Ge Long Hui A P P·2026-01-04 08:32Core Viewpoint - Guojin Securities report indicates that China Jushi's stock incentive plan has been introduced, signaling a new demand cycle, and maintains a "Buy" rating [1] Group 1: Financial Performance - In Q1-Q3 2025, China Jushi's net profit attributable to shareholders, excluding non-recurring gains and losses, reached 2.57 billion yuan, suggesting a high probability of achieving the incentive targets [1] Group 2: Market Trends - The price of wind power yarn and long-term contract prices are showing a stable upward trend, with guidance indicating a price increase of 5-10% next year [1] - The outlook for demand in the "14th Five-Year Plan" for offshore wind and overseas markets is optimistic [1] Group 3: Competitive Position - China Jushi has the capability for refined product layout, particularly in the 7628 electronic cloth sector, where it is a latecomer but has a significant cost advantage over the industry [1]