Core Viewpoint - The aging population in China faces significant challenges, including insufficient family wealth reserves, inadequate elderly-friendly infrastructure, and a shortage of elder care services. A multi-tiered, intelligent, and inclusive elder care service system is recommended to address these issues and ensure basic elder care services for all seniors [2][3]. Group 1: Current Challenges in Elder Care - Over 80% of urban families experience anxiety regarding elder care, yet less than 30% actively engage in financial planning for it [2]. - Monthly fees for elder care institutions typically range from 4,000 to 8,000 yuan, which exceeds the average pension level for retired employees, creating a dilemma where institutions are unaffordable while home care lacks adequate support [2]. - There is a significant shortfall in qualified elder care personnel, with an actual demand of approximately 13 million caregivers but only about 6 million certified workers, resulting in a gap of 7 million [2][4]. Group 2: Structural Issues in Elder Care Facilities - Although there are 410,000 elder care institutions and facilities nationwide, there is a structural mismatch as over 90% of seniors prefer home and community-based care, yet community service coverage is below 50% and primarily limited to daytime care without professional medical support [3]. - The current "institution-community-home" service network is not fully established across the country, despite pilot projects in cities like Fuzhou and Shanghai [3]. Group 3: Recommendations for Improvement - It is essential to create a multi-tiered, intelligent, and inclusive elder care service system to address the "last mile" issue of community integration, ensuring that all seniors can access basic elder care services [3]. - The government is advised to adopt the upgraded "Neighbor Exchange" model from Shanghai's Changning District, making community-integrated elder care facilities a mandatory standard in urban renewal and new residential projects [3]. - To address the caregiver shortage, promoting mutual aid in elder care is suggested, along with establishing a national standard for service duration measurement and a cross-regional information platform [4]. - The proposal includes incentivizing healthy seniors and community volunteers to provide services to elderly individuals in need, as well as addressing the practical shortcomings of many elder care technology products by establishing a special fund for inclusive elder care technology [4].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][34]. Core Insights - The overall sentiment for the building materials industry is that earnings per share (EPS) are becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector. The focus is on buying stocks with solid fundamentals and the potential for macroeconomic improvements [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][6]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and International Composites being highlighted as key players [4][5][6]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, providing opportunities for price increases in consumer building materials [3]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][34]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases. The report notes that if price increases are successfully implemented, major companies could see improved profitability [5][7]. - Key recommendations include China Jushi and International Composites, which are expected to benefit from these trends [15][22]. Cement - The cement industry is at a potential turning point, with expectations for price increases as the market stabilizes. Companies like Conch Cement and Huaxin Cement are highlighted for their growth potential, especially in overseas markets [18][46]. - The report emphasizes the importance of policy execution and governance improvements in driving future growth opportunities [43][45]. Glass - The glass sector, particularly companies like Xinyi Glass, is showing stronger-than-expected profitability at the bottom of the market cycle, driven by structural optimization and increased overseas sales [10][12]. - Recommendations include Xinyi Glass and Qibin Group, which are expected to benefit from product upgrades and market recovery [17][16]. Overall Market Outlook - The report suggests that the building materials industry is entering a phase of clearer fundamentals, with potential for macroeconomic improvements to enhance stock performance. The focus is on companies with independent growth drivers and strong dividend yields [23][25][35].

Investment Highlights - The SW auto parts index decreased by 3.64% this week, ranking 3rd among SW automotive sectors, with a year-to-date increase of 2.87% [3][12] - The latest PE (TTM) for SW auto parts is at the 83.12% historical percentile, while the PB (LF) is at the 77.86% historical percentile [3][33] Robotics Sector Review - The Wande Robotics Index fell by 5.48% this week, with a year-to-date decline of 3.00%, underperforming the SW auto parts sector by 1.84% [4][35] - The latest PE (TTM) for the robotics sector is at the 60.99% percentile since 2025, and the PB (LF) is at the 59.22% percentile [4][44] Key Company Updates - Yinlun Co., Ltd. announced on March 5 that its wholly-owned subsidiary secured a project for a gas turbine exhaust emission treatment system, expected to start supplying in Q4 2026, with an annual sales estimate of approximately $131 million [5][51] - Fuda Co., Ltd. announced on March 6 its plan to establish a wholly-owned subsidiary in Mexico with an investment of $4 million for the production, R&D, and sales of auto parts and robotics components [5][51] Top Performing Stocks - The top five performing stocks this week include: Feilong Co., Ltd. (+15.78%), Yinlun Co., Ltd. (+11.41%), Beite Technology (+2.61%), Huada Technology (-1.33%), and Jingzhuan Technology (-1.35%) [6][51] Major Events - Schaeffler established a subsidiary for embodied intelligent robots in China and formed a strategic partnership with Leju [7][45] - Galaxy General completed a new round of financing amounting to 2.5 billion yuan [7][45] - Lei Jun and He Xiaopeng proposed suggestions related to robotics at the Two Sessions [7][45] - Xiaomi's robotics have been integrated into automotive factories [7][45] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value segments to increase ASP, with a priority on potential leading companies in Europe, North America, and Southeast Asia [8][56] - For robotics, look for certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor the order fulfillment timeline and application deployment by domestic companies like Xiaopeng and Yuzhu [8][56]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [56]. Core Insights - The automotive parts sector saw a weekly decline of 3.64%, with a year-to-date increase of 2.87%, ranking third among automotive sectors [2][16]. - The robotics sector experienced a weekly drop of 5.48% and a year-to-date decline of 3.00%, underperforming the automotive parts sector by 1.84% [2]. - Key developments include Silver Wheel's announcement of a project for gas turbine exhaust treatment systems, expected to generate annual sales of approximately $131 million starting Q4 2026 [2][49]. - The report highlights the importance of structural opportunities in the automotive parts sector, focusing on product-oriented companies and those expanding into high-value segments [50]. Summary by Sections Automotive Parts Weekly Review - The automotive parts index is ranked third in the SW automotive sector this week, with a year-to-date performance of +2.87% [2][16]. - The latest trading day shows the SW automotive parts PE (TTM) at the 83.12% historical percentile and PB (LF) at the 77.86% historical percentile [26]. - The sector's trading volume has decreased, influenced by geopolitical tensions [23][34]. Robotics Weekly Review - The robotics index has dropped to a historical low in trading activity, with a weekly decline of 5.48% [30][34]. - The latest trading day shows the robotics PE (TTM) at the 60.99% historical percentile and PB (LF) at the 59.22% historical percentile [38]. - Significant events include Schaeffler's establishment of a robotics subsidiary in China and strategic cooperation with Leju [39][40]. Core Coverage Stock Tracking - The top-performing stocks this week include Feilong Co. (+15.78%) and Silver Wheel (+11.41%) [46]. - Notable announcements include Fuda Co.'s plan to establish a wholly-owned subsidiary in Mexico for automotive and robotics parts production [49]. Investment Recommendations - For the automotive parts sector, the report recommends focusing on companies with strong product offerings and those expanding into high-value markets, such as Fuyao Glass and Xingyu Co. [50]. - In the robotics sector, the report suggests looking for opportunities related to the upcoming release of Optimus V3 and the application of robotics by domestic companies [50].

Investment Focus - The report highlights the strong growth potential in the storage industry, with domestic storage manufacturers expected to exceed production expansion forecasts, benefiting companies closely tied to these manufacturers [1] - NVIDIA is projected to have a strong performance in FY4Q26, with a significant increase in overall revenue and EPS trajectory, supported by a robust order backlog of 500 billion [1] - Alphabet's cloud business is expected to grow significantly, driven by AI solutions, with a 48% growth rate in the last quarter, leading to an increase in EPS for 2026 and 2027 [1] - Alibaba's cloud growth is anticipated to exceed consensus estimates by 2-3% for the year, despite short-term performance pressures [1] Company Analysis - Zhongwei Company is positioned as a leading player in the hardware sector, benefiting from a deepening platform strategy that expands its capabilities in etching, film deposition, and measurement [1] - Tencent is recommended as a top pick in the internet sector, with a target price of 700, driven by steady growth in core gaming and advertising businesses, alongside new revenue streams from mini-games and video accounts [2] - New Oxygen is recognized for its strong marketing capabilities and low customer acquisition costs, with a target price of 10.1 USD based on its growth trajectory in the light medical beauty sector [2] - Ato Hotel is expected to achieve a revenue growth of 26% to 12.39 billion, with a strong market position in the mid-to-high-end hotel sector [3] - HashKey is positioned as a leading digital asset platform in Asia, benefiting from regulatory trends and expected to expand its product offerings in derivatives and leveraged trading [4] - Tesla's advancements in autonomous driving and robotics are highlighted, with expectations for accelerated overseas expansion and significant product developments [4] - MP Materials is noted for its strategic importance in the rare earth industry, benefiting from domestic supply chain localization and increasing demand from the defense and renewable energy sectors [7] - ACWA Power is recognized as a leader in the renewable energy sector, with a focus on solar, wind, and green hydrogen projects, supported by government power purchase agreements [8] - Vestas is highlighted as a dominant player in the wind energy sector, benefiting from global wind power growth and technological advancements in turbine efficiency [9] - Three-Six Pharmaceutical is noted for its strong market position in kidney, blood, and oncology sectors, with promising pipeline products and collaborations with Pfizer [10]

致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2026年3月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

董事局會議召開日期 福耀玻璃工業集團股份有限公司（「本公司」）董事局（「董事局」）謹此 宣佈，董事局將於二零二六年三月十七日（星期二）舉行董事局會議，以考 慮及通過（包括其他事項）本公司及其附屬公司截至二零二五年十二月三十 一日止的全年業績及建議派發年度股息（如有）。 承董事局命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 福耀玻璃工業集團股份有限公司 曹暉 董事長 中國福建省福州市 2026年3月2日 於 本 公 告 日 期 ， 本 公 司 董 事 局 成 員 包 括 執 行 董 事 曹 德 旺 先 生 、 曹 暉 先 生 、 葉 舒 先 生、陳向明先生及張海燕女士；非執行董事吳世農先生及朱德貞女士；獨立非執行 董事 LIU XIAOZHI （劉小稚）女士、程雁女士、薛祖雲先生及達正浩先生。 ...

Core Viewpoint - Fuyao Glass (03606.HK) announced that its board of directors will hold a meeting on March 17, 2026, to consider and approve the company's and its subsidiaries' full-year performance for the year ending December 31, 2025, and to propose a dividend distribution if applicable [1] Group 1 - The board meeting is scheduled for March 17, 2026 [1] - The meeting will address the full-year performance for the year ending December 31, 2025 [1] - The board will also consider the proposal for annual dividend distribution [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 曹暉 董事長 中國福建省福州市 董事局會議召開日期 福耀玻璃工業集團股份有限公司（「本公司」）董事局（「董事局」）謹此 宣佈，董事局將於二零二六年三月十七日（星期二）舉行董事局會議，以考 慮及通過（包括其他事項）本公司及其附屬公司截至二零二五年十二月三十 一日止的全年業績及建議派發年度股息（如有）。 承董事局命 福耀玻璃工業集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2026年3月2日 於 本 公 告 日 期 ， 本 公 司 董 事 局 成 員 包 括 執 行 董 事 曹 德 旺 先 生 、 曹 暉 先 生 、 葉 舒 先 生、陳向明先生及張海燕女士；非執行董事吳世農先生及朱德貞女士；獨立非執行 董事 LIU XIAOZHI （劉小稚）女士、程雁女士、薛祖雲先生及達正浩先生。 ...