Investment Rating - The report maintains a rating of "Buy" for companies such as Beixin Building Materials and China Jushi, while recommending "Overweight" for Weixing New Materials [9]. Core Views - The construction materials sector experienced a decline of 3.04% from September 1 to September 5, 2025, with cement down 2.22% and fiberglass down 7.46%, while glass manufacturing saw a slight increase of 2.13 [12]. - Shenzhen's recent real estate policy adjustments are expected to stimulate demand, particularly in the consumer building materials segment, benefiting companies like Beixin Building Materials and Weixing New Materials [2][9]. - The report highlights a potential recovery in the fiberglass market, with prices stabilizing after a price war, and an increase in demand from the wind power sector [2][7]. Summary by Sections Cement Industry Tracking - As of September 5, 2025, the national cement price index was 336.2 RMB/ton, a decrease of 0.43% week-on-week, with cement output at 2.5775 million tons, up 0.68% [17]. - The cement market is in a weak recovery phase, with demand expected to remain limited due to funding and progress constraints in infrastructure projects [17]. Glass Industry Tracking - The average price of float glass was 1192.99 RMB/ton, with a slight increase of 0.28% week-on-week, while inventory levels rose by 500,000 boxes [6]. - Market sentiment remains cautious, with demand primarily driven by essential replenishment rather than speculative buying [6]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with some manufacturers planning price increases due to seasonal demand and cost pressures [7]. - The demand for electronic fiberglass is recovering slowly, while high-end products continue to see strong sales [7]. Consumer Building Materials Tracking - The consumer building materials segment is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][9]. - The report notes a weak recovery in demand for consumer building materials, with fluctuations in raw material prices impacting market sentiment [8]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production levels at 1854 tons and an operating rate of 61.59% [8]. - The industry continues to face challenges with profitability, as many companies are still operating at a loss [8].

Core Points - The company has completed the initial registration of the 2024 restricted stock incentive plan, with a total of 10.8825 million shares granted at an adjusted price of 17.335 CNY per share, effective from June 27, 2025 [1][4][9] - The incentive plan aims to motivate employees and align their interests with shareholders, with a total of 1,275.5 million shares planned for the program [9][10] - The stock will be listed on September 8, 2025, and the plan has undergone necessary approvals and disclosures [1][14] Approval Process - The company held a board meeting on December 31, 2024, to approve the draft of the incentive plan and related management measures [1] - The actual controller, China National Building Material Group Corporation, approved the implementation of the plan on May 6, 2025 [2] - A second board meeting on May 29, 2025, further revised the plan and received necessary approvals from the supervisory board [2][3] Granting Details - The initial grant date is June 27, 2025, with 10.8825 million shares granted to 332 individuals [4][9] - The initial grant price was adjusted from 18.20 CNY to 17.335 CNY due to the company's profit distribution plan [4][8] - The total number of shares for the incentive plan was adjusted to 1,275.5 million shares after some participants voluntarily declined their shares [9] Performance Assessment - The plan includes performance assessment criteria at the company, business unit, and individual levels, with specific metrics for unlocking shares [6][7] - The company must meet certain profit and return on equity targets to allow for the release of shares [6] - If performance targets are not met, the shares may not be released or may be deferred [7] Financial Impact - The company will account for the cost of the restricted stock according to accounting standards, impacting financial results over the vesting period [15] - The diluted earnings per share for 2024 is projected to be 2.14 CNY after the stock grant [16] - Funds raised from the stock grant will be used to supplement the company's working capital [17]

Core Points - The company has completed the initial grant registration for its 2024 restricted stock incentive plan [1] - The listing date for the restricted stock is set for September 8, 2025 [1] - A total of 10.8825 million shares will be granted under this plan [1] - The adjusted initial grant price for the restricted stock is 17.335 yuan per share [1] - The number of individuals receiving the stock grant is 332 [1] - The stock will be sourced from the company's directed issuance of A-share common stock to the incentive recipients [1]

Core Viewpoint - The announcement details the completion of the initial grant registration for the 2024 restricted stock incentive plan by Beixin Group Building Materials Co., Ltd, including the number of shares, grant price, and the number of participants involved [1][2][3]. Summary by Sections Important Content Highlights - Listing date for restricted stock: September 8, 2025 [1] - Initial grant registration quantity: 10.8825 million shares [1] - Adjusted initial grant price: 17.335 CNY per share [1] - Number of participants in the grant: 332 individuals [1] Approval Procedures and Disclosure - The plan received approval from the State-owned Assets Supervision and Administration Commission of the State Council [2] - The company conducted a public notice period of no less than 10 days without receiving any objections [2] Initial Grant Registration Details - Initial grant date: June 27, 2025 [3] - Total shares granted: 10.8825 million shares [3] - Adjusted grant price: 17.335 CNY per share [3] - Distribution of shares among participants: 332 individuals [3] Performance Assessment Criteria - The incentive plan's validity period is up to 72 months from the completion of the initial grant registration [5] - Performance targets for the first three release periods include achieving a non-net profit return on equity of at least 16.5% for 2025, 17.5% for 2026, and 18.5% for 2027 [6][8] Financial Impact and Capital Structure - The company’s registered capital increased from 1,689,507,842 CNY to 1,700,390,342 CNY following the grant [11] - The total number of shares before the grant was 1,689,507,842, and after the grant, it became 1,700,390,342 [12] Use of Funds - Funds raised from the initial grant will be used to supplement the company's working capital [14]

证券代码：000786 证券简称：北新建材 公告编号：2025-052 北新集团建材股份有限公司 关于 2024 年限制性股票激励计划 首次授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 了《公司 2024 年限制性股票激励计划（草案修订稿）及其摘要》《关于制定公 司<2024 年限制性股票激励计划管理办法（修订稿）>的议案》《关于制定公司 <2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会 授权董事会办理公司 2024 年限制性股票激励计划相关事宜的议案》。同时，公 司根据内幕信息知情人及激励对象买卖公司股票情况的核查情况，披露了《关于 2024 年限制性股票激励计划内幕信息知情人及激励对象买卖公司股票的自查报 告》（公告编号：2025-039）。 重要内容提示： 限制性股票上市日期：2025 年 9 月 8 日 限制性股票首次授予登记数量：1,088.25 万股 限制性股票首次授予价格（调整后）：17.335 元/股 限制性股票授予登记人数：332 人 股票来源：公司向激励对象定向发行公司 A 股普通股股票 根 ...

Market Overview - The renovation and building materials sector declined by 1.44% on September 3, with Kexin New Materials leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock performances included: - Sankeshu (603737) closed at 47.16, up 1.16% with a trading volume of 61,700 shares and a turnover of 290 million yuan [1] - ST Nachuan (300198) closed at 2.36, down 0.42% with a trading volume of 148,000 shares [1] - Kexin New Materials (833580) closed at 16.95, down 8.33% with a trading volume of 107,000 shares and a turnover of 185 million yuan [2] Capital Flow - The renovation and building materials sector experienced a net outflow of 246 million yuan from institutional investors, while retail investors saw a net inflow of 192 million yuan [2] - The capital flow for specific stocks showed: - Fangda Group (000055) had a net outflow of 6.29 million yuan from institutional investors [3] - Rabbit Baby (002043) had a net inflow of 5.28 million yuan from institutional investors [3] - Public Company (002641) had a net inflow of 3.37 million yuan from institutional investors [3]

Summary of Beijing New Building Materials (BNBM) Conference Call Company Overview - **Company**: Beijing New Building Materials (000786.SZ) - **Industry**: Building materials, specifically gypsum boards, waterproofing, and coatings Key Takeaways 1. **Pricing Trends**: - Improvement in Average Selling Price (ASP) across all major products observed in August [1] - Sequential price improvement noted in 3Q25 due to two rounds of ASP hikes in March and August [5] 2. **Market Position**: - BNBM maintained a leading market position with approximately 68% market share in gypsum boards, focusing on premium products and gaining market share in commodity products [5] - Ambitious market share targets set for waterproof and coating segments [1] 3. **Product Performance**: - New product sales volume in 1H25 surpassed the full-year level of 2024, indicating strong demand for high-end products [5] - Positive year-over-year growth in sales and net profit for waterproof membranes and coatings, driven by channel expansion and cost efficiencies [8] 4. **Capacity Expansion**: - Announced capacity expansion plans in Ningbo, targeting an annual production capacity of 80 million square meters for gypsum boards and 20,000 tons for metal framing [5] - Plans to expand high-end GF board capacity to 20 million square meters by the end of the year [6] 5. **Market Demand Outlook**: - Management expects market demand for gypsum boards to rise gradually to approximately 4 billion square meters by 2030, driven by renovation and reconstruction needs [6] - Anticipation of a duopoly market in the waterproof industry in China [8] 6. **Cost Management**: - Cost-saving initiatives led to a 4% year-over-year reduction in costs in 1H25, contributing to gross profit margin improvement for high-end products [5] 7. **Strategic Focus**: - Continued focus on market share expansion through differentiated high-end products and penetration into rural markets [5] - Plans for proactive market consolidation in commodity products through dynamic pricing strategies and acquisitions [5] 8. **Investment Thesis**: - BNBM is positioned to benefit from rising renovation demand, which may offset potential slowdowns in property completions in China [10] - New business expansions in waterproofing and coatings are expected to drive earnings growth [10] 9. **Risks**: - Key risks include weaker-than-expected property completions, unexpected increases in raw material prices (notably paper and energy), and execution challenges in acquisitions [12] 10. **Valuation**: - Target price set at RMB 32.00, representing a potential upside of 23.8% from the current price of RMB 25.84 [13] Additional Insights - Management highlighted the importance of entering the prefabricated decoration market, which has a significant market size potential [6] - The company aims to achieve a leading position in both architectural and industrial coatings, targeting a 10%+ market share in selected segments [8]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Industry Overview - Self-adhesive membranes are a new type of waterproof material characterized by low-temperature flexibility, self-healing properties, and strong adhesion, allowing for quick construction at room temperature and compliance with environmental standards [1][2] - The production of self-adhesive membranes in China is projected to grow from 402 million square meters in 2015 to 1.477 billion square meters by 2024, driven by advancements in technology and expanding applications [1][8] Industry Development History - The self-adhesive membrane industry in China began in the 1990s with the introduction of products from international brands, followed by local production efforts [4] - By 2000, advancements in technology led to mass production of self-adhesive waterproof membranes, and industry standards were established in 2002 to ensure product quality [4][5] Industry Supply Chain - The supply chain consists of upstream raw material suppliers (asphalt, polymer resins, polyethylene films), midstream manufacturers who produce various self-adhesive membrane products, and downstream applications in construction and infrastructure [6] - The production of petroleum asphalt, a key component, has seen fluctuations, with a projected output of 34.508 million tons in 2024, down from 62.88 million tons in 2020 [6][7] Market Demand and Trends - The self-adhesive membrane industry is closely linked to the real estate sector, which is currently experiencing a downturn, impacting demand [7] - However, infrastructure investment remains robust, with a 3.2% year-on-year growth in the first half of 2025, providing some demand for self-adhesive membranes [7][8] Competitive Landscape - Major players in the self-adhesive membrane industry include Beijing Oriental Yuhong Waterproof Technology Co., Ltd. and Keshun Waterproof Technology Co., Ltd., which leverage technology and brand strength to maintain market leadership [9][11] - Smaller companies focus on niche products and regional markets due to limited resources compared to larger firms [9] Future Industry Trends - The industry is expected to see increased concentration as stricter environmental regulations and rising production costs lead to the elimination of less competitive firms [14] - Companies are expanding internationally to seek new growth opportunities, with notable efforts from leading firms to establish overseas operations [15] - Government policies are increasingly supportive of high-performance waterproof materials, enhancing the growth prospects for self-adhesive membranes [16]

Market Overview - On September 1, the renovation and building materials sector rose by 0.01% compared to the previous trading day, with Kexin New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in the Sector - Kexin New Materials (833580) closed at 17.19, up 17.42% with a trading volume of 142,500 shares and a transaction value of 228 million yuan [1] - Beijing Lier (002392) closed at 8.83, up 9.96% with a trading volume of 540,400 shares and a transaction value of 46.9 million yuan [1] - Other notable gainers include Yabao Ceiling (002718) up 2.85%, and Puren Co. (002225) up 2.26% [1] Top Losers in the Sector - Beixin Building Materials (000786) closed at 26.27, down 1.61% with a trading volume of 178,000 shares [2] - Sankeshu (603737) closed at 47.93, down 1.50% with a trading volume of 55,400 shares [2] - Other notable losers include Zhongtie Assembly (300374) down 1.29%, and Ruitai Technology (002066) down 0.92% [2] Capital Flow Analysis - The renovation and building materials sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 101 million yuan [2] - Speculative funds had a net inflow of 69.83 million yuan into the sector [2]