旗滨集团公告，为加快推进大研发体系落地见效，拟在深圳宝安投资设立全资子公司深圳市旗滨科技发 展有限公司，注册资本1亿元，并以新设立的旗滨科技为投资主体，投资设立孙公司深圳市旗滨技术开 发有限公司，注册资本1亿元。 ...

格隆汇12月11日丨旗滨集团(601636.SH)公布，为进一步拓宽融资渠道、优化融资结构、增加直接融资 比例，根据中国人民银行《银行间债券市场非金融企业债务融资工具管理办法》的有关规定，结合公司 发展需要，公司拟向中国银行间市场交易商协会申请注册并发行超短期融资券和中期票据。本次拟注册 规模分别为超短期融资券规模不超过20亿元（含）、中期票据规模不超过10亿元（含）；最终发行规模 将以公司在中国银行间市场交易商协会取得的注册通知书载明的额度及公司实际发行需要为准。 ...

本次股权转让交易完成后，公司持有旗滨光能的股权比例保持71.22%不变，东方资产成为旗滨光能战 略参股股东，持股 11.21%，员工持股平台的持股比例由 15.03%减少至 3.82%。公司仍为旗滨光能控股 股东，旗滨光能继续纳入公司合并报表范围，控制权稳定性不受任何影响。 二是借助战略伙伴赋能旗滨光能长远发展。东方资产作为具备强大资源背景与专业能力的资产管理机 构，其入股将为旗滨光能带来多维度协同价值：一是优化治理结构，提升决策科学性与运营效率，增强 抗风险能力；二是依托其产业资源网络，对接产业链上下游优质客户与核心技术资源，助力业务拓展与 技术升级；三是发挥绿色金融领域专业优势，拓宽多元化融资渠道、降低融资成本，优化资本结构；四 是凭借政策解读与资源整合能力，为旗滨光能争取相关政策支持，强化市场竞争力。此次合作通过资源 互补与协同增效，将推动旗滨光能实现高质量发展，进而提升公司在光伏玻璃领域的核心竞争力与长期 投资回报水平。 三是兼顾人才团队稳定与旗滨光能发展诉求。员工持股平台参与旗滨光能跟投已历时2年，部分合伙人 客观存在资金周转需求，且受员工持股平台自身资金实力限制，其难以持续为旗滨光能提供增资支持或 ...

Group 1: Cement Industry - The effect of capacity reduction is expected to become evident by 2026, improving the supply-demand balance and enhancing price recovery, leading to gradual profit restoration for companies [1] - In November, cement prices are expected to trend weakly due to seasonal demand reduction, despite a significant increase in kiln stoppage rates and a marginal decrease in clinker inventory [2] - The cement price is anticipated to stabilize until March next year, supported by high stoppage rates in northern regions and strong price stabilization intentions from companies [2] Group 2: Glass Fiber Industry - Demand for high-end coarse yarn has slightly declined, but mainstream electronic yarn demand continues to support price increases, with a marginal rise in coarse yarn prices [3] - The electronic yarn market shows stable demand, with prices increasing slightly, while high-end products maintain a favorable market outlook due to limited new capacity release [3] Group 3: Consumer Building Materials - Retail demand for home decoration materials weakened in October, with a year-on-year decline of 8.3%, while the cumulative retail sales from January to October grew by only 0.5% [4] - The ongoing urban renewal strategy is expected to release demand for renovation and old housing improvement, enhancing the market penetration of high-quality green building materials [4] Group 4: Float Glass Industry - The float glass market shows no significant changes in demand, with reduced production capacity leading to a contraction in total industry supply, yet prices continue to decline due to high inventory levels [5] - Short-term demand is expected to remain weak, but inventory pressure may ease, leading to a forecast of price stabilization [5] Group 5: Investment Recommendations - Companies to watch in the cement sector include Huaxin Cement, Shangfeng Cement, and Anhui Conch Cement [5] - In the glass fiber sector, focus on China Jushi and China National Materials [5] - For consumer building materials, recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Sankeshu, and Tubao [5] - In the float glass sector, Qibin Group is highlighted for investment [5]

Group 1 - The total amount of share buybacks by A-share listed companies has exceeded 130 billion yuan this year, marking the second highest level in history [1][2] - In December, several companies from Hunan Province, including Hualing Steel and Blue思科技, have announced their share buyback progress, with a total buyback amount exceeding 800 million yuan [1] - Century Huatong completed its share buyback with a total amount of approximately 999.9 million yuan, repurchasing 56,120,796 shares at prices ranging from 17.06 yuan to 18.38 yuan per share [1] Group 2 - Over 1,400 companies in the A-share market have implemented buybacks since 2025, with the total buyback amount exceeding 130 billion yuan [2] - Midea Group leads the buyback amounts this year with over 9.6 billion yuan, having announced two buyback plans [2] - The stock buyback index has increased by over 27% this year, reaching a historical high, with more than 100 companies doubling their stock prices [2] Group 3 - As of December 2, Blue思科技 has repurchased 7.31 million shares for a total amount of 212 million yuan [3] - Flag Group has repurchased 27.96 million shares, exceeding its planned buyback amount, with a total buyback amount of 196 million yuan [3] - Hunan Silver has repurchased 19.76 million shares, with a total buyback amount of 106 million yuan [3] Group 4 - As of November 30, Hualing Steel has repurchased 4.35 million shares for a total amount of 210 million yuan [4]

Core Viewpoint - The company, Zhuzhou Qibin Group Co., Ltd., has announced the redemption of its convertible bonds, "Qibin Convertible Bonds," due to the fulfillment of specific conditions related to stock price performance, which will enhance its capital structure and reduce financial costs [2][11]. Group 1: Redemption Details - The total amount redeemed is 4,401,000 yuan (44,010 bonds) [1][5]. - The redemption price is set at 101.1737 yuan per bond, which includes accrued interest [4][5]. - The total redemption payment amount is 4,452,655.91 yuan, including accrued interest, with the payment date scheduled for December 3, 2025 [10][11]. Group 2: Conditions for Redemption - The redemption conditions were met as the stock price was above 130% of the conversion price (7.06 yuan) for 15 out of 21 trading days from September 30 to November 5, 2025 [2][3]. Group 3: Impact on Company - The total outstanding amount of "Qibin Convertible Bonds" after redemption will be 4,401,000 yuan, representing 0.2934% of the total issuance [5][11]. - The total share capital of the company will increase to 2,958,653,728 shares following the redemption, which may dilute earnings per share in the short term [11][12]. - The redemption is expected to strengthen the company's capital position, optimize its capital structure, lower the debt ratio, and enhance its financing capabilities for sustainable development [11]. Group 4: Conversion Status - As of December 2, 2025, a total of 1,495,595,000 yuan of "Qibin Convertible Bonds" has been converted into 275,260,380 shares, accounting for 10.2471% of the company's total shares before conversion [6][12]. - The bonds will cease trading on December 28, 2025, and any remaining unconverted bonds will be frozen [8].

●赎回数量：4,401,000元（44,010张） ●赎回兑付总金额：4,452,655.91元（含当期利息） ●赎回款发放日：2025年12月3日 证券代码：601636 证券简称：旗滨集团 公告编号：2025-130 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"旗滨转债"赎回结果暨股份变动的公告 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。 重要内容提示： ●"旗滨转债"摘牌日：2025年12月3日 一、公司可转换债券发行上市概况 经中国证券监督管理委员会《关于核准株洲旗滨集团股份有限公司公开发行 可转换公司债券的批复》（证监许可【2021】409号）核准，株洲旗滨集团股份 有限公司（以下简称"公司"）于2021年4月9日发行了1,500万张可转换公司债 券，每张面值100元，发行总额150,000万元，期限6年。公司可转换公司债券于 2021年5月7日起在上海证券交易所挂牌交易，债券简称"旗滨转债"，债券代码 "113047"。根据《株洲旗滨集团股份有限公司公开发行可转换公司债券募集 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Summary of Key Points Core Viewpoint The company, Zhuzhou Qibin Group Co., Ltd., has announced that the total face value of its unconverted convertible bonds, "Qibin Convertible Bonds," has fallen below 30 million yuan, leading to a mandatory redemption process. Group 1: Convertible Bond Status - As of November 28, 2025, the amount of unconverted convertible bonds is 5,763,000 yuan, accounting for 0.3842% of the total issuance [2][9] - The unconverted "Qibin Convertible Bonds" will be frozen after the close of trading on the redemption registration date (December 2, 2025), ceasing trading and conversion, and will be forcibly redeemed at a price of 101.1737 yuan per bond [2][10] - The last trading day for "Qibin Convertible Bonds" was November 28, 2025, and they can still be converted until the redemption registration date [2][10] Group 2: Redemption Details - The redemption price for the bonds is set at 101.1737 yuan per bond, which includes the face value and accrued interest [2][10] - Investors are advised to convert their bonds before the close of trading on December 2, 2025, to avoid forced redemption [2][10] - The bonds will be delisted from the Shanghai Stock Exchange after the redemption is completed on December 3, 2025 [2][10] Group 3: Conversion and Share Capital Changes - The total amount of "Qibin Convertible Bonds" converted into company A-shares as of November 28, 2025, is 1,494,233,000 yuan, resulting in 275,009,589 shares, which is 10.2378% of the total shares before conversion [15][22] - The company's total share capital increased from 2,929,539,887 shares to 2,958,402,937 shares due to the conversion of bonds [24][25] Group 4: Future Considerations - The company will continue to monitor the situation and provide updates as necessary regarding the convertible bonds and any potential impacts on its operations [26][50]

Core Points - Qibin Group announced the redemption date for "Qibin Convertible Bonds" as December 2, 2025, with a redemption price of 101.1737 CNY per bond [2] - The payment date for the redemption will be December 3, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on the same day [2]