Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Core Viewpoint - Chongqing Zai Sheng Technology plans to acquire 49% of Sichuan Maikelong Vacuum New Materials Co., Ltd. for 231 million RMB to enhance its market competitiveness in the energy-efficient sector [1] Group 1: Acquisition Details - The acquisition will be funded by the company's own capital, and the controlling rights of Maikelong will be transferred to Chongqing Zai Sheng, making it a subsidiary included in the consolidated financial statements [1] - Maikelong specializes in the research, production, and sales of vacuum insulation panels, with established applications in home appliances and new energy vehicles [1] Group 2: Financial Metrics - The transaction price is based on Maikelong's total equity value of 471 million RMB as of March 31, 2025, reflecting an increase of 366 million RMB, or a 346.18% appreciation over its book net asset value of 106 million RMB [2] - Maikelong is projected to achieve a net profit of approximately 27.06 million RMB in 2024 and 1.6 million RMB in the first quarter of 2025, with a net asset value of 106 million RMB as of the end of Q1 2025 [2] Group 3: Related Party Transactions - The transaction involves related parties, as the controlling shareholder of Chongqing Zai Sheng is the sister of Maikelong's controlling shareholder, leading to a situation of "joint investment with related parties" [2] - Expected related party transactions between Chongqing Zai Sheng and Maikelong are estimated at 346 million RMB for 2024 and 381 million RMB for 2025 [2] Group 4: Performance Commitments - The agreement includes performance guarantees, with Maikelong committing to achieve annual revenues of no less than 465 million RMB, 560 million RMB, and 648 million RMB for the years 2025, 2026, and 2027, respectively [4] - The cumulative net profit commitment for the three years is set at no less than 86.61 million RMB [4]

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

Group 1 - The board of directors of Chongqing Zaiseng Technology Co., Ltd. held its 23rd meeting of the 5th session on August 1, 2025, with all 8 directors present, including independent director Liu Bin attending via remote voting [1][2] - The meeting was legally valid and complied with the relevant laws and the company's articles of association [1] - The board approved a proposal for cash acquisition of 49% equity in Maikelong, which will be submitted to the third extraordinary general meeting of shareholders scheduled for August 20, 2025 [2] Group 2 - The proposal received a unanimous vote of 6 in favor, with no votes against or abstentions, while related directors Guo Mao and Guo Sihan abstained from voting [2] - The strategic committee, audit committee, and independent directors had previously reviewed and approved the proposal before it was presented to the board [2]

Key Points - The article highlights significant corporate announcements from August 1, including stock reductions, project investments, contract wins, operational data, equity acquisitions, share buybacks, and performance results [1] Group 1: Stock Reductions - Beijiajie reduced holdings by 1.025 million shares and 0.575 million shares from July 23 to July 28 [1] - Yongxin Zhicheng plans to reduce no more than 4% of its shares [1] Group 2: Project Investments - Xiamen Tungsten's subsidiary intends to establish a wholly-owned subsidiary to undertake the construction of a cutting tool production base in Chengdu [1] - Aorijin plans to invest in the construction of an overseas production line project [1] Group 3: Contract Wins - China National Petroleum Engineering's subsidiary won a contract for the Iraq seawater pipeline project [1] - Nanfeng Co. secured a project worth 61.57 million yuan [1] Group 4: Operational Data - BYD reported total new energy vehicle sales of 344,300 units in July [1] - Qianli Technology achieved total vehicle sales of 10,222 units in July, representing a year-on-year increase of 142.34% [1] Group 5: Equity Acquisitions - Zhaosheng Technology plans to acquire 49% of Maikelong for 231 million yuan [1] - *ST Yazhen intends to acquire 51% of Guangxi Zirconium for 55.449 million yuan [1] Group 6: Share Buybacks - Nova Star Cloud plans to repurchase shares worth between 75 million and 150 million yuan [1] - Baiyun Electric intends to repurchase shares worth between 10 million and 20 million yuan [1] Group 7: Performance Results - Hikvision reported a net profit of 5.657 billion yuan for the first half of the year, a year-on-year increase of 11.71% [1] - Ninebot Company achieved a net profit of 1.242 billion yuan in the first half of the year, a year-on-year increase of 108.45% [1] Group 8: Other Announcements - Jingyan Technology plans to issue convertible bonds to raise no more than 578 million yuan for new consumer electronics and data server components production projects [1] - Borui Pharmaceutical signed a cooperation and research agreement with China Resources Sanjiu [1]

8月1日晚间，再升科技（603601）（沪市代码：603601）公告称，公司拟以自有资金收购四川迈科隆真空新材料有限公司（以下简称"迈科 隆"）控股股东、实际控制人杨兴志持有的迈科隆49%股权，交易对价2.31亿元。 同时，杨兴志将其持有的迈科隆剩余17.6668%股权所对应的表决权等股东权利（分红权、收益权、处分权除外）委托再升科技行使。再升科技 将取得迈科隆董事会控制权，迈科隆将成为再升科技的控股子公司并纳入合并报表范围。 据再升科技介绍，迈科隆成立于2017年，主要从事研发、生产、销售真空绝热板及其衍生品，产品主要应用于高端家电领域、冷链领域、新兴 应用领域等。 值得注意的是，再升科技透露，本次股权转让因迈科隆少数股东郭彦女士系公司控股股东、实际控制人郭茂的姐姐，因此本次交易完成后将形 成"上市公司与关联人共同投资"之情形，构成《上海证券交易所股票上市规则》所规定的关联交易。 | 序号 | 股东姓名/名称 | 认缴出资额 (人民币元) | 持股比例 | | --- | --- | --- | --- | | | 杨兴志 | 21,428,600.00 | 66.6668% | | 2 | 郭彦 | 7, ...

（文章来源：证券日报） 证券日报网讯 8月1日晚间，再升科技发布公告称，公司第五届董事会第二十三次会议审议通过了《关 于公司现金收购迈科隆49%股权暨关联交易的议案》《关于召开公司2025年第三次临时股东会的议 案》。 ...

证券日报网讯 8月1日晚间，再升科技发布公告称，公司将于2025年8月20日召开2025年第三次临时股东 会。本次股东会将审议《关于公司现金收购迈科隆49%股权暨关联交易的议案》。 （文章来源：证券日报） ...

Group 1 - The company plans to acquire a 49% stake in Sichuan Maikelong Vacuum New Materials Co., Ltd. for a transaction price of RMB 231 million [1] - The actual controller of Maikelong, Mr. Yang Xingzhi, will delegate the voting rights of the remaining 17.6668% stake to the company, allowing it to gain control over Maikelong's board [1] - Maikelong specializes in the research, manufacturing, and sales of vacuum insulation panels, which have been effectively applied in the refrigerator and new energy vehicle sectors [1] Group 2 - The acquisition is expected to rapidly expand the company's industrial chain and enhance its market competitiveness in the energy-efficient sector [1]

Group 1 - The company plans to acquire a 49% stake in Sichuan Maikelong Vacuum New Materials Co., Ltd. from its controlling shareholder Yang Xingzhi for a transaction price of RMB 231 million [1] - Yang Xingzhi will delegate the voting rights associated with the remaining 17.6668% stake in Maikelong to the company, allowing it to gain control over the board of Maikelong [1] - Maikelong specializes in the research, manufacturing, and sales of vacuum insulation panels, which have been effectively applied in the refrigerator and new energy vehicle sectors, enhancing the company's market competitiveness in the energy efficiency field [1]