Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The sentiment of "anti-involution" is cooling down, and attention should be paid to changes in the fundamentals of the construction materials sector [2] - The construction materials sector experienced a decline of 2.30% from July 28 to August 1, 2025, with specific declines in sub-sectors such as cement (1.25%), glass manufacturing (4.55%), and fiberglass manufacturing (4.01%) [1][11] - The report highlights the importance of urban renewal as a key driver for real estate demand, while also emphasizing the need for regulatory compliance to curb disorderly competition among enterprises [2] Summary by Sections Cement Industry Tracking - As of August 1, 2025, the national cement price index is 337.69 yuan/ton, a decrease of 0.76% from the previous week, with a total cement output of 2.754 million tons, up 1.07% week-on-week [15] - The utilization rate of cement clinker production capacity is 58.09%, down 0.01 percentage points from the previous week, and the cement inventory ratio is 62.21%, down 0.39 percentage points [15] - Infrastructure remains the core support for cement demand, with expectations of resilient demand in Q3 due to accelerated issuance of special bonds and the promotion of "dual-use" infrastructure projects [15] Glass Industry Tracking - The average price of float glass this week is 1295.28 yuan/ton, an increase of 4.58% from the previous week, with a total inventory of 51.78 million weight boxes, down 156,000 weight boxes week-on-week [28] - Market sentiment has weakened due to falling futures prices, leading to the release of speculative inventory and a decrease in shipments from float glass manufacturers [28] Fiberglass Industry Tracking - The price of non-alkali fiberglass has decreased, primarily due to previous price adjustments, while demand remains weak during the traditional off-season [6] - The price of G75 electronic yarn remains stable, supported by high-end product demand, while supply is expected to increase in the future [6] Consumer Building Materials - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a focus on companies like Beixin Building Materials and Weixing New Materials [2][8] - The report recommends monitoring companies with growth potential in the consumer building materials sector, such as Puyuan Co. and Yilong Co. [4]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第四次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 4、赎回登记日：2025 年 8 月 20 日 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转债 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 3、停止交易日：2025 年 8 月 18 ...

Core Viewpoint - Puyang Pona High-Temperature Materials (Group) Co., Ltd. has announced the early redemption of its convertible bonds, "Pona Convertible Bonds," due to the fulfillment of specific conditions related to the company's stock performance and the remaining balance of the bonds [3][21]. Summary by Sections 1. Redemption Announcement - The company will redeem "Pona Convertible Bonds" at a price of 100.906 yuan per bond, including accrued interest at an annual rate of 3.80% [2][11]. - The redemption will occur on August 21, 2025, with the last trading day being August 18, 2025 [3][18]. 2. Convertible Bond Details - The company issued 6,263,903 convertible bonds with a total value of 626.39 million yuan, with an initial conversion price of 4.43 yuan per share [4]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment setting it at 4.20 yuan per share as of July 11, 2025 [5][6]. 3. Conditions for Redemption - The redemption conditions were triggered as the company's stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [10]. - The specific stock prices were calculated based on the adjusted conversion prices during the relevant period [10]. 4. Redemption Process - The redemption will be executed for all holders registered by the redemption registration date of August 20, 2025 [14]. - The funds from the redemption will be credited to the bondholders' accounts by August 28, 2025 [18]. 5. Corporate Governance - The board of directors approved the early redemption on July 28, 2025, and authorized management to handle the related matters [21][22]. - The company has complied with all regulatory requirements and internal governance procedures regarding this redemption [22].

证券代码：002225 证券简称：濮耐股份 公告编号：2025-051 债券代码：127035 债券简称：濮耐转债 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第三次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： "濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税） ，扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 本次赎回完成后，"濮耐转债"将在深圳证券交易所摘牌，特提醒"濮耐转债"债券持有人 注意在限期内转股。债券持有人持有的"濮耐转债"如存在被质押或被冻结的，建议在停止 转股 2 日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能面临损失，敬 请投资者注意投资风险。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开第七届董事会第二次会议，审议通过了《关于提前赎回"濮耐转债" 的议案》。结合 ...

（文章来源：证券日报） 证券日报网讯 7月31日晚间，濮耐股份发布公告称，本次"濮耐转债"赎回价格可能与其停止交易和停止 转股前的市场价格存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能面临损 失，敬请投资者注意投资风险。 ...

Core Viewpoint - A significant number of convertible bonds are facing mandatory redemption, with over 10 bonds identified, prompting investors to pay attention to the last trading days and conversion details to avoid potential losses [1][2][3]. Group 1: Mandatory Redemption Announcements - Multiple companies, including China Shipbuilding Emergency (300527) and Lian De Equipment (300545), have issued announcements regarding the early redemption of their convertible bonds, indicating a trend of mandatory redemptions [2]. - China Shipbuilding Emergency's convertible bond will be redeemed at a price of 100.77 CNY per bond if not converted by August 27, 2025, highlighting a significant price difference from the current market price [2]. - Lian De Equipment's convertible bond will be redeemed at 101.70 CNY per bond if not converted by August 11, 2025, with a recommendation for holders to resolve any pledges or freezes before the conversion deadline [2]. Group 2: Last Trading and Conversion Dates - Over 10 convertible bonds are confirmed for early mandatory redemption, with specific last trading and conversion dates approaching, including North Lu Convertible Bond, which will stop trading on July 30, 2025, and has a last conversion date of August 4, 2025 [3][4]. - The last trading price of North Lu Convertible Bond was 133 CNY per bond, indicating a potential loss of 23.58% if not converted by the deadline [3]. - Many convertible bonds are priced above 110 CNY per bond, with some exceeding 150 CNY, suggesting that investors may incur significant losses if they do not act in time [4]. Group 3: Non-Redemption Decisions - Some companies, such as Microchip Biotech and Tongguang Cable (300265), have opted not to redeem their convertible bonds early, despite meeting the conditions for conditional redemption [5][6]. - Microchip Biotech's board decided not to exercise the early redemption option for its convertible bonds, while Tongguang Cable also announced it would not redeem its bonds early and plans to redeem them at maturity [6].

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第三次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转债 11、根据安排，截至 2025 年 8 月 20 日收市后仍未转股的"濮耐转债"将被强制赎回。 本次赎回完成后，"濮耐转债"将在深圳证券交易所摘 ...

金融界消息 截至2025年7月31日收盘，濮耐股份（002225）报收于7.2元，上涨0.42%，换手率9.16%， 成交量75.65万手，成交金额5.38亿元。 资金流向方面，今日主力资金净流入8279.91万元，占比成交额15.38%。其中，超大单净流出126.40万 元、占成交额0.23%，大单净流入8406.31万元、占成交额15.62%，中单净流出流出1649.92万元、占成 交额3.07%，小单净流出6629.99万元、占成交额12.32%。 濮耐股份最新一期业绩显示，截至2025一季报，公司营业总收入13.40亿元、同比增长3.17%，归属净利 润5487.08万元，同比减少15.91%，扣非净利润4551.33万元，同比减少16.05%，流动比率1.302、速动比 率0.876、资产负债率58.72%。 天眼查商业履历信息显示，濮阳濮耐高温材料(集团)股份有限公司，成立于2002年，位于濮阳市，是一 家以从事非金属矿物制品业为主的企业。企业注册资本101041.2086万人民币，实缴资本33179.9997万人 民币。公司法定代表人为刘百宽。 通过天眼查大数据分析，濮阳濮耐高温材料(集团)股份 ...

Market Overview - The Shanghai Composite Index closed at 3615.72 points, above the five-day moving average, with a change of 0.17% [1] - The total trading volume of A-shares reached 1,870.976 billion yuan [1] Stocks Breaking the Five-Day Moving Average - A total of 370 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Shiyan Institute (设研院) with a deviation rate of 15.41% and a daily increase of 20.00% [2] - *ST Yun Chuang (*ST云创) with a deviation rate of 12.66% and a daily increase of 28.14% [2] - Zhenan Technology (震安科技) with a deviation rate of 9.13% and a daily increase of 11.29% [2] - Other stocks with smaller deviation rates include: - Guoyao Co. (国药股份), Jintour Environment (劲旅环境), and Triangle Tire (三角轮胎), which have just crossed the five-day moving average [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Shiyan Institute (300732): Latest price 10.62 yuan, five-day moving average 9.20 yuan, turnover rate 19.58% [2] - *ST Yun Chuang (835305): Latest price 18.08 yuan, five-day moving average 16.05 yuan, turnover rate 22.46% [2] - Zhenan Technology (300767): Latest price 15.18 yuan, five-day moving average 13.91 yuan, turnover rate 18.77% [2] - Additional stocks with significant performance include: - *ST Tianwei (688511): Latest price 20.59 yuan, five-day moving average 19.14 yuan, daily increase of 10.34% [2] - Shenma Electric (603530): Latest price 29.23 yuan, five-day moving average 27.21 yuan, daily increase of 10.01% [2]

证券之星消息，7月30日装修建材板块较上一交易日上涨0.29%，扬子新材领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。装修建材板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002652 | 扬子新材 | 4.17 | 6.92% | 73.46万 | | 2.97亿 | | 002225 | 濮耐股份 | 7.17 | 6.54% | 104.45万 | | 7.34亿 | | 605318 | 法师龙 | 28.46 | 3.60% | 5.55万 | | 1.58亿 | | 002457 | 青龙管业 | 12.93 | 2.70% | 55.36万 | | 7.07亿 | | 002785 | 万里石 | 30.33 | 1.64% | 7.92万 | | 2.40亿 | | 833580 | 科创新材 | 15.07 | 1.41% | 2.42万 | | 3592.86万 | | 300 ...