Event Overview - The 2025 Solid-State Battery Industry Conference and the Golden Ding Award Ceremony will take place on November 8, 2025, in Guangzhou [3][4]. - The event aims to focus on new technologies and build a new ecosystem in the solid-state battery industry [3][6]. Forum Scale and Participants - The forum is expected to host over 1000 participants, with major sponsors including Ru Tian Technology [2]. - Notable companies participating include CATL, BYD, Ganfeng Lithium, and many others from the solid-state battery and related sectors [2]. Agenda Highlights - The main forum will feature a series of presentations and discussions on advancements in solid-state battery technology, including the release of a global industry white paper [5][6]. - Key topics will cover solid-state electrolyte technologies, manufacturing processes, and innovations in battery materials [5][6]. Awards and Recognition - The event will also include the 2025 Golden Ding Awards, recognizing achievements in various categories such as innovation in solid-state battery materials and technology [6]. - Specific awards include the Pioneer Award for solid-state battery industrialization and the Most Investable Award in the solid-state battery sector [6]. Registration and Participation - Registration fees for attending the conference are set at 1688 RMB per person, which includes access to the event, meals, and the award ceremony [9]. - Various sponsorship and exhibition options are available, with prices ranging from 15,000 RMB for a standard booth to 48,000 RMB for a larger custom space [9].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company's core business includes building materials machinery and overseas building materials, with significant growth expected in H1 2025, achieving revenue of 8.2 billion yuan, a year-on-year increase of 49%, and a net profit of 750 million yuan, a year-on-year increase of 64% [1][16]. - The overseas building materials business is rapidly growing, particularly in Africa, with revenue reaching 3.77 billion yuan in H1 2025, a year-on-year increase of 90% and a gross margin of 36.8%, up 5.9 percentage points [1][18]. - The company has a strategic investment in Blue Lithium Industry, which is expected to benefit from the rebound in lithium carbonate prices, with Blue Lithium achieving sales of 20,600 tons of lithium carbonate and a net profit margin of 31% in H1 2025 [2][40]. Summary by Sections Company Overview - The company, originally established in 1992, has diversified into building materials machinery, overseas building materials, and lithium battery materials, actively following the "Belt and Road" initiative [16][32]. - The company has established production bases in seven African countries, operating 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines [18][32]. Overseas Building Materials - Africa is experiencing rapid urbanization, with a significant market opportunity for building materials. The region's urbanization rate is currently at 43.5%, similar to China's levels in 2005-2006, indicating substantial growth potential [2][57]. - The company has formed a joint venture with the SenDa Group to enhance its competitive edge in the African market, focusing on ceramics, glass, and sanitary ware [71]. Building Materials Machinery - The building materials machinery segment has shown stable profitability, with revenue of 2.57 billion yuan in H1 2025, a slight decline of 5% year-on-year due to high base effects [2][17]. - The company aims to extend its global footprint and enhance its service offerings through a combination of equipment, consumables, and maintenance services [17][31]. Lithium Materials Business - The company has developed a business structure that includes anode materials, lithium battery equipment, and lithium salt investments, with a significant stake in Blue Lithium Industry [40][41]. - The strategic investment in Blue Lithium has yielded substantial returns, contributing significantly to the company's net profit in recent years [40][41].

Investment Rating - The report maintains a "Positive" investment rating for the industry [16]. Core Insights - Africa is identified as a fertile ground for the outbound capacity of building materials, presenting a second growth curve market. The analysis highlights investment opportunities in Africa from perspectives of development potential, representative countries, and construction companies. Economic growth in Africa is expected to accelerate against a backdrop of a weakening US dollar [5][11]. - Key local leaders in the African building materials sector include Huaxin Cement, West Cement, Keda Manufacturing, and Leshushi, which are experiencing rapid growth and high profitability. The low market share of these companies is attributed to the later timing of their international expansion and the significant asset nature of cement, glass, and tiles, making market positioning crucial for achieving favorable competitive dynamics and profitability [5][12]. Summary by Sections Market Potential in Africa - Africa is the second-largest continent with 54 countries and a population of 1.4 billion. The UN projects that the population in sub-Saharan Africa will grow from 1.24 billion in 2024 to 2.09 billion by 2050, contributing over half of the global population increase. The African Development Bank forecasts GDP growth rates of 3.2%, 3.9%, and 4.0% for 2024-2026 [11][29]. Representative Countries - Outbound enterprises are focusing on underdeveloped regions in West and East Africa. Ghana serves as a significant port and distribution center in West Africa, impacting a market of 430 million people. The East African Community, comprising eight member states, is projected to have a total population of approximately 331 million by 2024 [11][50]. Construction Company Landscape - Chinese companies have a strong presence in Africa, with infrastructure projects accounting for 31.4% of total project value in 2020. Major players like China State Construction, China Railway Construction, and China National Materials are expanding their projects in Africa, indicating a positive outlook for the construction industry over the next 2-3 years [12][16]. Growth Characteristics of African Building Material Leaders - The outbound capacity of building materials is essential, with local leaders like Huaxin Cement and Keda Manufacturing showing rapid growth and high profitability. The expected cement demand in Africa for 2024 is 250 million tons, with a production capacity of 440 million tons. Huaxin Cement's capacity in Africa is 20.6 million tons, holding a market share of about 5% [13][14]. Keda Manufacturing and Leshushi - Keda Manufacturing is recognized as a rare building materials platform in Africa, with overseas revenue growing from 800 million yuan in 2018 to 4.7 billion yuan in 2024. Leshushi, a brand specializing in hygiene products, ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively [14][15].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The construction materials sector has shown a 1.85% increase this week, underperforming the Shanghai Composite Index which rose by 3.24%, indicating a 1.4 percentage point lag [2][9] - The report highlights the significant potential for investment and consumption driven by urban renewal and underground pipeline construction, with an expected investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan period [2] - The report suggests that low-valued consumer building materials, particularly pipes and coatings, are likely to benefit from these initiatives, with a recommendation to focus on leading companies in this sector [2] - The report emphasizes the importance of urban renewal, which includes the renovation of old residential areas and the establishment of safety management systems for buildings, indicating a robust demand for construction materials [2] - The report also recommends monitoring high-end electronic fabrics, African cement, and fiberglass products with price increase expectations [2] Summary by Sections Market Review - The construction materials sector has underperformed the broader market, with notable gains in sub-sectors such as other structural materials and specialized materials [9] - Key stocks that performed well include Fashilong (30.6%), Sifangda (18.3%), and Ruitai Technology (16.3%) [9] Recommended Stocks - The report recommends a focus on the following stocks: Western Cement, Huaxin Cement, Keda Manufacturing, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings [3][15]

Core Insights - Keda Manufacturing's stock price increased by 5.12% on October 24, reaching 12.94 CNY per share, with a trading volume of 372 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 24.817 billion CNY. The stock has risen for four consecutive days, with a cumulative increase of 7.89% during this period [1] Company Overview - Keda Manufacturing Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on December 11, 1996. The company was listed on October 10, 2002. Its main business includes the production and sales of building materials machinery, overseas building materials, lithium battery materials and equipment, and strategic investments in lithium salt business [1] - The revenue composition of Keda Manufacturing is as follows: overseas building materials 46.06%, building materials machinery 31.38%, lithium battery materials 11.33%, new energy equipment 8.68%, and others 2.55% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Caitong Fund has a significant holding in Keda Manufacturing. The Caitong Huazhen Quantitative Stock Selection Mixed A (021147) held 642,600 shares in the second quarter, accounting for 2.35% of the fund's net value, ranking as the ninth largest heavy stock. The estimated floating profit today is approximately 404,800 CNY, with a floating profit of 578,300 CNY during the four-day increase [2] - Caitong Huazhen Quantitative Stock Selection Mixed A (021147) was established on May 6, 2024, with a latest scale of 34.6323 million CNY. Year-to-date return is 18.19%, ranking 4456 out of 8154 in its category; the one-year return is 18.1%, ranking 4027 out of 8025; and the return since inception is 21.87% [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

关于第一大股东部分股份解除质押的公告 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法律责任。 重要内容提示： 证券代码：600499 证券简称：科达制造 公告编号：2025-051 科达制造股份有限公司 梁桐灿先生持有科达制造股份有限公司（以下简称"公司"、"科达制造"） 股份 374,456,779 股，占公司总股本的比例为 19.52%，为公司第一大股东。本次 部分股份解除质押后，梁桐灿先生累计质押股份 203,200,000 股，占其所持公司 股份数的 54.27%，占公司总股本的 10.60%。 一、本次股份解除质押情况 2023 年 6 月 29 日、2024 年 10 月 17 日、11 月 7 日，梁桐灿先生分别将其持 有的科达制造 15,400,000 股无限售流通股、7,450,000 股无限售流通股、2,500,000 股无限售流通股办理了质押手续，具体内容详见公司于 2023 年 7 月 1 日、2024 年 10 月 19 日、11 月 12 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于 ...

Core Insights - The specialized equipment sector experienced a slight increase of 0.02% on October 23, with Sai Xiang Technology leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - Notable gainers in the specialized equipment sector included: - Yunjia Technology (002337) with a closing price of 7.02, up 10.03% and a trading volume of 864,300 shares, totaling 596 million yuan [1] - Shihua Machinery (000852) at 9.34, up 10.01% with a trading volume of 2,720,200 shares, totaling 2.531 billion yuan [1] - Shandong Molong (002490) at 9.36, up 9.99% with a trading volume of 1,097,100 shares, totaling 1 billion yuan [1] Capital Flow - The specialized equipment sector saw a net outflow of 2.135 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.673 billion yuan [2] - The capital flow for specific stocks indicated: - He Dung Intelligent (603011) had a net inflow of 1.011 billion yuan from institutional investors, but a net outflow from retail investors [3] - Lingyun Optics (688400) experienced a net inflow of 82.8594 million yuan from institutional investors [3]

Group 1 - The chairman of Keda Manufacturing Co., Ltd., Bian Cheng, emphasized the importance of establishing roots in Shunde over a decade ago for the company's current success [2] - Bian Cheng highlighted the significant development opportunities overseas, particularly in regions like Africa, South America, and America, where there is still ample space for growth [4] - The company has been involved in overseas building materials business since 2006, focusing on finding untapped markets rather than competing directly with rivals [4] Group 2 - Bian Cheng stressed the necessity of finding partners and involving young people in overseas ventures, as they are crucial for success in international markets [4] - The integration of resources is vital for business development, with Bian Cheng citing Midea's success as a model for other industries in Shunde to follow [4] - The future focus for entrepreneurs should be on innovative marketing models, technological updates, and exploring new fields, rather than merely imitating others [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [10] Core Viewpoints - The report emphasizes the continued recommendation of African building materials, highlighting their upward trend and undervaluation, making them the best-performing segment for Q3 earnings expectations [5][8] - It suggests focusing on leading consumer building material companies that are bottoming out, despite the real estate chain being in a downturn [5][8] - The report identifies specific companies to watch, including Huaxin Cement and Keda Manufacturing, which are expected to see improved Q3 performance [5][8] Summary by Sections Basic Situation - Cement prices have decreased month-on-month, while glass inventory continues to rise [6] - The average cement shipment rate across the country is approximately 45%, showing a month-on-month increase of 0.6% but a year-on-year decrease of 9.2% [6][25] Cement Market - The report notes that the cement market remains weak, with prices continuing to fluctuate due to insufficient downstream demand and production issues [6][24] - The average price of cement is reported at 351.77 yuan/ton, a decrease of 2.26 yuan/ton month-on-month [25] Glass Market - The report indicates that the domestic float glass market is experiencing mixed price movements, with overall trading atmosphere being average and inventory pressures increasing [7][38] - The total inventory of monitored provinces has increased to 59.57 million weight boxes, marking a 17.31% increase compared to the end of September [37][38] Recommendations - The report recommends investing in African chains and existing chains, particularly focusing on companies like Huaxin Cement and Keda Manufacturing, which are expected to benefit from demographic trends and urbanization in Africa [5][8] - It also highlights the potential of consumer building material leaders like Sanhe Tree and Rabbit Baby, which are showing resilient growth despite market challenges [5][8] Special Fabrics - The report notes ongoing investment opportunities in AI electronic fabrics, driven by surging demand and high supply barriers, with companies like Zhongcai Technology positioned to benefit from domestic substitution [9]