Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

转自：华夏能源网 文｜华夏能源网 一家6年前在港股市值不足22亿元的公司，如今以近400亿元的估值冲击A股，这背后藏着怎样的资本"炼金术"？ 华夏能源网&零碳资本论获悉，12月5日，浙江振石新材料股份有限公司（以下简称"振石股份"）走完IPO前的最后一道流程 ——注册生效，下一步公司将在上交所挂牌上市。 振石股份成立于2000年，是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业，业务覆盖风力 发电、光伏发电、新能源汽车等行业。根据中国玻璃纤维工业协会统计，2024年，振石股份风电玻纤织物的全球市场份额超过 35%，位列全球第一。 2015年，振石股份的前身恒石有限在香港联交所上市，彼时还被冠以"玻纤第一股"之称，但股价长期低迷。2019年，公司实际 控制人张毓强、张健侃父子以5.14亿港元将恒石有限私有化退市。蛰伏6年后，如今改头换面将登陆A股。 振石股份流畅的退H冲A进程中，布满了令人费解的资本迷局：振石股份有6成依赖关联方中国巨石（SH：600176）的采购，张 氏父子还是国企身份的中国巨石的高管，利益输送的阴影挥之不去；IPO前夕振石股份突击分红，张氏父子拿走了11亿元。而分 ...

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]

Group 1 - The core point of the article is that China Jushi (SH 600176) announced the convening of its 27th meeting of the 7th Board of Directors on December 12, 2025, to discuss the proposal for replacing an independent director [1] - For the first half of 2025, the revenue composition of China Jushi is as follows: fiberglass yarn and products account for 97.41%, other businesses account for 1.63%, and wind power accounts for 0.96% [1] - As of the time of reporting, the market capitalization of China Jushi is 60.9 billion yuan [1]

2、经审查邹惠平先生、刘江宁女士的职业、学历、职称、工作 经历、全部兼职等情况，我们认为其不存在《公司法》等法律、法规 以及《公司章程》规定的不得担任上市公司独立董事的情形，也不存 在被中国证券监督管理委员会确定为证券市场禁入者的情形。具备履 行独立董事职责的条件。 经征求邹惠平先生、刘江宁女士本人意见，其对履行独立董事职 责表示同意。 综上，我们同意提名邹惠平先生、刘江宁女士为公司独立董事候 选人，并同意提交公司董事会审议。 中国巨石股份有限公司 董事会提名委员会关于更换公司独立董事的意见 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》以及《中国巨石股份有限公司章程》（以下简 称"《公司章程》"）、《中国巨石股份有限公司董事会提名委员会工作 细则》的有关规定，我们作为中国巨石股份有限公司（以下简称"公 司"）董事会提名委员会委员，现就更换公司独立董事发表意见如下： 1、鉴于汤云为先生、王玲女士因在公司连续担任独立董事已满6 年，根据上市公司独立董事任职年限的相关规定，申请辞去公司第七 届董事会独立董事职务，同时汤云为先生一并辞去董事会审计委员会 主任委员及委员、提名委员会 ...

中国巨石股份有限公司 独立董事提名人声明与承诺 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 1 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； 提名人中国巨石股份有限公司董事会，现提名邹惠平为中国 巨石股份有限公司第七届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任中国巨石股份 有限公司第七届董事会独立董事候选人（参见该独立董事 ...

中国巨石股份有限公司 独立董事候选人声明与承诺 （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定； （六）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定； 本人邹惠平，已充分了解并同意由提名人中国巨石股份有限 公司董事会提名为中国巨石股份有限公司第七届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任中国巨石股份有限公司独立董事独立性 的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董 ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-085 为保障公司董事会的正常运作，根据《中华人民共和国公司法》《公司章程》 等有关规定，经董事会提名委员会资格审查，公司于 2025 年 12 月 12 日召开第 七届董事会第二十七次会议，同意补选邹惠平先生、刘江宁女士为公司第七届董 事会独立董事候选人（个人简历详见附件），任期与本届董事会一致，自股东会 审议通过之日起生效。 独立董事候选人邹惠平先生、刘江宁女士的任职资格已经上海证券交易所审 核通过。 特此公告。 中国巨石股份有限公司 关于更换公司独立董事的公告 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。 一、更换独立董事的情况 公司董事会于近日收到公司独立董事汤云为先生、王玲女士提交的书面辞职 报告，因在公司连续担任独立董事已满 6 年，根据上市公司独立董事任职年限的 相关规定，申请辞去公司第七届董事会独立董事职务，同时汤云为先生一并辞去 董事会审计委员会主任委员及委员、提名委员会委员、薪酬与考核委员会委员、 战略与可持续发展（ESG）委员职务，王 ...