Core Points - The company will hold a performance briefing on October 27, 2025, from 15:00 to 16:00 to discuss its Q3 2025 results and financial status [1][4] - The briefing will be conducted in an interactive online format, allowing investors to engage and ask questions [2][4] - Key company representatives, including the general manager and independent directors, will attend the briefing [3] Meeting Details - Meeting Date and Time: October 27, 2025, from 15:00 to 16:00 [1][4] - Meeting Location: Shanghai Stock Exchange Roadshow Center (http://roadshow.sseinfo.com/) [1][4] - Participation Method: Investors can log in to the Roadshow Center for real-time text interaction and submit questions beforehand [4][5] Contact Information - Contact Person: Xu Mengdan [4] - Email: ir@jushi.com [4] - Phone: 0573-88181888 [4]

Core Viewpoint - China Jushi Co., Ltd. will hold an online performance briefing for the third quarter of 2025 on October 27, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for October 27, 2025, from 15:00 to 16:00 [2][5]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website [2][5]. - The format of the meeting will be interactive text communication, allowing real-time engagement with investors [3][6]. Group 2: Participation Information - Investors can log in to the Shanghai Stock Exchange Roadshow Center to participate in real-time text interaction during the meeting [6]. - Questions can be submitted in advance through the "Pre-collection of Questions" section on the website or via the company's email [2][6]. - The company will address commonly asked questions during the briefing [2][6]. Group 3: Attendees - The meeting will be attended by the company's general manager, independent directors, financial officer (acting), board secretary, and securities affairs representative [4].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [3] Core Views - Since October, domestic demand for building materials has shown weakness, with cement affected by cooling, rainfall, and funding issues, resulting in a year-on-year shipment rate still 10 percentage points lower as of last Friday. Glass prices are hindered by insufficient replenishment sentiment post-holiday, leading to increased producer inventory and price stagnation. Currently, the profitability of major building materials like cement and glass remains at relatively low levels. A previously released plan for stable growth in the building materials industry suggests potential continued policy support for supply-side optimization in the fourth quarter. As the year-end performance sprint approaches, companies may increasingly seek to optimize supply and raise prices through market mechanisms. Recent market performance indicates a relative advantage for cyclical stocks, suggesting a possible style shift in the fourth quarter. The building materials sector currently possesses both low valuation defensive attributes and valuation recovery momentum under anti-involution catalysts, continuing to recommend high-demand African cement and glass fiber with price increase expectations [2][17]. Summary by Sections Market Review - Last week (October 13-17, 2025), the CSI 300 index fell by 2.22%, while the building materials sector (CITIC) dropped by 3.48%. Among sub-sectors, ceramics and glass performed relatively well, while fiberglass saw a significant decline. Notable individual stock performances included Fashilong (up 18.1%), Huali Shares (up 14.5%), Hainan Development (up 10.9%), Saitex New Materials (up 7.7%), and Tubao (up 6.9%) [1][9]. Recommended Stocks - The report recommends the following stocks: Western Cement, Huaxin Cement, Qingsong Construction, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings. The current building materials industry is nearing a cyclical bottom, with high-demand new materials expected to continue demonstrating growth potential. Cement is anticipated to benefit from improving infrastructure and real estate demand, with long-term supply dynamics expected to optimize. Recommended stocks include Huaxin Cement, Western Cement, and Qingsong Construction, with a focus on companies like Sankeshu and Dongpeng Holdings that are likely to improve their balance sheets as real estate policies become more favorable [3][17].

证券代码：600176 证券简称：中国巨石 公告编号：2025-069 中国巨石股份有限公司 关于召开 2025 年第三季度网上业绩说明会的公告 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。 重要内容提示： ●会议时间：2025 年 10 月 27 日下午 15:00-16:00 ●会议地点：上证路演中心（http://roadshow.sseinfo.com/） ●会议方式：文字互动 ●投资者可于 10 月 27 日下午 15:00 前登录上证路演中心网站首页，点击"提 问预征集"栏目（http://roadshow.sseinfo.com/questionCollection.do），根 据活动时间，选中本次活动或通过公司邮箱（ir@jushi.com）向公司提问，公司 将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度经营成 果及财务状况与投资者进行互动交流和沟通，并就投资者提出的问题进行回答。 二、说明会召开的时间、地点 1、会议时间 ...

Market Performance - The glass and fiberglass sector increased by 0.76% compared to the previous trading day, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Jiuding New Materials (002201) closed at 8.15, up 5.57% with a trading volume of 296,500 shares and a transaction value of 241 million yuan [1] - Other notable stocks include Changhai Co. (300196) at 14.32, up 2.65%, and Zhongcai Technology (002080) at 29.72, up 1.61% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 66.68 million yuan from main funds, while retail funds experienced a net inflow of 43.37 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing positive movement while speculative funds recorded a net outflow of 110 million yuan [2] Individual Stock Capital Flow - Zhongcai Technology (002080) had a main fund net inflow of 33.47 million yuan, while retail funds showed a net inflow of 1.77 million yuan [3] - Jiuding New Materials (002201) experienced a main fund net inflow of 16.87 million yuan but a significant retail outflow of 20.52 million yuan [3]

Core Viewpoint - China Jushi's stock price has shown significant fluctuations, with a year-to-date increase of 41.89% but a recent decline of 5.69% over the past five trading days [1] Financial Performance - For the first half of 2025, China Jushi reported revenue of 9.109 billion yuan, representing a year-on-year growth of 17.70%, and a net profit attributable to shareholders of 1.687 billion yuan, which is a 75.51% increase compared to the previous year [2] Stock Market Activity - As of October 20, China Jushi's stock price was 15.58 yuan per share, with a market capitalization of 62.369 billion yuan. The trading volume was 158 million yuan, with a turnover rate of 0.25% [1] - The net outflow of main funds was 3.4389 million yuan, while large orders accounted for 30.67% of buying and 30.34% of selling [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 103,100, with an average of 38,836 circulating shares per person, a decrease of 6.20% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional holding [2] Business Overview - China Jushi specializes in the production and sales of fiberglass and related products, with 97.41% of its revenue coming from this core business [1] - The company is classified under the building materials sector, specifically in fiberglass manufacturing [1]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report emphasizes the expected increase in domestic demand driven by the 14th Five-Year Plan and renewed tariff conflicts, suggesting a focus on sectors with strong price-driving capabilities and industry self-discipline [6] - Cement prices have shown a slight decline, while float glass prices continue to rise, indicating mixed market conditions [2] - The report highlights the resilience of companies like Sanke Tree and the potential for growth in new business areas such as fire safety technology and specialty electronic fabrics [6][7] Summary by Sections Cement Market - The national average cement price is 347 RMB/ton, down 0.7% from the previous week, with price increases observed in Hunan, Guangxi, and Shaanxi [2][24] - The report notes that the average shipment rate for key cement enterprises is 45.2%, indicating a slight increase [24] Float Glass and Photovoltaic Glass - The average price of float glass is 1300.97 RMB/ton, up 0.87% from the previous week, while photovoltaic glass prices remain stable [2] - The report mentions that the price of 2.0mm coated photovoltaic glass is around 13 RMB/sqm, unchanged from the previous week [2] Real Estate Transactions - In the 42nd week, new home transaction area in 30 major cities was 211.75 million sqm, down 20% year-on-year but up 107.52% month-on-month [3][19] - The report indicates that second-hand home transactions in 15 monitored cities also improved month-on-month, with a 14% year-on-year increase in cumulative transaction area [3][19] Recommended Companies - Companies recommended include Huaxin Cement and Conch Cement, benefiting from cost and scale advantages [6] - The report also highlights the strong performance of Sanke Tree, which achieved a revenue of 9.39 billion RMB, up 2.7% year-on-year, and a net profit increase of 81.2% [6][7] - Fire safety leader Qingniao Fire is recommended due to its upcoming commercialization of fire robots and compliance with new national standards [6][7] - The report suggests investment in China Jushi and China National Materials Technology, which are expected to benefit from high demand for specialty electronic fabrics [6][7]

Market Overview - The glass and fiberglass sector experienced a decline of 3.2% on October 17, with Yaopi Glass leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Yaopi Glass (600819) closed at 8.03, down 8.96% with a trading volume of 572,600 shares and a transaction value of 470 million yuan [1] - Other notable declines include: - China National Materials (002080) down 3.78% to 29.25 [1] - Honghe Technology (603256) down 3.68% to 31.69 [1] - China Jushi (600176) down 3.54% to 15.27 [1] - The overall trading volume and transaction values for other companies in the sector also reflected negative trends [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 398 million yuan from institutional investors, while retail investors had a net inflow of 462 million yuan [1] - Detailed capital flow for specific stocks indicates: - Jiuding New Materials (002201) had a net inflow of over 3.05 million yuan from retail investors [2] - Significant outflows were noted for companies like North Glass (002613) with a net outflow of 12.58 million yuan from institutional investors [2] - Other companies such as Jinjing Technology (600586) and Qibin Group (601636) also experienced substantial net outflows from institutional investors [2]

Core Points - China Jushi Co., Ltd. announced a share repurchase plan approved by its board of directors on September 24, 2025 [1] - The announcement includes details about the top ten shareholders and top ten unrestricted shareholders as of the record date for the upcoming extraordinary general meeting on October 15, 2025 [1] Summary by Sections Share Repurchase Plan - The board of directors approved a share repurchase plan to be executed through centralized bidding [1] - The details of the repurchase plan were disclosed on September 25, 2025, on the Shanghai Stock Exchange website [1] Shareholder Information - The announcement includes the names and shareholding quantities and proportions of the top ten shareholders and top ten unrestricted shareholders [1]

Core Insights - The report highlights the resilience of the A-share market amidst external shocks, indicating a sustained upward trend in the medium term despite recent volatility [4][5] - The banking sector is experiencing a recovery with positive relative returns, driven by improved dividend yields and stable fundamentals [7][8] - The commercial aerospace industry, particularly in rocket technology, presents investment opportunities in engine component suppliers and testing service providers [12][15] Economic News - China's scientists have made significant advancements in solid-state lithium batteries, potentially doubling the range of electric vehicles from 500 km to over 1000 km [2] - The National Development and Reform Commission has launched a three-year plan to double the service capacity of electric vehicle charging facilities by 2027, aiming for 28 million charging stations [2] - TSMC reported a record net profit growth of 39% in Q3 2025, with optimistic projections for the AI market and a capital expenditure increase [2] Company Insights - XPeng Motors achieved a remarkable 79.4% year-on-year increase in exports in September 2025, with total exports exceeding 29,723 units in the first nine months [3] - Tianhao Energy signed an investment agreement for a natural gas development project, enhancing energy security in the Southwest region [3] - Xiaomi launched a new ad-free short drama app, indicating a strategic move into content distribution [3] Banking Sector Analysis - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical averages, with several banks showing positive stock performance [7][8] - The report anticipates stable net interest income growth due to a stabilization in interest margins and a resilient banking sector despite external pressures [9] - Mid-term dividend announcements from banks are expected to attract long-term capital, enhancing the sector's appeal [10] Commercial Aerospace Industry - The report emphasizes the importance of engine components and testing services in the commercial rocket industry, particularly referencing SpaceX's development of the Falcon 1 rocket [12][15] - Key suppliers in the domestic market, such as Sui Rui New Materials and Guoji Precision, are highlighted for their roles in providing critical components for rocket engines [16]