证券代码：603725 证券简称：天安新材 公告编号：2026-007 广东天安新材料股份有限公司 关于更换持续督导保荐代表人的公告 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个别及连带责任。 广东天安新材料股份有限公司董事会 2026 年 3 月 17 日 1 附件：宋雪梦女士简历 宋雪梦女士：保荐代表人，中国注册会计师非执业会员，就职于光大证券投 资银行总部，毕业于中山大学，硕士研究生学历。从事投资银行业务以来，参与 和负责了安必平、魅视科技、康盛生物、朗国科技等 IPO 项目，在保荐业务执业 过程中严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 2 近日，广东天安新材料股份有限公司（以下简称"公司"）收到光大证券股 份有限公司（以下简称"光大证券"）出具的《关于更换广东天安新材料股份有 限公司持续督导保荐代表人的函》。 光大证券作为公司 2023 年度向特定对象非公开发行股票的保荐机构，原指 派詹程浩先生、申晓毅先生担任保荐代表人。现因詹程浩先生工作变动，不再负 责公司的持续督导工作，为保证持续督导工作有序 ...

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].

证券代码：603725 证券简称：天安新材 公告编号：2026-006 广东天安新材料股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，广东天安新材料股份有限公司（以下简称"公司"） 股东梁凯虹女士、广东天耀进出口集团有限公司（以下简称"天耀集团"）分别 持有公司股份55,460股、611,540股，占当前公司总股本的比例分别约为0.018%、 0.201%，股份来源为集中竞价交易取得。上述股东与直接持股 5%以上股东、公 司董事沈耀亮先生存在一致行动关系，合计持股比例为 5.926%。 减持计划的实施结果情况 公司于 2026 年 2 月 7 日披露了《广东天安新材料股份有限公司股东减持股 份计划公告》（公告编号：2026-004），梁凯虹女士、天耀集团计划自公司公告之 日起 15 个交易日后的 3 个月内，拟通过集中竞价或大宗交易方式，分别减持公 司股份不超过 55,460 股、611,540 股，不超过公司总股本的 0.0 ...

特此公告。 证券代码：603725 证券简称：天安新材 公告编号：2026-005 广东天安新材料股份有限公司 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个别及连带责任。 一、基本情况 近日，广东天安新材料股份有限公司（以下简称"公司"）的控股子公司河 源市东源鹰牌陶瓷有限公司（以下简称"东源鹰牌"）收到广东省科学技术厅、 广东省财政厅、国家税务总局广东省税务局联合批准并颁发的《高新技术企业证 书》，东源鹰牌被认定为"高新技术企业"，证书编号 GR202544002295，发证 日期为 2025 年 12 月 19 日，有效期三年。 二、对上市公司的影响 根据《中华人民共和国企业所得税法》的相关规定，东源鹰牌自通过高新技 术企业认定当年起连续三个会计年度（2025 年度至 2027 年度）可享受国家关于 高新技术企业的相关税收优惠政策，即按 15%的税率缴纳企业所得税。本次系东 源鹰牌原高新技术企业证书有效期满后进行的重新认定, 东源鹰牌将继续在认 定有效期内享受上述税收优惠政策。因此，本次高新技术企业重新认定事项不会 对公司当期经 ...

Investment Rating - The report maintains a "Positive" outlook on the paper and light industry sectors, highlighting potential improvements in domestic demand and the impact of tariff policy changes [1][2]. Core Insights - The report emphasizes the expected marginal improvement in domestic demand, driven by real estate policy stabilization and consumer confidence recovery [2][10]. - The AI glasses market is anticipated to see significant growth, with Meta's sales surging and Apple's upcoming product launch expected to enhance market penetration [2][12]. - The paper industry is experiencing price stability and potential profitability improvements due to strong overseas production control and rising prices [2][14]. Summary by Sections Export Sector - Changes in tariff policies are expected to boost export performance, with recommendations for companies like 嘉益股份, 匠心家居, and 永艺股份 due to their strong performance certainty [2][4]. - The U.S. Supreme Court's ruling against additional tariffs and the introduction of a 10% global tariff are pivotal developments [4][10]. Home Furnishing Sector - The home furnishing industry is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [2][10]. - The sector is witnessing accelerated consolidation, with mid-tier companies exiting and capital entering leading firms, enhancing industry concentration [2][11]. - Companies like 顾家家居, 索菲亚, and 欧派家居 are highlighted for their potential valuation recovery [2][11]. AI Glasses Sector - Meta's smart glasses sales have seen explosive growth, with a reported increase of nearly threefold, while Apple's anticipated entry is expected to further drive market penetration [2][11]. - The report suggests focusing on companies like 康耐特光学 and 明月镜片, which are well-positioned in this emerging market [2][12]. Paper Industry - The report notes that overseas pulp mills are showing strong production control intentions, leading to price increases [2][14]. - Companies like 太阳纸业 and 玖龙纸业 are recommended due to their integrated operations and cost advantages [2][14]. Domestic Demand - There is an expectation of marginal improvement in domestic demand, with companies like 百亚股份 and 公牛集团 identified as potential beneficiaries [2][17]. - The report highlights the importance of consumer confidence and spending power recovery in driving demand [2][17].

Macro and Strategy Research - Long-term care insurance (referred to as "long-term care insurance") is designed to mitigate the financial risks associated with long-term disabilities, providing economic security or service payments to individuals requiring ongoing personal care and medical assistance. There are three models in practice: social insurance, commercial insurance, and care allowances. To address the medical care needs arising from an aging population, China's long-term care insurance system has been piloted in 49 cities, transitioning from a "pilot" phase to a "promotion" phase during the 14th Five-Year Plan period [2][4]. - Japan's long-term care insurance was implemented in 2000, mandating that individuals over 40 must enroll. Funding is shared equally between public funds (taxes) and insurance premiums. Care service costs are generally covered 90% by the insurance, with individuals responsible for 10%, and some high-income groups covering 20-30%. The application process for care services follows a detailed recognition process, ensuring that public resources are prioritized for those in greatest need. As of April 2024, approximately 6.7% of the insured population utilizes care services, indicating that the insurance primarily addresses the low-frequency, high-risk care needs of the elderly [3]. - Currently, China's long-term care insurance system is still in the "pilot" stage, with only 0.8% of beneficiaries among participants as of 2024. Under the directive to "promote long-term care insurance" during the 14th Five-Year Plan, provinces like Hainan, Yunnan, and Hebei have released implementation plans. The insured groups include employees, retirees, flexible workers, and unemployed rural residents, with payment ratios of approximately 70% for employees and around 50% for non-employed rural residents [4]. - In comparison, there are notable differences between China's long-term care insurance and Japan's system in terms of funding sources, insured groups, benefit systems, and protected populations. Japan's long-term care insurance has undergone eight rounds of reforms, emphasizing a "prevention-first" approach, which can help control costs and establish community prevention and intervention systems for mild disabilities, serving as a significant reference for China's long-term care insurance system [5]. Fund Research - The public fund market saw a total scale exceeding 280 billion yuan, with the equity market experiencing a downturn. During the week from February 2 to February 6, 2026, all major equity indices declined, with the largest drop being 5.76% in the STAR 50 index. Among 31 primary industries, 18 saw gains, with the top five performing sectors being food and beverage, beauty care, electrical equipment, comprehensive, and transportation [6][8]. - The average decline for equity funds was 2.27%, with only 18.81% achieving positive returns. Fixed-income plus funds fell by an average of 0.23%, with 40.77% showing positive returns. Pure bond funds increased by 0.08%, with a remarkable 98.70% positive return rate. The average decline for pension target funds was 0.73%, with only 3.52% achieving positive returns. QDII funds also saw an average decline of 2.54%, with 13.95% showing positive returns [8]. - The ETF market experienced a net inflow of 14.899 billion yuan, with only cross-border ETFs achieving net inflows of 21.624 billion yuan. The average daily trading volume in the ETF market reached 619.629 billion yuan, with an average turnover rate of 9.49% [8]. Industry Research - The report highlights the importance of the upcoming Spring Festival consumption, with a focus on the potential recovery of valuations in the home furnishing sector. Nine departments have jointly issued a document to create a festive consumption atmosphere during the Spring Festival [10][13]. - From February 2 to February 6, the light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points, while the textile and apparel sector outperformed by 2.66 percentage points [10]. - The Ministry of Commerce and other departments have launched the "2026 'Happy Shopping Spring' Special Activity Plan," which will take place from February 15 to 23, aiming to stimulate consumption through innovative cross-sector collaborations and incentives to enhance consumer participation. This policy is expected to positively impact the consumption of home appliances and home decoration products during the implementation period [13].

Core Viewpoint - The announcement details a share reduction plan by shareholders of Guangdong Tianan New Materials Co., Ltd., indicating their intention to sell a portion of their holdings due to personal funding needs, while ensuring compliance with relevant regulations [3][7]. Shareholder Holding Situation - As of the announcement date, shareholder Ms. Liang Kaihong holds 55,460 shares and Guangdong Tianyao Import and Export Group Co., Ltd. holds 611,540 shares, representing approximately 0.018% and 0.201% of the total share capital, respectively. Together with other shareholders, they hold a total of 5.926% of the company [2][4]. Reduction Plan Details - The reduction plan will take place from March 10, 2026, to June 9, 2026, allowing for the sale of up to 55,460 shares by Ms. Liang and 611,540 shares by Tianyao Group, which corresponds to 0.018% and 0.201% of the total share capital. The selling price will be determined by market conditions at the time of sale [3][4]. Shareholder Commitments - Other board members, including Mr. Shen Yaoliang, have made commitments regarding their shareholding, including a lock-up period of twelve months post-IPO, during which they will not transfer their shares. After this period, they can only transfer up to 25% of their holdings annually while serving as directors or senior management [5][6]. Compliance and Regulatory Adherence - The share reduction plan complies with the Company Law of the People's Republic of China, the Securities Law, and relevant regulations from the Shanghai Stock Exchange. The company will continue to monitor the situation and fulfill its disclosure obligations [7][8].

Summary of Key Points Core Viewpoint - On February 6, 14 A-share listed companies disclosed plans for share reductions, with no companies announcing share increases on the same day [1][3]. Group 1: Companies Disclosing Share Reductions - Tianan New Materials: Shareholders Liang Kaihong and Tianyao Group plan to reduce their holdings [2][4]. - Zhongfutong: Shareholders plan to reduce a total of up to 0.68% of shares [2][4]. - Zhidi Technology: Shareholder Zhikong Investment intends to reduce up to 0.30% of shares [2][4]. - Yinhui Technology: Directors and executives plan to reduce a total of up to 0.51% of shares [2][4]. - Dalian Electric Porcelain: Vice General Manager Miao Shi and executives plan to reduce their holdings [2][4]. - Xuelang Environment: Shareholders Yang Jianping and Xu Huifen plan to reduce a total of up to 3% of shares [2][4]. - Perfect World: Actual controller Chi Yufeng reduced 32.9793 million shares [2][4]. - Huitong Technology: Directors Zhong Ming and Yang Jian plan to reduce a total of up to 1.64% of shares [2][4]. - Shuangjie Electric: Director Xu Zhuan plans to reduce up to 0.47% of shares [2][4]. - Dajia Weikang: One of the actual controllers plans to reduce up to 3% of shares [2][4]. - Hu Silicon Industry: The second largest shareholder, the National Big Fund, plans to reduce up to 3% of shares [2][4]. - Lushan New Materials: Controlling shareholders and concerted actors plan to reduce a total of up to 3% of shares [2][4]. - Zhongji United: Directors and executives, including Wang Xijun, plan to reduce a total of up to 0.91% of shares [2][4]. - Sanfu Shares: Shareholder Yuanheng Technology plans to reduce a total of up to 3% of shares [2][4].

广东天安新材料股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 证券代码：603725 证券简称：天安新材 公告编号：2026-004 截至本公告披露日，广东天安新材料股份有限公司（以下简称"公司"）股 东梁凯虹女士、广东天耀进出口集团有限公司（以下简称"天耀集团"）分别持 有公司股份 55,460 股、611,540 股，占当前公司总股本的比例分别约为 0.018%、 0.201%，股份来源为集中竞价交易取得。上述股东与直接持股 5%以上股东、公 司董事沈耀亮先生存在一致行动关系，合计持股比例为 5.926%。 减持计划的主要内容 因自身资金需求，股东梁凯虹女士、天耀集团拟自本减持计划公告之日起 15 个交易日后的 3 个月内，即自 2026 年 3 月 10 日至 2026 年 6 月 9 日止，通过 集中竞价或大宗交易方式，分别减持公司股份不超过 55,460 股、611,540 股， 不超过公司总股本的 0.018%、0.201%。 减持价 ...

Group 1 - The core point of the article is that Tianan New Materials (603725.SH) announced a share reduction plan due to the funding needs of its shareholders, Liang Kaihong and Tianyao Group [1] - The shareholders plan to reduce their holdings by a maximum of 55,460 shares and 611,540 shares, which represent 0.018% and 0.201% of the company's total share capital, respectively [1] - The reduction will take place from March 10, 2026, to June 9, 2026, through centralized bidding or block trading, with the selling price determined by the market price at the time of the reduction [1]