Group 1 - Traditional industries in China have a solid foundation, complete systems, and strong capabilities, indicating a thriving market with vast growth potential [1] - Despite pressures from the real estate market adjustment, many traditional industry companies, such as Beixin Building Materials, are innovating to transform challenges into opportunities, showcasing resilience and a proactive spirit [1] Group 2 - The demand for urban infrastructure upgrades, such as the renovation of approximately 600,000 kilometers of gas and drainage pipelines over the next five years, is expected to generate an investment demand of around 4 trillion yuan, benefiting industries like steel, building materials, and engineering machinery [2] - Upgrading consumer demands, driven by rising living standards, is creating new market opportunities for traditional industries, requiring them to adapt to new functional and aesthetic needs [2] Group 3 - The rapid advancement of technology in Chinese manufacturing is enabling previously unattainable designs and functionalities, with companies leveraging new technologies for product innovation and efficiency [3] - The integration of traditional and emerging industries, along with the push for intelligent transformation, is facilitating cost reductions and efficiency improvements, allowing traditional industries to thrive and evolve [3] - Traditional industries are seen as the foundation of manufacturing, with the potential for new growth through proactive engagement with emerging demands and innovations [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Core Viewpoint - The report outlines the independent financial advisory opinion on the 2024 restricted stock incentive plan of Beixin Building Materials, emphasizing its compliance with relevant regulations and its potential positive impact on the company's sustainable development and shareholder interests [4][18][22]. Summary by Sections 1. Incentive Plan Overview - The incentive plan is designed to motivate key personnel, including directors and senior management, with a total of up to 12.9 million shares, representing approximately 0.764% of the company's total share capital [5][20]. - The plan includes a performance assessment mechanism based on company and individual performance metrics to determine the release of stock restrictions [13][25]. 2. Eligible Participants - The plan targets a maximum of 344 individuals, including directors and core personnel, who must meet specific performance criteria and cannot participate in other stock incentive plans [4][5][19]. 3. Stock Allocation and Pricing - The initial grant of restricted stock is set at 11.0275 million shares, with a grant price of 18.20 RMB per share, which is aligned with the company's stock performance prior to the announcement [12][20]. - The total stock allocation does not exceed 10% of the company's total share capital, ensuring compliance with regulatory limits [6][20]. 4. Vesting and Release Conditions - The plan stipulates a vesting period of 24 months, followed by a phased release of restrictions over the next 36 months, contingent on meeting performance targets [9][22]. - Performance targets include achieving specific net asset return rates and economic value added, benchmarked against industry peers [14][15]. 5. Compliance and Feasibility - The independent financial advisor confirms that the incentive plan adheres to relevant laws and regulations, ensuring it does not harm the interests of the company or its shareholders [17][18][22]. - The plan's structure is designed to align the interests of management with those of shareholders, promoting long-term company growth [18][24]. 6. Financial Implications - The financial advisor notes that the implementation of the incentive plan is expected to have a positive impact on the company's operational sustainability and shareholder equity, linking management performance to shareholder value [24][25].

北新集团建材股份有限公司 本激励计划授予的限制性股票拟在各激励对象间的分配情况如下表所示： | | | 占目前公 | | | | | --- | --- | --- | --- | --- | --- | | | | 授予限制性股 占授予限制性股 | | | | | 姓名 | 职务 | | | 司总股本 | | | | 票数量（万股） | | 票总量的比例 | | | | | | 的比例 | | | | | 管理 | 董事长、总经理 | 8.85 0.69% | | | 0.005% | | 张静 | 董事 6.10 | | 0.47% | 0.004% | | | 李畅 | 副总经理、董事会秘书 | | 6.10 | 0.47% | 0.004% | | 杨正波 | 副总经理 | 6.10 0.47% | | | 0.004% | | 任利 | 副总经理 | 6.10 0.47% | | | 0.004% | | 邱洪 | 副总经理 | 6.10 0.47% | | | 0.004% | | 付杨 | 总法律顾问 | 6.10 0.47% | | | 0.004% | | 其他核心人员（337 | 人） | ...

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 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十四次临 时会议于 2025 年 5 月 29 日以通讯方式和直接送达方式进行表决。会议通知于 表决票 3 张，会议的召集和召开符合《公司法》等相关法律法规和《北新集团建 材股份有限公司章程》的规定，所作决议合法有效。 二、监事会会议审议情况 会议经过审议，表决通过了以下决议： （一）审议通过了《公司 2024 年限制性股票激励计划（草案修订稿）及其 摘要》； 监事会认为：公司结合实际情况对本次激励计划进行修订，公司董事会在审 议该议案时，关联董事已回避表决，修订后的激励计划内容及审议程序符合《公 司法》《证券法》《国有控股上市公司（境内）实施股权激励试行办法》《中央 企业控股上市公司实施股权激励工作指引》《上市公司股权激励管理办法》等有 关法律、法规和规范性文件以及《北新集团建材股份有限公司章程》的规定，不 存在损害公司及全体股东利益的情形。监事会同意对本次激励计划进行修订。 证券代码：000786 证券简称：北新建材 公告编号：2 ...

北新集团建材股份有限公司监事会 关于公司 2024 年限制性股票激励计划（草案修订稿） 及相关事项的核查意见 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《国有控股上市公司（境内）实施股权激励试 行办法》（以下简称"《试行办法》"）、《中央企业控股上市公司实施股权激 励工作指引》（以下简称"《工作指引》"）等法律、法规、规范性文件和公司 章程的相关规定，北新集团建材股份有限公司（以下简称"公司"）监事会对《北 新集团建材股份有限公司 2024 年限制性股票激励计划（草案修订稿）》（以下 简称"《激励计划》（草案修订稿）"）及相关事项（以下简称"本次激励计划"） 进行了核查，发表核查意见如下： 一、公司《激励计划》（草案修订稿）的内容符合《公司法》《证券法》《管 理办法》《试行办法》《工作指引》等相关法律、法规及规范性文件的规定。公 司履行了相关的法定程序，关联董事回避了对该事项的表决，审批程序合法合规。 二、公司不存在《管理办法》和《试行办法》等法律、法规规定的不得实行 股权激励的情形 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-031 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（草案） 及相关文件的修订说明公告 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。 北新集团建材股份有限公司（以下简称"公司"）于 2024 年 12 月 31 日召 开第七届董事会第十六次临时会议和第七届监事会第十三次临时会议，审议通过 了《2024 年限制性股票激励计划（草案）》及其摘要等相关议案。具体内容详 见公司于 2025 年 1 月 2 日在《证券日报》《证券时报》《上海证券报》《中国 证券报》、深圳证券交易所网站（网址：http://www.szse.cn）及巨潮资讯网站 （网址：http://www.cninfo.com.cn）披露的相关公告。 公司于 2025 年 5 月 29 日召开第七届董事会第十九次临时会议和第七届监事 会第十四次临时会议，对《2024 年限制性股票激励计划（草案）》及相关文件 进行了修订。现将具体修订情况说明如下: 一、修订具体情况 1.标的股票分配数量 修订前： 本激励计划拟授予的限制 ...

北新集团建材股份有限公司 2024 年限制性股票激励计划首次授予激励对象名单 (修订稿) 一、 激励对象获授的限制性股票分配情况 本激励计划授予的限制性股票拟在各激励对象间的分配情况如下表所示： | 姓名 | 职务 | 授予限制性股 票数量（万股） | 占授予限制性股 票总量的比例 | 占目前公 司总股本 的比例 | | --- | --- | --- | --- | --- | | 管理 | 董事长、总经理 | 8.85 | 0.69% | 0.005% | | 张静 | 董事 | 6.10 | 0.47% | 0.004% | | 李畅 | 副总经理、董事会秘书 | 6.10 | 0.47% | 0.004% | | 杨正波 | 副总经理 | 6.10 | 0.47% | 0.004% | | 任利 | 副总经理 | 6.10 | 0.47% | 0.004% | | 邱洪 | 副总经理 | 6.10 | 0.47% | 0.004% | | 付杨 | 总法律顾问 | 6.10 | 0.47% | 0.004% | | 其他核心人员（337 | 人） | 1,057.30 | 81.96% | 0.626 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-033 北新集团建材股份有限公司 监事会关于 2024 年限制性股票激励计划首次授予激 励对象名单的审核意见及公示情况说明 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。 北新集团建材股份有限公司（以下简称"公司"）于 2024 年 12 月 31 日召 开第七届董事会第十六次临时会议和第七届监事会第十三次临时会议，审议通过 了《公司 2024 年限制性股票激励计划（草案）及其摘要》等相关议案。根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《中央企业控股上 市公司实施股权激励工作指引》等法律、法规和规范性文件及《北新集团建材股 份有限公司章程》（以下简称"《公司章程》"）的规定，公司对 2024 年限制 性股票激励计划（以下简称"本次激励计划"）首次授予激励对象的姓名和职务 在公司内部进行了公示，公司监事会结合公示情况对首次授予激励对象进行了核 查，现就公示情况及核查意见说明如下： 一、公司对激励对象的公示情况 1、公示内容：激励计划首次授予激励对象的姓名和职务 2、公示时间：20 ...

证券代码：000786 证券简称：北新建材 北新集团建材股份有限公司 2024 年限制性股票激励计划 （草案修订稿）摘要 北新集团建材股份有限公司 二〇二五年五月 声明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 1.本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》（中国证券监督管理委员会令第 148 号）、《国有控 股上市公司（境内）实施股权激励试行办法》（国资发分配〔2006〕175 号）､ 《关于规范国有控股上市公司实施股权激励制度有关问题的通知》（国资发分配 〔2008〕171 号）、《中央企业控股上市公司实施股权激励工作指引》（国资考 分〔2020〕178 号）和《北新集团建材股份有限公司章程》及其他有关法律、法 规、规范性文件的规定制定。 2.北新集团建材股份有限公司（以下简称"北新建材"或"公司"）不存在《上 市公司股权激励管理办法》第七条规定的不得实行股权激励的下列情形： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意 ...