Core Viewpoint - The company is focusing on enhancing its competitive edge through a "three high positioning" strategy (high quality, high service, high value) to stabilize its pricing system amidst intense industry competition [2][5]. Pricing Strategy - The company has adopted a "three high positioning" strategy to counteract the fierce price competition in the industry, aiming to enhance product and service quality to stabilize pricing [2]. Retail Business - The retail business operates through three main channels: home decoration companies, project managers, and direct purchases by homeowners, with varying sales proportions across different regions [3]. Business Planning - The waterproof business model is maturing, and the company plans to accelerate market expansion, while the water purification business is in the optimization phase [4]. Industry Landscape - The plastic pipe industry is experiencing intensified competition among brands, leading to increased pressure on small and medium-sized enterprises and a rise in industry concentration [5]. International Strategy - The company aims to enhance its international presence by establishing production bases, expanding sales markets, building international teams, and promoting brand globalization [6]. Dividend Policy - The company maintains a stable and transparent dividend policy, with an average payout ratio of 70-80%, and plans to continue adhering to its profit distribution guidelines [7]. Engineering Business - The engineering business is facing weak market demand and intense competition, prompting the company to focus on selecting quality clients and projects while controlling accounts receivable [8]. Capital Expenditure - The company allocates approximately 300 million yuan annually for capital expenditures focused on capacity expansion and smart technology upgrades [9]. Regional Layout - A production base has been established in Xinjiang to reduce logistics costs and capitalize on national development strategies, aiming to penetrate the northwest market and extend into Central Asia [11]. Subsidiary Operations - The Singapore subsidiary has seen an improvement in gross margin due to multi-dimensional optimizations in its business model, cost control, and team development [12].

Group 1: Pricing Strategy and Market Position - The company aims to implement a "high-quality positioning" and "co-creation and win-win" philosophy to stabilize its pricing system amidst intense industry competition [2] - The retail business primarily relies on home decoration companies, project managers, and individual consumers, with varying sales channel proportions across different regions [2] Group 2: Business Development and Market Trends - The waterproof business model is mature, with plans for increased market expansion, while the water purification business is still being optimized [2] - The plastic pipe industry is highly competitive, with increasing brand competition leading to the survival challenges for small and medium enterprises, resulting in higher industry concentration [2] Group 3: Consumer Behavior and Impact - Despite the trend of consumer downgrade, essential functional products like pipes and waterproof materials remain in demand, as their procurement costs are relatively low compared to overall renovation expenses [3] Group 4: International Strategy and Financial Policies - The company plans to accelerate its international strategy, including production base layout, market expansion, and establishing overseas R&D and investment platforms [3] - The dividend policy is stable and transparent, with an average payout ratio of 70-80% since listing, adhering to the company's articles of association and future shareholder return plans [3] Group 5: Operational Insights - The company is focusing on quality transformation in its engineering business due to weak market demand and intense competition, emphasizing selective client and project engagement [3] - Capital expenditures are primarily directed towards production base expansion and equipment upgrades, averaging around 300 million yuan annually [3]

Core Viewpoint - The company, Weixing New Materials (002372.SZ), focuses on the research, manufacturing, and sales of new plastic pipes, indoor waterproofing, and whole-house water purification products, and does not engage in low-altitude economy or visual intelligence businesses [1] Group 1 - The company plans to actively seek acquisition and cooperation opportunities that align closely with its main business according to its strategic planning [1] - The goal is to continuously improve the product chain and industrial chain, promote business model upgrades, and enhance core competitiveness [1] - The company aims to achieve high-quality development through these initiatives [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 article is that Weixing New Materials is progressing steadily in its integration with Zhejiang Keri in terms of business, team, and culture [2]

Group 1 - The company has indicated that its waterproof business model is already mature and plans to further enhance market expansion efforts [2] - The water purification business is currently undergoing continuous adjustments and optimization, with a gradual improvement of its business model [2]

Group 1 - The company Weixing New Materials announced that it will participate in a research meeting with Dongfang Caifu Securities on January 7, 2026, where executives will address investor questions [1] - Executives participating in the meeting include Tan Mei, Zhang Jiajia, and Chen Yinqun [1] Group 2 - The article features an exclusive interview with a Tesla FSD (Full Self-Driving) user who claims to have driven 4,400 kilometers without taking control of the steering wheel [1] - The individual, a lidar salesperson, expresses support for Musk's "pure vision" approach to autonomous driving technology [1]

Group 1: Market Demand and Business Strategy - The market demand in the fourth quarter remains relatively weak [2] - The company maintains a cautious attitude towards engineering business, focusing on quality transformation, selective client and project engagement, and strict control of accounts receivable [2] - The retail business is primarily driven by first-time renovations, with significant regional variations in market share [2] Group 2: Business Integration and Product Planning - The integration with Zhejiang Keri is progressing smoothly in terms of business, team, and culture [2] - The waterproof business model is mature, with plans for increased market expansion; the water purification business is still being optimized [2][3] Group 3: Financial Management and Cost Control - Sales expenses have increased due to heightened investment in brand promotion, market expansion, and service improvements, as well as the consolidation of Zhejiang Keri's financials [3] - The company aims to maintain a reasonable expense ratio while continuing necessary investments in brand promotion and market development [3] Group 4: Dividend Policy and Incentives - The company's dividend policy is stable and transparent, with an average payout ratio of 70-80% since its listing, and future plans will consider various factors [3] - The company will continue to implement stock incentive plans to motivate key employees and promote mutual growth [3]

Core Viewpoint - The company, Weixing New Materials, is enhancing its manufacturing capabilities through digital transformation and innovative management practices, which are expected to strengthen its core competitiveness and improve production efficiency [1] Group 1: Digital Transformation Initiatives - The company is advancing its quality management through a digital transformation, establishing a new quality performance system to continuously improve quality assurance capabilities [1] - A comprehensive digital blueprint for production modules is being developed, optimizing business processes and resource allocation to enhance smart manufacturing levels [1] - The company is leveraging digitalization to deepen lean management and cost control, leading to improved management efficiency and effectiveness [1] Group 2: Competitive Strength and Innovation - Through manufacturing upgrades, technological innovation, management innovation, and business model innovation, the company's core competitiveness is continuously being enhanced [1] - The concept of "new quality productivity" is being promoted, reflecting the company's commitment to improving production capabilities and overall performance [1]

证券日报网讯1月8日，伟星新材（002372）在互动平台回答投资者提问时表示，公司始终坚持"稳中求 进、风险控制第一"以及"共创共赢"的指导思想，一直非常注重现金流的管理以及应收账款的管控，强 调企业的长期可持续发展，为此，公司上市以来，一直呈现稳健发展态势，并遵循《公司章程》《公司 未来三年股东回报规划》等规定坚持积极回报投资者。当然，公司也会积极把握"城市更新"和"数字基 建"等机遇，积极通过聚焦主业、创新引领、深化转型等举措，努力推动公司持续高质量发展。 ...