Group 1 - The renovation and building materials sector increased by 1.31% on January 21, with Sanke Tree leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the renovation and building materials sector showed significant price increases, with Sanke Tree rising by 6.45% to a closing price of 51.50 [1] Group 2 - The sector experienced a net outflow of 9.43 million yuan from institutional investors, while retail investors saw a net inflow of 58.78 million yuan [2] - The trading volume for Sanke Tree was 173,000 hands, with a transaction amount of 863 million yuan [1] - The stock performance varied, with notable declines in stocks like Huali Co., which fell by 3.14% to a closing price of 17.28 [2] Group 3 - Individual stock flows indicated that Puna Co. had a net inflow of 56.63 million yuan from institutional investors, despite a net outflow from retail investors [3] - The stock of Donghe New Materials saw a net inflow of 13.70 million yuan from institutional investors, indicating strong interest [3] - Overall, the renovation and building materials sector showed mixed investor sentiment, with some stocks attracting significant institutional interest while others faced outflows [3]

Group 1 - The Shanghai Composite Index is at 4129.68 points, above the six-month moving average, with a change of 0.39% [1] - The total trading volume of A-shares today is 11670.90 billion yuan [1] - A total of 137 A-shares have surpassed the six-month moving average, with notable stocks including Huawi Design, Hualing Co., and Weichai Heavy Industry showing significant deviation rates of 22.56%, 9.80%, and 8.86% respectively [1] Group 2 - The top three stocks with the highest deviation rates from the six-month moving average are: - Huawi Design (29.96% increase, 25.22% turnover rate, latest price 18.22 yuan) with a deviation rate of 22.56% [1] - Hualing Co. (11.97% increase, 7.48% turnover rate, latest price 26.10 yuan) with a deviation rate of 9.80% [1] - Weichai Heavy Industry (10.00% increase, 4.42% turnover rate, latest price 33.43 yuan) with a deviation rate of 8.86% [1] Group 3 - Other notable stocks that have just crossed the six-month moving average include: - Haisen Pharmaceutical, Lian Technology, and Kaipu Biological, which have smaller deviation rates [1] - The trading performance of various stocks shows a range of increases, with some stocks like Huawi Design experiencing significant gains [1]

Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Group 1 - The core viewpoint of the news is that Puyang Refractories Co., Ltd. has seen a stock price increase of 5.04%, reaching 6.04 CNY per share, with a total market capitalization of 7 billion CNY [1] - The company specializes in the research, production, and sales of various refractory materials, including shaped and unshaped refractory materials, with a revenue composition of 38.37% from shaped refractory materials, 22.43% from functional refractory materials, 19.71% from other categories, and 19.49% from unshaped refractory materials [1] - The company was established on January 28, 2002, and went public on April 25, 2008, located in Puyang City, Henan Province [1] Group 2 - According to data from the top ten holdings of funds, the Noan New Emerging Industry Mixed Fund (008328) holds 1.5226 million shares of Puyang Refractories, accounting for 2.73% of the fund's net value, making it the fourth-largest holding [2] - The Noan New Emerging Industry Mixed Fund has a total scale of 329 million CNY and has achieved a year-to-date return of 2.89%, ranking 1611 out of 8818 in its category [2] - The fund has a one-year return of 34.31%, ranking 3493 out of 8083, and a cumulative return of 95.67% since its inception on March 10, 2020 [2] Group 3 - The fund manager of Noan New Emerging Industry Mixed Fund is Yang Kun, who has a total tenure of 11 years and 217 days, with the fund's total asset scale at 1.377 billion CNY [3] - During Yang Kun's tenure, the best fund return was 157.72%, while the worst return was -19.36% [3]

证券日报网讯1月4日，濮耐股份（002225）发布公告称，公司第七届董事会第八次会议审议通过《关于 制定 <董事和高级管理人员薪酬管理制度> 的议案》《关于修订 <信息披露事务管理制度> 的议案》 《关于修订 <内幕信息知情人登记管理制度> 的议案》。 ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

格隆汇1月4日丨濮耐股份(002225.SZ)公布，近期与阜阳市颍泉区颍智产业引导基金合伙企业（有限合 伙）（简称"颍智基金"）签署了《私募股权和创业投资份额转让合同》，公司出资3,565.18万元受让了 颍智基金在阜阳谋和氢能投资合伙企业（有限合伙）（简称"阜阳谋和"）中的全部LP份额，本次交易 通过上海股权托管交易中心份额转让平台完成。本次交易完成后，公司通过直接和间接两种方式对攀业 氢能的持股比例由8.07%提升至16.86%，进一步提高对攀业氢能的投资规模。 ...

董事和高级管理人员薪酬管理制度 （一）与公司业绩和股东回报相结合的原则； 第一章 总则 第一条 为规范濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）董 事、高级管理人员（以下简称"高管"）的薪酬管理，建立科学有效的激励与约束机 制，提高公司经营管理水平，促进公司稳健经营和可持续发展，根据《中华人民共 和国公司法》、《中华人民共和国证券法》、《上市公司治理准则》、公司股票上 市地证券监管规则和《公司章程》等有关规定，制定本制度。 第二条 本制度适用于公司董事，包括执行董事（含职工董事）、独立董事以及高 管。 第三条 公司薪酬管理应遵循以下原则： （二）与岗位职责、绩效和贡献相适应的原则； （三）与公司市值和市场表现相挂钩的原则； （四）与公司可持续发展相联系的原则。 第二章 薪酬方案及构成 第四条 薪酬与考核委员会负责根据本制度制订董事和高管薪酬方案。其中，董 事薪酬方案经董事会审议后，报股东会批准生效；高管薪酬方案由董事会审议通过 后生效。 薪酬与考核委员会制定薪酬方案应考虑的因素包括与公司盈利规模、市场价值 行业排名相当的耐材公司向其董事、高管支付的薪酬待遇水平等。 绩效薪酬包含季度绩效和年度绩效 ...

内幕信息知情人登记管理制度 第一章 总则 第一条 为规范濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）的内幕信息 管理，加强内幕信息保密工作，有效防范和打击内幕交易等证券违法违规行为，根据《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》）、《深圳证券交易所股票上市规则》《上市公司信息披露管理办法》《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》等有关法律法规的规定及《濮阳濮 耐高温材料（集团）股份有 限公司章程》（以下简称《公司章程》）的有关规定，制定本制 度。 第二条 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，董事长为主要责 任人。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。董事长和董事会秘 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。董事会办公室应当协 助董事会秘书做好各方内幕信息知情人的档案汇总。 第三条 董事会是公司内幕信息的管理机构。 第四条 由董事会秘书和董事会办公室统一负责证券监管机构、证券交易所、证券公司 等机构及新闻媒体、股东的接待、咨询（质询）、服务工作。 第五条 董事 ...

信息披露事务管理制度 第一章 总则 第一条 为规范濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）及其子公司 信息披露行为，加强信息披露事务管理，保护投资者合法权益，根据《中华人民共和国公司 法》《中华人民共和国证券法》《上市公司信息披露管理办法》《深圳证券交易所上市公司 自律监管指引第5号—信息披露事务管理》《深圳证券交易所股票上市规则》（以下简称"《 上市规则》"）等法律法规和《濮阳濮耐高温材料（集团）股份有限公司章程》（以下简称 《公司章程》）的有关规定，特制定本制度。 第二条 本制度所称"信息"是指所有可能对公司股票及其衍生品种交易价格产生较大影响 的信息以及证券监管部门要求披露的其他信息。所称"披露"是指在规定的时间内、在中国证券 监督管理委员会（以下简称中国证监会）指定的媒体上，以规定的披露方式向社会公众公布前 述信息。 信息披露义务人包括公司及董事及高级管理人员、股东、实际控制人，收购人，重大资产 重组、再融资、重大交易有关各方，以及法律、行政法规和中国证监会规定的其他承担信息披 露义务的主体。 信息披露义务人应当真实、准确、完整、及时地披露信息，不得有虚假记载、误导性陈述 或者重大遗漏 ...