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]

Group 1 - The core viewpoint of the article highlights the transformation of art exhibitions, particularly the Sichuan Fine Arts Institute's graduation exhibition, into popular cultural events that resonate with the public, breaking the stereotype of art being elitist and inaccessible [3][4][6] - The exhibition features relatable artworks, such as candy sculptures and a painting likened to the "Mona Lisa," which evoke nostalgia and emotional connections among viewers, thus driving significant public interest and attendance [4][10][12] - The event has sparked discussions on consumerism and the role of art in contemporary society, with artists reflecting on personal and collective experiences through their works, leading to a deeper engagement with the audience [14][16][29] Group 2 - Various artworks from the exhibition challenge traditional perceptions of art, with some pieces provoking diverse interpretations and discussions among viewers, showcasing the complexity of familial relationships and societal pressures [30][32][34] - The graduation exhibitions from other prestigious art schools, such as the Central Academy of Fine Arts and the Guangzhou Academy of Fine Arts, also feature innovative and thought-provoking works that resonate with contemporary issues, further elevating the cultural significance of these events [18][25][27] - The article emphasizes the importance of these exhibitions in making art accessible and relevant to everyday life, encouraging dialogue about personal and societal challenges faced by the younger generation [55][58][60]

证券代码：002918 证券简称：蒙娜丽莎 公告编号：2025-037 债券代码：127044 债券简称：蒙娜转债 蒙娜丽莎集团股份有限公司 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： 债券代码：127044 债券简称：蒙娜转债 转股期起止日期：2022 年 2 月 21 日至 2027 年 8 月 15 日 暂停转股时间：2025 年 6 月 18 日至 2024 年度权益分派股权登记日 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有人注意。 特此公告。 蒙娜丽莎集团股份有限公司董事会 鉴于蒙娜丽莎集团股份有限公司（以下简称"公司"）将于近日实施 2024 年度权益 分派，根据《蒙娜丽莎集团股份有限公司公开发行可转换公司债券募集说明书》中"转股 价格的调整及计算方式"（详见附件）相关条款的规定，自 2025 年 6 月 18 日起至本次权 益分派股权登记日止，公司可转换公司债券（债券简称：蒙娜转债；债券代码：127044） 将暂停转股，本次权益分派股权登 ...

关于实施权益分派期间蒙娜转债暂停转股的公告 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： 债券代码：127044 债券简称：蒙娜转债 转股期起止日期：2022 年 2 月 21 日至 2027 年 8 月 15 日 暂停转股时间：2025 年 6 月 18 日至 2024 年度权益分派股权登记日 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 鉴于蒙娜丽莎集团股份有限公司（以下简称"公司"）将于近日实施 2024 年度权益 分派，根据《蒙娜丽莎集团股份有限公司公开发行可转换公司债券募集说明书》中"转股 价格的调整及计算方式"（详见附件）相关条款的规定，自 2025 年 6 月 18 日起至本次权 益分派股权登记日止，公司可转换公司债券（债券简称：蒙娜转债；债券代码：127044） 将暂停转股，本次权益分派股权登记日 ...

Core Viewpoint - The graduation exhibitions from major art academies in China have gained significant public attention, with specific works like "Prayer" from Sichuan Fine Arts Institute and "Droplet Instrument" from China Academy of Art becoming viral sensations on social media, raising questions about the professional value of these pieces amidst their popularity [1][3][12]. Group 1: Artwork Highlights - "Droplet Instrument" combines natural water ripple effects with elements of ancient Chinese compass, featuring a dynamic design that simulates the spread of water waves through a mechanical structure [3][7]. - "Prayer" features a wooden model adorned with headphones and scarves, covered in bubble wrap, prompting discussions about its artistic technique and commentary on consumerism [13][15]. - Both artworks reflect a blend of traditional Chinese culture and contemporary artistic expression, showcasing the artists' backgrounds and inspirations [7][8][16]. Group 2: Artist Insights - The creator of "Droplet Instrument," Nie Shichang, emphasizes the importance of integrating traditional culture with modern technology in his work, which took over a year to develop [7][8]. - Anqi, the artist behind "Prayer," aims to critique consumerism through her work, which she describes as a reflection on the superficiality of modern life [15][17]. - Both artists have gained substantial social media followings due to their viral works, indicating a growing interest in their artistic journeys [18][21]. Group 3: Industry Perspectives - The popularity of these artworks raises concerns about the impact of social media on the perception of art, with some educators suggesting that the sudden fame of student works may not accurately reflect their artistic merit [17][24]. - The integration of technology in art is highlighted as a significant trend, with educators noting that this fusion has become a focal point in contemporary artistic discussions [12][24]. - The ongoing dialogue about the relationship between art and public engagement underscores the need for a balanced evaluation system that appreciates both academic rigor and popular appeal [24].

证券代码：002918 证券简称：蒙娜丽莎 公告编号：2025-035 债券代码：127044 债券简称：蒙娜转债 蒙娜丽莎集团股份有限公司 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。 一、董事会会议召开情况 具体内容详见公司于 2025 年 6 月 7 日在信息披露媒体《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于子公司签署仓库租赁合同的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届董事会第十一次会议于 2025 年 6 月 6 日在公司办公楼会议室以现场结合通讯表决方式召开，会议通知已于 2025 年 6 月 3 日通过专人送达、传真、电子邮件、电话等方式发出。本次会议由董事长萧礼标先生 主持，应出席会议董事 9 名，实际出席会议董事 9 名，其中饶平根先生以通讯表决方式出 席，公司全体监事、高级管理人员列席了会议。会议的召集、召开符合《公司法》《公司 章程》及有关法律、行政法规、部门规章、规范性文件的规定，会议合法有效。 二、董事会会议审议 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于子公司签署仓库租赁合同的公告 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。 蒙娜丽莎集团股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日召开第四届董 事会第十一次会议审议通过了《关于子公司签署仓库租赁合同的议案》，现将具体情况公 告如下： 一、交易事项概述 为满足公司日常生产经营及发展需要，公司全资子公司广东蒙娜丽莎物流服务有限公 司与佛山市永淳联仓储物流有限公司签署《仓库租赁合同》《仓库物业管理服务协议》， 承租位于佛山市高明区明城镇合和大道北侧的厂房仓库及其附属设施（含供电、供水、消 防管道等）（以下简称"租赁物"），租赁物面积共 69,784.53 平方米（按实际可使用面 积），租赁期及服务期为 6 年，租赁总金额为人民币 3,600 万元，仓库物业管理服务费总 金额为人民币 1,152 万元。 本次租赁事项不涉及关联交易 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 第四届董事会第十一次会议决议公告 为满足公司日常生产经营及发展需要，公司全资子公司广东蒙娜丽莎物流服务有限公 司与佛山市永淳联仓储物流有限公司签署《仓库租赁合同》《仓库物业管理服务协议》， 承租位于佛山市高明区明城镇合和大道北侧的厂房仓库及其附属设施（含供电、供水、消 防管道等）（以下简称"租赁物"），租赁物面积共 69,784.53 平方米（按实际可使用面 积），租赁期及服务期为 6 年，租赁总金额为人民币 3,600 万元，仓库物业管理服务费总 金额为人民币 1,152 万元。 具体内容详见公司于 2025 年 6 月 7 日在信息披露媒体《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于子公司签署仓库租赁合同的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于取得发明专利证书的公告 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。 蒙娜丽莎集团股份有限公司（以下简称"蒙娜丽莎"或"公司"）于近日取得国家知 识产权局颁发的发明专利证书共 2 项，具体情况如下： | 序 | 专利 | 专利 | 发明名称 | 专利号 | 专利 | 专利授权 | 证书号 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 类型 | 权人 | | | 申请日 | 公告日 | | | | 1 | 发明 | 蒙娜 | 具有晕彩釉面效果的陶 | ZL2023102 | 2023.03.21 | 2025.05.09 | 第 7927564 | 号 | | | 专利 | 丽莎 | 瓷产品及其制备方法 | 83126.3 | | | | | | 2 | 发明 ...

Core Viewpoint - Mona Lisa Group has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in the company's long-term stability and value [6]. Group 1: Convertible Bond Overview - The company issued convertible bonds amounting to 1.16893 billion yuan on August 16, 2021, with the bond code 127044 [1]. - The initial conversion price was set at 27.07 yuan per share, which has undergone several adjustments since its issuance [2][3]. Group 2: Price Adjustment History - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 20.00 yuan per share effective from November 1, 2024 [4]. - The conversion price was adjusted downwards from 26.63 yuan to 26.20 yuan in various steps between 2022 and 2024 [3][4]. Group 3: Downward Adjustment Clause - The company has a clause allowing for a downward adjustment of the conversion price if the stock price remains below 85% of the conversion price for 15 out of 30 consecutive trading days [5]. - The board has the authority to propose adjustments, which require a two-thirds majority approval from shareholders [5]. Group 4: Recent Board Decision - On May 26, 2025, the board decided not to proceed with a downward adjustment of the conversion price, despite the conditions being met, and will reassess the situation in six months [6].