Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Greater China Materials** industry, highlighting a **liquidity-driven bull market** supported by **supply disruptions** that are positively impacting commodity prices. The preference is for **gold, copper, and aluminum equities** in this environment [1][4][10]. Core Insights and Arguments - **Commodity Price Forecasts**: - **Aluminum**: Morgan Stanley forecasts $2,659 per ton for 2H2025, which is 6% higher than consensus. For CY2026, the forecast is $2,750, 8% above consensus [10]. - **Copper**: Expected price of $10,047 per ton for 2H2025, 5% above consensus, and $10,650 for CY2026, 9% above consensus [10]. - **Gold**: Projected at $3,719 per ounce for 2H2025, 9% above consensus, and $4,400 for CY2026, 34% above consensus [10]. - **Steel Demand Drivers**: - The **China Steel Demand Drivers** for 2025 include: - **Machinery**: 30% - **Infrastructure**: 17% - **Residential Property**: 14% - **Auto**: 9% [17][19]. - **Copper Consumption Index**: The **China Copper Consumption Index** indicates a significant reliance on sectors such as **Power (47%)**, **White Goods (15%)**, and **Auto (10%)** [21][22]. - **Aluminum Demand Breakdown**: The **China aluminum demand** is driven by: - **Property**: 22% - **Passenger Vehicles**: 20% - **Grid Investment**: 11% [27]. Additional Important Insights - **Infrastructure Spending**: - Infrastructure spending has partially offset the slowdown in new property starts, with a **5.4% YoY increase** in infrastructure spending for the first eight months of 2025 [35][55]. - **Weekly Shipments**: - Weekly cement and rebar shipments in China are being monitored, indicating trends in demand and supply dynamics [55][56]. - **Market Sentiment**: - The overall sentiment in the materials sector remains **attractive**, with Morgan Stanley's research indicating potential conflicts of interest due to business relationships with covered companies [4][5]. - **Analyst Team**: The call featured insights from a team of equity analysts at Morgan Stanley, emphasizing the importance of their research in investment decision-making [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the Greater China Materials industry and its current market dynamics.

Summary of Conference Call Notes Industry Overview - **Industry**: Building Materials, specifically focusing on cement and related materials in China - **Key Theme**: The anti-involution theme may lead to consolidation and capacity closures in the cement industry due to weak property sales impacting demand for building materials [1][2] Company-Specific Insights Zhuzhou Kibing Group Co Ltd (601636.SS) - **Price Target Change**: Increased from Rmb4.90 to Rmb5.20 - **Rating**: Downgraded to Underweight [1][6] Anhui Honglu Steel Construction (002541.SZ) - **Price Target Change**: Decreased from Rmb20.00 to Rmb19.00 - **Rating**: Downgraded from Overweight to Equal-weight [1][6] Weixing New Building Materials (002372.SZ) - **Price Target Change**: Decreased from Rmb14.40 to Rmb8.60 - **Rating**: Downgraded from Overweight to Underweight [1][6] China Lesso Group Holdings Ltd (2128.HK) - **Price Target Change**: Decreased from HK$4.20 to HK$3.80 - **Rating**: Downgraded from Equal-weight to Underweight [1][6] Market Dynamics - **Cement Supply Controls**: Policies introduced to control overproduction, targeting a reduction of 20-30% of excess capacity. Expected that ~20% of capacity will exit the industry during 2025-26, benefiting industry leaders through consolidation [2] - **Late-Cycle Building Materials**: Anticipated slow recovery due to declining property starts and completions. Some demand support may arise from secondary home sales and government programs [3] - **Float Glass Market**: Prices have slightly rebounded due to joint price increases, but overall demand remains muted, leading to continued downward pressure on prices [4] Financial Estimates and Changes - **Weixing New Building Materials**: - EPS estimates lowered by 24%/20%/25% for 2025-27 due to slow recovery in demand [11] - Revenue growth forecasts for PPR and PE pipes are negative for 2025, with expected declines of 5% and 7% respectively [18][26] - **China Lesso**: EPS estimates lowered by 10% for 2025-27 due to falling raw material prices [11] - **Honglu Steel**: EPS estimates lowered by 39%/28%/29% for 2025-27 due to reduced government subsidies and slowed capacity expansion [11] Risk Factors - **Weixing New Building Materials**: Continuous demand drag from property and infrastructure remains a significant risk. The company has maintained a high payout ratio but faces challenges in revenue growth [20][27] Conclusion - The building materials industry in China is facing significant challenges due to weak property sales and overcapacity. Companies are adjusting their price targets and ratings in response to these market conditions. The outlook for major players like Weixing and Honglu Steel indicates a cautious approach moving forward, with potential consolidation in the cement sector as a response to supply controls.

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% over the next 6 to 12 months [5][89]. Core Views - The introduction of the "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)" aims to enhance profitability and strengthen industry management, promoting a competitive environment [1][3]. - Cement prices have seen a significant increase of 1.5% recently, with expectations for further price hikes as companies strive to meet annual growth targets [2][22]. - The glass market is experiencing a slight price increase, supported by downstream replenishment, although demand acceptance at higher prices remains limited [2][37]. - The fiberglass market shows stable pricing for non-alkali yarn, while electronic yarn remains in high demand, indicating a robust market for high-end products [2][54]. Summary by Sections Cement - National cement prices have risen significantly, with a 1.5% increase noted. Companies are expected to continue pushing for price increases as the fourth quarter approaches [2][22]. - The report anticipates that cement companies will maintain upward price momentum to achieve annual growth targets [2][22]. Glass - Float glass prices have shown a slight increase, supported by replenishment from downstream sectors, although the acceptance of high prices is limited [2][37]. - The photovoltaic glass market has seen a slight decline in demand, with inventory levels increasing, but manufacturers are maintaining stable pricing strategies [2][45]. Fiberglass - The price of non-alkali yarn remains stable, with mainstream prices for 2400tex yarn at 3250-3700 CNY/ton, while electronic yarn prices are stable due to high demand in the high-end market [2][54]. Investment Recommendations - The report suggests focusing on the cement and glass sectors due to stricter supply controls and improving profitability. Recommended companies include Conch Cement, Huaxin Cement, and Qibin Group [3][5]. - For fiberglass, companies like China National Materials and China Jushi are highlighted as beneficiaries of structural demand growth [3][5]. - In the construction sector, a recovery in infrastructure investment is anticipated, with recommendations for companies such as China Railway Construction and China State Construction [3][5].

Group 1 - The core point of the article highlights that Weixing New Materials (SZ 002372) held a temporary board meeting on September 29, 2025, to review the proposal for amending the "Independent Director Work System" [1] - For the first half of 2025, Weixing New Materials reported that 99.08% of its revenue came from manufacturing, while other businesses contributed only 0.92% [1] - As of the report, Weixing New Materials has a market capitalization of 16 billion yuan [1] Group 2 - The article discusses the competitive landscape between Farmer and Yibao, indicating that after the launch of Farmer's green bottle, Yibao experienced a significant decline in market share, dropping nearly 5 percentage points [1] - The report suggests that while Farmer gained market share, the real beneficiary of this competition appears to be Zong Fuli [1]

（2025 年 9 月修订） 浙江伟星新型建材股份有限公司 筹资管理制度 （修改部分用楷体加粗标示） 浙江伟星新型建材股份有限公司 筹资管理制度 第一章 总 则 第一条 为了进一步规范浙江伟星新型建材股份有限公司(以下简称"公司")经营运作 中的筹资行为，合理配置财务资源，满足生产经营和持续发展的资金需求，降低筹资成本， 有效防范财务风险，维护公司和投资者的合法权益，根据《中华人民共和国公司法》《中华 人民共和国证券法》等法律法规、规范性文件规定以及《公司章程》的规定，结合公司实际 情况，特制定本制度。 第二条 本制度适用于公司、公司控股子公司的筹资行为。本制度所称筹资，是指公司 为了满足生产经营发展需要，通过发行股票、债券以及向银行等金融机构借款等形式筹集资 金的活动。 第三条 公司筹资活动应符合公司战略发展规划，应考虑企业资金、筹资成本、资本结 构和偿债能力等因素。 第二章 组织机构和职责 第四条 公司证券部是公司在证券市场发行公司股票、债券的承办部门，负责联络中介 机构、拟定发行公司股票或债券筹资方案和相关文件的准备、起草、归集、协助申报，并负 责相关筹资文件的收集、整理、归档、保管；负责所有筹资业务相 ...

(修改部分用楷体加粗标示) （2025 年 9 月修订） 浙江伟星新型建材股份有限公司 募集资金管理制度 第一章 总 则 第一条 为规范浙江伟星新型建材股份有限公司（以下简称"公司"）募集资金的存放、 使用和管理，提高募集资金使用效率，根据中国证券监督管理委员会（以下简称"中国证 监会"）《上市公司募集资金监管规则》，深圳证券交易所（以下简称"深交所"） 《股票上 市规则》（以下简称"《上市规则》"）《上市公司自律监管指引第 1 号——主板上市公司规范 运作》（以下简称"《规范运作》"）等法律、法规和规范性文件的规定并结合公司的实际情 况，特制定本制度。 浙江伟星新型建材股份有限公司 募集资金管理制度 第六条 公司应当真实、准确、完整地披露募集资金的实际使用情况。出现严重影响募 集资金投资计划正常进行的情形时，应当及时公告。 第二章 募集资金专户存储 第二条 本制度所称募集资金，是指公司通过发行股票或者其他具有股权性质的证券， 向投资者募集并用于特定用途的资金，但不包括上市公司为实施股权激励计划募集的资金。 第三条 募集资金包括超募资金，超募资金是指公司实际募集资金净额超过计划募集资 金金额。 第七条 公司应 ...

浙江伟星新型建材股份有限公司 对外投资管理制度 （修改部分用楷体加粗标示） （2025 年 9 月修订） 浙江伟星新型建材股份有限公司 对外投资管理制度 第一章 总 则 第一条 为了加强浙江伟星新型建材股份有限公司（以下简称"公司"）对外投资的管理， 规范公司对外投资行为，提高资金运作效率，保障公司对外投资的保值、增值，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》（以下简称"《股票上市规则》"）、《上市公司自 律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等有关规定，结合公司实 际情况，特制定本制度。 第二条 本制度所称对外投资是指公司对外进行的投资行为（含对子公司投资、委托理 财等），具体分为： 主营业务投资：公司将货币资金以及经资产评估后的房屋、机器、设备、物资等实物， 以及专利权、技术诀窍、商标权、土地使用权等无形资产作价出资，进行各种形式用于主营 业务发展的投资； 非主营业务投资：证券投资、衍生品交易、房地产、委托经营、委托理财等法律、法规 允许的投资等。 第三条 制定本制度旨在建立有效的管 ...

浙江伟星新型建材股份有限公司 累积投票制实施细则 浙江伟星新型建材股份有限公司 累积投票制实施细则 第一条 为了进一步完善浙江伟星新型建材股份有限公司（以下简称"公司"）法人治 理结构，保证所有股东充分行使权利，根据中国证券监督管理委员会《上市公司章程指引》 《上市公司股东会规则》等有关规定，特制定本细则。 第二条 本实施细则所指的累积投票制，是指股东会在选举两名以上（含两名）董事时 采用的一种投票方式。即公司选举董事时，每位股东所持有的每一股都拥有与应选董事总人 数相等的投票权，股东既可以用所有的投票权集中选举一人，也可以分散选举数人，最后按 得票多少依次决定董事人选。 （修改部分用楷体加粗标示） （2025 年 9 月修订） 1、每位股东所持有表决权的股份数量乘以本次股东会应选举董事人数之积，即为该股 东所拥有的选举票数（即股东累积表决票数）。股东可以将所拥有的选举票数以应选人数 为限在候选人中任意分配（可以投出零票），但总数不得超过其拥有的选举票数。 2、股东会进行多轮选举时，应根据每轮选举应当选举董事人数重新计算股东累积表决 票数。 3、公司董事会秘书应当在每轮累积投票表决前，宣布每位股东的累积表决票 ...

浙江伟星新型建材股份有限公司 独立董事工作制度 （修改部分用楷体加粗标示） （2025 年 9 月修订） 浙江伟星新型建材股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步完善浙江伟星新型建材股份有限公司（以下简称"公司"）的法人治 理结构，规范公司独立董事行为，充分发挥其在公司治理中的积极作用，根据《中华人民共 和国公司法》、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司章程指引》 《上市公司独立董事管理办法》、深圳证券交易所（以下简称"深交所"）《股票上市规则》 《上市公司自律监管指引第1号——主板上市公司规范运作》等有关法律、法规和《公司章 程》的规定，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、实 际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断的关系的董 事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行政法规、 中国证监会规定、深交所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥 参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 独立董 ...

证券代码：002372 证券简称：伟星新材 公告编号：2025-033 浙江伟星新型建材股份有限公司 关于召开 2025 年第一次临时股东大会的通知 浙江伟星新型建材股份有限公司（以下简称"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。 根据《中华人民共和国公司法》《深圳证券交易所股票上市规则》和《公司章程》等有 关规定，公司定于2025年10月16日在浙江省临海市崇和路238号远洲国际大酒店二楼会议厅 召开公司2025年第一次临时股东大会，有关具体事项如下： 一、召开会议基本情况 1、股东大会届次：公司2025年第一次临时股东大会。 2、会议召集人：公司董事会。公司第六届董事会第十六次（临时）会议审议通过了《关 于召开2025年第一次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合法律法规、深圳证券交 易所（以下简称"深交所"）业务规则和《公司章程》等规定。 4、会议召开日期和时间： （1）现场会议时间：2025年10月16日（星期四）14:30开始。 （2）网络投票时间：2025年10月16日。其中，通过深交所交易系统进行 ...