Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [5]. Core Insights - The company has launched its first stock incentive plan since its listing, which reflects strong confidence in its medium to long-term development. The plan includes performance targets that are considered conservative, enhancing the credibility of the incentive and demonstrating the company's commitment to binding its core team [5]. - The company is expected to see a structural demand increase, particularly in the high-end electronic fabric sector, which could lead to further improvements in performance and valuation elasticity [5]. - The earnings forecast for the company indicates a rebound in net profit from 2.45 billion RMB in 2024 to 3.52 billion RMB in 2025, with a projected growth rate of 44% [2][5]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 14.88 billion RMB in 2023 to 22.35 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 10.2% [2]. - **Net Profit**: The net profit is expected to recover from 2.45 billion RMB in 2024 to 5.03 billion RMB in 2027, reflecting a significant growth trajectory [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 0.61 RMB in 2024 to 1.26 RMB in 2027 [2]. - **Valuation Metrics**: The report suggests a price-to-earnings (P/E) ratio of 19.4 for 2025, decreasing to 13.6 by 2027, indicating an improving valuation outlook [2][5]. Performance Metrics - **Return on Equity (ROE)**: The ROE is expected to improve from 8.1% in 2024 to 13.4% in 2027, reflecting enhanced profitability [2]. - **Debt Ratios**: The company’s debt-to-equity ratio is projected to decrease from 42.4% in 2023 to 30.9% in 2027, indicating improved financial stability [8]. - **Cash Flow**: Operating cash flow is expected to increase significantly, from 2.03 billion RMB in 2024 to 7.90 billion RMB in 2027, highlighting strong cash generation capabilities [6].

Core Viewpoint - Guojin Securities report indicates that China Jushi's stock incentive plan has been introduced, signaling a new demand cycle, and maintains a "Buy" rating [1] Group 1: Financial Performance - In Q1-Q3 2025, China Jushi's net profit attributable to shareholders, excluding non-recurring gains and losses, reached 2.57 billion yuan, suggesting a high probability of achieving the incentive targets [1] Group 2: Market Trends - The price of wind power yarn and long-term contract prices are showing a stable upward trend, with guidance indicating a price increase of 5-10% next year [1] - The outlook for demand in the "14th Five-Year Plan" for offshore wind and overseas markets is optimistic [1] Group 3: Competitive Position - China Jushi has the capability for refined product layout, particularly in the 7628 electronic cloth sector, where it is a latecomer but has a significant cost advantage over the industry [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]

Group 1 - The report indicates that the "Shenwan Hongyuan Gold Stock Portfolio" reflects the market outlook and style judgment for the upcoming month, showcasing the research team's capabilities and competitiveness in the market [1][11] - The previous portfolio showed a slight increase of 0.14% from December 1 to December 31, 2025, with the A-share portfolio averaging a 0.80% increase, while the Shanghai Composite Index and CSI 300 Index rose by 2.06% and 2.28%, respectively [6][15] - Since the first release of the gold stock portfolio on March 28, 2017, the cumulative increase has reached 401.73%, with the A-share portfolio up by 293.13%, outperforming the Shanghai Composite Index and CSI 300 Index by 271.65 and 260.01 percentage points, respectively [6][15] Group 2 - The strategy judgment for the current period maintains that the conditions supporting the spring market remain unchanged, with liquidity in the stock market being loose and upcoming events likely to boost risk appetite [14] - The report suggests focusing on cyclical Alpha and thematic rotation opportunities, particularly in basic chemicals and non-ferrous metals, as well as sectors like AI, commercial aerospace, and high-dividend strategies [14] - The top recommended stocks include "Iron Triangle" stocks: Hualu Hengsheng, Lingyi Technology, and CIMC Enric (Hong Kong), along with other stocks such as Xingfa Group, TBEA, Chifeng Gold, WuXi AppTec, China National Glass, Ping An Insurance (Hong Kong), and Alibaba-W (Hong Kong) [6][17][18] Group 3 - The report highlights the performance of the top ten gold stocks, with Hualu Hengsheng benefiting from favorable policies in the domestic chemical industry, and Lingyi Technology experiencing high growth in AI and robotics [17][20] - CIMC Enric is positioned to benefit from the shipbuilding cycle and clean energy equipment orders, while Xingfa Group has a solid base in phosphate and specialty chemicals [18][20] - Other notable stocks include WuXi AppTec, which is seeing strong global demand in the CXO industry, and Alibaba-W, which is accelerating its integration from data centers to application layers in AI [18][22]

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]

证券代码：600176 证券简称：中国巨石 公告编号：2025-091 中国巨石股份有限公司 2025 年限制性股票激励计划（草案）摘要公告 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： 股权激励方式 第一类限制性股票 □股票期权 股份来源 □发行股份 回购股份 □其他 本次股权激励计划有效期 120个月 本次股权激励计划拟授予的限制性股 票数量 34,528,200股（份） 本次股权激励计划拟授予的限制性股 票数量占公司总股本比例 0.86% 本次股权激励计划是否有预留 是，预留数量3,452,800股（份）； 占本股权激励拟授予权益比例10.00% □否 本次股权激励计划拟首次授予的限制 性股票数量 31,075,400股（份） 激励对象数量 618人 激励对象数量占员工总数比例 4.59% 激励对象范围 董事 高级管理人员 核心技术或业务人员 □外籍员工 □其他，___________ 授予价格 10.19元/股 1 一、公司基本情况 （一）公司简介 | 公司名称 | 中国巨石股份有限公司 | | -- ...

中国巨石股份有限公司 2025 年限制性股票激励计划首次授予激励对象名单 | 姓名 | 职务 | 授予限制性 | 占授予限制性 | 占目前公司 | | --- | --- | --- | --- | --- | | | | 股票数量（万 | 股票总量的比 | 总股本的比 | | | | 股） | 例 | 例 | | 杨国明 | 党委书记、总经理、董事 | 15.00 | 0.43% | 0.0037% | | 邵晓阳 | 党委副书记、董事 | 14.00 | 0.41% | 0.0035% | | 曹国荣 | 党委委员、副总经理 | 14.00 | 0.41% | 0.0035% | | 丁成车 | 党委委员、副总经理兼董事会秘书 | 14.00 | 0.41% | 0.0035% | | 沈林 | 副总经理 | 14.00 | 0.41% | 0.0035% | | | 其他核心人员（613 人） | 3,036.54 | 87.94% | 0.7585% | | | 首次授予合计（618 人） | 3,107.54 | 90.00% | 0.7763% | | | 预留 | 345.28 | 10.00% ...

中国巨石股份有限公司 2025年限制性股票激励计划管理办法 第一章 总 则 第一条 为贯彻落实中国巨石股份有限公司（下称"公司"）2025年限制性股 票激励计划（下称"本计划"），明确本计划的管理机构及其职责、实施流程、授 予及解除限售程序、特殊情况的处理、信息披露、财务会计与税收处理、监督管 理等各项内容，特制定《中国巨石股份有限公司2025年限制性股票激励计划管理 办法》（下称"本办法"）。 第二条 本办法根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行办法》 （国资发分配[2006]175号）《关于规范国有控股上市公司实施股权激励制度有关 问题的通知》（国资发分配[2008]171号）《中央企业控股上市公司实施股权激励工 作指引》（国资发分配[2020]178号）等有关法律、法规、规范性文件的有关规定， 结合《中国巨石股份有限公司章程》（下称"《公司章程》"）及《中国巨石股份有 限公司2025年限制性股票激励计划（草案）》（下称"《激励计划》"）制订而成，本 办法经公司股东会审议通过并自本激励计划生效后实施。除特别指明，本办法中 ...

中国巨石股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性 股票激励计划相关事项的审核意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司 股权激励管理办法》（以下简称"《管理办法》"）、《国有控股上 市公司（境内）实施股权激励试行办法》（以下简称《试行办法》）、 《中央企业控股上市公司实施股权激励工作指引》（以下简称《工作 指引》）等相关法律、法规及《中国巨石股份有限公司章程》（以下 简称"《公司章程》"）的规定，中国巨石股份有限公司（以下简称 "中国巨石"或"公司"）董事会薪酬与考核委员会对公司《2025 年限制性股票激励计划（草案）》及其他相关资料进行核查，发表如 下意见： 1、公司本次限制性股票计划的内容符合《公司法》《证券法》 《管理办法》《试行办法》《工作指引》等相关法律、法规及规范性 文件的规定。公司履行了相关的法定程序，关联董事回避了对该事项 的表决，审批程序合法合规。 2、公司不存在《管理办法》和《试行办法》等法律、法规规定 的禁止实施激励计划的情形，包括： （1）最近一个会计年度财务会计报告被注册会计师 ...

证券代码：600176 证券简称：中国巨石 中国巨石股份有限公司 2025 年限制性股票激励计划 （草案） 中国巨石股份有限公司 二〇二五年十二月 声明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 2.中国巨石股份有限公司（以下简称"中国巨石"或"公司"）不存在《上市公 司股权激励管理办法》第七条规定的不得实行股权激励的下列情形： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近36个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； （4）法律法规规定不得实行股权激励的； （5）中国证监会认定的其他情形。 3.本激励计划激励对象不存在《上市公司股权激励管理办法》第八条规定的 不得成为激励对象的下列情形： （1）最近12个月内被证券交易所认定为不适当人选； （2）最近12个月内被中国证监会及其派出机构认定为不适当人选； 1.本激励计划依据《中华人民共 ...