本文核心数据：涂料企业竞争格局;涂料市场集中度 1、中国涂料行业竞争梯队 根据国内涂料行业首家财经媒体《涂界》发布的《2025中国涂料企业100强排行榜》对中国涂料行业竞争梯 队进行分析，销售额大于100亿元的企业有立邦、PPG、三棵树和阿克苏诺贝尔等，位于行业竞争第一梯 队;30-100亿元区间内包括巴斯夫、佐敦、宣伟、艾仕得、北新建材、湘江涂料等，位于第二梯队;小于30亿 元企业包括德威涂料、亚士创能、松井股份、大宝化工、大桥化工等，位于第三梯队。 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院涂料研究小组发布的《中国涂料行业发展前景预测与投资战略规划分 析报告》 行业主要上市公司：三棵树(603737)、北新建材(000786)、亚士创能(603378)、松井股份(688157)等 2、中国涂料行业区域竞争分析 根据企查猫以"涂料、油墨、颜料及类似产品制造业"为选定行业，以"涂料"为关键词进行精确搜索，涂料产 业链企业主要分布在广东省，以及山东、浙江、江苏、上海等华东地区。截至2025年12月，广东共有相关涂 料企业数5931家。 注：企查猫数据截止到2025年12月5日 从代表性企业分布来看 ...

关键词：原子灰、原子灰市场规模、原子灰行业现状、原子灰发展趋势 内容概况：当前，中国原子灰行业正步入从传统"量增"向现代"质升"转型的关键阶段。2024年，中国原 子灰行业市场规模约为12.01亿元，同比增长5.81%。原子灰行业主要服务于汽车、船舶、家具、建筑及 高端装备制造等工业领域，其景气度与宏观固定资产投资和制造业活跃度高度相关。过去，行业的快速 增长往往与地产基建的繁荣同步。而在当前的经济转型期，以地产为代表的部分传统需求趋于平稳甚至 收缩，而原子灰行业增长的动力正从普涨的"水涨船高"模式，转向依靠新能源汽车、轨道交通（如高 铁）、新能源装备（如风电叶片）等新兴高端制造领域的增量需求拉动。这些领域对原子灰的耐候性、 附着力、环保性等提出了远超传统应用的专业化要求，成为驱动行业技术升级和市场增长的核心引擎。 相关上市企业：回天新材（300041）、哥俩好（836618）、东方雨虹（002271）、三棵树（603737） 相关企业：江苏亚邦涂料股份有限公司、万华化学集团股份有限公司、江苏扬农化工股份有限公司、江 苏三木集团有限公司、山东圣泉新材料股份有限公司、彤程新材料集团股份有限公司、中国石油化工股 ...

中国经济网北京2月26日讯 三棵树(603737.SH)今日收报52.64元，跌幅3.06%。 (责任编辑：徐自立) 国投证券股份有限公司研究员董文静、陈依凡2月2日发布研报《三棵树(603737)：2025年归母净 利润同比高增 高端零售战略转型卓有成效》称，给予三棵树"买入-A"评级，12个月目标价66.6元。 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - The report highlights a focus on domestic paint manufacturers, particularly SanKeShu, which is projected to achieve a profit of 760-960 million RMB in 2025, representing a year-on-year growth of 129%-189%, significantly outperforming Nippon Paint China [3]. - Nippon Paint China's revenue for FY2025 is estimated at 470.7 billion JPY (approximately 21 billion RMB), reflecting a year-on-year decline of 5.8%, primarily due to a sluggish real estate market [5]. - The report anticipates that SanKeShu will experience rapid growth in the consumer segment (C-end) driven by initiatives like Beautiful Countryside and Artistic Paint, while the business segment (B-end) is expected to remain stable [3]. Summary by Sections Financial Performance - Nippon Paint China's adjusted operating profit for FY2025 is projected at 69.2 billion JPY (approximately 3.09 billion RMB), with an operating profit margin of 14.7%, an increase of 3.1 percentage points year-on-year, attributed to cost optimization and expense control [5]. - In Q4 2025, Nippon Paint China's revenue was 100.1 billion JPY (approximately 4.47 billion RMB), showing a year-on-year decline of 18.0% and a quarter-on-quarter decline of 20.0% [5]. - The revenue breakdown for 2025 shows a decline in architectural decoration coatings by 15.9%, while automotive and industrial coatings saw slight growth [5]. Growth Projections - For 2026, Nippon Paint aims for an overall revenue growth of 8.2%, with specific targets of high single-digit growth for TUC and low single-digit growth for TUB [5]. - The report emphasizes three core strategies: enhancing brand premium and channel coverage for TUC, deepening collaborations with quality real estate and state-owned enterprises for TUB, and upgrading technical capabilities in automotive coatings [5]. Valuation Metrics - The report provides a valuation table for listed companies, indicating that SanKeShu's stock price is 54.30 RMB per share, with projected earnings per share of 1.17 RMB for 2025, resulting in a price-to-earnings ratio of 47 [6].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report emphasizes the strengthening expectation of price increases for electronic fabrics, driven by explosive demand and capacity constraints, indicating a "super cycle" characterized by strong demand rigidity and prolonged duration [5][6] - The report identifies three main lines for 2026: the stock chain, the Africa chain, and the AI chain, suggesting strategic focus areas for investment [8] Summary by Relevant Sections Basic Situation - Cement shipments are experiencing seasonal declines, with an average shipment rate of approximately 9% in key regions, a month-on-month decrease of about 15 percentage points, and a year-on-year decrease of about 4 percentage points [7][22] - Glass inventory has slightly increased, with a total inventory of 51.63 million weight boxes, a month-on-month increase of 2.14 million weight boxes, reflecting a 4.32% growth [7][30] Outlook for 2026 - The stock chain focuses on optimizing demand and clearing supply varieties, with residential renovation demand expected to rise from 50% currently to nearly 70% by 2030 [8] - The Africa chain highlights undervalued growth opportunities in the African market, recommending leading companies such as Keda Manufacturing and Huaxin Cement [8] - The AI chain looks at the industrial upgrade of special electronic fabrics, with a focus on Low-Dk products and domestic substitution opportunities [8] Price and Inventory - The national average price for cement before the festival was 346.29 yuan/ton, with a month-on-month decrease of 0.32 yuan/ton and a year-on-year decrease of 47.90 yuan/ton [23] - The national average price for glass before the festival was 63.24 yuan/weight box, with a month-on-month increase of 0.06 yuan/weight box and a year-on-year decrease of 11.07 yuan/weight box [32]

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

......（节选） 有谁知道一棵树活着的真正理由？或许，它们活着，原本就不需要理由。能够顽强地活着，挺过严寒、 挺过干枯，见过丰盈、见过亏欠，经历过欢喜、也经历过灾祸后依然活着——就像养静寺前这棵银杏， 活得足够长久，就够了吧。 在这个世界上，有几个人能够自信地说，我比一棵树高明？树看似什么都不做，只用无言却耐心的等 待，把很多物事熬成了虚无——而它，依然挺立于大地。 最让我惦记的那棵树，其实不是树，是一个人。其精神与人格已深深扎根于历史，虽不张扬，却一直在 惠泽一方——他的名字里有个"树"字，他，就是陈树湘。 距离上次去福临，转眼已过去半年多。早就计划好了，今年油菜花开的时候，选择一个风和日丽的周 末，我要约上三两好友，再上福临。尤其是，再会会这几棵树。 这个普通却不凡的名字，或许静默了不短的时间。但，静默并不表示他不存在，甚至被人彻底遗忘。当 他的故事被罗开富在《红军长征追踪》里再次讲述，尤其是新时代被习近平总书记提及之后，这棵初生 于枫树湾的树越来越根深叶茂，荫庇一方，又持续赋能。 树湘精神的特质是绝对忠诚。树也一样，只要有水、有阳光，就会倔强地生长；一旦扎根某处便立场坚 定，从不挪窝。 或许有人会因 ...

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The building materials industry is experiencing an optimization in supply and demand dynamics due to the "anti-involution" policies, with expectations for price increases in electronic fabrics [2][4]. - The cement sector is anticipated to see a further contraction in total production capacity in 2026, driven by regulatory measures and a potential recovery in real estate sales in key cities [4][39]. - The flat glass market is showing signs of recovery with a slight increase in production and prices, although short-term demand remains weak due to seasonal factors [4][40]. - The photovoltaic glass market is facing challenges with excess supply and ongoing losses, but long-term demand is expected to be supported by the development of new energy bases [4][40]. - The glass fiber industry is in a structural recovery phase, with increasing demand for high-end products driven by advancements in AI and 5G technologies [4][40]. Summary by Sections Cement - The Ministry of Industry and Information Technology has implemented measures to control cement production capacity, leading to an expected reduction in total capacity in 2026 [4][39]. - Recent data indicates a recovery in real estate sales, which, combined with major infrastructure projects, may improve the supply-demand balance in the cement industry [4][39]. - Recommended stocks include Shangfeng Cement, Taipai Group, and Huaxin Cement, which have favorable fundamentals and high dividend yields [4][39]. Glass and Fiberglass - The flat glass production in 2025 is projected to be 97,591 million weight boxes, a 3% decrease year-on-year, but December 2025 saw a 3.4% increase compared to the previous year [4][40]. - The price of float glass has shown a slight recovery, with expectations for price stabilization due to supply-side adjustments [4][40]. - The fiberglass market is benefiting from increased demand for low-DK glass fabrics, with Taiwanese manufacturers shifting production to meet this demand [4][40]. - Recommended stocks in the fiberglass sector include China Jushi, which is expected to benefit from the structural recovery in the industry [6][40]. Consumer Building Materials - Leading companies like Keshun and Sankeshu have announced price increases due to rising raw material costs, indicating a trend of price stabilization in the industry [6][42]. - The demand for new construction is weakening, but renovation and urban renewal projects are expected to drive growth [6][42]. - Recommended stocks include Beixin Building Materials, Tubaobao, and Sankeshu, which are well-positioned to recover ahead of their peers [6][42].

Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]