Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

1、债券代码：123091；债券简称：长海转债 4、恢复转股日期：2025 年 5 月 29 日 江苏长海复合材料股份有限公司（以下简称"公司"）因实施 2024 年度权益分 派，根据公司《创业板向不特定对象发行可转换公司债券募集说明书》及《深圳 证券交易所上市公司自律监管指南第 1 号——业务办理》的相关规定，公司可转 换公司债券（债券代码：123091； 债券简称：长海转债）自 2025 年 5 月 21 日 （星期三）起至 2024 年度权益分派股权登记日（2025 年 5 月 28 日）止暂停转股。 具体内容详见公司于 2025 年 5 月 21 日在巨潮资讯网（http://www.cninfo.com.cn） 上披露的《关于长海转债暂停转股的提示性公告》（公告编号：2025-047）。 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。 重要内容提示 | 证券代码：300196 | 证券简称：长海股份 公告编号：2025-053 | | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | 根据规定，"长海转债"将于本次权益分 ...

证券代码：300196 证券简称：长海股份 公告编号：2025-051 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 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。 江苏长海复合材料股份有限公司（以下简称"公司"）于2025年5月19日以电子邮 件及通讯方式向公司全体董事和高级管理人员发出《江苏长海复合材料股份有限公 司第六届董事会第一次会议通知》。2025年5月23日，公司第六届董事会第一次会议 在公司办公楼二楼会议室以现场方式召开。会议应到董事9人，实到9人。会议由董 事长杨国文先生主持。公司高级管理人员列席会议。会议的召开符合《公司法》及 《公司章程》的规定。 与会董事以投票表决的方式审议通过了以下议案： 一、审议通过《关于选举公司第六届董事会董事长的议案》 经与会董事审议与表决，选举杨国文先生担任公司第六届董事会董事长，任期 自本次董事会审议通过之日起至第六届董事会任期届满为止。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过《关于选举董事会各专门委员会成员的议案》 根据《公司法》、《深圳证券交易所上市公 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 2025 年第一次临时股东大会决议公告 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： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 二、议案审议表决情况 （一）审议通过《关于修订<公司章程>的议案》 总表决情况：同意 229,855,294 股，占出席会议所有股东所持有效表决权股 份总数的 99.8024%；反对 452,914 股，占出席会议所有股东所持有效表决权股份 总数的 0.1967%；弃权 2,200 股（其中，因未投票默认弃权 0 股），占出席会议所 有股东所持有效表决权股份总数的 0.0010%。 中小股东总表决情况：同意 13,323,007 股，占出席会议的中小股东所持有效 表决权股份总数的 96.6968%；反对 452,914 股，占出席会议的 ...

证券代码：300196 证券简称：长海股份 公告编号：2025-051 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 第六届董事会第一次会议决议公告 | 证券代码:300196 | | --- | | 债券代码:123091 | 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。 江苏长海复合材料股份有限公司（以下简称"公司"）于2025年5月19日以电子邮 件及通讯方式向公司全体董事和高级管理人员发出《江苏长海复合材料股份有限公 司第六届董事会第一次会议通知》。2025年5月23日，公司第六届董事会第一次会议 在公司办公楼二楼会议室以现场方式召开。会议应到董事9人，实到9人。会议由董 事长杨国文先生主持。公司高级管理人员列席会议。会议的召开符合《公司法》及 《公司章程》的规定。 与会董事以投票表决的方式审议通过了以下议案： 一、审议通过《关于选举公司第六届董事会董事长的议案》 经与会董事审议与表决，选举杨国文先生担任公司第六届董事会董事长，任期 自本次董事会审议通过之日起至第六届董事会任期届满为止。（杨国文先生简历见附 件） 表决结果 ...

北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2025 年第一次临时股东大会 之 法律意见书 北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2025 年第一次临时股东大会 北京市环球律师事务所（以下简称"本所"）接受江苏长海复合材料股份有限 公司（以下简称"公司"）的委托，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》"）、中国证券监督管理 委员会发布的《上市公司股东会规则》等法律、法规、部门规章及《江苏长海复合 材料股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律师对 公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）进行见证，并出具 法律意见。 本法律意见书的出具已得到公司的如下保证：公司向本所律师提供的所有文 件及复印件均是真实、准确、完整和有效的，且无隐瞒、虚假和重大遗漏之处。 本所律师仅对本次股东大会的召集、召开程序、出席会议人员的资格、召集人 资格、会议表决程序及表决结果的合法性发表法律意见，不对本次股东大会审议事 项或议案的内容及前述事项或内容所表述的事实或数据的真实性及准确性发表 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 关于公司董事会完成换届选举及聘任高级管理人员、 证券事务代表、审计部经理的公告 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。 江苏长海复合材料股份有限公司（以下简称"公司"）于2025年4月25日召开职工 代表大会，选举产生公司第六届董事会职工代表董事；于2025年5月23日召开2025年 第一次临时股东大会，审议通过了公司董事会换届选举相关议案，选举产生公司第 六届董事会非独立董事与独立董事。同日，公司召开了第六届董事会第一次会议， 审议通过了关于选举公司董事会董事长、第六届董事会各专门委员会委员及聘任公 司高级管理人员、证券事务代表及审计部经理等相关议案。公司董事会的换届选举 已经完成。现将有关情况公告如下： 一、公司第六届董事会及各专门委员会组成情况 公司第六届董事会成员均具备担任上市公司董事的任职资格，能够胜任所聘岗 位职责的要求，且三 ...

证券代码：300196 证券简称：长海股份 公告编号：2025-048 二、本次实施的权益分派方案 公司2024年年度权益分派方案为：以公司现有总股本408,716,549股剔除已回 购股份5,190,199股后的403,526,350股为分配基数，向全体股东每10股派2.000000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、QFII、 RQFII以及持有首发前限售股的个人和证券投资基金每10股派1.800000元；持有首 发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率 征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应 纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资 基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持有 基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1 个月（含1个月）以内，每10股补缴税款0.400000元；持股1个月以上至1年（含1 年）的，每10股补缴税款0.200000元；持股超过1年的，不需补缴税款。】 债券代码： ...

Core Viewpoint - Jiangsu Changhai Composite Materials Co., Ltd. is adjusting the conversion price of its convertible bonds, "Changhai Convertible Bonds," in accordance with its annual profit distribution plan and relevant regulations from the China Securities Regulatory Commission [1][2][3][4][5][6] Group 1: Convertible Bond Price Adjustment Regulations - The company issued 5.5 million convertible bonds on December 23, 2020, with an initial conversion price of 16.24 yuan per share [1] - The conversion price will be adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, following a specific formula [1][2] - The company will disclose the adjusted conversion price and related details through official channels [1][2] Group 2: Historical Conversion Price Adjustments - The conversion price was adjusted from 16.24 yuan to 16.14 yuan on May 18, 2021, following the 2020 annual profit distribution [2] - On May 25, 2022, the conversion price was further adjusted from 16.14 yuan to 15.99 yuan due to the 2021 annual profit distribution [3] - The conversion price was adjusted again from 15.99 yuan to 15.79 yuan on May 24, 2023, after the 2022 annual profit distribution [4] Group 3: Upcoming Adjustments and Profit Distribution - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares based on the total share capital after accounting for repurchased shares, with the record date set for May 28, 2025 [5] - The conversion price will be adjusted to 15.44 yuan per share effective from May 29, 2025, following the upcoming profit distribution [6]