Core Viewpoint - The new building materials industry in China is experiencing significant growth due to its superior performance, environmental characteristics, and energy efficiency, making it a key component of the construction sector with vast market potential and promising development prospects [1][3][23]. New Building Materials Industry Definition and Classification - New building materials are defined as a new category of construction materials distinct from traditional bricks and stones, primarily including new wall materials, insulation materials, waterproof materials, and decorative materials [1][3]. Current Development Status of the New Building Materials Industry - The rapid economic development and rising living standards in China have increased demand for housing, providing opportunities for the construction industry. The performance and variety of building materials significantly impact construction methods and safety [3][4]. Market Size and Growth Projections - The market size for new building materials in China is projected to reach CNY 20,661.6 billion in 2024, with specific segments such as waterproof materials at CNY 964.9 billion and wall materials at CNY 13,200.7 billion. By 2025, the market size is expected to grow to approximately CNY 21,099.6 billion [4][6]. Industry Chain Structure - The new building materials industry chain encompasses a complete range from raw materials to end applications, including upstream materials like cement and polymers, midstream production of new building materials, and downstream applications in green buildings and infrastructure [8]. Competitive Landscape - The new building materials market in China is characterized by diversification and differentiation, with leading companies such as Conch New Materials, Beixin Building Materials, China Jushi, and Fangda Group emerging as key players [14][18]. Key Enterprises Overview - Conch New Materials reported a revenue of CNY 5.276 billion in 2024, while Beixin Building Materials achieved CNY 25.821 billion, and China Jushi reached CNY 15.227 billion [16][21]. Development Environment and Technological Innovation - The Chinese government is increasingly supporting green building initiatives, with policies aimed at promoting the development of new building materials. The number of patents in this sector has reached 1,457 from 2016 to 2024, indicating a growing focus on innovation [12][23]. Future Trends - The new building materials industry is expected to continue its growth trajectory, driven by advancements in technology and a focus on sustainability, energy efficiency, and smart building solutions [23].

北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十五次临 时会议于 2025 年 6 月 13 日以现场结合通讯方式召开，现场会议地点为北京未来 科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2025 年 6 月 10 日以 电子邮件方式发出，本次会议应出席监事 3 人，实际出席 3 人。会议由监事会主 席于月华女士主持，符合相关法律、法规和规范性文件以及公司章程的有关规定。 证券代码：000786 证券简称：北新建材 公告编号：2025-036 北新集团建材股份有限公司 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 的贡献表示衷心感谢！ 三、备查文件 二、监事会会议审议情况 会议经审议，以 3 票同意，0 票反对，0 票弃权审议通过了《关于取消公司 监事会并废止公司监事会议事规则的议案》。 同意公司不再设置监事会和监事，由董事会审计委员会行使《中华人民共和 国公司法》规定的监事会职权；公司《监事会议事规则》相应废止。 该议案需提交公司股东大会审议。 截至本公告披露日，于月华女士、司艳杰女士、刘婕卉女士未持 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-036 北新集团建材股份有限公司 第七届监事会第十五次临时会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 截至本公告披露日，于月华女士、司艳杰女士、刘婕卉女士未持有公司股票。 三位监事在任职期间恪尽职守、勤勉尽责，公司对三位监事为公司发展所做 的贡献表示衷心感谢！ 三、备查文件 第七届监事会第十五次临时会议决议。 特此公告。 北新集团建材股份有限公司 监事会 2025 年 6 月 13 日 一、监事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十五次临 时会议于 2025 年 6 月 13 日以现场结合通讯方式召开，现场会议地点为北京未来 科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2025 年 6 月 10 日以 电子邮件方式发出，本次会议应出席监事 3 人，实际出席 3 人。会议由监事会主 席于月华女士主持，符合相关法律、法规和规范性文件以及公司章程的有关规定。 二、监事会会议审议情况 会议经审议，以 3 票同意，0 票反对，0 票 ...

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].

Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector 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][8].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 36.93 CNY based on a 15x valuation for 2025 [4]. Core Viewpoints - The company has a market share of nearly 70% in the gypsum board market, which has a size of approximately 150-200 billion CNY. The company aims to enhance the consumption attributes of gypsum boards, reduce costs, expand product categories, and accelerate internationalization [2][14]. - The company has adopted a "one body, two wings" strategy, focusing on waterproof materials and coatings, with significant revenue growth in both segments [3]. - The company has implemented a restricted stock incentive plan, projecting a compound annual growth rate (CAGR) of non-net profit attributable to shareholders of at least 14.22%, 16.12%, and 17.08% for 2025-2027 [4]. Summary by Sections Section 1: Gypsum Board Consumption Attributes - The company has a gypsum board market share of 67.38%, with a production volume of 2.165 billion square meters in 2023 [14]. - The company is focused on cost reduction, with a projected unit cost of 3.71 CNY per square meter in 2024, down by 0.19 CNY from the previous year [52]. - The company is expanding its product categories, including light steel keels and powder mortar, and is investing in gypsum fiber boards for interior and partition walls [2][63]. Section 2: Waterproof and Coating Business Expansion - The waterproofing materials segment has reached a revenue scale among the top three in the industry, while the coatings segment is expanding through acquisitions, including a significant merger with Jiaboli [3]. - The company’s coating production capacity is expected to increase from 103,000 tons to over 1.3 million tons by the end of 2024 [3]. Section 3: Profit Forecast and Investment Recommendations - The company forecasts revenues of 28.168 billion CNY, 30.126 billion CNY, and 32.317 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 9%, 7%, and 7% [4][8]. - The projected net profit attributable to shareholders is 4.142 billion CNY, 4.449 billion CNY, and 4.813 billion CNY for the same years, with growth rates of 14%, 7%, and 8% [4][8].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 北新集团建材股份有限公司（以下简称"公司"）2024 年度利润分配方案 已获 2025 年 4 月 17 日召开的公司 2024 年年度股东大会审议通过,现将权益分派 事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度利润分配方案的具体内容为：以 2024 年 12 月 31 日的股 份总额 1,689,507,842 股为基数，按每 10 股派发现金红利 8.65 元（含税），共 分配利润 1,461,424,283.33 元。公司 2024 年度不送股，亦不进行资本公积金转 增股本。若公司利润分配方案公布后至实施前，公司股本发生变动的，将按照现 金分配总额不变的原则对分配比例进行调整。 证券代码：000786 证券简称：北新建材 公告编号：2025-034 北新集团建材股份有限公司 2024 年年度权益分派实施公告 2、自分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与 2024 年年度股东大会审议通过的分配方案一致。 4、本次实施分配方案距离 2024 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - There is a shortage of high-end special glass fiber, and the report continues to recommend African building materials [2][6] - Cement prices are expected to rise, while glass inventory has slightly accumulated [8] - The report recommends focusing on the African supply chain and domestic substitution chain, with leading companies being the main focus for the year [10] Summary by Sections Special Glass Fiber - Low CTE glass fiber fabric is in short supply, with major manufacturers like Mitsubishi Gas Chemical issuing delayed delivery notices, extending lead times to 4-5 months [6] - The demand for advanced packaging materials, particularly for AI GPUs, is driving supply constraints in high-end Low CTE glass fiber fabric [6] - China National Materials Technology is expected to benefit significantly due to rapid capacity expansion and product upgrades, with an anticipated monthly capacity of approximately 6 million meters by the end of 2026 [6] Cement Market - The domestic cement market saw a slight increase in demand, with an average shipment rate of 48% in key regions, up by about 1.4 percentage points month-on-month but down 5.5% year-on-year [8][24] - The national average cement price decreased by 0.8% month-on-month, with some regions planning to increase prices in June [8][25] Glass Market - The domestic float glass market is experiencing weak demand, with prices continuing to decline [9][36] - The production capacity utilization rate is at 81.65%, with a total of 285 production lines and a daily melting capacity of 159,205 tons [9][36] - Inventory levels have increased slightly, with a total of 57.89 million weight boxes in key monitored provinces, reflecting a 0.26% increase [9][36] Recommendations - The report actively recommends companies like Keda Manufacturing in the African supply chain, which has advantages in production, channels, and brand [10] - For domestic substitution, companies such as China National Materials Technology, Mega Chip Color, and Puyang Huicheng are highlighted due to their strong positions in the market [10] - The report emphasizes the potential for growth in the existing building materials sector, particularly in renovation and public construction [10]

Industry Overview - The building energy-saving industry refers to the implementation of energy-saving standards and the use of energy-efficient technologies, processes, equipment, materials, and products throughout the planning, design, construction, renovation, and operation of buildings [1] - The industry can be categorized into energy-saving products, materials, and services, including design, construction, and operation services [1] Industry Chain Analysis - The upstream of the building energy-saving industry includes the manufacturing of energy-saving materials and equipment [2] - The midstream involves energy-saving products and materials such as thermal insulation materials and heating measurement equipment [2] - The downstream primarily consists of large public buildings, residential buildings, and commercial buildings as end users [2] Industry Development History - The global energy crisis in the 1970s prompted countries to initiate energy-saving programs, with China starting its building energy-saving efforts in the 1980s [5] Policy Background - China's "dual carbon" commitment aims to peak carbon emissions before 2030 and achieve carbon neutrality by 2060, leading to a transition towards zero-energy and zero-carbon buildings [10] - Policies focus on enhancing energy-saving standards for new buildings, retrofitting existing buildings, and promoting renewable energy applications [10] Current Industry Status - In 2022, the total energy consumption of the building sector was 18.4 billion tons of standard coal equivalent, accounting for 36.3% of the national energy consumption [13] - The total carbon emissions from the building sector reached 41.5 billion tons of standard coal equivalent, representing 39.1% of national energy-related carbon emissions [15] - The building operation phase remains the dominant contributor to carbon emissions within the building sector [21] Market Size and Growth - China's building energy-saving market is the third largest globally, with a market size of 160 billion yuan in 2023, projected to reach 195.8 billion yuan in 2024 [23] - The market is expected to grow at a compound annual growth rate of 4%, potentially exceeding 240 billion yuan by 2030 [32] Competitive Landscape - The building energy-saving industry features significant regional disparities in carbon emissions, influenced by population, GDP, climate, and energy structure [25] - Major companies in the sector include China Southern Power Grid, Dasintelligent, and China National Building Material, with a focus on providing comprehensive energy-saving solutions [27]