Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - Focus on upstream materials for commercial aerospace, with a strong recommendation for UTG glass due to its significant market potential [6][2] - The cement market is experiencing seasonal declines in shipments, while glass inventory has decreased month-on-month [8] - For 2026, three main lines of opportunity are identified: stock chain, Africa chain, and AI chain [9] Summary by Relevant Sections Cement Market - After the New Year, domestic cement market demand continues to weaken due to factors like funding shortages and temperature drops, with key enterprises' shipment rates around 39%, down 1.5 percentage points month-on-month [8] - National cement prices have slightly declined, with price drops observed in regions like Zhejiang, Sichuan, Yunnan, and Xinjiang, ranging from 10 to 30 yuan per ton [23] - The national average cement price is 357.26 yuan per ton, a decrease of 0.32 yuan month-on-month [24] Glass Market - The domestic float glass market has seen a slight rebound in prices, driven by speculative demand, with a total inventory reduction of 183 million weight boxes, a decrease of 3.40% [8][36] - The average price of glass is 61.99 yuan per weight box, up 0.05 yuan month-on-month, but down 12.44 yuan year-on-year [36] - The production capacity of float glass has decreased, with 209 out of 262 production lines operational, resulting in a daily melting capacity of 149,535 tons [8] Investment Opportunities - UTG glass is projected to have a demand of approximately 1.2 million square meters based on the forecast of 6,000 satellites launched annually, translating to a market space of 6 billion yuan [6] - Carbon fiber demand is estimated at around 1,000 tons for satellite applications, with high profit elasticity due to the use of high-modulus series [7] - The report highlights three main investment themes for 2026: optimizing demand and supply in the stock chain, leveraging growth in the African market, and capitalizing on the upgrade trend in AI electronic fabrics [9]

Core Viewpoint - The company has a long-term technological accumulation in the hydraulic press field and has expanded its equipment applications from building materials to industries such as automotive, photovoltaic, and rare earth [1] Group 1: Industry Applications - The company's hydraulic press equipment is primarily used in the manufacturing of automotive wheel hubs, photovoltaic frames, and aluminum alloy profiles [1] - Currently, the company has not conducted specialized research, customized design, or business development for the production of key components in the aerospace sector [1]

格隆汇1月12日丨科达制造(600499.SH)在互动平台表示，公司在液压机领域具备长期的技术积累，目前 相关设备已从建材拓展至汽车、光伏、稀土等行业，主要应用于汽车轮毂、光伏边框、铝合金型材等产 品的成型制造，目前尚未针对航空航天关键部件生产进行专项研发、定制化设计及开展业务。 ...

格隆汇1月12日丨科达制造(600499.SH)在互动平台表示，公司KYM系列模锻液压机目前未涉及航空航 天领域。 ...

每经AI快讯，有投资者在投资者互动平台提问：科达制造的KYM系列模锻液压机是可用于"航空航 天"等高端要求锻件设计的高端装备？ 科达制造（600499.SH）1月12日在投资者互动平台表示，公司KYM系列模锻液压机可应用于铝合金、 钛合金、不锈钢、钢等锻造领域，目前主要应用于汽车零部件等领域，尚未针对航空航天关键部件生产 进行专项研发、定制化设计及开展业务。 （文章来源：每日经济新闻） ...

Core Viewpoint - Keda Manufacturing (600499.SH) announced expected daily related transactions with affiliated parties for the fiscal year 2026, indicating a significant level of inter-company trade and procurement activities [1] Group 1: Procurement and Sales Activities - The company and its subsidiaries plan to purchase ink and color glaze materials worth 281.25 million yuan from Guocera Kanglitai and its subsidiaries [1] - Keda Manufacturing intends to sell equipment worth 17.06 million yuan to subsidiaries of Hongyu Group and accept graphite processing services valued at 258 million yuan [1] - The company will procure raw materials worth 30 million yuan from Guangzhou Sendai, Sendai Group, and their subsidiaries, while also selling building materials worth 60.06 million yuan [1] - Additionally, Keda Manufacturing plans to purchase ceramic components worth 78.90 million yuan from the Ceramic Research Institute and its subsidiaries [1]

Group 1 - The core viewpoint of the article highlights the competitive landscape and market dynamics of the graphite anode materials industry in China, emphasizing the leading companies and their market shares [1][5][15] - The leading companies in the graphite anode materials sector include Bettery, Sanyuan, and Puxin, with registered capital exceeding 1.5 billion yuan, indicating a strong competitive position [1][5] - The industry is characterized by a high concentration, with the top two companies accounting for nearly 40% of the shipment volume, and the top five companies exceeding 70% [10][15] Group 2 - In the first half of 2025, the shipment volume of artificial graphite anodes reached 1.17 million tons, representing 91.7% of total graphite anode shipments [5][7] - Sanyuan holds the highest market share in artificial graphite anode shipments at 21%, followed closely by Bettery [7][10] - The revenue scale for 2024 indicates that Bettery and Sanyuan both exceed 7 billion yuan, with Bettery's revenue at 10.69 billion yuan and Sanyuan's at 8.2 billion yuan [11][13] Group 3 - The geographical distribution of graphite anode manufacturers is primarily concentrated in Guangdong, Shanghai, and Zhejiang, with Guangdong hosting several key players [3][11] - The product layout shows that most companies focus on artificial graphite, while natural graphite is primarily produced by Bettery and Sanyuan [11][14] - The competitive state of the industry reveals that while there are many competitors, the majority of market share is controlled by leading companies, resulting in lower competition intensity among top firms compared to smaller ones [15][16]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Insights - The report highlights a clear trend in the upgrade of AI special electronic fabrics, with Low-Dk electronic fabrics being a core material for high-frequency and high-speed PCBs. The demand logic is driven by the growth in AI server volumes, increased usage per server, and enhanced value from material upgrades. The transition to M9 materials in AI PCBs is expected to significantly boost the scale of high-end special electronic fabrics [3][6] - The report outlines three main lines for 2026: the stock chain, the African chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply varieties, with a notable shift in consumer demand towards renovation, expected to reach nearly 70% by 2030. The African chain emphasizes the undervalued growth potential in the African market, while the AI chain looks at the industrial upgrade of special electronic fabrics [6][4] Summary by Sections Cement Market - The cement market is experiencing a seasonal decline in shipments, with an average shipment rate of 41% among major cement enterprises, down 0.8 percentage points from the previous period. Prices are being maintained in most regions, although some areas are seeing price increases [4][18] - The average national cement price is reported at 358.71 yuan/ton, remaining stable compared to the previous period but down 61.77 yuan/ton year-on-year [19] Glass Market - The float glass market is showing a weak trend, with prices slightly declining and inventories increasing. The average national glass price is 61.64 yuan per weight box, down 0.35 yuan from the previous period and down 12.98 yuan year-on-year [33][30] - The production capacity of float glass has slightly decreased, with 216 out of 265 production lines operational, and a daily melting capacity of 154,105 tons, which is a reduction of 900 tons from the previous week [30][32] Special Electronic Fabrics - The report emphasizes the significant upgrade trend in Low-Dk electronic fabrics, with expected total demand for Low-Dk electronic fabrics projected at approximately 110 million meters in 2025, 220 million meters in 2026, and 320 million meters in 2027. The demand for Low-Dk second-generation fabrics is expected to reach 60 million meters in 2026 and 130 million meters in 2027 [3][6] Future Outlook - The report suggests focusing on three main lines for 2026: the stock chain, the African chain, and the AI chain. It recommends companies such as Sanhe Tree, Rabbit Baby, and Oriental Yuhong for their optimal business models and growth potential [6][4]

证券代码：600499 证券简称：科达制造 公告编号：2025-065 科达制造股份有限公司 关于预计公司及子公司2026年度日常关联交易的公告 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： 本次日常关联交易未达到科达制造股份有限公司（以下简称"公司"）股东 会审议标准，无需提交股东会审议。 对公司的影响：本次日常关联交易均为满足公司日常经营业务的需要，相 关关联交易均遵循公平、公正、公开的原则，该关联交易对公司独立性和财务状 况、经营成果无不利影响，公司并未对关联方形成较大依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 12 月 31 日，公司召开第九届董事会第十四次会议，审议通过《关于 公司及子公司日常关联交易的议案》，基于公司核心业务日常交易的运营模式及发 展情况，在 2026 年度，同意公司及子公司向参股公司山东国瓷康立泰新材料科技 有限公司（以下简称"国瓷康立泰"）及其子公司采购墨水、色釉料 28,125.00 万 元；同意公司及子公司向广东宏宇集团有限公司（以下简 ...

Group 1 - The report emphasizes three main investment themes in the building materials industry: the stock chain, the Africa chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply varieties, with a significant shift in consumer demand expected as renovation needs rise to nearly 70% by 2030 [4][7][26] - The Africa chain highlights the undervalued potential of leading companies in the African market, benefiting from population growth and urbanization, with a projected threefold market expansion for cement [9][10] - The AI chain anticipates an upgrade in the special electronic cloth industry, driven by the transition from Low-Dk to higher-grade products, indicating substantial domestic replacement opportunities due to supply shortages [10][10] Group 2 - The stock chain indicates that the renovation demand is currently around 50% and is expected to reach nearly 70% by 2030, which will drive the industry back to historical demand levels [7][26][28] - The report notes that the supply of consumer building materials is expected to exit significantly, with production levels for various materials projected to be at 90% to 62% of their peak by 2024 [7][37] - The report identifies companies like Huaxin Cement and West Cement as key players in the African market, which is expected to see high demand due to ongoing urbanization and infrastructure development [9][10] Group 3 - The report suggests that the renovation market could reach 20 billion square meters annually, driven by a shorter renovation cycle and an increase in the aging housing stock [28][31] - The report highlights that leading companies in the consumer building materials sector are expected to show revenue and profit resilience, with some companies already demonstrating growth despite industry downturns [8][41] - The report indicates that the waterproof and coating sectors are under significant pressure, with the waterproof materials market expected to see a notable decline in production by 2024 [45][58]