Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The construction materials sector has shown a 2.45% increase in the past week, outperforming the CSI 300 and Wind All A indices by 1.07% and 0.33%, respectively [3] - The report emphasizes the importance of domestic demand changes and anticipates a recovery in the construction materials market due to government policies aimed at boosting consumption [4][5] Summary by Sections 1. Industry Trends - The cement market price is currently at 344.0 CNY/ton, showing a week-on-week increase of 1.3 CNY/ton but a year-on-year decrease of 40.7 CNY/ton [3][18] - The average cement inventory level among sample enterprises is 65.0%, up 0.9 percentage points from the previous week [23] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The cement market is experiencing weak demand, but prices are expected to trend upwards due to companies' efforts to improve profitability [10] - The industry is expected to maintain a better profit level compared to last year, supported by a consensus on supply discipline among leading companies [10] 2.2 Glass - The glass market is currently facing a stalemate with high inventory levels and weak demand, but supply-side adjustments are anticipated to continue [13] - The report recommends focusing on leading companies like Qibin Group, which may benefit from industry capacity reductions [13] 2.3 Glass Fiber - The report suggests that the profitability of glass fiber products is expected to improve in the medium term, with a focus on high-end products [11] - The industry is seeing a gradual reduction in supply pressure, which may stabilize prices [11] 3. Industry Dynamics - The report highlights the government's commitment to boosting domestic demand and consumption, which is expected to positively impact the construction materials sector [14] - The anticipated recovery in the housing market, driven by government policies, is expected to enhance demand for home improvement materials [14] 4. Weekly Market Review - The construction materials sector has shown resilience, with key companies expected to benefit from ongoing policy support and market recovery [5] - The report identifies several companies as potential investment opportunities, including Conch Cement, China National Building Material, and others [5][15]

Core Viewpoint - The Beijing Municipal Commission of Housing and Urban-Rural Development, in collaboration with local governments, organized a "Beneficial Building Materials Fair" to address housing damage caused by heavy rainfall during the flood season, aiming to assist residents in home renovation [1][2] Group 1: Event Overview - The event took place on September 14 and was held at the Agricultural Products Trading Market in Longyong Town, Pinggu District [1] - The fair featured over 80 well-known building material companies, including Beijing Construction Engineering, Beijing Urban Construction, Beijing Jinyu, and Beijing New Building Materials, showcasing more than 20 categories of products [1] Group 2: Services Offered - The fair provided a "one-stop" convenient service by organizing quality building material suppliers for on-site exhibitions, promoting direct supply from manufacturers, and centralized procurement [2] - Residents could register their purchasing needs on-site to enjoy discounts for old material removal, and those who ordered windows or cabinets could receive free old material removal services [2] - All purchased products came with a guarantee of the lowest market price, valid until June 30, 2026, along with centralized delivery and installation services [2] Group 3: Future Plans - The Beijing Municipal Commission plans to continue similar beneficial building materials fairs in other districts, such as Miyun and Huairou, to further assist residents in achieving comfortable housing [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is expected to benefit from government debt management measures aimed at supporting high-quality development and alleviating financial pressure on local governments [2] - The cement industry is in a demand bottoming phase, with supply-side improvements anticipated due to increased production discipline [2][3] - The glass fiber sector shows signs of recovery with demand from wind power projects expected to rise, while the photovoltaic glass market is stabilizing due to self-regulated production cuts [2][7] - Consumer building materials are recommended due to favorable conditions in the second-hand housing market and consumption stimulus policies [2] Summary by Sections Cement Industry Tracking - As of September 12, 2025, the national cement price index is 339.18 CNY/ton, up 0.89% week-on-week, with a total cement output of 2.659 million tons, an increase of 3.16% [3][17] - The cement clinker capacity utilization rate is 55.69%, up 14.96 percentage points from the previous week [3][17] - The construction sector is showing steady growth, but regional weather and demand release discrepancies are affecting the overall market [17] Glass Industry Tracking - The average price of float glass is 1197.01 CNY/ton, with a slight increase of 0.34% week-on-week [6] - Inventory levels have decreased, but demand remains weak, with many small processing plants facing order shortages [6] Glass Fiber Industry Tracking - The price of non-alkali glass fiber has seen a slight increase, with demand showing limited recovery [7] - The demand for electronic yarn is stable, with high-end products continuing to perform well [7] Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with upstream raw material prices fluctuating [8] - The report highlights the potential for long-term market share growth in this sector [2] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,100 CNY/ton and a negative gross margin [8]

Group 1 - Recently, Taishan Gypsum (Hunan) Co., Ltd. was established with a registered capital of 30 million yuan [1] - The legal representative of the new company is Ju Xingqi [1] - The business scope includes manufacturing and sales of lightweight building materials, lime, and gypsum [1] Group 2 - Taishan Gypsum (Hunan) Co., Ltd. is wholly owned by Beixin Building Materials (000786) through indirect shareholding [1]

证券之星消息，9月11日，北新建材（000786）融资买入2561.25万元，融资偿还2361.99万元，融资净买 入199.25万元，融资余额6.11亿元，近3个交易日已连续净买入累计1249.98万元，近20个交易日中有13 个交易日出现融资净买入。 融资融券余额6.13亿元，较昨日上涨0.34%。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-11 | 199.25万 | 6.11亿 | 1.45% | | 2025-09-10 | 883.03万 | 6.09亿 | 1.46% | | 2025-09-09 | 167.70万 | 6.00亿 | 1.41% | | 2025-09-08 | -1655.58万 | 5.98亿 | 1.41% | | 2025-09-05 | 1633.21万 | 6.15亿 | 1.47% | 融券方面，当日融券卖出3400.0股，融券偿还0.0股，融券净卖出3400.0股，融券余量7.61万股。 | 交易日 | (船) 田樹製柴湯 | | 融券会量(股) | 融券 ...

Core Viewpoint - The company emphasizes its commitment to technological innovation as a strategic engine, with significant investments in R&D from 2022 to 2024, totaling 28.68 billion yuan [1] R&D Investment - The company's R&D investments are projected to be 8.6 billion yuan in 2022, 9.5 billion yuan in 2023, and 10.58 billion yuan in 2024, reflecting a consistent increase in funding for innovation [1] Innovation Platforms - The company operates several innovation platforms, including a national enterprise technology center, academic expert workstations, and research institutes, which support over 50% of its subsidiaries in obtaining national high-tech enterprise certification [1] R&D Team and Capabilities - The company boasts a leading R&D team in the industry, focusing on product development, key process equipment technology, and integrated functional decoration application technology, driving high-quality development through technological empowerment [1] Project Outcome and Patent Achievements - The company maintains a project outcome conversion rate exceeding 85%, with a total of 5,286 valid patents as of August 2025, including 1,763 invention patents (47 of which are international), supporting its goals of "greening, high-end, intelligence, and internationalization" [1]

Group 1 - Taishan Gypsum (Hunan) Co., Ltd. has been established with a registered capital of 30 million yuan, focusing on the manufacturing and sales of lightweight building materials, lime, and gypsum [1] - The company is indirectly wholly owned by Beixin Building Materials Co., Ltd. [1] - The legal representative of the new company is Ju Xingqi, and it is registered in Xiangtan County, Hunan Province [2] Group 2 - The business scope includes the production and sale of lightweight building materials, lime, and gypsum, as well as general building materials sales [1][2] - The company is classified under the national standard industry for other indoor decoration materials retail [2] - The establishment date of the company is August 29, 2025, with a business duration until the same date [2]

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]