Group 1 - Silver Dragon Co., Ltd. experienced a decline of 5.27% on November 4, with a stock price of 9.53 CNY per share and a trading volume of 1.44 billion CNY, resulting in a total market capitalization of 8.17 billion CNY [1] - The company, established on March 17, 1998, and listed on February 27, 2015, specializes in the research, production, and sales of prestressed concrete steel materials, track slabs, and related equipment [1] - The revenue composition of Silver Dragon includes: 43.28% from steel wires, 34.93% from steel strands, 14.45% from sales and services of concrete products for rail transit, 5.56% from other sources, 1.41% from steel plates, and 0.37% from steel bars [1] Group 2 - Hai Fu Tong Fund has a significant holding in Silver Dragon Co., with its Hai Fu Tong CSI 2000 Enhanced Strategy ETF (159553) holding 27,600 shares, accounting for 0.92% of the fund's net value, ranking as the ninth largest holding [2] - The Hai Fu Tong CSI 2000 Enhanced Strategy ETF (159553) was established on March 27, 2024, with a latest scale of 32.14 million CNY, and has achieved a year-to-date return of 49.47%, ranking 611 out of 4,216 in its category [2] - The fund has a one-year return of 59.81%, ranking 330 out of 3,896, and a cumulative return since inception of 77.71% [2]

Core Viewpoint - Silver Dragon Co., Ltd. has shown a significant increase in stock price and revenue, indicating strong performance in the pre-stressed concrete materials sector [1][2]. Financial Performance - As of September 30, 2025, Silver Dragon reported a revenue of 2.443 billion yuan, a year-on-year increase of 10.93% [2]. - The net profit attributable to shareholders reached 273 million yuan, reflecting a substantial growth of 61.89% year-on-year [2]. - The company has distributed a total of 612 million yuan in dividends since its A-share listing, with 179 million yuan distributed over the past three years [3]. Stock Market Activity - On November 3, the stock price of Silver Dragon rose by 2.03%, reaching 10.03 yuan per share, with a trading volume of 145 million yuan [1]. - The stock has increased by 50.15% year-to-date, although it has seen a decline of 4.39% over the last five trading days [1]. - The company has a total market capitalization of 8.599 billion yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 7.63% to 27,300 [2]. - The average number of circulating shares per shareholder increased by 8.26% to 30,892 shares [2]. - Notable new institutional shareholders include Guangfa Value Core Mixed Fund and Hong Kong Central Clearing Limited, indicating growing institutional interest [3]. Business Overview - Silver Dragon specializes in the research, production, and sales of pre-stressed concrete steel materials, with a revenue composition of 43.28% from steel wires, 34.93% from steel strands, and 14.45% from concrete products for rail transit [1]. - The company operates within the machinery and equipment sector, specifically in general equipment and metal products [1].

Investment Rating - The report maintains an "Accumulate" rating for the construction materials sector [3]. Core Views - The construction materials sector is experiencing a mixed performance, with cement prices under pressure while glass and fiberglass manufacturing show positive trends. The overall sector has outperformed the CSI 300 index by 1.75% during the week [1][12]. - Government policies aimed at alleviating financial pressures on local governments are expected to improve the fiscal environment, potentially accelerating municipal engineering projects [1]. - The glass market is facing supply-demand imbalances, but self-regulation among photovoltaic glass manufacturers may help ease these tensions [1]. - Consumer building materials are recommended due to their potential benefits from second-hand housing transactions and consumption stimulus policies [1]. - The cement industry is still in a demand bottoming phase, with production adjustments being made to stabilize prices [1][17]. Summary by Sections Cement Industry Tracking - As of October 31, 2025, the national cement price index is 347.34 CNY/ton, up 1.07% week-on-week. Cement output reached 2.8265 million tons, an increase of 8.05% from the previous week [17]. - The cement market is characterized by stable growth in infrastructure, while residential construction lags behind [17]. Glass Industry Tracking - The average price of float glass is 1202.68 CNY/ton, down 3.30% from the previous week. Inventory levels have decreased, indicating some recovery in demand [2][5]. Fiberglass Industry Tracking - Fiberglass prices have stabilized, with demand for high-end products remaining strong. The market is expected to see price increases in the medium to long term [5]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, influenced by fluctuations in upstream raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,100 CNY/ton, leading to negative margins for many producers [6]. Key Stocks - Recommended stocks include: - North New Building Materials (Buy) - Weixing New Materials (Accumulate) - Sankeshu (Buy) - China Jushi (Buy) - Yinlong Co. (Buy) - Puyang Refractories (Buy) [7].

Core Viewpoint - Silver Dragon Co., Ltd. has experienced a stock price increase of 51.20% year-to-date, with a recent decline of 2.04% on October 30, 2023, indicating volatility in its market performance [2][1]. Company Overview - Silver Dragon Co., Ltd. specializes in the research, production, and sales of prestressed concrete steel materials, track slabs, and related equipment, established on March 17, 1998, and listed on February 27, 2015 [2]. - The company's revenue composition includes: 43.28% from steel wires, 34.93% from steel strands, 14.45% from sales of concrete products for rail transit, and 5.56% from other sources [2]. Financial Performance - For the period from January to September 2025, Silver Dragon achieved a revenue of 2.443 billion yuan, representing a year-on-year growth of 10.93%, and a net profit attributable to shareholders of 273 million yuan, reflecting a significant increase of 61.89% [2]. - Cumulative cash dividends since the company's A-share listing amount to 612 million yuan, with 179 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 7.63% to 27,300, while the average circulating shares per person increased by 8.26% to 30,892 shares [2]. - Notable new institutional shareholders include Guangfa Value Core Mixed Fund and Guangfa Small Cap Growth Mixed Fund, indicating growing institutional interest [3].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 12.89 CNY, while the current stock price is 10.46 CNY [5]. Core Insights - The company has shown a significant increase in net profit and cash flow, with a year-on-year growth of 61.89% in net profit for the first three quarters of 2025, reaching 273 million CNY [1][2]. - The operating revenue for the first three quarters of 2025 was 2.443 billion CNY, reflecting a year-on-year increase of 10.93% [2]. - The company's gross margin improved to 24.26%, up by 2.37 percentage points year-on-year, and the net profit margin increased to 11.88%, up by 3.74 percentage points [3]. - Operating cash flow showed a substantial improvement, with a net inflow of 69.94 million CNY for the first three quarters of 2025, compared to a net outflow of 13.40 million CNY in the same period last year [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved an operating revenue of 970 million CNY, a year-on-year increase of 14.25%, and a net profit of 101 million CNY, up by 48.51% [1][2]. - The company’s net profit for the first three quarters of 2025 was 273 million CNY, with a significant increase attributed to the growth in sales of pre-stressed products and related services [2]. Profitability - The company’s gross margin and net profit margin have both improved significantly, indicating enhanced profitability due to an optimized business structure and a higher proportion of high-margin products [3]. Cash Flow and Receivables - The operating cash flow for the first three quarters of 2025 was 69.94 million CNY, a notable improvement from the previous year's outflow, indicating better order collection and cash management [4]. - As of the end of Q3 2025, accounts receivable stood at 2.138 billion CNY, reflecting an increase due to expanded business scale and order growth [4]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.398 billion CNY, 3.837 billion CNY, and 4.308 billion CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 11.3%, 12.9%, and 12.3% [10][11].

Core Viewpoint - The company, Tianjin Yinlong Prestressed Materials Co., Ltd., has announced its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided [1][2]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - The company has confirmed that there are no significant changes in non-recurring gains and losses [4]. Shareholder Information - The total number of common shareholders and the status of the top ten shareholders have been documented [5]. - There are no changes in the lending of shares by major shareholders due to the transfer of financing [6]. Governance and Compliance - The company has revised and established several governance systems to enhance operational standards and governance structure, in accordance with relevant laws and regulations [7][18]. - The board of directors held a meeting on October 28, 2025, to review and approve the third-quarter report and governance system revisions [15][16]. Investor Communication - An investor performance briefing is scheduled for November 26, 2025, to discuss the third-quarter results and address investor inquiries [9][10]. - Investors can submit questions for the briefing from November 19 to November 25, 2025 [11][12].

Group 1 - Silver Dragon Co., Ltd. (SH 603969) announced the convening of its 17th meeting of the 5th Board of Directors on October 28, 2025, in Tianjin, combining on-site participation and remote voting [1] - The meeting reviewed proposals including the "Proposal on Formulating and Revising Certain Company Systems" [1] - For the first half of 2025, the revenue composition of Silver Dragon Co., Ltd. was as follows: steel wire accounted for 43.28%, steel strand for 34.93%, concrete products for rail transit and supporting services for 14.45%, other businesses for 5.56%, and rail sales for 1.41% [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

第一条 为适应天津银龙预应力材料股份有限公司（以下简称"公司"）战 略发展需要，提高公司发展规划水平，健全投资决策程序，加强决策科学性，提 高重大投资决策的效益和决策的质量，完善公司治理结构，根据《中华人民共和 国公司法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》《天津银龙预应力材料股份有 限公司公司章程》（以下简称"《公司章程》"）及其他有关规定，公司设立董 事会战略发展委员会，并制定本细则。 第二条 董事会战略发展委员会是董事会下设的专门工作机构，主要负责对 公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 天津银龙预应力材料股份有限公司 董事会战略发展委员会工作细则 天津银龙预应力材料股份有限公司 董事会战略发展委员会工作细则 （2025年10月修订） 第一章 总则 第三条 战略发展委员会由三名董事组成，其中应至少有一名独立董事。 第四条 战略发展委员会委员由董事长、二分之一以上独立董事或者三分之 一以上的董事提名，并由董事会选举产生。 第五条 战略发展委员会设主任一名，由董事长担任。 主任委员负责召集并主持委员会会 ...

（2025年10月修订） 天津银龙预应力材料股份有限公司 重大信息内部报告制度 天津银龙预应力材料股份有限公司 重大信息内部报告制度 文件编号：ICE-W-01-010 第 1 页 共 6 页 文件版本：2025-10 天津银龙预应力材料股份有限公司 重大信息内部报告制度 第一章 总则 第一条 为规范天津银龙预应力材料股份有限公司（以下简称"公司"） 的 重大信息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理， 确保公司信息披露的真实、准确、完整、及时，充分维护投资者的合法权益，根 据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票 上市规则》（以下简称"《上市规则》"）《上市公司信息披露管理办法》等有 关法律、法规、规章和规范性文件以及《天津银龙预应力材料股份有限公司章程》 （以下简称"《公司章程》"）《天津银龙预应力材料股份有限公司信息披露管 理制度》（以下简称"《信息披露管理制度》"）等有关规定，结合本公司实际 情况，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或者即将发生可能对 本公司或本公司的股票价格或其他证券衍生品种的交易价格产生较大影响的情 形 ...

天津银龙预应力材料股份有限公司 董事会审计委员会工作细则 天津银龙预应力材料股份有限公司 董事会审计委员会工作细则 （2025年10月修订） 第一章 总则 第一条 为强化天津银龙预应力材料股份有限公司（以下简称"公司"）董 事会决策功能，做到事前审计、专业审计，实现对公司财务收支和各项经营活动 的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《上市公司治 理准则》《上市公司独立董事管理办法》《国有企业、上市公司选聘会计师事务 所管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第1号——规范运作》等有关法律法规和规范性文件以及《天津银龙预 应力材料股份有限公司公司章程》（以下简称"《公司章程》"）及其他有关规 定，公司设立董事会审计委员会（以下简称"审计委员会"），并制定本工作细 则。 第二条 公司董事会设置审计委员会，行使《公司法》规定的监事会的职权， 负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制。审计 委员会是董事会下设的专门工作机构，在本工作细则规定的职责范围内协助董事 会开展相关工作，对董事会负责。 第三条 审计委员会成员应保证足够的时间和精力 ...