中国巨石股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开 2024 年年度股东会，审议通过了《关于公司及子公司 2025 年发行公司债及非金融企业 债务融资工具的议案》，同意公司及巨石集团有限公司在 2024 年年度股东会批准 该议案之日起至 2025 年年度股东会召开之日的期间内，在相关法律法规、规范性 文件规定的可发行债务融资工具额度范围内，根据资金需求及市场情况以一次或 分次形式发行包括但不限于公司债、短期融资券、超短期融资券、中期票据等在 内的本币债务融资工具，发行方式包括公开发行和非公开定向发行。 近日，公司发行了 2025 年度第七期科技创新债券(可持续挂钩)，发行总额为 人民币 2 亿元，募集资金已于 2025 年 9 月 26 日到账。现将发行结果公告如下： | 名称 | 中国巨石股份有限公司 2025 年度第七期科技创新债券 | 简称 | 25 巨石 MTN007 （科创债） | | --- | --- | --- | --- | | | (可持续挂钩) | | | | 代码 | 102584108 | 期限 | 3 年 | | 起息日 | 2025 年 9 月 26 ...

| 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 中国建材股份有限公司 | 1,169,652,168 | 29.22 | | 2 | 振石控股集团有限公司 | 675,826,646 | 16.88 | | 3 | 香港中央结算有限公司 | 345,621,100 | 8.63 | | 4 | 全国社保基金一一四组合 | 58,524,012 | 1.46 | | 5 | 中国工商银行股份有限公司－ 华泰柏瑞沪深 300 交易型开放式 | 40,884,678 | 1.02 | | | 指数证券投资基金 | | | | 6 | 中国建设银行股份有限公司－ 易方达沪深 300 交易型开放式指 | 29,592,093 | 0.74 | | | 数发起式证券投资基金 | | | | 7 | 全国社保基金四零一组合 | 26,995,549 | 0.67 | | 8 | 中国工商银行股份有限公司－ 华夏沪深 300 交易型开放式指数 | 22,031,991 | 0.55 | | | 证券投资基金 | | | | 9 | 中国银行股 ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-064 一、通过分配方案的股东会届次和日期 中国巨石股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.17元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/14 | － | 2025/10/15 | 2025/10/15 | 差异化分红送转： 否 本次利润分配方案经公司2025 年 4 月 11 日的2024年年度股东会授权，并经过 公司 2025 年 8 月 26 日的第七届董事会第二十四次会议审议通过。 二、分配方案 1.发放年度：2025年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： ...

Market Overview - The glass and fiberglass sector increased by 1.24% on September 29, with Qibin Group leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Qibin Group (601636) closed at 7.04, up 3.23% with a trading volume of 592,100 shares and a turnover of 414 million yuan [1] - Changhai Co., Ltd. (300196) closed at 15.11, up 2.51% with a trading volume of 72,700 shares and a turnover of 109 million yuan [1] - China Jushi (600176) closed at 17.04, up 1.43% with a trading volume of 725,800 shares and a turnover of 1.224 billion yuan [1] - Other notable stocks include Zhongcailiao Technology (002080) at 34.27, up 1.90%, and Jinjing Technology (600586) at 4.99, up 1.01% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 145 million yuan from institutional investors, while retail investors saw a net inflow of 232 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Zhongcailiao Technology (002080) had a net outflow of 37.61 million yuan from institutional investors, while retail investors contributed a net inflow of 1.24 million yuan [3] - Jinjing Technology (600586) saw a net inflow of 11.07 million yuan from institutional investors, but retail investors had a net outflow of 0.45 million yuan [3] - North Glass Co., Ltd. (002613) experienced a net outflow of 3.61 million yuan from institutional investors, with retail investors contributing a net inflow of 2.36 million yuan [3]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The construction materials sector (CITIC) declined by 1.73% this week, underperforming the CSI 300 index, which rose by 1.07%, resulting in a 2.8 percentage point lag [2][10] - On September 24, the Ministry of Industry and Information Technology and five other departments jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", addressing weak market demand and structural issues in the industry. The plan emphasizes strict capacity control for cement and glass, promotes technological innovation, and encourages digital transformation and green low-carbon upgrades [2][17] - The new plan focuses more on resolving structural issues rather than emphasizing growth targets, with clear measures for capacity control in overcapacity sectors like cement and glass. It also highlights the need for continuous improvement in transformation and upgrading, particularly in high-end materials [2][17] Summary by Sections Market Review - The CSI 300 index increased by 1.07% while the construction materials sector (CITIC) fell by 1.73%, with glass fiber and glass sub-sectors experiencing smaller declines. Notable stock performances included Xidamen (+9.8%), Shangfeng Cement (+8.1%), and China Jushi (+7.5%) [1][10] Key Recommendations - Recommended stocks include: 1. Cement: Huaxin Cement, Conch Cement, Shangfeng Cement 2. Glass: Qibin Group, Fuyao Glass, Yamaton 3. Consumer Building Materials: Dongfang Yuhong, Sankeshu, Beixin Building Materials 4. Glass Fiber: China Jushi, Shandong Fiberglass, Changhai Co. [2][19] Focused Investment Opportunities - The report suggests focusing on high-demand sectors such as high-end electronic fabrics and overseas markets, recommending companies like China National Materials, Honghe Technology, and West Cement [2][19]

①水泥：本周全国高标均价 351 元/t，同比-35 元/t，环比+5 元/t，全国平均出货率 46.5%，环比-1.9pct，库容比为 65.7%，环比+0.9pct，同比+0.3pct。②玻璃：本周浮法均价 1224.74 元/吨，环比上涨 16.79 元/吨，涨幅 1.39%，截 至 9 月 18 日重点监测省份生产企业库存天数约 26.18 天，较上周四减少 0.69 天。截至本周四，2.0mm 镀膜面板主流 订单价格 13 元/平方米左右，环比持平。③混凝土搅拌站：本周混凝土搅拌站产能利用率为 7.67%，环比+0.17pct。 ④玻纤：本周国内 2400tex 无碱缠绕直接纱均价 3524.75 元/吨，环比持平，电子布市场主流报价 4.1-4.2 元/米不 等，环比持平。⑤电解铝：美强劲数据打压美联储降息预期 铝价短期内震荡回升为主。⑥钢铁：钢材产量有所下降， 主要集中在螺纹钢产量下降较为明显。⑦其他：原油价格环比上涨，煤炭、有机硅、PE 价格环比下跌。 【重要变动】 ①9 月 25 日，中国巨石发布回购预案，拟以不超过 22 元/股回购不低于不低于 3,000 万股（含），不超过 4,000 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 稳增长方案发布，重点关注行业供给优化 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）工信部等 6 部门联合发布《方案》，反 内卷下水泥行业自律加速，推荐华新水泥、海螺水泥等，上峰 水泥等受益；行业"反内卷"同步推进，光伏玻璃行业底部提 价，推荐旗滨集团，福莱特、信义光能等受益；防水顺应倡议 产品提价，推荐东方雨虹、科顺股份等；（2）龙头受益消防新 国标，消防机器人商业化助新成长，推荐消防报警龙头青鸟消 防；（3）受益于特种电子布超高景气，推荐中国巨石、中材科 技、国际复材等受益。（4）推荐经营韧性超预期，个股α强的 三棵树，推荐估值低位且具备高分红的伟星新材、兔宝宝等。 ►反内卷效果显现，水泥、玻璃价格趋势好转。（1）水泥： 本周全国水泥市场价格环比大幅攀升，涨幅为 1.5%。九月 底，受降雨和台风天气影响，水泥市场需求出现阶段性减 弱，全国重点地区水泥企业平均出货率环比下降约 2pct。 （2）浮法玻璃：本周国内浮法玻璃均价 1224.74 元/ ...

建材行业多部门稳增长方案解读 20250924 摘要 工信部强调限制水泥超产，目标将行业产能利用率从 45%提升至 70%，并肯定错峰生产的合法性，旨在稳定水泥价格。但政策执行和僵 尸产能复工问题仍待解决，贵州尝试联合收购模式优化产业结构。 玻璃行业受稳增长政策预期影响，期货和股票市场反应积极，但股价波 动主因是中小企业旺季提价。政策侧重不能新增产能和淘汰低效产能， 对股价影响较小。 光伏玻璃行业通过反内卷停产冷修提升盈利，但面临出口退税下降风险， 可能导致短期抢出口。长期看，国内外优质产能因退税差异有望价值重 估，关注海外市场拓展。 建材品类被纳入政府换新活动和下乡补贴，对消费有边际改善作用，但 补贴力度减弱。城市更新持续支撑建材需求，保温行业引入合格企业清 单制度或利好上市公司。 水泥行业鼓励错峰生产和减产，但僵尸产能复活和执法问题未明。玻璃 行业政策增量少，受窗口指导影响市场表现较好。光伏玻璃需控制新增 供给，关注企业海外拓展。 以及僵尸产能复工的问题，该文件并没有提供详细答案。 对于玻璃行业，该政策对其有何影响？ 在玻璃行业方面，尤其是浮法玻璃或建筑玻璃领域，我们观察到在文件发布后， 无论是期货还是股 ...

Core Viewpoint - China Jushi, a global leader in the fiberglass industry, announced a share buyback plan to boost investor confidence, with a buyback range of 30 million to 40 million shares at a maximum price of 22 yuan per share, totaling up to 880 million yuan [1][2][3] Financial Performance - In the first half of 2025, China Jushi achieved revenue of 9.109 billion yuan, net profit of 1.687 billion yuan, and net profit excluding non-recurring items of 1.701 billion yuan, representing year-on-year growth of 17.70%, 75.51%, and 170.74% respectively [1][5] - The company’s gross profit margin increased by 10.71 percentage points to 32.21% during the same period, driven by increased demand in key downstream applications, particularly in the wind power sector [5] Share Buyback Details - The buyback will utilize self-owned and self-raised funds, with the total amount not exceeding 880 million yuan, which represents a small percentage of the company's total assets, net assets, and current assets, ensuring no significant pressure on daily operations and cash flow [2][3] - The maximum buyback price of 22 yuan per share is 35.97% higher than the closing price of 16.18 yuan on September 24, reflecting management's confidence in the company's intrinsic value [3] Historical Performance and Dividends - Since its listing in 1999, China Jushi has distributed cash dividends 21 times, totaling 10.574 billion yuan, with cumulative cash dividends (including buybacks) reaching 4.147 billion yuan in the past three years [3][4] R&D Investment - China Jushi has invested significantly in research and development, with total R&D expenses amounting to 2.769 billion yuan over the past five and a half years, maintaining annual R&D expenditures exceeding 500 million yuan since 2021 [5][6] Asset Growth - From 1999 to 2024, China Jushi's total assets grew from 1.094 billion yuan to 53.38 billion yuan, a 47.79-fold increase, with total assets reaching 53.7 billion yuan as of the first half of 2025, reflecting strong operational resilience [6]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]