Group 1 - The company, Yinlong Co., Ltd. (stock code: 603969), announced that as of now, the total amount of guarantees provided to its controlling subsidiaries, wholly-owned subsidiaries, and sub-subsidiaries is 599.5 million yuan, which accounts for 24.29% of the company's most recent audited net assets [1] - The company has no overdue guarantees [1]

Group 1 - Company signed a maximum guarantee contract with Shanghai Pudong Development Bank for a financing amount of 30 million RMB for its wholly-owned subsidiary [2] - The company has provided a total guarantee of 600 million RMB to its subsidiaries, accounting for 24.29% of the latest audited net assets [2] - The company has approved a financing guarantee limit of up to 400 million RMB for its subsidiary [2] Group 2 - In 2024, the revenue composition of the company was as follows: steel strand 42.82%, steel wire 35.93%, concrete products for rail transit 13.11%, steel rail sales 4.53%, and other businesses 2.95% [3]

证券代码：603969 证券简称：银龙股份 公告编号：2025-039 天津银龙预应力材料股份有限公司 关于为全资子公司提供担保的公告 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法律责任。 重要内容提示： （一） 担保的基本情况 天津银龙预应力材料股份有限公司（以下简称"银龙股份"或"公司"或"保 证人"）于 2025 年 8 月 8 日与上海浦东发展银行股份有限公司天津分行（以下简 称"浦发银行"或"债权人"）签署《最高额保证合同》，为银龙科贸向浦发银行 融资提供连带责任保证，本次担保的金额为人民币 3,000 万元，本次担保无反担 保。 （二） 内部决策程序 公司于 2025 年 4 月 24 日召开的第五届董事会第十二次会议与 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过了《关于公司 2025 年对外担保预计 的议案》，同意为银龙科贸提供不超过 40,000 万元的融资担保，本次担保在上 述担保额度范围内。 二、被担保人基本情况 | 被担保人类型 | √法人 | | --- | --- | | | □ ...

Investment Rating - The report recommends a "Buy" rating for companies such as Beixin Building Materials and China Jushi, while suggesting an "Overweight" rating for Weixing New Materials [9]. Core Views - The construction materials sector has shown a mixed performance, with cement prices stabilizing while glass and fiberglass sectors face challenges [2][3]. - The recent policy changes in Beijing regarding real estate are expected to influence demand dynamics across the sector [2]. - The report highlights the potential for recovery in the construction materials sector, particularly in municipal engineering projects due to increased government bond issuance [2]. Summary by Sections 1. Market Overview - From August 4 to August 8, 2025, the construction materials sector (SW) increased by 1.24%, with cement rising by 2.81% and glass manufacturing declining by 0.37% [12]. - The net capital inflow for the construction materials sector was -680 million yuan during this period [12]. 2. Cement Industry Tracking - As of August 8, 2025, the national cement price index was 335.96 yuan/ton, a decrease of 0.51% from the previous week [16]. - The national cement output was 2.6415 million tons, down 4.08% week-on-week, with infrastructure cement supply also declining [16]. - The report notes that while infrastructure remains a key demand driver, residential construction demand is weak, and recovery in civil demand is contingent on seasonal factors [16]. 3. Glass Industry Tracking - The average price of float glass was 1274.90 yuan/ton, reflecting a 1.57% decrease from the previous week [6]. - Inventory levels for glass have increased, indicating ongoing supply-demand imbalances [6]. 4. Fiberglass Industry Tracking - The report indicates that fiberglass prices have stabilized after a period of decline, with demand expected to improve due to growth in wind power installations [7]. - The market for electronic yarn remains stable, with high-end products experiencing strong demand [7]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies [2]. - The report continues to recommend companies like Beixin Building Materials and Weixing New Materials for their growth potential [9]. 6. Carbon Fiber Industry Tracking - The carbon fiber market is showing signs of stability, with production levels remaining consistent and demand expected to grow in various applications [8].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The sentiment of "anti-involution" is cooling down, and attention should be paid to changes in the fundamentals of the construction materials sector [2] - The construction materials sector experienced a decline of 2.30% from July 28 to August 1, 2025, with specific declines in sub-sectors such as cement (1.25%), glass manufacturing (4.55%), and fiberglass manufacturing (4.01%) [1][11] - The report highlights the importance of urban renewal as a key driver for real estate demand, while also emphasizing the need for regulatory compliance to curb disorderly competition among enterprises [2] Summary by Sections Cement Industry Tracking - As of August 1, 2025, the national cement price index is 337.69 yuan/ton, a decrease of 0.76% from the previous week, with a total cement output of 2.754 million tons, up 1.07% week-on-week [15] - The utilization rate of cement clinker production capacity is 58.09%, down 0.01 percentage points from the previous week, and the cement inventory ratio is 62.21%, down 0.39 percentage points [15] - Infrastructure remains the core support for cement demand, with expectations of resilient demand in Q3 due to accelerated issuance of special bonds and the promotion of "dual-use" infrastructure projects [15] Glass Industry Tracking - The average price of float glass this week is 1295.28 yuan/ton, an increase of 4.58% from the previous week, with a total inventory of 51.78 million weight boxes, down 156,000 weight boxes week-on-week [28] - Market sentiment has weakened due to falling futures prices, leading to the release of speculative inventory and a decrease in shipments from float glass manufacturers [28] Fiberglass Industry Tracking - The price of non-alkali fiberglass has decreased, primarily due to previous price adjustments, while demand remains weak during the traditional off-season [6] - The price of G75 electronic yarn remains stable, supported by high-end product demand, while supply is expected to increase in the future [6] Consumer Building Materials - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a focus on companies like Beixin Building Materials and Weixing New Materials [2][8] - The report recommends monitoring companies with growth potential in the consumer building materials sector, such as Puyuan Co. and Yilong Co. [4]

Summary of Key Points Core Viewpoint - Tianjin Yinlong Prestressed Materials Co., Ltd. is participating in the establishment of a private equity investment fund to capitalize on opportunities in the renewable energy sector, while maintaining its core business focus on prestressed materials and concrete products for rail transit [2][43]. Group 1: Investment Overview - The investment target is the Tianjin Zhongyuan Botong New Energy Venture Capital Fund Partnership (Limited Partnership), with a total fund amount of 96 million RMB, of which Tianjin Yinlong will contribute 81.504 million RMB as a limited partner [2][4]. - The investment does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [2][6]. Group 2: Fund Structure and Management - The fund will be managed by Botong (Tianjin) Venture Capital Co., Ltd., which serves as the general partner and fund manager [8][15]. - The fund aims to invest primarily in the renewable energy and energy storage sectors, focusing on projects with innovative technologies and high growth potential [4][26]. Group 3: Decision-Making and Governance - The investment decision-making will be conducted by an investment decision committee composed of five members, ensuring a collaborative approach to investment decisions [30][29]. - The fund's operational and investment management will adhere to the regulations set forth by the China Securities Investment Fund Industry Association [15][26]. Group 4: Financial Implications - The investment is expected to enhance the company's competitive capabilities and support its sustainable growth without adversely affecting its financial status [43]. - The fund's establishment will utilize the company's own funds, ensuring no negative impact on the company's financial and operational conditions [43].

Core Viewpoint - The company, Tianjin Yinlong Prestressed Materials Co., Ltd., is participating in the establishment of a private equity investment fund, aiming to enhance its strategic development and industry synergy in the renewable energy sector [1][2][16]. Group 1: Investment Overview - The investment target is the Tianjin Zhongyuan Botong New Energy Venture Capital Fund Partnership (Limited Partnership), with a total investment amount of 96 million yuan, of which the company will contribute 81.504 million yuan [1][2]. - The investment does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [1][2]. Group 2: Investment Decision and Approval - The investment decision falls within the approval authority of the company's general manager and does not require board or shareholder approval [2][16]. - The fund will primarily invest in projects related to the renewable energy industry and energy storage [2][16]. Group 3: Fund Structure and Management - The fund will have a general partner, Botong (Tianjin) Venture Capital Co., Ltd., and limited partners including the company and Beijing Honghui International Energy Technology Development Co., Ltd. [2][3]. - The fund's duration is set for six years, with a four-year investment period followed by an exit period [4][7]. Group 4: Financial Implications - The investment is expected to leverage the management and resource advantages of the fund manager to enhance the company's competitive capabilities without adversely affecting its financial status [16][17]. - The company will use its own funds for this investment, ensuring no negative impact on its financial and operational conditions [16][17]. Group 5: Risk Analysis - The investment is characterized by a long investment cycle and low liquidity, subject to various risks including macroeconomic factors and management of the investment targets [16][17]. - The fund is still in the establishment phase and requires registration and approval from the China Securities Investment Fund Industry Association before commencing operations [16][17].

Group 1 - The company, Yinlong Co., announced the establishment of an industrial fund in collaboration with Beijing Honghui International Energy Technology Development Co., Ltd. and Boto (Tianjin) Venture Capital Co., Ltd. [2] - The fund will primarily invest in the new energy industry and energy storage projects, indicating a strategic focus on these growing sectors [2] - The total investment amount for the fund is 96 million yuan, with Yinlong contributing 81.504 million yuan as a limited partner [2]

银龙股份(603969.SH)发布公告，为满足公司战略发展需求及产业联动效应，进一步深化合作，公司与 北京泓慧国际能源技术发展有限公司(以下简称"北京泓慧")、博通(天津)创业投资有限公司(以下简称"博 通投资")共同投资设立产业基金并签订合伙协议，合伙企业主要投资于新能源产业、储能领域相关项 目。本次投资设立基金总金额9,600万元，其中，天津银龙预应力材料股份有限公司作为有限合伙人出 资额8,150.4万元人民币。 ...

Core Viewpoint - The company Silver Dragon (603969.SH) has announced a strategic investment in a new industry fund focused on the renewable energy and energy storage sectors, in collaboration with Beijing Honghui International Energy Technology Development Co., Ltd. and Botong (Tianjin) Venture Capital Co., Ltd. [1] Investment Details - The total amount for the fund established is 96 million yuan, with Tianjin Silver Dragon Prestressed Materials Co., Ltd. contributing 81.504 million yuan as a limited partner [1]