中国巨石股份有限公司 独立董事提名人声明与承诺 提名人中国巨石股份有限公司董事会，现提名刘江宁为中国 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（参见该独立董事候选人 声明）。提名人认为，被提名人具备独立董事任职资格，与中国 巨石股份有限公司之间不存在任何影响其独立性的关系，具体声 明并承诺如下： 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） ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-086 中国巨石股份有限公司 关于召开2025年第五次临时股东会的通知 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： 一、召开会议的基本情况 (一)股东会类型和届次 2025年第五次临时股东会 召开的日期时间：2025 年 12 月 31 日 10 点 30 分 召开地点：浙江省桐乡市凤凰湖大道 318 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 31 日 至2025 年 12 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年12月31日 本次股东会 ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-084 本议案已经公司董事会提名委员会审议通过。 本议案以 9 票同意，0 票反对，0 票弃权获得通过。 本议案须提交公司股东会审议，届时独立董事候选人将采取累积投票制进行 选举。 二、审议通过了《关于召开 2025 年第五次临时股东会的议案》。 1、会议时间：2025 年 12 月 31 日 10:30 中国巨石股份有限公司 第七届董事会第二十七次会议决议公告 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"）第七届董事会第二十七次会议 于 2025 年 12 月 12 日以通讯方式召开，召开本次会议的通知于 2025 年 12 月 9 日 以电子邮件方式发出。会议采用传真方式和直接送达方式进行表决，应收到表决 票 9 张，实际收到表决票 9 张。会议的召集和召开符合《中华人民共和国公司法》 等有关法律、法规和《中国巨石股份有限公司章程》的规定，所作决议合法有效。 经审议，全体与会董事一致通过了如下决议： 一、审议通过 ...

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The central economic work conference emphasizes stabilizing the real estate market, with expectations for new policies to be introduced to control supply, reduce inventory, and improve the quality of housing supply [4][25] - In November, first-tier cities saw a significant increase in second-hand housing transactions, reaching 49,033 units, a 20% month-on-month increase, marking a seven-month high [4][25] - The building materials sector is focusing on improving profitability, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [5][47] Summary by Sections Real Estate Sector - The real estate sector is currently in a "bottoming" phase, with expectations for policy support to enhance market stability and recovery [4][25] - The report highlights a shift from high leverage and turnover to a focus on quality, service, and sustainability in the industry [4][25] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the evolving market landscape [4][25] Building Materials Sector - The building materials sector has seen a slight increase of 0.89% in the last two weeks, outperforming the CSI 300 index [26] - The cement industry is undergoing structural upgrades, with over 83.59 million tons of clinker capacity being eliminated as part of the capacity replacement policy [47] - The report suggests focusing on companies with strong fundamentals and high dividend yields, such as Conch Cement, Taipai Group, and Huaxin Cement [47] Market Trends - The report notes that the overall profitability of the cement industry has significantly improved, with leading companies showing strong cash flow and performance [47] - The glass fiber sector is experiencing a shift in demand from traditional construction materials to high-growth areas such as renewable energy and high-end electronic fibers [5][48] - The report indicates that the market for photovoltaic glass is under pressure due to high inventory levels and weak demand, but long-term growth prospects remain strong [5][42]

股票研究 /[Table_Date] 2025.12.10 电子布：紧缺预期下的"抢单季"躁动 其他非金属矿物制品 [Table_Industry] ——玻璃纤维行业更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | [Table_Report] 相关报告 其他非金属矿物制品《石英资源应用高端化，新 材料国产化加速》2024.01.17 本报告导读： 覆铜板龙头集体布局 26 年高端份额的争取，带动近期特种电子布采购框架上修。同 时，传统电子布在织布机转产影响下继续提价的确定性较高。 投资要点： 券 研 究 报 告 行 业 跟 ...

Core Viewpoint - China Jushi Co., Ltd. has successfully issued its 10th phase of technology innovation bonds for the year 2025, raising a total of 400 million RMB, with the funds received on December 8, 2025 [1][2]. Group 1 - The company held its annual shareholders' meeting on April 11, 2025, where it approved the issuance of corporate bonds and non-financial corporate debt financing instruments for 2025 [1]. - The approved financing tools include corporate bonds, short-term financing bills, ultra-short-term financing bills, and medium-term notes, which can be issued in one or multiple tranches based on funding needs and market conditions [1]. - The issuance of the 10th phase of technology innovation bonds has been publicly announced and the relevant documents are available on the China Money website and Shanghai Clearing House website [1].

Group 1 - The company, China Jushi (600176.SH), has issued its 10th phase of technology innovation bonds for the year 2025, with a total issuance amount of 400 million RMB [1] - The funds raised from the bond issuance were received on December 8, 2025 [1] - The bond, named "25 Jushi SCP010 (Tech Innovation Bond)," has a term of 179 days and an issuance interest rate of 1.70% [1]

证券代码：600176 证券简称：中国巨石 公告编号：2025-083 中国巨石股份有限公司 关于 2025 年度第十期科技创新债券发行结果的公告 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 年度第十期科技创新债券，发行总额为人民币 4 亿元， 募集资金已于 2025 年 12 月 8 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 | 简称 ...

Group 1: Cement Industry - The effect of capacity reduction is expected to become evident by 2026, improving the supply-demand balance and enhancing price recovery, leading to gradual profit restoration for companies [1] - In November, cement prices are expected to trend weakly due to seasonal demand reduction, despite a significant increase in kiln stoppage rates and a marginal decrease in clinker inventory [2] - The cement price is anticipated to stabilize until March next year, supported by high stoppage rates in northern regions and strong price stabilization intentions from companies [2] Group 2: Glass Fiber Industry - Demand for high-end coarse yarn has slightly declined, but mainstream electronic yarn demand continues to support price increases, with a marginal rise in coarse yarn prices [3] - The electronic yarn market shows stable demand, with prices increasing slightly, while high-end products maintain a favorable market outlook due to limited new capacity release [3] Group 3: Consumer Building Materials - Retail demand for home decoration materials weakened in October, with a year-on-year decline of 8.3%, while the cumulative retail sales from January to October grew by only 0.5% [4] - The ongoing urban renewal strategy is expected to release demand for renovation and old housing improvement, enhancing the market penetration of high-quality green building materials [4] Group 4: Float Glass Industry - The float glass market shows no significant changes in demand, with reduced production capacity leading to a contraction in total industry supply, yet prices continue to decline due to high inventory levels [5] - Short-term demand is expected to remain weak, but inventory pressure may ease, leading to a forecast of price stabilization [5] Group 5: Investment Recommendations - Companies to watch in the cement sector include Huaxin Cement, Shangfeng Cement, and Anhui Conch Cement [5] - In the glass fiber sector, focus on China Jushi and China National Materials [5] - For consumer building materials, recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Sankeshu, and Tubao [5] - In the float glass sector, Qibin Group is highlighted for investment [5]

Investment Rating - The report maintains an "Overweight" rating for both the construction and building materials sectors [10]. Core Viewpoints - The construction and building materials sector is expected to experience a spring rally in 2026, driven by improvements in construction PMI, order volume, and favorable market conditions such as a later Spring Festival and strong domestic excavator sales [13][19]. - The report emphasizes the importance of high dividend and price-increasing stocks, recommending companies with stable performance and high dividend yields, as well as traditional building materials with price increase potential [13][19]. - The report identifies three main investment themes: sustainable growth in renovation, thorough industry clearing in construction materials, and opportunities in high-quality leading companies in various segments [14][21]. Summary by Sections Industry Overview - The report highlights a potential spring rally for the building materials sector, supported by fiscal improvements and strong domestic machinery sales [19]. - Historical data shows that the building materials index has a high probability of outperforming the market in Q1, with a 57% chance of rising based on past performance [15]. Key Companies and Recommendations - The report recommends several companies, including China Chemical, China National Materials, and Xinyi Glass, with target prices and buy ratings [10][38]. - Specific recommendations include: - China Chemical (601117 CH) - Target Price: 12.05 - China National Materials (600970 CH) - Target Price: 14.23 - Xinyi Glass (868 HK) - Target Price: 9.54 - Others include China United Plastic, Jinggong Steel Structure, and Dongfang Yuhong [10][38]. Market Dynamics - Recent data indicates a 1.2% week-on-week increase in national cement prices, while the average price of float glass has risen by 2.3% [2][28]. - The report notes that the domestic float glass market is stabilizing, with some regions experiencing price increases due to supply constraints [28][30]. - The electronic fabric market is also showing signs of price increases, driven by demand from PCB clients [25][33]. Future Outlook - The report anticipates continued demand in the cleanroom engineering and special electronic fabric sectors, with a focus on companies that can adapt to new production capabilities and traditional industry upgrades [14][19]. - The construction sector is expected to benefit from urban renewal initiatives and the ongoing recovery of the real estate market, with a focus on renovation and construction materials [21][22].