Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector [6]. Core Insights - The glass industry is characterized by heavy asset attributes and continuous production, leading to rigid supply dynamics. The report highlights the structural differentiation between float glass and photovoltaic glass, indicating that the float glass sector is experiencing a downward cycle while photovoltaic glass is entering a growth phase [8][10]. Supply and Production Characteristics - The float glass production process is the mainstream method, accounting for 80%-90% of total production. The industry is heavily reliant on raw materials such as silica sand and soda ash, with fixed assets and construction in progress representing approximately 60% and 40% of total revenue for float and photovoltaic glass leaders, respectively [1][2]. - The glass production lines have a design lifespan of 8-10 years, necessitating continuous operation once ignited, which creates supply rigidity. The report notes that the supply side is influenced by policies that restrict new capacity and require capacity replacement [2][42]. Demand Analysis - Demand for float glass is primarily driven by the real estate sector and automotive industry, with real estate construction area being the leading factor. The report predicts a contraction in float glass demand over the next two to three years, although the decline will narrow [2][3]. - Photovoltaic glass demand is driven by the growth in photovoltaic installations and the penetration rate of double-glass modules, with expectations for continued growth in global and Chinese photovoltaic installations until 2030 [2][3]. Cost Structure and Profitability - The cost structure of the glass industry is dominated by raw materials and energy, accounting for over 80% of total costs. Float glass is sensitive to raw material prices, while photovoltaic glass is more sensitive to energy prices [3]. - The report indicates that the gross margin gap between leading and lagging companies in the float glass sector has widened from 14 percentage points to 20 percentage points from 2015 to 2024, reflecting increased profitability for leading firms [3]. Competitive Advantage Analysis - Scale advantages and vertical integration are key factors for leading companies to maintain low-cost advantages. The report highlights that leading firms like Xinyi Glass and Qibin Group have significantly outperformed their peers in revenue scale, further widening the gap [4]. - Leading companies are increasing their self-supply ratio of raw materials to reduce production costs, with Qibin Group's self-supply ratio of silica sand increasing from 48% in 2019 to 70% in 2024 [4]. Investment Recommendations - For the float glass sector, the report suggests focusing on leading companies such as Xinyi Glass and Qibin Group, as the trend of increasing concentration among leading firms is expected to continue [4][10]. - In the photovoltaic glass sector, the report anticipates a wave of small and medium-sized enterprises exiting the market, leading to increased concentration among leading firms like Xinyi Solar and Flat Glass [4][10].

Market Overview - The Shanghai Composite Index rose by 0.41% on December 12, with 21 out of the 28 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 1.50% and 1.46% respectively [1] - The retail and comprehensive sectors saw the largest declines, with drops of 1.28% and 1.18% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 4.872 billion yuan, with 14 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, amounting to 2.805 billion yuan, and it rose by 1.42% [1] - The machinery equipment sector followed with a net inflow of 1.771 billion yuan and a daily increase of 1.21% [1] - The electronics sector experienced the largest net outflow, totaling 3.703 billion yuan, followed by the computer sector with a net outflow of 2.501 billion yuan [1] Construction Materials Sector - The construction materials sector declined by 0.47%, with a net capital outflow of 383 million yuan [2] - Out of 71 stocks in this sector, 18 rose, including one that hit the daily limit, while 49 fell [2] - The top net inflow stock was Qibin Group, with an inflow of 127 million yuan, followed by Zaiseng Technology and China National Materials, with inflows of 59.7249 million yuan and 38.7227 million yuan respectively [2] - The stocks with the highest net outflows included Sichuan Jinding, with an outflow of 284 million yuan, International Composite Materials with 176 million yuan, and Leizhi Group with 37.3974 million yuan [2] Individual Stock Performance - The following stocks had significant capital flow and performance metrics: - Sichuan Jinding: -4.01% change, -284.13 million yuan outflow [2] - International Composite Materials: -4.06% change, -175.88 million yuan outflow [2] - Leizhi Group: -5.91% change, -37.3974 million yuan outflow [2] - Qibin Group: +1.33% change, +12.675 billion yuan inflow [4] - Zaiseng Technology: +10.05% change, +59.7249 million yuan inflow [4]

株洲旗滨集团股份有限公司 2025 年第五次临时股东会会议资料 株洲旗滨集团股份有限公司 2025 年第五次临时股东会会议资料 （二〇二五年十二月二十九日召开） 二〇二五年十二月 * 为便于材料使用，议程议案等落款日期均使用会议召开当日日期 1 株洲旗滨集团股份有限公司 2025年第五次临时股东会会议资料 网络投票起止时间：自 2025 年 12 月 29 日至 2025 年 12 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 现场会议地点：公司会议室（具体地址：深圳市南山区桃源街道龙珠四路 2 号方大城 T1 栋 31 楼） 会议方式：现场投票和网络投票相结合的方式 主持人：董事长张柏忠先生 株洲旗滨集团股份有限公司 2025 年第五次临时股东会会议议程 现场会议时间：2025 年 12 月 29 日 14 点 00 分 一、宣读参加股东会现场会议的股东（包括股东代理人）人数、持有和代表 的股份数； 二、 ...

Group 1 - Lu Kang Pharmaceutical plans to increase capital by 109 million yuan to its wholly-owned subsidiary Bio-Pesticide Company and 27 million yuan to Ze Run Company, aiming to expand its pesticide and sales sectors [1] - Hui Green Ecology intends to sell two properties in Ningbo for 12.52 million yuan, expecting a net profit impact of approximately 6.23 million yuan from the transaction [2] - Tianyuan Co., Ltd. plans to invest 185 million yuan in an intelligent upgrade project for its titanium dioxide production facilities [3] Group 2 - Metro Design has received approval from the Shenzhen Stock Exchange for its share issuance to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. for 511 million yuan [4] - South Network Energy announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 0.07 yuan per 10 shares [5] - Qibin Group plans to establish two wholly-owned subsidiaries in Shenzhen with a registered capital of 100 million yuan each [6] Group 3 - All New Good received an administrative regulatory decision from the Shenzhen Securities Regulatory Bureau due to issues in financial accounting and information disclosure [7] - Luokai Co., Ltd. announced that its shareholders plan to reduce their holdings by up to 3% of the company's shares [8][9] - Jincheng Pharmaceutical's actual controller received an administrative penalty from the CSRC for stock manipulation, leading to the resignation of the chairman [10] Group 4 - Yicheng New Energy intends to acquire a 7.69% stake in Kaifeng Times for 10 million yuan, enhancing its strategic development [11] - Yujing Co., Ltd. signed a sales contract worth approximately 28.6 million USD with an overseas photovoltaic company [12] - Nuocheng Jianhua's TRK inhibitor, Zoltracitinib, has been approved for market entry in China [13] Group 5 - Nandu Power announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [14] - Xinxing Casting plans to acquire 100% equity of China Resources Steel for 1.244 billion yuan to focus on special steel development [15] - Xinlitai is planning to issue H-shares and list on the Hong Kong Stock Exchange [16] Group 6 - Blue Fan Medical's subsidiary received approval for a new medical device, the coronary artery scoring balloon dilation catheter [18] - China Iron & Steel plans to establish a joint venture with several companies to provide new energy transportation solutions with a registered capital of 500 million yuan [19] - Jifeng Technology intends to sign a cooperation framework agreement with Dongtai Lianfei for a total transaction amount not exceeding 100 million yuan [20] Group 7 - Zhongwei Electronics announced a change in its actual controller, with stock resuming trading [21] - Weihong Co., Ltd. plans to reduce its holdings by up to 1.15% of the company's shares [22] - Te Fa Information received a criminal judgment related to a fraud case involving the acquisition of Shenzhen Te Fa Dongzhi Technology Co., Ltd. [23] Group 8 - Sunshine Dairy's controlling shareholder's concerted action plans to reduce holdings by up to 3% of the company's shares [24] - Meikailong reported that Taobao Holdings and New Retail Fund collectively reduced their H-shares by 30.616 million shares [25] - Xinjubang plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [26] Group 9 - Beite Technology's application for issuing A-shares to specific objects has been approved by the Shanghai Stock Exchange [28] - Victory Energy's controlling shareholder is planning a change in control, with stock resuming trading [29] - Jiutian Pharmaceutical signed a patent and technology transfer agreement for a small molecule analgesic drug project, with a total transfer fee not exceeding 400 million yuan [29]

关于控股子公司旗滨光能的员工持股平台部分股权转让暨公司 放弃优先购买权的公告 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： 株洲旗滨集团股份有限公司（以下简称"旗滨集团"或"公司"）控股 子公司湖南旗滨光能科技有限公司（以下简称"旗滨光能"）的少数股东宁海旗 昭新能源科技合伙企业（有限合伙）（以下简称"宁海旗昭"）、宁海旗富企业 管理合伙企业（有限合伙）（以下简称"宁海旗富"）、宁海旗平照明器具合伙 企业（有限合伙）（以下简称"宁海旗平"）、宁海旗进企业管理咨询合伙企业 （有限合伙）（以下简称"宁海旗进"）、宁海旗阳新材料科技合伙企业（有限 合伙）（以下简称"宁海旗阳"）、宁海旗森人力资源管理合伙企业（有限合伙） （以下简称"宁海旗森"）、宁海旗锦市场营销策划合伙企业（有限合伙）（以 下简称"宁海旗锦"）、宁海旗兴玻璃制品合伙企业（有限合伙）（以下简称"宁 海旗兴"）、宁海旗宁销售代理合伙企业（有限合伙）（以下简称"宁海旗宁"）、 宁海旗盈工程管理合伙企业（有限合伙）（以下简称"宁海旗盈"）、宁海旗利 供应链 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-132 株洲旗滨集团股份有限公司 关于拟注册和发行超短期融资券及中期票据的公告 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。 为进一步拓宽融资渠道、优化融资结构、增加直接融资比例，根据中国人民 银行《银行间债券市场非金融企业债务融资工具管理办法》的有关规定，结合公 司发展需要，公司拟向中国银行间市场交易商协会申请注册并发行超短期融资券 和中期票据。具体内容如下： 一、本次超短期融资券及中期票据发行方案 1.发行主体：株洲旗滨集团股份有限公司； 2.发行市场：全国银行间债券市场； 6.发行方式：采用簿记建档、集中配售的方式在银行间市场公开发行； 7.发行利率：根据市场利率波动情况择机发行，以获得最优市场利率； 8.发行对象：全国银行间债券市场的机构投资者（国家法律法规禁止的购买 者除外）； 9.还本付息方式：中期票据为每年付息一次；超短期融资券于兑付日一次性 还本付息； 10.承销方式：由主承销商以余额包销的方式承销； 11.资金用途：包括但不限于补充公司流动资金 ...

Core Viewpoint - The company has decided to waive its preferential purchase rights for a 13.75% stake in its subsidiary, Hunan Qibin Optical Technology Co., Ltd., which is to be sold for 473 million yuan to China Orient Asset Management Co., Ltd. This transaction is classified as a related party transaction, and the company aims to introduce strategic partners to enhance the development of Qibin Optical and maximize overall value [1]. Group 1 - The company will transfer a 13.75% stake in Hunan Qibin Optical Technology Co., Ltd. for 473 million yuan [1]. - The transaction is a related party transaction, with the transferor being an enterprise controlled by the company's actual controller [1]. - The company states that waiving the preferential purchase rights is a prudent response to industry adjustments [1]. Group 2 - After the transaction, the company will remain the controlling shareholder of Qibin Optical, with its shareholding ratio unchanged [1].

Core Viewpoint - Qibin Group (601636.SH) announced the transfer of 13.75% equity in its subsidiary Qibin Energy to Dongfang Asset for a total price of 473.45 million yuan, aiming to introduce strategic partners and enhance its development momentum and risk resistance [1]. Group 1 - Qibin Group holds a 71.22% stake in Qibin Energy, while Ninghai Qibin Keyuan Enterprise Management Consulting Partnership (Limited Partnership) owns 13.75%, and 16 employee stockholding platforms collectively hold 15.03% [1]. - The transfer price for the 13.75% equity stake is set at 47,345,000 yuan, which equates to 1.07 yuan per 1 yuan of registered capital [1]. - The company has decided to waive its preferential purchase rights regarding the equity transfer [1].

Core Insights - Company plans to establish a wholly-owned subsidiary, Shenzhen Qibin Technology Development Co., Ltd., with a registered capital of 100 million yuan to streamline its R&D business chain and optimize its R&D system and processes [1][2] - The new subsidiary will serve as the investment entity for setting up another subsidiary, Shenzhen Qibin Technology Co., Ltd., also with a registered capital of 100 million yuan [1][2] Group 1 - The headquarters is located in Shenzhen, leveraging the city's rich technological innovation resources and favorable environment for R&D innovation [2] - Bao'an District in Shenzhen is highlighted as a key area for industrial development, benefiting from multiple strategic opportunities such as the opening of the Shenzhen-Zhongshan Corridor and the integration of the Pearl River Delta [2] - The company aims to establish a "dual platform" (resource platform + strategic investment platform) to enhance its R&D system and management mechanisms [2] Group 2 - Qibin Technology will act as a collaborative platform for external R&D investments, while Qibin Technology Co., Ltd. will manage internal R&D projects, incubation, and technology transfer [2] - The coordinated operation of the "dual platform" is expected to strengthen the company's core competitiveness in R&D innovation and support its long-term development in the high-end glass sector [2]