Core Viewpoint - The company, Keda Manufacturing, has reported significant growth in its anode material business, primarily serving the energy storage sector, with a notable increase in sales and profitability in 2023 compared to the previous year [1] Group 1: Business Performance - The company’s artificial graphite product sales reached nearly 70,000 tons in the first three quarters of this year, with both sales and production increasing by over 300% year-on-year [1] - The overall profitability of the anode material segment has improved compared to the same period last year, achieving profitability in the first three quarters, although the net profit margin remains relatively low [1] Group 2: Production Capacity - The company currently has a total production capacity of 150,000 tons per year for artificial graphite across its facilities in Fujian and Chongqing [1] - With the complete release of anode material production capacity and maintaining stable sales and production rates, the company’s revenue scale is expected to further increase [1]

Core Viewpoint - The company, Keda Manufacturing, reported a slight increase in ceramic machinery orders in the first three quarters of the year, driven primarily by overseas orders, which now account for over 65% of total orders [1] Group 1: Company Performance - Keda Manufacturing has maintained steady growth in regions such as Southeast Asia and achieved breakthroughs in certain areas of the Americas [1] - The company has secured equipment supply partnerships with leading global enterprises [1] Group 2: Future Strategy - Keda Manufacturing aims to accelerate market entry by developing model projects in collaboration with top-tier companies [1] - The company plans to continue focusing on the layout of major global ceramic production areas to further increase the proportion of overseas orders [1] - The strategy includes covering more overseas markets to smooth out cyclical fluctuations [1]

（编辑 姚尧） 证券日报网12月5日讯 科达制造在12月5日回答调研者提问时表示，由于公司去年海外建材业务上半年 的业绩低迷，以及其业务总部管理架构的搭建，在海外人才引进与信息化建设上的持续投入，导致相关 费用有所上升。而今年以来，随着公司新增产能的释放、营业收入规模的扩大，以及相关组织人员结构 趋于稳定等，公司经营现金流实现了较好增长。 ...

证券日报网12月5日讯 科达制造在12月5日回答调研者提问时表示，今年第三季度，科特迪瓦和肯尼亚 伊新亚陶瓷项目主要处于产能爬坡阶段，实际生产及销售规模有限，毛利率尚处于较低水平，对公司营 收及利润贡献较小。随着两者产能的逐步释放，预计其将对未来整体业绩产生积极贡献。 （编辑 姚尧） ...

Core Viewpoint - The company is focusing on the production of large-sized mid-to-high-end ceramic tiles at its Kenya Yinxin Ya ceramic project, with a daily capacity of approximately 11,000 square meters [1] Group 1: Production Capacity and Product Development - The company's Kenya project primarily produces larger mid-to-high-end ceramic tiles, with a daily output capacity of around 11,000 square meters [1] - The company is continuously working on product iteration and upgrades for some of its ceramic projects, although the overall capacity for large-sized tiles remains relatively small [1] Group 2: Market Demand and Future Plans - As the local economy develops and the demand for tiles upgrades, the company plans to gradually advance the upgrade of high-end product lines based on market needs [1] - The anticipated upgrades in product lines are expected to positively impact the average price of the company's ceramic products [1]

证券日报网12月5日讯 科达制造（600499）在12月5日回答调研者提问时表示，今年前三季度，公司海 外建材业务各品类的产能利用率均维持在高位。 ...

证券日报网讯 12月4日晚间，科达制造发布公告称，第一大股东梁桐灿先生本次解除质押股份41， 500，000股，占其所持股份比例11.08%，占公司总股本比例2.16%，并于2025年12月2日、12月3日办理 了解除质押手续；同时新增质押5，000，000股，占其所持股份比例1.34%，占公司总股本比例0.26%， 质押起始日为2025年12月3日。 （文章来源：证券日报） ...

科达制造股份有限公司 关于第一大股东股份质押情况变更的公告 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：2025-061 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 部分股份解除质押及再次质押后，梁桐灿先生累计质押股份 166,700,000 股，占 其所持公司股份数的 44.52%，占公司总股本的 8.69%。 截至 2025 年 12 月 3 日，梁桐灿先生及其一致行动人广东宏宇集团有限 公司（以下简称"宏宇集团"）持有公司股份 438,797,931 股，占公司总股本的比 例为 22.88%，累计质押股份 231,041,152 股，占其所持公司股份数的 52.65%，占 公司总股本的 12.05%。 公司近日收到第一大股东梁桐灿先生的通知，获悉其将所持有公司的部分股 份办理了解除质押登记及新增质押登记，现将有关情况公告如下： 一 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].