Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The construction materials index increased by 8.20% in the week from July 21 to July 25, 2025, outperforming the CSI 300 index by 6.51 percentage points [4][13] - The construction materials sector has shown strong performance over the past three months, with an increase of 16.12%, and over the past year, it has risen by 28.09%, both outperforming the CSI 300 index [4][13] - The report highlights significant investment opportunities in the construction materials sector, particularly due to the commencement of major projects like the Yarlung Tsangpo River downstream hydropower project, which is expected to boost demand for related construction materials [3] Summary by Sections Market Overview - The construction materials index has outperformed the CSI 300 index by 6.51 percentage points this week, with a year-to-date increase of 28.09% compared to the CSI 300's 21.06% [4][13] - The average PE ratio for the construction materials sector is 29.88 times, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.28 times, ranking it 7th lowest [20][23] Cement Sector - As of July 25, 2025, the average price of P.O 42.5 bulk cement is 275.19 RMB per ton, reflecting a 2.02% decrease from the previous period [25][27] - The clinker inventory ratio has increased to 69.07%, up by 1.83 percentage points [26] Glass Sector - The spot price of float glass has risen to 1255.79 RMB per ton, an increase of 3.41% [78] - The inventory of float glass has decreased by 4.05%, with a total of 53.34 million weight boxes as of July 25, 2025 [80][81] - The price of photovoltaic glass has slightly decreased to 115.63 RMB per weight box, down by 0.34% [85]

Core Viewpoint - The hydrogen fuel cell vehicle industry in China is currently in its early commercialization stage, with production and sales experiencing growth from 2021 to 2023, but facing a decline in 2024 due to the expiration of supportive policies and high industry costs [12][13]. Group 1: Overview of Hydrogen Storage Bottles - Hydrogen storage bottles are essential components of hydrogen fuel cell vehicles, primarily categorized into four types: Type I (all-metal), Type II (metal liner with fiber winding), Type III (metal liner with full fiber winding), and Type IV (non-metal liner with full fiber winding) [2][3]. - The majority of hydrogen storage bottles used in vehicles are Type III and IV, with Type III bottles currently dominating the market at 98% share in 2024 [19]. Group 2: Market Trends and Sales - The market for hydrogen storage bottles in China saw an increase in shipments from 2021 to 2023, but is projected to decline in 2024, with an estimated shipment of approximately 43,000 units, a year-on-year decrease of 12% [17]. - In the first five months of 2025, production and sales of hydrogen fuel cell vehicles were 1,176 and 1,122 units respectively, reflecting a year-on-year decline of 25% and 26.14% [13][15]. Group 3: Industry Structure and Competition - Over 20 companies are engaged in the research and production of hydrogen storage bottles in China, with a highly concentrated market structure where the top three companies hold 69% of the market share, an increase of 2 percentage points from 2023 [21]. - The leading companies in the hydrogen storage bottle market include Zhongcai Technology, Aoyang Green Energy, and Guofu Hydrogen Energy, each with a market share exceeding 20% [23]. Group 4: Future Development Trends - The industry is expected to see a shift towards higher pressure hydrogen storage bottles, with 70 MPa bottles becoming more common, while Type IV bottles are anticipated to gain traction due to their advantages in weight, pressure, and hydrogen storage efficiency [25]. - The development of standards for hydrogen storage bottles is expected to be enhanced, ensuring safety and reliability, which will facilitate the commercialization of hydrogen fuel cell vehicles [25].

Group 1 - The company held its 22nd temporary board meeting on July 25, 2025, where all 7 directors attended, and the meeting was deemed legal and effective [2] - The board approved the proposal to amend the company's articles of association and eliminate the supervisory board, which will be submitted for review at the first extraordinary general meeting of shareholders in 2025 [3][5] - The company plans to revise its governance documents in accordance with the latest regulations, and the amendments will take effect after approval at the shareholders' meeting [3][4] Group 2 - The company approved the appointment of Duan Xingliang as the general legal counsel, with a term aligned with the current board [5][6] - The board also approved the acquisition of a 15% stake in China Building Materials (Shanghai) Aviation Technology Co., Ltd. for approximately 146.88 million yuan, along with a capital increase of 50 million yuan [19][50] - The acquisition will increase the company's stake in the aviation technology firm to 40%, enhancing its capabilities in the civil aviation composite materials sector [50][51] Group 3 - The company plans to renew its auditing firm, Zhongshun Zhonghuan Accounting Firm, for the 2025 fiscal year, pending approval from the shareholders' meeting [54][63] - The auditing firm has a strong track record and has provided satisfactory services in previous years, ensuring compliance with relevant regulations [54][56] - The renewal of the auditing firm is part of the company's commitment to maintaining transparency and accountability in its financial reporting [54][63] Group 4 - The company announced the first extraordinary general meeting of shareholders for 2025, scheduled for August 11, 2025, to discuss various proposals including the amendments to the articles of association and the appointment of the auditing firm [67][68] - The meeting will be conducted in a hybrid format, allowing for both in-person and online participation [69][70] - Shareholders must register by August 4, 2025, to be eligible to vote at the meeting [70][71]

Core Viewpoint - The company has proposed to reappoint Zhongshun Zhonghuan Accounting Firm as its auditing institution for the year 2025, pending approval from the shareholders' meeting [1][2]. Group 1: Audit Firm Information - Zhongshun Zhonghuan Accounting Firm was established in 1987 and is one of the first large accounting firms approved to engage in securities and futures-related business [2]. - The firm has 216 partners and 1,304 registered accountants, with 723 of them having signed securities service audit reports as of December 31, 2024 [2][3]. - In 2024, the firm reported total revenue of 217.19 million yuan, with audit business revenue of 183.47 million yuan and securities business revenue of 58.37 million yuan [3]. Group 2: Audit Services and Compliance - The audit services provided by Zhongshun Zhonghuan in 2024 included 244 listed company clients across various industries, such as manufacturing, wholesale and retail, real estate, and more [3]. - The firm has maintained a professional liability insurance coverage limit of 800 million yuan, which has not been utilized to date [3]. - In the past three years, the firm has not faced any civil lawsuits or criminal penalties, although it has received two administrative penalties and one self-regulatory measure [3][4]. Group 3: Audit Project Team - The project partner for the audit is Mr. Hou Shutao, who has been involved in listed company audits since 2009 and has been with Zhongshun Zhonghuan since 2014 [4]. - The signing registered accountant is Mr. Zhang Hao, who started auditing listed companies in 2019 and joined Zhongshun Zhonghuan in 2023 [4]. - The quality control reviewer for the project is Mr. Li Yuping, who has been involved in listed company audits since 2007 and has been with Zhongshun Zhonghuan since 2013 [4]. Group 4: Approval Process - The Audit and Legal Construction Committee of the board has reviewed and approved the reappointment of Zhongshun Zhonghuan, confirming its qualifications and independence [5]. - The board of directors has also approved the proposal to reappoint the auditing firm for 2025 [5]. - The reappointment is subject to approval at the company's first extraordinary shareholders' meeting in 2025 [5].

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1] - The company was approved for establishment on November 29, 2001, and registered on December 28, 2001, with a registered capital of RMB 1,678,123,584 [2][3] - The company is located at No. 99 Tongtian Road, Jiangning Science Park, Nanjing, with a postal code of 211100 [2] Business Objectives and Scope - The company's business focuses on new materials and new energy sectors, adhering to the core values of integrity, respect, innovation, and efficiency [4] - The company aims to promote the development of the new materials industry and enhance social technological progress [4] - The business scope includes construction engineering, new materials technology research and development, manufacturing and sales of fiberglass and composite materials, and various technical services [4][5] Shares - The company's shares are issued in the form of stocks, with a total of 1,678,123,584 shares issued, all of which are ordinary shares [7] - The company does not provide financial assistance for others to acquire its shares, except for employee stock ownership plans [7] - The company can increase its registered capital through various methods, including issuing shares to unspecified or specific objects [9] Shareholders and Shareholder Meetings - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution [11] - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and request information [13] - The company must hold an annual general meeting within six months after the end of the previous fiscal year [23] Governance and Management - The board of directors is responsible for convening shareholder meetings and ensuring compliance with legal and regulatory requirements [27] - The company must establish a party organization to ensure the leadership role of the Communist Party [3] - The company’s chairman serves as the legal representative, and the board must ensure the company operates in accordance with laws and regulations [3][4]

第一章 总则 第一条 为进一步规范中材科技股份有限公司（以下简称"公司"）内幕信 息管理，加强公司内幕信息保密工作，有效防范和打击内幕交易等证券违法违规行 为，保护广大投资者的合法权益，根据中华人民共和国《公司法》、《证券法》、 中国证监会《上市公司监管指引第5号——上市公司内幕信息知情人登记管理制度》、 深圳证券交易所《深圳证券交易所股票上市规则》等有关法律法规及《公司章程》、 《公司信息披露制度》的有关规定，特制定本制度。 第二条 董事会是公司内幕信息的管理机构。公司董事会应当保证内幕信息 知情人档案真实、准确和完整，公司董事长为主要责任人。公司董事会秘书负责办 理公司内幕信息知情人的登记入档和报送事宜。董事长与董事会秘书应当对内幕信 息知情人档案的真实、准确和完整签署书面确认意见。 第二章 内幕信息和内幕信息知情人的认定标准 第四条 本制度所指内幕信息是指涉及公司的经营、财务或者对公司证券及 其衍生品种交易价格有重大影响的尚未公开的信息。尚未公开是指公司尚未在中国 证监会指定的信息披露媒体或网站上正式披露的事项。 第五条 本制度所指内幕信息的范围包括但不限于： （一）发生可能对公司股票交易价格产生较大影 ...

中材科技股份有限公司 董事会战略、投资与 ESG 委员会实施细则 第一章 总则 第一条 为适应中材科技股份有限公司（以下简称"公司"）发展需 要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策 科学性，提高重大投资决策的效益和质量，完善公司治理结构，提升公司环 境、社会责任及公司治理（以下简称"ESG"）绩效，根据《中华人民共和国公 司法》、《上市公司治理准则》、《中材科技股份有限公司章程》（以下简称 "《公司章程》"）及其他有关规定，公司特设立董事会战略、投资与 ESG 委员 会，并制定本实施细则。 第二条 董事会战略、投资与 ESG 委员会是董事会按照公司章程设立的 专门工作机构，主要负责对公司长期发展战略与投资、重大投资决策及 ESG 工 作进行研究并提出建议。 第三条 战略、投资与 ESG 委员会成员由五至七名董事组成，其中应至 少包括一名独立董事。 第四条 战略、投资与 ESG 委员会委员由董事长提名，并由董事会选举 产生。 第五条 战略、投资与 ESG 委员会设主任委员一名，由公司董事长担 任。 第六条 战略、投资与 ESG 委员会任期与董事会任期一致，委员任期届 满，连选可以连 ...

Core Viewpoint - The document outlines the information disclosure system for China National Materials Group Corporation (referred to as "the company"), emphasizing the importance of transparency in the issuance of debt financing instruments in the interbank bond market, in compliance with relevant regulations and laws [1][2]. Group 1: Information Disclosure Regulations - The company must disclose information that may affect investors' judgment regarding investment value and risk, as well as significant events impacting its debt repayment ability [1][2]. - The information disclosure responsibilities are assigned to the company's board secretary and the securities department, which must ensure compliance with the disclosure rules set by the trading association [2][3]. - All disclosed information must be accurate, complete, and timely, with individual board members held accountable for any inaccuracies or omissions [3][4]. Group 2: Disclosure Procedures - The company is required to disclose specific documents before the issuance of debt financing instruments, including management agreements, offering memorandums, credit rating reports, and audited financial statements from the last three years [8][9]. - During the term of the debt financing instruments, the company must provide annual reports within four months after the fiscal year-end and semi-annual reports within two months after the first half of the fiscal year [10][11]. - If the company fails to disclose periodic reports on time, it must provide an explanation before the deadline [12][13]. Group 3: Major Event Disclosure - The company must disclose significant events that could impact its debt repayment ability within two working days of their occurrence, including changes in management, financial audits, or substantial losses [6][7][8]. - Any changes in the company's financial reporting or significant legal issues must also be disclosed promptly to maintain transparency [6][7][8]. Group 4: Management of Disclosure - The board of directors is responsible for overseeing the company's information disclosure, with the board secretary coordinating the process [26][27]. - The company must maintain accurate records of all disclosure documents and ensure that all relevant personnel are informed of their responsibilities regarding information disclosure [41][42]. - Any changes in the personnel responsible for information disclosure must be reported within two working days [9][12].

Core Points - The document outlines the operational guidelines for the management of China National Materials Group Corporation (referred to as "the company"), aiming to institutionalize, standardize, and scientifically manage its operations [1][2] - It specifies the qualifications, appointment procedures, and responsibilities of senior management, including the president, vice presidents, and financial directors [2][4] Group 1: General Provisions - The guidelines are established to ensure the correctness and rationality of major business decisions and to enhance democratic and scientific decision-making levels [1] - The senior management team consists of one president, several vice presidents, one financial director, one board secretary, and one chief legal advisor [1] Group 2: Appointment and Qualifications of the President - The president is nominated by the chairman and appointed by the board, with a term of three years, which can be renewed [2] - The president must possess rich theoretical knowledge, management experience, and strong economic management capabilities [2] Group 3: Responsibilities of Senior Management - The president is responsible for daily operations, implementing board resolutions, and reporting to the board at least quarterly on various operational aspects [4] - The vice presidents assist the president and are responsible for specific operational areas, while the financial director oversees financial management and compliance with fiscal regulations [5][6] Group 4: Performance Evaluation and Incentives - The performance evaluation of the president and other senior management is organized by the board, linking their compensation to company performance and individual achievements [10][11] - In cases of resignation or termination, a departure audit must be conducted for the president [11]

Core Viewpoint - The document outlines the management system for the shares held by the directors and senior management of the company, emphasizing compliance with relevant laws and regulations regarding insider trading and share transfer restrictions. Group 1: Shareholding Management - The system is established to strengthen the management of shares held by directors and senior management, clarifying procedures based on various laws and regulations [1] - Directors and senior management must be aware of laws prohibiting insider trading and market manipulation before trading the company's shares [2] - Shares held by directors and senior management include those registered in their names and those held through others' accounts, including shares in margin trading accounts [3] Group 2: Transfer Restrictions - Shares held by directors and senior management cannot be transferred under specific conditions, such as within one year of the company's stock listing or within six months after leaving the company [4] - The maximum number of shares that can be transferred annually is limited to 25% of their total holdings, with exceptions for certain circumstances [5][6] - Newly acquired shares can be transferred under specific conditions, with a portion of newly issued shares being available for transfer in the following year [7] Group 3: Disclosure Requirements - Directors and senior management must report and disclose their share transfer plans to the stock exchange 15 trading days before selling shares [4] - After completing a share transfer, they must report the transaction within two trading days, including details such as the number of shares and transaction date [6][7] - In case of a divorce affecting shareholdings, both parties must adhere to the established regulations [5] Group 4: Trading Restrictions - Directors and senior management are prohibited from trading the company's shares during specific periods, such as 15 days before the annual or semi-annual report announcements [5] - Violations of trading regulations, such as selling shares within six months of purchase, will result in the company reclaiming the profits [6][7] - The company must ensure that certain individuals do not engage in trading based on insider information [6] Group 5: Compliance and Reporting - The company secretary is responsible for managing the identity and shareholding data of directors and senior management, ensuring compliance with reporting requirements [10] - Directors and senior management must ensure the accuracy and timeliness of their reported data to the stock exchange [7][8] - The company must apply for the registration of shares as restricted shares when certain conditions are met [9]