Group 1 - The glass and fiberglass sector increased by 1.32% on September 18, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Key stocks in the glass and fiberglass sector showed varied performance, with Honghe Technology rising by 5.97% to a closing price of 40.10, and other notable stocks like Zhongcai Technology and Changhai Co. also experiencing gains [1] Group 2 - The glass and fiberglass sector saw a net inflow of 219 million yuan from main funds, while retail investors experienced a net outflow of 181 million yuan [2] - The trading volume and turnover for key stocks in the sector varied, with Honghe Technology achieving a turnover of 1.868 billion yuan and Zhongcai Technology at 1.877 billion yuan [1][2] - Other stocks such as Qibin Group and Jinjing Technology faced declines, with Qibin Group down 4.13% to a closing price of 6.50 [2]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 7.4 billion and a net profit of 890 million, reflecting a year-on-year change of -7% and +10% respectively [1] Group 1: Float Glass Business - The float glass business generated revenue of 2.8 billion, down 24% year-on-year, despite a sales volume increase of 7% to 52.21 million weight boxes [2] - The average price of float glass decreased by 29% year-on-year, leading to a gross profit of 500 million and a gross margin of 17.8%, which is a decline of 10.6 percentage points [2] - The market is currently stabilizing due to government policies supporting real estate projects, although the industry is still facing inventory increases and pressure on deep processing orders [2] Group 2: Photovoltaic Glass Business - The photovoltaic glass segment achieved revenue of 3.2 billion, an 11% increase year-on-year, with a significant rise in sales volume to 26.672 million square meters [3] - The demand for photovoltaic glass surged due to policies promoting distributed photovoltaic power generation, resulting in a 107% year-on-year increase in new photovoltaic installations [3] - Despite the initial demand surge, the market is now facing oversupply and price declines as the installation rush subsides [3] Group 3: Profit Forecast and Valuation - The overall revenue and net profit for the company declined year-on-year, but there was an improvement in profit for Q2 2025 [3] - The company maintains its net profit forecasts for 2025-2027 at 1 billion, 800 million, and 1.06 billion respectively [3] - The company retains a "buy" rating based on the performance of its photovoltaic glass business and the potential recovery in the float glass segment [3]

Investment Rating - The report maintains a "Buy" rating for Qibin Group (601636.SH) [5] Core Views - In H1 2025, Qibin Group reported revenues of 7.4 billion yuan, a year-on-year decrease of 7%, while net profit attributable to shareholders increased by 10% to 890 million yuan [1] - The float glass business experienced a significant decline in average prices, with revenues dropping by 24% to 2.8 billion yuan, despite a 7% increase in sales volume [2] - The photovoltaic glass segment saw a substantial increase in both production and sales, with revenues rising by 11% to 3.2 billion yuan, driven by policy support and a surge in demand [3] Summary by Sections Float Glass Business - Revenue decreased by 24% to 2.8 billion yuan, with sales volume increasing by 7% to 52.21 million weight boxes, leading to a 29% drop in average price [2] - Gross profit was 500 million yuan, with a gross margin of 17.8%, down 10.6 percentage points year-on-year [2] - The market is stabilizing due to government policies supporting real estate projects, although the float glass industry faces challenges from high fixed costs and low price elasticity [2] Photovoltaic Glass Business - Revenue increased by 11% to 3.2 billion yuan, with sales of photovoltaic glass reaching 26.67 million square meters [3] - The domestic installed capacity of photovoltaic systems grew by 107% year-on-year to 212 GW, driven by policies promoting distributed photovoltaic development [3] - Despite the growth, the industry faces challenges of oversupply and declining prices as the initial demand surge subsides [3] Profit Forecast and Valuation - The report forecasts net profits for Qibin Group of 1 billion yuan, 800 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027 respectively [3] - The company is expected to maintain a stable revenue trajectory with slight fluctuations in profit margins due to market conditions [3]

Group 1: Cement Industry - The average national cement shipment rate in August 2025 was 45.2%, down from 48.8% in the same period last year, with a year-on-year decrease in cement production of 6.2% to 148 million tons [1][2] - The average price of cement from July to September 2025 was 338 yuan/ton, showing a slight rebound from the low point in August, with a month-on-month increase of 2 yuan/ton [2] - Companies to watch include Conch Cement (600585), Shangfeng Cement (000672), and China Resources Cement Technology (01313) due to potential marginal improvements in demand as the peak season approaches [2] Group 2: Glass Industry - From January to August 2025, the area of completed housing decreased by 17% year-on-year to 27.7 million square meters, indicating significant pressure on glass demand due to ongoing real estate downturn [3] - The daily melting capacity of float glass was 15.9 million tons as of September 2025, remaining stable compared to the end of last year, with high inventory levels of 55 million boxes [3] - Companies to focus on include Xinyi Glass (00868) and Qibin Group (601636) as the industry may see improvements in structure due to supply contraction [3] Group 3: Steel Industry - In August, both supply and demand in the steel sector weakened, with crude steel production at 77.37 million tons, a year-on-year decrease of 0.7%, and apparent domestic consumption at 68.39 million tons, down 0.8% year-on-year [4] - Anticipated production adjustments in the fourth quarter may improve industry supply and demand dynamics, leading to a potential recovery in the profitability cycle [4] - Key companies to monitor include Hualing Steel (000932) as the industry’s core assets are currently undervalued [4]

Market Overview - On September 15, the glass and fiberglass sector rose by 0.59% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Zhongcai Technology (002080) closed at 36.15, up 4.84% with a trading volume of 539,400 shares and a transaction value of 1.918 billion [1] - Other notable performers include: - Sanxia New Material (600293) at 3.20, up 1.59% [1] - Honghe Technology (603256) at 40.12, up 1.19% [1] - Conversely, China Jushi (600176) closed at 15.36, down 1.35% with a trading volume of 618,400 shares and a transaction value of 950 million [1][2] Capital Flow - The glass and fiberglass sector experienced a net outflow of 38.1864 million from institutional investors and 41.0712 million from speculative funds, while retail investors saw a net inflow of 79.2575 million [2] - The capital flow for key stocks includes: - Zhongcai Technology with a net inflow of 196 million from institutional investors [3] - Honghe Technology with a net inflow of 20.4092 million from institutional investors [3] - China Jushi with a net outflow of 11.5422 million from institutional investors [3]

Core Viewpoint - The company, Zhuzhou Qibin Group Co., Ltd., is participating in an online investor reception day and semi-annual performance briefing to enhance investor relations and transparency [1][2]. Group 1 - The event is organized by Hunan Securities Regulatory Bureau, Hunan Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. [1] - The online event will take place on September 19, 2025, from 14:00 to 17:00 [1]. - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1]. Group 2 - Company representatives attending the event include the board secretary and securities affairs representative [2]. - The company will discuss its 2025 semi-annual performance, corporate governance, development strategy, operational status, and sustainable development during the event [2]. - The company encourages investors to actively participate in the communication and exchange [2].

证券代码：601636 证券简称：旗滨集团 公告编号：2025-085 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 关于参加2025年湖南辖区上市公司投资者网上集体接待 日暨半年度业绩说明会活动的公告 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。 为进一步做好投资者关系管理工作，加强与广大投资者的互动交流，切实提 高上市公司透明度和治理水平，株洲旗滨集团股份有限公司(以下简称"公司") 将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联合举办 的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接待 日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net),或关注微信公众号：全景财经，或下载全景路演 APP,参 与本次互动交流。活动时间为 2025 年 9 月 19 日(星期五)14:00-17:00。 公司出席本次活动的人员有：董事会秘书、证券事务代表。 届时公 ...

Summary of Qibin Group's Conference Call Industry and Company Overview - The conference call focuses on Qibin Group, a company in the photovoltaic glass industry, which has rapidly expanded its production capacity to 60%-70% of that of its competitor, Fuyao [2][6] - Qibin Group is positioned as the third-largest player in the photovoltaic glass sector, with a total production capacity of 11,800 tons across 9 production lines [3] Core Insights and Arguments - **Cost Control and Profit Margins**: Qibin Group has effectively controlled costs through large furnace technology and a high self-sufficiency rate in silica sand, narrowing the profit margin gap with Fuyao to approximately 0.4-0.5 yuan per bottle [2][3] - **Overseas Expansion Strategy**: Establishing overseas factories is a key strategy for enhancing competitiveness, allowing Qibin Group to reduce shipping costs and improve customer proximity, thereby optimizing the supply structure in Southeast Asia [2][5] - **Industry Trends**: The photovoltaic industry is experiencing a trend of "anti-involution," where companies focus on technological innovation and efficiency improvements to achieve sustainable growth [2][9] - **Supply Side Adjustments**: The photovoltaic glass industry is undergoing significant supply-side adjustments, with an expected capacity exit rate of 33.3% in the second half of 2024, indicating a mature response to market conditions [2][10] Additional Important Points - **Profitability Expectations**: Despite a reduction in single product profit margins, Qibin Group's cost control capabilities are superior to its peers, with float glass gross margins leading other listed companies by 10-15 yuan/ton [2][11] - **Raw Material Advantages**: Qibin Group has a self-owned sand mine with a self-use rate of over 70% for float glass, and it utilizes a cost-effective fuel mix to further reduce production costs [4][12] - **Market Demand Dynamics**: While the float glass market is currently facing limited demand growth, Qibin Group is more reliant on supply-side adjustments to manage market fluctuations [7][8] - **Long-term Growth Potential**: The company is expected to maintain strong growth in the photovoltaic glass sector, with ongoing capacity expansion and effective cost management strategies [6][15] - **Investment Logic**: The core investment rationale for Qibin Group centers on its growth potential in the photovoltaic sector, with a historical ability to maintain profitability even in challenging years [4][15] This summary encapsulates the key points discussed during the conference call, highlighting Qibin Group's competitive advantages, industry trends, and future growth prospects.

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6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2924.60万股，相比上期减少578.89万股。香港中央结算有限公司 位居第七大流通股东，持股2543.72万股，相比上期增加108.12万股。南方中证500ETF（510500）位居 第八大流通股东，持股2396.37万股，相比上期增加318.77万股。景顺长城成长龙头一年持有期混合A类 （011058）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 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、 ...

Core Viewpoint - The construction materials sector has experienced a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index, which fell by 0.81% and 1.37% respectively, resulting in excess returns of -1.98% and -1.41% [2][3] Group 1: Cement Market - The national high-standard cement market price is 342.7 CNY/ton, down by 1.7 CNY/ton from last week and down by 40.0 CNY/ton compared to the same period in 2024 [3][9] - The average cement inventory level among sample enterprises is 64.1%, up by 0.4 percentage points from last week but down by 1.7 percentage points year-on-year [3][9] - The average daily cement shipment rate is 45.7%, up by 0.1 percentage points from last week but down by 5.3 percentage points year-on-year [3][9] Group 2: Glass Market - The average price of float glass is 1193.0 CNY/ton, up by 3.3 CNY/ton from last week but down by 147.2 CNY/ton compared to the same period in 2024 [3][10] - The inventory of float glass among sample enterprises is 56.04 million heavy boxes, up by 0.5 million heavy boxes from last week but down by 6.92 million heavy boxes year-on-year [3][10] Group 3: Fiberglass Market - The domestic non-alkali roving market price remains stable, with mainstream transaction prices for 2400tex non-alkali winding direct yarn ranging from 3100 to 3700 CNY/ton, remaining flat compared to previous periods [4][7] - The market for electronic yarn G75 is stable, with mainstream prices ranging from 8300 to 9200 CNY/ton, also remaining flat compared to the previous week [4][7] Group 4: Investment Recommendations - Recommended companies in the cement sector include Conch Cement, Huaxin Cement, and Tianshan Cement, among others [5][9] - In the consumer building materials sector, companies such as Arrow Bathroom, Dongpeng Holdings, and Oppein Home are recommended due to expected growth in the second half of the year [5][11] - The report suggests focusing on undervalued Hong Kong-listed construction central enterprises [5]