Group 1 - The company announced that its wholly-owned subsidiary, Huangshi Honghe Electronic Materials Technology Co., Ltd., received a substantial government subsidy of 11.31 million RMB for long-term special national bond funding aimed at large-scale equipment upgrades [2] - The subsidy was provided by the Huangshi Economic and Technological Development Zone and the Iron Mountain District Development and Reform Bureau to encourage the subsidiary to accelerate project equipment updates and investment construction [2] - The subsidiary received this government subsidy on September 9, 2025 [2]

Group 1 - Honghe Technology announced that its wholly-owned subsidiary, Huangshi Honghe Electronic Materials Technology Co., Ltd., received a special government subsidy of RMB 11.31 million for large-scale equipment upgrades [1] - The subsidy aims to encourage the subsidiary to accelerate project equipment updates and investment construction [1] - As of the report, Honghe Technology's market capitalization is RMB 30.1 billion [1] Group 2 - For the year 2024, the revenue composition of Honghe Technology is as follows: electronic-grade glass fiber cloth accounts for 93.47%, electronic-grade glass fiber yarn accounts for 6.44%, and other businesses account for 0.1% [1]

证券代码：603256 证券简称：宏和科技 公告编号：2025-061 宏和电子材料科技股份有限公司 特此公告。 宏和电子材料科技股份有限公司 董事会 2025 年 9 月 10 日 一、获取补助的基本情况 宏和电子材料科技股份有限公司（以下简称"公司"）全资子公司黄石宏和 电子材料科技有限公司（以下简称"子公司"）收到黄石经济技术开发区·铁山 区发展和改革局拨付的大规模设备更新领域超长期特别国债资金补助人民币 1,131 万元整，子公司所在地政府为了鼓励子公司加快项目设备更新及投资建设， 按照相关资金政策给予子公司设备更新补助。子公司已于 2025 年 9 月 9 日收到 该笔政府补助。 二、补助的类型及其对上市公司的影响 公司按照《企业会计准则第 16 号-政府补助》有关规定确认上述事项，上述 政府补助款人民币 1,131 万元属于与资产相关的政府补助，将于收到时计入递延 收益，自相关资产可供使用时起，在该项资产使用寿命内平均分摊，计入其他收 益，分摊时间至少为 10 年。 本次收到的政府补助款预计对公司未来年度利润产生积极影响。上述政府补 助收入的会计处理最终仍须以会计师年度审计确认后的结果为准，敬请广 ...

Core Viewpoint - Honghe Technology (603256.SH) announced that its wholly-owned subsidiary, Huangshi Honghe Electronic Materials Technology Co., Ltd., received a government subsidy of RMB 11.31 million for large-scale equipment upgrades, aimed at accelerating project equipment updates and investment construction [1] Group 1 - The subsidiary received the subsidy from the Huangshi Economic and Technological Development Zone's Development and Reform Bureau [1] - The government provided the subsidy to encourage the subsidiary to expedite its equipment update and investment projects [1] - The subsidy was officially received on September 9, 2025 [1]

Core Viewpoint - The company, Honghe Technology, announced that its wholly-owned subsidiary, Huangshi Honghe Electronic Materials Technology Co., Ltd., received a substantial government subsidy of RMB 11.31 million for long-term special bonds in the field of large-scale equipment updates, which is expected to positively impact future profits [1] Group 1: Government Subsidy Details - The subsidy received is classified as an asset-related government grant [1] - The amount of the subsidy is RMB 11.31 million, which will be recognized as deferred income upon receipt [1] - The grant will be amortized over the useful life of the related asset, with a minimum distribution period of 10 years [1] Group 2: Financial Impact - The government subsidy is anticipated to have a positive effect on the company's profits in future years [1]

Market Performance - On September 5, the glass and fiberglass sector rose by 3.37% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 32.72, up 5.38% with a trading volume of 449,300 shares and a transaction value of 1.455 billion [1] - Jiuding New Materials (002201) closed at 8.45, up 4.71% with a trading volume of 230,900 shares and a transaction value of 193 million [1] - Honghe Technology (603256) closed at 36.45, up 4.38% with a trading volume of 209,000 shares and a transaction value of 749 million [1] - Other notable stocks include Yaopi Glass (618009) up 3.91%, Jinjing Technology (600586) up 3.64%, and Qibin Group (601636) up 2.95% [1] Capital Flow Analysis - The glass and fiberglass sector saw a net inflow of 309 million from main funds, while retail funds experienced a net outflow of 188 million [1] - Main fund inflows were led by Honghe Technology with 91.83 million, followed by Zhongcai Technology with 24.20 million [2] - Retail funds saw significant outflows from Jiuding New Materials and Jinjing Technology, with outflows of 628,820 and 2.69 million respectively [2]

Market Overview - On September 2, the glass and fiberglass sector experienced a decline of 4.97%, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance, with Shandong Fiberglass closing at 8.23, up 0.73%, and Honghe Technology closing at 37.48, down 8.02% [1][2] - The trading volume and turnover for major stocks included: - Shandong Fiberglass: 189,400 shares, turnover of 157 million yuan - Honghe Technology: 353,300 shares, turnover of 1.352 billion yuan [1][2] Capital Flow - The glass and fiberglass sector saw a net outflow of 871 million yuan from institutional investors, while retail investors contributed a net inflow of 677 million yuan [2] - The capital flow for specific stocks indicated: - Changhai Co.: Net inflow of 20.63 million yuan from institutional investors - Jiu Ding New Materials: Net outflow of 5.08 million yuan from retail investors [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Core Points - The article highlights significant stock performance in the market, with a notable number of stocks achieving substantial gains in 2023 [7]. Group 1: Stock Performance - As of August 29, the Shanghai Composite Index closed at 3857.93 points, with a year-to-date increase of 15.10% [7]. - A total of 394 stocks have doubled in value this year, with 66 stocks increasing by over 200% [7]. - The stock with the highest increase is Shangwei New Materials, which has surged by 1151.35%, marking it as the first tenfold stock of the year [7]. - Three stocks have increased by over five times: *ST Yushun (717.98%), Shutaishen (619.84%), and Shenghong Technology (537.62%) [7]. - Four stocks have seen increases exceeding four times: Great Wall Military Industry (488.18%), North Long Dragon (448.01%), Shijia Photon (407.29%), and Honghe Technology (406.47%) [7]. - There are 12 stocks that have increased by over three times and 46 stocks that have doubled in value [7]. Group 2: Industry Analysis - The 394 doubling stocks belong to 26 different industries, with the machinery and equipment sector having the highest number of doubling stocks at 67 [7]. - The pharmaceutical and biological industry follows with 46 doubling stocks, while the electronics industry ranks third with 36 doubling stocks [7]. - The top three industries account for over 35% of the total doubling stocks, indicating a clear clustering effect [7].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The cement and fiberglass sectors showed significant improvement in Q2 year-on-year, with cement prices experiencing a sequential decline but profitability still increasing year-on-year. Fiberglass benefited from rising prices of thermoplastics and wind power yarn, leading to a continued increase in gross margins. The product structure advantages of leading companies are becoming more evident, with specialty fiber cloth contributing to profit growth [2][11] - The demand for consumer building materials is negatively impacted by the decline in new construction and completion in the real estate sector, resulting in a year-on-year revenue decrease. However, the revenue decline for waterproofing and board materials in Q2 narrowed compared to Q1. The glass demand remains weak, with prices and gross margins continuing to decline in Q2, leading to an average gross loss across the industry. As loss pressures increase, the pace of industry cold repairs may accelerate, with potential for price improvements in the short term [2][11] - The report continues to recommend traditional building materials with improving fundamentals, such as cement and coatings, as well as high-end electronic fabrics and overseas markets with high demand growth [2][20] Summary by Sections Market Review - During the week of August 25-29, 2025, the Shanghai and Shenzhen 300 index rose by 2.71%, while the building materials sector (CITIC) increased by 0.53%, with the fiberglass sector performing particularly well. Notable individual stock performances included China Jushi (+15.3%), Dongpeng Holdings (+13.6%), and King Kong Photovoltaic (+12.5%) [1][11] Electronic Fabric Sector - China National Materials Technology announced plans to invest 1.80624 billion yuan in a project to produce 35 million meters of low-dielectric fiber cloth in Jining, Shandong, and 1.75089 billion yuan for a project to produce 24 million meters of ultra-low-loss low-dielectric fiber cloth in Tai'an, Shandong. These projects will add a total of 59 million meters of production capacity, with a construction period of 18 months [3][17] Recommended Stocks - The report highlights a focus on the following stocks: Honghe Technology, China National Materials Technology, Qingsong Construction, Tibet Tianlu, Huaxin Cement, and Sankeshu [4][20]