Core Viewpoint - The announcement indicates that the conversion of convertible bonds has led to an increase in the total number of shares, resulting in a dilution of the shareholding percentage of the controlling shareholder and actual controller, but it does not affect the overall governance structure or operations of the company [1] Group 1 - The total shareholding percentage of the controlling shareholder, Fujian Qibin, and actual controller Yu Qibing, along with their concerted actors Yu Yong and Ningbo Qibin, has decreased from 40.98% to 39.90% due to the conversion of convertible bonds [1] - The number of shares held by the aforementioned parties has not changed, indicating that the dilution is purely a result of the increase in total shares [1] - This change in shareholding does not trigger a mandatory tender offer and will not lead to a change in the company's largest shareholder or actual controller [1]

| 交易日 | (船) 田橋虎旅館 | | 融券余量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-11-10 | | -6300.0 | 138.05万 | 945.64万 | | 2025-11-07 | | 7800.0 | 138.68万 | 951.34万 | | 2025-11-06 | | 1.96万 | 137.90万 | 962.54万 | | 2025-11-05 | | 5100.0 | 135.94万 | 961.10万 | | 2025-11-04 | | 4.09万 | 135.43万 | 941.24万 | 证券之星消息，11月10日，旗滨集团（601636）融资买入2421.8万元，融资偿还2018.09万元，融资净买 入403.71万元，融资余额3.06亿元，近3个交易日已连续净买入累计3015.26万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-10 | 403.71万 | 3.06亿 | 1.65% | ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The macroeconomic data is weakening, and there are expectations for policy support to stabilize the market [1] - The construction materials sector has shown a slight increase of 0.80% this week, outperforming the CSI 300 and Wind All A indices [5] - The report highlights the potential for recovery in the glass fiber industry and suggests focusing on companies benefiting from price increases and domestic demand recovery [5][6] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 351.2 RMB/ton, down 0.5 RMB/ton from last week and down 74.3 RMB/ton from the same period in 2024. The average cement inventory ratio is 69.9%, up 0.3 percentage points from last week [5][12][21] - **Glass**: The average price for float glass is 1197.2 RMB/ton, down 5.5 RMB/ton from last week and down 192.1 RMB/ton from 2024. The inventory of float glass is 6016 million heavy boxes, down 184 million from last week [5][47][50] - **Glass Fiber**: The market for glass fiber remains stable, with prices for 2400tex alkali-free yarn around 3250-3700 RMB/ton, showing no significant changes from the previous week [5][6] 2. Industry Dynamics Tracking - The report notes a decline in October export data and a further weakening in the real estate sector, leading to expectations for supportive domestic demand policies from the upcoming Central Economic Work Conference [5] - Recommendations include focusing on companies in the glass fiber sector, such as China Jushi and Zhongcai Technology, and those in the home decoration sector, like Hanhai Group and Ark Home [5] 3. Weekly Market Review and Sector Valuation - The construction materials sector's performance is compared to the broader market, with a slight underperformance noted against the CSI 300 index [5] - The report emphasizes the importance of industry policies and the potential for valuation recovery as the market stabilizes [5][6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [4] Core Views - The construction materials sector has shown a 1.62% increase, outperforming the Shanghai Composite Index by 0.8 percentage points, with glass and ceramics performing relatively well [2][10] - Cement demand continues to weaken due to seasonal factors, with shipment rates down 8% year-on-year as of the latest week [2] - Despite some positive sentiment in the glass market due to production line shutdown news, high inventory levels continue to pressure the market [2] - The real estate sector is stabilizing, with some leading consumer building materials companies showing early signs of revenue improvement in Q3 [2] - The report recommends leading consumer building materials companies and high-growth overseas targets, highlighting the potential for valuation recovery in the sector [2] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82% while the construction materials sector increased by 1.62%, indicating a strong performance relative to the market [10] - Notable stock performances included Hainan Development (27.4%), Jinjing Technology (24.8%), and Sichuan Jinding (15.3%) [10] Key Recommendations - The recommended stocks include Western Cement, Huaxin Cement, Keda Manufacturing, China National Building Material, Honghe Technology, China Jushi, Rabbit Baby, Qibin Group, and Dongpeng Holdings [3][9] - The report emphasizes the potential for traditional building materials to recover as the industry approaches a cyclical bottom, with specific recommendations for cement and glass companies [16] Price Trends - The report notes that the national cement market price has decreased by 0.1% week-on-week, with regional price fluctuations observed [15] - The average price of float glass has decreased slightly, indicating a stable but cautious market environment [15]

Core Points - The company has triggered the early redemption clause for its convertible bonds ("旗滨转债") due to the stock price meeting specific conditions [2][3][4] - The board of directors has approved the early redemption of the bonds, which will be redeemed at face value plus accrued interest [4] - Investors holding the bonds have limited options, including trading in the secondary market or converting at a set price, with a warning about potential losses if not acted upon [2][5] Summary by Sections Early Redemption of "旗滨转债" - The stock price has been at or above 130% of the conversion price (7.06 CNY/share) for at least 15 out of 30 trading days from September 30 to November 5, 2025, triggering the redemption clause [2][3] - The board meeting on November 5, 2025, resulted in a decision to exercise the early redemption right, optimizing the company's capital structure and reducing financial costs [4] Investor Options and Warnings - Investors can either trade the bonds in the secondary market or convert them at a price of 5.43 CNY/share, or face forced redemption at 100 CNY per bond plus accrued interest [2][5] - There is a significant risk of investment loss if investors do not convert or sell their bonds in a timely manner [5]

Core Viewpoint - Zhuzhou Qibin Group Co., Ltd. has triggered the early redemption of its convertible bonds ("Qibin Convertible Bonds") due to the stock price meeting specific conditions, which may impact investors significantly if they do not act within the stipulated timeframe [2][3][4]. Group 1: Early Redemption Details - The company's stock price has been at least 130% of the current conversion price (7.06 CNY/share) for 15 out of 30 trading days from September 30, 2025, to November 5, 2025, triggering the redemption clause of the "Qibin Convertible Bonds" [2][3]. - On November 5, 2025, the company’s board of directors approved the early redemption of the "Qibin Convertible Bonds" at face value plus accrued interest for all registered bondholders [4]. Group 2: Investor Actions and Risks - Investors holding "Qibin Convertible Bonds" can either trade in the secondary market or convert at a price of 5.43 CNY/share within the specified timeframe; otherwise, they will face forced redemption at 100 CNY per bond plus accrued interest, which could lead to significant investment losses [2][5]. - It is advised that bondholders ensure any pledged or frozen bonds are released in advance to avoid issues with conversion or sale, which could result in forced redemption [5][6].

Core Viewpoint - The glass futures market is currently experiencing a tug-of-war between bullish and bearish factors, with prices oscillating within a narrow range of 1080-1120, while inventory levels have shown a decline over the past two weeks, raising questions about a potential rebound in the glass market [1][3]. Market Review - Since late October, glass futures have mostly traded within the 1080-1120 range, indicating limited upward or downward movement. As of November 7, prices are again in a narrow consolidation phase [1]. - The total inventory of float glass sample enterprises remains high at 63.136 million heavy boxes, despite a week-on-week decrease of 2.654 million heavy boxes, representing a decline of 4.03%. However, this figure is still up 29.05% year-on-year [3][7]. Supply and Demand Dynamics - The glass market is characterized by a fierce battle between supply and demand. High inventory levels on the supply side and weak demand are suppressing price rebounds, while cost support and production line upgrades provide some bottom support [3]. - From January to September, the area of completed real estate projects in China decreased by 15.3%, and the average order days for deep processing were only 10.8 days, leading some companies to face a "no orders" situation [3]. Cost Support - Despite a decline in spot prices, the profit margins for the float glass industry remain within an acceptable range, with current profit levels at the median for the year. However, if profits continue to decline, cost support may gradually become more significant [4]. - As of November 6, the gross profit for float glass production using coal as fuel is 78.1 yuan/ton, while using petroleum coke and natural gas results in negative margins of -1.77 yuan/ton and -172.7 yuan/ton, respectively [4]. - The recent "coal-to-gas" initiative in the Shihezi area has garnered market attention, potentially leading to short-term supply reductions and increased production costs by 80-100 yuan/ton due to fuel price differences [4]. Inventory Trends - The recent two-week decline in glass enterprise inventories has provided some positive signals, with total inventory dropping to 63.136 million heavy boxes as of November 6. However, this decline may merely reflect a transfer of inventory from enterprises to social stock rather than a genuine improvement in end-user demand [7]. Market Outlook - In the short term, the ongoing struggle between high inventory and cost support is expected to continue, with the 1080-1120 yuan/ton range likely to persist. Traders may consider a high-sell low-buy strategy while monitoring potential breakout points [9]. - Future breakthroughs in glass futures may arise from either a contraction in supply or a substantial improvement in demand, particularly in the real estate sector, which remains in a bottoming cycle [9][12].

Core Viewpoint - Qibin Group announced the decision to exercise the early redemption of its convertible bonds, indicating a strategic financial move to manage its debt obligations effectively [1] Group 1: Company Actions - On November 5, 2025, Qibin Group's sixth board of directors held its seventh meeting to review and approve the proposal for the early redemption of "Qibin Convertible Bonds" [1] - The company will redeem all registered "Qibin Convertible Bonds" at the bond's face value plus accrued interest as of the redemption registration date [1]

证券代码：601636 证券简称：旗滨集团 公告编号：2025-107 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 触发"旗滨转债"的赎回条款。 2025年11月5日，公司召开第六届董事会第七次会议，审议通过了《关于提 前赎回"旗滨转债"的议案》。结合当前市场情况及公司自身经营状况和发展规 划，为优化公司整体资本结构，减少财务费用和资金成本，进一步保障公司长期 稳健发展，经审慎考虑，公司董事会决定行使"旗滨转债"的提前赎回权利，按 照债券面值加当期应计利息的价格对赎回登记日登记在册的"旗滨转债"全部赎 回。董事会已授权公司管理层及相关部门负责办理本次"旗滨转债"提前赎回的 全部相关事宜。具体详见公司于2025年11月6日披露的《关于提前赎回"旗滨转 债"的公告》（公告编号：2025-104）。公司将尽快披露《关于实施"旗滨转债" 赎回暨摘牌的公告》等相关公告，明确有关赎回程序、价格、付款方式及时间等 具体事宜。 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。 ...

股票简称：旗滨集团 股票代码：601636 债券简称：旗滨转债 债券代码：113047 甬兴证券有限公司 关于 本报告依据《公司债券发行与交易管理办法》（以下简称"《《管理办法》"）、 《株洲旗滨集团股份有限公司与甬兴证券有限公司之公开发行可转换公司债券 受托管理协议》（以下简称《"《《受托管理协议》"）、《《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说明书》（以下简称《"《《募集说明书》"）等相关公开信 息披露文件、株洲旗滨集团股份有限公司出具的相关说明文件等，由债券受托管 理人甬兴证券有限公司（以下简称"甬兴证券"）编制。甬兴证券对本报告中所 包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信 息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为甬兴证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，甬兴证 券不承担任何责任。 1 株洲旗滨集团股份有限公司 提前赎回"旗滨转债"的 临时受托管理事务报告 债券受托管理人 二Ο二五 ...