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： 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： | 股东名称 | 振石控股集团有限公司 | | --- | --- | | 本次解质股份(股) | 70,000,000 | | 占其所持股份比例 | 10.19% | | 占公司总股本比例 | 1.75% | | 解质时间 | 2025 年 12 月 17 日 | | 持股数量（股） | 686,755,704 | | 持股比例 | 17.16% | | 剩余 ...

中国巨石股份有限公司 2025 年第五次临时股东会 会议材料 2025 年 12 月 31 日 1 中国巨石股份有限公司 2025 年第五次临时股东会 材料目录 《关于更换公司独立董事的议案》。 2 关于更换公司独立董事的议案 各位股东： 的作用。公司董事会对汤云为先生、王玲女士在任职期间为公司发展 做出的贡献表示衷心的感谢！ 为保障董事会规范运作，拟提名邹惠平先生、刘江宁女士为第七 届董事会独立董事候选人（简历详见附件），任期自股东会审议通过 之日起生效，与公司第七届董事会任期一致。 请各位股东审议。 3 附件：第七届董事会独立董事候选人简历 中国巨石股份有限公司（以下简称"公司"）董事会于近日收到 公司独立董事汤云为先生、王玲女士提交的书面辞职报告，因在公司 连续担任独立董事已满 6 年，根据上市公司独立董事任职年限的相关 规定，申请辞去公司第七届董事会独立董事职务，同时汤云为先生一 并辞去董事会审计委员会主任委员及委员、提名委员会委员、薪酬与 考核委员会委员、战略与可持续发展（ESG）委员职务，王玲女士一 并辞去董事会提名委员会主任委员及委员、薪酬与考核委员会委员、 战略与可持续发展（ESG）委员职务。 ...

Group 1 - The company, China Jushi (600176), announced that its major shareholders are confident in the company's future development prospects and long-term investment value, leading them to decide to increase their holdings in the company's stock [1] - This decision aims to enhance investor confidence in the company and promote its sustainable, stable, and healthy development [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，公司已于2025年11 月24日完成本轮回购，详见《中国巨石股份有限公司关于股份回购实施结果暨股份变动的公告》（公告 编号：2025-080）。二级市场股价表现不仅取决于公司的基本面，还受到宏观经济、市场环境等诸多因 素的影响，具有不确定性。公司坚持做优做强主业，提升公司价值，积极回馈股东。 ...

Core Viewpoint - China Jushi (600176.SH) 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] Group 1: Company Developments - The company currently has a production capacity of 960 million meters for PCB yarn, holding the largest market share globally [1] - The development and certification of low dielectric products are progressing in an orderly manner [1] Group 2: Industry Trends - The demand for servers and data centers is anticipated to grow significantly due to advancements in AI and big data technologies [1] - This growth is expected to drive continuous expansion in the PCB market within related fields [1]

Core Viewpoint - The company is actively advancing the development and certification of low dielectric products, which is expected to enhance its market position in the PCB sector [1] Group 1: Company Developments - The company currently has a production capacity of 960 million meters for PCB yarn, holding the largest market share globally [1] - The development and certification of low dielectric products are progressing in an orderly manner [1] Group 2: Industry Trends - The demand for servers and data centers is anticipated to grow significantly due to advancements in AI and big data technologies [1] - This growth in demand is expected to drive continuous expansion in the PCB market [1]

Group 1 - The company, China Jushi (600176.SH), has indicated that it has relevant products applicable in the aerospace field [1] - There are still many processing and manufacturing steps between the fiberglass products and the downstream end products [1] - Currently, the company does not have direct business dealings with aerospace enterprises [1]

Industry Overview - Glass fiber is an inorganic non-metallic material primarily composed of silica, alumina, and calcium oxide, known for its insulation, heat resistance, and corrosion resistance, widely used in construction, transportation, wind power, and electronics [1] - The glass fiber industry has strong linkages with upstream (minerals, chemicals, energy) and downstream sectors (transportation, construction, electronics, and emerging industries) [4] Industry Development - The history of China's glass fiber industry dates back to the late 1940s, with significant growth occurring in the late 1990s, leading to China holding over 50% of global glass fiber production capacity by the 21st century [7] - As of mid-2025, China's glass fiber production capacity is expected to reach 8.7 million tons, indicating ongoing capacity expansion [14] Policy Background - In 2023, various policies were introduced to encourage the development of high-performance glass fiber products, including the "Green Building Materials Industry High-Quality Development Implementation Plan" and "Guidance on Promoting the Recycling of Retired Wind Power and Photovoltaic Equipment" [11][13] Supply and Demand - China's glass fiber production capacity reached over 7.5 million tons in 2022, with a projected increase to 8.7 million tons by mid-2025, indicating a slowdown in capacity expansion [14] - The total production of glass fiber is expected to reach 7.56 million tons in 2024, reflecting a year-on-year growth of 4.6% [15] - The apparent consumption of glass fiber in China is projected to reach 5.64 million tons in 2024, with a year-on-year increase of 1.6% [24] Export and Import Trends - China's glass fiber export volume is expected to reach 2.02 million tons in 2024, the highest in a decade, while imports are projected to decline to 100,000 tons, indicating improved self-sufficiency [21] Revenue Trends - The main business revenue of large-scale glass fiber enterprises in China was approximately 114.8 billion yuan in 2023, with a slight decrease of 0.5% expected in 2024 [26] Competitive Landscape - China Jushi is the leading company in the glass fiber sector, with a revenue of 15.48 billion yuan from glass fiber-related businesses in 2024, while other companies like China National Materials, International Composites, and Changhai Co. also report revenues exceeding 1.5 billion yuan [29] - The major glass fiber companies are concentrated in Jiangsu, Shandong, Shanghai, Zhejiang, and Chongqing, with China Jushi located in Zhejiang [31] Future Development Trends - The industry is expected to phase out low-end capacities while high-end products like electronic-grade glass fiber will see increased demand due to advancements in technologies such as 5G and AI [34] - By 2030, the demand for glass fiber in China is projected to reach 6.54 million tons, driven by sectors like new energy vehicles, wind power, and advanced communication technologies [37]

Market Overview - The glass fiber sector increased by 2.59% on December 17, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Stock Performance - Zhongcai Technology (002080) closed at 35.10, up 5.50%, with a trading volume of 777,200 shares and a turnover of 2.643 billion [1] - Honghe Technology (603256) closed at 35.35, up 5.30%, with a trading volume of 259,300 shares and a turnover of 888 million [1] - International Composite (301526) closed at 6.80, up 4.29%, with a trading volume of 1,706,100 shares and a turnover of 1.142 billion [1] - Other notable stocks include China Jushi (600176) at 15.30, up 1.86%, and Shandong Glass Fiber (605006) at 7.07, up 1.73% [1] Capital Flow - The glass fiber sector saw a net inflow of 428 million from institutional investors, while retail investors experienced a net outflow of 379 million [2] - The main stocks with significant net inflows include Zhongcai Technology with 313 million and International Composite with 151 million [3] - Retail investors showed a notable outflow from stocks like Honghe Technology, with a net outflow of 98.43 million [3]

Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]