建材行业点评：北新、凯盛等多家央企国企发布激励方案，重视市值管理方向

Investment Rating - The industry investment rating is "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [16][37]. Core Insights - The report highlights the implementation of stock incentive plans by companies such as Beixin Building Materials and Kaisheng Technology, aligning with the direction supported by the State-owned Assets Supervision and Administration Commission (SASAC) [34][21]. - The report emphasizes the acceleration of state-owned enterprise reforms and the potential impact of raw material price fluctuations on the industry [2][23]. Summary by Sections Event One: Beixin Building Materials Stock Incentive Plan - Beixin Building Materials plans to grant stock options to no more than 347 individuals, representing approximately 0.764% of the total share capital, with an exercise price of 18.20 CNY per share. The performance targets for 2025-2027 are set at non-recurring net profits of 45.60, 54.72, and 65.67 billion CNY, with a compound annual growth rate of 14.22%, 16.12%, and 17.08% respectively [16][20][4]. - The plan reflects a shift in the performance assessment period from 2024-2026 to 2025-2027, with adjusted profit targets compared to the previous year [16][4]. Event Two: Kaisheng Technology Stock Option Plan - Kaisheng Technology's stock option plan proposes to grant options amounting to 1.92% of the total share capital, with an exercise price of 12.13 CNY per share. The performance conditions for 2025-2027 include non-recurring net profits of 2.70, 3.13, and 3.37 billion CNY [21][34]. - The plan indicates a significant increase in performance targets compared to the previous year, with a focus on achieving higher returns on equity [21][34]. Event Three: Shandong Pharmaceutical Glass Potential Shareholder Change - Shandong Pharmaceutical Glass announced a potential change in its controlling shareholder, which may involve restructuring with the Shandong Yiyuan County People's Government and China International Medical Health Co., Ltd. The outcome of this restructuring remains uncertain [5][35]. Overall Industry Outlook - The report suggests that the ongoing reforms in state-owned enterprises and the focus on market value management are expected to enhance the operational capabilities and quality of listed companies in the industry [5][32].