新华社上海7月17日电（记者陈爱平）旅游平台数据显示，尽管天气炎热，全国多地正迎来"主题乐园热"，今年暑期相关订单较去年暑期增长七 成。游客更加注重自我感受和生活质感，"快乐经济"正持续升温。 上海乐高乐园"沙滩派对"区域，儿童穿着泳衣，沿着架子向上攀爬，又从旋转滑梯滑下。这里攀爬架和地面安装了浇水、喷水装置，时不时浇出 的水柱给孩子们带来清凉舒爽的感觉。 图为上海乐高乐园"沙滩派对"区域。新华社记者陈爱平摄 上海乐高乐园自7月5日开园以来，各地游客络绎不绝。旅游平台"去哪儿旅行"介绍，乐园所在的上海市金山区，暑期旅游订单中外地游客约占七 成，较去年同期明显扩大。游客除了来自上海、无锡、南京、宁波等长三角城市，还有来自北京、青岛、成都、西安等相对远程的客源地。 上海乐高乐园方面介绍，乐园每日迎来数千名游客。高温天气里，为了避免游客长时间在户外排队，乐园实施部分限流措施，动态调整每天入园 人数，并在重点区域增设了喷雾系统、风扇和遮阳设施，提供多个室内活动空间和室内游乐项目，带给游客安全舒适的游玩体验。 整个上海，多个主题乐园增加亲水元素，丰富人们体验，也营造相对舒爽的游玩环境。在上海迪士尼乐园"宝藏湾"区域的" ...

时期农耕物件， 依年代布展于两 个展厅，展现了 这个恩平滨海小 镇在山海交融中 孕育的独特文明 印记。 恩平市横陂镇拥 有102个姓氏， 是恩平市唯一的 沿海镇。"农耕 文明馆"以"山海 耕读"为核心主 题，融合了海洋 文化与农耕传 统，通过实物陈 列、场景复原等 方式，记录了这 片土地上千年来 的耕耘智慧与生 活变迁。 "农耕记忆"展区 陈列着从各村征 集的传统农具。 耕作工具如清代 木质犁耙、铁锄 等，见证着农耕 文明的肇始；复 原的"男耕女 织"场景，展示 了曲辕犁、水田 耙的使用方式。 馆内收藏的农耕 用具有： 恩平横陂镇有 座"农耕文明 馆"_南方+_南方 plus 7月1日，"农耕 文明馆"在江门 恩平市横陂镇横 东村揭幕。馆内 陈列着300多件 征集自横陂镇及 邻近乡村的明清 加工工具：石 磨、风谷机、砻 等器具集中展示 了粮食加工流 程。石磨由两片 带磨齿的圆柱形 岩石构成，其构 造原理与现代辊 式石磨一脉相 承。观众可亲手 操作石磨，体验 传统豆浆制作 中"一磨三刮"的 灌溉工具：馆藏 亮点当数龙骨水 车（翻车）。这 种东汉发明的提 水装置，利用串 联刮板的木链设 计，能将低处河 水提升至高 ...

"一体"：石膏板消费属性增强，持续降本+扩品类+出海 石膏板市场规模约为 150-200 亿元，公司市占率（产量口径）近七 成。公司近年来致力增强石膏板消费属性，加大渠道布局、增加宣 传力度、提升高端产品占比。主导业务继续重点关注：①降本， 2024 年石膏板单位成本为 3.71 元/平米，同比下降 0.19 元/平米。 ②扩品类，发力轻钢龙骨、粉末砂浆等"石膏板+"业务，拟投资 建设的石膏纤维板可用于内墙和隔墙。③出海，公司于 2017 年启 动全球化布局，2023 年加速推进，主要聚焦东南亚、中亚、中东、 欧洲和环地中海四大区域，25Q1 国际化业务收入、净利润同比分 别增长 73.00%、143.08%。 "两翼"：防水+涂料规模逆势扩张 2019 年公司确定"一体两翼"战略目标，当年通过联合重组进入 防水材料业务领域。公司防水卷材收入规模已达行业前 3。涂料同 样收并购为主，建筑涂料方面，2023 年底联合重组嘉宝莉（持股 78.34%，2024 年 2 月并表），涂料年产能由 10.3 万吨提升至 130 万吨以上，2024 年嘉宝莉业绩承诺完成率 81.27%。工业涂料方面， 2021 年、202 ...

Summary of Conference Call on Gypsum Board Industry Industry Overview - The gypsum board industry is experiencing intense price competition, with average sales in April and May down approximately 15% year-on-year. Major companies affected include Beixin, Taishan Longhai, Saint-Gobain, and Knauf, with some lesser-known brands seeing declines of up to 20% [1][2][3] - The price reduction space is limited, and further price cuts could severely compress profits for companies [2][3] Key Players and Strategies - Foreign companies like Knauf are expanding production capacity in China to enhance logistics efficiency and reduce costs. Their factories are typically located in first-tier or new first-tier cities such as Tianjin, Shandong, Shanghai, and Dongguan [1][6] - Knauf's sales and profits are expected to decline in 2025 due to a lag in price adjustments compared to competitors. State-owned enterprises tend to prefer Beixin products, which affects Knauf's competitiveness in large projects, although it maintains a strong presence in small owner, retail wholesale, and home decoration sectors [1][16] Market Dynamics - The demand for lightweight steel keel and gypsum board is gradually replacing traditional building materials, but market coverage remains a challenge. Companies are shifting focus to third- and fourth-tier cities as demand in first-tier cities saturates [1][7][8] - New gypsum board factories are primarily aimed at saving transportation costs and meeting market demand, despite a decrease in gypsum board prices [10][11] Logistics and Cost Challenges - The gypsum board industry is significantly impacted by logistics costs due to the heavy weight and large volume of the product. Transporting gypsum board over long distances can increase costs by 20% to 30% [12][13] - The need for specialized transportation and labor for gypsum board handling adds to the overall cost structure, making logistics a critical factor in profitability [12][13] Sales Performance and Future Outlook - Knauf's sales volume and profit have declined in 2025, with a projected growth target of only 5% for the year, down from an initial target of 13%. The company plans to reassess its annual budget in mid-2025 due to current market conditions [17][18] - The company will not engage in aggressive price wars to boost sales, focusing instead on improving service quality and operational efficiency to achieve growth [19] Regional Insights - Knauf has six factories across China, with plans for expansion based on capacity analysis, particularly in regions like Yunnan and Guizhou to meet local demand and reduce logistics costs [9][20] - The central region accounts for about 50% of Knauf's sales, while the southern region contributes approximately 60% of profits [20] Competitive Landscape - The overall market for gypsum board is seeing a shift in project and home decoration demand, with Knauf's project share at 40% and home decoration at 60%, compared to the market's 60% and 40% respectively [25] - Beixin's scale and aggressive pricing strategies pose a challenge to foreign brands, particularly in third- and fourth-tier cities where brand recognition is lower [31][32] Conclusion - The gypsum board industry is navigating a challenging landscape marked by price competition, logistics costs, and shifting demand patterns. Companies like Knauf are adapting their strategies to maintain competitiveness while focusing on service quality and operational efficiency rather than engaging in detrimental price wars.

Core Viewpoint - The overall price index of Linyi Mall remains stable at 103.48 points this week, with 5 categories of goods increasing, 4 remaining stable, and 5 decreasing in price [1] Group 1: Price Increases - The steel category index increased to 101.20 points, up by 0.26 points, driven by rising prices of various steel products due to restored production demand and increased raw material costs [1] - The lighting category index rose to 104.31 points, up by 0.05 points, with outdoor lighting and accessories seeing slight price increases due to higher sales from increased outdoor activities [2] - The building decoration materials category index reached 105.74 points, up by 0.05 points, primarily due to rising prices of decorative materials and increased demand for certain products like dragon bones [3] Group 2: Price Decreases - The grain, oil, and food category index fell to 94.93 points, down by 0.25 points, with prices of various food items decreasing due to high inventory levels and competitive market conditions [4] - The board category index decreased to 98.13 points, down by 0.08 points, as the prices of materials like gypsum board and plywood fell due to lower production costs from declining raw material prices [5] - The automotive parts and accessories category index dropped to 94.33 points, down by 0.06 points, mainly due to decreased prices of automotive parts amid intense competition [6]

石膏板业务稳居龙头，成本控制效果显著。2024 年，公司石膏板销量21.71亿平米，同比微降0.05%， 石膏板销售均价同比-4.74%至6.04 元/平米，销售平均成本同比-4.76%至3.71 元/平米，产能利用率同比 +4.29pct 至66.52%。 公司通过集中采购优化供应渠道、装备升级提升产能利用率及实施一毛钱成本节约计划等举措有效控制 成本。根据中国建筑材料联合会石膏建材分会的研究和数据统计，截至2024 年末，全国纸面石膏板行 业产能约58 亿平米；北新建材石膏板产能达35.63 亿平米，以产能计算市占率约61.4%，持续巩固行业 龙头地位。 涂料布局快速推进，股权激励提振士气，维持"强烈推荐"。2024 年内，公司正式完成嘉宝莉联合重 组，实现涂料的全国产能布局，同步建成132.66 万吨涂料产能，产能利用率51.88%。公司推出限制性 股票激励草案，旨在强化核心骨干士气，释放较为积极的发展信心。考虑到市场竞争激烈，公司产品销 售价格承压，我们略下调盈利预测，并引入2027 年预测，预计2025-2027年EPS 分别为2.58 元、2.97 元、3.34 元，对应PE 分别为10.9x、9 ...

Group 1 - A series of national standards will be implemented starting from May 1, covering various products and industries [1][2][3] - The mandatory standard for toilets (GB 25502—2024) specifies water efficiency levels, technical requirements, testing methods, and testing devices [1] - The recommended standard for dining tables and chairs (GB/T 24821—2024) outlines classification, requirements, inspection rules, labeling, usage instructions, packaging, transportation, and storage [1] - The recommended standard for wooden furniture (GB/T 3324—2024) details requirements, inspection rules, labeling, usage instructions, packaging, transportation, and storage [1] - The recommended standard for lightning disaster prevention in tourist areas (GB/T 44709—2024) provides technical support for lightning monitoring, protection of infrastructure, and safety signage [1] Group 2 - The recommended standards for construction materials (GB/T 11981—2024) cover light steel keel, aluminum panels, metal ceiling boards, insulation boards for non-load-bearing walls, and wooden doors and windows [2] - The green product evaluation standards for ceramic tiles (GB/T 35610—2024) and wall materials (GB/T 35605—2024) focus on evaluating resource, energy, environmental, and quality attributes [2] - The recommended standard for after-sales service return policies (GB/T 44904—2024) outlines conditions, processes, and service evaluation for no-reason returns [2] - The mandatory standards for fire-resistant curtains (GB 14102.1—2024) enhance safety and longevity requirements for fire-resistant products in public buildings [2] Group 3 - The mandatory standard for emergency lighting and evacuation indication systems (GB 17945—2024) specifies product structure, functionality, and battery performance [3] - The mandatory standard for point-type smoke fire detectors (GB 4715—2024) details product classification, reliability, interference resistance, and limits on false alarm and missed alarm rates [3] - The mandatory standard for fire alarm controllers (GB 4717—2024) defines operation methods, communication protocols, bus performance, and data analysis functions to improve response speed [3]

Core Viewpoint - The company reported a revenue of 25.82 billion and a net profit of 3.65 billion for the year 2024, reflecting a year-on-year growth of 15.1% and 3.5% respectively, indicating stable performance despite challenges in the gypsum board segment [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 25.82 billion, with a net profit attributable to shareholders of 3.65 billion and a net profit excluding non-recurring items of 3.56 billion, representing year-on-year increases of 15.1%, 3.5%, and 1.8% respectively [2]. - The fourth quarter of 2024 saw revenues of 5.46 billion, with a net profit of 0.50 billion and a net profit excluding non-recurring items of 0.49 billion, showing a year-on-year growth of 1.5% but a decline in net profit by 34.7% and 37.8% respectively [2]. - The operating cash flow for 2024 was 5.13 billion, marking an 8.5% increase year-on-year [2]. Group 2: Segment Performance - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1% year-on-year, indicating pressure from external demand [3]. - The sales volume and unit price of gypsum boards decreased by 0.05% and 4.7% respectively, leading to a calculated gross profit of 2.32 per square meter, down 4.7% year-on-year [3]. - The waterproof membrane and waterproof engineering segments reported revenues of 3.32 billion and 0.41 billion, with increases of 19.2% and a decline of 8.1% respectively, showcasing resilience in the waterproof membrane segment [3]. - The coatings business achieved a revenue of 4.14 billion, a significant increase of 328%, primarily due to the consolidation of Jia Baoli [3]. - The "gypsum board+" related businesses generated revenues of 2.55 billion, reflecting a year-on-year growth of 17.7% [3]. Group 3: Profitability and Cost Structure - The company's gross margin remained stable at 29.9%, with the gypsum board gross margin at 38.51%, a slight increase of 0.02 percentage points year-on-year, attributed to cost reduction and efficiency improvements [4]. - The average prices of recycled yellow board paper and thermal coal decreased by 4% and 11% respectively, contributing to the stable gross margin [4]. - The selling, administrative, and R&D expense ratios were 5.6%, 4.4%, and 4.1% respectively, with increases of 1.4, 0.7, and a decrease of 0.1 percentage points, mainly due to the acquisition of Jia Baoli [4]. - The net profit margin for the company was 14.4%, down 1.4 percentage points year-on-year, with the fourth quarter net profit margin at 9.7%, a decline of 4.9 percentage points [4].

以下文章来源于数据宝 ，作者张娟娟 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会 指定信息披露媒体的权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股 少烦恼！ 美的集团发布新一轮回购预案，金额上限达100亿元。 3月28日晚间， 美的集团（000333）发布公告称，公司董事会审议通过了《2024年度利润分配方案》《未来三年股 东回报规划（2025年—2027年）》《关于以集中竞价方式回购公司A股股份的方案》等多份方案。 在回购方案中，美的集团表示基于对公司未来发展前景的信心和对公司价值的高度认可，拟以50亿元至100亿元回 购公司A股股份，回购价格不超过100元/股，回购股份将用于注销并减少注册资本及实施股权激励计划及/或员工持 股计划，其中70%及以上回购股份将用于注销并减少注册资本。回购资金来源为公司自有资金及/或中国银行股份有 限公司顺德分行提供的股票回购专项贷款。 自2024年以来，上海证券交易所、深圳证券交易所纷纷倡导上市公司积极参与"提质增效重回报""质量回报双提 升"专项行动。美的集团作为总市值超过5800 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 34.71 RMB [8][9]. Core Views - The company reported a revenue of 25.82 billion RMB and a net profit attributable to the parent company of 3.65 billion RMB for 2024, representing a year-on-year increase of 15.1% and 3.5% respectively. However, the Q4 results showed a revenue of 5.46 billion RMB and a net profit of 0.50 billion RMB, with a decline in net profit by 34.7% year-on-year due to increased sales and management expenses [1][2]. - The company is experiencing strong growth in overseas revenue, which reached 420 million RMB in 2024, up 87.6% year-on-year. The integration of the paint business is expected to enhance competitiveness in industrial coatings [2][3]. - The company is transitioning towards a comprehensive manufacturer and service provider in consumer building materials, benefiting from policies that stimulate demand in home decoration and renovation [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 25.82 billion RMB, with a net profit of 3.65 billion RMB. The Q4 results were below expectations, primarily due to increased expenses [1][5]. - The company’s main products, including gypsum board and waterproof materials, showed varied performance, with gypsum board revenue declining by 4.8% while coatings revenue surged by 328% [2][3]. Cost and Cash Flow - The company’s expense ratio increased to 14.3%, with sales and management expenses rising significantly. However, operating cash flow improved by 8.5% year-on-year, reaching 5.13 billion RMB [3][5]. - The company is optimizing its channel structure, which is expected to maintain strong cash flow levels [3]. Market Trends and Policies - Retail sales of building materials showed a positive growth trend, with a 0.1% year-on-year increase in January-February 2025, indicating a recovery in demand [4]. - The government’s initiatives to boost consumption are expected to further support the company’s growth in the building materials sector [4]. Profit Forecast and Valuation - The profit forecast for the company is adjusted to 4.51 billion RMB for 2025, reflecting a slight decrease in sales assumptions. The target price is set at 34.71 RMB, based on a 13x PE ratio for 2025 [5][8].