Investment Rating - The industry investment rating is "Market Weight" [51] Core Insights - The construction materials industry is experiencing a continuous release of "stabilizing real estate" signals, with further optimization of supply-side measures [2][42] - Cement production is strictly regulated according to approved capacity, with over 280 clinker production lines replaced by the end of 2025, resulting in an annual capacity reduction of 150 million tons [3][42] - The glass fiber industry is undergoing a structural recovery driven by "anti-involution" policies, with demand shifting from traditional construction materials to high-growth emerging fields [44] Summary by Sections Industry Overview - The construction materials sector has shown a 3.37% increase over the past two weeks, outperforming the CSI 300 index by 0.75 percentage points [11] - The cement market is facing a decline in production and prices due to reduced demand from real estate and infrastructure [3][21] Cement - The average price of cement is currently 316 RMB/ton, down 2 RMB from the previous week, with regional variations in demand affecting prices [21] - The cement industry is expected to see demand supported by major infrastructure projects and urban renewal in 2026, despite ongoing price fluctuations [3][43] Glass and Glass Fiber - The average price of float glass in December 2025 was 1121.29 RMB/ton, reflecting a month-on-month decrease of 8.14% and a year-on-year decrease of 18.0% [44] - The glass fiber sector is benefiting from high demand in advanced applications such as AI servers and 5G communications, with a focus on upgrading production technologies [44] Consumer Building Materials - The Ministry of Commerce and other departments have issued a notice promoting green consumption, which is expected to drive growth in the renovation and urban renewal sectors [45] - Leading companies are enhancing their market share through brand advantages and service improvements, focusing on retail and overseas expansion [45] Recommended Stocks - The report suggests focusing on companies with strong fundamentals and high dividend yields, including Shangfeng Cement (000672), Tapai Group (002233), and Huaxin Cement (600801) [43][46]

Core Insights - The article highlights the crackdown on counterfeit latex paint that poses health risks, emphasizing the importance of purchasing legitimate home improvement products for both quality and health safety [1]. Group 1: Incident Overview - The Shanghai Jiading District Market Supervision Administration successfully dismantled a production site for counterfeit latex paint brands [1]. - The operation was initiated following a citizen report regarding suspicious paint processing activities in the area [3]. - Investigations revealed that the offenders were producing and selling counterfeit products of well-known brands such as "Nippon," "Skshu," and "Dulux" at three different locations [4]. Group 2: Legal Violations and Consequences - The counterfeit latex paint contained harmful substances exceeding safety standards, leading to the seizure of products, raw materials, labels, and tools used in the operation [6]. - The offenders' actions violated the Trademark Law and Product Quality Law of the People's Republic of China, with an estimated illegal business turnover exceeding RMB 80,000, meeting the criteria for criminal prosecution [6]. - The case has been transferred to law enforcement for further investigation [6]. Group 3: Consumer Guidance - Consumers are advised to purchase latex paint from reputable vendors and platforms to avoid counterfeit products [6]. - It is recommended to check for clear brand markings, production licenses, and environmental certifications on packaging [6]. - Consumers should be cautious of low-priced products, as they may indicate inferior quality that fails to meet environmental standards [6].

Group 1 - The actual controller and major shareholder of Sankeshu Co., Ltd., Mr. Hong Jie, holds approximately 494 million shares, accounting for 67.02% of the company's total equity [1] - After the recent pledge of shares, Mr. Hong has pledged a total of approximately 147 million shares, which represents 29.66% of his holdings [1]

证券代码：603737 证券简称：三棵树 公告编号：2026-001 三棵树涂料股份有限公司 关于公司实际控制人、控股股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告披露日，三棵树涂料股份有限公司（以下简称"公司"）实际控 制人、控股股东洪杰先生持有公司股份49,445.3628万股，占公司总股本的67.02%； 本次办理质押手续后，洪杰先生累计质押公司股份 14,666.2854 万股，占其所持 公司股份的 29.66%。 公司于 2026 年 1 月 14 日接到洪杰先生的通知，获悉其将所持有的公司部分 无限售条件流通股股份质押给了云南国际信托有限公司（以下简称"云南信托"）， 具体情况如下： 股东 名称 是否为 控股股 东 本次质押 股数 （万股） 是否 为限 售股 是否 补充 质押 质押起始日 质押到期日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融资 资金用途 洪杰 是 1,110 否 否 2026-01-14 2027-01-20 云南信托 2.24% ...

Core Viewpoint - The paint industry is not in decline but is undergoing a restructuring, with significant investments indicating future potential [2][9]. Investment Trends - In 2025, the total investment in the paint industry is expected to exceed 47 billion yuan, with new production capacity surpassing 11 million tons [2][9]. - Numerous domestic and international companies, including major players like Nippon Paint, AkzoNobel, and others, are expanding or establishing new facilities [3][10][12]. Company-Specific Developments - Nippon Paint is investing 960 million yuan in a new automotive paint production base in Tianjin, with a capacity of 132,000 tons [10]. - AkzoNobel is expanding its architectural coating capacity in Shanghai and Langfang, adding over 230,000 tons [10]. - Other companies like Jotun, Sanke, and Meijiaxin are also making significant investments in new production facilities [12][13]. Market Dynamics - The paint industry is experiencing a slowdown compared to previous rapid growth, but the overall market remains substantial [6][14]. - The market is facing challenges such as rising raw material costs, shrinking demand in the construction sector, and increased competition [2][7]. Challenges and Opportunities - The pessimism surrounding the industry stems from overcapacity and a decline in demand for construction paints due to real estate market adjustments [7][14]. - Despite these challenges, there are opportunities for companies that adapt to new market conditions and explore applications in emerging industries [14].

Group 1 - The stock price of Sankeshu has declined for three consecutive days, with a total drop of 5.03% during this period, currently trading at 44.73 CNY per share [1] - Sankeshu Co., Ltd. specializes in the research, production, and sales of construction coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials, with its main revenue sources being engineering wall paint (30.87%), base and auxiliary materials (29.79%), home decoration wall paint (27.07%), waterproof membranes (7.91%), and others (2.32%) [1] Group 2 - Guotai Fund holds a significant position in Sankeshu through its Guotai CSI All Index Building Materials ETF, which increased its holdings by 609,300 shares to a total of 1,260,600 shares, representing 5.48% of the fund's net value [2] - The fund has incurred a floating loss of approximately 932,900 CNY today and a total floating loss of 2,987,700 CNY during the three-day decline [2] - The Guotai CSI All Index Building Materials ETF was established on June 9, 2021, with a current size of 1.102 billion CNY and has reported a year-to-date return of 4.34% [2]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - Focus on upstream materials for commercial aerospace, with a strong recommendation for UTG glass due to its significant market potential [6][2] - The cement market is experiencing seasonal declines in shipments, while glass inventory has decreased month-on-month [8] - For 2026, three main lines of opportunity are identified: stock chain, Africa chain, and AI chain [9] Summary by Relevant Sections Cement Market - After the New Year, domestic cement market demand continues to weaken due to factors like funding shortages and temperature drops, with key enterprises' shipment rates around 39%, down 1.5 percentage points month-on-month [8] - National cement prices have slightly declined, with price drops observed in regions like Zhejiang, Sichuan, Yunnan, and Xinjiang, ranging from 10 to 30 yuan per ton [23] - The national average cement price is 357.26 yuan per ton, a decrease of 0.32 yuan month-on-month [24] Glass Market - The domestic float glass market has seen a slight rebound in prices, driven by speculative demand, with a total inventory reduction of 183 million weight boxes, a decrease of 3.40% [8][36] - The average price of glass is 61.99 yuan per weight box, up 0.05 yuan month-on-month, but down 12.44 yuan year-on-year [36] - The production capacity of float glass has decreased, with 209 out of 262 production lines operational, resulting in a daily melting capacity of 149,535 tons [8] Investment Opportunities - UTG glass is projected to have a demand of approximately 1.2 million square meters based on the forecast of 6,000 satellites launched annually, translating to a market space of 6 billion yuan [6] - Carbon fiber demand is estimated at around 1,000 tons for satellite applications, with high profit elasticity due to the use of high-modulus series [7] - The report highlights three main investment themes for 2026: optimizing demand and supply in the stock chain, leveraging growth in the African market, and capitalizing on the upgrade trend in AI electronic fabrics [9]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Group 1 - The core viewpoint of the news is that SanKeTree Co., Ltd. has shown a modest increase in stock price and trading volume, with low financing and margin trading balances indicating a cautious market sentiment [1] - As of January 6, SanKeTree's financing balance is 49.77 million yuan, accounting for 0.14% of its market capitalization, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company reported a total revenue of 9.392 billion yuan for the first nine months of 2025, representing a year-on-year growth of 2.69%, while the net profit attributable to shareholders increased by 81.22% to 744 million yuan [2] Group 2 - SanKeTree's main business includes the research, production, and sales of architectural coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [1] - The company has a diverse revenue composition, with engineering wall paint contributing 30.87%, base and auxiliary materials 29.79%, home decoration wall paint 27.07%, waterproof membranes 7.91%, and others 2.32% [1] - As of September 30, 2025, the number of shareholders increased to 14,200, with an average of 51,849 circulating shares per person, a slight decrease of 0.50% [2]