Core Points - North New Building Materials announced the completion of the 2024 restricted stock incentive plan registration [2] - The listing date for the restricted stock is set for November 10, 2025 [2] - A total of 1.8457 million shares are reserved for the incentive plan [2] - The reserved grant price for the restricted stock is 15.75 yuan per share [2] - The number of individuals registered for the restricted stock grant is 66 [2] - The source of the stock is from the company's directed issuance of A-share common stock to the incentive recipients [2]

Group 1: 华勤技术 (603296.SH) - The company achieved a revenue of 128.82 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 70% [7] - The net profit attributable to shareholders reached 3.099 billion yuan, up 51% year-on-year [7] - The company’s gross margin improved to 8.17% in Q3 2025, an increase of 1.04 percentage points from Q2 2025 [7] - The company is expanding its global manufacturing layout, achieving large-scale shipments in India and Vietnam [8] - The multi-category business strategy is expected to drive significant performance growth, with projected net profits of 4.15 billion yuan, 5.15 billion yuan, and 6.17 billion yuan from 2025 to 2027 [8] Group 2: 汉朔科技 (301275.SZ) - The company reported a revenue of 2.809 billion yuan in the first three quarters of 2025, a decrease of 11% year-on-year [10] - The net profit attributable to shareholders was 314 million yuan, down 41% year-on-year [10] - The gross margin for Q3 2025 was 35.94%, an increase of 5.23 percentage points from Q2 2025, indicating a recovery in profitability [10] - The company is focusing on digitalization in the retail sector, with a business model centered around electronic price tag systems and SaaS cloud platform services [11] - Projected revenues for 2025 to 2027 are 4.056 billion yuan, 4.787 billion yuan, and 5.747 billion yuan, respectively [11] Group 3: 天山电子 (301379.SZ) - The company achieved a revenue of 1.338 billion yuan in the first three quarters of 2025, a year-on-year increase of 26.48% [12] - The net profit attributable to shareholders was 113 million yuan, up 7.75% year-on-year [12] - The company is strategically investing in the storage sector, aiming to create a complete storage ecosystem [13] - The projected revenues for 2025 to 2027 are 1.978 billion yuan, 2.546 billion yuan, and 2.893 billion yuan, respectively [13] Group 4: 恒瑞医药 (600276.SH) - The company reported a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a 14.85% increase [15] - The net profit attributable to shareholders was 5.751 billion yuan, up 24.50% year-on-year [15] - The company is accelerating its internationalization efforts, with multiple overseas collaborations and licensing agreements [16] - The projected net profits for 2025 to 2027 are 8.8 billion yuan, 10.28 billion yuan, and 12.15 billion yuan, respectively [18] Group 5: 益丰药房 (603939.SH) - The company achieved a revenue of 17.286 billion yuan in the first three quarters of 2025, a slight increase of 0.39% [20] - The net profit attributable to shareholders was 1.225 billion yuan, up 10.27% year-on-year [20] - The company is focusing on non-pharmaceutical innovations, which are expected to drive growth in the future [21] - The company plans to optimize its store network and expand its franchise business, with a total of 14,666 stores as of Q3 2025 [21] Group 6: 中兴通讯 (000063.SZ) - The company reported a revenue of 100.52 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.63% [23] - The net profit attributable to shareholders was 5.32 billion yuan, down 32.7% year-on-year [23] - The company is experiencing pressure in its operator business, but its computing power segment is showing significant growth [24] - The projected net profits for 2025 to 2027 are 7.4 billion yuan, 8.5 billion yuan, and 10 billion yuan, respectively [24] Group 7: 德科立 (688205.SH) - The company achieved a revenue of 6.5 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.6% [26] - The net profit attributable to shareholders was 40 million yuan, down 47.4% year-on-year [26] - The company is focusing on DCI (Data Center Interconnect) products, which are experiencing accelerated growth [27] - The projected net profits for 2025 to 2027 are 70 million yuan, 250 million yuan, and 410 million yuan, respectively [27] Group 8: 北新建材 (000786.SZ) - The company reported a revenue of 19.905 billion yuan in the first three quarters of 2025, a decrease of 2.25% year-on-year [29] - The net profit attributable to shareholders was 2.586 billion yuan, down 17.77% year-on-year [29] - The company is facing challenges in its gypsum board business but is seeing growth in its other segments [30] - The projected net profits for 2025 to 2027 are 3.364 billion yuan, 3.959 billion yuan, and 4.432 billion yuan, respectively [32]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.17 CNY, reflecting a 15x PE for 2025 [4][7]. Core Views - The company's main business of gypsum board continues to face pressure, with a 17.8% year-on-year decline in net profit for the first three quarters, totaling 2.59 billion CNY [1]. - Despite the challenges in the gypsum board segment, the company is experiencing growth in its two wings of business, particularly in waterproofing and coatings, benefiting from an increase in market share [2]. - The company is focusing on a strategy that combines organic growth with external expansion, aiming for high-quality development in niche markets [2]. Financial Performance - For the first three quarters, the company reported revenues of 19.91 billion CNY, a decrease of 2.3% year-on-year, and a net profit of 2.59 billion CNY, down 17.8% [1]. - The gross margin for the first three quarters was 29.5%, a decline of 1.2 percentage points year-on-year, with a net margin of 13.3%, down 2.4 percentage points [3]. - Operating cash flow for the first three quarters was 1.54 billion CNY, a decrease of 43.1% year-on-year, although the decline in Q3 was less severe at 13.3% [3]. Market Conditions - The price of gypsum board is expected to continue declining due to sustained pressure on demand, with a 16.8% year-on-year drop in housing completion area impacting demand [2]. - The company is implementing product upgrades and expanding into home decoration and rural markets to mitigate market decline and stabilize prices [2]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 3.31 billion CNY, 3.86 billion CNY, and 4.41 billion CNY, respectively, reflecting adjustments due to the declining gypsum board prices [4]. - The report emphasizes the potential for the company's "one body, two wings" strategy to yield positive results in the future [4].

Core Viewpoint - The company experienced a decline in revenue and profit in the first three quarters of 2025, primarily due to pressure in its gypsum board business, while its two wings business segments showed growth [1][2][3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 19.905 billion yuan, a year-on-year decrease of 2.25%; net profit attributable to shareholders was 2.586 billion yuan, down 17.77%; and net profit excluding non-recurring items was 2.531 billion yuan, down 17.52% [1] - For Q3 alone, revenue was 6.347 billion yuan, a year-on-year decline of 6.20%; net profit attributable to shareholders was 655 million yuan, down 29.47%; and net profit excluding non-recurring items was 639 million yuan, down 29.79% [1] - The company's gross margin decreased by 1.12 percentage points to 29.53% in the first three quarters of 2025, while the expense ratio increased by 0.86 percentage points to 14.27% [2] - The net profit margin fell by 2.37 percentage points to 13.14% [2] - Operating cash flow was 1.539 billion yuan, a year-on-year decrease of 43.13% [2] Business Segments - The gypsum board business faced challenges due to insufficient demand, intensified competition, and price declines, while the two wings business segments continued to grow [1] - The company plans to maintain a development strategy that combines internal growth and external expansion, focusing on niche markets to create new performance growth drivers [1] International Expansion - The company is advancing its overseas layout, focusing on regions such as Africa, Southeast Asia, Central Asia, Europe, and the Mediterranean [3] - An intention to acquire 100% of a foreign construction materials company was announced in August 2025, which could accelerate the expansion of its overseas business [3] Investment Outlook - The company is accelerating its "one body, two wings, global layout" strategy, with significant long-term value expected [3] - Projected net profits for 2025-2027 are 3.364 billion, 3.959 billion, and 4.432 billion yuan, respectively, with corresponding EPS of 1.98, 2.33, and 2.61 yuan per share [3]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's main business of gypsum board is under pressure, leading to a larger decline in revenue and profit, while its two wings (waterproof and paint businesses) continue to grow [2][4] - The company aims to combine internal growth with external expansion, focusing on niche markets to create new performance growth points [2] - The company is advancing its "one body, two wings, global layout" strategy, which is expected to enhance long-term value [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 19.905 billion yuan, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 2.586 billion yuan, down 17.77% [1][7] - In Q3 alone, revenue was 6.347 billion yuan, down 6.20% year-on-year, and net profit was 657 million yuan, down 29.47% [1][7] - The gross margin decreased by 1.12 percentage points to 29.53%, while the net profit margin fell by 2.37 percentage points to 13.14% [3] Business Segment Performance - The company's gypsum board business is facing challenges due to insufficient demand and intensified competition, resulting in price declines [2] - The waterproof and paint businesses are performing well, contributing positively to overall growth [2][4] Future Outlook - The company is expected to achieve net profits of 3.364 billion yuan, 3.959 billion yuan, and 4.432 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The report forecasts EPS of 1.98 yuan, 2.33 yuan, and 2.61 yuan for the same years [4]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Core Insights - The renovation and building materials sector saw an increase of 0.89% on November 5, with Luopuskin leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance Summary - Luopuskin (002333) closed at 6.77, up 10.08% with a trading volume of 812,300 shares and a transaction value of 537 million [1] - Ruitai Technology (002066) closed at 17.85, up 4.08% with a trading volume of 106,900 shares and a transaction value of 189 million [1] - Kairun Co. (300715) closed at 12.48, up 3.40% with a trading volume of 115,700 shares and a transaction value of 144 million [1] - Yangzi New Materials (002652) closed at 4.10, up 3.02% with a trading volume of 263,200 shares and a transaction value of 107 million [1] - Beixin Building Materials (000786) closed at 24.26, up 2.45% with a trading volume of 254,900 shares and a transaction value of 617 million [1] Capital Flow Analysis - The renovation and building materials sector experienced a net outflow of 170 million from institutional investors and 112 million from speculative funds, while retail investors saw a net inflow of 282 million [2] - The capital flow for key stocks indicates varying trends, with Beixin Building Materials seeing a net inflow of 56.58 million from institutional investors, while Luopuskin had a net outflow of 20.19 million from speculative funds [3]

Core Viewpoint - North New Building Materials experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in the market [1][2]. Financial Performance - For the period from January to September 2025, North New Building Materials reported revenue of 19.905 billion yuan, a year-on-year decrease of 2.25% [2]. - The net profit attributable to shareholders was 2.586 billion yuan, reflecting a year-on-year decline of 17.77% [2]. Stock Market Activity - As of November 4, the stock price of North New Building Materials was 23.56 yuan per share, down 2.12% during the trading session [1]. - The company has seen a year-to-date stock price decline of 19.99%, with a slight increase of 0.60% over the last five trading days [1]. Shareholder Information - As of October 20, the number of shareholders increased to 75,000, while the average circulating shares per person decreased by 1.33% to 21,799 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 160 million shares, a decrease of 17.0699 million shares from the previous period [3]. Dividend Distribution - North New Building Materials has cumulatively distributed 9.562 billion yuan in dividends since its A-share listing, with 3.979 billion yuan distributed over the last three years [3]. Business Overview - The company specializes in the production and sales of new building materials, with gypsum board accounting for 49.25% of its main business revenue [1].

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The construction materials industry is currently at a cyclical bottom in terms of profitability, with leading companies in various segments performing in line with expectations. For instance, China Jushi in the fiberglass sector has seen a significant year-on-year improvement in profitability, while companies like Rabbit Baby have also reported substantial profit improvements due to investment income. Other leading companies such as Oriental Yuhong, Beixin Building Materials, Qibin Group, and Jianlang Hardware are also showing signs of bottoming out in their fundamentals. It is anticipated that stock prices may break out of the bottom range under the influence of policy catalysts and market style shifts [4][5] Summary by Relevant Sections Cement - Demand for cement has shown a slight month-on-month improvement, primarily due to infrastructure projects and better weather conditions, although year-on-year demand remains down. The overall demand is still in a weak recovery phase, influenced by weather disruptions and the pace of demand release. In September 2025, the monthly cement production was 154 million tons, down 8.6% year-on-year [5][10] Glass - The glass industry is experiencing a continuous decline in demand due to the impact of real estate. Short-term demand during the traditional peak season has shown limited improvement, and inventory levels among intermediaries remain relatively high. The supply-demand imbalance persists, with limited improvement in downstream terminal demand. The industry is expected to face increased environmental requirements and costs, accelerating the pace of cold repairs [5][17] Fiberglass - The fiberglass sector is witnessing a price recovery, with price increases of 5%-10% reported. The demand for electronic yarns is driven by the AI industry, leading to a significant increase in both volume and price. The demand is expected to continue growing alongside AI developments [6] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with prices having no further downward space after years of competition. The sector is strongly advocating for price increases and profitability improvements, with several categories like waterproofing, coatings, and gypsum boards issuing price increase notices this year. A recovery in profitability is anticipated for leading companies in the second half of the year [6] Recent Company Announcements - Conch Cement reported Q3 revenue of 20 billion yuan, down 11.4% year-on-year, but net profit increased by 3.4% year-on-year to 1.94 billion yuan, benefiting from cost reductions and improved gross margins. Q3 revenue for Qibin Group was 4.39 billion yuan, up 18.9% year-on-year, with a net profit of 20 million yuan, marking a return to profitability [19][20][22]

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].