Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Insights - The report emphasizes the importance of tariff avoidance and cyclical trends, recommending a focus on African building materials due to the long-term benefits from population growth and urbanization in Africa, as well as short-term advantages from the U.S. interest rate cut cycle [6][9]. - It highlights that traditional building materials are less affected by U.S.-China tariff fluctuations, with companies like Huaxin Cement and Keda Manufacturing expected to see improved performance in Q3 [6][9]. - The report identifies specific companies with growth potential, including Sanke Tree, Hanhai Group, and Tubao, which are experiencing counter-cyclical growth, and companies like Qibin Group and Dongfang Yuhong that are leveraging operational advantages to stabilize [6][9]. Summary by Sections Cement - Cement shipments have decreased month-on-month, with the average shipment rate for major regions at approximately 44.3%, down 3.0 percentage points from the previous month and down 10.7 percentage points year-on-year [8][26]. - The report anticipates a continued oscillation in cement prices due to insufficient demand support, despite some regions pushing for price increases [8][26]. Glass - The glass market has seen an increase in inventory during the National Day holiday, with total inventory in monitored provinces rising to 57.74 million weight boxes, an increase of 13.71% from September 30 [8][42]. - The report notes that the production and consumption rates are currently at 58.78%, indicating a slowdown in market activity [8][42]. Fiberglass - The fiberglass sector remains relatively unaffected by tariffs, with a total tariff of 60% imposed on fiberglass imports from China to the U.S. since April, leading to a stagnation in trade [7]. - The report suggests that the AI electronic fabric market continues to experience strong demand, with Zhongcai Technology positioned as a leading player in this segment [7][9]. Recommendations - The report recommends focusing on the African supply chain and specialty fabrics, highlighting Huaxin Cement and Keda Manufacturing as key players in the African market [9]. - It also suggests that companies with strong business models and growth potential, such as Sanke Tree and Tubao, should be prioritized for investment [9].

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding recent developments and financial performance. Group 1: Company Announcements - Sanhua Intelligent Control clarified that rumors about receiving a large robot order are untrue and that there are no undisclosed significant matters [4] - Hongdou Co. plans to purchase online business assets from its affiliate for 485 million yuan, enhancing its product matrix and sales synergy [5] - Guangdong Yuehai Feed announced the cancellation of its wholly-owned subsidiary, which will not significantly impact its overall business development [7] - Soft Control's subsidiary has received approval to be listed on the New Third Board starting October 16, 2025 [8] - Tianwei Video has been authorized to establish a regulatory center for state-owned enterprises in Shenzhen, enhancing its cybersecurity operations [9] - Xinbo Co. intends to invest 1.5 million USD to establish a subsidiary in Singapore for international market expansion [10] - Guangfa Securities announced the resignation of its deputy general manager due to personal reasons [11] Group 2: Financial Performance - Guanghua Technology reported a 1233.7% increase in net profit for the first three quarters, reaching 90.39 million yuan [16] - Zhuangzi Island expects a net loss of 29 to 35 million yuan for the first three quarters, impacted by market changes and asset impairments [17] - Suobede anticipates a net profit increase of 1258.39% to 1313.24% for the first three quarters, with third-quarter profits expected to rise by 2836.86% to 3203.96% [18] - Haiguang Information reported a 13.04% increase in third-quarter net profit, with significant revenue growth driven by partnerships [20] - Meinian Health expects a net profit increase of 70.51% to 151.7% for the first three quarters, despite a slight decline in revenue [21] - Tailin Micro expects a net profit increase of 118% for the first three quarters, driven by growth in AI products [22] - Yatai Co. anticipates a net profit increase of 97.38% to 113.3% for the first three quarters, attributed to market expansion and cost management [23] - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, supported by improved supply chain management [24] Group 3: Major Contracts and Collaborations - Dancheng Technology signed a strategic cooperation agreement with Boyuan Co. to collaborate on solid-state electrolyte systems [32] - Dong'an Power secured five new market agreements in the third quarter, with an estimated total sales volume of 1 million units [33] - Mingxin Xuteng received a notification from a leading new energy vehicle client for interior materials development, with total sales expected to reach 650 million yuan [35] Group 4: Shareholding Changes - Shuhua Sports' actual controller plans to reduce holdings by up to 3% of the company's shares [36] - Nanling Technology's major shareholders plan to reduce their holdings by up to 3.24% [37] - Xinhongze's controlling shareholder intends to reduce holdings by up to 3% [38] - Jintuo Co. plans to reduce holdings by up to 2.95% due to funding needs [39] - Neusoft Zai Bo's controlling shareholder plans to reduce holdings by up to 1.06% [40]

Major Announcements - Sanhua Intelligent Control denied rumors of receiving large robot orders, confirming no undisclosed significant matters [1] - Hongdou Co. plans to acquire online business assets of Hongdou Home for 485 million yuan, enhancing its product matrix and sales synergy [1] - Yuehai Feed announced the cancellation of its wholly-owned subsidiary, which will not significantly impact overall business and profitability [1] Company Listings - Soft Control's subsidiary, Soft Control Technology, has received approval to be listed on the New Third Board starting October 16, 2025 [2] New Initiatives - Tianwei Video has been authorized to establish the "State-owned Assets and Enterprises Online Supervision and Security Operation (Shenzhen) Sub-center," enhancing its capabilities in online supervision [3] - Xinbo Co. plans to invest 1.5 million USD to establish a subsidiary in Singapore for international market expansion [4] Management Changes - Guangfa Securities announced the resignation of Deputy General Manager Li Qian due to personal work changes [5] Capital Increases - Aidi Pharmaceutical plans to increase capital by 10 million yuan in its affiliate Aipu Medical, maintaining ownership ratios [6] - Nar Holdings intends to acquire at least 51% of Feilai Testing, with an estimated investment of 350 to 400 million yuan [7] Financial Performance - Guanghua Technology reported a 1233.7% increase in net profit for the first three quarters, reaching 90.39 million yuan [8] - Zangzi Island expects a net loss of 29 to 35 million yuan for the first three quarters, impacted by market changes and asset impairments [9] - Shuo Beid expects a net profit increase of 2836.86% to 3203.96% for the third quarter, with an estimated profit of 16 to 18 million yuan [10] - Haiguang Information reported a 13.04% increase in net profit for the third quarter, driven by significant revenue growth [11] - Meinian Health anticipates a net profit increase of 70.51% to 151.7% for the first three quarters, despite a slight decline in revenue [12] - Tailin Micro expects a 118% increase in net profit for the first three quarters, with revenue growth of approximately 30% [14] - Yatai Co. forecasts a net profit increase of 97.38% to 113.3% for the first three quarters, attributed to market expansion and cost management [15] - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, benefiting from improved gross margins [16] - Jiabiyou reported a 53.77% increase in net profit for the first three quarters, driven by increased sales of specific products [17] - Jiuzhou Pharmaceutical reported a 42.3% increase in net profit for the third quarter, attributed to sales growth and improved margins [18] - Gao Neng Environment reported a 1.05% decrease in net profit for the third quarter, despite a 15.18% increase for the first three quarters [19] - Zongyi Co. reported a 22.47% decrease in net profit for the third quarter, despite overall growth for the first three quarters [20] - Yiwei Communication expects a net profit decrease of 50% to 55% for the first three quarters, due to increased expenses [21] - Guoguang Chain reported a loss of 841.23 thousand yuan for the third quarter, despite a profit increase for the first three quarters [22] Strategic Partnerships - Dangsheng Technology signed a strategic cooperation framework agreement with Boyuan Co. to collaborate on sulfide solid electrolyte systems [23] - Dong'an Power secured five new market agreements in the third quarter, with an estimated total sales volume of 1 million units [24] - Mingxin Xuteng received a notification from a leading new energy vehicle client for interior materials development, with total sales expected to reach approximately 650 million yuan [24] Shareholding Changes - Shuhua Sports' actual controller plans to reduce holdings by up to 3% [25] - Nanling Technology's major shareholders plan to reduce holdings by up to 3.24% [26] - Xinhongze's controlling shareholder plans to reduce holdings by up to 3% [27] - Jintuo Co. plans to reduce holdings by up to 2.95% [28] - Neusoft Zai Bo's controlling shareholder plans to reduce holdings by up to 1.06% [29] Share Buybacks - Liou Co. plans to reduce repurchased shares by up to 135 million shares [30] - Kangchen Pharmaceutical plans to repurchase shares worth 50 to 100 million yuan [31] Fundraising Initiatives - Junpu Intelligent plans to raise up to 1.161 billion yuan through a private placement for various projects [32]

Core Viewpoint - Guangdong Yuehai Feed (001313.SZ) announced the decision to deregister its wholly-owned subsidiary, Guangdong Yuehai Qieshi Aquaculture Co., Ltd., due to the failure to implement a strategic cooperation with the Lufeng Municipal Government and local state-owned enterprises, aiming to streamline management and reduce costs [1] Group 1 - The strategic cooperation with Lufeng Municipal Government and local state-owned enterprises could not be specifically implemented [1] - The decision to deregister the subsidiary is part of an effort to integrate internal resources and simplify the management structure [1] - The company conducted a thorough review before making the decision to deregister [1]

Core Viewpoint - Guangdong Yuehai Feed (001313.SZ) announced the decision to deregister its wholly-owned subsidiary, Guangdong Yuehai Qieshi Aquaculture Co., Ltd., due to the failure to implement a strategic cooperation with the Lufeng Municipal Government and local state-owned enterprises, aiming to streamline management and reduce costs [1] Group 1 - The strategic cooperation with Lufeng Municipal Government and local state-owned enterprises was not implemented [1] - The decision to deregister the subsidiary is part of an effort to integrate internal resources and simplify the management structure [1] - The company conducted careful research before making the decision to deregister [1]

Core Viewpoint - Guangdong Yuehai Feed (001313) announced the decision to deregister its wholly-owned subsidiary, Guangdong Yuehai Qieshi Aquaculture Co., Ltd., due to the failure to implement a strategic cooperation with the Lufeng Municipal Government and local state-owned enterprises. The company aims to streamline management and reduce costs, asserting that this decision will not significantly impact its overall business development and profitability [1]. Group 1 - The strategic cooperation with Lufeng Municipal Government and local state-owned enterprises could not be implemented [1] - The decision to deregister the subsidiary is part of an effort to integrate internal resources and simplify management structure [1] - The company anticipates that the deregistration will not have a major adverse effect on its overall business and profitability [1]

证券代码：001313 证券简称：粤海饲料 公告编号：2025-087 广东粤海饲料集团股份有限公司 关于注销子公司广东粤海碣石水产养殖有限公司的公告 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。 广东粤海饲料集团股份有限公司（以下简称"公司"）全资子公司广东粤海碣石 水产养殖有限公司（以下简称"碣石水产"）与陆丰市人民政府及当地国企进行战略 合作因故未能具体实施，为整合内部资源，精简管理架构，降低管理成本，经公 司审慎研究，决定注销该公司。现就相关事项公告如下： 一、注销子公司的基本情况 公司名称：广东粤海碣石水产养殖有限公司 公司类型：有限责任公司（外商投资企业法人独资） 注册资本：500 万元人民币 股权结构：公司持股 100% 法定代表人：郑真龙 住所：陆丰市碣石镇角清村内洋三 经营范围：许可项目：水产养殖。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般 项目：水产品收购。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动） 二、注销的原因及影响 碣石水产与陆丰市人民政府及当地国企 ...

证券代码：001313 证券简称：粤海饲料 公告编号：2025-086 广东粤海饲料集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 统一社会信用代码：9144080061780376XU 企业名称：广东粤海饲料集团股份有限公司 法定代表人：郑石轩 类型：股份有限公司（港澳台投资、上市） 成立日期：1994 年 01 月 13 日 注册资本：人民币柒亿元 住所：湛江市霞山区机场路 22 号 经营范围：一般项目：畜牧渔业饲料销售；饲料原料销售；饲料添加剂销售； 肥料销售；货物进出口；渔业机械销售；土地使用权租赁；水产品批发；农业专业 及辅助性活动。技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 非居住房地产租赁。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）许可项目：饲料生产；兽药经营；水产养殖。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 特此公告。 广东粤海饲料集团股份有限公司（以下简称"公司"）于 2025 年 ...

2025 年第三次临时股东大会决议公告 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。 证券代码：001313 证券简称：粤海饲料 公告编号：2025-085 广东粤海饲料集团股份有限公司 1、会议召开时间： （1）现场会议时间：2025 年 10 月 9 日 14:30。 （2）网络投票时间：2025 年 10 月 9 日（周四）。其中，通过深圳证券交 易所交易系统进行网络投票的时间为：2025 年 10 月 9 日的交易时间 9:15--9:25， 9:30--11:30 和 13:00--15:00；通过深圳证券交易所互联网投票系统投票的时间为： 2025 年 10 月 9 日 9:15--15:00。 2、会议召开地点：广东省湛江市霞山区机场路 22 号公司 2 楼会议室。 5、会议召集的合法合规性：本次会议的召集、召开符合《公司法》《深圳 证券交易所股票上市规则》及《公司章程》的有关规定。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 （二）会议的出席情 ...

GLG/SZ/A3468/FY/2025-1258 致：广东粤海饲料集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《广东粤海 饲料集团股份有限公司章程》（以下简称"《公司章程》"）、《广东粤海饲料 集团股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"） 等有关规定，国浩律师（深圳）事务所（以下简称"本所"）接受广东粤海饲料 集团股份有限公司（以下简称"公司"）委托，指派刘恬宁律师、丁艺律师参加 公司2025年第三次临时股东大会（以下简称"本次股东大会"或"本次会议"）， 就公司本次股东大会的召集与召开程序、出席会议人员资格、召集人资格、会议 表决程序和表决结果的合法性等有关问题出具本法律意见书。 为出具本法律意见书，本所及本所律师依照现行有效的中国法律、法规以及 相关规章、规范性文件的要求和规定，对公司提供的与前述事宜有关的法律文件 及其他文件、资料予以了核查、验证。同时，本所及本所律师还核查、验证了本 所及本所律师认为出具本法律意见书所需要核查、验证的其他法律文件及其他文 件、资料和证明。 本法律意见书仅供公司为本次股东大会之目的使用，不得用作其他任何目的。 本所 ...