Core Viewpoint - The report highlights the strong performance of leading companies in the electronic fabric and copper foil sectors, driven by AI contributions and improvements in core business operations, indicating a positive market outlook for these segments [1][2]. Group 1: Electronic Fabric and Copper Foil - Two leading companies in electronic fabric and copper foil have reported better-than-expected mid-year results, primarily due to AI's contribution to profits and continued improvement in their core businesses [2]. - For instance, Zhongcai Technology's AI electronic fabric products have seen increased shipments, and its wind power blade business has experienced both volume and price increases in Q2, with expectations for further improvement in Q3 [2]. - Copper Crown Copper Foil's HVLP series products have achieved bulk shipments, and the lithium battery copper foil segment has shown significant loss reduction and margin recovery [2]. Group 2: Market Trends and Opportunities - Market attention is shifting towards liquid cooling, power supplies, and generators, but electronic fabric and copper foil remain high-demand sectors, expected to lead in unit value enhancement [2]. - The report expresses optimism for the African building materials market and highlights Keda Manufacturing as a leading local player, with a strong growth forecast for the first half of the year [2]. Group 3: Quantum Computing Developments - The report notes advancements in quantum computing, with strategic partnerships aimed at integrating quantum computing with AI for practical applications [3]. - IBM's 2025 quantum roadmap indicates significant progress, with plans to deliver a large-scale fault-tolerant quantum computer by 2029 [3]. Group 4: Traditional Building Materials Transformation - Traditional building material companies are accelerating their core business transformations, with notable acquisitions and investments in generative AI [4]. Group 5: Market Data and Trends - Cement prices averaged 343 RMB per ton this week, showing a year-on-year decrease of 36 RMB, while the average utilization rate for concrete mixing stations was reported at 6.86% [5]. - The glass market saw a decline in prices, with the average price for float glass at 1205.78 RMB per ton, down 2.42% from the previous week [5].

Summary of Keda Manufacturing Conference Call Company Overview - Keda Manufacturing has over 60% of its revenue from overseas, primarily from local building materials in Africa (approximately 4.7 billion RMB) and machinery equipment exports (approximately 3.3 billion RMB) [2][5][17] - Net profit increased from 120 million RMB in 2019 to 700-800 million RMB in 2024, with expectations to reach 1.3-1.4 billion RMB in 2025 [2][5] Key Business Segments Machinery Equipment - Despite a decline in downstream demand, Keda Manufacturing achieved growth through consumables (expected revenue of 1.2 billion RMB in 2024, with 300 million RMB from ink collaboration with Guocera) and general equipment (revenue of 1 billion RMB) [2][7] - The ceramic machinery segment maintains a revenue of 4.5 billion USD, holding a global market share of approximately 25% [2][7] Local Building Materials in Africa - Keda Manufacturing collaborates with local leading enterprises to strengthen its channel advantages in the African market [2][8] - The African building materials market is projected to reach 1.4 billion square meters by the end of 2023, valued at approximately 40 billion RMB [2][12] Financial Projections - Expected revenue for 2025 is over 7 billion RMB, with projections of 8-9 billion RMB in 2026 and over 10 billion RMB in 2027 [3][17] - The company aims for a revenue target of 10 billion USD, with specific goals for ceramic machinery, consumables, and general equipment [7] Competitive Landscape - Keda Manufacturing has established a dual oligopoly with Italy's Sacmi in the ceramic machinery industry [7] - The company has a strategic focus on enhancing its competitive edge in the African market, where Chinese enterprises have gained significant market share [9][12] Governance and Management - Keda Manufacturing has a complex governance structure with multiple financial investors, which may impact long-term strategic decisions [3][4] Market Dynamics - The African market is characterized by a growing demand for building materials due to population growth and urbanization [9][12] - Local production capabilities have increased, reducing import ratios, although infrastructure challenges still lead to over 20% imports [12] Strategic Initiatives - Keda Manufacturing is expanding into sanitary ware and glass production, with a glass production line in Tanzania expected to generate nearly 1 billion RMB in revenue [15][16] - The company is leveraging its existing channels and partnerships to enhance its market position and profitability [10][11] Investment Outlook - The current market conditions are favorable for investing in Keda Manufacturing due to its low valuation, stable growth, and high elasticity from potential lithium carbonate price increases [17][18]

Investment Rating - The report maintains a positive outlook on the electronic fabric and copper foil sectors, highlighting their strong performance and market leadership in the AI industry chain [2][13]. Core Insights - The report emphasizes that two leading companies in electronic fabric and copper foil have exceeded expectations in their mid-year reports, driven by AI contributions, continuous improvement in core businesses, and strong market share positions [2][13]. - The report also highlights the growth potential in the African building materials market, particularly for local manufacturing companies like Keda Manufacturing, which is expected to benefit from high demand and favorable local recognition [14]. - The advancements in quantum computing are noted, with significant developments from IBM and Tsinghua University, indicating a growing interest and potential in this field [15]. Summary by Sections Weekly Discussion - Two leading companies in electronic fabric and copper foil have reported better-than-expected results, with AI contributing to profits and core businesses improving [2][13]. - Keda Manufacturing is highlighted as a leader in local production in Africa, benefiting from high demand and local support [14]. - Quantum computing advancements are being made, with IBM's roadmap and Tsinghua University's research indicating significant progress [15]. Market Performance - The building materials index showed a performance increase of 5.27%, with specific sectors like glass manufacturing and fiberglass performing particularly well [20]. - The report notes that the cement market is experiencing a slight price increase, with an average price of 343 RMB per ton, reflecting a 2 RMB increase from the previous period [17][28]. Price Changes in Building Materials - The report indicates that the national average price for cement has increased by 0.7%, with specific regions seeing price increases of 10-30 RMB per ton [28]. - The average price for float glass has decreased to 1205.78 RMB per ton, reflecting a decline of 2.42% [17][36]. Industry Trends - The report identifies a sustained high demand for AI materials, particularly in specialized fiberglass and high-grade copper foil, with expectations for continued growth in these areas [18]. - Traditional building material companies are accelerating their business transformations, with notable acquisitions and investments in AI-related fields [16].

金融界消息 截至2025年8月19日收盘，科达制造（600499）报收于11.72元，下跌0.68%，换手率0.5%， 成交量9.58万手，成交金额1.13亿元。 资金流向方面，今日主力资金净流出1162.03万元，占比成交额10.32%。其中，超大单净流出467.55万 元、占成交额4.15%，大单净流出694.49万元、占成交额6.17%，中单净流出流入303.29万元、占成交额 2.69%，小单净流入858.75万元、占成交额7.63%。 科达制造最新一期业绩显示，截至2025一季报，公司营业总收入37.67亿元、同比增长47.05%，归属净 利润3.47亿元，同比增长11.38%，扣非净利润3.23亿元，同比增长17.13%，流动比率1.539、速动比率 1.005、资产负债率49.19%。 天眼查商业履历信息显示，科达制造股份有限公司，成立于1996年，位于佛山市，是一家以从事专用设 备制造业为主的企业。企业注册资本191785.6391万人民币，实缴资本191785.6391万人民币。公司法定 代表人为边程。 通过天眼查大数据分析，科达制造股份有限公司共对外投资了40家企业，参与招投标项目105次 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Group 1 - The latest stock price of Keda Manufacturing is 11.62 yuan, an increase of 0.15 yuan from the previous trading day's closing price, representing a rise of 1.31% [1] - The opening price today was 11.40 yuan per share, with a highest price of 11.74 yuan per share and a lowest price of 11.39 yuan per share, resulting in a trading volume of 142,984 hands and a transaction amount of 167 million yuan [1] - Keda Manufacturing is involved in sectors such as specialized equipment, Guangdong region, expected performance growth in the 2025 mid-year report, robotics concept, and Standard & Poor's [1] Group 2 - The company has reported a continuous increase in quarterly net profit for four consecutive quarters [1] - Since the second half of the year, Keda Manufacturing has attracted attention from institutional research [1] - The performance forecast for the first half of 2025 indicates that the company's performance continues to improve [1] Group 3 - On August 15, 2025, the net outflow of main funds for Keda Manufacturing was 5.3475 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 23.4811 million yuan, representing 0.11% of the circulating market value [1]

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 ■ 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年年度股东大会，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，公司及子公司对科裕国际、特福家居分别提供不超 过103,000万元、32,000万元的担保预计额度。具体内容详见公司于2025年3月27日、2025年4月17日在上 海证券交易所网站（www.sse.com.cn）披露的《关于为子公司提供担保的公告》《2024年年度股东大会 决议公告》。本次担保在公司股东大会批准的担保计划额度内，无需再次审议。 截至本公告披露日，科裕国际、特福家居的担保预计额度使用情况如下： 单位：万元人民币 备注："实际为其提供的担保余额"系截至2025年7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。 ● ...

Group 1 - The stock price of Keda Manufacturing is reported at 11.47 yuan, down 1.63% from the previous trading day, with a trading range of 11.38 yuan to 11.77 yuan and a transaction amount of 185 million yuan [1] - Keda Manufacturing operates in the specialized equipment manufacturing industry, with main business areas including building materials machinery and lithium battery materials and equipment, widely used in construction ceramics and lithium battery sectors [1] - The latest announcement indicates that Keda Manufacturing and its subsidiaries have total external guarantees amounting to 11.421 billion yuan, with guarantees to the controlling subsidiary at 10.306 billion yuan, and as of the end of July, the actual guarantee balance is 4.704 billion yuan, with no overdue guarantees reported [1] Group 2 - On the funding flow side, there was a net outflow of 6.4664 million yuan from main funds on that day, with a cumulative net outflow of 27.4536 million yuan over the past five trading days [1]

证券日报网讯 8月14日晚间，科达制造发布公告称，截至2025年8月14日，公司及控股子公司对外担保 总额为114.21亿元，公司对控股子公司提供的担保总额为103.06亿元，其中"担保总额"指已批准的担保 额度内尚未使用额度与担保实际发生余额之和（含本次董事会审议额度，共同借款的担保总额不重复计 算），上述金额分别占公司2024年度经审计净资产的比例为99.50%、89.78%。截至2025年7月31日，公 司及控股子公司实际对外担保余额为47.04亿元，公司对控股子公司提供的担保余额为43.90亿元，其 中"担保余额"指上述担保总额项下债务余额（共同借款的担保余额不重复计算），上述金额分别占公司 2024年度经审计净资产的比例为40.98%、38.24%。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） ...

科达制造股份有限公司 关于为控股子公司提供担保的进展公告 证券代码：600499 证券简称：科达制造 公告编号：2025-037 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 | | | | | 科裕国际（香港）有限公 | | 特福（广州）家居有限公 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 被担保人名称 | 司 （以 | 下简 | 称" | 科 裕国 | 司（以下简称"特福家 | | | | | 际"） | | | | 居"） | | | 担 保 | 本次担保金额 | | | 18,250.00 | 万元 | 万元 | 5,000.00 | | 对 象 | 实际为其提供的担保余额 | | | 81,873.03 | 万元 | 万元 | 7,498.00 | | | 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 | | □ ...