承董事會命 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 董事會會議日期 福萊特玻璃集團股份有限公司（「公司」）董事會（「董事會」），特此宣佈董事會會議將在二零二六年 三月二十六日（星期四）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至二零二五年 十二月三十一日的經審計的年度業績，並建議支付末期股息（如有）。 香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確 性或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何 責任。 在本公告之日，公司的執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和 沈其甫先生，公司的獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士，公司的職工董事為 鈕麗萍女士。 福萊特玻璃集團股份有限公司 阮洪良 董事長 中國浙江省嘉興市 二零二六年三月十六日 ...

香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確 性或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何 責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. 福萊特玻璃集團股份有限公司（「公司」）董事會（「董事會」），特此宣佈董事會會議將在二零二六年 三月二十六日（星期四）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至二零二五年 十二月三十一日的經審計的年度業績，並建議支付末期股息（如有）。 承董事會命 福萊特玻璃集團股份有限公司 阮洪良 董事長 中國浙江省嘉興市 二零二六年三月十六日 在本公告之日，公司的執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和 沈其甫先生，公司的獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士，公司的職工董事為 鈕麗萍女士。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 董事會會議日期 ...

Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The dual carbon policy is expected to strengthen the supply logic of the building materials industry, leading to potential improvements in profitability from historical lows [5][34] - The cement industry is a key focus for carbon reduction, with an estimated clinker production of approximately 1.1 billion tons in 2025, contributing to about 8% of national carbon emissions [34] - The glass industry is also under scrutiny, with significant carbon emissions expected to be managed through cleaner fuel transitions and potential inclusion in carbon markets by 2027 [34] Summary by Sections Transition from Energy Consumption Control to Carbon Emission Control - The transition from "energy consumption control" to "carbon emission control" is expected to enhance the effectiveness of carbon reduction efforts [19][20] - The 14th and 15th Five-Year Plans emphasize the importance of reducing carbon emissions, with a target of a 17% reduction in carbon emissions per unit of GDP by 2025 [23][26] Cement Industry - The dual carbon policy is anticipated to lead to continuous improvements in the supply side of the cement industry, with administrative measures expected to force non-compliant and inefficient production capacities out of the market [34] - The carbon market is set to include the cement industry by 2025, with a gradual tightening of carbon quotas expected post-2027, which will increase costs for less efficient producers [35][36] Glass Industry - The glass industry is currently undergoing transformations to phase out outdated production capacities through cleaner fuel initiatives, with expectations of stricter environmental policies in the future [34] - The glass sector is projected to be included in carbon market regulations by 2027, which will further drive the exit of inefficient production capacities [34] Investment Recommendations - The report suggests that the dual carbon policy will enhance the supply-side logic of the building materials industry, with leading companies expected to benefit from improved profitability as supply conditions optimize [5][34] - Key companies to watch in the cement sector include Huaxin Cement, Conch Cement, and China National Building Material, while in the glass sector, focus on companies like Xinyi Glass and Fuyao Glass [5][34]

福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （股份代號：6865） 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司關於「福萊轉債」預計滿 足轉股價格修正條件的提示性公告》，僅供參閱。 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 中國浙江省嘉興市，二零二六年三月十三日 在本公告之日，執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫先生， 獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士，職工董事為鈕麗萍女士。 | 证券代码：601865 | 证券简称：福莱特 | 公告编号：2026-011 | | --- | --- | --- | | 转债代码：113 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2026-011 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 关于"福莱转债"预计满足转股价格修正条件的 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。 一、"福莱转债"发行上市概况 （二）转股价格调整情况 2022 年 11 月 23 日，因公司 2022 年中期利润分配，故"福莱转债"的转股价 由人民币 43.94 元/股调整为人民币 43.71 元/股。内容详见公司于 2022 年 11 月 16 日在上海证券交易所网站披露的《福莱特玻璃集团股份有限公司关于因实施 权益分派调整"福莱转债"转股价格的公告》（公告编号：2022-105）。 2023 年 8 月 4 日，因公司完成了向特定对象发行 A 股股票对应的登记托管 手续，故"福莱转债"的转股价由人民币 43.71 元/股调整为人民币 42.46 元/股。内 容详见公司于 2023 年 8 月 3 日在上海 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1][3]. Core Views - The "14th Five-Year Plan" emphasizes the construction of new energy infrastructure, with upstream prices in the industry chain declining [1][3]. - In January 2026, the utilization rates for wind and solar energy were reported at 94.5% and 94.3%, respectively [4]. - The report highlights the addition of 5,690 new renewable energy projects in January 2026, with 5,618 being solar power projects [5]. - The "14th Five-Year Plan" includes seven major engineering projects aimed at building a new energy system, including significant hydropower and offshore wind power bases [5]. Summary by Sections Investment Recommendations - Preferred stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - A - Daqian Energy (688303.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Longxin Technology (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Price Tracking - The average price of dense polysilicon is reported at 48.0 CNY/kg, down 7.7% from the previous week, while granular silicon averages 45.0 CNY/kg, down 10.0% [6]. - The average price for 182-183.75mm N-type silicon wafers is 1.08 CNY/piece, down 1.8%, and for 210mm N-type wafers, it remains stable at 1.40 CNY/piece [7][8]. - The average price for N-type battery cells is 0.42 CNY/W, down 4.5% [9]. - The average price for 182*182-210mm TOPCon double-glass modules is 0.763 CNY/W, up 3.2% [9]. Investment Suggestions - Key recommendations include: - BC new technology direction: Aishuo Co., Ltd. - Supply-side direction: Daqian Energy, Flat Glass Group - Light storage direction: Haibo Innovation, Sungrow Power Supply - Power marketization direction: Longxin Group - Domestic substitution direction: Quartz Co., Ltd. - Additional companies to watch include Longi Green Energy, Hengdian East Magnetic, and others [10].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][34]. Core Insights - The overall sentiment for the building materials industry is that earnings per share (EPS) are becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector. The focus is on buying stocks with solid fundamentals and the potential for macroeconomic improvements [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][6]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and International Composites being highlighted as key players [4][5][6]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, providing opportunities for price increases in consumer building materials [3]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][34]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases. The report notes that if price increases are successfully implemented, major companies could see improved profitability [5][7]. - Key recommendations include China Jushi and International Composites, which are expected to benefit from these trends [15][22]. Cement - The cement industry is at a potential turning point, with expectations for price increases as the market stabilizes. Companies like Conch Cement and Huaxin Cement are highlighted for their growth potential, especially in overseas markets [18][46]. - The report emphasizes the importance of policy execution and governance improvements in driving future growth opportunities [43][45]. Glass - The glass sector, particularly companies like Xinyi Glass, is showing stronger-than-expected profitability at the bottom of the market cycle, driven by structural optimization and increased overseas sales [10][12]. - Recommendations include Xinyi Glass and Qibin Group, which are expected to benefit from product upgrades and market recovery [17][16]. Overall Market Outlook - The report suggests that the building materials industry is entering a phase of clearer fundamentals, with potential for macroeconomic improvements to enhance stock performance. The focus is on companies with independent growth drivers and strong dividend yields [23][25][35].

香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 變更香港主要營業地址 福萊特玻璃集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司於香港之主要營業地 址將自二零二六年三月九日起更改為香港九龍觀塘開源道64號源成中心21樓7室。 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 承董事會命 福萊特玻璃集團股份有限公司 主席 阮洪良 福萊特玻璃集團股份有限公司 二零二六年三月九日 在本公告之日，公司的執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫 先生，公司的獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士，公司的職工董事為鈕麗萍 女士。 中國浙江省嘉興市 ...