EF001 EF001 | 有關代預扣所得稅之更多補充 | 股東類型 | 稅率 | （如適用） | | --- | --- | --- | --- | | 非居民企業 | 本公司向非居民企業股東派發 | | | | （非中國內地登記地址） | 10% | 2025年中期股息時，須預扣10% | | | 的企業所得稅。 | 個人居民 | | | | 對內地個人投資者通過滬港通/深 | （中國內地登記地址） | 20% | 港通投資本公司H股取得的股利， | | 本公司按照20%的稅率代扣個人所 | 得稅。對內地證券投資基金通過滬 | | | | 港通/深港通投資本公司H股取得的 | 股利，同樣按照20%的稅率代扣個 | | | | 人所得稅。 | | | | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 本公司董事局成員包括執行董事曹德旺先生、曹暉先生、葉舒先生及陳向明先生；非執行董事吳世農先生及朱德貞女士；獨立非執 | 行董事L ...

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） 派 付2025年中期股利 本公司將向於2025年10月20日（星 期 一）名 列 本 公 司 股 東 名 冊 的H股 股 東派付截至2025年6月30日止中期 現 金 股利每 股 人 民 幣0.90元（含 稅）。 H股 股 利 以 港 幣 支 付，每 股H股應派 中 期現金股利約為港幣0.986712元 （含 稅）。中 期 股 利 將 由 收 款 代 理 人 於2025年11月13日（星 期 四）支 付。為 釐訂有權獲派截至2025年6月30日止中期股利的H股 股 東 名 單，本 公 司 將 於2025年10月14日（星 期 二）至2025年10月20日（星 期 一）（包 括 首 尾 兩 天） 暫停辦理H股 股 份 過 戶 登 記 手 續。 滬 股 通 投 資 者 的 ...

Group 1 - The article discusses the philosophy of spending wisely, emphasizing that money should be spent on core competencies and value-generating activities [6][19][41] - It highlights the importance of investing in product quality, innovation, customer value, environmental protection, and social responsibility as key areas for expenditure [6][32][41] Group 2 - The article provides examples from Fuyao Group's founder, Cao Dewang, illustrating how he prioritizes quality over cost-cutting, such as destroying defective glass to maintain standards [7][9][10] - It details how Cao invested in R&D and innovation, leading to breakthroughs in high-speed train glass, demonstrating a commitment to long-term value creation [19][21][20] Group 3 - The article emphasizes the need for a pragmatic approach in business, contrasting it with "performative management" that focuses on appearances rather than substance [38][39] - It discusses the importance of long-term thinking in investment decisions, using Fuyao's automation investments as an example of foresight in anticipating industry changes [42][45][46]

Core Insights - Hefei County focuses on the "5+X" key industrial clusters to enhance investment attraction, achieving a total of 123 signed key projects with an investment of 49.46 billion yuan by the end of August, leading among the five counties in Hefei [1] - The county's new energy vehicle industry attracted 45 key projects with a total investment of 16 billion yuan, significantly boosting the local economy [1] Group 1: Investment Projects - Fuyao Group is constructing a full industrial chain production base in Hefei with a total investment of 5.75 billion yuan, expected to generate an annual output value of 6.5 billion yuan and tax revenue of 600 million yuan upon completion [2] - A second phase of the Fuyao project has been signed, covering approximately 260 acres, with an expected annual output value of 2.1 billion yuan and tax revenue of 210 million yuan [2] - A lithium battery wet separator project is investing 1.5 billion yuan for a second phase, aiming for an annual output value of 2.95 billion yuan and tax revenue of at least 227 million yuan [4] - Benteler is collaborating on a project with an investment of 1 billion yuan, expected to yield an annual output value of 1.2 billion yuan and tax revenue of 30 million yuan [6] - Jianlin Mould is investing 500 million yuan to establish a production base for automotive injection molds, projected to generate an annual output value of at least 700 million yuan and tax revenue of at least 45 million yuan [8] Group 2: Industry Development - Hefei County is enhancing its midstream manufacturing capabilities by focusing on high-end passenger vehicles and expanding into new energy special vehicles and engineering vehicles [17] - He'an Machinery is investing 1 billion yuan to build a research and manufacturing base for high-end industrial vehicle components, with an expected annual output value of at least 2 billion yuan and tax revenue of at least 90 million yuan [18] - The county is also developing a comprehensive after-market service ecosystem for new energy vehicles, covering vehicle testing, charging services, and automotive sales [25] Group 3: Future Outlook - The new energy vehicle industry in Hefei County is projected to exceed an annual output value of 100 billion yuan upon full production [32] - The county aims to form a complete industrial chain cluster with leading high-end vehicle manufacturing, a concentration of key component suppliers, and a well-developed after-market service system [32]

Core Insights - The global automotive industry is undergoing a restructuring phase, with Chinese automotive exports expected to accelerate by 2025, leading to a projected production scale of nearly 30 million vehicles by 2030 for Chinese brands [1][2] - The penetration rate of new energy vehicles (NEVs) in China is anticipated to exceed 50% by 2025, positioning Chinese brands as leaders in the domestic market [2] - Global consumer awareness of electric and intelligent technologies has been established, prompting a rapid transition to NEVs among European, American, and Japanese automakers [2] Industry Overview - The transformation towards electric and intelligent vehicles in China is nearly complete, with a significant market share achieved by local brands [2] - Chinese automotive exports are expected to maintain their position as the largest globally, with a shift towards deeper international expansion for domestic brands [2] - The demand for NEVs in non-Chinese markets is projected to increase, driven by both supply and demand dynamics, leading to a potential "Davis Double Play" opportunity for the Chinese supply chain [2] Company Recommendations - Recommended companies for investment include leading Chinese automakers with established export strategies such as BYD, Leap Motor, Great Wall Motors, Geely, and Xpeng [3] - International component suppliers with strong global presence and technological leadership, such as Minth Group, Fuyao Glass, Sanhua Intelligent Controls, Changshu Automotive Trim, and Coboda, are also highlighted as potential beneficiaries of the NEV transition [3]

Group 1 - The overall market decline has narrowed, with a recovery in sentiment leading to a rise in the automotive parts sector, driven by factors such as "anti-involution," assisted driving, and robotics [1] - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, which rose over 0.6% during the session, outperforming the market [1] - The CSI Automotive Parts Theme Index includes 100 listed companies involved in automotive system components, interior and exterior parts, automotive electronics, and tires, reflecting the overall performance of these companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Automotive Parts Theme Index (931230) are Huichuan Technology (300124), Fuyao Glass (600660), Sanhua Intelligent Control (002050), Top Group (601689), Sailun Tire (601058), Desay SV (002920), Yinlun Holdings (002126), Huayu Automotive (600741), Zhongke Chuangda (300496), and Wanfeng Aowei (002085), collectively accounting for 41.54% of the index [1] - The performance of individual stocks within the top ten includes Huichuan Technology at 0.10%, Fuyao Glass at -0.21%, Sanhua Intelligent Control at 3.05%, and Desay SV at 3.42%, among others [3]

Group 1 - The core transaction of Fuyao Glass on September 22 involved a block trade of 1.5 million shares, amounting to 108 million yuan, with a transaction price of 71.99 yuan per share [2] - In the last three months, Fuyao Glass has recorded a total of two block trades, with a cumulative transaction value of 216 million yuan [3] - The closing price of Fuyao Glass on the same day was 71.99 yuan, reflecting a decrease of 0.50%, with a daily turnover rate of 0.85% and a total trading volume of 1.231 billion yuan [3] Group 2 - The latest margin financing balance for Fuyao Glass is 1.946 billion yuan, which has increased by 4.0172 million yuan over the past five days, representing a growth of 0.21% [4] - Fuyao Glass Industrial Group Co., Ltd. was established on June 21, 1992, with a registered capital of 2.609743532 billion yuan [4] - The block trade on September 22 had a transaction volume of 1.5 million shares, with the buyer being Huatai Securities Co., Ltd. and the seller being CITIC Securities Co., Ltd. Shanghai Branch [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2.16亿元。该股近5个交易日累计 上涨0.90%，主力资金合计净流出5859.73万元。 责任编辑：小浪快报 9月22日，福耀玻璃收跌0.50%，收盘价为71.99元，发生1笔大宗交易，合计成交量150万股，成交金额 1.08亿元。 第1笔成交价格为71.99元，成交150.00万股，成交金额10,798.50万元，溢价率为0.00%，买方营业部为 华泰证券股份有限公司总部，卖方营业部为中信证券股份有限公司上海分公司。 ...

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [10] Core Insights - The automotive glass market is experiencing continuous upgrades driven by smart integration, with products like panoramic roofs, HUDs, and soundproof glass enhancing the per-vehicle value [2][5] - The industry is highly concentrated, with Fuyao Glass as the global leader, benefiting from a new round of capacity expansion that opens up future growth opportunities [2][7] Summary by Sections Smart Integration Driving Value Enhancement - Automotive glass is evolving from a safety component to a multifunctional platform, integrating features such as heat insulation, soundproofing, information display, smart dimming, and energy collection [19] - The penetration rate of panoramic roofs in the passenger car market is expected to rise from 10.5% in 2024 to 50% by 2030, with average per-vehicle value increasing by 30%-40% compared to traditional sunroofs [6][39] Fuyao Glass: Volume and Price Growth - Fuyao Glass's revenue and global market share are consistently increasing, with a revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in the first half of 2025 [7] - The company is expanding its high-end production capacity domestically and internationally, which is expected to enhance its global market share [7][63] Investment Recommendations - The trend of rising volume and price in automotive glass is clear, with high-value products like panoramic roofs and HUDs driving the average per-vehicle value higher [8] - Fuyao Glass is recommended for continued investment due to its strong market position and growth potential in the context of increasing demand for high-value automotive glass products [8][10] Global Competitive Landscape - The global automotive glass market is characterized by a high concentration of major players, with Fuyao Glass holding a 28% market share, followed closely by AGC and NSG [68] - Fuyao's competitive advantages include rapid local supply chain response and strong customer relationship management, solidifying its market leadership [68][70]