转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院宠物芯片研究小组发布的《中国宠物行业（宠物经济）市场前景预测 与投资战略规划分析报告》。 行业主要公司：采纳股份(301122.SZ);康德莱(603987.SH);威高股份(01066.HK);正川股份(603976.SH);山东药 玻(600529.SH);旗滨集团(601636.SH);凯盛科技(600552.SH)等。 本文核心数据：宠物芯片政策汇总;政策解读;发展目标汇总等。 1、政策历程图 中国宠物芯片行业政策早期2010年国内多个地方开启了宠物芯片植入的试点工作，当时各地试点多聚焦于犬 只管理，核心是解决城市养犬统计难、识别难以及狂犬病防疫追溯等问题，且不同地区的试点方案在实施时 间、收费标准和服务细节上各有差异。2019年多个地方密集出台或落地实施《养犬管理条例》，这些条例普 遍强化了养犬登记、免疫管理，且不少地区明确将电子标识(宠物芯片)植入作为核心管理手段，以此规范养 犬行为、保障公共安全。2024年深圳市犬只电子标签植入管理规定(试行)，规定除病犬、孕犬、年龄小于3 个月或体重低于2公斤的幼犬外，深圳所有犬只均应当植入电子标签。确实 ...

Group 1 - The core point of the news is that Qibin Group's stock price dropped by 5.05% to 7.15 CNY per share, with a trading volume of 387 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 21.154 billion CNY [1] - Qibin Group, established on July 8, 2005, and listed on August 12, 2011, is located in Shenzhen, Guangdong Province, and primarily engages in the production and sales of glass and glass products [1] - The main revenue composition of Qibin Group includes ultra-white photovoltaic glass (43.59%), high-quality float glass (37.93%), energy-saving architectural glass (14.87%), other functional glass (2.39%), and logistics (0.04%) [1] Group 2 - Among the top ten circulating shareholders of Qibin Group, a fund under Southern Fund holds a significant position, with the Southern CSI 500 ETF (510500) reducing its holdings by 530,700 shares, now holding 23.433 million shares, which accounts for 0.87% of the circulating shares [2] - The Southern CSI 500 ETF (510500) has a current scale of 144.69 billion CNY and has achieved a year-to-date return of 12.89%, ranking 576 out of 5,569 in its category [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 301 days, with the fund's best return during this period being 185.79% and the worst being -47.6% [2]

Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

2月13日，旗滨集团盘中下跌3.32%，截至09:35，报7.28元/股，成交8309.55万元，换手率0.38%，总市 值215.39亿元。 资金流向方面，主力资金净流出579.52万元，特大单买入297.77万元，占比3.58%，卖出895.58万元，占 比10.78%；大单买入971.26万元，占比11.69%，卖出952.96万元，占比11.47%。 旗滨集团所属申万行业为：建筑材料-玻璃玻纤-玻璃制造。所属概念板块包括：BIPV概念、药用玻璃、 低辐射玻璃、光伏玻璃、太阳能（光伏）等。 截至1月31日，旗滨集团股东户数9.40万，较上期减少7.75%；人均流通股31483股，较上期增加8.40%。 2025年1月-9月，旗滨集团实现营业收入117.80亿元，同比增长1.55%；归母净利润9.15亿元，同比增长 30.90%。 分红方面，旗滨集团A股上市后累计派现79.20亿元。近三年，累计派现16.66亿元。 机构持仓方面，截止2025年9月30日，旗滨集团十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第五大流通股东，持股3481.93万股，相比上期增加557.33万股。广发高端制 ...

Core Viewpoint - The rapid development of the automotive market is creating new opportunities for the glass industry, and the company is actively seizing this chance to expand its automotive glass business [1] Business Strategy - The company plans to focus on the electric and intelligent development trends of the automotive industry, particularly expanding its business related to glass for new energy vehicles [1] - The company aims to steadily optimize and expand its production capacity in line with market demand [1] Research and Development - The company emphasizes investment in core technologies related to automotive glass, focusing on lightweight, energy-saving, and intelligent high-end automotive glass products [1] - Continuous increase in R&D resource investment is aimed at enhancing product technology content and added value, maintaining R&D investment at a reasonable level within the industry [1] Revenue Outlook - With ongoing improvements in market layout and product structure optimization, the company expects further revenue growth from its automotive glass business [1]

Core Viewpoint - The company anticipates a profit increase in 2025 due to two main factors: challenges in the main business and non-recurring gains from asset disposal [1] Group 1: Main Business Performance - The company's main business is under pressure due to a sluggish real estate market, leading to decreased prices and profit margins for float glass products [1] - The pharmaceutical glass and electronic glass segments have not met expectations, and the company plans to recognize an asset impairment provision of 370 million yuan for 2025 [1] - The photovoltaic glass business is expected to turn profitable in the second half of the year, benefiting from industry policy guidance, alleviated supply-demand conflicts, and improvements in capacity optimization and cost control [1] Group 2: Non-Recurring Gains - The disposal of assets at the Taoyan plant by a subsidiary is projected to increase net profit by 442 million yuan, which is a significant contributor to the anticipated profit increase [1] Group 3: Strategic Measures - The company is implementing several measures to address challenges such as pressure on the main business and difficulties in industry receivables [1] - Focus is being placed on core businesses like photovoltaic glass and high-quality float glass, with efforts to enhance profitability through capacity optimization, cost control, and expansion into overseas markets [1] - A special team has been established to manage accounts receivable, optimize customer credit rating systems, and reduce bad debt risks from the source [1] - Continuous improvement of the internal control management system is being pursued to enhance collaboration across business segments and improve risk prediction and response capabilities [1]

Core Viewpoint - The company acknowledges challenges in its electronic glass business due to market conditions, leading to performance below expectations [1] Group 1: Business Challenges - The electronic glass sector is characterized by rapid technological iteration, long market expansion cycles, and high operational complexity [1] - The company's business decisions are made collectively by the board in accordance with its articles of association and internal governance [1] Group 2: Strategic Responses - The company is collaborating with professional institutions to optimize business strategies and enhance governance and operational efficiency [1] - An internal review of the business situation is underway to summarize experiences and improve the technology research and development system and market assessment mechanisms [1] Group 3: Future Focus - The company aims to promote differentiated product layouts and gradually optimize its product structure [1] - There is a commitment to innovation management mechanisms to ensure freedom in new projects and technologies, as well as to drive technological advancements and industry collaboration [1] - The company will continue to focus on building core competencies and actively respond to industry competition and development challenges, ensuring timely information disclosure to the market [1]

Group 1 - The company has entered the photovoltaic glass sector since 2022 to seize opportunities arising from the booming photovoltaic industry under the "dual carbon" goals [2] - The company has developed and implemented a strategy for the accelerated growth of its photovoltaic glass business, continuously releasing high-quality production capacity [2] - The company is focusing on collaborative layout of supporting resources and is working to enhance the photovoltaic glass industry chain [2]

Core Viewpoint - The company aims to enhance its capital strength and optimize its capital structure through the completion of convertible bond conversions, which will lower its debt ratio and reduce future principal and interest expenses, thereby decreasing financial costs [2] Financing Strategy - The company is applying for the registration of short-term financing bonds and medium-term notes to diversify its direct financing channels, optimize its financing structure, and enhance cash flow security and operational flexibility [2] - The financing will not lead to a significant increase in the overall financing scale or alter the company's established investment scale and capital expenditure plans [2] Market Conditions - The company plans to issue financing instruments during a period of low market interest rates to effectively lock in low-cost funds, which will save on financial expenses and improve financial stability [2] - This strategy is expected to further reduce the concentration risk of the company's financing and enhance its risk resistance capabilities, contributing to high-quality sustainable development [2]

Core Viewpoint - Qibin Group is focusing on the research and development of chip packaging glass as part of its long-term strategic layout in high-end materials, currently in the sample testing phase with no substantial products or revenue generated yet [2] Group 1: Business Development - The chip packaging glass R&D and collaboration is a key exploration direction for the company [2] - The business is still in the sample testing stage and has not yet produced any substantial products or revenue [2] Group 2: Financial Impact - Following the early redemption of convertible bonds, the company's total share capital will increase to 2,958,653,728 shares, which may dilute earnings per share in the short term [2] - The redemption enhances the company's capital strength, optimizes its capital structure, reduces the debt ratio, and lowers future principal and interest expenses, thereby improving financial capabilities and risk resistance [2] Group 3: Corporate Governance - The company adheres to a principle of prudent, transparent, and compliant disclosure, treating R&D dynamics and bond redemption as independent matters [2] - There are no violations of information disclosure or harm to the interests of minority shareholders [2]