Core Viewpoints - The traditional building materials sector is expected to bottom out and recover due to a combination of factors such as the slowdown in new real estate demand and the gradual release of stock renovation demand, with consumer building materials benefiting significantly [4] - The special fiberglass electronic cloth sector is experiencing high demand due to the explosion of computing power needs, and companies with outstanding technical advantages and production capacity reserves are favored [4] - Infrastructure investment opportunities are promising, particularly in sectors related to urban renewal and underground pipeline construction [4] Cement Sector - Cement demand is expected to stabilize as confidence in the housing market strengthens, with a potential bottoming out of demand [26][29] - The production of cement is declining due to weak demand from the real estate sector, with a forecasted production volume of 1.693 billion tons in 2025, down 6.9% year-on-year [29] - The average price of cement is recovering due to industry self-discipline and effective supply control, with policies aimed at eliminating backward production capacity expected to accelerate this trend [33] Fiberglass Sector - The fiberglass sector is expanding its application fields, with strong demand for electronic fiberglass cloth driven by the growth of computing power needs [36][41] - The apparent consumption of fiberglass in China has increased from 187,000 tons in 2012 to 624,000 tons in 2023, with a compound annual growth rate of 11.56% [40] - The demand for high-performance computing and AI applications is significantly increasing, leading to a structural change in demand for fiberglass materials [44] Glass Sector - The demand for flat glass is under pressure due to a decline in housing completion areas, with consumption levels expected to continue decreasing [51] - The glass industry is facing high inventory levels, with total inventory reaching 58.227 million weight boxes as of December 11, 2025, indicating a need for supply-side adjustments [51] - The photovoltaic glass sector is experiencing growth, but overall glass prices are under pressure due to capacity expansion and declining demand [51] Consumer Building Materials - The consumer building materials sector is seeing a release of stock demand, with policies aimed at stabilizing the housing market expected to support sales and completion rates [62] - The renovation demand is anticipated to recover as macroeconomic policies stimulate consumption, with a significant portion of demand coming from homes built 10-15 years ago [66] - The urban renewal initiatives and the establishment of a housing pension system are expected to further boost demand for consumer building materials [66] Recommended Investment Targets - Companies such as Rabbit Baby (兔宝宝, 002043) and Beixin Building Materials (北新建材, 000786) are highlighted for their strong market positions and competitive advantages in the consumer building materials sector [4][103] - International Composites (国际复材, 301526) is recommended for its strong performance in the special fiberglass cloth sector [4] - Companies like Jinjing Technology (金晶科技, 600586) and Puhua Co., Ltd. (濮耐股份, 002225) are noted for their promising second growth curves in TCO glass and high-activity magnesium oxide businesses, respectively [4]

Core Viewpoint - Sanke Tree Co., Ltd. has announced the provision of guarantees for its subsidiaries to meet their operational funding needs, indicating stable business conditions and manageable risks associated with the guarantees [1] Group 1: Guarantee Contracts - The company signed a maximum principal guarantee contract with China Construction Bank's Boye Branch, providing a joint liability guarantee of RMB 200 million for Hebei Sanke Tree [1] - A maximum principal guarantee contract was also signed with Industrial and Commercial Bank of China, providing a joint liability guarantee of RMB 80 million for Anhui Sanke Tree [1] - The company plans to sign a maximum principal guarantee contract with China Construction Bank's Licheng Branch, providing a joint liability guarantee of RMB 48 million for Sanke Tree Materials [1] Group 2: Subsidiary Status - Hebei Sanke Tree, Anhui Sanke Tree, and Sanke Tree Materials are wholly-owned subsidiaries of the company, and their operational conditions are stable with good credit status [1] - The guarantees provided will not harm the interests of the company and all shareholders, nor will they adversely affect the company's normal operations and business development [1]

Core Viewpoint - The report from CICC indicates that the consumption building materials industry is expected to experience a mild price recovery, with potential marginal improvement in the gross margins of leading companies [1] Industry Summary - Recent price increase notices have been issued by leading companies in various segments, including waterproofing, gypsum boards, and municipal pipelines [1] - The basis for these price increases is attributed to supply optimization and rising prices of upstream raw materials, primarily chemical products, since the beginning of the year [1] - Key raw materials such as PVC and emulsions have seen an upward shift in their price levels [1] Company Summary - CICC is optimistic about the profitability recovery of leading companies in the industry under the trend of price recovery [1] - Companies to watch include Dongfang Yuhong, Sankeshu, Beixin Building Materials, China Liansu, and Weixing New Materials [1]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [10]. Core Viewpoints - The report emphasizes increasing allocations to high-quality leading companies in consumer building materials and anticipates price increases in electronic fabrics due to shortages [2][3]. - Consumer building materials are highlighted as a strong investment opportunity due to significant supply exits, with production levels for various materials projected to be at 97% for plastic pipes, 82% for gypsum boards, and 77% for cement in 2024 compared to their peak levels [3]. - The report identifies three main lines for 2026: the stock chain, the African chain, and the AI chain, suggesting a shift in demand dynamics and growth opportunities in these areas [7]. Summary by Sections Basic Situation - Cement shipments have seen a slight month-on-month increase, while glass inventory continues to decline [6]. - In late January, cement demand showed slight recovery due to warmer weather in southern regions, with a shipment rate of approximately 32% in key domestic areas, up by 3 percentage points [6][23]. Outlook for 2026 - The report suggests focusing on three main lines: stock chain, African chain, and AI chain. The stock chain is expected to see a qualitative change in demand, with home renovation demand projected to rise from 50% to nearly 70% by 2030 [7]. - The African chain highlights undervalued growth opportunities in the African market, with recommendations for leading companies such as Keda Manufacturing and Huaxin Cement [7]. - The AI chain focuses on the upgrade of special electronic fabrics, with significant opportunities for domestic replacements in low CTE and low-Dk products [7]. Electronic Fabrics - The report is optimistic about price increases in electronic fabrics due to dual demand dynamics, with AI electronic fabrics benefiting from high demand and ordinary electronic fabrics facing supply constraints [5]. - The shortage of weaving machines is expected to continue, leading to sustained price increases [5]. Cement and Glass Market - The report notes that the national average price of cement is 349.84 yuan per ton, with a month-on-month decrease of 2.74 yuan [24]. - The national average price of glass is reported at 63.11 yuan per weight box, with a slight month-on-month increase of 0.50 yuan [36].

Group 1 - The real estate and building materials sectors are experiencing repeated activity, with companies such as Jingtou Development and Hanjian Heshan achieving three consecutive trading limits [1] - Other companies including Tubao, Jianlang Hardware, Sankeshu, Chengtou Holdings, Jintou Chengkai, and China Wuyi are also seeing upward trends [1]

Core Viewpoint - The chemical industry ETF managed by E Fund has shown positive performance, with significant inflows and growth in both scale and shares, reflecting strong investor interest in the sector [1][2]. Group 1: Index Performance - As of February 4, 2026, the China Petroleum Industry Index (H11057) increased by 0.41%, with key stocks like Sinopec rising by 3.17% and Wanhua Chemical by 3.09% [1]. - Over the past two weeks, the E Fund chemical industry ETF has accumulated a rise of 0.55%, ranking in the top half among comparable funds [1]. Group 2: Liquidity and Trading Volume - The E Fund chemical industry ETF had a turnover rate of 3.05% during the trading session, with a transaction volume of 48.77 million yuan [1]. - The average daily trading volume over the past week reached 160 million yuan [1]. Group 3: Fund Size and Shares - The latest size of the E Fund chemical industry ETF reached 1.595 billion yuan, marking a one-year high [1]. - The total shares of the ETF have also reached 1.466 billion, which is a one-year high [1]. Group 4: Net Inflows - The E Fund chemical industry ETF has seen continuous net inflows for 13 days, with the highest single-day net inflow reaching 391 million yuan, totaling 1.371 billion yuan in net inflows [1]. - The average daily net inflow stands at 105 million yuan [1]. Group 5: Top Holdings - As of January 30, 2026, the top ten weighted stocks in the China Petroleum Industry Index account for 55.71% of the index, including companies like Wanhua Chemical and Sinopec [2].

Core Viewpoint - The company, Sankeshu (三棵树), announced that as of February 1, 2026, the total external guarantees provided by the company and its subsidiaries amount to RMB 2,913.56 million, which represents 108.47% of the company's most recent audited net assets [1] Group 1 - The external guarantee balance includes RMB 2,839.82 million provided to subsidiaries, accounting for 105.73% of the company's most recent audited net assets [1] - The company has confirmed that there are no overdue guarantees [1]

Summary of Key Points Core Viewpoint - The company announced that the total amount of guarantees provided to subsidiaries will not exceed RMB 9.5 billion, which accounts for 353.69% of the company's most recent audited net assets [1] Group 1: Guarantees to Subsidiaries - The total guarantees provided by the company and its subsidiaries to subsidiaries will not exceed RMB 9.5 billion [1] - This amount represents 353.69% of the company's most recent audited net assets [1] Group 2: External Guarantees - The total external guarantees provided by the company and its subsidiaries will not exceed RMB 350 million [1] - This figure accounts for 13.03% of the company's most recent audited net assets [1] Group 3: Current Guarantee Balances - As of February 1, 2026, the balance of external guarantees is approximately RMB 2.914 billion, which is 108.47% of the company's most recent audited net assets [1] - Among this, the guarantees to subsidiaries amount to approximately RMB 2.84 billion, representing 105.73% of the company's most recent audited net assets [1]

证券代码：603737 证券简称：三棵树 公告编号：2026-006 三棵树涂料股份有限公司 关于为子公司提供担保的公告 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | | | 子公司对外担保总额（万元） 年年度股东大会审 | 985,000 | | （经公司 2024 | | | 议通过的对外担保总额） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 366.72 | | 特别风险提示 | √担保金额（含本次）超过上市公司最近一期经审计净资产 50% | | | √对外担保总额（含本次）超过上市公司最近一期经审计净资 | | 产 | 100% | | | √本次对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一） 担保的基本情况 重要内容提示： 担保对象及基本情况 | | 本次担 | 实际为其提 供的担保余 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | | 被担保人名称 | 保金额 | | 期预计额 | 是否有反 | | | （万元） | 额（不含本次 ...

Group 1 - The company signed a maximum principal guarantee contract with China Construction Bank on February 2, 2026 [1] - The contract provides a joint liability guarantee for its wholly-owned subsidiary, Hebei Sankeshu Coating Co., Ltd [1] - The maximum debt limit under the guarantee is set at RMB 200 million [1]