeted from a peak of 64 yuan in 2021 to below 11 yuan, representing an 80% decline [5] Group 4: Dividend Payments - Despite the decline in performance, Dongfang Yuhong has continued to issue large dividends, including a 6 yuan per 10 shares payout in May 2024 and another 6 yuan in September 2024, totaling over 1.1 billion yuan received by Li Weiguo and his associates [3]

来源：环球网 2025年夏季，全国多地进入汛期，房屋渗漏问题再次成为困扰万千家庭的"雨季顽疾"。早在2个多月 前，东方雨虹已开启"服务百姓 拒绝渗漏"公益活动，为百姓筑起一道坚实的防水屏障。 据悉，该活动自4月19日在北京顺义天竺·水木兰亭花园社区和马家堡景兰家园社区启动以来，已在京、 沪、川、黔、赣、闽等多省市全面展开，通过旗下"雨虹"专业服务品牌，为经济困难家庭、残障人士、 独居老人及退役军人家庭等提供免费维修服务。 作为东方雨虹践行社会责任的重要载体，"服务百姓 拒绝渗漏"公益活动自2006年发起至今，已走过近 20年历程，不仅见证了东方雨虹"为人类为社会创造持久安全的环境"的使命坚守，更成为推动行业规范 化、服务普惠化的实践典范。 "雨虹"作为东方雨虹旗下专业服务品牌，业务涵盖防水维修、墙面刷新、管道交付、防水交付、铺贴交 付、美缝交付六大板块，构建了"材料环保可靠，人员持证上岗，全程标准施工，售后质保无忧"的全新 服务模式。 二十年公益践行 服务不断升级 在建筑领域，渗漏问题一直是困扰居民生活的一大难题。每逢雨季，墙体渗水、屋顶漏雨、地下室返潮 等问题频发，不仅影响居住舒适度，还可能引发墙体发霉、钢 ...

Core Viewpoint - The company, Oriental Yuhong, exemplifies the responsibility and commitment of modern Chinese manufacturing through its sponsorship of women's football, community service, and cultural events, highlighting the integration of craftsmanship and sportsmanship in its corporate ethos [1][3]. Group 1: Sports Sponsorship and Engagement - In 2024, Beijing women's football team was renamed Beijing Oriental Yuhong Women's Football Team, sparking industry discussions about the sponsorship of professional football by a building materials company, emphasizing the shared spirit of perseverance [1]. - The company’s sports strategy extends beyond sponsorship, as its waterproof technology has been utilized in numerous sports venue construction projects globally, showcasing its professional capabilities and embedding sportsmanship into its corporate identity [3]. Group 2: Community Service Initiatives - On April 19, 2025, the company launched its "Service the Public, Reject Leakage" community service initiative, coinciding with its 30th anniversary, aiming to cover over 60 cities and provide free leakage inspections and services to communities, especially targeting vulnerable groups [5]. - Over the past nineteen years, this initiative has reached over a thousand communities, providing free leakage consultations to nearly 140,000 individuals and free repairs to around 600 special households, reinforcing the notion that leakage is a social issue rather than merely a technical one [5]. Group 3: Cultural Heritage and Events - The 19th Cultural Arts Festival, co-hosted by Oriental Yuhong and Gao Neng Environment, will commence in May 2025, evolving from a corporate annual meeting into a comprehensive cultural event that includes celebrations, skill competitions, art exhibitions, and sports activities [5][7]. - The festival has become a unique cultural brand over its nineteen years, showcasing employee talents through photography and painting competitions, promoting craftsmanship through skill contests, and enhancing corporate cohesion through cultural celebrations [7][8].

在施工过程中，东方雨虹严格遵循标准化流程，确保维修质量。以刚刚结束的南京市红庙小区顶楼的姜 先生家为例，维修现场，东方雨虹服务团队拆开发霉柜体，找到渗水严重的墙面，精准定位渗漏根源， 拆除隔热层，铺设防水卷材，基层处理剂涂刷后待其干燥，铺贴明星产品水立顿，待验收合格，隔热板 将恢复原样交工。后期还将安排淋雨试验进行严格检验。一系列工序有效实现"防水无忧" 东方雨虹秉承好产品精施工的理念，为广大居民提供一系列贴心服务。一方面，工程师们深入社区，用 专业视角为居民科普渗漏危害，详解防水维修的重要性，为居民提供免费的渗漏勘查服务。另一方面， 活动特别关注特殊群体，为经济困难家庭、残障人士、独居老人等开通免费维修通道。 在建筑领域，渗漏问题一直是困扰居民生活的一大难题，不仅影响居住体验，还可能对建筑结构造成损 害。 多年来，东方雨虹"服务百姓 拒绝渗漏"公益活动取得了显著成效。活动足迹遍布全国千余个社区，累 计提供房屋渗漏免费咨询近14万人次，为近600户特殊家庭提供免费维修服务。这一公益活动不仅为众 多家庭解决了实际问题，改善了他们的生活环境，同样也得到了媒体聚焦报道，对东方雨虹的社会责任 担当给予高度评价。 东方 ...

[Table_Invest] 优于大势 水泥、光伏玻璃等行业反内卷加速 水泥： [Table_Summary] 水泥行业协会大力推动反内卷。7 月 1 日，中国水泥协会发布《关于进 一步推动水泥行业"反内卷""稳增长"高质量发展工作的意见》，要求 所有会员企业切实推动水泥行业熟料生产线备案产能与实际产能的统一 工作，逐条逐项核查自身熟料生产线的备案产能与实际产能差异情况， 对于实际产能大于备案产能的企业，尽快按《实施办法》补齐产能差额 并完善备案、环评、能评等相关手续，依法依规按备案日产能和年产能 组织生产。 我国 2025H1 水泥价格同比小幅恢复。据国家统计局统计，我国 2025 年 年初至 6 月 20 日 P.O 42.5 散装普通水泥市场均价 332 元/吨，较 2024H1 平均同比+14 元/吨，较 2024 年全年平均+2 元/吨。据水泥行情通大数据 6 月 27 日消息，为改善经营状况，6 月 20 日北京、天津、唐山、秦皇岛 等地水泥企业通知上调水泥价格 30 元/吨。6 月 24 日起石家庄、邢台、 邯郸等地区主导水泥企业通知上调水泥价格 30 元/吨，6 月 25 日起河南 地区水泥企 ...

2025.07. 03 根据东方雨虹7月2日公告，李卫国拟在公告后15个交易日起的3个月内，通过大宗交易或集中竞价 减持不超过4638.22万股，按当日收盘价10.78元/股计算，套现金额预计约为5亿元，减持资金将 主要用于偿还个人债务。 这已是李卫国2024年以来第二次大规模减持。去年2月初到3月中旬，李卫国以16.08元/股的均 价，减持东方雨虹4053万股，套现6.52亿元。 除了减持，东方雨虹还在业绩大幅下滑的情况下，连续进行高额现金分红。 本文字数：2168，阅读时长大约4分钟 作者 | 第一 财经 王方然 东方雨虹控股股东李卫国，再度启动大额减持计划。 根据东方雨虹7月2日披露，李卫国拟减持该公司不超过1.94%的股份，按当天收盘价测算，可套现 金额约5亿元，所得资金将主要用于偿债。此前，李卫国已在2024年一季度减持，共套现6.52亿 元。 在业绩断崖式下滑的背景下，东方雨虹仍高额分红。2024年，该公司净利润仅1.08亿元，同比暴跌 95%，现金分红却高达22.1亿元。按21.79%的持股比例计算，李卫国通过分红独揽4.82亿元现 金。第一财经梳理发现，2023年至今，通过减持套现和高额分红， ...

【导读】东方雨虹实控人李卫国拟减持不超1.94%的股份，预计套现约5亿元 中国基金报记者 南深 7月2日深夜，曾经的防水材料龙头、有"防水茅"之称的东方雨虹，其实控人又抛出减持计划。 公告显示，持有东方雨虹5.31亿股（占公司总股本的22.22%）的控股股东、实际控制人李卫国计划在公告披露之日起15个交易日后的3个月内，以大宗交 易和/或集中竞价交易方式减持公司股份不超过4638.22万股（占公司总股本的比例不超过1.94%）。按7月3日收盘价计，此番减持预计可套现约5亿元。 公告称减持目的为偿还债务 对于此次李卫国的减持原因，公告称"主要用于偿还债务"，拟减持股份来源则基本是其首次公开发行股票并上市前已持有的股份（包括首次公开发行股票 后资本公积转增股本部分）。 记者注意到，目前李卫国的持股质押用于融资的比例相当高，甚至出现了展期的情况。2025年5月22日东方雨虹发布的公告显示，李卫国持有的4857.4万 股股份（约占总股本的2%）原定于4月18日质押到期，但其没有归还，而是展期一年到2026年4月17日，质押权利人是中金财富证券。 公告还显示，未来一年内，李卫国、李兴国（主要是李卫国）到期的质押股份累计 ...