防水行业专家交流会 20230331 摘要 东方雨虹于 2026 年 3 月启动实质性提价，对代理商供货价涨幅达 10%-15%，4 月计划进行第二轮提价，预计涨幅超 5%。 头部企业凭借冬储策略对冲成本压力，东方雨虹年前囤积沥青约 30 万 吨（可维持一季度周转），提价部分有望直接转化为利润。 销售模式向合伙人/代理商倾斜，东方雨虹合伙人销售额占比已超 90%，旨在将回款风险与利润压力向渠道端转嫁。 北新建材通过低价策略与央企背景对三四线品牌形成降维打击，加速行 业出清，预计未来中小企业淘汰率将达 70%。 2026 年 Q1 需求因原材料上涨预期提前释放，部分产品销量同比增超 50%，市场呈现"宁选优质高价"趋势，集中度持续向头部靠拢。 东方雨虹战略重心转向海外（美国工厂 2026 年投产）及修缮市场，并 推出低标产品应对北新建材的低价竞争。 Q&A 在后地产时代，防水行业经历了哪些转变？目前行业现状如何？ 后房地产时代大约始于 2021 至 2022 年，以恒大爆雷事件为标志，叠加疫情 影响，整个行业雪上加霜。以东方雨虹为例，其在 2019 年进行了一次重大战 略调整，业务模式从"直销+分销"开始向以代 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The construction materials sector is experiencing price increases in fiberglass and waterproof materials, indicating a focus on high-growth segments [1] - The report highlights a positive outlook for the fiberglass sector in 2026, driven by stable demand in wind power and thermoplastics, and limited new supply [6][9] - The report emphasizes the concentration of market share among leading companies in the waterproof materials segment, supported by recent price hikes and government policies aimed at stabilizing the real estate market [6][9] Summary by Sections Market Overview - The construction materials sector declined by 2.70% this week, underperforming the CSI 300 index by 1.6 percentage points [16] - Year-to-date, the sector has increased by 9.2%, outperforming the CSI 300 index by approximately 8.5 percentage points [16] Cement - Current demand for cement remains slow, with an average shipment rate of only 15% in key regions [30] - The average price of cement is approximately 344 RMB/ton, showing a slight decrease of 0.5 RMB/ton [23] - The report anticipates a price increase in late March as demand gradually recovers, supported by government investment in infrastructure [30] Glass - The inventory of float glass has risen to approximately 6,972 million weight boxes, with a 3.6% week-on-week increase [32] - The average price of float glass is 1,175 RMB/ton, reflecting a week-on-week increase of 10 RMB/ton [32] - The report suggests that the glass sector may see a price stabilization as supply contracts and demand recovers [32] Fiberglass - Prices for both coarse and fine fiberglass have increased, with coarse fiberglass rising by 100-200 RMB/ton and electronic yarn by 500-1,000 RMB/ton [6][9] - The report predicts continued price increases in the fiberglass sector due to stable demand and limited new supply [6][9] Waterproof Materials - Companies like Oriental Yuhong and Keshun have raised prices for waterproof materials by 5-10%, indicating a shift towards a new supply-demand balance [6][9] - The report highlights the resilience of leading companies in the waterproof materials sector amid a challenging real estate market [6][9] Carbon Fiber - Carbon fiber prices remain stable, with potential demand growth driven by the rapid development of commercial aerospace [6][9] - The report notes that the carbon fiber market is under pressure but may benefit from increased applications in high-end sectors [6][9]