10月18日，佛山市企业联合会、佛山市企业家协会（下称"佛山企业两会"）第十届换届会议暨2025年佛 山百强报告大会在佛山皇冠假日酒店举行。大会总结了佛山企业两会过去五年工作成果，选举产生了新 一届领导机构，科达制造股份有限公司董事长边程连续第三届当选佛山企业两会会长。会上，著名战略 咨询专家、智纲智库创始人王志纲出席活动并作主题分享。 在换届大会上，由佛山企业两会执行会长鲍杰军报告换届筹备工作情况。会议选举产生第十届领导机 构：科达制造股份有限公司董事长边程出任会长，广东通建律师事务所主任钟坚律师担任监事长，并由 戴促辉、何剑锋、吴启超、梁桐灿、李深华、邱代伦等企业家组成常务理事会。 佛山企业两会秘书长徐韵妍作第九届理事会工作报告时表示，过去五年，佛山企业两会围绕持续升级品 牌活动、多维创新会员服务、精准搭建政企桥梁、积极践行社会责任、融合发展宣传矩阵、党建引领规 范治理六方面，开展各项工作。在新的理事会带领下，协会将优化工作机制，增强服务实效，全面提升 协会凝聚力、影响力与引领力。 活动现场展示了2025年"佛山企业100强"及其子榜单，发布《2025年佛山市骨干企业发展报告》。为充 分发挥骨干企业的示范 ...

机构持仓方面，截止2025年6月30日，科达制造十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.39亿股，相比上期增加2430.81万股。 责任编辑：小浪快报 科达制造所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：GDR概念、锂电 池、盐湖提锂、海工装备、分拆概念等。 截至6月30日，科达制造股东户数5.97万，较上期减少19.87%；人均流通股32144股，较上期增加 24.80%。2025年1月-6月，科达制造实现营业收入81.88亿元，同比增长49.04%；归母净利润7.45亿元， 同比增长63.95%。 分红方面，科达制造A股上市后累计派现38.64亿元。近三年，累计派现22.99亿元。 10月20日，科达制造盘中上涨2.02%，截至11:23，报11.64元/股，成交1.05亿元，换手率0.48%，总市值 223.24亿元。 资金流向方面，主力资金净流入391.93万元，特大单买入230.14万元，占比2.20%，卖出0.00元，占比 0.00%；大单买入1493.75万元，占比14.25%，卖出1331.96万元，占比12.70%。 科达制造今年以来股价涨5 ...

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].

Group 1 - The provincial government emphasizes the importance of private economy development and has implemented policies to support its growth, contributing to stability, innovation, employment, and international market expansion [1][2] - A total of 100 individuals and 38 companies have been awarded titles for their contributions to the development of the private economy in Guangdong, highlighting the recognition of outstanding entrepreneurs and enterprises [1][2] - The government encourages recognized individuals and companies to continue their efforts in strengthening and expanding their businesses, promoting high-quality development in Guangdong [2] Group 2 - The article underscores the broad prospects and significant potential for the development of the private economy in the new era, urging private economic actors to learn from exemplary figures and companies [2] - It calls for a collective effort to uphold the spirit of entrepreneurship, maintain a commitment to lawful operations, and contribute to the modernization of China [2]

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

重要内容提示： ● 担保对象及基本情况 证券代码：600499 证券简称：科达制造 公告编号：2025-048 科达制造股份有限公司 关于为子公司提供担保的进展公告 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。 ■ 备注："实际为其提供的担保余额"系截至2025年8月31日科达制造股份有限公司（以下简称"公司"）为 其实际提供的担保余额，不含本次担保。 ● 累计担保情况 ■ 一、担保情况概述 （一）担保的基本情况 为满足子公司业务发展需求，公司于近日签署相关对外担保合同，为子公司融资授信提供对外担保，具 体情况如下： ■ （二）内部决策程序 公司于2025年3月26日、2025年4月16日分别召开了第九届董事会第六次会议及2024年年度股东会，审议 通过了《关于为子公司提供担保的议案》，同意公司及子公司对子公司（含未来新设立的子公司）提供 合计不超过270,000万元的担保预计额度，其中，公司及子公司分别对科裕国际、特福（广州）家居有 限公司（以下简称"特福家居"）提供不超过103,000万元、32,000万元的担保预计额度 ...

证券日报网讯 9月25日晚间，科达制造发布公告称，公司无逾期担保，且未对第一大股东及其关联方提 供担保。 （文章来源：证券日报） ...

备注："实际为其提供的担保余额"系截至 2025 年 8 月 31 日科达制造股份有限 公司（以下简称"公司"）为其实际提供的担保余额，不含本次担保。 证券代码：600499 证券简称：科达制造 公告编号：2025-048 科达制造股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 科裕国际（香港）有限公司（以下简称"科裕国际"） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 保 对 | | | | | | | | | | 本次担保是否有反担保 | | | □是 | 否 | □不适用：_________ | | | 担 | 本次担保金额 | | 35,000.00 | | | | 万元 | | | 实际为其提供的担保余额 | | 80,359.73 | | | | 万元 | | 象 | 是否在前期预计额度内 | | | 是 | □否 | □ ...

Investment Rating - The report suggests focusing on investment opportunities in the fiberglass and cement industries due to improving profitability, while selecting stocks with alpha characteristics in the consumer building materials and early-cycle sectors [2][5]. Core Insights - The building materials industry has seen a narrowing revenue decline and notable profit improvements, particularly in the cement and fiberglass sectors, with overall revenue for sample companies decreasing by 4.1% year-on-year to 277.57 billion yuan, while net profit increased by 38.9% to 14.82 billion yuan [11][12]. - The cement industry has shown significant recovery, with a revenue of 118.8 billion yuan, a decline of 7.5%, and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, indicating a strong recovery driven by price improvements and growth in special fabric business [6][38]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - Sample companies in the building materials sector achieved a total revenue of 277.57 billion yuan in the first half of 2025, with a year-on-year decline of 4.1%, a significant improvement compared to a 10.7 percentage point decline in 2024 [11][12]. - The overall net profit for the industry turned positive, reaching 14.82 billion yuan, compared to a 50.8% decline in 2024 [11][12]. 2. By Sector: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Bottom Recovery Becoming Certain - The cement industry has shown a significant improvement, with a revenue of 118.8 billion yuan and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The demand for cement remains in a declining trend, but the rate of decline has slowed [24]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, with most companies in the sector achieving double-digit revenue growth [6][38]. 2.3 Consumer Building Materials: Revenue Decline Narrowing, Some Companies Show Strong Alpha - The consumer building materials sector saw a revenue of 68.76 billion yuan, down 2.7%, and a net profit of 4.35 billion yuan, down 13.2%, with some companies like Keda Manufacturing and Three Trees showing strong performance [6][12]. 2.4 Glass: Photovoltaic Glass Experiences Phase Recovery, Building Glass Still Under Pressure - The glass industry faced challenges, with a revenue of 24.6 billion yuan, down 17.0%, and a net profit of 1 billion yuan, down 60.3%, indicating ongoing pressure from weak real estate completions [6][12]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - The early-cycle sector remains under pressure, but leading companies like Subote have achieved revenue and profit growth, focusing on major projects in the western regions [7][12].

Investment Rating - The report maintains a "Positive" outlook on the building materials industry for 2025, highlighting investment opportunities in the fiberglass and cement sectors, while suggesting stock selection in consumer building materials and early-cycle segments [2][3]. Core Insights - The building materials industry has shown signs of recovery, with a narrowing revenue decline and improved profitability in the cement and fiberglass sectors. The overall revenue for sample companies in the first half of 2025 was 277.57 billion yuan, a year-on-year decline of 4.1%, which is a 10.7 percentage point improvement compared to the entire year of 2024. Net profit attributable to shareholders reached 14.82 billion yuan, a year-on-year increase of 38.9% [5][15]. - The cement industry is experiencing a gradual recovery, with significant profit improvements. In the first half of 2025, the cement sector achieved a revenue of 118.8 billion yuan, down 7.5% year-on-year, but net profit surged by 1110.5% to 5.4 billion yuan. This recovery is partly due to a low base effect from 2024 and favorable pricing conditions [6][28]. - The fiberglass sector reported robust growth, with sample companies generating a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% to 3.29 billion yuan. The recovery in pricing and the growth in specialty fabric business are contributing factors [7][19]. - Consumer building materials showed a smaller revenue decline of 2.7%, with total revenue of 68.76 billion yuan and net profit down 13.2% to 4.35 billion yuan. Companies like Keda Manufacturing and Sankeshu are demonstrating strong alpha characteristics due to their unique market positions [6][7]. - The glass sector remains under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan, primarily due to high base effects and weak demand in the construction sector [5][19]. - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - The building materials industry is categorized into six segments: cement, glass, fiberglass, early-cycle, consumer building materials, and new materials. The overall revenue decline has narrowed, and profitability has improved, particularly in the cement and fiberglass sectors [15][19]. 2. By Industry: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Recovery Certainty Gradually Realized - The cement industry is showing signs of recovery with improved profitability. The first half of 2025 saw a revenue of 118.8 billion yuan, down 7.5% year-on-year, and a net profit of 5.4 billion yuan, up 1110.5% [28][34]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector has shown significant growth, with a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% [7][19]. 2.3 Consumer Building Materials: Revenue Stabilizing, Some Companies Show Profit Alpha - The consumer building materials segment experienced a revenue decline of 2.7%, totaling 68.76 billion yuan, with net profit down 13.2% to 4.35 billion yuan. Certain companies are demonstrating strong alpha characteristics [6][7]. 2.4 Glass: Photovoltaic Glass Phase Improvement, Building Glass Still Under Pressure - The glass industry is under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan [5][19]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19].