Core Viewpoint - China National Building Material (03323.HK) has announced a profit forecast for the twelve months ending December 3, 2025, projecting a net profit attributable to shareholders of China National Materials ranging from 1.55 billion to 1.95 billion yuan, representing a year-on-year growth of 73.79% to 118.64% [1] Financial Performance - The projected net profit for the upcoming period is between 1.55 billion and 1.95 billion yuan [1] - This forecast indicates a significant increase compared to the previous year's performance, with growth rates between 73.79% and 118.64% [1]

格隆汇1月5日丨中国建材(03323.HK)公告，兹提述中材科技股份有限公司(公司之附属公司，其A股于深 圳证券交易所上市及买卖(证券代码：002080)，「中材科技」)日期为2026年1月5日有关截至2025年12月 31日止十二个月(「本报告期」)归属于中材科技股东的业绩预告。归属于中材科技股东的净利润盈利： 15.5亿元至19.5亿元比上年同期增长：73.79%至118.64%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願性公告 根據深圳證券交易所的規例刊發之中材科技 截至二零二五年十二月三十一日止十二個月之業績預告 本公告乃中國建材股份有限公司（「本公司」）自願做出。載有中材科技業績預告（定義見下 文）之中材科技公告（定義見下文）僅由於深圳證券交易所之相關規例而刊發。 茲提述中材科技股份有限公司（本公司之附屬公司，其A股於深圳證券交易所上市及買賣 （證券代碼：002080），「中材科技」）日期為二零二六年一月五日有關截至二零二五年十二 月三十一日止十二個月（「本報告期」）歸屬於中材科技股東的業績預告（「中材科技業績預 告」）之公告（「中材科技公告」）（詳見http://www.cninfo.com.cn網站，僅供參考）。 中材科技截至二零二五年十二月三十一日止十二個月之業績預告 1. 中材科技業績預告情況 中材科技業績預告有關期間：二零二五年一月一日至二零二五年十二月三十一日 - 1 - 中材科技業績預告情況：同比 ...

Group 1 - The core point of the article is the completion of a shareholding change at Anhui Huaxin Micro-Nano Integrated Circuit Co., Ltd., with China Mobile and China National Building Material becoming significant shareholders through their respective investment funds [1][3] - The company has undergone a management team change, with Zhang Wei appointed as the new chairman by China Mobile, while the core management team remains led by Yu Lei and Lv Dongfeng, who have extensive experience in MEMS technology development and industry operations [3] - Established in March 2022, the company has a registered capital of 1 billion RMB and is positioned as a leading 8-inch MEMS wafer foundry in China, focusing on manufacturing MEMS wafers for various applications [3] Group 2 - The total investment for the 8-inch MEMS wafer production line project is 5.06 billion RMB, covering an area of approximately 154 acres with a total construction area of 82,000 square meters [3] - The project is recognized as a significant initiative in the national integrated circuit production capacity layout, receiving attention from various national and provincial authorities [3] - The company plans to achieve a manufacturing capacity of 10,000 wafers per month by 2025 and 30,000 wafers per month by 2027 [3]

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03323 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,716,397,196 | RMB | | 1 RMB | | 3,716,397,196 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,716,397,196 | RMB | | 1 RMB | | 3,716,397,196 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1 ...

Core Viewpoint - The successful commencement of the 500MW wind power project by Jushi Green Energy (Lianshui) marks a significant step in the company's commitment to the "dual carbon" strategy and aligns with the goals of the 14th Five-Year Plan [2][4][5] Group 1: Project Details - The wind power project will install 76 modern wind turbines featuring 185-meter high mixed towers and 220-meter large blades, equipped with intelligent control systems [2][7] - Once completed, the project is expected to generate approximately 1.24 billion kilowatt-hours of electricity annually, which is equivalent to one-third of Lianshui County's annual electricity consumption [2][7] - The project aims to reduce carbon dioxide emissions by about 1 million tons per year, contributing to local efforts in establishing a "zero-carbon industrial park" [2][7] Group 2: Strategic Importance - The wind power project is a key initiative for Jushi in implementing its "dual carbon" strategy and is crucial for setting a positive trajectory for the 14th Five-Year Plan [2][7] - The project will also support the green electricity needs of the Huai'an zero-carbon intelligent manufacturing base's electronic fabric production line [2][7]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Insights - The report highlights a clear trend in the upgrade of AI special electronic fabrics, with Low-Dk electronic fabrics being a core material for high-frequency and high-speed PCBs. The demand logic is driven by the growth in AI server volumes, increased usage per server, and enhanced value from material upgrades. The transition to M9 materials in AI PCBs is expected to significantly boost the scale of high-end special electronic fabrics [3][6] - The report outlines three main lines for 2026: the stock chain, the African chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply varieties, with a notable shift in consumer demand towards renovation, expected to reach nearly 70% by 2030. The African chain emphasizes the undervalued growth potential in the African market, while the AI chain looks at the industrial upgrade of special electronic fabrics [6][4] Summary by Sections Cement Market - The cement market is experiencing a seasonal decline in shipments, with an average shipment rate of 41% among major cement enterprises, down 0.8 percentage points from the previous period. Prices are being maintained in most regions, although some areas are seeing price increases [4][18] - The average national cement price is reported at 358.71 yuan/ton, remaining stable compared to the previous period but down 61.77 yuan/ton year-on-year [19] Glass Market - The float glass market is showing a weak trend, with prices slightly declining and inventories increasing. The average national glass price is 61.64 yuan per weight box, down 0.35 yuan from the previous period and down 12.98 yuan year-on-year [33][30] - The production capacity of float glass has slightly decreased, with 216 out of 265 production lines operational, and a daily melting capacity of 154,105 tons, which is a reduction of 900 tons from the previous week [30][32] Special Electronic Fabrics - The report emphasizes the significant upgrade trend in Low-Dk electronic fabrics, with expected total demand for Low-Dk electronic fabrics projected at approximately 110 million meters in 2025, 220 million meters in 2026, and 320 million meters in 2027. The demand for Low-Dk second-generation fabrics is expected to reach 60 million meters in 2026 and 130 million meters in 2027 [3][6] Future Outlook - The report suggests focusing on three main lines for 2026: the stock chain, the African chain, and the AI chain. It recommends companies such as Sanhe Tree, Rabbit Baby, and Oriental Yuhong for their optimal business models and growth potential [6][4]

Group 1 - The "Light Up Micro Wishes" project aims to support underprivileged youth in Jingyuan County, Ningxia, by providing essential items such as down jackets, sports shoes, backpacks, and stationery, with a total value of 99,000 yuan [1][3] - The initiative is a collaboration between the Youth League Committee of Jingyuan County, China National Building Material Group Corporation, and Fujian Xingye Securities Charity Foundation, highlighting the importance of public-private partnerships in rural revitalization and youth development [3] - The Youth League Committee plans to deepen the "Hope Project" brand effect in 2026, mobilizing social forces to expand support channels for disadvantaged youth and enhance collaborative efforts among various departments [3]

Core Insights - The Chinese government is implementing various policies to promote green building materials and reduce carbon emissions in the construction industry, particularly focusing on cement and other building materials [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27] Policy Developments - The National Market Supervision Administration announced a pilot program for carbon footprint labeling for cement products in Yinchuan, Ningxia [1] - The National Development and Reform Commission and the Ministry of Finance issued a notice to expand the scope of government procurement to support green building materials starting January 1, 2025 [1] - A comprehensive plan for the green financial development in the banking and insurance sectors was released, emphasizing support for pollution prevention in key industries including cement [2] Industry Performance - Mysteel reported that 30 listed building material companies disclosed their 2024 performance, with total revenue of 735.76 billion yuan and net profit of 15.776 billion yuan, highlighting that 18 companies were profitable [4][19] - The HuRun Research Institute's 2024 list of China's top 500 non-state-owned enterprises included four building material companies, with Taiwan Cement ranked 229th and Hongshi Holding ranked 302nd [1][16] Environmental Regulations - The Ministry of Ecology and Environment announced that cement companies with annual direct emissions of 26,000 tons of CO2 equivalent will be listed as key emission units [4][18] - The government aims to achieve a 50% average resource utilization rate for construction waste in cities by 2027 [6] Industry Trends - The cement industry is focusing on deep governance and the development of green buildings as part of the 2025 work plans outlined in local government reports [1][16] - The introduction of national standards for energy measurement in the building materials sector is set to enhance energy management practices [20] Market Recognition - The 2025 Fortune China 500 list featured four building material companies, with China National Building Material Group ranked 87th, Beijing Jinju Group ranked 194th, and Huaxin Cement ranked 404th [8][22] - The 2025 World Fortune 500 list included China National Building Material Group at 351st [8][22] Future Outlook - The Ministry of Industry and Information Technology emphasized the need for cement companies to align actual production capacity with registered capacity by the end of 2025 [11][24] - The government is promoting the development of intelligent and green construction practices, aiming for a modernized building industry chain by 2026 [14][27]