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 ...

Core Points - China Jushi announced a share repurchase plan approved by its board of directors on October 16, 2025, to enhance shareholder value [1] - As of October 15, 2025, the top ten unrestricted shareholders collectively hold approximately 2.452 billion shares, accounting for 61.24% of the total shares [1] - The company reported a market capitalization of 63.4 billion yuan as of the latest update [2] Financial Composition - For the first half of 2025, the revenue composition of China Jushi was as follows: fiberglass yarn and products accounted for 97.41%, other businesses 1.63%, and wind power 0.96% [2]

Core Insights - The 2025 Investment Huai'an Golden Autumn Economic and Trade Conference was held on October 16, showcasing Huai'an's commitment to open cooperation and development [2][5] - Huai'an's GDP has shown a steady growth rate of 7.1% on average over the past four years, with a growth rate of 6.8% in the first half of this year, ranking first in the province [5][6] - The city has received national recognition for 37 reform experiences and has been awarded titles such as "World Food Capital" and "National Healthy City Model City," indicating an upgrade in public welfare [5][6] Economic Development - Huai'an is experiencing a robust economic performance with 16 out of 20 major economic indicators ranking in the top three in the province from January to August [5][6] - The city is focusing on industrial development, with 52 industrial projects worth over 3 billion yuan under construction, and a significant increase in specialized enterprises [6][8] Strategic Advantages - Huai'an benefits from strategic opportunities such as the integration of the Yangtze River Delta and the Grand Canal Cultural Belt, supported by a comprehensive transportation network including high-speed rail and an international airport [6][7] - The local government has established mechanisms to enhance trust and cooperation with enterprises, leading to increased satisfaction among private businesses [6][7] Collaborative Initiatives - The conference emphasized the importance of sincere communication and service, aiming to align Huai'an's strategic plans with the development needs of enterprises [7] - Major projects in key industries such as new energy vehicles and advanced manufacturing were signed during the conference, indicating a commitment to high-quality development [8]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Insights - The report emphasizes the importance of tariff avoidance and cyclical trends, recommending a focus on African building materials due to the long-term benefits from population growth and urbanization in Africa, as well as short-term advantages from the U.S. interest rate cut cycle [6][9]. - It highlights that traditional building materials are less affected by U.S.-China tariff fluctuations, with companies like Huaxin Cement and Keda Manufacturing expected to see improved performance in Q3 [6][9]. - The report identifies specific companies with growth potential, including Sanke Tree, Hanhai Group, and Tubao, which are experiencing counter-cyclical growth, and companies like Qibin Group and Dongfang Yuhong that are leveraging operational advantages to stabilize [6][9]. Summary by Sections Cement - Cement shipments have decreased month-on-month, with the average shipment rate for major regions at approximately 44.3%, down 3.0 percentage points from the previous month and down 10.7 percentage points year-on-year [8][26]. - The report anticipates a continued oscillation in cement prices due to insufficient demand support, despite some regions pushing for price increases [8][26]. Glass - The glass market has seen an increase in inventory during the National Day holiday, with total inventory in monitored provinces rising to 57.74 million weight boxes, an increase of 13.71% from September 30 [8][42]. - The report notes that the production and consumption rates are currently at 58.78%, indicating a slowdown in market activity [8][42]. Fiberglass - The fiberglass sector remains relatively unaffected by tariffs, with a total tariff of 60% imposed on fiberglass imports from China to the U.S. since April, leading to a stagnation in trade [7]. - The report suggests that the AI electronic fabric market continues to experience strong demand, with Zhongcai Technology positioned as a leading player in this segment [7][9]. Recommendations - The report recommends focusing on the African supply chain and specialty fabrics, highlighting Huaxin Cement and Keda Manufacturing as key players in the African market [9]. - It also suggests that companies with strong business models and growth potential, such as Sanke Tree and Tubao, should be prioritized for investment [9].

Investment Rating - The report maintains a positive investment outlook on the construction materials industry, highlighting specific companies as key recommendations for investment opportunities [2][6][19]. Core Insights - The report emphasizes that both domestic demand hedging and TACO trading are merely processes of value discovery, suggesting that companies with high economic prospects and room for valuation growth will accelerate price discovery [2][3]. - It identifies a shift in focus towards companies that are expected to show resilience and growth potential, particularly in the context of domestic demand recovery and global demand expectations [4][12]. Summary by Sections Domestic Demand Hedging - Companies recommended under domestic demand hedging include Oriental Yuhong, Hanhigh Group, and Huaxin Cement, which are expected to show positive revenue trends in Q3 [2][4]. - The report highlights the importance of infrastructure projects in regions like Xinjiang, predicting a significant increase in cement demand due to major construction initiatives [7][9]. TACO Trading - The report suggests that the glass fiber and CCL industry chain will benefit from global demand expectations, with price increases observed in electronic fabrics and copper-clad laminates [3][5]. - Key companies in this segment include China Jushi and Zhongcai Technology, which are positioned to capitalize on the ongoing price increase cycle [6][15]. Cement Industry - The cement sector is noted for its potential growth driven by policy execution and governance improvements, with overseas expansion opportunities highlighted for companies like Huaxin Cement [34][38]. - The report indicates that the cement market is entering a phase of price stabilization, with a focus on limiting overproduction and enhancing governance [35][41]. Glass and Fiberglass - The glass sector is experiencing a recovery, particularly in photovoltaic glass, with companies like Fuyao Glass and Xinyi Glass expected to see improved profitability [10][12]. - The report notes that the fiberglass sector is witnessing a strong performance, with significant contributions from price increases in electronic fabrics [10][14]. Consumer Building Materials - The consumer building materials segment is showing signs of recovery, with companies like Sanke Tree and Beixin Building Materials expected to benefit from improved revenue performance in Q3 [19][25]. - The report emphasizes the importance of cost reduction and price stabilization in enhancing profitability for companies in this sector [26][27]. Key Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential, such as China Jushi, Huaxin Cement, and Oriental Yuhong, as they are expected to outperform in the current market environment [6][17][19].

Economic News - The Minister of Industry and Information Technology of China met with Apple's CEO to discuss Apple's business development in China and cooperation in the electronic information sector, emphasizing China's commitment to high-level opening-up and creating a favorable business environment for foreign companies [2] - In September 2025, China's CPI decreased by 0.3% year-on-year, primarily due to a drop in food prices, which fell by 4.4%, impacting CPI significantly [2] - The Bay Area Semiconductor Industry Ecological Expo showcased new domestic EDA design software with a 30% performance improvement over industry benchmarks and a 40% reduction in hardware development cycle [2] - A new high-precision, scalable analog matrix computing chip was developed, achieving a computational throughput and energy efficiency improvement of 100 to 1000 times over current top digital processors [2] - China's oil drilling has reached depths exceeding 10,000 meters, marking a significant advancement in deep earth energy exploration [2] - JD.com announced a collaboration with CATL and GAC Group to develop a new vehicle, leveraging JD's data and channel advantages [2] - SenseTime and Cambricon signed a strategic cooperation agreement to enhance AI infrastructure and explore international markets [2] - Global smartphone shipments increased by 3% in Q3 2025, with Samsung leading the market with a 19% share, followed by Apple at 18% [3] Company Insights - The banking sector has seen a positive relative return after adjustments, with the Shenwan Banking Index rising by 0.28% [5] - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical levels [5] - Key banks such as Qilu Bank and Agricultural Bank of China reported significant stock price increases, reflecting market confidence [5] - The banking sector is expected to benefit from upcoming mid-term dividends, enhancing the attractiveness of bank stocks for long-term investors [6] - The net interest income for banks is projected to improve, with a stabilization of net interest margins anticipated in Q3 [6] - The average dividend yield for listed banks has increased to 4.4%, making them more appealing to long-term investors [7] - The report suggests a focus on quality mid-sized banks with performance potential and state-owned banks with stable profitability for long-term investments [8] Industry Analysis - The report highlights the importance of the rocket engine components and testing services in the commercial space industry, particularly referencing SpaceX's Falcon 1 rocket development [10] - The Merlin 1A engine is identified as a critical component, with the combustion chamber being a key area of focus for material and manufacturing technology [10] - The report emphasizes the significance of extensive testing in achieving high success rates for rocket launches, with SpaceX achieving a 97.76% success rate [14] - Investment opportunities are identified in companies supplying rocket engine components and those providing testing services for commercial rockets [15]

Economic News - The Ministry of Commerce of China has taken countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation in response to the U.S. investigation into China's maritime, logistics, and shipbuilding sectors [2] - The Chinese automotive industry has seen significant growth in the first nine months of the year, with production and sales reaching 24.43 million and 24.36 million vehicles, respectively, marking year-on-year increases of 13.3% and 12.9% [2] - The China Nuclear Group has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas working fluids [2] Company Insights - ZTE Corporation has completed testing for 5G-A cellular passive IoT technology, achieving a 100% success rate in inventory success for both single and multiple tags [4] - CATL has established a new five-year strategic cooperation with Dongfeng Commercial Vehicle, focusing on electric vehicle technology development and market expansion [4] - Tongyu Communication has entered the low-orbit satellite supply chain and received overseas orders, aiming to enhance its capabilities in satellite-ground collaboration [4] Daily Research - The report indicates that external shocks have limited impact on the market, with the A-share market maintaining a mid-term upward trend despite recent volatility [5] - The report suggests a dual mainline investment strategy, emphasizing the importance of the technology sector while also considering cyclical sectors like military, pharmaceuticals, and new energy [6] Satellite Internet Industry - The report reviews the development of SpaceX's Falcon 1 rocket, highlighting the importance of engine components and testing services in the commercial space industry [8] - The Merlin 1A engine is identified as a core component of the Falcon 1 rocket, with the combustion chamber being critical for its performance [9] - The report emphasizes the significance of extensive testing in achieving a high success rate for rocket launches, with SpaceX achieving a 97.76% success rate across its missions [12] Investment Strategy - The report recommends focusing on domestic suppliers of rocket engine components and testing services as promising investment opportunities in the commercial space sector [13] - Specific companies highlighted include Srey New Materials and Guoji Precision Engineering as key players in the rocket engine supply chain [14]