Market Performance - The glass and fiberglass sector increased by 0.71% on January 12, with Jinjing Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - Jinjing Technology (600586) closed at 6.71, up 10.00% with a trading volume of 601,700 shares and a transaction value of 397 million [1] - Zaiseng Technology (603601) closed at 14.64, up 8.36% with a trading volume of 2,735,500 shares and a transaction value of 3.848 billion [1] - Other notable stocks include Jiuding New Materials (002201) at 12.13, up 4.30%, and Yaopi Glass (618009) at 8.88, up 3.62% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 468 million from institutional investors, while retail investors saw a net inflow of 353 million [2] - The overall capital flow indicates that retail investors are more active in this sector compared to institutional investors [2] Individual Stock Capital Flow - Jinjing Technology had a net inflow of 156 million from institutional investors, but a net outflow of 79.41 million from speculative funds [3] - China Glass (600176) saw a net outflow of 16.75 million from institutional investors, while speculative funds had a net inflow of 27.23 million [3] - North Glass (002613) experienced a net outflow of 3.218 million from institutional investors, with a net inflow of 4.5235 million from retail investors [3]

Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Group 1 - The core viewpoint of the article highlights the trends and forecasts in the Chinese flat glass industry, particularly focusing on production statistics and growth rates [1][2] - According to the National Bureau of Statistics, the production of flat glass in China reached 81.6 million weight cases in November 2025, representing a year-on-year increase of 3.7% [1] - From January to November 2025, the cumulative production of flat glass in China was 883.814 million weight cases, showing a cumulative decline of 3.6% compared to the previous year [1] Group 2 - The article references several listed companies in the flat glass sector, including Qibin Group, Nanshan Glass, Jinjing Technology, and Fuyao Glass, indicating their relevance in the market [1] - The report by Zhiyan Consulting provides insights into the supply and demand dynamics of the flat glass industry in China from 2026 to 2032, suggesting a strategic outlook for investors [1]

Core Viewpoint - The Chinese laminated glass industry is experiencing a decline in production, with a reported decrease in output for November 2025 compared to the previous year, indicating potential challenges ahead for the sector [1]. Industry Summary - According to the National Bureau of Statistics, the production of laminated glass in China for November 2025 was 14.85 million square meters, representing a year-on-year decrease of 4% [1]. - Cumulatively, from January to November 2025, the total production of laminated glass reached 148.499 million square meters, showing a growth of 3.4% compared to the same period in the previous year [1]. Company Summary - Listed companies in the laminated glass sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1].

Group 1 - The core point of the article is that Yaopi Glass (600819) announced the approval of the proposal regarding the expected daily related transactions for the year 2026 during the 14th meeting of its 11th Board of Directors [1]

国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为上 海耀皮玻璃集团股份有限公司（以下简称"耀皮玻璃"、"公司"）2025年度向 特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号— —规范运作》《上海证券交易所上市公司自律监管指引第5号——交易与关联交 易》等有关法律、法规和规范性文件的要求，对耀皮玻璃2026年度日常关联交易 预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事于2026年1月9日召开2026年第一次专门会议，以3票同意，0票 反对，0票弃权审议通过了《关于2026年度日常关联交易预计的议案》，认为： 公司2026年度预计的日常关联交易为公司日常生产经营活动所需，属于正常交易 行为，符合公司业务发展需要，所有交易遵循了公平、公正、公开原则，交易价 格依据市场价格确定，公平合理，不存在损害公司和全体股东利益的行为。公司 相对于控股股东及其他各关联方，在业务、人员、资产、机构、财务等方面独立 运作，上述日常关联交易不会影响公司的独立性， ...

上海耀皮玻璃集团股份有限公司 关于 2026 年度日常关联交易预计的公告 证券代码：600819/900918 股票简称：耀皮玻璃/耀皮 B 股 编号：2026-004 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。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事于 2026 年 1 月 9 日召开 2026 年第一次专门会议，以 3 票同意， 0 票反对，0 票弃权审议通过了《关于 2026 年度日常关联交易预计的议案》，认 为：公司 2026 年度预计的日常关联交易为公司日常生产经营活动所需，属于正 常交易行为，符合公司业务发展需要，所有交易遵循了公平、公正、公开原则， 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次预计的日常关联交易 属公司及子公司日常关联交易，以正常生产经营业务为基础， 以市场价格为定价依据，不影响公司的独立性，不存在损害 公司及股东利益的情形，不会对关联人形成较大的依赖。 按《上海证券交易所股票上市规则》和《公司章程》等相关 规定，在董事 ...

证券代码：600819/900918 股票简称：耀皮玻璃/耀皮 B 股 编号：2026-003 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。 上海耀皮玻璃集团股份有限公司 第十一届董事会第十四次会议决议公告 重要内容提示： 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定。 （二）2025 年 12 月 29 日，以电子邮件方式向全体董事发出召 开第十一届董事会第十四次会议的通知及会议材料。 （三）2026 年 1 月 9 日，第十一届董事会第十四次会议以通讯 方式召开，会议采用通讯表决方式。 （四）应当出席董事会会议的董事 9 人，亲自出席会议董事 9 名。 二、董事会会议审议情况 经与会董事认真审议，通过了如下议案： 全体董事出席会议。 全体董事对本次董事会会议的所有议案投同意票。 本次董事会会议的所有议案全部通过。 通过，同意提交董事会审议。 本议案为关联交易，关联董事殷俊先生、沙海祥先生、刘澎先生、 保罗·拉芬斯克罗夫特先生回避表决。 按《上海证券交易所 ...

Group 1 - The glass and fiberglass sector experienced a 0.44% increase on January 8, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Jiuding New Materials saw a closing price of 11.78, with a significant increase of 9.99%, and a trading volume of 1.1887 million shares, resulting in a transaction value of 1.368 billion yuan [1] Group 2 - The glass and fiberglass sector had a net inflow of 465 million yuan from main funds, while retail investors experienced a net outflow of 290 million yuan [2] - The trading data indicates that Jiuding New Materials had a net inflow of 298 million yuan from main funds, representing 21.77% of its total trading volume [3] - Zhongcai Technology also showed a net inflow of 221 million yuan from main funds, accounting for 11.24% of its trading volume [3]

Market Overview - The glass and fiberglass sector increased by 0.1% compared to the previous trading day, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Honghe Technology (603256) closed at 38.30, up 2.90% with a trading volume of 314,000 shares [1] - Yaopi Glass (618000) closed at 8.59, up 2.26% with a trading volume of 184,300 shares [1] - International Composites (301526) closed at 7.34, up 1.66% with a trading volume of 1,296,500 shares [1] - Other notable stocks include: - Jinjing Technology (600586) at 6.00, up 1.18% [1] - Qibin Group (601636) at 6.50, up 0.78% [1] - China Jushi (600176) at 17.55, up 0.23% [1] - Changhai Co. (300196) at 14.86, down 0.13% [1] - China National Materials (002080) at 36.75, down 0.54% [1] - South Glass A (000012) at 4.50, down 0.66% [1] - Shandong Fiberglass (605006) at 7.24, down 0.96% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 405 million yuan from institutional investors, while retail investors saw a net inflow of 328 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Honghe Technology saw a net inflow of 93.91 million yuan from institutional investors, but a net outflow from retail investors [3] - International Composites had a net inflow of 75.76 million yuan from institutional investors, with significant outflows from retail investors [3] - Other stocks like Qibin Group and Yaopi Glass also showed varied capital flows, with institutional outflows and retail inflows [3]