股票交易异常波动公告 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： ● 三棵树涂料股份有限公司（以下简称"公司"或"本公司"）股票于2026年1月19日、1月20日、1月21日 连续三个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动情形。 ● 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，确认不存在应披露而未披露的 重大事项或重要信息。 ● 公司董事会确认，公司日常经营活动正常，不存在影响公司股票交易价格异常波动的重大事项。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603737 证券简称：三棵树 公告编号：2026-002 三棵树涂料股份有限公司 经公司核实，公司未发现对公司股票交易价格可能产生重大影响的媒体报道或市场传闻，未涉及市场热 点概念。 （四）其他股价敏感信息 经公司核实，公司未发现其他有可能对公司股价产生较大影响的重大事件，公司董事、高级管理人员、 控股股东在公司股票交易异常波动期间未买卖公司股票。 ...

（编辑 楚丽君） 证券日报网讯 1月21日，三棵树发布公告称，公司股票于 2026 年1 月 19 日、1 月 20 日、1 月 21 日连续 三个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大事项或重要信息。 ...

Investment Rating - The report maintains a positive outlook on the building materials industry, indicating a "Look Forward" investment rating [3][4]. Core Insights - The real estate sector has experienced a downturn for five consecutive years, but there are emerging positive signals that warrant attention. The building materials industry has faced pressures such as declining demand, credit risk expansion, cost disturbances, and intensified competition [4][5]. - Over the past five years, the industry has undergone significant capacity clearance, with a cumulative decline of 38% in waterproof materials production from 2021 to 2024. In contrast, the top three companies in this sector have seen a revenue decline of only 20.9%, indicating a rapid increase in industry concentration [4][5]. - Strategic transformations have been completed by several leading building materials companies, enhancing their competitive positions and adapting to market changes. Companies like Dongfang Yuhong and Keshun have successfully restructured their channels and expanded into new markets [6]. - There is an anticipated surge in renovation demand due to the aging housing stock, with a significant portion of homes being over 20 years old. The report predicts that by 2025, second-hand housing transactions will account for 70% of the market, which will likely stimulate renovation activities [7][9]. - Policy adjustments have been noted, with government signals indicating support for the real estate sector, including tax incentives for housing transactions. This is expected to positively influence market sentiment and investment in the building materials sector [9]. Summary by Sections Industry Overview - The building materials industry has faced five years of challenges, but recent developments suggest a potential recovery. The report emphasizes the importance of viewing the industry from a long-term perspective [4][5]. Capacity and Production - The report highlights a significant reduction in production capacity across various segments, including a 38% decline in waterproof materials and a 1.6 billion ton reduction in cement capacity, which has alleviated supply pressures [4][5]. Strategic Transformations - Notable companies have successfully navigated strategic transformations, with improvements in asset quality and revenue growth. For instance, Dongfang Yuhong has seen a substantial increase in retail business revenue [6]. Demand Dynamics - The report anticipates a shift in demand dynamics, particularly in the renovation market, driven by an aging housing stock and changing consumer preferences. This is expected to lead to increased demand for building materials [7]. Policy Environment - Recent policy changes are viewed as supportive of the real estate market, with indications of government backing for housing transactions and urban renewal initiatives [9]. Investment Recommendations - The report suggests focusing on core consumer building materials stocks, particularly those positioned to benefit from anticipated increases in construction activity and renovation demand [9].

证券代码：603737 证券简称：三棵树 公告编号：2026-002 三棵树涂料股份有限公司 股票交易异常波动公告 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。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人洪杰先生书面征询核实，截至 本公告披露日，除在指定信息披露媒体和网站上已公开的信息外，不存在其他应 披露而未披露的重大信息。不存在处于筹划阶段的涉及公司的重大事项，包括但 三棵树涂料股份有限公司（以下简称"公司"或"本公司"）股票于 2026 年 1 月 19 日、1 月 20 日、1 月 21 日连续三个交易日内日收盘价格涨幅偏 离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日， 确认不存在应披露而未披露的重大事项或重要信息。 公司董事会确认，公司日常经营活动正常，不存在影响公司股票交易价 格异常波动的重大事项。 不限于重大资产重组、股份发行、上市公司收购、债务重组、资产剥离、资产注 入、业务重组、股 ...

三棵树公告，公司股票连续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动 情形。经核实，公司目前生产经营活动正常，内外部经营环境未发生重大变化，前期披露信息无需更正 或补充。公司及控股股东、实际控制人不存在应披露而未披露的重大信息或重大事项筹划。公司未发现 媒体报道、市场传闻或热点概念对股价产生重大影响的情况。公司董事、高管及控股股东在股票交易异 常波动期间未买卖公司股票。 ...

Group 1 - The renovation and building materials sector increased by 1.31% on January 21, with Sanke Tree leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the renovation and building materials sector showed significant price increases, with Sanke Tree rising by 6.45% to a closing price of 51.50 [1] Group 2 - The sector experienced a net outflow of 9.43 million yuan from institutional investors, while retail investors saw a net inflow of 58.78 million yuan [2] - The trading volume for Sanke Tree was 173,000 hands, with a transaction amount of 863 million yuan [1] - The stock performance varied, with notable declines in stocks like Huali Co., which fell by 3.14% to a closing price of 17.28 [2] Group 3 - Individual stock flows indicated that Puna Co. had a net inflow of 56.63 million yuan from institutional investors, despite a net outflow from retail investors [3] - The stock of Donghe New Materials saw a net inflow of 13.70 million yuan from institutional investors, indicating strong interest [3] - Overall, the renovation and building materials sector showed mixed investor sentiment, with some stocks attracting significant institutional interest while others faced outflows [3]

Group 1 - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing a 1.15% increase, indicating a potential for a three-day winning streak [1] - Key stocks in the sector include Zhejiang Longsheng, which surged over 9%, and Sankeshu, which rose over 6%, among others [1] - The basic chemical sector has seen significant inflows, with over 11.3 billion yuan in net inflows on a single day, ranking fourth among 30 major sectors [1][2] Group 2 - Dongfang Securities expresses optimism about the chemical industry, highlighting a collective shift in corporate strategies that may lead to improved market conditions [3] - The report identifies five key areas for investment: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle flakes [3] - The chemical ETF (516020) is recommended for investors looking to capitalize on the sector's rebound, as it tracks a specialized index covering major themes in the chemical industry [3]

Group 1 - The chemical sector is experiencing a strong upward trend, with the chemical ETF (516020) showing a price increase of 1.15%, aiming for a third consecutive daily gain [1][8] - Key stocks in the sector include Zhejiang Longsheng, which surged over 9%, and Sankeshu, which rose over 6%, along with other companies like Yaqi International and Hebang Bio, which increased by over 4% [1][8] - The basic chemical sector has seen significant inflows, with over 11.3 billion CNY in net inflows on a single day, ranking fourth among 30 sectors, and a total of 31.3 billion CNY over the past five days, ranking second [9][10] Group 2 - Dongfang Securities expresses optimism about the chemical industry, highlighting a collective shift in corporate strategies that could lead to improved market conditions [10] - The report identifies two key dimensions for investment opportunities: leading companies with significant market share and those with competitive advantages that can enhance profitability [10] - The report specifically favors five areas: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle flakes [10] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Shares, while the other half focuses on various sub-sectors [11] - Investors can also access the chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the sector [11]

Core Viewpoint - The stock of Sankeshu increased by 5.02% on January 21, reaching a price of 50.81 yuan per share, with a trading volume of 538 million yuan and a turnover rate of 1.49%, resulting in a total market capitalization of 37.489 billion yuan [1] Company Overview - Sankeshu Co., Ltd. is located in Putian City, Fujian Province, and was established on July 17, 2003. The company was listed on June 3, 2016. Its main business includes the research, production, and sales of architectural coatings (wall coatings), wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [1] - The revenue composition of the main business is as follows: 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% [1] Shareholder Information - Among the top ten circulating shareholders of Sankeshu, a fund under Penghua Fund ranks as a significant shareholder. The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) entered the top ten circulating shareholders in the third quarter, holding 4.4417 million shares, which accounts for 0.6% of the circulating shares. The estimated floating profit today is approximately 10.7933 million yuan [2] - The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) was established on March 8, 2022, with a latest scale of 728.091 million yuan. Year-to-date return is 8.68%, ranking 1218 out of 5542 in its category; the one-year return is 52.83%, ranking 1024 out of 4243; and since inception, the return is 0.44% [2] Fund Performance - The fund manager of the Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) is Yan Dong. As of the report date, Yan Dong has a cumulative tenure of 6 years and 311 days, with total fund assets of 21.796 billion yuan. The best fund return during his tenure is 456.3%, while the worst return is -43.26% [3] - Another fund under Penghua, the Penghua Leading One-Year Holding Mixed A (011574), holds Sankeshu as its second-largest heavy stock, with 112,400 shares held in the third quarter, unchanged from the previous period, accounting for 9.46% of the fund's net value. The estimated floating profit today is approximately 273,200 yuan [4] - The Penghua Leading One-Year Holding Mixed A (011574) was established on June 22, 2021, with a latest scale of 22.081 million yuan. Year-to-date return is 7.93%, ranking 1734 out of 8844; the one-year return is 40.36%, ranking 2839 out of 8091; and since inception, the return is 48.16% [4] Fund Manager Information - The fund manager of the Penghua Leading One-Year Holding Mixed A (011574) is Liu Yujiang. As of the report date, Liu has a cumulative tenure of 4 years and 309 days, with total fund assets of 4.2997 million yuan. The best fund return during his tenure is 39.41%, while the worst return is -27.87% [5]

Summary of the Conference Call on the Real Estate Supply Chain Industry Overview - The real estate supply chain, particularly in the consumer building materials sector, has undergone significant changes over the past four years, with a turning point expected in Q3 2025 when leading companies will see revenue and profit growth year-on-year in Q4 2025, indicating independent growth through strategies like stock renovation, channel expansion, and internationalization despite ongoing industry pressures [1][2] Key Points and Arguments - **Supply Side Changes**: - Companies are enhancing profits through asset impairment, while many peers are exiting or transforming their businesses. The consumer building materials sector is currently undervalued, with most leading companies emerging from difficulties, and a growth trend expected to continue into 2026 [3] - The competition among leading companies is slowing, with strategies such as channel expansion and product diversification being employed to seek new growth points. Price increases in coatings and waterproof materials are anticipated in 2025, with gypsum board also expected to see price hikes in 2026, reflecting a trend of compromise and coexistence among leading firms [4] - **Impact of Urban Renewal Policies**: - Urban renewal policies are significantly boosting the building materials industry, with measures aimed at accelerating the transformation of the stock market to address challenges posed by a declining new housing market. By the end of 2024, there will be approximately 420 million housing units and over 50 billion square meters of total construction area in urban and rural areas, providing substantial demand support for the building materials sector [5] - **Performance in Specific Segments**: - The coatings sector has seen multiple price increases since 2021, with another expected in Q1 2025. Waterproof materials are also set for price hikes in mid-2025, while gypsum board has already undergone several price adjustments. These price changes indicate a shift in demand from the supply side, with these segments stabilizing prices and gradually restoring profitability during a demand downturn [6] - **Revenue Structure Adjustment and Cost Reduction**: - Building materials companies are shifting from reliance on large B clients (real estate bulk purchases) to small B and C end customers (retail market), improving gross margins through channel adjustments and product upgrades. Cost reduction and efficiency measures are expected to show results post-2025, with a notable decrease in expense ratios and improved financial conditions [7] Additional Important Insights - **Current Valuation of the Consumer Building Materials Sector**: - The sector is currently undervalued, showing signs of recovery after several years of adjustment. Leading companies are expected to continue this growth trend into 2026, with ongoing cost reduction measures and diminishing historical issues impacting financial reports, making it a favorable investment opportunity [8] - **Market Expectations and Demand Characteristics**: - Market expectations for the consumer building materials sector are low, with overall demand recovery anticipated to take time. However, there are signs of stabilization and differentiation, such as leading coatings companies exploring the second-hand housing market and non-housing demand growth in sectors like pipes and waterproof materials [9][10] - **Price Elasticity and Supply Structure Expectations**: - Current profit forecasts and valuations for companies have not fully reflected price elasticity. The supply structure has undergone deep adjustments, with small capacities exiting the market, leading to a concentration of market share among companies with brand, channel, and resource advantages, enhancing their pricing power and management capabilities [11] - **Investment Recommendations**: - Investors are advised to focus on companies such as Three Trees, Oriental Yuhong, Henkel Group, and Rabbit Baby, as well as Beixin Building Materials, Weixing New Materials, China Liansu, and ASEAN Holdings, which are decoupling from real estate and transitioning towards C-end and small B clients, with many beginning to expand internationally [12] - **Future Industry Outlook**: - Companies in the industry are making significant efforts to adapt to the current environment, including international expansion, product category diversification, and exploring structural opportunities in the second-hand housing market. While high expectations for rapid demand recovery are tempered, there is confidence that more companies will find recovery opportunities over time, with more sub-sectors expected to stabilize in 2026 [13]