Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

Market Overview - The glass fiber sector experienced a decline of 1.83% on December 29, with Jiuding New Materials leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable stock performances in the glass fiber sector include: - Honghe Technology: Closed at 38.02, up 1.12%, with a trading volume of 238,900 shares and a transaction value of 898 million [1] - Shandong Glass Fiber: Closed at 7.48, up 0.67%, with a trading volume of 65,300 shares and a transaction value of 48.48 million [1] - Jiuding New Materials: Closed at 11.21, down 9.96%, with a trading volume of 1,544,900 shares and a transaction value of 1.787 billion [2] Capital Flow - The glass fiber sector saw a net outflow of 1.142 billion from institutional investors, while retail investors had a net inflow of 850 million [2] - The capital flow for specific stocks indicates: - Jiuding New Materials had a significant net outflow of 4.216 million from institutional investors [3] - Shandong Glass Fiber experienced a net inflow of 535.81 thousand from institutional investors [3] Summary of Individual Stocks - Key stocks in the glass fiber sector and their respective capital flows include: - Jiuding New Materials: -4.216 million from institutions, -9.96% change [2][3] - Shandong Glass Fiber: +535.81 thousand from institutions, +0.67% change [2][3] - China Jushi: -3.01% change with a transaction value of 898 million [2]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., Sanjike Tree, and Beixin Building Materials [9]. Core Insights - The construction materials sector saw a 3.64% increase from December 22 to December 26, 2025, with notable gains in glass fiber manufacturing (10.06%) and glass manufacturing (5.04%) [1][13]. - The report emphasizes the importance of demand stabilization and the implementation of anti-involution policies, particularly in the context of housing policy adjustments in Beijing [1]. - The report highlights the ongoing challenges in the cement market, with a focus on the need for macroeconomic improvements, especially in the housing sector, to stimulate demand [2][18]. Summary by Sections Cement Industry Tracking - As of December 26, 2025, the national cement price index was 352.28 CNY/ton, a decrease of 0.26% from the previous week [2][18]. - The cement output for the week was 2.877 million tons, down 2.73% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][18]. - The capacity utilization rate for cement clinker kilns was 37.42%, reflecting a decrease of 0.23 percentage points from the previous week [2][18]. Glass Industry Tracking - The average price of float glass as of December 25, 2025, was 1140.08 CNY/ton, with a weekly decline of 0.98% [3]. - Inventory levels for glass products increased, with a total of 55.33 million heavy boxes reported, up 38,000 boxes from the previous week [3]. Glass Fiber Industry Tracking - The market for non-alkali glass fiber remained stable, with average prices holding steady [7]. - Demand for glass fiber products has shown signs of weakness, with reduced purchasing intentions from downstream buyers [7]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with prices for upstream materials like aluminum alloy and acrylic remaining stable [7]. - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [1]. Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a weekly production of 2,392 tons and an operating rate of 79.47% [8]. - The industry continues to face challenges with profitability, as the average production cost was reported at 105,900 CNY/ton, leading to negative margins for many companies [8].

Market Performance - The glass and fiberglass sector increased by 0.24% compared to the previous trading day, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Jiuding New Materials (002201) closed at 12.45, up 9.98% with a trading volume of 437,000 shares and a transaction value of 544 million [1] - Zais Technology (603601) also rose by 9.98% to close at 13.34, with a trading volume of 4.43 million shares and a transaction value of 5.795 billion [1] - Other notable performers include Sanxia New Materials (600293) up 5.66% and Jinjing Technology (600586) up 2.10% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 1.389 billion from institutional investors, while retail investors saw a net inflow of 1.149 billion [2] - The overall capital flow indicates that retail investors are actively buying into the sector despite the institutional outflow [2] Individual Stock Capital Flow - Sanxia New Materials (600293) had a net inflow of 21.0753 million from institutional investors, while retail investors contributed a net inflow of 1.824 million [3] - Jiuding New Materials (002201) saw a net outflow of 17.2338 million from institutional investors but a net inflow of 12.6057 million from retail investors [3] - Other stocks like Yao Pi Glass (618009) and Changhai Co. (300196) faced significant net outflows from both institutional and retail investors [3]

Group 1 - The glass and fiberglass sector increased by 0.17% on December 25, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Jiuding New Materials saw a closing price of 11.32, with a significant increase of 10.01% and a trading volume of 65,200 shares, amounting to 73.80 million yuan [1] Group 2 - The glass and fiberglass sector experienced a net outflow of 294 million yuan from institutional investors, while retail investors saw a net inflow of 432 million yuan [2] - The trading data indicates that Jiuding New Materials had a net inflow of 30.28 million yuan from institutional investors, representing 41.03% of its trading volume [3] - In contrast, China Jushi experienced a decline of 1.19% in its stock price, closing at 16.59 with a trading volume of 439,900 shares, totaling 73.20 million yuan [2]

Group 1 - Yao Pi Glass has seen a stock price increase of 0.36% to 8.41 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 7.863 billion CNY [1] - The stock has risen for four consecutive days, accumulating a total increase of 5.79% during this period [1] - The company, established on November 23, 1993, and listed on January 28, 1994, specializes in the production and sale of transparent float glass, colored float glass, and related deep-processing products [1] Group 2 - The main revenue composition of Yao Pi Glass includes automotive processing glass (38.72%), building processing glass (35.22%), float glass (32.77%), and other supplementary products (1.70%) [1] - Among the top ten circulating shareholders, a fund under Huatai-PineBridge has reduced its holdings in the China Securities Shanghai State-owned Enterprise ETF (510810) by 330,000 shares, now holding 2.4738 million shares, which represents 0.26% of the circulating shares [2] - The China Securities Shanghai State-owned Enterprise ETF (510810) has achieved a year-to-date return of 7.47% and a one-year return of 8.91%, ranking 3621 out of 4197 and 3478 out of 4157 in its category, respectively [2]

触及 1%刻度的提示性公告 投资者中国复合材料集团有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：600819 证券简称：耀皮玻璃 公告编号：2025-065 耀皮玻璃：关于持股 5%以上股东权益变动 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 中国复合材料集团有 | □ | 控股股东/实控人的一致 | √ 11101081000084480 | | 限公司 | | 行动人 | □ 不适用 | | | √其他直接持股股东 | | | 上述减持主体无一致行动人。 二、 权益变动触及 1%刻度的基本情况 公司于 2025 年 12 月 23 日收到持股 5%以上股东中国复合材料集团有限公司 （以下简称"中国复材"）《关于 5%以上股东权益变动触及 1%刻度的告知函》，中 国复材于 2025 年 12 月 18 日-12 月 22 日通过大宗交易方式减持公司股份 11,797,753 股，占公司总股本的 1.26%，通过 ...

Group 1 - The core point of the article is that China Composite Materials Group Co., Ltd. has reduced its stake in Yaopi Glass (600819.SH) from 10.00% to 8.55% through block trading and collective bidding [1] - The reduction in shares includes a sale of 11.7978 million shares via block trading, accounting for 1.26% of the total share capital, and 1.7791 million shares through collective bidding, accounting for 0.19% of the total share capital [1] - The equity change triggered a notification as it touched the 1% threshold for shareholder rights change [1]

Core Viewpoint - Yao Pi Glass (600819.SH) announced a significant reduction in shareholding by its major shareholder, China Composite Materials Group Co., Ltd., which has decreased its stake from 10.00% to 8.55% through block trading and competitive bidding [1] Group 1 - China Composite Materials Group reduced its holdings by 11,797,800 shares through block trading, accounting for 1.26% of the total share capital [1] - Additionally, the company sold 1,779,100 shares through competitive bidding, representing 0.19% of the total share capital [1] - The equity change triggered a 1% threshold notification due to the significant reduction in shareholding [1]

耀皮玻璃公告称，2025年12月18 - 22日，持股5%以上股东中国复合材料集团有限公司通过大宗交易减 持1179.78万股，占总股本1.26%，通过集合竞价减持177.91万股，占总股本0.19%。其持有公司股份比 例从10.00%降至8.55%，权益变动比例触及1%刻度。本次减持是履行此前披露的计划，不触及要约收 购，不会导致实控人变更，减持计划尚未实施完毕。 ...