Group 1 - The company has accumulated over 5,286 valid patents as of August 2025, with 1,763 of them being invention patents [1][3] - The company has been granted more than 500 patents annually from 2022 to 2024, with over 200 of these being invention patents each year [1] - The research and development (R&D) achievement conversion rate has been consistently above 85% in the past two years, indicating effective utilization of R&D investments [1] Group 2 - The company began tracking the conversion rate of project outcomes starting in 2023, aligning its patent achievements with funding investments [1] - An investor inquired about the historical average data regarding R&D funding and its correlation with the conversion rates and patents obtained over the past three years [3]

Group 1 - The company, Beixin Building Materials (000786), reported that as of September 19, 2025, the total number of shareholders is approximately 72,000 [1]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The building materials sector has shown resilience with a slight increase in prices and demand, particularly in cement, glass, and fiberglass, indicating potential for recovery [4][11][12] - The report emphasizes the importance of domestic demand policies and anticipates further implementation of these policies to support the industry [4][6] Summary by Sections 1. Industry Trends - The building materials sector (SW) experienced a weekly increase of 0.43%, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -0.44% and -0.18% respectively [4] - Cement prices have shown a slight increase, with the national average price at 345.7 RMB/ton, up by 1.7 RMB/ton from the previous week, but down by 35.8 RMB/ton compared to the same period last year [4][18] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is approximately 48.3%, with a slight increase of 1.7 percentage points from the previous week [24] - The report anticipates a rebound in cement prices due to seasonal demand and industry self-discipline [11][17] 2.2 Glass - The average price of float glass is reported at 1208.0 RMB/ton, reflecting a weekly increase of 10.9 RMB/ton, but a year-on-year decrease of 31.3% [4] - The report suggests that the glass industry is facing a supply-demand stalemate, with potential for price recovery as supply constraints tighten [13] 2.3 Fiberglass - The report indicates that the fiberglass sector is expected to see a recovery in profitability, with mid-term improvements anticipated as supply pressures ease [12] - The demand for electronic fiberglass products is expected to rise, driven by advancements in technology and new applications [12] 3. Industry Dynamics Tracking - The report highlights the ongoing government efforts to stimulate domestic demand, which are expected to positively impact the building materials sector [14] - The anticipated policies for 2024 and 2025 are expected to further enhance consumer confidence and demand for home improvement materials [6][14] 4. Investment Recommendations - The report recommends focusing on leading companies in the cement sector such as Huaxin Cement, Conch Cement, and Shanshui Cement, as well as fiberglass companies like China Jushi [11][12][13] - It also suggests monitoring companies in the home improvement sector that are well-positioned to benefit from government policies and market recovery, such as Oppein Home Group and Arrow Home [14][15]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Core Viewpoint - North New Building Materials has experienced a decline in stock price and financial performance, indicating potential challenges in the construction materials sector [1][2]. Group 1: Stock Performance - As of September 22, North New Building Materials' stock price fell by 2.02% to 24.28 CNY per share, with a trading volume of 248 million CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 41.285 billion CNY [1]. - The stock has decreased by 17.54% year-to-date, with a 3.96% drop over the last five trading days, a 10.14% decline over the last 20 days, and an 8.31% decrease over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, North New Building Materials reported a revenue of 13.558 billion CNY, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion CNY, down 12.85% year-on-year [2]. - Cumulatively, the company has distributed 9.562 billion CNY in dividends since its A-share listing, with 3.979 billion CNY distributed over the last three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 10, the number of shareholders increased to 70,000, up by 4.48%, while the average circulating shares per person decreased by 3.21% to 23,356 shares [2]. - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 177 million shares, a decrease of 17.259 million shares from the previous period [3].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The building materials sector is driven by dual forces of policy and demand, with a focus on high-performance new materials supporting green construction and renovation [3] - The new materials industry in China is expected to grow from a value of 6.8 trillion yuan in 2022 to 10 trillion yuan by 2025, with 30 sub-industries transitioning to high value-added products [3] - The report highlights specific companies to invest in, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high-quality operations), and Jianlang Hardware [3] - The cement sector is expected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3] Market Performance - The building materials index increased by 0.43% in the week from September 15 to September 19, outperforming the CSI 300 index by 0.88 percentage points [4][13] - Over the past three months, the building materials index has risen by 19.82%, while the CSI 300 index has increased by 14.18%, indicating a 5.64 percentage point outperformance [4][13] - In the past year, the building materials index has grown by 43.00%, compared to a 34.31% increase in the CSI 300 index, resulting in an 8.69 percentage point outperformance [4][13] Cement Sector Insights - As of September 19, the average price of P.O42.5 bulk cement in China was 279.00 yuan/ton, reflecting a 1.44% increase from the previous period [6][24] - The clinker inventory ratio reached 65.11%, up by 2.52 percentage points [6][24] - Regional price variations were noted, with increases in East China (+2.04%) and South China (+1.72%), while North China saw a decrease of 1.01% [24] Glass Sector Insights - The average price of float glass as of September 19 was 1208.98 yuan/ton, with a slight increase of 0.55% [6][76] - The inventory of float glass decreased by 29,000 weight boxes, a decline of 0.53% [6][78] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [6][80] Fiberglass Sector Insights - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4000 yuan/ton, with variations based on specific product types [6][5] - The market for fiberglass is showing stability, with flexible pricing strategies being employed by some manufacturers [6][5] Consumer Building Materials Insights - As of September 19, the price of asphalt was stable at 4570 yuan/ton, while the price of titanium dioxide decreased by 0.38% to 13000 yuan/ton [6][5] - The report indicates that raw material prices for consumer building materials are experiencing slight fluctuations [6][5]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is expected to benefit from price increases in cement and electronic fabrics, with significant opportunities in the African cement market [1][5]. - The report highlights a shift from "demand expansion" to "price elasticity" in the industry, driven by scarcity and high barriers to entry [5]. - The report emphasizes the importance of focusing on high-quality companies within the sector, particularly those with strong brand recognition and operational leverage [5]. Summary by Sections Industry Overview - The total market capitalization of the construction materials industry is 874.92 billion yuan, with a circulating market value of 823.62 billion yuan [2]. - Key companies in the sector include Beixin Building Materials, Conch Cement, and China Jushi, all rated as "Buy" [4]. Market Trends - National cement production from January to August 2025 was 1.105 billion tons, a decrease of 4.8% year-on-year, with August production at 148 million tons, down 6.2% year-on-year [5]. - The report notes a price increase in cement in various regions, with Yunnan province planning to raise prices by 100 yuan/ton and Shaanxi province by 70 yuan/ton [5]. Company Recommendations - The report recommends focusing on companies like China National Materials and Huaxin Cement, which are expected to perform well due to their overseas growth and undervaluation [5]. - It also suggests monitoring the waterproofing industry, which is showing signs of recovery in demand and profitability [5]. Price Movements - The national cement market price increased by 0.5% week-on-week, with price hikes observed in regions such as Jiangxi, Guangxi, and Sichuan [33]. - The average cement shipment rate across key regions was approximately 48%, with a slight increase of 2 percentage points [33].

Investment Rating - The investment rating for the construction materials sector is maintained as "Accumulate" [3] Core Viewpoints - The construction materials sector experienced a slight increase of 0.05% from September 15 to September 19, 2025, with cement and glass manufacturing sectors declining by 1.08% and 1.64% respectively, while fiberglass manufacturing and renovation materials increased by 0.60% and 1.19% respectively [1][12] - The Shanghai real estate policy continues to optimize, with further adjustments needed to stimulate the market [2] - The demand for cement is still in a bottoming process, with supply-side improvements expected due to increased production control measures [2][16] - The glass market is facing supply-demand contradictions, but self-discipline in production among photovoltaic glass manufacturers may alleviate some pressure [2][6] - The fiberglass market shows signs of recovery, with prices stabilizing after a price war and increasing demand from the wind power sector [2][7] Summary by Sections Cement Industry Tracking - As of September 19, 2025, the national cement price index is 338.4 CNY/ton, a decrease of 0.23% from the previous week, while the cement output increased by 3.2% to 2.744 million tons [3][16] - The utilization rate of cement clinker production capacity is at 53.06%, down 2.63 percentage points from the previous week [16] - The overall cement market is in a weak recovery phase, with demand from the construction sector still limited due to tight funding in real estate [16] Glass Industry Tracking - The average price of float glass is 1207.95 CNY/ton, with a weekly increase of 0.91% [6] - Inventory levels are decreasing, but the market remains under pressure due to high stock levels among intermediaries [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with demand recovering slowly [7] - The market for electronic yarn shows varied performance, with some high-end products experiencing tight supply [7] Consumer Building Materials - The consumer building materials sector is benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with growth potential [2][9] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,000 CNY/ton and a negative gross margin [8]

Core Viewpoint - The company, Beixin Building Materials, has indicated that investors should refer to the full semi-annual report for 2025 to find detailed information regarding the revenue and net profit of its waterproof building materials segment [1] Group 1 - The company will provide specific data on waterproof building materials in the "Segment Information" section of the 2025 semi-annual report [1] - Investors are advised to check the "Revenue and Cost Breakdown" section of the 2025 semi-annual report for details on waterproof membrane-related data [1]

Core Viewpoint - The company, Beixin Building Materials (000786), indicated on September 17 that as of September 10, 2025, the total number of shareholders is expected to be approximately 70,000 [1] Company Summary - Beixin Building Materials has communicated to investors that the projected total number of shareholders will be around 70,000 by September 10, 2025 [1]