Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook for the industry [2]. Core Views - The construction materials sector is expected to benefit from a new round of urban renewal, with significant potential in the consumer building materials segment as it shows resilience against the declining demand in the new housing market [2][9]. - The industry is witnessing a consolidation trend, with leading companies emerging from the profit trough, while smaller firms are being eliminated due to declining profitability [2][9]. - Price increases have been observed in various segments, including waterproofing, coatings, and gypsum board, as companies adjust their strategies post-downturn [2][9]. Summary by Sections Cement - The cement market is entering a traditional off-season, with demand expected to weaken. The average price is around 350 RMB per ton, showing a slight decrease of 2.7 RMB per ton [25][32]. - The average shipment rate for cement companies has increased by approximately 3 percentage points, reaching about 32% [27][32]. - Recommendations include companies like Huaxin Cement and Conch Cement, with a focus on potential new projects post-Chinese New Year [32]. Glass - The glass sector is also entering a demand lull, with the average price of float glass at 1,145 RMB per ton, reflecting a weekly increase of 6 RMB [34]. - Inventory levels have decreased, with a reported stock of approximately 4,927 million weight boxes, down by 1% week-on-week [34]. - Companies to watch include Qibin Group and Xinyi Glass, as the industry anticipates a stabilization point after recent downturns [34][46]. Fiberglass - The fiberglass market is expected to maintain stable prices in the short term, with a potential for price increases post-holiday due to stable demand in wind power and thermoplastic sectors [9][12]. - The price of electronic cloth is currently stable, with expectations for continued high demand in mid-to-high-end products [12]. - Key recommendations include China Jushi and International Composites, with a focus on their growth potential [9][12]. Carbon Fiber - Carbon fiber prices are stable, with the commercial aerospace sector expected to drive new demand growth in 2026 [12][15]. - The industry is currently facing profitability pressures, but the development of commercial aerospace may provide new opportunities [12][15]. - Companies to monitor include Zhongfu Shenying and Guangwei Composites, as they may benefit from this emerging demand [12][15].

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

截至2026年1月30日收盘，旗滨集团（601636）报收于7.01元，较上周的6.95元上涨0.86%。本周，旗滨 集团1月29日盘中最高价报7.34元。1月30日盘中最低价报6.78元。旗滨集团当前最新总市值207.4亿元， 在玻璃玻纤板块市值排名6/16，在两市A股市值排名1020/5184。 本周关注点 业绩披露要点 公司使用闲置自有资金进行委托理财，本次投资金额118,000万元，涉及12笔银行理财产品，产品类型 为保本浮动收益型结构性存款，期限在25至52天之间，受托方包括中国光大银行、浦发银行、中国银 行、交通银行等。资金来源为自有资金，不影响公司正常经营。截至2026年1月27日，最近十二个月累 计委托理财金额904,800万元，已收回786,800万元，尚未收回本金余额118,000万元。理财额度经董事会 及股东大会审议通过，单日最高余额不超过20亿元。 公司制定并发布了《株洲旗滨集团股份有限公司套期保值管理制度（2026年1月修订）》，明确仅以规 避原材料、产成品价格波动风险为目的，开展与生产经营相关的纯碱、白银、锡、铂金、玻璃等品种的 期货套期保值业务。制度规定不得进行投机交易，资金来源 ...

Group 1 - The core viewpoint of the article highlights a decline in the production of hollow glass in China, with a reported decrease of 0.9% year-on-year in December 2025 and an overall cumulative decline of 8.1% for the year 2025 [1][1][1] Group 2 - The article cites that the production of hollow glass in China reached 0.1 million square meters in December 2025 [1] - Cumulative production for the entire year of 2025 was reported at 1.3 million square meters [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Viewpoint - The company has established two wholly-owned subsidiaries to enhance its research and development capabilities and facilitate new business incubation and external investments [1] Group 1: Company Registration and Structure - The company has approved the establishment of Shenzhen Qibin Technology Development Co., Ltd. and Shenzhen Qibin Technology Investment Co., Ltd. as wholly-owned subsidiaries [1] - Shenzhen Qibin Technology Investment Co., Ltd. has a registered capital of 100 million yuan and is located in Bao'an District, Shenzhen [2] - Shenzhen Qibin Technology Development Co., Ltd. also has a registered capital of 100 million yuan and is situated in the same area as its parent company [4] Group 2: Business Scope and Operations - The business scope of Shenzhen Qibin Technology Investment Co., Ltd. includes new material technology research and development, investment activities, and various consulting services [2] - Shenzhen Qibin Technology Development Co., Ltd. focuses on advanced new material manufacturing, energy-efficient technology research, and various manufacturing activities related to non-metallic mineral products [4][5] Group 3: Establishment Dates and Ownership - Shenzhen Qibin Technology Investment Co., Ltd. was established on January 19, 2026, and is a wholly-owned subsidiary of the company [3] - Shenzhen Qibin Technology Development Co., Ltd. was established on January 30, 2026, and is a wholly-owned subsidiary of Shenzhen Qibin Technology Investment Co., Ltd. [5]

证券代码：601636 证券简称：旗滨集团 公告编号：2026-009 株洲旗滨集团股份有限公司 关于全资子公司及孙公司完成注册登记的公告 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。 一、注册登记事由 为进一步理顺公司研发业务链条，优化研发体系和业务程序，促进新业务孵化，外部投资兼并、团队引 进等工作高效开展，株洲旗滨集团股份有限公司（以下简称"公司"）于2025年12月11日召开第六届董事 会第八次会议，审议通过了《关于投资设立全资子公司及孙公司的议案》。同意在深圳宝安投资设立全 资子公司深圳市旗滨科技发展有限公司（暂定名，工商管理部门最终核准的名称为"深圳市新旗滨科技 创投有限公司"，以下简称"旗滨科创"），并以新设立的旗滨科创为投资主体，投资设立深圳市旗滨技 术开发有限公司（暂定名，工商管理部门最终核准的名称为"深圳市新旗滨技术开发有限公司"，以下简 称"旗滨技术"）。具体内容详见公司于2025年12月12日在《上海证券报》《证券时报》《中国证券报》 《证券日报》以及上海证券交易所网站（www.sse.com.cn） ...

证券代码：601636 证券简称：旗滨集团 公告编号：2026-009 株洲旗滨集团股份有限公司 关于全资子公司及孙公司完成注册登记的公告 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。 一、注册登记事由 为进一步理顺公司研发业务链条，优化研发体系和业务程序，促进新业务孵 化，外部投资兼并、团队引进等工作高效开展，株洲旗滨集团股份有限公司（以 下简称"公司"）于 2025 年 12 月 11 日召开第六届董事会第八次会议，审议通过 了《关于投资设立全资子公司及孙公司的议案》。同意在深圳宝安投资设立全资 子公司深圳市旗滨科技发展有限公司（暂定名，工商管理部门最终核准的名称为 "深圳市新旗滨科技创投有限公司"，以下简称"旗滨科创"），并以新设立的旗 滨科创为投资主体，投资设立深圳市旗滨技术开发有限公司（暂定名，工商管理 部门最终核准的名称为"深圳市新旗滨技术开发有限公司"，以下简称"旗滨技 术"）。具体内容详见公司于 2025 年 12 月 12 日在《上海证券报》《证券时报》《中 国证券报》《证券日报》以及上海证券交易所网站（w ...

Core Viewpoint - The report highlights the trends and forecasts in the Chinese flat glass industry from 2026 to 2032, indicating a slight growth in production despite a recent decline in cumulative output for 2025 [1] Industry Summary - According to the National Bureau of Statistics, the production of flat glass in China reached 88.29 million weight cases in December 2025, marking a year-on-year increase of 3.4% [1] - The cumulative production of flat glass for the entire year of 2025 was 975.91 million weight cases, reflecting a decrease of 3% compared to the previous year [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been focusing on industry research for over a decade [1]

Core Viewpoint - The Chinese laminated glass industry is experiencing a decline in production, with a notable decrease in output projected for December 2025 compared to the previous year [1] Industry Summary - According to the National Bureau of Statistics, the production of laminated glass in China is expected to reach 15.56 million square meters in December 2025, representing a year-on-year decrease of 7.1% [1] - For the entire year of 2025, the cumulative production of laminated glass is projected to be 164.228 million square meters, reflecting a cumulative growth of 2.7% [1] - The report by Zhiyan Consulting provides insights into the current market status and development trends of the laminated glass industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the laminated glass sector include Qibin Group (601636), Nanfang A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1]

证券代码：601636 证券简称：旗滨集团 公告编号：2026-007 株洲旗滨集团股份有限公司 关于2025年度拟计提资产减值准备的公告 根据减值测试结果，公司2025年拟计提的各类资产减值金额共计37,014万元，预计影响公司合并报表净 利润减少32,257万元，影响合并报表归属母公司净利润减少31,346万元。具体情况如下： （一）计提信用减值损失 根据《企业会计准则第22号一一金融工具确认和计量》（财会〔2017〕7号）以及公司会计政策的规 定，公司以预期信用损失为基础，对应收账款、应收票据、其他应收款等进行了分析和评估并相应计提 减值准备。2025年，公司拟计提信用减值损失2,158万元，影响公司合并报表净利润减少1,766万元。 （二）计提资产减值准备 根据《企业会计准则第8号一一资产减值》以及公司会计政策的规定，公司需对存在减值迹象的资产计 提减值准备。2025年，公司拟计提的各类资产减值合计金额为34,856万元，影响公司合并报表净利润减 少30,491万元。 1、存货跌价准备 2025年，公司主业相关行业持续调整，导致玻璃行业供需关系失衡，市场竞争加剧，产品价格持续下 降。报告期末，经全面清 ...