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]

Meeting Information - The company will hold its fifth extraordinary general meeting of shareholders on December 29, 2025 [6][7] - The meeting will adopt a combination of on-site and online voting methods [7] - The on-site meeting will take place at the company's headquarters in Shenzhen at 14:00 [7] Voting Details - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [3][6] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - Shareholders can vote through either the trading system or the internet voting platform, with identity verification required for first-time users [9][10] Attendance and Registration - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting [14] - Registration for attendance can be done in person or through a proxy, who does not need to be a shareholder [14][17] - Registration will be open from December 24, 2025, from 9:00 to 16:00 [17] Agenda and Proposals - The meeting will review several proposals, including three special resolutions and specific voting arrangements for minority investors [9] - All proposals have been disclosed in prior announcements on December 12, 2025 [8]

Group 1 - The company, Qibin Group (601636), announced that it will hold its fifth extraordinary general meeting of shareholders on December 29, 2025 [1]

证券代码：601636 证券简称：旗滨集团 公告编号：2025-145 株洲旗滨集团股份有限公司 关于召开 2025 年第五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12月12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年第五次临时股东会的通知》（公告编号：2025-138），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 年第五次临时股东会 （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 12 月 29 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路 2 号方大 城 T1 栋 31 楼） （五） ...

Core Viewpoint - The photovoltaic glass industry is currently experiencing weak demand, with inventory days increasing and prices dropping to RMB 11.5 per square meter, leading to near breakeven profitability for four leading companies, while others face deepening losses [1] Supply and Demand - The report indicates that by 2026, the industry's capacity utilization will become increasingly polarized, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic demand for photovoltaic glass is expected to decline by approximately 23% to 36% due to weakened component demand next year, while overseas component demand is projected to grow by about 60 GW, reaching a total demand of 150 GW [1] - Approximately 8,800 tons of domestic capacity will still need to be allocated for direct sales of glass overseas, benefiting companies with an established overseas customer base, while those with weaker export capabilities may face operational pressures due to accumulating inventory [1] Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price for this year being RMB 12.59 per square meter, a year-on-year decrease of 15.83% [2] - The average price for next year is projected to remain in the range of RMB 13 to 13.5 per square meter [2] Profitability - Leading companies are expected to see an increase in profit margins, with two leading firms projected to improve their overall profit margins by approximately 5 percentage points compared to this year [2] - Second-tier leading companies, such as South Glass A and Qibin Group, may see profit margins increase by 2 to 3 percentage points, while most second-tier and below companies lack an overseas customer base, making it difficult to improve profitability through exports [2]

Core Viewpoint - The photovoltaic glass industry is currently experiencing weak demand, with inventory days increasing and prices dropping to RMB 11.5 per square meter, leading to near breakeven profitability for four leading companies while others face deepening losses [1] Supply and Demand - The report indicates that by 2026, the industry's capacity utilization will become increasingly polarized, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic demand for photovoltaic glass is expected to decline by approximately 23% to 36% due to weakened component demand next year, while overseas component demand is projected to grow by about 60 GW, reaching a total demand of 150 GW [1] - Approximately 8,800 tons of domestic capacity will still need to be allocated for direct sales of glass overseas, benefiting companies with an established overseas customer base while those with weaker export capabilities may face operational pressures due to accumulating inventory [1] Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price for this year being RMB 12.59 per square meter, a year-on-year decrease of 15.83% [2] - The average price for next year is projected to remain in the range of RMB 13 to 13.5 per square meter [2] Profitability - Leading companies are expected to see an increase in profit margins, with two leading firms projected to improve their overall profit margins by approximately 5 percentage points compared to this year [2] - Second-tier leading companies, such as South Glass A and Qibin Group, may see profit margins increase by 2 to 3 percentage points, while most second-tier and lower-tier companies lack an overseas customer base, making it difficult to improve profitability through exports [2]

Core Viewpoint - The recent demand for photovoltaic glass has been weak, leading to an increase in inventory days and a price drop to 11.5 yuan/square meter, with four leading companies nearing breakeven profitability while others face deeper losses, indicating a widening profitability gap in the industry [1] Supply and Demand - By 2026, the capacity utilization rate for photovoltaic glass is expected to further polarize, requiring a reduction of 5,000 to 20,000 tons in domestic production to achieve supply-demand balance. Domestic component demand is projected to decline, resulting in a corresponding drop in photovoltaic glass demand of approximately 23-36%. Conversely, overseas component demand is anticipated to grow by about 60 GW compared to this year, with total demand reaching 150 GW, necessitating the allocation of 8,800 tons of domestic capacity for direct sales of glass overseas [2] Pricing and Costs - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price this year being 12.59 yuan/square meter, a year-on-year decline of 15.83%. The average price next year is projected to remain between 13-13.5 yuan/square meter, adhering to the guideline of not selling below cost. There is potential for slight cost reductions due to oversupply of raw materials like heavy alkali and ultra-white quartz sand, stable natural gas prices, and a gradual decrease in the use of antimony in clarifying agents [2] Profitability - Leading companies are expected to see an improvement in profit margins, while second-tier companies face risks of further declines in profitability. Domestic leading glass companies are projected to improve profitability next year, while second-tier companies struggle to increase sales through prices below the industry average. Internationally, demand from foreign component manufacturers is expected to remain strong, with net profits likely to stay above 3 yuan/square meter. Leading companies can enhance overall profit margins by increasing overseas shipments, with the top two companies expected to see a 5 percentage point increase in comprehensive profit margins compared to this year, while second-tier companies like Nanbo A and Qibin Group may see a 2-3 percentage point increase [3] Recommended Stocks - The report recommends focusing on Xinyi Solar (00968) and Flat Glass (601865.SH), while suggesting attention to Nanbo A (000012.SZ) and Qibin Group (601636.SH) [3]

Industry Overview - Demand for photovoltaic glass is weak, with inventory days increasing rapidly and prices dropping to 11.5 yuan per square meter. Four leading companies are close to breakeven, while others are experiencing deeper losses [1] - It is anticipated that by 2026, the capacity utilization rate will further polarize, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic component demand is expected to decline, leading to a 23-36% drop in photovoltaic glass demand, while overseas component demand may increase by approximately 60 GW, bringing total demand to around 150 GW [1] Price and Cost Analysis - The average price for 2.0mm photovoltaic glass is projected to stabilize next year, with an expected average price of 13-13.5 yuan per square meter, based on sales not falling below cost [2] - There is potential for slight cost reductions next year due to oversupply of raw materials like heavy alkali and ultra-white quartz sand, along with stable natural gas prices [2] Profitability Insights - Profit margins for leading companies are expected to improve, while second-tier companies may face continued downward pressure on profits [2] - Leading glass companies in China are projected to see improved domestic profitability, while second-tier companies struggle to increase sales through prices below the industry average [2] - Due to rising demand from foreign component manufacturers, net profits are expected to remain above 3 yuan per square meter for leading companies [2] Recommendations - Companies such as Xinyi Solar and Fuyao Glass are recommended, with a focus on South Glass A and Qibin Group [2]

Core Viewpoint - Qibin Group's stock has shown a mixed performance in recent trading sessions, with a year-to-date increase of 7.28% and a notable drop of 8.44% over the past 60 days, indicating potential volatility in the market [1]. Group 1: Stock Performance and Market Activity - On December 23, Qibin Group's stock price rose by 2.05% to 5.97 CNY per share, with a trading volume of 94.77 million CNY and a turnover rate of 0.54%, resulting in a total market capitalization of 17.663 billion CNY [1]. - The net inflow of main funds was 7.8956 million CNY, with large orders contributing significantly to the buying activity, indicating investor interest [1]. - The stock has experienced a slight increase of 0.51% over the last five trading days and a 3.11% increase over the last 20 days, contrasting with the 8.44% decline over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Qibin Group reported a revenue of 11.78 billion CNY, reflecting a year-on-year growth of 1.55%, while the net profit attributable to shareholders increased by 30.90% to 915 million CNY [2]. - The company has distributed a total of 7.92 billion CNY in dividends since its A-share listing, with 1.666 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of November 10, the number of shareholders for Qibin Group reached 95,900, an increase of 1.95%, with an average of 29,069 circulating shares per shareholder, up by 1.91% [2]. - Notable institutional shareholders include Invesco Great Wall New Energy Industry Fund, which increased its holdings by 5.5733 million shares, and Guangfa High-end Manufacturing Fund, which is a new shareholder with 31.8209 million shares [3].