Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Group 1 - The core viewpoint highlights the increasing pressure in the construction materials industry, with a focus on the expected rise in real estate policies and the potential for quality leading companies in consumer building materials to gain value [2][3] - The industry is experiencing a significant downward trend, with expectations for policy tools aimed at reducing housing burdens, such as interest subsidies or tax deductions, to support housing demand [2][3] - Key companies recommended for investment include Sanhe Tree, Rabbit Baby, and Weixing New Materials, which are seen as having bottom value and potential to benefit from policy changes [2][3] Group 2 - Cement prices have slightly decreased, with demand in southern regions recovering while northern regions face weakened demand due to cold weather [3] - The national cement enterprise shipment rate is approximately 45.5%, reflecting a month-on-month decline of about 0.4 percentage points [3] - In the glass market, prices are trending downward, with an increase in inventory levels, indicating ongoing pressure on production and sales [4] Group 3 - The focus on African supply chains includes recommendations for Huaxin Cement and Keda Manufacturing, which are expected to benefit from overseas performance and domestic market recovery [5] - The stock chain is highlighted for its potential recovery, with leading companies in consumer building materials expected to see demand restoration and structural optimization [5] - Special electronic fabrics are noted for their growth potential due to high demand and supply barriers, with companies like Zhongcai Technology positioned to benefit from domestic substitution [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].

Group 1 - The company, Jianlang Hardware (002791), stated on November 25 that as of November 20, 2025, the number of shareholders is expected to be 32,100 [1]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-072 广东坚朗五金制品股份有限公司 关于为全资子公司向银行申请综合授信提供担保的 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年3 月26日、2025年4月18日分别召开第四届董事会第二十六次会议、2024 年年度股东会，审议通过了《关于2025年度为子公司提供担保额度预 计的议案》，同意公司为全资子公司广东坚朗建材销售有限公司（以 下简称"坚朗建材"）等向银行融资等其他业务提供担保，预计担保 总额度合计不超过人民币400,000.00万元。具体内容详见公司披露于 巨潮资讯网（www.cninfo.com.cn）的《关于2025年度为子公司提供 担保额度预计的公告》（公告编号：2025-014）等相关公告。 二、担保进展情况 近日，公司全资子公司坚朗建材向华夏银行股份有限公司东莞分 行（以下简称"华夏银行"）申请不超过1亿元人民币综合授信额度， 公司为坚朗建材申请综合授信额度相关事项提供最高额保证担保。 1 / 3 三、担保协议的主要内容 公司与华夏银行签署的担保协议主要内容如下： 保证人：广东坚朗五金制品股份有限公司 进展公告 ...

2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 证券代码：002791 证券简称：坚朗五金 公告编号：2025-071 广东坚朗五金制品股份有限公司 2025年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 （3）会议召开方式：本次股东会采取现场表决与网络投票相结 1 / 4 合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：董事长白宝鲲先生 （1）会议召开时间： 现场会议召开时间为：2025年11月18日下午14:30 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025 年11月18日上午9:15-9:25、9:30-11:30和下午13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为11月18 日9:15-15:00期间的任意时间。 （2）现场会议召开地点：广东省东莞市塘厦镇坚朗路3号公司总 部会议室。 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公 司股东会规则》《深 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东坚朗五金制品股份有限公司 2025 年第三次临时股东会的 法律意见书 国枫律股字[2025]A0567 号 致：广东坚朗五金制品股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司2025年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广 东坚朗五金制品股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜， ...

Core Viewpoint - The stock of Jianlang Hardware has experienced fluctuations, with a recent decline of 2.02%, reflecting a total market capitalization of 8.585 billion yuan and a trading volume of 115 million yuan [1] Group 1: Stock Performance - Jianlang Hardware's stock price has increased by 7.62% year-to-date, with a 2.45% rise over the last five trading days, a 10.27% increase over the last 20 days, and an 8.98% increase over the last 60 days [1] - As of November 10, the number of shareholders for Jianlang Hardware reached 33,000, an increase of 0.83% from the previous period, while the average circulating shares per person decreased by 0.82% to 5,804 shares [2] Group 2: Financial Performance - For the period from January to September 2025, Jianlang Hardware reported a revenue of 4.297 billion yuan, a year-on-year decrease of 12.50%, and a net profit attributable to shareholders of 16.5603 million yuan, down 49.61% year-on-year [2] - Since its A-share listing, Jianlang Hardware has distributed a total of 621 million yuan in dividends, with 134 million yuan distributed over the past three years [3] Group 3: Business Overview - Jianlang Hardware, established on June 26, 2003, and listed on March 29, 2016, specializes in the research, production, and sales of mid-to-high-end building door and window hardware systems and related metal components [1] - The company's main business revenue composition includes: door and window hardware systems (41.47%), other building hardware products (15.79%), home products (15.49%), door and window accessories (9.33%), point-supported glass curtain wall components (6.95%), door control hardware systems (5.76%), stainless steel railing components (4.01%), and other (1.19%) [1]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-070 广东坚朗五金制品股份有限公司 关于董事减持股份实施完成的公告 董事张德凯先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年 10月20日披露了《关于董事减持股份的预披露公告》（公告编号： 2025-063）。公司董事张德凯先生计划自减持公告披露之日起15个交 易日之后的3个月内（即自2025年11月11日至2026年2月10日）以集中 竞价方式减持本公司股份不超过500,000股（占本公司总股本比例 0.14%）。 近日，公司收到张德凯先生的《关于公司股份减持计划实施完成 的告知函》。现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持占 总股本 | | --- | --- | --- | --- | --- | --- | | | | | （元/股） | （股） | 比例 | | 张 ...

Core Viewpoint - The company Jianlang Hardware stated on November 11 that as of November 10, 2025, the number of shareholders is expected to reach 32,955 [2] Summary by Categories Company Information - Jianlang Hardware has projected that the number of shareholders will be 32,955 by November 10, 2025 [2] Industry Context - No specific industry context was provided in the news article [2]