Summary of Conference Call Notes Industry Overview - The real estate and building materials sector experienced a significant increase, primarily driven by market rumors regarding policy relaxation in Shanghai and expectations of more substantial policy measures to follow [1][2] Core Insights and Arguments - A reassessment of the real estate and related sectors is deemed necessary at this juncture [2] - Key points highlighted in the commentary from "Qiushi" include: 1. Recognition of real estate as a significant financial asset, central to household wealth [3] 2. The need for comprehensive policy measures rather than incremental adjustments, indicating potential for new expectations regarding policy strength and breadth [3] - Statistical data from the National Bureau of Statistics indicates a decline in real estate investment by 17% year-on-year, new construction down by 20%, completions down by 18%, sales area down by 9%, and sales revenue down by 13% [3] - Despite the overall decline in data, the marginal negative impact on the building materials industry has noticeably weakened [3] - The fundamental investment logic in the building materials sector is centered on "supply-side improvement" preceding "demand-side recovery" [3] - Under the "anti-involution" policy direction, price coordination in industries like cement is beginning to show results, with profit levels continuing to recover [3] - The consumer building materials sector, including waterproofing and coatings, is entering the final phase of clearing out excess, with an improved competitive landscape and positive changes in gross margins and expense ratios for leading companies in specific segments [3] Recommendations - Recommended to focus on high-credit, high-quality real estate developers benefiting from policy rumors, such as China Merchants Shekou and Binjiang Group [4] - Suggested to pay attention to leading companies in the real estate supply chain that are expected to benefit from anticipated demand recovery, including Oriental Yuhong, Beixin Building Materials, Sankeshu, and Tubao [4]

Core Insights - The event held on January 18, 2026, in Suzhou marked the launch of the "1+N" strategy by the company, emphasizing its commitment to upgrading its business model and contributing to the national strategy of "suitable living" [1][3] - The "1+N" ecological model focuses on a core product of coatings while extending into various service scenarios and ecological resources, transforming the traditional single service into a comprehensive home renovation service [1][7] Company Strategy - The company aims to open over 10,000 stores by 2026 and 30,000 by 2030, reflecting its ambition to lead the transformation of the Chinese home furnishing industry and expand its global presence [3] - The launch of 15 community renovation stores in Suzhou represents a significant step in implementing the "1+N" strategy, enhancing service accessibility within a three-kilometer radius of core communities [5][8] Market Impact - The "1+N" strategy has transitioned from traditional product delivery to a one-stop space renovation solution, addressing the demand for improved living environments while aligning with green and low-carbon development principles [7] - The company's rapid expansion has reached over 300 cities nationwide, showcasing its strong market appeal and brand influence [5] Future Vision - The company is committed to enhancing home health, beautifying cities, and improving quality of life, with a focus on user-centered services and ecological support [7] - The new community service model aims to closely integrate with residents' needs, providing quick responses and comprehensive responsibility, thereby contributing to urban renewal and enhancing living quality [8]

三棵树1月20日大宗交易平台共发生2笔成交，合计成交量315.72万股，成交金额1.50亿元。成交价格均 为47.51元，相对今日收盘价折价1.80%。从参与大宗交易营业部来看，机构专用席位共出现在1笔成交 的买方或卖方营业部中，合计成交金额为4751.00万元，净买入4751.00万元。 | 成交量 | 成交金额 （万元） | 成交价格 （元） | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | | | 溢价（%） | | | | 215.72 | 10248.86 | 47.51 | -1.80 | 国泰海通证券股份有 | 中信证券股份有限公 | | | | | | 限公司总部 | 司福建分公司 | | 100.00 | 4751.00 | 47.51 | -1.80 | 机构专用 | 中信证券股份有限公 司福建分公司 | 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.49亿元。 （文章来源：证券时报网） 据天眼查APP显示，三棵树涂料股份有限公司成立于2003年07月17日，注册资本73 ...

志特新材涨停创新高，九鼎新材2连板，海螺水泥、东方雨虹、三棵树、北新建材、伟星新材跟涨。 (本文来自第一财经) ...

Core Viewpoint - The renovation and building materials sector experienced growth, closing at 17,486.43 points with a rise of 1.30% [1] Group 1: Stock Performance - Kangxin New Materials led the sector with a closing price of 4.72 CNY per share, increasing by 10.02% [1] - Sankeshu followed with a closing price of 48.38 CNY per share, also rising by 10.00% [1] - Gujia Home Furnishing closed at 33.80 CNY per share, with a rise of 7.81% [1] - Meike Home Furnishing saw a decline, closing at 2.86 CNY per share, down by 8.33% [1] - Xiong Plastic Technology closed at 10.70 CNY per share, decreasing by 4.12% [1] - Yuexin Health closed at 5.08 CNY per share, down by 2.68% [1] Group 2: Market Outlook - Huafu Securities indicated that the supply-side reform expectations and the acceleration of anti-involution may signal a turning point in the building materials capacity cycle [1] - The expectation of declining interest rates is likely to restore home buying willingness, supported by storage and urban renewal initiatives [1] - The marginal recovery in home buying willingness and capacity is expected to increase the probability of stabilization in the real estate market fundamentals, which may also drive the recovery of post-real estate cycle demand [1]

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) reaching a closing price that marks a new high since August 2022, closing up 1.27% on January 20, 2026 [1][9] - Notable individual stocks within the sector include Sanhe Tree, which hit the daily limit, and Luxi Chemical, which surged by 8.89%, while Satellite Chemical, Hengli Petrochemical, and Tongcheng New Materials all rose over 6% [1][10] - Since the beginning of 2025, the chemical ETF has seen a cumulative increase of 54.34%, significantly outperforming major indices such as the Shanghai Composite Index (22.73%) and the CSI 300 Index (19.92%) [1][13] Group 2 - The chemical ETF has attracted significant capital inflow, with over 5.8 billion yuan in net subscriptions over the last five trading days and more than 11 billion yuan over the last ten trading days [4][12] - A recent policy from the Ministry of Industry and Information Technology aims to promote zero-carbon factory construction by 2030, which may lead to stricter regulations on new chemical projects and limit new capacity in the petrochemical sector [4][12] - Analysts suggest that the chemical industry is currently in a weak performance phase, but certain sub-sectors, such as lubricants, have exceeded expectations, indicating potential investment opportunities in glyphosate, fertilizers, and high-dividend assets [5][14] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings concentrated in large-cap leading stocks like Wanhua Chemical and Salt Lake Industry, while the other half includes leading stocks in various sub-sectors [5][14] - The ETF provides a more efficient way to invest in the chemical sector, especially for those looking to capitalize on the sector's rebound [5][14]

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.49亿元。该股近5个交易日累计 上涨8.16%，主力资金合计净流入5461.71万元。 1月20日，三棵树收涨10.00%，收盘价为48.38元，发生2笔大宗交易，合计成交量315.72万股，成交金 额1.5亿元。 责任编辑：小浪快报 第1笔成交价格为47.51元，成交100.00万股，成交金额4,751.00万元，溢价率为-1.80%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司福建分公司。 第2笔成交价格为47.51元，成交215.72万股，成交金额10,248.86万元，溢价率为-1.80%，买方营业部为 国泰海通证券股份有限公司总部，卖方营业部为中信证券股份有限公司福建分公司。 ...

| 交易日期 | 证券調称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 类出管业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-20 | 三棵树 | 603737 | 47.51 10248.86 | 215.72 | 用意患者适量假份 | 去筒量盆男公部■ | | | KE | | 2026-01-20 | 三棵树 | 603737 | 47.51 4751 | 100 | 机构专用 | 去筒墙露劈纹筒气 | | | Ka | 1月20日，三棵树大宗交易成交315.72万股，成交额1.5亿元，占当日总成交额的18.23%，成交价47.51 元，较市场收盘价48.38元折价1.8%。 ...

Group 1 - The renovation and building materials sector increased by 3.16% on January 20, with SanKeTree leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the renovation and building materials sector showed significant price increases, with SanKeTree rising by 10.00% to a closing price of 48.38 [1] Group 2 - The sector experienced a net inflow of 16.48 million yuan from main funds, while retail investors contributed a net inflow of 42.05 million yuan [2] - Major stocks like Beixin Building Materials and Weixing New Materials saw varying levels of net inflow and outflow from different investor types [3] - SanKeTree had a net inflow of 34.97 million yuan from main funds, despite a net outflow from retail investors [3]

Group 1 - The core point of the news is that Sankeshu (三棵树) reached its daily limit with a price of 48.38 yuan, marking a 10% increase and a total market capitalization of 35.696 billion yuan, with a trading volume of 619 million yuan [1] Group 2 - The reasons for the stock price surge include strong performance in 2025, with total profit reaching 376 million yuan, a year-on-year increase of 60.25%, and a non-recurring net profit of 272 million yuan, also up 60.11% [2] - The company announced a cash dividend plan, proposing a payout of 5 yuan for every 10 shares, totaling 369 million yuan, with a dividend ratio of 49.61%, which is attractive to investors [2] - The home decoration paint business showed good growth, with wall paint revenue increasing by 11.8% and sales exceeding 420,000 tons, while the prices of home decoration paint and raw materials decreased by 11.57% and 20.37%, respectively, enhancing profit margins [2] - A report from Zhongtai Securities on January 15, 2026, gave a buy rating, boosting market confidence in the company [2] - The construction paint sector has recently attracted market attention, with related companies experiencing active stock performance, creating a sectoral linkage effect [2] - There was likely a significant inflow of funds into Sankeshu on the day, contributing to the stock price limit up [2] - Technical indicators such as MACD golden cross and BOLL channel breakout may have attracted more investors to buy [2]