北新建材今年以来股价跌14.79%，近5个交易日跌0.71%，近20日涨6.45%，近60日跌5.25%。 资料显示，北新集团建材股份有限公司位于北京未来科学城七北路9号北新中心A座，成立日期1997年5 月30日，上市日期1997年6月6日，公司主营业务涉及石膏板、龙骨等新型建材的生产、销售。主营业务 收入构成为：石膏板49.25%，涂料18.52%，防水卷材12.68%，其他9.66%，龙骨8.38%，防水工程 1.51%。 11月27日，北新建材盘中上涨2.03%，截至10:41，报25.09元/股，成交2.29亿元，换手率0.55%，总市值 427.09亿元。 资金流向方面，主力资金净流出59.57万元，特大单买入1059.34万元，占比4.62%，卖出1192.19万元， 占比5.20%；大单买入4224.36万元，占比18.44%，卖出4151.08万元，占比18.12%。 机构持仓方面，截止2025年9月30日，北新建材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.60亿股，相比上期减少1706.99万股。华泰柏瑞沪深300ETF（510300）位居第四大流通 股东，持股17 ...

Core Viewpoint - Oriental Yuhong's stock price has shown fluctuations, with a year-to-date increase of 16.44% and a recent decline in revenue and profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - On November 26, Oriental Yuhong's stock fell by 2.04%, trading at 12.96 CNY per share, with a total market capitalization of 30.958 billion CNY [1]. - The stock has increased by 16.44% year-to-date, with a 2.21% rise in the last five trading days, a 0.92% decline over the last 20 days, and a 9.14% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Oriental Yuhong reported a revenue of 20.601 billion CNY, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 810 million CNY, down 36.61% year-on-year [2]. - The company has distributed a total of 10.714 billion CNY in dividends since its A-share listing, with 7.603 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders increased to 152,500, with an average of 12,556 circulating shares per person, a decrease of 1.02% from the previous period [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 379 million shares, an increase of 6.3304 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Keshun Co., Ltd. has seen a stock price increase of 5.09%, reaching 5.37 CNY per share, with a total market capitalization of 5.961 billion CNY [1] - Keshun Co., Ltd. specializes in the research, production, and sales of new building waterproof materials, and also provides waterproof engineering construction services. The revenue composition includes waterproof membranes (51.11%), waterproof coatings (27.10%), waterproof engineering construction (17.31%), others (2.61%), and shock isolation products (1.88%) [1] Group 2 - Among the top ten circulating shareholders of Keshun Co., Ltd., a fund under the Fortune Fund has increased its holdings by 226,900 shares, bringing its total to 17.6863 million shares, which accounts for 1.99% of the circulating shares. The estimated floating profit today is approximately 4.5984 million CNY [2] - The Fortune Research Flexible Allocation Mixed A Fund (000880) has a total asset size of 538 million CNY and has achieved a year-to-date return of 13.58%, ranking 5107 out of 8136 in its category [2]

Core Viewpoint - The stock price of Sankeshu has shown a significant increase of 46.90% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [2] Group 1: Stock Performance - As of November 20, Sankeshu's stock price rose by 2.25% to 43.63 CNY per share, with a trading volume of 76.50 million CNY and a turnover rate of 0.24% [1] - The stock has experienced a decline of 5.07% over the last five trading days, 1.60% over the last twenty days, and 4.68% over the last sixty days [2] Group 2: Company Overview - Sankeshu Co., Ltd. is located in Putian City, Fujian Province, and was established on July 17, 2003, with its IPO on June 3, 2016 [2] - The company specializes in the research, production, and sales of construction coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [2] - The revenue composition includes: engineering wall paint (30.87%), base and auxiliary materials (29.79%), home decoration wall paint (27.07%), waterproof membranes (7.91%), others (2.32%), and decorative construction (2.04%) [2] Group 3: Financial Performance - For the period from January to September 2025, Sankeshu achieved a revenue of 9.392 billion CNY, representing a year-on-year growth of 2.69%, while the net profit attributable to shareholders increased by 81.22% to 744 million CNY [2] - Since its A-share listing, the company has distributed a total of 1.102 billion CNY in dividends, with 622 million CNY distributed over the last three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 0.50% to 14,200, with an average of 51,849 circulating shares per person, a decrease of 0.50% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 19.3144 million shares, an increase of 5.9453 million shares from the previous period [3] - New entrants among the top shareholders include Penghua CSI Subdivision Chemical Industry Theme ETF and Southern CSI 500 ETF, while some funds have exited the top ten list [3]

Core Points - The company, 三棵树, announced a total guarantee amount of up to RMB 9.5 billion for its subsidiaries, which accounts for 353.69% of its latest audited net assets [1] - The total external guarantee amount is capped at RMB 350 million, representing 13.03% of the latest audited net assets [1] - As of November 16, 2025, the external guarantee balance is approximately RMB 3.168 billion, which is 117.94% of the latest audited net assets [1] - The revenue composition for the year 2024 is as follows: fine chemicals 85.26%, waterproof membranes 10.9%, building decoration 2.15%, and other businesses 1.7% [1] - The current market capitalization of the company is RMB 32.4 billion [1]

Group 1 - The report highlights a strong recovery in the cement and fiberglass sectors, with unique performance from various consumer building materials stocks driven by anti-involution, specialty fabrics, and overseas expansion [3][11]. - In 2026, the outlook for the building materials industry includes accelerated overseas expansion, benefiting companies that have adjusted their channel, product, and sales structures over the past four years [3][11]. - The report identifies key companies to watch, including Huaxin Cement, Keda Manufacturing, and Western Cement, which are positioned well for overseas growth [3][17]. Group 2 - The building materials sector outperformed the CSI 300 index with a cumulative increase of 22.35% from the beginning of 2025 to November 14, 2025, driven by high demand for specialty fiberglass and other catalysts [8][11]. - The report notes that the cement and fiberglass sectors have achieved profit recovery, with the fiberglass sector showing significant revenue growth [11][17]. - The report emphasizes the importance of overseas markets, particularly in Africa, where population growth and urbanization present substantial opportunities for building materials companies [27][35]. Group 3 - The report discusses the transformation of distribution channels in the consumer building materials sector, highlighting companies like Sanhe Tree and Dongpeng Holdings that have successfully adapted to market changes [3][17]. - The consumer building materials segment is expected to benefit from a recovery in domestic demand, with companies like China Liansu and Beixin Building Materials showing potential for growth [3][11]. - The report indicates that the fiberglass sector is experiencing stable profit improvements, with companies like China Jushi and China National Building Material expected to perform well [3][17]. Group 4 - The report outlines the significant growth potential in the fiberglass market, with expectations for continued high demand for specialty fabrics [3][17]. - The report highlights the competitive advantage of Chinese companies in the global market, particularly in cement production, where China accounts for 47% of global output [34][35]. - The report emphasizes the importance of overseas expansion for companies like Huaxin Cement and Keda Manufacturing, which are actively increasing their production capacities in emerging markets [42][54].

11月18日，东方雨虹盘中下跌2.01%，截至14:15，报12.69元/股，成交2.16亿元，换手率0.88%，总市值 303.13亿元。 资金流向方面，主力资金净流出3036.15万元，特大单买入105.60万元，占比0.49%，卖出454.07万元， 占比2.11%；大单买入1317.18万元，占比6.11%，卖出4004.86万元，占比18.58%。 东方雨虹今年以来股价涨14.02%，近5个交易日涨0.87%，近20日跌1.86%，近60日涨13.46%。 资料显示，北京东方雨虹防水技术股份有限公司位于北京市亦庄经济技术开发区科创九街19号院，成立 日期1998年3月30日，上市日期2008年9月10日，公司主营业务涉及从事建筑防水材料的研发、生产、销 售和防水工程施工业务。主营业务收入构成为：防水卷材40.63%，涂料29.08%，砂浆粉料14.71%，其 他主营收入8.39%，工程施工6.26%，其他(补充)0.94%。 截至10月31日，东方雨虹股东户数15.25万，较上期增加1.03%；人均流通股12556股，较上期减少 1.02%。2025年1月-9月，东方雨虹实现营业收入206.01亿元 ...

防水卷材开工率（万吨） 橡胶鞋材开工率（%） 注:数据来源于Wind，钢联数据，冠通研究整理 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇 员对使用本报告及其内容所引发的任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可，任何机构和个人均不得以任何形式翻 版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期货股份有限公司。 冠通期货研究咨询部 苏妙达，执业资格证号F03104403/Z0018167 联系方式：010-85356553 道路改性沥青开工率（%） 厂内库存（万吨） 库存存货比（%） 稀释沥青港口库存（万吨） 山东沥青毛利（元/吨） 社会库存（万吨） 0 10 20 30 40 50 60 70 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2019 2020 2021 2022 2023 2024 2025 0 20 40 60 80 100 120 1/1 2/1 3/1 ...

为盘活资产，实现资金回笼，改善资产结构，优化财务状况，东方雨虹将账面原值合计5239.28万元的 多处不动产作价1849.04万元出售，其中，位于北京的多处房产购于仅4个月前，出售价格就已出现腰 斩。11月13日，东方雨虹发布《关于出售资产的公告》，披露上述信息。 近年来，受到地产行业持续下行影响，处于行业上游的东方雨虹业绩承压明显，同时短期债务攀升明 显，对公司现金流形成压力。南都湾财社记者也就相关资产出售价格是否公允等问题向东方雨虹发去采 访函，截至发稿时未获回应。 折价幅度较大的还有5号院2号楼房屋1-501、1-503、1-504、1-505、1-506室的办公室，共计406.15平 米，账面原值446.77万元，出售价格223.38万元，较原值打了五折，每平米售价仅为5500元。买家兆嘉 商业管理（北京）有限公司的注册地址显示为"北京市密云区彩澄路5号院2号楼4层411等[67]套（2号楼 5层501）"，与出售的资产在同在该产业园的5号院2号楼。 东方雨虹此次出售的位于北京市密云区的5处资产面积合计1492.05平方米，账面原值合计1947.83万元， 出售价格仅1066.28万元，仅为账面原值5 ...

在智能制造体系建设上，东方雨虹开发适应全球运营需求的技术架构、装备系统和控制程序，"无人车 间""黑灯车间"等数字化工厂已成为企业智能制造的标准配置。上百套数字化系统支撑东方雨虹研产供 销服全链路的智能化运营，打通供应链与营销端的数字化壁垒，实现研发过程精准化，原材料采购质量 可控化、生产过程精益化、产品检验准确化、销售过程高效化、施工过程标准化，构建起交付能力体 系。 在智能服务领域，东方雨虹打造的"无人仓"系统实现跨工厂排产计算、生产过程执行管控、质量管理、 设备管理等全模块覆盖。从生产线贴标签、扫码入库到成品出库，从车辆调度到物流跟踪，仅需两名员 工即可完成整个生产基地的仓储和发货工作，生产效率提升4.2倍，树立行业智能制造新标杆。 全球布局拓展持续增长空间 截至11月11日，东方雨虹防水卷材年发货量突破7亿平方米，充分展现出东方雨虹从制造到交付的全链 路高效协同。 智能制造体系 支撑大规模交付能力 这一里程碑的实现，源于东方雨虹全球近70家生产研发物流基地所构建的产业生态体系。 在生产硬件方面，东方雨虹整合全球资源，引进美国阿迪、意大利柏阿图、德国爱立许等生产线，并自 主研发具有自主知识产权的有胎无胎 ...