Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The expectation for the real estate market in China is stabilizing, with a focus on improving and managing market expectations [6][21] - The two leading fiberglass companies, China Jushi and China National Materials, have implemented stock incentive plans, reflecting their operational confidence [7] - The cement shipment has experienced a seasonal decline, while glass inventory has decreased month-on-month [8] Summary by Sections Real Estate Market Expectations - A commentary published in "Qiushi" emphasizes the financial attributes of real estate and its importance in the national economy and household wealth, suggesting that policies should be decisive to stabilize market expectations [6][21] Stock Incentives of Leading Companies - China Jushi announced a restricted stock incentive plan for up to 34.53 million shares, accounting for 0.86% of its total shares, with a target compound annual growth rate (CAGR) for net profit from 2026 to 2028 set at no less than 38.5%, 27.0%, and 22.0% respectively [7] - China National Materials proposed a stock option incentive plan for 15.4 million shares, representing 0.92% of its total shares, with a target CAGR for net profit from 2026 to 2028 set at no less than 107.0%, 73.0%, and 62.5% respectively [7] Market Fundamentals - Cement: The average shipment rate for major domestic cement companies was approximately 40.1% at the end of December, down 1.1 percentage points month-on-month and 1.4 percentage points year-on-year [8] - Glass: The production capacity of float glass decreased, with 212 out of 265 production lines operational, and daily melting capacity reduced to 151,405 tons, a decrease of 2,700 tons from the previous week [8] Outlook for 2026 - Focus on three main lines: - **Stock Chain**: Emphasizing demand optimization and supply clearance, with renovation demand expected to rise from 50% to nearly 70% by 2030 [9] - **Africa Chain**: Highlighting undervalued growth in Africa, with recommendations for companies like Keda Manufacturing and Huaxin Cement [9] - **AI Chain**: Anticipating upgrades in special electronic fabrics, with a focus on companies like China National Materials [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The report highlights the introduction of a stock incentive plan aimed at achieving significant profit growth from 2026 to 2028, with targets set for net profit growth and return on equity [6] - The report anticipates a reduction in industry capital expenditure cycles, which is expected to positively impact the company's pricing flexibility in 2026 [6] - The company is accelerating its layout in specialty fabrics, which is expected to lead to breakthroughs in the market [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 15,856 million - 2025: 18,577 million - 2026: 20,317 million - 2027: 23,155 million - Year-on-year growth rates for total revenue are projected at 6.6% for 2024, 19.5% for 2025, 17.2% for 2026, and 14.0% for 2027 [5] - Net profit attributable to the parent company is forecasted to be: - 2024: 2,445 million - 2025: 3,676 million - 2026: 4,733 million - 2027: 5,241 million - The report indicates a significant increase in net profit growth rates, with 67.5% for 2025 and 28.7% for 2026 [5] - The report projects earnings per share to be: - 2024: 0.61 - 2025: 0.92 - 2026: 1.18 - 2027: 1.31 [5] Industry Insights - The report notes that the capital expenditure cycle in the fiberglass industry is nearing its end, with a projected net increase in capacity of only 27,000 tons for 2026 [6][8] - The report indicates that the industry inventory levels have stabilized, suggesting a healthy absorption of new capacity [6][9] - The company is expected to benefit from resilient demand in sectors such as wind energy, automotive, and home appliances, which are projected to maintain steady growth [6]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - The two leading fiberglass companies in China, China Jushi and China National Materials, have announced stock incentive plans, reflecting their operational confidence [2][6] - China Jushi plans to grant up to 34.53 million restricted stocks, accounting for 0.86% of its total share capital, with a first grant of 31.08 million shares at a price of 10.19 CNY per share, which is about 60% of the current stock price [13] - China National Materials plans to grant 15.4 million stock options, representing 0.92% of its total share capital, with a first grant of 13.93 million options at an exercise price of 36.65 CNY per option, close to the current stock price [13] - The fiberglass yarn market is expected to stabilize and show upward momentum, with ordinary electronic cloth showing elasticity due to increased demand driven by AI applications [13] - The demand for Low-Dk electronic cloth is projected to grow significantly, with total demand expected to reach approximately 1.1 million, 2.2 million, and 3.2 million meters from 2025 to 2027 [13] Summary by Sections Stock Incentive Plans - China Jushi's stock incentive plan includes performance targets for net profit growth, with compound annual growth rates of no less than 38.5%, 27.0%, and 22.0% from 2026 to 2028 [13] - China National Materials' stock option plan also includes performance targets, with compound annual growth rates of no less than 107.0%, 73.0%, and 62.5% from 2026 to 2028 [13] Market Outlook - The fiberglass yarn prices are expected to stabilize, with a slight upward trend anticipated in 2026 due to limited new production capacity and a recovery in overseas demand [13] - The ordinary electronic cloth market is expected to see higher price increases due to the shift towards high-end products driven by AI technology [13] AI Special Electronic Cloth - The industry is poised for an upgrade with the increasing demand for Low-Dk electronic cloth, which is essential for high-frequency and high-speed PCBs [13] - The transition to M9 materials in AI PCBs is expected to drive significant growth in high-end special electronic cloth applications [13]

证券代码：600176 证券简称：中国巨石 公告编号：2026-001 中国巨石股份有限公司 关于发行科技创新债券获准注册的公告 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个别及连带责任。 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 审议通过该议案之日起至 2025 年年度股东会召开之日的期间内，根据资金需求 及市场情况以一次或分次形式发行包括公司债、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，公司收到中国银行间市场交易商协会（以下简称"交易商协会"）出 具的《接受注册通知书》（中市协注〔2025〕MTN1282 号），同意接受公司科技 创新债券注册。现就有关事项公告如下： 一、公司本次注册基础品种为中期票据，注册金额为 10 亿元，注册额度自 本通知书落款之日起 2 年 ...

Core Viewpoint - Huatai Securities reports that China Jushi announced a restricted stock incentive plan draft for 2025 on January 1, which includes performance assessment targets for 2026, 2027, and 2028 [1] Group 1: Incentive Plan Details - The incentive plan includes multiple performance indicators such as net profit attributable to the parent company after deducting non-recurring gains and losses, return on net assets after deducting non-recurring gains and losses, and improvement in economic value added [1] - This incentive plan reflects the company's consistent policy of valuing talent and has a broader coverage and greater incentive strength compared to the excess profit-sharing plan from 2021 to 2023 [1] Group 2: Performance Expectations - The report expresses optimism about the potential of this incentive to drive the company's operational performance growth [1] - The implementation of price increases for electronic fabrics is expected to contribute to incremental performance, and there are expectations for breakthroughs in emerging fields such as specialty electronic fabrics [1] - The rating for the company is maintained at "Buy" [1]

证券之星消息，1月5日玻璃玻纤板块较上一交易日上涨2.81%，旗滨集团领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601636 | 旗滨集团 | 6.23 | 5.06% | 83.92万 | 5.23亿 | | 002080 | 中材科技 | 37.98 | 4.51% | 81.25万 | 31.05亿 | | 603601 | 再升科技 | 12.99 | 4.17% | 239.18万 | 29.92亿 | | 603256 | 宏和科技 | 37.95 | 3.10% | 1 23.97万 | 8.96/Z | | 301526 | 国际复材 | 7.18 | 2.57% | 123.39万 | 8.78亿 | | 600176 | 中国巨石 | 17.50 | 2.34% | 86.59万 | 15.18亿 | | 300196 | 长海股份 | ...

Group 1 - The core point of the article is that China Jushi (600176.SH) has received a registration notice from the China Interbank Market Dealers Association for its technology innovation bonds, with a registered amount of 1 billion yuan [1] - The registered type of bond is medium-term notes, and the registration validity is effective for two years from the date of the notice [1] - This move indicates the company's efforts to raise funds for technological innovation and development [1]

中国巨石公告称，公司2025年4月11日年度股东会同意公司及子公司在规定期间发行本币债务融资工 具。近日，公司收到交易商协会《接受注册通知书》，同意接受科技创新债券注册。本次注册基础品种 为中期票据，注册金额10亿元，额度自通知书落款日起2年内有效，由中国农业银行等5家银行联席主承 销。注册有效期内可分期发行，发行前需向交易商协会备案，发行后应披露结果。 ...

证券研究报告：建筑材料|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5362.85 | | 52 周最高 | 5449.43 | | 52 周最低 | 4167.51 | 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《地产政策托底需求，关注反内卷落地 情况》 - 2025.12.29 建材行业报告 （2025.12.27-2026.01.04） 地产政策持续落地，关注建材龙头估值修复机遇 发布时间：2026-01-05 投资要点 上周财政部、国家税务总局于 2025 年 12 月 30 日联合发布《关 于个人销售住房增值税政策的公告》，明确个人销售住房的增值税征 收细则，个人将购买不足 2 年的住房对外销售的，按照 3%的征收率全 额缴纳增值税，个人将购买 2 年以上（含 2 年）的住房对外销售的， 免征增值税。此次政策能够有效减轻房东经济压力，也使得房屋出售 的成本快速下降、促进市场流通。 地产政策持续释放，一方面托底需求，另一方面 ...

证券研究报告 中国巨石 (600176 CH) 新激励，新周期 | 华泰研究 | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 | 1 月 05 日│中国内地 | 玻璃 | 目标价(人民币): | 20.80 | | 公司 | 1 月 1 日公布 2025 年限制性股票激励计划草案，且 | 12 月电子布提价 | 方晏荷 | 研究员 | | 落实。此次激励对应公司业绩考核目标包括 | | 2026/2027/2028 年扣非归母净 | SAC No. S0570517080007 | fangyanhe@htsc.com | | | | | SFC No. BPW811 | +(86) 755 2266 0892 | | 利润、扣非净资产收益率和经济增加值改善值等多项指标，我们认为此次激 | | | | | | 励传承了公司一以贯之的人才重视政策，与 | | 2021-2023 年超额利润分享方 | 黄颖 SAC No. S0570522030002 | 研究员 huangying018854@htsc.com | | 经 ...