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 ...

证券之星消息，10月20日玻璃玻纤板块较上一交易日上涨0.76%，九鼎新材领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002080 中材科技 | | 3346.76万 | 4.97% | -3523.39万 | -5.23% | 176.62万 | 0.26% | | 601636 旗滨集团 | | 2947.55万 | 9.98% | -965.94万 | -3.27% | -1981.61万 | -6.71% | | 300196 长海股份 | | 2057.01万 | 23.09% | -776.41万 | -8.72% | -- 1280.60万 | -14.38% | | 002201 九鼎新材 | | 1687.16万 | 7.00% | 364.56万 | 1.51 ...

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]

二、公司前十大无限售条件股东持股情况 中国巨石股份有限公司（以下简称"公司"）于2025年9月24日召开了第七届董事会第二十五次会议，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。具体内容详见公司2025年9月25日披 露于上海证券交易所网站（www.sse.com.cn）及指定媒体上的《中国巨石股份有限公司关于以集中竞价 交易方式回购股份方案的公告》（公告编号：2025-062）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司审议本次回购股份事项的2025年第四次临时股东会股权登记日（即2025年10月15日）登 记在册的前十大股东和前十大无限售条件股东的名称及持股数量、比例情况公告如下： 一、公司前十大股东持股情况 ■ 证券代码：600176 证券简称：中国巨石 公告编号：2025-068 中国巨石股份有限公司 关于回购股份事项前十大股东及前十大无限售条件股东持股情况的公告 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。 ■ 特此公告。 中 ...

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]

Core Viewpoint - In September, A-share listed companies continued to implement share buybacks, with 22 companies announcing buyback plans, reflecting their recognition of self-value and commitment to shareholder rights and market confidence [1][2]. Group 1: Buyback Plans and Amounts - A total of 22 companies announced new buyback plans in September, a decrease of 37.14% from 35 in August, with a proposed maximum buyback amount of approximately 3.969 billion yuan, down from 10.007 billion yuan in August [1][2]. - Among the companies, China Jushi announced the highest proposed buyback amount of 880 million yuan, followed by Shougang Co. at 520 million yuan and China International Marine Containers at 500 million yuan [2]. - The buyback amount for Midea Group and CATL exceeded 2 billion yuan each in September, leading the buyback efforts for the month [1][5]. Group 2: Company-Specific Insights - China Jushi's stock price has been on an upward trend since June, with a maximum increase of over 60%, raising questions about the timing of its buyback announcement [2]. - The company stated that the buyback is a response to confidence in future stock prices and a commitment to shareholder interests, with the buyback amount representing about 6% of its liquid funds [2]. - Jian Sheng Group, a leading player in the knitted sportswear industry, announced a second buyback plan for the year, aiming to use 150 million to 300 million yuan for share cancellation [3]. Group 3: Market Reactions and Future Plans - Newpoint Software announced a buyback plan of 30 million to 50 million yuan for employee stock ownership plans, while also changing the purpose of a previous buyback to share cancellation [4]. - Despite a decrease in the number of companies announcing buybacks, the commitment to returning value to investors is evident, with companies like Midea and CATL showing significant buyback amounts [1][5]. - As of the end of September, approximately 379 companies had announced buyback progress, with 137 companies having met or exceeded their minimum buyback amounts [5][11].

证券代码：600176 证券简称：中国巨石 公告编号：2025-068 中国巨石股份有限公司 关于回购股份事项前十大股东及前十大无限售条件 股东持股情况的公告 序号 股东名称 持股数量（股） 持股比例（%） 1 中国建材股份有限公司 1,169,652,168 29.22 2 振石控股集团有限公司 675,826,646 16.88 3 香港中央结算有限公司 390,328,002 9.75 4 全国社保基金一一四组合 58,524,012 1.46 5 中国工商银行股份有限公司－ 华泰柏瑞沪深 300 交易型开放式 指数证券投资基金 41,059,067 1.03 6 中国建设银行股份有限公司－ 易方达沪深 300 交易型开放式指 数发起式证券投资基金 29,677,793 0.74 7 全国社保基金四零一组合 26,995,549 0.67 8 中国工商银行股份有限公司－ 华夏沪深 300 交易型开放式指数 证券投资基金 22,066,891 0.55 9 中国银行股份有限公司－嘉实 沪深 300 交易型开放式指数证券 投资基金 19,050,694 0.48 10 中国太平洋人寿保险股份有限 公司－传统 ...