Core Insights - The report indicates that the price of ordinary electronic cloth has exceeded expectations, with significant price increases observed in recent months, suggesting a sustained high demand in the market [12][13] - Shanghai's initiative to purchase second-hand homes for rental purposes is expected to boost the supply of rental housing and stimulate the construction materials market [13][14] - The construction materials industry is currently at a historical valuation low, with potential for recovery as demand stabilizes and supply-side improvements take effect [23][25] Group 1: Price Trends and Market Dynamics - The price of ordinary electronic cloth has seen cumulative increases of 1-1.2 RMB/m due to supply-demand imbalances and rising copper prices, indicating a long-term bullish trend [12] - The Shanghai government has launched a program to acquire second-hand homes for rental purposes, focusing on small-sized units, which is anticipated to enhance the supply of rental properties and invigorate the construction materials sector [13] - Recent data shows a recovery in second-hand home transactions, with significant year-on-year increases, suggesting a potential rebound in the real estate market [14][15] Group 2: Industry Fundamentals and Company Performance - The construction materials sector is experiencing a bottoming out phase, with various sub-sectors like cement and fiberglass showing signs of recovery, supported by supply-side adjustments and improved market conditions [23][25] - The report highlights that leading companies in the consumer building materials segment are demonstrating resilience, with improved revenue growth rates compared to the overall market, indicating strong operational capabilities [29] - Cement prices have recently decreased by 1%, but the overall market is expected to stabilize as companies implement price control measures and benefit from lower coal costs [25][26] Group 3: Investment Opportunities - The report suggests focusing on leading companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, which are well-positioned to benefit from the ongoing market recovery [23][25] - In the cement industry, companies like Huaxin Cement and Conch Cement are highlighted as potential investment opportunities due to their strong market positions and historical performance [25][26] - The fiberglass sector is also noted for its growth potential, with leading firms like China Jushi and Zhongtai Technology expected to capitalize on increasing demand for high-end electronic cloth [26][28]

2、公司与江苏张家港农村商业银行股份有限公司（以下简称"张家港农商 行"）签署《最高额保证担保合同》，公司为张家港农商行与公司全资子公司苏 州东方雨虹建筑材料有限公司（以下简称"苏州东方雨虹"）之间主合同项下发 生的一系列债务提供连带责任保证。保证期间为主合同约定的债务人履行债务期 限届满之日起三年。前述担保的最高债权本金余额为人民币 4,950 万元。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保基本情况 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）与中信银行 股份有限公司上海分行（以下简称"中信银行上海分行"）签署《最高额保证合 同》，公司为中信银行上海分行与公司控股子公司上海东方雨虹防水技术有限责 任公司（以下简称"上海技术公司"）在一定期限内连续发生的多笔债务提供连 带责任保证。保证期间为主合同项下债务履行期限届满之日起三年。前述担保的 最高债权额为人民币 10,000 万元。 证券代码：002271 证券简称：东方雨虹 公告编号：2026-006 北京东方雨虹防水技术股份有限公司 关于为下属公司提供担保 ...

Investment Rating - The report recommends a "Buy" rating for several key companies in the building materials sector, including China Jushi, Huaxin Cement, and Dongfang Yuhong [5]. Core Insights - The building materials industry is experiencing a transformation, with traditional categories weakening while price increases are leading the recovery [1]. - The demand for cement is expected to stabilize in the short term, with a potential rebound in March due to seasonal construction activities [4][15]. - The fiberglass sector is seeing price increases driven by high demand for electronic yarn, while the overall market remains tight [4][42]. - The consumer building materials market is shifting towards high-quality products, supported by urban renewal strategies and price increases from leading companies [4][39]. Summary by Sections 1. Industry Transformation - The building materials industry plays a crucial role in supporting various sectors, including infrastructure and emerging industries [7]. - The industry is undergoing a transition towards high-quality development, with a focus on technological upgrades and sustainable practices [9]. 2. Traditional Materials Weakness and Price Increases - Cement demand is under pressure due to seasonal factors, with a decrease in total demand observed in January [15]. - The fiberglass market is experiencing stable prices for raw yarn, while electronic yarn prices are rising due to strong demand [42]. - Consumer building materials are seeing a shift towards high-quality products, with urban renewal driving demand [39]. 3. Market Confidence and Valuation Recovery - The building materials sector is witnessing a gradual recovery in valuations, supported by multiple favorable factors [4]. - The financial performance of the industry has improved, with significant cash flow recovery noted in the first three quarters [6]. 4. Investment Recommendations - For cement, the report suggests focusing on leading companies like Huaxin Cement and Conch Cement, which are expected to benefit from improved supply-demand dynamics [4]. - In the fiberglass sector, companies like China Jushi and China National Building Material are highlighted for their strong earnings potential [4]. - The consumer building materials segment is recommended for investment, particularly companies with strong brand and distribution advantages [4].

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].

Summary of Dongfang Yuhong Conference Call Company Overview - **Company**: Dongfang Yuhong - **Industry**: Waterproofing materials and construction materials Key Points Market Expansion and Revenue Growth - Dongfang Yuhong has significantly increased its market share and concentration by expanding into non-real estate sectors such as water conservancy projects and old housing renovations, effectively countering the decline in the real estate market [2][3] - The Public Construction Group faced revenue challenges due to business adjustments, including the abandonment of major real estate clients, but the revenue decline has narrowed, with expectations of stabilization by 2026 [2][3] - The Civil Construction Group maintained over 9 billion in revenue through rapid growth in new categories like membrane repair and special mortars, with continued expansion into new categories and lower-tier markets expected to stabilize revenue [2][3] - The Sand Powder Group achieved rapid growth, with sales reaching 12 million tons in 2025, a 50% increase, and aims for 20 million tons in 2026, optimizing product structure to enhance gross margins [2][6][7] Strategic Initiatives - The company is actively penetrating lower-tier markets through initiatives like the New Farmer Program and local market events, aiming to tap into growth potential in rural areas amidst overall C-end demand pressure [2][4] - Product category expansion is a key strategy, with new categories such as membrane repair and adhesives being introduced to counteract market changes, as existing C-end market share is already substantial [5] International Development - The Overseas Development Group focuses on trade, investment, and acquisitions, targeting North America, South America, Asia-Pacific, and the Middle East and Africa, with revenue projected to reach 4 billion in 2026 [2][8][10] - Successful entry into the Mexican market through partnerships, such as with Home Depot, has laid a foundation for future international expansion [9][10] Competitive Landscape - The waterproofing industry has seen intense competition, particularly price wars, leading to a need for effective price negotiation mechanisms among leading companies [11][12] - Despite some price adjustments, the lack of a cohesive pricing strategy has hindered significant price increases in the market [12][13] - In 2026, there is potential for establishing effective price negotiation mechanisms, as major companies express a desire to stabilize and improve profit margins [14] Financial Management - The company has successfully addressed historical accounts receivable issues, with expectations of continued improvement in 2026, allowing for a more streamlined operational approach [17] - Cost control measures have been implemented, with a projected decrease in overall expense ratios due to strict budget management and improved revenue performance [16] Coverage and Market Presence - Dongfang Yuhong has established a presence in county-level markets but aims to enhance coverage in rural areas, indicating significant growth potential in the coming years [15]

Core Insights - The renovation and building materials sector experienced a significant increase of 3.6% on February 4, with Jianlang Hardware leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Jianlang Hardware (002791) saw a closing price of 25.70, with a rise of 10.02% and a trading volume of 166,500 shares, amounting to a transaction value of 410 million yuan [1] - Keshun Co., Ltd. (300737) closed at 7.55, up 8.63%, with a trading volume of 725,400 shares and a transaction value of 531 million yuan [1] - Dongfang Yuhong (002271) closed at 18.26, increasing by 6.97%, with a trading volume of 795,100 shares and a transaction value of 1.427 billion yuan [1] - Other notable performers included Tubaobao (002043) with a 5.67% increase and Beixin Building Materials (000786) with a 5.61% increase [1] Capital Flow - The renovation and building materials sector saw a net inflow of 203 million yuan from institutional investors, while retail investors experienced a net outflow of 1.44 billion yuan [2] - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 129 million yuan, representing 9.07% of the total [3] - Beixin Building Materials had a net inflow of 119 million yuan, accounting for 7.70% of the total, while Keshun Co., Ltd. had a net inflow of 66.34 million yuan, representing 12.49% [3]

柔性防水材料与建筑防火的性能平衡，长期以来是全球防水行业的研发重点与技术难点。资料显示， TPO（热塑性聚烯烃）树脂作为聚酯纤维增强型外露TPO防水卷材的核心原料，由碳、氢元素构成，可 燃性为其固有属性。而传统提升燃烧性能等级的方式，需大量添加无机耐火材料，这不仅极易牺牲卷材 物理疲劳性、低吸水率、户外耐候性及焊接可靠性等核心防水特性，还需应对材料燃烧过程中的"烛芯 效应"。 近日，国内防水行业企业东方雨虹（002271.SZ）宣布，其旗下1.5mm和1.8mm增强型TPO防水卷材顺利 通过新版强制性国家标准《建筑材料及制品燃烧性能分级》（GB 8624—2025）中屋顶覆盖材料及制品 的B1级燃烧性能检测。此次突破不仅破解了柔性防水材料防水与防火性能兼顾的行业难题，更将为公 司在屋面防水市场的份额扩张及国际化布局奠定坚实基础。 据了解，新版国标《建筑材料及制品燃烧性能分级》（GB 8624—2025）于2025年底正式发布，将于 2027年1月1日起全面实施。标准首次增设"屋顶覆盖材料及制品"专属类别，明确了屋面防水卷材燃烧性 能分级的定义与核心要求，并引入《屋顶及屋顶覆盖制品外部对火反应试验方法》（GB/ ...

Summary of Conference Call for Dongfang Yuhong Company Overview - **Company**: Dongfang Yuhong - **Industry**: Waterproofing and construction materials Key Points and Arguments Industry Demand and Market Share - The industry is experiencing a downward trend in demand for 2025, but there is a noticeable improvement in the competitive landscape, leading to an accelerated increase in market share for leading companies [2][3] - Dongfang Yuhong's sales of waterproof membranes exceeded 800 million square meters in the previous year, marking a 10% increase from 2024, setting a new annual sales record [2] Revenue and Pricing Pressure - Despite the pressure on average prices in 2025 compared to 2024, the overall revenue decline is minimal, with a slight decrease in the single-digit range [4] - The company faced significant price reductions in the second half of 2024 due to intense competition, impacting the average price in 2025 [3][4] Business Group Performance - The construction materials group has seen a revenue decline of approximately 8% compared to the same period in 2024, but there are positive marginal changes due to market adjustments and customer structure optimization [4][5] - The public construction group's revenue decline has narrowed significantly in the second half of 2025, indicating a potential stabilization in 2026 [6][7] Retail and Consumer Market - The retail segment, particularly the civil construction materials group, experienced a slight revenue decline, attributed to pressures in the retail market and housing sales [8][9] - Despite challenges, the retail segment is expected to maintain stability and possibly achieve growth through targeted strategies in rural markets and product diversification [12][36] New Product Development and Market Strategy - The company aims to increase the proportion of new waterproof products in its revenue to over 25% in 2026, which is expected to enhance overall profit margins [31][32] - Emphasis on developing products tailored for self-built homes in rural areas as part of a strategy to penetrate the lower-tier markets [36][37] Growth Opportunities - The sand powder group has become a leading player in the industry, with sales reaching 12 million tons, a significant increase from 8 million tons in 2024 [14] - The overseas development group is seen as a crucial growth engine, with plans to expand through acquisitions and partnerships in international markets [17][23] Competitive Landscape and Pricing Strategy - The competitive landscape has improved, with a clearer market structure among leading companies, which may reduce the likelihood of price wars [26][28] - The company is exploring mechanisms for price cooperation among leading firms to stabilize pricing and improve profit margins [33][34] Financial Outlook - The overall revenue for Dongfang Yuhong is expected to show significant improvement in 2026, driven by stabilization in public construction and growth in the sand powder and overseas development segments [24][25] Additional Important Insights - The company is focusing on optimizing its product structure to enhance gross margins, particularly in the industrial products sector [15][16] - The transition from a focus on construction materials to industrial applications is seen as a key growth area, with potential for higher profit margins [15][16] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, market challenges, and growth opportunities.

Core Insights - Oriental Yuhong has launched its new overseas brand "OYH" and an integrated ecological strategy, marking a significant shift from traditional product exports to a comprehensive global service model [3][4] - The company emphasizes the importance of brand strength and service quality in international markets, moving beyond price competition [3][4] Brand Upgrade - The launch of the "OYH" brand reflects Oriental Yuhong's 30 years of experience in the construction materials industry and 20 years of overseas operations, establishing a global standard with local adaptability [3] - The simultaneous launch of the "OYH Global" platform and "OYH Order" e-commerce platform creates a comprehensive marketing and service network, allowing global customers to access services seamlessly [3][4] Capacity Localization - Oriental Yuhong addresses challenges in international expansion, such as high logistics costs and trade barriers, by establishing local production and service capabilities [4][6] - The recent commissioning of two production lines at the Saudi factory marks a critical step in the company's capacity layout in the Middle East, enabling local supply for overseas projects and reducing logistics costs [6][8] Project Execution - The company focuses on local demand-driven strategies, utilizing customized research and precise services to achieve breakthroughs in major global projects [11][13] - Successful project completions, such as the lithium chloride factory in Argentina and a high-end project in Cambodia, demonstrate the company's technical strength and ability to adapt to local conditions [11][13] Global Strategy Framework - Oriental Yuhong's global strategy is built on a comprehensive system of "brand attraction, capacity support, and project implementation," allowing it to establish a unique competitive barrier in the global market [13]

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Views - The report anticipates significant growth in revenue and profit for fiberglass in Q4 2025, while traditional building materials face performance pressure [1] - The overall outlook for the cement industry indicates continued price and profit stabilization, with domestic pressures expected to persist [4][7] - The glass industry is projected to experience ongoing revenue and profit pressure, particularly in the float glass segment due to weak downstream demand [14][20] - The fiberglass sector is expected to see robust growth driven by increased demand for raw yarn and high-end fabrics [28] Summary by Sections Cement - Q4 2025 is expected to see domestic cement performance under pressure, while overseas markets may perform better. The average national cement price is projected at 357 RMB per ton, down 16% year-on-year [7] - The report notes that the cement industry is experiencing a bottoming out phase, with a year-on-year production decline of 7% from January to November 2025 [7] - Non-operating projects may impact profits, with companies accelerating capacity replacement and asset disposals [4][7] Glass - The float glass industry is expected to remain under pressure, with high inventory levels and ongoing losses. The average price for 5mm float glass is projected at 62 RMB per box in Q4 2025, down 17% year-on-year [14] - The photovoltaic glass segment is also expected to face significant revenue and profit pressure due to weak domestic installation demand, with a projected average price of 12.3 RMB per square meter in Q4 2025 [20] Fiberglass - The fiberglass sector is projected to see continued high growth in revenue and profit, with domestic net demand reaching 5.48 million tons, a 19% year-on-year increase [28] - The average price for mainstream products is expected to be 3,603 RMB per ton in 2025, with a slight decrease in Q4 [28] - High-end electronic fabric prices are expected to rise, benefiting companies with a first-mover advantage [28] Renovation Materials - The renovation materials sector is expected to face continued pressure, with a year-on-year decline in housing starts, completions, and sales area [4] - Companies are exploring new business channels to maintain resilience in performance [4]