行业报告 | 行业研究周报 建筑材料 证券研究报告 10 月地产链基本面仍偏弱，继续推荐出海品种 行情回顾 上周（20251110-20251114）沪深 300 跌 1.08%，建材（中信）涨 1.52%， 其中陶瓷、其他专用材料表现相对较好。个股中，四方达（18.6%）、纳川股 份（14.2%）、松发股份（13.9%）、福建水泥（13.4%）、海螺新材（11.8%）涨 幅居前。 核心观点 10 月份地产实物量仍偏弱，1-10 月份房屋销售/新开工/竣工面积同比 -6.8%/-19.8%/-16.9%，增速环比 1-9 月分别-1.3/-0.9/-1.6pct，建材消费量 方面，水泥 10 月单月同比下滑 15.8%，尽管多地仍在推动价格上涨，但在 需求持续低迷的背景下，价格上涨乏力，10 月份平板玻璃产量同比增长 3.3%， 11 月初沙河区域 4 条小板产线停产，涉及产能 2650 吨，带动市场 情绪短暂升温，但在期现货源冲击、生产商去库存等影响下，价格端仍然承 压，未来供应端个别产线或有冷修计划，对局部或有提振作用。当前国内基 本面处于相对底部，而海外布局进展在持续加快，上周天山股份旗下中材水 泥已取 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 11.78 billion with a year-on-year growth of 1.6% and a net profit attributable to shareholders of 915 million, reflecting a year-on-year increase of 30.9% for the first three quarters of 2025 [3][4]. - In Q3, the company reported a revenue of 4.387 billion, representing a year-on-year growth of 18.9%, and a net profit of 25 million, recovering from a loss of 112 million in the same period last year [4]. - The gross margin for Q3 was 10.8%, up by 3.1 percentage points year-on-year but down by 3.5 percentage points quarter-on-quarter [11]. - The company is expected to maintain its profitability advantage despite the overall industry losses, with a production and sales rate of over 100% for float glass [11]. - The company has a significant capacity in photovoltaic glass production, with an expected increase in sales and stable profitability despite some production challenges [11]. - The report anticipates a revaluation of the company's photovoltaic glass assets, with an expected net profit of 1.2 billion for 2025, corresponding to a PE ratio of 15.8 times [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 11.78 billion and a net profit of 915 million, marking a 1.6% and 30.9% increase year-on-year, respectively [3][4]. - The Q3 revenue was 4.387 billion, with a year-on-year growth of 18.9%, and a net profit of 25 million, recovering from a loss of 112 million in the previous year [4]. Cost and Margin Analysis - The gross margin for Q3 was 10.8%, which is a 3.1 percentage point increase year-on-year but a 3.5 percentage point decrease quarter-on-quarter [11]. - The company is expected to benefit from cost advantages in float glass production and has a high proportion of large-scale photovoltaic glass production lines [11]. Market Outlook - The report highlights the potential for industry price stabilization due to recent government discussions aimed at addressing overcapacity and pricing issues in the glass industry [11]. - The company is positioned to benefit from a revaluation of its photovoltaic glass assets, with expectations of continued profitability growth in the coming years [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a net profit attributable to shareholders of 0.2 billion yuan in Q3, representing a year-on-year increase of 122% [1]. - The company’s revenue for the first three quarters reached 11.78 billion yuan, with a year-on-year growth of 1.6%, while the net profit attributable to shareholders was 0.92 billion yuan, up 30.9% year-on-year [1]. - The report highlights significant growth in photovoltaic glass production, driven by strong demand and inventory reduction in the industry [2]. - The company’s gross margin for the first three quarters was 12.3%, a decrease of 6.7 percentage points year-on-year, but Q3 gross margin improved to 10.81%, showing a year-on-year increase of 3.12 percentage points [3]. - The company is expanding its production capacity in photovoltaic glass and diversifying into energy-saving building glass and pharmaceutical glass, which is expected to support long-term growth [4]. Financial Summary - The company’s revenue is projected to reach 15.68 billion yuan in 2023, with a growth rate of 17.8%, and is expected to grow to 20.25 billion yuan by 2027 [5][11]. - The net profit attributable to shareholders is forecasted to be 1.75 billion yuan in 2023, with a significant increase of 32.97% year-on-year, but a decline of 78.15% is expected in 2024 [5][11]. - The company’s earnings per share (EPS) is estimated to be 0.63 yuan in 2023, decreasing to 0.14 yuan in 2024, and then recovering to 0.37 yuan in 2025 [5][11]. - The report indicates that the company’s price-to-earnings (P/E) ratio is projected to be 10.43 in 2023, increasing to 47.74 in 2024, and then stabilizing around 17.89 in 2025 [5][11].

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

证券之星消息，11月12日玻璃玻纤板块较上一交易日下跌1.07%，旗滨集团领跌。当日上证指数报收于 4000.14，下跌0.07%。深证成指报收于13240.62，下跌0.36%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6180009 | 耀皮玻璃 | 9.80 | 6.87% | 71.86万 | | 6.87亿 | | 600586 | 金晶科技 | 6.95 | 2.81% | 119.41万 | | 8.45亿 | | 603256 | 宏和科技 | 33.04 | -0.03% | 18.92万 | | 6.07亿 | | 000012 | 南玻A > | 4.94 | -0.80% | 22.94万 1 | | 1.14亿 | | 600293 | 三峡新材 | 3.46 | -0.86% | 28.73万 | | 9963.94万 | | 002613 | 北玻股份 | 4.08 | -0.97% | 22.74万 | | 93 ...

Core Viewpoint - Qibin Group's stock has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 18.42%, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Qibin Group reported a revenue of 11.78 billion yuan, reflecting a year-on-year growth of 1.55%, while the net profit attributable to shareholders was 915 million yuan, showing a significant increase of 30.90% [2]. - Cumulatively, since its A-share listing, Qibin Group has distributed a total of 7.92 billion yuan in dividends, with 1.67 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Qibin Group's stock price was 6.59 yuan per share, with a market capitalization of 18.375 billion yuan. The trading volume was 119 million yuan, with a turnover rate of 0.64% [1]. - The stock has seen a net outflow of 4.32 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of October 20, the number of shareholders for Qibin Group was 94,100, a decrease of 3.16% from the previous period, while the average circulating shares per person increased by 3.26% to 28,523 shares [2]. - Notable institutional shareholders include Invesco Great Wall New Energy Industry Fund and GF Advanced Manufacturing Fund, with significant changes in their holdings [3].

Core Viewpoint - The company, Zhuzhou Qibin Group Co., Ltd., is holding its fourth extraordinary general meeting of shareholders in 2025 on November 17, 2025, to discuss various matters including the impact of convertible bonds on shareholder equity [2][3][15]. Group 1: Shareholder Meeting Details - The fourth extraordinary general meeting will be held at the company's headquarters in Shenzhen, combining on-site and online voting methods [2][3]. - The meeting is scheduled for November 17, 2025, at 14:00, with online voting available from 9:15 to 15:00 on the same day [3][4]. - Shareholders must register to attend the meeting, with registration open from November 12 to November 12, 2025 [10][12]. Group 2: Convertible Bond Equity Change - The company's convertible bonds have led to a dilution of the controlling shareholder's equity from 40.98% to 39.90% due to an increase in total shares outstanding [15][21]. - The total number of shares increased to 2,788,321,439 as of November 10, 2025, following the conversion of 104,928,091 shares from the convertible bonds [21][26]. - The convertible bonds, issued in 2021, have a current conversion price of 5.43 yuan per share, which has been adjusted multiple times due to various corporate actions [16][19][20]. Group 3: Early Redemption of Convertible Bonds - The company has triggered the early redemption of its convertible bonds due to the stock price meeting specific criteria over a 30-day trading period [24][25]. - The board of directors has approved the early redemption, which will be executed at the face value plus accrued interest [26]. - Investors holding the convertible bonds must act within the specified timeframe to avoid forced redemption, which could result in significant investment losses [24][27].

关于控股股东、实际控制人及一致行动人权益变动触 及 5%刻度的提示性公告 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法律责任。 重要内容提示： ●本次权益变动原因：株洲旗滨集团股份有限公司（以下简称"公司"）可 转换公司债券转股使得公司股份总数增加，导致控股股东福建旗滨集团有限公司 （以下简称"福建旗滨"）、实际控制人俞其兵及其一致行动人俞勇、宁波旗滨 投资有限公司（以下简称"宁波旗滨"）合计持股比例由40.98%被动稀释至39.90%， 触及5%的整数倍。上述主体持股数量未发生变化。 证券代码：601636 证券简称：旗滨集团 公告编号：2025-109 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 ●本次权益变动未触及要约收购，不会导致公司第一大股东及实际控制人发 生变动，不会影响公司的治理结构和持续经营。 近日，因公司总股本增加，导致公司控股股东、实际控制人及其一致行动人 在持股数量不变的情况下，合计权益比例被动稀释，现将本次权益变动情况公告 如下： 一、公司可转换债券的基本情况 （一）可转换债券发 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-110 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于提前赎回"旗滨转债"的提示性公告 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法律责任。 重要内容提示： ●投资者所持"旗滨转债"除在规定时限内通过二级市场继续交易或按照 5.43元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当期应计 利息被强制赎回。若被强制赎回，可能面临较大投资损失。 ●特提醒"旗滨转债"持有人注意在期限内转股或卖出。投资者如未及时转 股或卖出，可能面临较大投资损失。敬请广大投资者详细了解相关规则（可转债 赎回）及其潜在影响，并关注公司后续公告，注意投资风险。 一、"旗滨转债"提前赎回的有关事项 公司股票自2025年9月30日至2025年11月5日期间，连续21个交易日中已有15 个交易日的收盘价不低于"旗滨转债"当期转股价格（5.43元/股）的130%（含 130%，即7.06元/股），满足《募集说明书》中约定的"连续三十个交易日中至 少有十五个交易 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-108 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于召开 2025 年第四次临时股东会的提示性公告 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法律责任。 重要内容提示： 公司已于2025年10月31日在上交所网站（http://www.sse.com.cn）及《中 国证券报》《上海证券报》《证券日报》和《证券时报》上刊登了《旗滨集团关于 召开2025年第四次临时股东会的通知》（公告编号：2025-099），本次股东会采用 现场投票和网络投票相结合的方式召开。现将有关事项再次提示如下： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025 年第四次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 00 分 召开地点：公司办公总部会议室（深圳市南山区桃源街道龙珠四 ...