Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

Market Performance - The other electronic sector increased by 1.37% on September 29, with Xiangnon Chip leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Gainers - Xiangnon Chip (300475) closed at 84.26, up 8.23% with a trading volume of 418,800 shares and a transaction value of 349 million [1] - Yachuang Electronics (660106) closed at 42.84, up 8.05% with a trading volume of 184,400 shares and a transaction value of 802 million [1] - Tailong Co. (300650) closed at 21.53, up 4.82% with a trading volume of 342,400 shares and a transaction value of 730 million [1] Top Losers - Wolong Nuclear Materials (002130) closed at 30.96, down 4.71% with a trading volume of 2,167,600 shares and a transaction value of 6.791 billion [2] - Xuguang Electronics (600353) closed at 16.68, down 1.88% with a trading volume of 234,500 shares and a transaction value of 390 million [2] - Hanshuo Technology (301275) closed at 53.87, down 1.16% with a trading volume of 14,100 shares and a transaction value of 75.8 million [2] Capital Flow - The other electronic sector experienced a net outflow of 969 million from main funds, while retail investors saw a net inflow of 884 million [2] - The main funds' net inflow and outflow for specific stocks varied, with Zhongrong Electric (301031) seeing a net outflow of 58.59 million from main funds [3] Individual Stock Analysis - Yachuang Electronics (301099) had a net inflow of 54.64 million from main funds, while retail investors experienced a net outflow of 65.18 million [3] - Liyuan Information (300184) had a net inflow of 36.39 million from main funds, with a minimal net inflow from retail investors [3] - Guoli Electronics (688103) saw a net inflow of 25.20 million from main funds, while retail investors had a net outflow of 11.80 million [3]

Core Viewpoint - Jiemai Technology announced that the "Jiemai Convertible Bond" will resume conversion into shares starting from September 30, 2025, following the equity registration date for the semi-annual distribution of rights [2] Group 1 - The announcement was made on the evening of September 24 [2] - The resumption of conversion is in accordance with relevant regulations [2] - The specific date for the resumption of conversion is set for the first trading day after the equity registration date [2]

证券代码：002859 证券简称：洁美科技 公告编号：2025-066 债券代码：128137 债券简称：洁美转债 浙江洁美电子科技股份有限公司 特别提示： 1、债券代码：128137 债券简称：洁美转债 2、转股期限：2021 年 5 月 10 日至 2026 年 11 月 3 日 3、暂停转股时间：2025 年 9 月 18 日起至 2025 年 9 月 29 日 4、恢复转股时间：2025 年半年度权益分派股权登记日后的第一个交易日（2025 年 9 月 30 日） 浙江洁美电子科技股份有限公司（以下简称"公司"）因实施 2025 年半年度权益分 派，根据《浙江洁美电子科技股份有限公司公开发行可转换公司债券募集说明书》中的规 定，公司可转换公司债券（债券代码：128137；债券简称：洁美转债）自 2025 年 9 月 18 日至 2025 年半年度权益分派股权登记日（2025 年 9 月 29 日）止暂停转股。具体内容详 见公司于 2025 年 9 月 16 日在《证券时报》《证券日报》《中国证券报》《上海证券报》、 巨潮资讯网（www.cninfo.com.cn）披露的《关于实施权益分派期间"洁美转债 ...

Company Overview - Jiemai Technology Co., Ltd. is located in Anji Economic Development Zone, Zhejiang Province, and was established on April 9, 2001. The company went public on April 7, 2017. Its main business involves the research, production, and sales of electronic component thin carrier tapes [1]. - The revenue composition of Jiemai Technology includes 83.94% from electronic packaging materials, 12.02% from electronic-grade film materials, and 4.04% from other sources [1]. Stock Performance - As of September 24, Jiemai Technology's stock price increased by 2.21% to 31.86 CNY per share, with a total market capitalization of 13.73 billion CNY. The trading volume reached 94.56 million CNY, with a turnover rate of 0.74% [1]. - Year-to-date, the stock price has risen by 54.43%. Over the past five trading days, it has decreased by 1.91%, while it has increased by 8.96% over the last 20 days and by 60.83% over the last 60 days [1]. Financial Performance - For the first half of 2025, Jiemai Technology reported a revenue of 962 million CNY, representing a year-on-year growth of 14.67%. However, the net profit attributable to shareholders decreased by 18.78% to 98.49 million CNY [2]. - Since its A-share listing, Jiemai Technology has distributed a total of 673 million CNY in dividends, with 274 million CNY distributed over the past three years [3]. Shareholder Information - As of September 19, the number of shareholders for Jiemai Technology reached 14,300, an increase of 8.79% from the previous period. The average number of circulating shares per person decreased by 8.08% to 28,461 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.6083 million shares, an increase of 226,400 shares from the previous period [3].

Group 1 - Xinxiang Chemical Fiber will suspend production for approximately 90 days starting October 1, 2025, affecting an annual capacity of 31,200 tons, resulting in a revenue decrease of approximately 185 million yuan and a profit reduction of about 48 million yuan [1] - Bozhong Precision plans to transfer 18.29% of its stake in Suzhou Linghou Robot for 64 million yuan, retaining a 21.61% ownership post-transaction [1] - Haixing Electric is a recommended candidate for a State Grid procurement project, with an expected bid amount of approximately 128 million yuan [2] Group 2 - Samsung Medical is a recommended candidate for multiple State Grid procurement projects, with a total expected bid amount of approximately 193 million yuan [2][3] - Youxunda is a recommended candidate for a State Grid procurement project, with a bid amount of approximately 107 million yuan, representing 10.55% of its 2024 revenue [3] - Tiancheng Self-Control has received a notification for a seat assembly project from a well-known domestic new energy vehicle company, expected to start mass production in June 2026 [4] Group 3 - YKYY013 injection has received FDA approval for clinical trials to treat chronic hepatitis B virus infection [4] - Pulaide has signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [4] - Sichuan Shuangma's subsidiary has obtained GMP certification from Russia, covering core aspects of drug quality and production systems [6] Group 4 - Boshi Co. has signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [7] - Wansheng Intelligent is a recommended candidate for a State Grid project, with an expected bid amount of approximately 67.98 million yuan, representing 7.25% of its 2024 revenue [9][10] - Huazi Industrial plans to sell its dairy farm assets for 38.5 million yuan, expecting a positive impact of approximately 11.7 million yuan on its current profits [10] Group 5 - Jinguang Electric has won a State Grid project with a total bid amount of approximately 28.4 million yuan, accounting for 3.82% of its 2024 revenue [11] - Nanjiao Food reported a net profit of 10,410 yuan for August, a year-on-year decrease of 98.31% [13] - Dongfang Bio's subsidiary has obtained registration certificates for two medical device products [15] Group 6 - Lanhua Kecai has signed a strategic cooperation agreement with Shanghai Pangu Power to promote intelligent and efficient transformation in the coal mining industry [17] - Yabao Pharmaceutical has decided to terminate the SY-009 research project, with a total investment of approximately 87.87 million yuan to be fully impaired [18] - Tian Shili's subsidiary has received approval for a new indication for its recombinant human urokinase injection for acute ischemic stroke treatment [20] Group 7 - Su Yan Jingshen's executives plan to increase their shareholding in the company, with a total investment of between 1.9 million and 2.66 million yuan [22] - Baiyun Electric and its subsidiary have won a State Grid project with a total bid amount of approximately 162 million yuan, covering multiple equipment types [23] - China West Electric's director has resigned due to work reasons, effective September 19, 2025 [25] Group 8 - Jianan Intelligent is a recommended candidate for a State Grid project with a total expected bid amount of approximately 73.12 million yuan [26] - Juhua Technology is a recommended candidate for a State Grid project with a total expected bid amount of approximately 142 million yuan [27] - Tengyuan Cobalt's actual controller has committed not to reduce holdings for the next 12 months, holding 37.89% of the total shares [28] Group 9 - Changfei Optical Fiber announced that Draka Comteq B.V. no longer holds H shares in the company after selling 37.59 million shares [28] - Mongcao Ecological's subsidiary has signed a contract for an ecological restoration project worth 225.2 million yuan [29] - Weiao Co. plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 39.29 million yuan [30]

Company Overview - Jiemai Technology, established on April 9, 2001, is located in the Sunshine Industrial Park of Anji Economic Development Zone, Zhejiang Province. The company was listed on April 7, 2017. Its main business involves the research, production, and sales of electronic component thin carrier tapes [1]. - The revenue composition of Jiemai Technology includes 83.94% from electronic packaging materials, 12.02% from electronic-grade film materials, and 4.04% from other sources [1]. Stock Performance - As of September 22, Jiemai Technology's stock price was 31.35 CNY per share, with a market capitalization of 13.51 billion CNY. The stock has increased by 51.96% year-to-date, but has seen a decline of 2.67% over the last five trading days [1]. - The trading volume on September 22 was 42.83 million CNY, with a turnover rate of 0.33%. The net outflow of main funds was 308,400 CNY, while large orders saw a buy of 7.62 million CNY and a sell of 8.36 million CNY [1]. Financial Performance - For the first half of 2025, Jiemai Technology reported a revenue of 962 million CNY, representing a year-on-year growth of 14.67%. However, the net profit attributable to shareholders decreased by 18.78% to 98.49 million CNY [2]. - Since its A-share listing, Jiemai Technology has distributed a total of 673 million CNY in dividends, with 274 million CNY distributed over the past three years [3]. Shareholder Information - As of September 10, the number of shareholders for Jiemai Technology was 13,100, a decrease of 2.58% from the previous period. The average number of circulating shares per person increased by 2.65% to 30,962 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.6083 million shares, an increase of 226,400 shares from the previous period [3].

Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. has announced its 2025 semi-annual cash dividend distribution plan, which includes a cash dividend of RMB 1.00 per 10 shares, totaling approximately RMB 42.6 million, based on the adjusted total share capital after accounting for repurchased shares [2][4][17]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of RMB 1.00 per 10 shares (including tax) to all shareholders, with a total distribution amount of RMB 42,597,975.60 (including tax) based on a total share capital of 425,979,756 shares after excluding repurchased shares [2][4][18]. - The dividend distribution will occur on September 30, 2025, with the record date set for September 29, 2025 [8][9]. Adjustments Due to Share Changes - The total share capital may change due to the conversion of the "Jiemai Convertible Bonds" during the dividend distribution period, but the distribution ratio will remain unchanged at RMB 1.00 per 10 shares [3][17]. - The adjusted total share capital for the dividend distribution is 425,979,756 shares after excluding 4,957,500 repurchased shares [4][18]. Convertible Bond Price Adjustment - The conversion price of the "Jiemai Convertible Bonds" will be adjusted from RMB 26.56 to RMB 26.46 per share, effective from September 30, 2025, due to the cash dividend distribution [16][21]. - The adjustment is calculated by deducting the cash dividend per share from the original conversion price [21].

浙江洁美电子科技股份有限公司 关于根据 2025 年半年度利润分配实施方案 调整"洁美转债"转股价格的公告 本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： 一、关于"洁美转债"转股价格调整的相关规定及调整依据 证券代码：002859 证券简称：洁美科技 公告编号：2025-065 债券代码：128137 债券简称：洁美转债 自公司分配方案披露至实施期间，因可转债转股公司总股本发生变化，现有总股本 为 430,937,256 股。因公司已回购股份不享有利润分配、公积金转增股本的权利，公司 将以现有总股本 430,937,256 股，剔除已回购股份 4,957,500 股后的 425,979,756 股为基 数，向全体股东每 10 股派发现金红利 1.00 元（含税），合计分红总金额 42,597,975.60 元（含税） 经中国证券监督管理委员会"证监许可[2020]2323 号"文核准，浙江洁美电子科技 股份有限公司（以下简称"公司"）于 2020 年 11 月 4 日发行了总额为人民币 60,000.00 万元可转债，每张面值为人民币 100 元 ...

| 证券代码：002859 | 证券简称：洁美科技 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：128137 | 债券简称：洁美转债 | | 公司发行的可转换公司债券"洁美转债"的转股起止时间为 2021 年 5 月 10 日至 2026 年 11 月 3 日，鉴于公司将实施 2025 年半年度分红派息，为保证本 1 次分红派息实施期间总股本不发生变化，"洁美转债"在 2025 年 9 月 18 日至 2025 年半年度权益分派股权登记日暂停转股，具体内容详见公司于 2025 年 9 月 16 日在巨潮资讯网上披露的《关于实施权益分派期间"洁美转债"暂停转股的 提示性公告》（公告编号：2025-063）。 自公司分配方案披露至实施期间，因可转债转股公司总股本发生变化，现 有总股本为 430,937,256 股。因公司已回购股份不享有利润分配、公积金转增股 本的权利，公司将以现有总股本 430,937,256 股，剔除已回购股份 4,957,500 股 后的 425,979,756 股为基数，向全体股东每 10 股派发现金红利 1.00 元（含税）， 合计分红总金额 ...