Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The central economic work conference emphasizes stabilizing the real estate market, with expectations for new policies to be introduced to control supply, reduce inventory, and improve the quality of housing supply [4][25] - In November, first-tier cities saw a significant increase in second-hand housing transactions, reaching 49,033 units, a 20% month-on-month increase, marking a seven-month high [4][25] - The building materials sector is focusing on improving profitability, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [5][47] Summary by Sections Real Estate Sector - The real estate sector is currently in a "bottoming" phase, with expectations for policy support to enhance market stability and recovery [4][25] - The report highlights a shift from high leverage and turnover to a focus on quality, service, and sustainability in the industry [4][25] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the evolving market landscape [4][25] Building Materials Sector - The building materials sector has seen a slight increase of 0.89% in the last two weeks, outperforming the CSI 300 index [26] - The cement industry is undergoing structural upgrades, with over 83.59 million tons of clinker capacity being eliminated as part of the capacity replacement policy [47] - The report suggests focusing on companies with strong fundamentals and high dividend yields, such as Conch Cement, Taipai Group, and Huaxin Cement [47] Market Trends - The report notes that the overall profitability of the cement industry has significantly improved, with leading companies showing strong cash flow and performance [47] - The glass fiber sector is experiencing a shift in demand from traditional construction materials to high-growth areas such as renewable energy and high-end electronic fibers [5][48] - The report indicates that the market for photovoltaic glass is under pressure due to high inventory levels and weak demand, but long-term growth prospects remain strong [5][42]

Group 1 - The first meeting of the core employee stock ownership plan for 2023-2025 was held on December 11, 2025, with 732 participants representing 37.4565 million shares, accounting for 95.54% of the total 39.2068 million shares in the plan [1] - The meeting was presided over by the company's Vice President and Secretary of the Board, Ye Jiaxing, and complied with the relevant regulations of the stock ownership plan and its management measures [1] - The meeting approved the establishment of a management committee for the stock ownership plan, which will serve as the daily management body and supervise the plan's operations [1] Group 2 - The voting results showed unanimous approval of 37.4565 million shares, representing 100% of the total shares held by attendees, with no opposition or abstentions [2] - The meeting also elected five members to the management committee, including Ye Jiaxing, Wu Fei, Meng De, Peng Puxin, and Wang Xiaoqiong, with their terms aligned with the duration of the stock ownership plan [2] - The management committee held its first meeting on the same day and unanimously elected Ye Jiaxing as the chairperson [3] Group 3 - The meeting authorized the management committee to handle various matters related to the stock ownership plan, including convening meetings, supervising daily management, and making decisions on asset management [4] - Responsibilities also include managing the distribution of benefits, handling share registration, and executing plans for participation in company financing activities [4] - The voting results again showed unanimous approval of 37.4565 million shares, with no opposition or abstentions [4]

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。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條規定而作出。茲 載列華新建材集團股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交 易所網站(http://www.sse.com.cn)刊登的 《2023-2025 年核心員工持股計劃之第三期 （2025 年）核心員工持股計劃第一次持有人會議決議公告》，僅供參閱。 承董事會命 華新建材集團股份有限公司 徐永模 主 席 中國湖北省武漢市 2025 年 12 月 11 日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董事徐永模先生（主席）、Martin Kriegner 先生、Olivi ...

Core Insights - The cement sector experienced a decline of 0.74% on December 11, with Fujian Cement leading the drop [1] - The Shanghai Composite Index closed at 3873.32, down 0.7%, while the Shenzhen Component Index closed at 13147.39, down 1.27% [1] Cement Sector Performance - Sichuan Jinding (600678) saw a significant increase of 10.01%, closing at 14.73 with a trading volume of 425,100 shares and a transaction value of 625 million [1] - Fujian Cement (600802) reported a decline of 5.49%, closing at 7.75 with a trading volume of 479,500 shares [2] - The overall trading volume and transaction values for various cement stocks indicate mixed performance, with some stocks experiencing gains while others faced losses [1][2] Capital Flow Analysis - The cement sector experienced a net outflow of 176 million in main funds, while retail investors contributed a net inflow of 129 million [2] - The data shows that retail investors were more active in the market compared to institutional investors, indicating a potential shift in market dynamics [2][3] - Specific stocks like Sichuan Jinding and Conch Cement had varying levels of net inflow and outflow, reflecting differing investor sentiments [3]

证券代码：600801 证券简称：华新建材 公告编号：2025-060 华新建材集团股份有限公司 2023-2025年核心员工持股计划之第三期（2025年）核心员 工持股计划第一次持有人会议决议公告 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个别及连带责任。 一、持有人会议召开情况 华新建材集团股份有限公司（以下简称"公司"）2023-2025年核心员工持 股计划之第三期（2025年）核心员工持股计划第一次持有人会议于2025年12月11 日以通讯方式召开。出席本次会议的持有人共732人，代表员工持股计划份额 3745.65万份，占公司2023-2025年核心员工持股计划之第三期（2025年）核心员 工持股计划（以下简称"持股计划"）总份额3920.68万份的95.54%。 3、审议通过《关于授权公司2023-2025年核心员工持股计划之第三期（2025 年）核心员工持股计划管理委员会办理本次持股计划相关事宜的议案》 授权管理委员会办理持股计划的相关事宜，包括但不限于以下事项： 本次会议由公司副总裁兼董事会秘书叶家兴先生主持。本次会 ...

Core Viewpoint - The company has approved the adjustment of its A-share restricted stock incentive plan, including a change in the grant price and the issuance of restricted shares to specific individuals [1] Group 1: Stock Incentive Plan Adjustments - The company held its 20th meeting of the 11th Board of Directors on December 9, 2025, to review the adjustments to the restricted stock incentive plan [1] - The grant price for the restricted stock has been adjusted from 9.24 yuan per share to 8.90 yuan per share due to the completion of the cash dividend distribution of 0.34 yuan per share for the first three quarters of 2025 [1] - The Board of Directors' Compensation and Assessment Committee has agreed to grant 2.578 million shares of restricted stock to 11 incentive recipients, with the grant date set for December 9, 2025 [1]

智通财经APP讯，华新建材(06655)公布，2025年12月9日，公司召开第十一届董事会第二十次会议，审 议通过了《关于调整2025年A股限制性股票激励计划相关事项的议案》，鉴于公司2025年前三季度权益 分派已实施完毕，每股派发现金红利0.34元，根据本激励计划的相关规定，公司董事会将本激励计划限 制性股票授予价格由9.24元/股调整为8.90元/股。同时，本激励计划的授予条件已成就，董事会薪酬与 考核委员会同意以2025年12月9日为授予日，向11名激励对象授予限制性股票257.80万股，授予价格为 8.90元/股。 ...

華 新 建 材 集 團 股 份 有 限 公 司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號 ：6655） 2025年 第 五 次 臨 時 股 東 會 之 代 表 委 任 表 格 與本代表委任表格有關之股份數目 （附註 1 ） 與本代表委任表格有關之股份類別（A股或H股） （ 附註 2 ） 本人╱吾等 （附註 3 ） 地址為 為華新建材集團股份有限公司（「本公司」或「公司」）股東，現委任大會主席，或 （附註 4 地址為 為本人╱吾等的代表，代表本人╱吾等出席2025年12月30日（星期二）下午二時正於中國湖北省武漢市東湖新技術開發區高新大道 426號華新大廈B座2樓會議室舉行的本公司2025年第五次臨時股東會（「臨時股東會」）或其任何續會，並依照下列指示代表本 人╱吾等就臨時股東會通告所列決議案投票，如無作出指示，則由本人╱吾等的代表自行酌情投票表決。 | | 特別決議案 | （附註 贊成 | ） 5 | （附註 ） 反對 | 5 | （附註 5 ） 棄權 | | -- ...