Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].

Core Viewpoint - Keda Manufacturing Co., Ltd. has disclosed a rectification report regarding administrative regulatory measures from the Guangdong Securities Regulatory Bureau, addressing issues such as off-balance sheet fund transactions, improper executive compensation, related party fund occupation, and unauthorized financial assistance [1][2]. Group 1: Rectification Measures - The company has completed the rectification of major issues, including the cancellation of off-balance sheet accounts and the return of funds, with one account related to financial products set to be closed by July 2026 [1]. - The chairman has personally covered the remaining balance of a financial product and committed to bearing any potential gains or losses upon maturity [1]. - The company has adopted future applicable accounting methods for recovered funds, which were recognized in the third quarter of 2025 [1]. Group 2: Executive Compensation - Related executives have returned all improperly approved compensation and accrued interest, with the company committing to strictly follow compensation review and disclosure procedures in the future [2]. - A revised "Compensation and Performance Management System for Directors and Senior Management" is planned for completion in the first half of 2026 [2]. Group 3: Related Party Transactions - The company has fully recovered funds and interest that were occupied by related parties through suppliers, implementing measures to prohibit non-operational fund occupation and enhance payment approval processes [2]. - A pre-reporting system for related party transaction limits has been established, and the prevention of fund occupation will be included in performance evaluations [2]. Group 4: Financial Assistance - All loans and interest provided to related parties have been returned, with a clear prohibition on any form of financial assistance to related parties [2]. - The company has conducted training and revised internal controls to ensure compliance, with the audit committee strengthening oversight of related transactions [2].

证券日报网讯 11月26日晚间，科达制造发布公告称，公司于2025年11月26日召开第九届董事会第十三 次会议，审议通过《关于聘任公司财务负责人的议案》，同意聘任罗麟先生为公司财务负责人。 （编辑 姚尧） ...

格隆汇11月26日丨科达制造(600499.SH)公布，为便于员工持股平台的日常管理及调整公司治理结构， 子公司广东特福国际拟变更部分人员的持股方式（变更后，广东特福国际直接和间接股东的实际持股比 例未发生变化），其中，拟将公司董事李跃进通过泰安福锦、泰安福豪间接持有的广东特福国际全部股 权，由上述员工持股平台将其转让至李跃进直接持有，即泰安福锦、泰安福豪拟分别以人民币3,420.22 万元、2,280.15万元，将其持有的广东特福国际0.90%、0.60%股权转让至李跃进。本次调整完成后，李 跃进将由间接持有广东特福国际合计1.50%股权变为直接持有。为支持广东特福国际长效激励约束机制 的运营，公司自愿放弃行使对上述股权的优先购买权。 ...

Core Viewpoint - Keda Manufacturing (600499.SH) announced the resignation of its Vice President and Chief Financial Officer, Zeng Fei, due to work adjustments, while he will continue to serve as Vice President and hold other positions in subsidiaries [1] Group 1 - The company held its 13th meeting of the 9th Board of Directors on November 26, 2025, where it approved the appointment of Luo Lin as the new Chief Financial Officer [1] - Luo Lin's term as Chief Financial Officer will last until the end of the current Board's term [1]

格隆汇11月26日丨科达制造(600499.SH)公布，为便于员工持股平台的日常管理及调整公司治理结构， 子公司广东特福国际拟变更部分人员的持股方式（变更后，广东特福国际直接和间接股东的实际持股比 例未发生变化），其中，拟将公司董事李跃进通过泰安福锦、泰安福豪间接持有的广东特福国际全部股 权，由上述员工持股平台将其转让至李跃进直接持有，即泰安福锦、泰安福豪拟分别以人民币3,420.22 万元、2,280.15万元，将其持有的广东特福国际0.90%、0.60%股权转让至李跃进。本次调整完成后，李 跃进将由间接持有广东特福国际合计1.50%股权变为直接持有。为支持广东特福国际长效激励约束机制 的运营，公司自愿放弃行使对上述股权的优先购买权。 ...

每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 张明双） 2024年1至12月份，科达制造的营业收入构成为：机械装备行业占比53.32%，海外陶瓷行业占比 37.42%，锂电池材料行业占比6.99%，其他装备占比2.19%，其他业务占比0.08%。 截至发稿，科达制造市值为245亿元。 每经AI快讯，科达制造（SH 600499，收盘价：12.79元）11月26日晚间发布公告称，曾飞先生因工作调 整原因申请辞去其所担任的财务负责人职务。曾飞先生将按公司相关规定做好交接工作。辞去上述职务 后曾飞先生仍担任公司副总裁及子公司其他职务。为确保公司财务管理工作的顺利开展，经公司总经理 杨学先先生提名并征得本人同意，并由公司董事会提名委员会和审计委员会审查通过，董事会审议通过 《关于聘任公司财务负责人的议案》，同意聘任罗麟先生为公司财务负责人。 ...

科达制造股份有限公司 投资管理制度 第一章 总则 第一条 为了加强科达制造股份有限公司（以下简称"公司"）投资管理，规 范公司投资行为，降低投资风险，提高资金运作效率，维护公司和股东的利益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》《上海证券交易所股票上市规则》（以下简称"《上市规则》"）等相关法律法 规、规范性文件及《科达制造股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称的投资，指公司以现金、实物、无形资产等方式对外进 行各种形式的投资活动，包括但不限于固定资产投资、股权投资、金融资产投资 及法律、法规规定的其他投资行为。 公司的委托理财业务、套期保值业务根据公司《委托理财管理制度》《大宗 原料套期保值业务管理制度》《外汇汇率及利率套期保值业务管理制度》的相关 规定执行。 第三条 本制度适用于公司及全资子公司、控股子公司（以下统称为"子公 司"）的投资管理。本制度旨在建立有效的管理机制，对公司组织资源、资产、 投资等经营运作过程进行效益提升和风险控制，保障资金运营的收益性和安全性， 提高公司的盈利能力 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-060 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"） | | | --- | --- | --- | --- | | 担 | 本次担保金额 | | 5,000.00 万元 | | 保 对 | 实际为其提供的担保余额 | | 39,495.55 万元 | | 象 | 是否在前期预计额度内 是 | □否 □不适用：_________ | | | | 本次担保是否有反担保 □是 | 否 □不适用：_________ | | 备注："实际为其提供的担保余额"系截至 2025 年 10 月 31 日科达制造股份有限 公司（以下简称"公司""科达制造"）及子公司为其实际提供的担保余额，不含本 次担保。 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 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-055 科达制造股份有限公司 关于放弃控股子公司股权优先购买权暨关联交易的 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： 科达制造股份有限公司（以下简称"公司"）控股子公司广东特福国际 控股有限公司（以下简称"广东特福国际"）的少数股东泰安福锦投资服务合伙 企业（有限合伙）（以下简称"泰安福锦"）及泰安福豪投资服务合伙企业（有 限合伙）（以下简称"泰安福豪"）拟分别以人民币 3,420.22 万元、2,280.15 万 元的价格，将其合伙人李跃进通过其间接持有的广东特福国际 0.90%、0.60%股 权转让给李跃进直接持有。转让完成后，李跃进对广东特福国际的持股由通过合 伙企业间接持有 1.50%股权转变为直接持有 1.50%股权。为支持广东特福国际长 效激励约束机制的运营，公司自愿放弃行使对上述股权的优先购买权。 本次交易的受让方李跃进为公司董事，因此公司放弃优先购买权构成关 联交易。目前公司持有广东特福国际 48.45%的股权，本次股权 ...