Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Investment Rating - The investment rating for the construction materials sector is maintained as "Accumulate" [3] Core Viewpoints - The construction materials sector experienced a slight increase of 0.05% from September 15 to September 19, 2025, with cement and glass manufacturing sectors declining by 1.08% and 1.64% respectively, while fiberglass manufacturing and renovation materials increased by 0.60% and 1.19% respectively [1][12] - The Shanghai real estate policy continues to optimize, with further adjustments needed to stimulate the market [2] - The demand for cement is still in a bottoming process, with supply-side improvements expected due to increased production control measures [2][16] - The glass market is facing supply-demand contradictions, but self-discipline in production among photovoltaic glass manufacturers may alleviate some pressure [2][6] - The fiberglass market shows signs of recovery, with prices stabilizing after a price war and increasing demand from the wind power sector [2][7] Summary by Sections Cement Industry Tracking - As of September 19, 2025, the national cement price index is 338.4 CNY/ton, a decrease of 0.23% from the previous week, while the cement output increased by 3.2% to 2.744 million tons [3][16] - The utilization rate of cement clinker production capacity is at 53.06%, down 2.63 percentage points from the previous week [16] - The overall cement market is in a weak recovery phase, with demand from the construction sector still limited due to tight funding in real estate [16] Glass Industry Tracking - The average price of float glass is 1207.95 CNY/ton, with a weekly increase of 0.91% [6] - Inventory levels are decreasing, but the market remains under pressure due to high stock levels among intermediaries [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with demand recovering slowly [7] - The market for electronic yarn shows varied performance, with some high-end products experiencing tight supply [7] Consumer Building Materials - The consumer building materials sector is benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with growth potential [2][9] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,000 CNY/ton and a negative gross margin [8]

Group 1 - The core point of the article is that Puyang Refractories Co., Ltd. (002225.SZ) has announced on its investor interaction platform that its high-activity magnesium oxide precipitant can be used in rare earth extraction [1] Group 2 - The company's high-activity magnesium oxide precipitant represents a potential new application in the rare earth industry, which may open up new market opportunities [1] - This development could enhance the company's product portfolio and strengthen its position in the materials sector [1] - The announcement indicates the company's commitment to innovation and expanding its technological capabilities [1]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is expected to benefit from government debt management measures aimed at supporting high-quality development and alleviating financial pressure on local governments [2] - The cement industry is in a demand bottoming phase, with supply-side improvements anticipated due to increased production discipline [2][3] - The glass fiber sector shows signs of recovery with demand from wind power projects expected to rise, while the photovoltaic glass market is stabilizing due to self-regulated production cuts [2][7] - Consumer building materials are recommended due to favorable conditions in the second-hand housing market and consumption stimulus policies [2] Summary by Sections Cement Industry Tracking - As of September 12, 2025, the national cement price index is 339.18 CNY/ton, up 0.89% week-on-week, with a total cement output of 2.659 million tons, an increase of 3.16% [3][17] - The cement clinker capacity utilization rate is 55.69%, up 14.96 percentage points from the previous week [3][17] - The construction sector is showing steady growth, but regional weather and demand release discrepancies are affecting the overall market [17] Glass Industry Tracking - The average price of float glass is 1197.01 CNY/ton, with a slight increase of 0.34% week-on-week [6] - Inventory levels have decreased, but demand remains weak, with many small processing plants facing order shortages [6] Glass Fiber Industry Tracking - The price of non-alkali glass fiber has seen a slight increase, with demand showing limited recovery [7] - The demand for electronic yarn is stable, with high-end products continuing to perform well [7] Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with upstream raw material prices fluctuating [8] - The report highlights the potential for long-term market share growth in this sector [2] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,100 CNY/ton and a negative gross margin [8]

国泰海通证券股份有限公司 关于濮阳濮耐高温材料（集团）股份有限公司 部分可转换公司债券募投项目结项并将节余募集资金 永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 濮阳濮耐高温材料（集团）股份有限公司（以下简称"濮耐股份"、"公司"或"发 行人"）2021 年度公开发行可转换公司债券的持续督导保荐机构，根据《证券发 行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有 关规定的要求，就公司部分可转换公司债券募投项目结项并将节余募集资金永久 补充流动资金的事项进行了审慎核查，并发表如下核查意见： 一、募集资金投资项目的基本情况 （一）募集资金基本情况 公司根据中国证券监督管理委员会出具的《关于核准濮阳濮耐高温材料（集 团）股份有限公司公开发行可转换公司债券的批复》（证监许可〔2020〕3350 号） 的核准，向社会公开发行面值总额 626,390,300.00 元可转换公司债券，期限 5 年。 ...

证券代码:002225 证券简称:濮耐股份 公告编号:2025-078 濮阳濮耐高温材料（集团）股份有限公司 关于部分可转债募投项目结项并将节余募集资金 永久补充流动资金的公告 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。 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 9 月 10 日召开第七届董事会第四次会议及第七届监事会第三次会议审议通过了 《关于部分可转债募投项目结项并将节余募集资金永久补充流动资金的议案》， 拟将公司 2021 年公开发行可转换公司债券的募投项目中"上海研发中心建设项 目"予以结项，并将节余募集资金用于永久补充流动资金，同时注销相关募集资 金专用账户，相关的募集资金监管协议将予以终止。该事项需提交公司股东大会 审议通过后方可实施。现将有关情况公告如下： 一、募集资金基本情况 公司根据中国证券监督管理委员会出具的《关于核准濮阳濮耐高温材料（集 团）股份有限公司公开发行可转换公司债券的批复》（证监许可〔2020〕3350 号） 的核准，向社会公开发行面值总额 626,390,300.00 元可转换公司债券，期限 ...

证券代码：002225 证券简称：濮耐股份 公告编号：2025-079 濮阳濮耐高温材料（集团）股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）第七届董事会 第四次会议决定采取现场会议与网络投票相结合的方式召开 2025 年第二次临时 股东大会，现将本次股东大会的有关事项通知如下： 一、召开会议基本情况 1、会议届次：2025年第二次临时股东大会 2、召集人：公司董事会 （2）通过深圳证券交易所互联网投票系统投票的时间：2025年9月29日上午 9:15至下午15:00的任意时间。 5、召开方式：现场投票与网络投票相结合的方式 （1）现场投票：股东本人出席现场会议或通过授权委托书委托他人出席； （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股东可以在 网络投票时间内通过上述系统行使表决权； （3）根据公司章程，股东大会股权登记日登记在册的 ...

濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）第七届监事会 第三次会议通知于2025年9月4日以电子邮件形式发出，于2025年9月10日上午在 公司四楼会议室召开了现场结合通讯会议。本次会议应参会监事5名，亲自参会 监事5名，会议由监事会主席郭志彦先生主持，会议的召开符合《公司法》、《公 司章程》及《监事会议事规则》的有关规定。 二、监事会会议审议情况 证券代码：002225 证券简称：濮耐股份 公告编号：2025-077 濮阳濮耐高温材料（集团）股份有限公司 第七届监事会第三次会议决议公告 本公司及监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。 一、监事会会议召开情况 本次会议经过认真讨论，采取记名投票方式，审议通过了如下议案： 1、以5票赞成，0票反对，0票弃权审议通过了《关于部分可转债募投项目 结项并将节余募集资金永久补充流动资金的议案》 监事会认为：本次部分可转债募投项目结项并将节余募集资金永久补充流动 资金，是基于公司实际情况做出的审慎决策，有利于降低公司财务成本，不存在 损害公司及全体股东利益的情形。相关事项决策程序合法合规，符合《深圳证券 交易 ...

证券代码:002225 证券简称:濮耐股份 公告编号:2025-076 濮阳濮耐高温材料（集团）股份有限公司 第七届董事会第四次会议决议公告 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。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"） 第七届董事 会第四次会议通知于2025年9月4日以电子邮件形式发出，2025年9月10日上午以 现场结合通讯方式召开。本次会议应参会董事9名，亲自参会董事9名，本次会议 由董事长刘百宽先生主持，部分高级管理人员及监事列席了会议。会议的召开符 合《公司法》、《公司章程》及《董事会议事规则》的有关规定。本次会议经过 认真讨论，采取记名投票方式，审议通过了如下议案： 一、以9票赞成、0票反对、0票弃权审议通过了《关于部分可转债募投项目 结项并将节余募集资金永久补充流动资金的议案》 公司2021年公开发行可转换公司债券的募投项目中"上海研发中心建设项目" 已达到预定可使用状态，为提高资金使用效率，拟将公司2021年发行可转换公司 债券的募投项目中"上海研发中心建设项目"予以结项，并将节余募集资金用于 永久补充流动资金，同时注 ...

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。 证券代码：002225 证券简称：濮耐股份 公告编号：2025-075 濮阳濮耐高温材料（集团）股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 一、前次使用部分闲置募集资金补充流动资金的情况 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）于 2021 年 7 月 7 日召开第五届董事会第二十八次会议审议通过了《关于使用部分暂时闲置募 集资金补充流动资金的议案》。公司在不影响募集资金项目正常进行的前提下使 用暂时闲置募集资金不超过 33,500 万元补充流动资金，使用期限自董事会通过 之日起不超过十二个月。该次补流资金已于 2022 年 6 月 7 日归还至募集资金专 用账户。 2022 年 6 月 10 日公司召开第六届董事会第一次会议审议通过了《关于继续 使用部分暂时闲置募集资金补充流动资金的议案》，公司拟在不影响募集资金项 目正常进行的前提下，继续使用暂时闲置募集资金不超过 27,500 万元补充流动 资金，使用期限自董事会通过之日起不超过十二个月。该次补流资金已于 2023 年 5 月 ...