Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., Sanjike Tree, and Beixin Building Materials [9]. Core Insights - The construction materials sector saw a 3.64% increase from December 22 to December 26, 2025, with notable gains in glass fiber manufacturing (10.06%) and glass manufacturing (5.04%) [1][13]. - The report emphasizes the importance of demand stabilization and the implementation of anti-involution policies, particularly in the context of housing policy adjustments in Beijing [1]. - The report highlights the ongoing challenges in the cement market, with a focus on the need for macroeconomic improvements, especially in the housing sector, to stimulate demand [2][18]. Summary by Sections Cement Industry Tracking - As of December 26, 2025, the national cement price index was 352.28 CNY/ton, a decrease of 0.26% from the previous week [2][18]. - The cement output for the week was 2.877 million tons, down 2.73% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][18]. - The capacity utilization rate for cement clinker kilns was 37.42%, reflecting a decrease of 0.23 percentage points from the previous week [2][18]. Glass Industry Tracking - The average price of float glass as of December 25, 2025, was 1140.08 CNY/ton, with a weekly decline of 0.98% [3]. - Inventory levels for glass products increased, with a total of 55.33 million heavy boxes reported, up 38,000 boxes from the previous week [3]. Glass Fiber Industry Tracking - The market for non-alkali glass fiber remained stable, with average prices holding steady [7]. - Demand for glass fiber products has shown signs of weakness, with reduced purchasing intentions from downstream buyers [7]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with prices for upstream materials like aluminum alloy and acrylic remaining stable [7]. - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [1]. Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a weekly production of 2,392 tons and an operating rate of 79.47% [8]. - The industry continues to face challenges with profitability, as the average production cost was reported at 105,900 CNY/ton, leading to negative margins for many companies [8].

（编辑 丛可心） 证券日报网讯 12月23日，银龙股份发布公告称，北京德皓国际会计师事务所因内部项目安排调整，指 派夏福登接替刘晶静担任公司2025年度审计项目签字合伙人，签字注册会计师仍为周志，质量控制复核 人为郭妍。 ...

1. 基本信息 证券代码：603969 证券简称：银龙股份 公告编号：2025-080 天津银龙集团股份有限公司 关于会计师事务所签字项目合伙人变更的公告 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。 天津银龙集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第五届董事会第十二次会议、第五届监事会第十一次会议，审议并通过《关于续 聘会计师事务所的议案》，公司拟续聘北京德皓国际会计师事务所（特殊普通合 伙）为公司 2025 年度财务报表和内部控制等相关业务的审计机构，具体内容详 见公司于 2025 年 4 月 25 日披露于《上海证券报》《中国证券报》及上海证券交 易所网站（www.sse.com.cn）的《关于续聘会计师事务所的公告》（公告编号： 2025-009）。2025 年 5 月 15 日，公司召开 2024 年年度股东大会审议通过上述议 案。 近日，公司收到北京德皓国际会计师事务所（特殊普通合伙）发来的《关于 变更天津银龙集团股份有限公司 2025 年度审计签字项目合伙人和签字注册会 ...

Core Viewpoint - The company, Yinlong Co., Ltd., is focusing on the development of its two core industries: prestressed materials and concrete products for rail transit, while also expanding into high-end equipment manufacturing and information technology, with a strategic emphasis on new energy business [1][2][4] Group 1: Business Performance - As of June 30, 2025, the prestressed materials industry achieved revenue of 1.158 billion yuan, a year-on-year increase of 8.12%, accounting for 78.58% of total revenue, indicating stable growth in traditional business [1] - The rail transit concrete products industry generated revenue of 213 million yuan, with a slight year-on-year increase of 0.04%, representing 14.45% of total revenue, driven by ongoing national railway and urban rail transit construction [1][2] Group 2: Strategic Initiatives - The company has established a network of ten industrial bases across key strategic areas in China, enhancing its regional supply system for rail products through a combination of wholly-owned and joint ventures [2] - Yinlong Co., Ltd. is actively participating in major national railway projects, including the Xiongshan High-speed Railway and the Beijing-Shanghai High-speed Railway, which strengthens its competitive advantage in technology, product quality, and service network [2][3] Group 3: International Market Development - The company has been expanding its international market presence since the 1990s, exporting prestressed materials to over 90 countries, with plans to optimize its product structure and increase high-performance product exports [3] - The rail transit concrete products and related equipment sector is focusing on technological upgrades and regional layout, maintaining good profitability, especially in overseas markets where the gross margin is higher than domestic [3] Group 4: Future Outlook - The company expresses confidence in its performance growth over the next three years, driven by product structure optimization in the prestressed materials sector and continued order acquisition in the rail transit concrete products sector [4] - The steady advancement of the new energy business is expected to contribute additional growth points to the company's overall performance [4]

Core Viewpoint - The company expresses confidence in its performance over the next three years, as reflected in its stock incentive plan for 2025, which sets clear growth targets for net profit [1] Group 1: Performance Outlook - The stock incentive plan is based on the net profit of 2024, with a target of at least 20% growth in net profit for 2025 [1] - Cumulative net profit growth targets are set at no less than 40% for 2026 and no less than 60% for 2027, with specific cumulative growth rates outlined for the periods 2025-2026 and 2025-2027 [1] Group 2: Growth Drivers - The company's performance growth will primarily rely on optimizing product structure in the prestressed materials sector and breakthroughs in high-end markets [1] - The concrete products segment for rail transit will continue to secure orders due to advantages in technology, product quality, brand reputation, and service network [1] - Steady progress in the new energy business is expected to contribute additional growth points to the company's performance [1] Group 3: Management Strategy - The stock incentive targets are carefully formulated by the company, considering macroeconomic conditions, industry policy directions, and its own development plans [1] - The management is committed to continuously optimizing operations and advancing various business segments to deliver better results for investors [1]

Core Viewpoint - The company is actively upgrading its prestressed material product structure towards high-end products, resulting in a significant increase in the proportion of high-performance products since 2025 [1] Group 1: Sales Performance - In the first three quarters of 2025, the overall sales volume of prestressed materials increased by 6.95% year-on-year, driven by the intensive commencement and advancement of major infrastructure projects in domestic railways, water conservancy, and bridges [1] - The sales proportion of high-performance products has significantly increased compared to the same period in 2024, directly enhancing the overall profitability of this business segment [1] Group 2: Product Development and Market Strategy - High-performance products such as spiral rib prestressed steel wires for track slabs, ultra-high-strength prestressed steel strands, and galvanized steel wires and strands for bridge cables have been successfully applied in several key national projects, leading to increased market recognition [1] - Looking ahead to 2026, the company will continue to adhere to the "stabilize stock, expand increment" development strategy, focusing on consolidating market share and customer relationships in traditional application areas while enhancing R&D for new application scenarios [1] - The company aims to further expand the sales scale and contribution of high-performance products, promoting qualitative improvements in the prestressed materials industry [1]

Core Viewpoint - Yinlong Co., Ltd. has established a network of ten industrial bases covering national strategic areas, enhancing its competitive advantage in the railway construction sector [1] Group 1: Company Strategy - The company has developed a regional supply system through a combination of wholly-owned and joint ventures in key transportation hub cities such as Hebei, Anhui, Henan, Guangdong, and Jiangxi [1] - The company is deeply involved in major national railway projects, including Xiongshang High-speed Railway and Jinghu High-speed Railway, showcasing its comprehensive supply capabilities [1] Group 2: Competitive Advantage - The company possesses a complete supply capability for CRTS III type ballastless track slabs, prestressed materials, and intelligent production equipment, which contributes to its strong competitive edge in technology, product quality, brand reputation, and service network [1] - The experience gained from participating in significant railway projects lays a solid foundation for securing more high-speed rail orders in the future [1] Group 3: Market Expansion - The company aims to actively expand its market information channels and strengthen early project connections to secure more orders in the upcoming high-speed rail construction from 2026 onwards [1] - The focus will be on the construction planning of the "Eight Vertical and Eight Horizontal" main network and regional connecting lines, as well as the "米" shaped hubs [1]

Core Viewpoint - The company, Yinlong Co., focuses on two main business sectors: prestressed materials and concrete products for rail transit, while also developing high-end equipment manufacturing and information technology, with a strategic emphasis on new energy [1] Business Performance - As of June 30, 2025, the prestressed materials sector achieved revenue of 1.158 billion, representing a year-on-year growth of 8.12%, accounting for 78.58% of total revenue, indicating stable growth in traditional core business [1] - The rail transit concrete products sector reported revenue of 213 million, with a slight year-on-year increase of 0.04%, making up 14.45% of total revenue, driven by ongoing national railway and urban rail transit construction [1] Strategic Development - The dual business sectors are positioned as engines for the company's steady growth, with plans to deepen participation in key infrastructure projects and enhance technology sharing and market collaboration between industries [1] - The company aims to leverage its new energy business to create new growth trajectories, reinforcing its foundation for high-quality development and striving to deliver long-term, sustainable value returns to shareholders [1]