Summary of Key Points from Conference Call Records Industry Overview Fiberglass Industry - Mid-to-high-end fiberglass yarn prices are on an upward trend, with multiple companies issuing price increase notices. Wind power yarn sales have seen significant growth, and demand from the new energy vehicle sector remains positive. Together, these factors are expected to drive the demand for mid-to-high-end yarns, contributing significantly to performance by 2026 [1][2] - The electronic fabric business benefits from PCB product price increases, leading to improved profitability. The company anticipates a growth in sales volume, and if unit profitability meets expectations, this segment will also contribute significantly to performance. High-end specialty electronic fabric development is progressing steadily, which may further enhance valuation [1][2] Coal Industry - Thermal coal prices are affected by tightening supply and low demand, with a potential for stabilization and recovery in the short term. Coking coal prices remain weak due to limited demand from steel mills, with prices expected to maintain a weak and stable trend [1][4] - The coal-electricity integration sector has few benchmark enterprises due to high policy approval thresholds. Companies with clear platform positioning and a timeline for asset injection are of particular interest, such as China Shenhua and Huaihe Energy [1][6] Real Estate Industry - The real estate sector is under significant downward pressure, with declines in sales, construction starts, completions, and development investment growth rates. Major real estate companies face liquidity risks that could spread, necessitating faster implementation of existing policies to support financing [1][7][8] - Despite pessimistic market expectations, the current environment has cleared some market positions, and fundamentally sound leading state-owned enterprises may still present investment opportunities [1][11] Company-Specific Insights China Jushi - China Jushi is expected to have substantial market capitalization growth by 2026, driven by price increases in mid-to-high-end fiberglass products and electronic fabrics. The company anticipates a balanced supply-demand scenario with no downward price pressure [2][3] - Projected sales for fiberglass yarn in 2026 are estimated to reach 3.3 to 3.4 million tons, with net profit per ton expected to increase to 900-1,000 RMB, contributing approximately 3 to 3.4 billion RMB to performance. The electronic fabric segment is also expected to contribute around 1.1 billion RMB, leading to a total performance estimate of 4 to 4.5 billion RMB [3] Hengyi Petrochemical - Hengyi Petrochemical has a comprehensive global layout from refining to chemical fiber production, with key assets including the Brunei refining project and significant PTA and polyester production capacities. The company is well-positioned to benefit from favorable market conditions and is expanding its waste textile recycling projects [1][12] - The Brunei project is particularly noteworthy due to the strong global cracking price differentials, which have been supported by geopolitical events affecting Russian refining capacity. This is expected to enhance the profitability of Hengyi's operations [1][12] Additional Considerations - The coal market is experiencing a tightening supply trend, with production adjustments and low demand affecting pricing dynamics. Future price stabilization will depend on various factors, including export tariffs and production costs [4][5] - The real estate sector's ongoing challenges necessitate policy support to improve liquidity and stimulate demand, with a focus on expediting existing measures such as loan interest subsidies [9][10]

证券代码：600176 证券简称：中国巨石 公告编号：2025-087 中国巨石股份有限公司 股份解质押公告 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个别及连带责任。 重要内容提示： ■ 二、股东累计质押股份情况 截至本公告披露日，振石集团累计质押股份情况如下： ■ 特此公告。 中国巨石股份有限公司董事会 2025年12月18日 振石控股集团有限公司（以下简称"振石集团"）持有中国巨石股份有限公司（以下简称"公司"） 686,755,704股股份，占公司总股本的17.16%。截至本次解质押完成，振石集团质押公司股份总数为 374,768,000股，占公司总股本的9.36%，占其所持公司股份总数的54.57%。 公司于2025年12月18日接到振石集团关于部分股份解除质押的通知，具体情况如下： 一、上市公司股份解质 ...

证券日报网讯12月18日，中国巨石（600176）在互动平台回答投资者提问时表示，玻璃纤维粗纱作为复 合材料中的增强材料，被广泛应用于汽车轻量化(汽车仪表骨架板、车门组合件、车身门板模块、车顶 面板、座椅骨架、蓄电池托架、车胎架及框架)、风电(大型风电叶片)、节能环保(光伏发电用玻璃钢格 栅、组件层压封装材料)、建筑材料等领域。产品广泛应用于交通运输(汽车及交通工具轻量化)、可再生 能源(风电、光伏)、电子通讯(热塑)、节能环保、建筑材料等领域。细纱方面主要应用于电子通讯等方 面。随着社会发展，玻纤在光伏边框、低空经济、新能源汽车、运动休闲、AI等新兴产业的渗透率逐 年提高，在国民经济中发挥着越来越重要的作用。公司在高性能玻璃配方、超大型玻纤池窑设计开发、 智能制造和绿色制造等方面拥有核心自主知识产权，高端产品比例保持高位并不断提高，市场占有率稳 步提升。 ...

Group 1 - The core viewpoint of the article is that China Jushi (600176) does not currently have direct business dealings with aerospace companies, indicating a gap in the supply chain from fiberglass products to end products in the aerospace sector [1] Group 2 - The company acknowledges that there are still many processing and manufacturing steps between fiberglass products and downstream end products [1]

证券日报网讯 12月18日，中国巨石在互动平台回答投资者提问时表示，公司通过构建大研发体系，加 强玻璃配方研究、拓展化工产品研制、突破工艺设计理念，不断拓宽新产品、新牌号、新规格的研发， 持续优化产品结构，保持产品成本优势，拓宽玻纤应用领域。 （文章来源：证券日报） ...

证券日报网讯12月18日，中国巨石（600176）在互动平台回答投资者提问时表示，公司将持续关注股东 增持计划的进展情况，并根据相关规定及时履行信息披露义务。 ...

（编辑 楚丽君） 证券日报网讯 12月18日，中国巨石在互动平台回答投资者提问时表示，今年以来，公司天然气等能源 采购价格基本稳定。对于能源供应风险，公司构建多元化能源结构和供应渠道，与重要供应商建立了长 期战略合作关系，确保供应稳定，有效降低价格风险。 ...

Group 1 - The core viewpoint of the article is that China Jushi (600176) is making steady progress in the development and certification of low dielectric products, which is expected to enhance its market position in the PCB sector [1] - The company currently has a production capacity of 960 million meters for PCB yarn, holding the largest market share globally [1] - The demand for servers and data centers is anticipated to grow significantly due to advancements in AI and big data technologies, which will drive the continuous expansion of the PCB market [1]

证券日报网讯12月18日，中国巨石（600176）在互动平台回答投资者提问时表示，公司低介电相关产品 的开发及认证正在有序推进中。 ...

Group 1 - The core point of the news is that China Jushi (SH 600176) announced that as of the announcement date, Zhenstone Holding Group Co., Ltd. has pledged approximately 375 million shares, accounting for 54.57% of its total holdings [1] - As of the report, China Jushi's market capitalization is 60.7 billion yuan [2] - For the first half of 2025, the revenue composition of China Jushi is as follows: fiberglass yarn and products account for 97.41%, other businesses account for 1.63%, and wind power accounts for 0.96% [1]