Group 1: Construction Materials Sector - The construction materials sector is currently at a low point in terms of profitability, valuation, and holdings, but some leading companies have begun to recover from this bottom, with expectations of a revival in consumer building materials driven by policy support [1] - Despite the basic fundamentals still being on the downside, the sector has experienced a four-year decline, and the supply clearing and transformation of revenue structures are benefiting some leading companies, which are showing signs of stabilization in operations [1] - The report highlights strong operational resilience among leading companies in the consumer building materials segment, with a stable long-term demand and an improving competitive landscape, indicating significant growth potential for quality leaders [1] Group 2: Cement Market - The national average price of cement has slightly decreased by 0.4% week-on-week, with the current price at 351 RMB/ton, reflecting a year-on-year drop of 77.67 RMB/ton [2] - The national cement shipment rate stands at 45.73%, showing a week-on-week decline of 0.47% and a year-on-year decrease of 4.40 percentage points [2] - The industry valuation remains at historical low levels, with a focus on companies such as Huaxin Cement, Conch Cement, and others [2] Group 3: Glass Market - The price of float glass has weakened, with the average price at 1154 RMB/ton, down 2.8% week-on-week and 20.6% year-on-year [3] - Inventory levels have increased, with stock days rising to 30.36 days, indicating a growing supply [3] - Leading glass companies are currently undervalued, with attention on firms like Xinyi Glass and others [3] Group 4: Fiberglass and Composite Materials - The market price for fiberglass yarn has shown slight fluctuations, with mainstream transaction prices for 2400tex yarn ranging from 3250 to 3700 RMB/ton, reflecting a 0.2% increase week-on-week [4] - Electronic yarn prices have remained stable, with G75 mainstream quotes between 8800 and 9300 RMB/ton [4] - Leading companies in the fiberglass and composite materials sector are well-positioned, with a focus on firms like China Jushi and others [4]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the expectation of enhanced policy support for the construction materials sector, particularly in Q4, highlighting potential investment opportunities [2][3] - The construction materials sector is anticipated to benefit from supply-side reforms and a recovery in housing demand due to declining interest rates and supportive government policies [4][6] - The report notes that the real estate market is gradually stabilizing, with a higher sensitivity to policy easing, which may lead to a recovery in the demand for construction materials [4][6] Summary by Sections Investment Highlights - The Ministry of Housing and Urban-Rural Development has initiated a national urban renewal meeting, focusing on improving housing and community quality [4] - In Beijing, from January to October, the sales area of new commercial housing was 8.159 million square meters, down 3.7% year-on-year, with residential sales down 7.3% [4] - National cement production from January to November reached 1.54 billion tons, a year-on-year decrease of 7.7% [4] Market Data - As of November 21, 2025, the average price of bulk P.O 42.5 cement was 341.6 yuan/ton, down 0.1% from the previous week and down 18.6% year-on-year [5][13] - The average price of glass (5.00mm) was 1102.9 yuan/ton, down 3.4% from the previous week and down 20.7% year-on-year [5][21] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued companies with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]

Investment Rating - The report maintains a "Recommended" investment rating for the construction materials industry [2][4][35] Core Insights - The construction materials industry is experiencing a mixed performance, with traditional sectors like cement and glass facing weak short-term demand, while the fiberglass sector shows promising growth due to rising prices of mid-to-high-end products [4][35] - The report emphasizes the importance of monitoring supply-side changes in traditional industries and capitalizing on opportunities arising from the price increases in mid-to-high-end fiberglass products [4][35] Cement Industry Summary - In October, cement demand weakened due to adverse weather conditions in northern regions and tight funding in southern regions, leading to a 2% month-on-month decline in national cement shipment rates and a 9% year-on-year decline [4][11] - The average price of cement in October was 348.96 RMB/ton, a slight increase of 2.19 RMB/ton from September, indicating ongoing weak demand [4][11] - Key companies to watch include Shengfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [4][11] Glass Industry Summary - The glass market is expected to maintain a low-level fluctuation after experiencing a brief price increase in October, with no strong reduction in supply anticipated [26][36] - The cumulative production of flat glass from January to October 2025 was 805 million weight cases, a year-on-year decline of 4.4% [18] - Industry leader Qibin Group (601636.SH) is highlighted as a key player to monitor [26][36] Fiberglass Industry Summary - The fiberglass sector is witnessing a price increase, particularly in high-end electronic yarns and fabrics, with G75 yarn prices rising to 9100 RMB/ton in October, up 500 RMB/ton from September [28][35] - The demand for fiberglass in wind power and new energy vehicles remains strong, with a year-on-year increase in industrial wind power generation of 7.6% from January to October 2025 [27][28] - Key companies in the mid-to-high-end fiberglass market include China Jushi (600176.SH), China National Materials (002080.SZ), and Honghe Technology (603256.SH) [28][35] Consumer Building Materials Summary - The retail sales of building and decoration materials showed a slight year-on-year increase of 0.5% from January to October 2025, indicating modest demand growth [31] - Recent policy directions from the 20th Central Committee emphasize promoting high-quality development in real estate, which is expected to provide a foundation for long-term industry transformation [31][37] - Recommended companies in this sector include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Sankeshu (603737.SH) [31][37]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in the home hardware industry, focusing on design, brand building, and channel development, with a strong emphasis on product design and marketing expertise from its founder [2][20]. - The company has shown robust growth, with projected revenues of 2.857 billion yuan in 2024, representing a year-on-year increase of 28.6%, and a net profit of 531 million yuan, up 59.7% year-on-year [2][4]. - The home hardware industry is characterized by a fragmented market structure, with the company holding the top market share in the storage hardware segment [3][92]. Summary by Sections Company Overview - Founded in 2004, the company specializes in home hardware, including storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [20]. - The company emphasizes product design, brand awareness, and a balanced channel structure, with no reliance on a single major customer [2][20]. Industry Landscape - The home hardware industry in China exceeds 200 billion yuan, with exports nearing 100 billion yuan, indicating a significant domestic market [3][92]. - The company ranks first in market share for storage hardware, with a strong online sales presence [3][92]. Growth Drivers - Revenue growth is driven by product category expansion, channel development, and international market exploration [4]. - The company’s revenue composition for 2024 is projected to be 30% from storage hardware, 43% from basic hardware, 13% from kitchen and bathroom hardware, 9% from outdoor furniture, and 5% from other products [4][21]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 712 million yuan, 896 million yuan, and 1.094 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 34%, 26%, and 22% [4][6]. - The report suggests that the company’s balanced multi-category and multi-channel strategy, along with its strong profitability, justifies the "Buy" rating [4].

证券代码：002791 证券简称：坚朗五金 公告编号：2025-072 广东坚朗五金制品股份有限公司 关于为全资子公司向银行申请综合授信提供担保的 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年3 月26日、2025年4月18日分别召开第四届董事会第二十六次会议、2024 年年度股东会，审议通过了《关于2025年度为子公司提供担保额度预 计的议案》，同意公司为全资子公司广东坚朗建材销售有限公司（以 下简称"坚朗建材"）等向银行融资等其他业务提供担保，预计担保 总额度合计不超过人民币400,000.00万元。具体内容详见公司披露于 巨潮资讯网（www.cninfo.com.cn）的《关于2025年度为子公司提供 担保额度预计的公告》（公告编号：2025-014）等相关公告。 二、担保进展情况 近日，公司全资子公司坚朗建材向华夏银行股份有限公司东莞分 行（以下简称"华夏银行"）申请不超过1亿元人民币综合授信额度， 公司为坚朗建材申请综合授信额度相关事项提供最高额保证担保。 1 / 3 三、担保协议的主要内容 公司与华夏银行签署的担保协议主要内容如下： 保证人：广东坚朗五金制品股份有限公司 进展公告 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [64]. Core Insights - The report highlights a significant decline in real estate development investment, with a total of 7.4 trillion yuan from January to October, down 14.7% year-on-year. New housing starts and completions also saw declines of 19.8% and 16.9% respectively [3][12]. - The report anticipates stronger policy measures to stabilize the real estate market, including potential interest rate cuts and tax reductions aimed at boosting housing demand [3][12]. - The construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand, with the market entering a bottoming phase after three years of decline [3][5]. Summary by Sections High-frequency Data - As of November 14, 2025, the average price of bulk P.O 42.5 cement is 341.9 yuan/ton, reflecting a 0.4% decrease from the previous week and an 18.2% decrease year-on-year [4][13]. - The average price of glass (5.00mm) is 1141.4 yuan/ton, down 1.4% from the previous week and 18.6% year-on-year [20][22]. Market Review - The construction materials index increased by 0.97% during the week of November 10 to November 14, 2025, while the Shanghai Composite Index and Shenzhen Composite Index decreased by 0.18% and 0.31% respectively [48][54]. - Notable performers in the construction materials sector included pipe materials (+3.32%) and refractory materials (+2.91%), while cement manufacturing saw a slight decline of 0.01% [48]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term growth potential, and leading cyclical construction material companies showing signs of bottoming out [5]. - Specific companies recommended include Weixing New Materials, Beixin Building Materials, and Huaxin Cement among others [5].

2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 证券代码：002791 证券简称：坚朗五金 公告编号：2025-071 广东坚朗五金制品股份有限公司 2025年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 （3）会议召开方式：本次股东会采取现场表决与网络投票相结 1 / 4 合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：董事长白宝鲲先生 （1）会议召开时间： 现场会议召开时间为：2025年11月18日下午14:30 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025 年11月18日上午9:15-9:25、9:30-11:30和下午13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为11月18 日9:15-15:00期间的任意时间。 （2）现场会议召开地点：广东省东莞市塘厦镇坚朗路3号公司总 部会议室。 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公 司股东会规则》《深 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东坚朗五金制品股份有限公司 2025 年第三次临时股东会的 法律意见书 国枫律股字[2025]A0567 号 致：广东坚朗五金制品股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司2025年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广 东坚朗五金制品股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜， ...

Core Viewpoint - The stock of Jianlang Hardware has experienced fluctuations, with a recent decline of 2.02%, reflecting a total market capitalization of 8.585 billion yuan and a trading volume of 115 million yuan [1] Group 1: Stock Performance - Jianlang Hardware's stock price has increased by 7.62% year-to-date, with a 2.45% rise over the last five trading days, a 10.27% increase over the last 20 days, and an 8.98% increase over the last 60 days [1] - As of November 10, the number of shareholders for Jianlang Hardware reached 33,000, an increase of 0.83% from the previous period, while the average circulating shares per person decreased by 0.82% to 5,804 shares [2] Group 2: Financial Performance - For the period from January to September 2025, Jianlang Hardware reported a revenue of 4.297 billion yuan, a year-on-year decrease of 12.50%, and a net profit attributable to shareholders of 16.5603 million yuan, down 49.61% year-on-year [2] - Since its A-share listing, Jianlang Hardware has distributed a total of 621 million yuan in dividends, with 134 million yuan distributed over the past three years [3] Group 3: Business Overview - Jianlang Hardware, established on June 26, 2003, and listed on March 29, 2016, specializes in the research, production, and sales of mid-to-high-end building door and window hardware systems and related metal components [1] - The company's main business revenue composition includes: door and window hardware systems (41.47%), other building hardware products (15.79%), home products (15.49%), door and window accessories (9.33%), point-supported glass curtain wall components (6.95%), door control hardware systems (5.76%), stainless steel railing components (4.01%), and other (1.19%) [1]

Core Viewpoint - The construction materials industry is experiencing a slight decline in revenue in the first three quarters of 2025, but profitability is improving, particularly in the cement and fiberglass sectors [1] Cement Industry - The 12 listed cement companies achieved revenue of 261.27 billion yuan, a year-on-year decline of 8.98%, while net profit attributable to shareholders reached 7.20 billion yuan, a year-on-year increase of 134.64% [2] - Despite entering the peak demand season in Q4, cement demand is expected to see only a slight increase due to market funding shortages [2] - The industry is anticipated to enhance self-discipline and staggered production efforts to raise prices and improve profitability [2] - Long-term supply-side reforms are expected to improve the supply-demand balance in the cement industry [2] - Key stocks to watch include Huaxin Cement, Shangfeng Cement, and Conch Cement [2] Glass Industry - The glass industry saw a revenue decline in the first three quarters of 2025, with 12 listed companies reporting revenue of 88.52 billion yuan, down 2.92%, and net profit of 7.69 billion yuan, down 9.65% [3] - In Q3 2025, the glass industry showed signs of improvement, with revenue of 31.69 billion yuan, up 10.31%, and net profit of 2.27 billion yuan, up 50.06% [3] - Float glass demand remained weak, with prices declining; however, Q4 is expected to be a traditional peak season [3] - The photovoltaic glass market experienced stable fluctuations, with supply-demand factors influencing prices; the industry is expected to maintain price stability in Q4 [3] - Key stocks to monitor include Qibin Group for float glass and Fuyao Glass for photovoltaic glass [3] Fiberglass Industry - The five listed fiberglass companies reported revenue of 40.17 billion yuan, a year-on-year increase of 24.22%, and net profit of 4.46 billion yuan, up 81.25% [4] - The improvement in profitability is attributed to rising fiberglass prices, with an average gross margin of 25.09%, up 2.18 percentage points year-on-year [4] - Continued demand for high-end fiberglass is expected to further enhance industry profitability [4] - Key stocks to focus on include China Jushi, Zhongcai Technology, and Honghe Technology [4] Consumer Building Materials Industry - The four tracked waterproofing companies reported revenue of 47.03 billion yuan, down 4.05%, and net profit of 3.44 billion yuan, down 23.78% [5] - The six tracked pipe industry companies achieved revenue of 12.75 billion yuan, down 6.16%, and net profit of 0.45 billion yuan, down 50.63% [5] - The seven tracked other major consumer building materials companies reported revenue of 29.64 billion yuan, down 8.93%, but net profit increased by 12.40% to 1.37 billion yuan [5] - Recent government policies aimed at stabilizing the market and easing restrictions are expected to gradually alleviate inventory pressure and improve industry fundamentals [5] - Key stocks to watch include Weixing New Materials, Beixin Building Materials, Sankeshu, Dongfang Yuhong, and Jianlang Hardware [5]