Investment Rating - The industry rating is "Recommended" [4] Core Views - The report emphasizes the expected increase in domestic demand driven by the 14th Five-Year Plan and renewed tariff conflicts, suggesting a focus on sectors with strong price-driving capabilities and industry self-discipline [6] - Cement prices have shown a slight decline, while float glass prices continue to rise, indicating mixed market conditions [2] - The report highlights the resilience of companies like Sanke Tree and the potential for growth in new business areas such as fire safety technology and specialty electronic fabrics [6][7] Summary by Sections Cement Market - The national average cement price is 347 RMB/ton, down 0.7% from the previous week, with price increases observed in Hunan, Guangxi, and Shaanxi [2][24] - The report notes that the average shipment rate for key cement enterprises is 45.2%, indicating a slight increase [24] Float Glass and Photovoltaic Glass - The average price of float glass is 1300.97 RMB/ton, up 0.87% from the previous week, while photovoltaic glass prices remain stable [2] - The report mentions that the price of 2.0mm coated photovoltaic glass is around 13 RMB/sqm, unchanged from the previous week [2] Real Estate Transactions - In the 42nd week, new home transaction area in 30 major cities was 211.75 million sqm, down 20% year-on-year but up 107.52% month-on-month [3][19] - The report indicates that second-hand home transactions in 15 monitored cities also improved month-on-month, with a 14% year-on-year increase in cumulative transaction area [3][19] Recommended Companies - Companies recommended include Huaxin Cement and Conch Cement, benefiting from cost and scale advantages [6] - The report also highlights the strong performance of Sanke Tree, which achieved a revenue of 9.39 billion RMB, up 2.7% year-on-year, and a net profit increase of 81.2% [6][7] - Fire safety leader Qingniao Fire is recommended due to its upcoming commercialization of fire robots and compliance with new national standards [6][7] - The report suggests investment in China Jushi and China National Materials Technology, which are expected to benefit from high demand for specialty electronic fabrics [6][7]

据悉，双方将实现优势互补共赢，包括知识共享，青鸟消防开放消防领域的专业知识和应用场景需求， 云深处科技分享机器人技术的最新研究成果和创新应用。双方定期组织技术交流活动，促进技术融合和 创新；联合研发，双方将共同投入研发资源，针对消防场景的特殊需求，开展消防机器人的联合研发项 目。包括但不限于：研发具备高机动性、强负载能力的消防四足机器人，用于复杂地形和危险环境下的 火灾扑救和救援。开发智能消防巡检机器人，实现对消防设施的自动巡检和故障预警；产业协同，双方 将彼此设为消防机器人供应链上的一级供应商，实现采购与供货的双向优化，加速商业落地。 责任编辑：韦子蓉 新浪科技讯 10月16日上午消息，近日，青鸟消防股份有限公司（"青鸟消防"）与杭州云深处科技有限 公司（"云深处科技"）正式达成合作协议，开启消防机器人领域的深度协同。双方将整合技术资源开展 联合研发，攻关高机动性、强负载能力消防四足机器人与智能巡检机器人等，同时建立知识共享、品牌 共推的合作机制。 云深处科技作为具身智能技术创新与行业应用引领者，具备智能硬件与算法核心优势，技术成果已应用 于应急救援、电力巡检、管廊隧道、金属冶炼等多个特种作业场景。青鸟消防 ...

近日，青鸟消防股份有限公司（简称"青鸟消防"）与杭州云深处科技有限公司（简称"云深处科技"）正 式达成合作协议，双方将整合技术资源开展联合研发，攻关高机动性、强负载能力消防四足机器人与智 能巡检机器人等，同时建立知识共享、品牌共推的合作机制。 ...

Group 1 - On October 13, a total of 9 companies were investigated by institutions, with 6 companies being surveyed by funds, indicating a strong interest in these firms [1] - LiuGong was the most popular among the surveyed companies, with 15 funds participating in its investigation, while QingNiao Fire and KeLu Electronics attracted 4 and 2 funds respectively [1] - Among the surveyed companies, 4 were from the Shenzhen Main Board and 2 from the ChiNext Board, highlighting the diversity in market segments [1] Group 2 - The total market capitalization of the surveyed A-share companies included 2 firms with a market value of less than 10 billion yuan, specifically Anli Co. and Baoli International [2] - In terms of market performance over the past 5 days, 3 stocks among the surveyed companies saw an increase, with KeLu Electronics leading at a rise of 7.49%, followed by LiuGong at 1.97% and Baoli International at 0.46% [2] - Conversely, 2 stocks experienced declines, with QingNiao Fire and Anli Co. showing decreases of 1.88% and 1.30% respectively [2]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the benefits of the new national fire safety standards and the commercialization of fire-fighting robots, recommending Qingniao Fire Protection as a leading beneficiary [6] - The cement industry is experiencing self-discipline and price increases under the "anti-involution" initiative, with recommendations for Huaxin Cement and Conch Cement [6] - The photovoltaic glass industry is seeing price increases from a bottoming out, with recommendations for Qibin Group, Fuyao Glass, and Xinyi Solar [6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, China National Materials, and International Composites [6] - The report suggests investing in companies with strong operational resilience and high dividends, such as Weixing New Materials and Tubao [6] Summary by Sections Cement Industry - National cement market prices decreased by 0.4% week-on-week, with average shipment rates below 45% in key regions [2][28] - Price adjustments varied by region, with increases in Hebei and Jiangxi, while declines were noted in Beijing, Tianjin, Jiangsu, Zhejiang, and Anhui [2][28] - The report anticipates continued price fluctuations in the cement market due to insufficient demand support [28] Glass Industry - The average price of float glass increased to 1289.81 CNY/ton, a rise of 5.31% from the previous week [2][67] - The industry maintains a production capacity utilization rate of 82.20%, with no significant changes in production lines [67] Real Estate Market - In the 41st week, new home transaction volume in 30 major cities decreased by 46% year-on-year and 33.94% month-on-month [3][23] - The report indicates a slight improvement in second-hand housing transactions in 15 monitored cities, with a year-on-year increase of 15% [3][23] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion CNY in the first half of 2025, a year-on-year increase of 17.70% [6] - The company is advancing low-dielectric product development, with significant growth in net profit [6] Investment Opportunities - The report identifies investment opportunities in regions like Xinjiang due to increased infrastructure investments related to the 70th anniversary celebrations [7] - Recommendations include companies like Tianshan Shares and Xinjiang Jiaojian, which are expected to benefit from regional investments [7]

新浪科技讯 10月13日下午消息，今日举行的第二十一届中国国际消防展现场，青鸟消防首次面向公众 展示其最新款消防四足机器人"青鸟灵豹"系列，包含了青鸟灵豹远程值守机器人、青鸟灵豹消防维保机 器人、青鸟灵豹应急救援机器人、青鸟灵豹工业巡检机器人等多款产品，引发不少观众围观。 据悉，青鸟灵豹消防四足机器人系列是青鸟消防面向极端复杂与高危消防场景研发的智能巡检与作业机 器人系列产品。该系列提供远程值守、应急救援、工业巡检及消防维保等多种上装配置形态，并支持深 度定制。 在场景方面，青鸟灵豹可广泛应用于电力变电站、现代化工业园区、冶金厂区、轻工业厂区、城市综合 管廊、数据中心等非防爆工业环境。（罗宁） 责任编辑：屠欣怡 据介绍，该款产品核心在于消防专业化技术内核。以沉淀二十余年的消防经验为根基，搭载在消安一体 领域磨砺多年的智慧云盒为强大AI大脑，深度植入消防领域专业知识与作业逻辑，为机器人提供专属 决策与执行能力；搭配为消防专业领域量身定制的图像识别算法，可精准识别火情、设施状态等消防专 属目标，更结合消防特有HRP高可靠性无线消防物联网技术，让机器人具备极端环境适应、自主导航与 智能决策、高可靠通信与精准定位等多 ...

青鸟消防 20251009 青鸟消防在建材加机器人领域的投资逻辑主要基于其在消防领域的独特优势。 由于火灾对生命财产的巨大危害，预防和灭火过程中的自动化和无人化需求非 常强烈。青鸟消防通过机器人技术实现生产力落地，特别是在报警、疏散和灭 火等环节，提供了对生命保护的刚需解决方案。这种技术驱动型的发展路径， 使得青鸟消防成为机器人生产力落地最有希望率先发生的场景之一。 Q&A 青鸟消防在建材加机器人领域的投资逻辑是什么？ 青鸟消防公司的成长历程和核心竞争力是什么？ 青鸟消防公司起步于北大青鸟集团，是北大的校办企业之一。公司董事长是北 大物理系毕业生，创业之初以产品力为先，以技术驱动发展。公司通过不断收 购扩展产品线和区域布局，包括无线电厂、凌云安全、久远、维泰安全、蒙普 青鸟消防拓展工业端业务，受住宅领域影响较小。上半年国内报警毛利 率提升，随着新国标落地，公司生产逐步转向新标准产品，对报表拉动 作用显著。 预计青鸟消防 2025 年业绩在 4 至 4.5 亿元之间，2026 年有望达到 5 至 6 亿元之间。新业务放量和利润占比提升，公司估值水平有望明显抬 升。 安电子、中科之创等企业。此外，公司还收购了康佳 ...

Summary of Qingniao Firefighting Conference Call Industry and Company Overview - **Company**: Qingniao Firefighting - **Industry**: Firefighting and Alarm Systems Key Points and Arguments 1. **Performance Outlook**: Qingniao Firefighting expects to reach a performance inflection point in Q4 2025, despite a 7% year-on-year decline in its commercial alarm and evacuation business due to a sluggish real estate market in the first half of the year. However, the gross margin has improved, and there is a growth in evacuation business orders in Q3 [2][4][5] 2. **Impact of New National Standards**: The implementation of new national standards has accelerated industry consolidation, leading to an 80% reduction in the number of alarm companies and over a 90% reduction in evacuation companies. This shift is expected to increase Qingniao's market share and gross margin as the new standards require higher product prices [2][6] 3. **Industrial Firefighting Business Growth**: The industrial firefighting sector is a significant growth area for Qingniao, particularly in data centers and energy storage, with year-on-year growth exceeding 50% and 90%, respectively. The company anticipates a revenue growth rate of around 30% in this segment [2][7] 4. **Overseas Market Potential**: Currently, overseas revenue accounts for less than 15% of total revenue, but the gross margin is 10 percentage points higher than domestic margins. With recent adjustments to the overseas team and market penetration in emerging regions, future growth in this area is promising [2][8] 5. **Remote Monitoring Business Potential**: The new remote monitoring business has significant potential, with the possibility of generating up to 5 billion in revenue if expanded to 100 cities. This service has a gross margin exceeding 60%, which could enhance overall profitability and performance elasticity for the company [2][9] 6. **Firefighting Robots as a Key Application**: Firefighting robots are seen as a rapidly deployable application due to strong market demand for safety and efficiency in hazardous environments. Qingniao's long-term technological accumulation positions it well to become a market leader in this field [10][11][12] 7. **Product Development and Future Plans**: Qingniao plans to achieve top domestic product performance within 1-2 years and aims to launch globally competitive products within 2-3 years. The company also intends to cover all application scenarios, including high-risk inspections and home safety, within 3-5 years [2][14] Additional Important Information - **Technological Edge**: Qingniao has developed the Zhu Huan series chip, which integrates fire detection capabilities and advanced communication technologies, enhancing the functionality of its firefighting robots [12][13] - **Recent Achievements**: Qingniao's firefighting robots participated in a national emergency exercise and received media coverage, showcasing their advanced capabilities [13]

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2025-058 青鸟消防股份有限公司 关于使用部分闲置募集资金进行现金管理及 自有资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 青鸟消防股份有限公司（以下简称"公司"、"本公司"、"青鸟消防"） 于 2025 年 3 月 14 日召开第四届董事会第六十次会议及第四届监事会第三十三次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》、《关于使用部分闲置 自有资金进行委托理财的议案》，同意公司及子公司使用不超过 20,000 万元（含本 数）闲置募集资金进行现金管理；同意公司及子公司使用不超过 150,000 万元（含 本数）闲置自有资金进行委托理财。上述额度自董事会审议通过之日起的 12 个月内， 可循环使用。具体内容详见公司刊登在巨潮资讯网（http://www.cninfo.com.cn）上的 《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-012）、《关 于使用部分闲置自有资金进行委托理财的公告》（公告编号：2025 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 稳增长方案发布，重点关注行业供给优化 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）工信部等 6 部门联合发布《方案》，反 内卷下水泥行业自律加速，推荐华新水泥、海螺水泥等，上峰 水泥等受益；行业"反内卷"同步推进，光伏玻璃行业底部提 价，推荐旗滨集团，福莱特、信义光能等受益；防水顺应倡议 产品提价，推荐东方雨虹、科顺股份等；（2）龙头受益消防新 国标，消防机器人商业化助新成长，推荐消防报警龙头青鸟消 防；（3）受益于特种电子布超高景气，推荐中国巨石、中材科 技、国际复材等受益。（4）推荐经营韧性超预期，个股α强的 三棵树，推荐估值低位且具备高分红的伟星新材、兔宝宝等。 ►反内卷效果显现，水泥、玻璃价格趋势好转。（1）水泥： 本周全国水泥市场价格环比大幅攀升，涨幅为 1.5%。九月 底，受降雨和台风天气影响，水泥市场需求出现阶段性减 弱，全国重点地区水泥企业平均出货率环比下降约 2pct。 （2）浮法玻璃：本周国内浮法玻璃均价 1224.74 元/ ...