Group 1 - The core point of the article is that Mona Lisa announced plans to use up to RMB 1 billion of idle self-owned funds for entrusted wealth management, with the balance not exceeding RMB 1 billion at any point during the term, allowing for rolling use of funds [1] Group 2 - The announcement was made on the evening of December 17 [1] - The company and its subsidiaries will manage the funds within the specified limit [1] - The funds can be utilized in a rolling manner, providing flexibility in investment [1]

Group 1 - The company Mona Lisa announced the approval of several proposals during its 17th meeting of the fourth board of directors, including the use of idle self-owned funds for entrusted wealth management [1] - The company also approved a proposal to conduct a fund pool business [1] - Additionally, the company decided not to adjust the conversion price of the "Mona Convertible Bonds" [1]

Group 1 - Mona Lisa (SZ 002918) announced that its fourth board meeting will be held on December 17, 2025, to discuss the proposal for starting a fund pool business [1] - For the first half of 2025, Mona Lisa's revenue composition shows that manufacturing of building ceramic products accounts for 98.77%, while other businesses contribute 1.23% [1] - As of the report date, Mona Lisa's market capitalization is 5.7 billion yuan [1]

Core Viewpoint - Mona Lisa (002918.SZ) has triggered the downward adjustment clause for its convertible bond price, but the company has decided not to implement the downward adjustment at this time [1] Group 1: Convertible Bond Price Adjustment - The period for triggering the downward adjustment of the conversion price starts from November 27, 2025, and lasts until December 17, 2025 [1] - During this period, the company's stock has closed at or below 85% of the current conversion price for 15 out of 30 consecutive trading days, thus triggering the adjustment clause [1] - The company's board of directors has resolved not to adjust the conversion price of the "Mona Convertible Bond" downward [1] Group 2: Future Considerations - In the next six months (from December 18, 2025, to June 17, 2026), if the downward adjustment clause is triggered again, the company will also not propose a downward adjustment plan [1] - The next period for triggering the conversion price adjustment clause will restart from June 18, 2026, and the board will convene again to decide on the exercise of the downward adjustment right if triggered [1]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-080 | | --- | --- | --- | | 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 关于不向下修正蒙娜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： 经中国证券监督管理委员会《关于核准蒙娜丽莎集团股份有限公司公开发行可转换公 司债券的批复》（证监许可[2021]2510号）核准，公司于2021年8月16日公开发行了1,168.93 万张可转换公司债券，每张面值 100 元，发行总额 116,893 万元，期限为 6 年。 （二）上市情况 经深交所"深证上【2021】893 号"文同意，公司 116,893 万元可转换公司债券于 2021 年 9 月 16 日起在深交所挂牌交易，债券简称"蒙娜转债"，债券代码"127044"。 （三）转股价格调整情况 1、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》（以下 简称《募集说明书》）的约定，公司"蒙娜转债"发行结束之日（2021 年 8 月 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-079 | | --- | --- | --- | | 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 关于开展资金池业务的公告 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 12 月 17 日召开第四届 董事会第十七次会议，审议通过了《关于开展资金池业务的议案》，同意公司及子公司与 合作银行开展总额不超过 15 亿元人民币的资金池业务。现将有关事项公告如下： 一、资金池业务基本情况 二、资金池业务的风险控制 1、财务管理中心严格按照法律法规、银行监管要求开展资金池业务，确保资金划拨 的合法、合规性。公司已制定严格的审批程序和决策权限，将有效防范风险； 2、财务管理中心定期跟踪业务实施情况，如评估发现存在可能影响公司资金安全的 风险因素，将及时采取相应措施，控制风险，并向董事会报告； 1、业务概述 资金池业务是指公司及子公司与合作银行签订资金池服务协议，建立用于资金集中管 理的账户架构，实 ...

2．投资金额：公司及子公司拟使用不超过人民币 10 亿元的闲置自有资金进行委托理 财，即期限内任一时点的委托理财余额不超过人民币 10 亿元，在上述额度内，资金可以 滚动使用。 3．特别风险提示：公司及子公司将根据经济形势以及金融市场的变化适时适量介入， 防范理财风险，保证资金的安全和有效增值。委托理财的实际收益具有不确定性，可能受 到政策、市场、流动性、收益、信用、操作等风险影响导致收益不及预期的情况。敬请广 大投资者注意投资风险。 蒙娜丽莎集团股份有限公司（以下简称"公司"）于 2025 年 12 月 17 日召开第四届 董事会第十七次会议，审议通过了《关于使用部分闲置自有资金进行委托理财的议案》， 同意公司及子公司在确保不影响公司正常经营及风险可控的前提下，使用不超过人民币 10 亿元的闲置自有资金进行委托理财，即期限内任一时点的委托理财余额不超过人民币 10 亿元，在上述额度内，资金可以滚动使用，额度有效期限自董事会审议通过之日起 12 个月内，并同意授权公司管理层在额度范围内行使投资决策权并签署相关法律文件。 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-078 | | ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-077 | | --- | --- | --- | | 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 第四届董事会第十七次会议决议公告 一、董事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届董事会第十七次会议于 2025 年 12 月 17 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 12 月 12 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 11 名，实际出席会议董事 11 名，其中萧礼标先生、霍荣铨先 生和张旗康先生以通讯表决方式出席，公司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、董事会会议审议情况 经与会董事审议，以记名投票表决方式审议通过了以下议案： 1、审议通过了《关于使用部分闲置自有资金进行委托理财的议案》 同意公司及子公司在确保不影响公司正常经营及风险可控的前提下，使用不超过人民 币 ...

Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].