天眼查App显示，近日，涡阳县臻麟新型建材有限公司成立，法定代表人为林存金，注册资本100万人 民币，经营范围为一般项目：建筑材料销售；建筑装饰材料销售；金属材料销售；新材料技术推广服 务；新材料技术研发；门窗销售；门窗制造加工；人造板销售；木材销售；合成材料销售；保温材料销 售；隔热和隔音材料销售；耐火材料销售（除许可业务外，可自主依法经营法律法规非禁止或限制的项 目）许可项目：道路货物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经 营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

如何看待后续地产政策与产业链的投资机会？20251120 摘要 房价下行周期分为小型、中型和大型泡沫，分别对应不同的跌幅和持续 时间。租售比和房价收入比等估值指标对判断房价拐点有参考意义，但 通常滞后于房价实际拐点。 核心城市房价承压主要源于收入或通胀预期不乐观以及租售比和利率倒 挂。通过贴息或抵税等方式降低购房成本，全局性、普遍性的补助能更 有效地提振市场信心和需求。 贷款贴息政策对房地产市场影响显著，覆盖范围和持续时间是关键。若 仅覆盖新房，财政代价较小，但若包括存量贷款或二手房，财政负担将 大幅增加。 收入预期比利率本身更重要。改善收入预期和优化分配是提高购房吸引 力的关键，实际房贷利率的降低可以通过解决租售比倒挂问题来提高购 房吸引力。 房地产行业面临成交量走弱、新旧库存压力和收入预期低迷等多重挑战。 优质龙头公司通过提升市占率和优化格局，展现出较强的抗风险能力， 业绩增长潜力较大。 Q&A 进入三季度以来，地产行业的基本面景气度出现了加速下滑，市场对政策博弈 的预期升温。未来哪些政策仍然值得期待？这些政策的有效性如何？ 在我们对全球 1970 年以来 58 个经济体所形成的 195 个房价周期进行复 ...

当前时点地产近况更新和产业链投资机会梳理 20251120 摘要 房地产市场持续承压，1-10 月全国房产累计销量和金额分别同比下降 7%和 10%，投资和施工端压力加剧，新开工面积和拿地面积较峰值时 下跌约 70%，房价下跌 35%以上，市场处于加速寻底状态。 核心城市房价快速下跌或难持续，一线城市房价调整对居民资产端冲击 显著，目前更可能是情绪化的快速出清阶段，以上海为例，2026 年初 五年限售解禁期或带来一定下跌，但总体上距离周期底部已经不远。 政策层面，核心城市房价走弱或促使未来政策力度加大，全国层面新增 个人住房贷款贴息政策或在评估中，提高个人住房贷款利息所得税专项 扣除、进一步下调住房交易契税等政策也在酝酿中。 建材行业需关注顶层持续关注并琢磨支持政策，优秀上市公司将先于行 业见底，随着地产救市措施逐步落实，有望带动整体市场回暖，三棵树 等企业虽优于行业平均水平，但整体市场环境仍充满挑战。 大类资产配置应关注低位有边际变化或赔率较高的板块，如地产链，同 时需谨慎考虑结构性流动性担忧问题，海螺水泥因国内地产及供需关系 处于低位，有较好的配置价值，重视反内卷政策可能带来的供给侧改革 机会。 Q&A ...

Core Viewpoint - Panasonic Holdings is selling an 80% stake in its wholly-owned subsidiary Panasonic Housing Solutions to YKK Corporation, while retaining a 20% stake, as part of its organizational restructuring and business reform efforts [1][2]. Group 1: Company Overview - Panasonic Housing Solutions (PHS) is closely linked with Panasonic Housing Technology (Hangzhou) Co., Ltd., which focuses on residential equipment and building materials manufacturing and sales [2]. - PHS is categorized as a "restructuring business" under Panasonic's comprehensive organizational adjustments initiated by CEO Yuki Kusumi [2]. Group 2: Acquisition Details - The acquisition by YKK, a leading zipper manufacturer, aims to combine the strengths of both companies to establish a leadership position in the building materials and residential equipment market [3]. - The total business scale of YKK AP and PHS is approximately 1 trillion yen (about 456.79 billion RMB), providing a wide range of products necessary for construction [3]. Group 3: Future Plans - The transfer agreement is expected to be finalized by the end of March 2026, with operations under the new structure starting in April 2026 [3]. - Panasonic aims to leverage its brand and technological advantages in the Chinese market, focusing on modular reconstruction of space value and developing business content tailored to local needs [3]. - The long-term goal is to achieve a combined sales target of 1.5 trillion yen (approximately 685.19 billion RMB) by 2035 [3].

南美：Construmart 完成并表，海外建材零售布下重要一子。2025 年10 月，公司已完成收购智利 ConstrumartS.A.100%股权的交割。智利家居装修市场规模超800 亿元，B2C 模式占据主导地位（占比 83%），竞争格局上，2024年Sodimac、Easy、Construmart 市占率分别为21.9%、6.98%、2.56%，CR3 达31%，其余为本地中小型企业。对比同行，Construmart 盈利提升空间较大，2024 年EBITDA 利润率 仅为3.69%，公司有望从产品、渠道和供应链等多方面对Construmart 进行赋能，实现"1+1＞2"的效果。 北美：休斯敦和加拿大工厂开建，一体化布局剑指北美TPO 市场。休斯敦生产研发物流基地建设已启 动，一期主要建设TPO 防水卷材生产线与北美研发中心，二期将聚焦于保温、砂粉及管道等产线厂房 建设。美国市场更青睐TPO 高分子卷材（占有率高达75%），且市场规模稳步扩张，根据 StratviewResearch，2024 年美国防水卷材市场规模为72 亿美元，预计到2030 年达到104 亿美元，期间 CAGR 为6.4%。竞 ...

Earnings per Share (EPS) and revenue predictions are set at $0.25 and $1.28 billion, respectively, highlighting the company's financial health and market performance.The company's price-to-earnings (P/E) ratio of 21.66 and price-to-sales ratio of 2.55 indicate investor valuation and profitability metrics.James Hardie is involved in a securities class action lawsuit, which could impact investor sentiment and the company's stock performance.James Hardie Industries plc, listed as NYSE:JHX, is a global leader i ...

1-10 月地产链数据联合解读 20251114 摘要 10 月房地产数据显著下滑，二手房市场呈现降价放量阶段，重点 22 城 1-10 月二手房交易总面积同比增长 7%，表明降价刺激成交量增加。 对 2026 年房地产市场持谨慎乐观态度，预计明年销售面积和销售金额 将实现正增长，龙头企业如保利虽出现单季亏损，但主要为减值造成， 非经营亏损。 未来两三年，供给侧改革将改善竞争格局，龙头蓝筹企业有望在核心城 市获得更多优质资产，对 2026 年财报产生积极影响。 1-10 月建材需求总体下降，水泥需求同比下降 15%，预计明年全国水 泥需求将继续下滑约 5%，企业间差距将更加明显，高低切换和顺周期 切换成为关注焦点。 消费建材领域，三棵树受益于农村和旧改市场，东方雨虹发力海外市场， 汉高集团提升家居五金市占率，均实现显著增长，体现增长拐点。 当前政策环境下，内生增长型公司（如三棵树、东方雨虹、汉高集团） 和防御型公司（如伟星新材、兔宝宝、北新建材）受到关注，前者受益 于阿尔法效应，后者估值较低且股息率较高。 10 月固定资产、制造业和基建投资增速均呈现环比和同比双重下降趋势， 未来六个月将面临高基数效应带来的加 ...

Core Viewpoint - Hebei Jiexuan Building Materials Co., Ltd. has been established with a registered capital of 6 million RMB, indicating a new player in the building materials industry [1] Company Summary - The legal representative of Hebei Jiexuan Building Materials Co., Ltd. is Zhou Hong [1] - The company has a registered capital of 6 million RMB [1] Business Scope - The company operates in various sectors including: - Manufacturing of lightweight building materials - Manufacturing of non-metallic mineral products - Manufacturing of cement products - Processing of building stones - Sales of building materials and cement products - Sales of non-metallic minerals and products - General cargo warehousing services (excluding hazardous chemicals) [1] - The company is also involved in: - Earthwork engineering construction - Landscaping engineering construction - Machinery equipment leasing (excluding projects requiring approval) [1] Licensing Projects - The company is authorized to engage in: - Construction engineering - Power supply business - Road cargo transportation (excluding hazardous goods) [1] - Operations in licensed projects are subject to approval from relevant authorities [1]

Core Viewpoint - The company Huaxin Cement will change its name to "Huaxin Building Materials" and its stock abbreviation to "Huaxin Building Materials" effective November 6, 2023, reflecting its diversified business operations and strategic development over the past two decades [2][3]. Group 1: Company Name and Securities Change - Huaxin Cement's stock abbreviation will change from "Huaxin Cement" to "Huaxin Building Materials" while the stock code "600801" remains unchanged [2]. - The company has completed the registration process for the name change, now officially named "Huaxin Building Materials Group Co., Ltd." [2]. Group 2: Reasons for the Change - The name and abbreviation change aligns with the company's integrated development strategy, which includes expansion into concrete, aggregates, and new building materials, as well as environmental and engineering services [3]. - The change aims to better reflect the company's positioning and vision, enhancing brand value and aligning with the interests of shareholders [3]. - The company asserts that this change will not significantly impact its current business performance or strategic direction [3].

Company Overview - Langfang Bono Building Materials Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Liu Shining [1] Business Scope - The company is engaged in the manufacturing of thermal insulation and soundproof materials, waterproof membrane products, lightweight building materials, sealing fillers, plastic products, and rubber products [1] - It also involves the sales of thermal insulation and soundproof materials, plastic products, lightweight building materials, waterproof membrane products, sealing fillers, rubber products, mechanical equipment, building materials, chemical products (excluding licensed chemical products), and coatings (excluding hazardous chemicals) [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]