北新集团建材股份有限公司 对外担保管理制度 （经公司2025年度第三次临时股东会审议通过） | 第一章 总 则 | | --- | | 第二章 对外担保的对象 | | 第三章 对外担保的审批权限 | | 第四章 对外担保的审查 | | 第五章 对外担保的经办部门及职责 | | 第六章 担保合同的订立 | | 第七章 担保的风险管理 | | 第八章 对外担保的信息披露 | | 第九章 责任追究 . | | 第十章 附 则 . | 第一章 总 则 第一条 为依法规范北新集团建材股份有限公司（以下简称本公司或公司） 的对外担保行为，防范财务风险，确保本公司稳健经营，根据《中华人民共和国 公司法》《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要 求》《深圳证券交易所股票上市规则》等法律、法规、规范性文件及《北新集团 建材股份有限公司章程》（以下简称公司章程）的有关规定，制定本制度。 第二条 本制度所称对外担保，是指本公司以自有资产或信誉为任何其他单 位提供的保证、资产抵押、质押以及其他担保事宜，公司为自身债务提供担保不 适用本制度。 第三条 本公司为纳入公司合并报表范围内的子公司（以下简称子公司）提 供 ...

北新集团建材股份有限公司 股东会议事规则 （经公司 2025 年度第三次临时股东会审议通过） 2025 年 12 月 29 日 北新集团建材股份有限公司 股东会议事规则 第一章 总则 第一条 为规范北新集团建材股份有限公司（以下简称"公司"）股东会的 议事程序，维护股东的合法权益，保证公司股东会的正常秩序和议事效率，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》）和其他法律、行政法规、部门规章及《北新集团建材股 份有限公司章程》（以下简称《公司章程》）的规定，结合公司实际情况，特制 定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 | 第二章 股东会的职权 . | | | --- | --- | | 第三章 股东会的形式 | | | 第四章 股东会的召集 . | | | 第五章 股东会的提案与通知 . | 4 | | 第一节 股东会的提案 | ব | | 第二节 股东会的通知 | | | 第六章 股东会的登记 | | | 第七章 股东会的召开和表决程序 . | | | 第一节 股东会的召开 . | | | 第二节 股东会的主持 . ...

（经公司 2025 年度第三次临时股东会审议通过） 2025 年 12 月 29 日 | | | 第一章 总则 第一条 为适应上市公司规范运作的要求，维护北新集团建材股份有限公司 （以下简称"公司"）利益，提高董事会工作效率和科学决策能力，保障董事的 合法权益，保证董事会决策程序及决议的合法性，根据《中华人民共和国公司法》 及其他法律、行政法规、部门规章及《北新集团建材股份有限公司章程》（以下 简称《公司章程》）的规定，结合公司实际情况，特制定本规则。 第二章 董事会的组成及职权 北新集团建材股份有限公司 董事会议事规则 第二条 公司设董事会，董事会对股东会负责。 第三条 董事会由 9 名董事组成。董事会成员中应当有 1 名公司职工代表。 董事会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主 选举产生。董事会成员中独立董事不少于全体董事人数的 1/3，其中至少有一名 会计专业人士。 第四条 董事会依法行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注 ...

北新集团建材股份有限公司 独立董事制度 （经公司 2025 年度第三次临时股东会审议通过） 2025 年 12 月 29 日 第一章 总则 第一条 为了进一步完善北新集团建材股份有限公司（以下简称公司）的法 人治理结构，促进公司的规范运作，充分发挥独立董事在公司治理中的作用， 维护公司整体利益，保障公司全体股东特别是中小股东的合法权益不受损害， 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》、《国务院办公厅关于上市公司独立董事制度改革的意见》、《上市公司独立 董事管理办法》（以下简称《独立董事办法》）、《深圳证券交易所股票上市规则》 （以下简称《股票上市规则》）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、法规、规范性文件及《北新集团建材 股份有限公司章程》（以下简称《公司章程》）的有关规定，制订本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断关系的董事。 第三条 独立董事对公司及公司全体股东负有忠实与勤勉义务。独立董事应 当按照法 ...

关于北新集团建材股份有限公司 2025 年度第三次临时股东会的 法律意见书 嘉源(2025)-04-972 EUME S IT AN LAW OFFICES 北京 BEI JING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 北京市嘉源律师事务所 关于北新集团建材股份有限公司 2025 年度第三次临时股东会的法律意见书 西城区复兴门内大街 158 中国 · 北京 二〇二五年十二月 致:北新集团建材股份有限公司 北京市嘉源律师事务所(以下简称"本所")接受北新集团建材股份有限公司 (以下简称"公司")的委托,根据《中华人民共和国公司法》《上市公司股东会 规则》(以下简称"《股东会规则》")等现行有效的法律、行政法规、部门规章、 规范性文件(以下简称"法律法规")以及《北新集团建材股份有限公司章程》(以 下简称"公司章程")的有关规定,指派本所律师对公司 2025年度第三次临时股 东会(以下简称"本次股东会")进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提供 的与本次股 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-064 北新集团建材股份有限公司 2025 年度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的真实、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。 2.本次股东会不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 （一）召开时间 （1）现场会议召开时间：2025 年 12 月 29 日(星期一)下午 16:30 （2）网络投票时间 ①通过深圳证券交易所交易系统投票的时间为 2025 年 12 月 29 日的交易时 间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； ②通过深圳证券交易所互联网投票系统投票的时间为 2025 年 12 月 29 日上 午 9:15-下午 15:00 期间的任意时间。 （二）召开地点：北京未来科学城七北路 9 号北新中心 A 座 17 层 （三）召开方式：本次股东会采取会议现场投票及网络投票相结合的方式召 开。公司通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络投 票平台，公司股东可以在网络投票时间内 ...

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report emphasizes the potential for a dual recovery in both fundamentals and valuations for the construction materials sector in 2026, driven by supportive real estate policies and a gradual stabilization of the industry [4] - Key policies released in December 2025 aim to optimize real estate conditions, which are expected to bolster demand [4] - Major construction material companies have seen a lag in stock performance but are reducing their reliance on real estate, with prices for various materials beginning to recover [4] Summary by Sections Cement - December marks the onset of the off-peak season in northern regions, with national demand continuing to decline. The housing market remains weak, while infrastructure demand shows regional disparities driven by policy [5] - Cement production in November 2025 was 154 million tons, reflecting a year-on-year decline [9] Glass - The glass industry is experiencing a sustained decline in demand due to real estate impacts, with traditional peak season orders showing limited improvement [6] - Supply-side adjustments are expected as several production lines undergo maintenance, but overall supply-demand pressures remain, leading to anticipated price stability at low levels [14] Fiberglass - Demand in sectors like wind power and thermoplastics remains stable, while traditional demand has slowed. The industry is expected to see growth driven by AI-related demand, particularly in low dielectric products [6] Consumer Building Materials - The industry has reached a profitability bottom, with no further price declines expected. Recent anti-competition policies have led to strong price increase demands across various categories, indicating potential for profit recovery in leading companies [6] Market Performance - In the past week (December 22-26), the construction materials index rose by 4.56%, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [7]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The real estate chain is gradually clarifying its bottom, with expectations for a performance turning point in 2026 after clearing burdens from 2025 [3][4] - The building materials sector has shown a weekly increase of 4.56%, outperforming the CSI 300 and Wind All A indices by 2.61% and 1.78%, respectively [3] - The report highlights the stability in cement prices, with the national average price at 354.0 RMB/ton, unchanged from the previous week but down 62.2 RMB/ton year-on-year [3][10] - Glass prices have decreased, with the average price for float glass at 1140.1 RMB/ton, down 11.3 RMB/ton from the previous week and down 260.7 RMB/ton year-on-year [41][46] - The fiberglass market is expected to see stable growth in demand, particularly in wind power and thermoplastics, with effective capacity projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][6] Summary by Sections 1. Cement Market Overview - The national cement market price remains stable at 354.0 RMB/ton, with regional variations noted [10][11] - The average cement inventory ratio is 61.8%, reflecting a slight decrease from the previous week [18][20] - The report anticipates a rebound in cement prices if physical demand stabilizes, particularly in provinces with significant infrastructure projects [4][9] 2. Glass Market Overview - The float glass market is experiencing a slight decline in prices, with an average price of 1140.1 RMB/ton [41] - Inventory levels have increased, with a total of 5533 million weight boxes reported, indicating a need for inventory reduction [46] - The report suggests that the glass industry may face challenges in the short term due to high inventory levels and weak demand [4][41] 3. Fiberglass Market Overview - The fiberglass industry is expected to see a gradual recovery, with demand driven by new applications and stable growth in traditional sectors [4] - Effective capacity for fiberglass is projected to increase, supporting a positive outlook for leading companies in the sector [4][6] - The report recommends companies such as China Jushi and suggests attention to other players like Zhongcai Technology and Honghe Technology [4]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., Sanjike Tree, and Beixin Building Materials [9]. Core Insights - The construction materials sector saw a 3.64% increase from December 22 to December 26, 2025, with notable gains in glass fiber manufacturing (10.06%) and glass manufacturing (5.04%) [1][13]. - The report emphasizes the importance of demand stabilization and the implementation of anti-involution policies, particularly in the context of housing policy adjustments in Beijing [1]. - The report highlights the ongoing challenges in the cement market, with a focus on the need for macroeconomic improvements, especially in the housing sector, to stimulate demand [2][18]. Summary by Sections Cement Industry Tracking - As of December 26, 2025, the national cement price index was 352.28 CNY/ton, a decrease of 0.26% from the previous week [2][18]. - The cement output for the week was 2.877 million tons, down 2.73% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][18]. - The capacity utilization rate for cement clinker kilns was 37.42%, reflecting a decrease of 0.23 percentage points from the previous week [2][18]. Glass Industry Tracking - The average price of float glass as of December 25, 2025, was 1140.08 CNY/ton, with a weekly decline of 0.98% [3]. - Inventory levels for glass products increased, with a total of 55.33 million heavy boxes reported, up 38,000 boxes from the previous week [3]. Glass Fiber Industry Tracking - The market for non-alkali glass fiber remained stable, with average prices holding steady [7]. - Demand for glass fiber products has shown signs of weakness, with reduced purchasing intentions from downstream buyers [7]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with prices for upstream materials like aluminum alloy and acrylic remaining stable [7]. - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [1]. Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a weekly production of 2,392 tons and an operating rate of 79.47% [8]. - The industry continues to face challenges with profitability, as the average production cost was reported at 105,900 CNY/ton, leading to negative margins for many companies [8].

Investment Ratings - Real Estate: Neutral [2] - Building Materials: Neutral [2] Core Insights - The report highlights the recent policy changes in Beijing aimed at stabilizing the real estate market, including relaxed purchasing conditions for non-local families and adjustments to mortgage rates [27][28] - The real estate sector is currently facing challenges such as sales pressure and investment contraction, but there is an expectation for continued policy support to drive industry transformation and recovery [27][28] - The building materials sector is experiencing a recovery in profitability, with cement prices showing signs of stabilization and a shift towards capacity upgrades through the replacement of outdated production facilities [4][5][29] Summary by Sections Real Estate Market Overview - As of December 25, 2025, the Shenwan Real Estate Index has decreased by 2.41% over the past two weeks, underperforming the CSI 300 Index by 3.52 percentage points [14] - National real estate development investment from January to November 2025 was 78,591 billion yuan, a year-on-year decrease of 15.9% [25] - The report anticipates that the real estate market will stabilize in 2026, with policies focusing on inventory reduction and supply optimization [27][28] Building Materials Market Overview - The Shenwan Building Materials Index has increased by 4.87% over the past two weeks, outperforming the CSI 300 Index by 3.53 percentage points [29] - The national cement price index reached 102.75 points on December 24, 2025, reflecting a nearly 1% recovery from the November low [4] - The report suggests that the building materials sector is positioned for long-term growth, driven by demand for green building materials and technological advancements [7][50] Key Company Recommendations - In the real estate sector, companies such as Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) are favored due to their stable operations and focus on first- and second-tier cities [27] - For building materials, companies like Conch Cement (600585), Taishan Gypsum (002233), and Huaxin Cement (600801) are recommended for their strong fundamentals and attractive dividend yields [4][5]