Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]

Core Viewpoint - The article discusses the 16th Investor Relations Management Forum held in Yangzhou, where the winners of the Tianma Award for outstanding investor relations management were announced, highlighting the importance of effective communication between listed companies and their investors [1][2]. Group 1: Tianma Award Overview - The Tianma Award, organized by the Securities Times, is one of the earliest evaluation activities focused on investor relations management in China's capital market [2]. - The award aims to enhance the investor relations management level of listed companies and recognize those that excel in this field [2]. Group 2: Award Categories - Six categories of awards were presented: 1. Investor Relations Management Tianma Award 2. Outstanding Secretary of the Board Award 3. Excellent Team Award 4. Shareholder Return Award 5. Innovative Practice Award 6. Hong Kong Stock Market Investor Relations Management Tianma Award [2]. Group 3: Award Winners - A list of companies that received awards includes notable names such as BYD (002594), Mindray Medical (300760), and Yunnan Copper (000878) among others [3][4][5][6][8][9]. - The awards recognize companies across various sectors, indicating a broad commitment to improving investor relations [3][4][5][6][8][9]. Group 4: Notable Individuals - The article also highlights the names of secretaries of the board from awarded companies, showcasing the individuals who play a crucial role in investor relations [8][10]. - This recognition emphasizes the importance of leadership in fostering effective communication with investors [8][10]. Group 5: Hong Kong Stock Market Awards - The article lists the winners of the Hong Kong Stock Market Investor Relations Management Tianma Award, including companies like China Merchants Industry Holdings (1919.HK) and Kuaishou Technology (1024.HK) [19]. - This segment illustrates the growing recognition of investor relations practices in the Hong Kong market [19].

证券代码：002372 证券简称：伟星新材 公告编号：2025-020 浙江伟星新型建材股份有限公司 关于购买银行理财产品的进展公告 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。 经 2025 年 5 月 7 日公司 2024 年度股东大会审议通过，公司及子公司在保证正常经营及 资金安全的前提下使用不超过人民币 12 亿元的闲置自有资金开展投资理财业务，投资期限 自 2025 年 5 月 7 日-2026 年 5 月 6 日。在上述额度内资金可以循环使用，并授权董事长行 使该项投资决策权及签署相关合同文件，具体内容详见 2025 年 4 月 16 日、5 月 8 日刊载于 《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）等相关公告。 截至本公告披露日，公司及全资子公司临海伟星新型建材有限公司（以下简称"临海新 材"）已使用部分闲置自有资金购买了银行理财产品，现将有关情况公告如下： 一、购买银行理财产品的具体情况 （一）2025 年 5 月，公司使用 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][8].

Market Demand and Pricing Strategy - Current market demand is relatively weak, continuing previous trends [2] - The company will not adjust pricing strategies through product price reductions, focusing instead on a "three high" positioning: high-end brand, high-end service, and high-end value [2] - This strategy may lead to short-term sales challenges due to a competitive market environment [2] Retail Business Stability and Development - The retail business price stability is supported by enhancing product and service quality [2] - Efforts in retail are focused on three areas: improving channel construction to increase market share, expanding product categories to boost average customer spending, and upgrading business models to strengthen core competitiveness [2][3] Market Expansion Efforts - Expansion in the South China market is slow due to consumer habits and competition, but there is gradual improvement through partnerships with home decoration companies [3] - The company's international strategy is in the early stages, focusing on building marketing networks, developing international teams, and establishing production bases, with overseas business currently accounting for about 6% of total sales [3] Cost and Expense Management - The company aims to enhance cost and expense control, focusing on "input-output" analysis to maintain reasonable cost and expense ratios [3] - Initial results of sales expense control were observed in the first quarter of 2025 [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The cement clinker price in the Yangtze River Delta has increased by 30 CNY/ton, indicating a positive shift in market sentiment and a proactive approach from companies to stabilize prices and protect profits [3][14] - The overall cement shipment rate in May was 48%, showing a slight decline year-on-year, but the recent price increase is expected to boost market confidence [3][17] - The report highlights that traditional building materials are nearing a cyclical bottom, while new materials are expected to continue their growth trajectory due to high demand and domestic substitution opportunities [19] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.08%, while the building materials sector rose by 0.59%, with the ceramics sector showing the highest increase of 3.77% [12][17] - Key stocks in the recommended portfolio include Zhongcai Technology (+5.1%), Western Cement (+4.1%), and others [12][19] Price Trends and Market Sentiment - The sales area of commercial housing in 30 major cities decreased by 2.46% year-on-year, but government policies are aimed at stabilizing the real estate market [2][14] - The report anticipates that cement prices will rise following the clinker price increase, supported by a decrease in coal prices [3][14] Key Sub-Industries Tracking - Cement: The national average price fell by 0.8%, but the Yangtze River Delta has initiated price increases, indicating potential stabilization in the market [17] - Glass: The photovoltaic glass market is under pressure, with prices declining, while float glass prices have also seen a slight decrease [18][19] - Fiberglass: The market for alkali-free yarn continues to decline, with prices dropping by 0.62% week-on-week [19] Long-term Value and Growth Potential - Traditional building material leaders are expected to show significant long-term value, while new energy materials are likely to continue their growth [19] - Recommendations include companies like Western Cement, Huaxin Cement, and others that are positioned to benefit from improving infrastructure and real estate demand [19]

证券代码：002372 证券简称：伟星新材 公告编号：2025-019 2、本分配方案自披露至实施期间，公司股本总额未发生变化。若公司股本总额在权益 分派实施前发生变化，公司将按照每股分配金额不变的原则，相应调整分配总额。 浙江伟星新型建材股份有限公司 2024年度权益分派实施公告 浙江伟星新型建材股份有限公司（以下简称"公司""我公司"）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。 特别提示： 1、根据《中华人民共和国公司法》的规定，公司回购专用证券账户持有的 20,170,000 股不享有参与本次权益分派的权利。本次权益分派方案为：以现有总股本剔除回购股份 20,170,000 股后的 1,571,867,988 股为基数，向全体股东每 10 股派发现金红利 5.00 元(含 税)。 2、根据股票市值不变原则，实施权益分派前后公司总股本保持不变，现金分红总额分 摊到每一股的比例将减小，因此，在除息价格计算时，每股现金红利应以 0.4936653 元/股 计算（每股现金红利=现金分红总额/总股本，即 0.4936653 元/股=785,933,994.00 元÷ ...

Group 1: Dividend Policy and Financial Performance - The company's dividend policy is stable and transparent, adhering to the company charter and future three-year shareholder return plan [2] - In Q1 2025, retail sales revenue decreased year-on-year due to three main factors: overall weak market demand, high base from the previous year, and emphasis on "three highs" positioning affecting sales [2] - The average household expenditure for PPR products is approximately 1,000-2,000 RMB for a 100 square meter house [2][3] Group 2: Market Strategy and Services - The company stabilizes its pricing system primarily through product and service enhancements [2] - The "Star Housekeeper" service was introduced to provide reliable pipeline systems and reduce installation risks through various support measures [3] - The competitive landscape in the plastic pipe industry is intense, with significant competition among brand enterprises and challenges for small and medium-sized companies [3] Group 3: Policy Impact and Future Outlook - The "Underground Pipeline" policy has a positive impact on the company, although its application in plastic pipes is limited [3] - The "Urban Renewal" policy benefits the company by facilitating retail and construction engineering businesses through the renovation of old neighborhoods [3] - The company's overseas business has shown significant year-on-year growth, although it remains a small proportion of total operations, with future expectations for steady growth [3]

Investment Rating - The report maintains an "Overweight" rating for the building materials sector [6]. Core Insights - The building materials sector experienced a convergence of non-operational disturbances in 2024, with signs of operational turning points emerging in Q1 2025. The sector faced a challenging environment characterized by strong expectations but weak realities, leading to a decline in revenue and profit margins due to intense price competition and a sluggish recovery in downstream real estate [1][2][5]. - The report highlights that the issuance of special bonds has accelerated, stabilizing infrastructure demand and improving retail demand for building materials, which has led to a narrowing of revenue declines in various sub-sectors [1][5]. - Key companies recommended for investment include Beixin Building Materials, Sankeshu, Weixing New Materials, Tubao, and China Liansu, which are expected to benefit from the recovery in building materials retail [1][5][8]. Summary by Sections Revenue and Profitability - In 2024, the tracked 31 companies in the consumer building materials sector reported revenues and net profits of 170.7 billion and 5.6 billion respectively, reflecting year-on-year declines of 6.9% and 47.8%. In Q1 2025, revenues and net profits were 32.7 billion and 1.3 billion, down 5.5% and 18.6% year-on-year [2][27][28]. - The overall gross margin for 2024 was 25.5%, down 1.4 percentage points year-on-year, while the net margin was 3.3%, down 2.6 percentage points, indicating that declining revenue and increased competition have significantly impacted profitability [2][30]. Price and Cost Dynamics - The report notes that in 2024, price competition intensified across various materials, with average prices for key raw materials such as asphalt and PVC showing declines. This has led to a lack of cost support for product pricing, further pressuring margins [3][30]. - The average price changes for major raw materials in 2024 included declines of 4.4% for asphalt and 5.6% for PVC, while some materials like epoxy showed a price increase of 5.2% [3][30]. Sub-sector Performance - Among the sub-sectors, only the gypsum board segment maintained stable growth, primarily driven by Beixin Building Materials' strong market position. Other segments like coatings, pipes, and tiles faced significant margin pressures due to intense competition [4][30]. - The report indicates that the waterproofing and board segments experienced substantial impairment losses in 2024, but the pressure is expected to ease as the market stabilizes [4][30]. Future Outlook - The report anticipates that demand for building materials may stabilize at low levels, with revenue and profit declines expected to narrow in 2025. However, ongoing price competition is likely to continue, potentially leading to further industry consolidation [5][19]. - The expected recovery in the second-hand housing market and ongoing renovation demand are projected to support retail demand for building materials, with a focus on companies that have shown signs of recovery in their Q1 2025 reports [5][19].