Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Summary of Key Points Core Viewpoint The company, Zhuzhou Qibin Group Co., Ltd., has announced that the total face value of its unconverted convertible bonds, "Qibin Convertible Bonds," has fallen below 30 million yuan, leading to a mandatory redemption process. Group 1: Convertible Bond Status - As of November 28, 2025, the amount of unconverted convertible bonds is 5,763,000 yuan, accounting for 0.3842% of the total issuance [2][9] - The unconverted "Qibin Convertible Bonds" will be frozen after the close of trading on the redemption registration date (December 2, 2025), ceasing trading and conversion, and will be forcibly redeemed at a price of 101.1737 yuan per bond [2][10] - The last trading day for "Qibin Convertible Bonds" was November 28, 2025, and they can still be converted until the redemption registration date [2][10] Group 2: Redemption Details - The redemption price for the bonds is set at 101.1737 yuan per bond, which includes the face value and accrued interest [2][10] - Investors are advised to convert their bonds before the close of trading on December 2, 2025, to avoid forced redemption [2][10] - The bonds will be delisted from the Shanghai Stock Exchange after the redemption is completed on December 3, 2025 [2][10] Group 3: Conversion and Share Capital Changes - The total amount of "Qibin Convertible Bonds" converted into company A-shares as of November 28, 2025, is 1,494,233,000 yuan, resulting in 275,009,589 shares, which is 10.2378% of the total shares before conversion [15][22] - The company's total share capital increased from 2,929,539,887 shares to 2,958,402,937 shares due to the conversion of bonds [24][25] Group 4: Future Considerations - The company will continue to monitor the situation and provide updates as necessary regarding the convertible bonds and any potential impacts on its operations [26][50]

Core Points - Qibin Group announced the redemption date for "Qibin Convertible Bonds" as December 2, 2025, with a redemption price of 101.1737 CNY per bond [2] - The payment date for the redemption will be December 3, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on the same day [2]

本次回购具体内容详见公司于 2025 年 10 月 1 日在上海证券交易所网站 （www.sse.com.cn）披露的《旗滨集团关于以集中竞价交易方式回购股份的回购 报告书》（公告编号：2025-091）。 二、 回购股份的进展情况 株洲旗滨集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2025/9/26，由董事会提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 9 月 25 | 日~2026 | 年 | 9 | 月 24 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 2,796 ...

●未转股可转债情况：截至2025年11月28日，尚未转股的可转债金额为 5,763,000元，占可转债发行总量的0.3842%。 证券代码：601636 证券简称：旗滨集团 公告编号：2025-127 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于"旗滨转债"转股数量累计达到转股前公司已发 行股份总额 10%暨股份变动的公告 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： ●累计转股情况：截至2025年11月28日，累计共有人民币1,494,233,000元 "旗滨转债"已转换为公司A股股票，累计转股数量为275,009,589股，占可转债 转股前公司已发行股份总额的10.2378%。 一、公司可转换债券发行上市概况 （一）可转换债券发行情况 经中国证券监督管理委员会《关于核准株洲旗滨集团股份有限公司公开发行 可转换公司债券的批复》（证监许可【2021】409号）核准，株洲旗滨集团股份 有限公司（以下简称"公司"）于2021年4月9日发行了1,500万张可转换公司债 券，每张面值 ...

| 证券代码：601636 | 证券简称：旗滨集团 | 公告编号：2025-126 | | --- | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | | 株洲旗滨集团股份有限公司 关于实施"旗滨转债"赎回暨摘牌的最后一次提示性公告 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： 自 2025 年 11 月 28 日起，"旗滨转债"已停止交易。 最后转股日：2025 年 12 月 2 日 截至 2025 年 12 月 1 日收市后，距离 12 月 2 日（"旗滨转债"最后转股日） 仅剩 1 个交易日，12 月 2 日为"旗滨转债"最后一个转股日。 本次提前赎回完成后，"旗滨转债"将自 2025 年 12 月 3 日起在上海证券 交易所摘牌。 投资者所持"旗滨转债"除在规定时限内按照 5.43 元/股的转股价格进行 转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 101.1737 元/张） 被强制赎回。若被强制赎回，可能面临较大投资损失。 "旗滨转债"已停止交易 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-128 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于未转股的"旗滨转债"面值总额少于 3000 万元 的提示性公告 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： ●未转股可转债情况：截至2025年11月28日，尚未转股的可转债金额为 5,763,000元，占可转债发行总量的0.3842%。未转股的"旗滨转债"面值总额已 少于3,000万元。 ●未实施转股的"旗滨转债"将于赎回登记日（2025年12月2日）收市后全 部冻结，停止交易和转股，按照债券面值100元/张加当期应计利息的价格（即 101.1737元/张）全部强制赎回，赎回完成后，"旗滨转债"将在上海证券交易 所摘牌。 经中国证券监督管理委员会《关于核准株洲旗滨集团股份有限公司公开发行 可转换公司债券的批复》（证监许可【2021】409号）核准，株洲旗滨集团股份 有限公司（以下简称"公司"）于2021年4月9日发行了1,500万张可转换公司债 券，每张面值1 ...

Group 1 - The company, Qibin Group (601636.SH), announced that as of November 30, 2025, it has repurchased a total of 27.9603 million shares, accounting for 1.0419% of the total share capital before the repurchase and 0.9451% of the total share capital as of November 30, 2025 [1] - The highest purchase price for the repurchased shares was 7.21 RMB per share, while the lowest price was 5.87 RMB per share [1] - The total amount paid for the repurchased shares was 196 million RMB, excluding transaction fees [1]

Core Viewpoint - As of November 28, a total of 108 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Notable Financing Inflows - The stock with the longest consecutive net inflow is Gongda Gaoke, which has seen net buying for 12 consecutive trading days [1] - Other stocks with significant consecutive net inflows include Zhongyuan Haineng, Suotong Development, Shanghai Airport, Qibin Group, Zhongchen Technology, Saiwei Electronics, Guotou Fengle, and Zhuoyue Technology [1]

Core Points - The company has announced the early redemption and delisting of its convertible bonds, "Qibin Convertible Bonds" [1][4][18] Redemption Details - Redemption registration date is set for December 2, 2025, and trading of "Qibin Convertible Bonds" has ceased since November 28, 2025 [2][17] - The last conversion date for the bonds is also December 2, 2025, with only two trading days remaining until this date [3][17] - Upon completion of the early redemption, "Qibin Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting December 3, 2025 [4][18] Conversion and Redemption Conditions - Investors can convert their bonds at a price of 5.43 CNY per share or choose to be redeemed at a face value of 100 CNY plus accrued interest, totaling 101.1737 CNY per bond [4][11] - The conditional redemption clause was triggered as the company's stock price met the criteria of being at least 130% of the conversion price for 15 out of 30 consecutive trading days [5][9] Financial Calculations - The accrued interest for the bonds is calculated using the formula: IA = B × i × t ÷ 365, resulting in an accrued interest of 1.1737 CNY per bond [11][12] - The total redemption price is therefore 101.1737 CNY per bond, which is subject to a 20% personal income tax on the interest portion for individual investors [12][13] Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends, and all bonds will be frozen after the registration date [14][16] - Redemption payments will be distributed on December 3, 2025, through the designated trading institutions [16]