Market Performance - In Q1 2026, A-share market showed significant style differentiation, with the CSI 1000 index being the only broad index to rise, up by 0.32%, while major indices generally declined [1][3] - The Shenzhen Component Index, ChiNext Index, and Wind All A Index saw slight declines of 0.35%, 0.57%, and 1.15% respectively, while the Shanghai Composite Index fell by 1.94% and the CSI 300 dropped by 3.89% [3] - The North Exchange 50 performed the weakest, with a substantial decline of 13.34% in Q1 2026 [3] Industry Performance - Among 35 industries classified by Wind, 9 recorded gains in Q1 2026, with the oil and petrochemical and coal industries leading, rising by 18.27% and 17.64% respectively [5] - Utilities, building materials, and electrical equipment also performed well, with increases of 8.78%, 8.26%, and 6.02% respectively [5] - Consumer and financial real estate sectors faced significant declines, with discretionary retail down by 14.90% and non-bank financials down by 14.84% [5] Style Performance - In Q1 2026, small and mid-cap value and growth styles outperformed, while large-cap styles faced pressure [8] - Mid-cap value style was the strongest, with a cumulative increase of 7.50%, while mid-cap growth rose by 5.73% [8] - Large-cap growth index fell by 2.77%, and large-cap value index declined by 4.53% [8] Concept Performance - Energy and power infrastructure concepts led the market in Q1 2026, with the ultra-high voltage concept rising by 32.39% [10] - Fiberglass and oil and gas extraction indices also saw significant gains, exceeding 30% [10] - Other concepts like optical communication, shipping selection, TOPcon batteries, and rare metals selection rose over 20% [10] Company Listings - As of the end of Q1 2026, there were 5,496 listed companies in the A-share market, an increase of 26 from the end of 2025 [13] - The Shanghai main board had the highest number of listed companies at 1,703, accounting for 30.98% of the total [15] Market Capitalization - The total market capitalization of A-shares was 118.81 trillion yuan at the end of Q1 2026, a slight decrease of 0.1% from the end of 2025 [17] - The Shanghai main board's market capitalization was 62.94 trillion yuan, representing 52.93% of the total [19] Trading Volume - A-share market trading remained active in Q1 2026, with total trading volume reaching 144.5 trillion yuan, a quarter-on-quarter increase of 22.15% and a year-on-year increase of 66.28% [21] - The average daily trading volume was 25.97 billion yuan, up 29.43% quarter-on-quarter and 69.04% year-on-year [21] Margin Financing - As of the end of Q1 2026, the margin financing balance was 26.17 billion yuan, an increase of 2.41% from the end of 2025 and a year-on-year increase of 36.12% [25] Top Gainers and Losers - In Q1 2026, Hangzhou Electric Co. led the gainers with a cumulative increase of 253%, followed by Xuelang Environment at 232% and Tianzhong Precision at 210% [27] - The biggest loser was Tianpu Co., which fell by 55%, with Rongke Technology and Jin Hao Medical both down by 49% [27] Market Valuation - As of the end of Q1 2026, the highest P/E ratio among A-share boards was on the Sci-Tech Innovation Board at 195.68 times [43] - The lowest P/E ratio was in the financial sector at 7.72 times [47] IPO Activity - In Q1 2026, the A-share market saw 35 IPOs, a year-on-year increase of 29.63% [50] - The total fundraising from IPOs was 29.78 billion yuan, up 79.61% year-on-year [52] - The automotive and parts industry led with 6 IPOs, while the medical devices and services sector had 5 [55]

Group 1 - The report emphasizes that the adjustment in the market presents an opportunity to invest in Chinese assets, highlighting the emergence of significant bottom points in the Chinese stock market after recent adjustments [11][12][14] - The report identifies that China's energy consumption has a low oil and gas proportion of less than 30%, which is below the global average, enhancing resilience against risks [11][12] - The report notes that China's relatively stable security situation, complete supply chain system, and proactive industrial development are unique advantages that can counteract the prevailing narrative of stagflation [11][12] Group 2 - The report suggests that the focus on domestic demand and expansionary fiscal policies in 2026 will support consumption and stabilize investment, which is expected to counterbalance the decline in global demand [12][13] - The report highlights the acceleration of capital expenditure in new economic sectors and the growth of global energy transition demands as key drivers for China's growth logic in 2026 [13][14] - The report recommends sectors such as finance, technology manufacturing, and stable domestic demand as primary investment targets, emphasizing the value of high dividend yield in financial and stable sectors [14] Group 3 - The report discusses the performance of Tencent Holdings, which is expected to see solid growth driven by AI investments, with projected revenues of 830.2 billion CNY in 2026 [21] - The report highlights the launch of Claude Cowork, which is anticipated to accelerate CPU demand due to its role in AI applications, suggesting a significant growth opportunity in the electronic sector [24][29] - The report mentions that the communication sector, particularly optical interconnection, is expected to experience high growth due to increasing demand in AI infrastructure [36][39]

Core Viewpoint - The report highlights the significant revenue growth of Keda Manufacturing in 2025, driven by capacity expansion and increased overseas sales, despite challenges in certain business segments due to external economic factors [4][5]. Group 1: Financial Performance - In 2025, Keda Manufacturing achieved operating revenue of 17.39 billion yuan, a year-on-year increase of 38.0%, and a net profit attributable to shareholders of 1.31 billion yuan, up 30.1% [4]. - The fourth quarter of 2025 saw operating revenue of 4.78 billion yuan, but net profit dropped significantly by 47.4% to 160 million yuan, attributed to various financial pressures [4][5]. - The company's gross margin and net margin improved to 27.9% and 12.5%, respectively, reflecting a year-on-year increase of 1.95 and 2.23 percentage points [6]. Group 2: Revenue Breakdown - The revenue from mechanical equipment, overseas building materials, and lithium battery materials was 6.47 billion yuan, 8.19 billion yuan, and 2.38 billion yuan, showing a year-on-year change of -3.7%, +73.6%, and +170.6%, respectively [5]. - Domestic revenue was 5.69 billion yuan, up 24.6%, while international revenue reached 11.70 billion yuan, increasing by 45.8%, with overseas business accounting for over 67% of total revenue [5]. Group 3: Capacity Expansion and Future Prospects - Keda Manufacturing has expanded its overseas building materials capacity, with projects in Kenya and Côte d'Ivoire commencing operations in mid-2025, contributing to a total of 21 production lines across seven African countries [7][8]. - The company produced approximately 205 million square meters of building ceramics in 2025, a 16.5% increase year-on-year, and is actively pursuing additional projects in Peru, Côte d'Ivoire, and Guinea, expected to commence production between 2026 and 2027 [8]. Group 4: Lithium Material Sector - The company has strengthened partnerships with leading energy storage firms, achieving a production and sales volume of 115,800 tons and 114,400 tons for artificial graphite products, with a utilization rate of 98.8% [9]. - In 2025, the lithium carbonate production and sales volume reached 41,000 tons, with a net profit of approximately 318 million yuan, reflecting a 36.5% year-on-year increase [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue and profit growth are driven by the overseas building materials and lithium battery sectors, with a significant increase in both volume and price expected to continue [1][11] - The company achieved operating revenue of 17.39 billion yuan and a net profit attributable to shareholders of 1.31 billion yuan in 2025, representing year-on-year increases of 38.0% and 30.1% respectively [5][11] - The overseas building materials segment accounted for over 67% of total revenue, with a notable expansion in production capacity and sales [6][8] Summary by Sections Financial Performance - In 2025, the company reported operating revenue of 17.39 billion yuan, net profit of 1.31 billion yuan, and net profit after deducting non-recurring gains and losses of 1.20 billion yuan, reflecting increases of 38.0%, 30.1%, and 30.2% year-on-year respectively [5] - The fourth quarter of 2025 saw operating revenue of 4.78 billion yuan, with net profit and net profit after deducting non-recurring gains and losses at 160 million yuan and 140 million yuan, showing year-on-year changes of +18.5% and -47.4% respectively [5] Revenue Breakdown - The company’s revenue from mechanical equipment, overseas building materials, and lithium battery materials was 6.47 billion yuan, 8.19 billion yuan, and 2.38 billion yuan respectively, with year-on-year growth rates of -3.7%, +73.6%, and +170.6% [6] - Domestic revenue was 5.69 billion yuan, while international revenue reached 11.70 billion yuan, marking increases of 24.6% and 45.8% year-on-year [6] Profitability and Cash Flow - The company’s gross margin and net margin for 2025 were 27.9% and 12.5%, reflecting increases of 1.95 and 2.23 percentage points year-on-year [7] - Operating cash flow for 2025 was 1.82 billion yuan, an increase of 1.26 billion yuan compared to the previous year [7] Future Outlook - The company is expected to continue expanding its overseas building materials capacity, with several projects in Africa projected to come online between 2026 and 2027 [8] - The report anticipates a recovery in the mechanical equipment segment in 2026, while profitability in the overseas building materials and lithium battery segments is expected to strengthen [11]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue and profit growth are driven by the overseas building materials and lithium battery sectors, with a continued growth outlook [1][11] - In 2025, the company achieved operating revenue of 17.39 billion yuan, a year-on-year increase of 38.0%, and a net profit attributable to shareholders of 1.31 billion yuan, up 30.1% [5][11] - The company’s overseas revenue accounted for over 67% of total revenue, with significant growth in overseas building materials and lithium battery materials [6][8] Summary by Relevant Sections Revenue Performance - In 2025, the company reported operating revenue of 17.39 billion yuan, with a quarterly revenue of 4.78 billion yuan in Q4, reflecting an 18.5% year-on-year increase [5][6] - The company’s domestic and foreign revenues were 5.69 billion yuan and 11.70 billion yuan, respectively, showing year-on-year growth of 24.6% and 45.8% [6] Profitability - The company’s gross margin and net margin for 2025 were 27.9% and 12.5%, respectively, reflecting increases of 1.95 and 2.23 percentage points year-on-year [7] - The profitability of the overseas building materials and lithium battery segments improved significantly, with gross margins of 35.3% and 13.3%, respectively [7][11] Capacity Expansion - The company has expanded its overseas building materials capacity, with projects in Kenya and Côte d'Ivoire commencing operations in 2025 [8] - The company operates 21 building ceramic production lines across seven African countries, with an annual capacity of approximately 200 million square meters of building ceramics [8] Future Outlook - The company expects continued growth in the overseas building materials and lithium battery sectors, with profit forecasts for 2026 and 2027 raised to 2.13 billion yuan and 2.38 billion yuan, respectively [11][12] - The report anticipates a recovery in the ceramic machinery segment in 2026, despite slight pressure in 2025 [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 天山材料截至2025年12月31日止年度之 主要會計數據和財務指標 附註： - 2 - 1. 調整的原因為會計差錯更正以及同一控制下企業合併，詳情參見天山材料於二零二六年三 月三十日在深圳證券交易所發佈的有關公告。 2. 天山材料截至二零二五年十二月三十一日止年度報告全文亦將刊載於深圳證券交易所網站 (http://www.szse.cn)。 本公告乃自願而並非按香港聯合交易所有限公司證券上市規則特定規定而作出。 承董事會命 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下天山材料股 份有限公司（「天山材料」）截至2025年12月31日止年度之主要會計數據和財務指標。 天山材料為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號： 000877）。 - 1 - 天山材料主要會計數據和財務指標 單位：元 幣種：人民幣 | | | | | 2025年末比 | | | | ...

Macro Strategy - The market style may adjust based on the supply-demand pattern brought by the oil price central [1] - The ongoing conflict between the US and Iran has not shown effective signs of easing, maintaining high volatility in global assets, with US stocks declining and oil prices remaining elevated [1] - Analysts have significantly raised the Q1 2026 US growth forecast while lowering the Q2 growth forecast, and have also increased inflation expectations for the coming quarters [1] Market Outlook - The macro monthly timing model for March 2026 scored -2, indicating a 30.77% probability of the A-share index rising in the following month, suggesting a potential adjustment in the A-share market [2] - The ETF fund flow data indicates a significant increase in innovative drug ETFs, suggesting heightened interest in the pharmaceutical sector, while broad-based ETFs have seen a decrease in scale [2] - The A-share market experienced increased volatility, heavily influenced by overseas events, with trading volume decreasing from 2.30 trillion yuan to 1.86 trillion yuan [2] Fiscal Policy - If the fiscal revenue and expenditure for 2026 are completed as budgeted, the year-on-year growth rate of physical broad fiscal expenditure is expected to reach its highest level in nearly four years, indicating significant fiscal stimulus [3][4] - The year-on-year growth rate of narrow fiscal expenditure is projected to be 4.6%, up from 3.7% the previous year, while the broad fiscal expenditure growth rate is expected to be 5.3%, an increase from 4.5% [4] Inflation Indicators - The PCE inflation indicator has recently shown a positive divergence from the CPI, with PCE growth expected to remain higher than CPI throughout the year, influenced by rising prices in computer components and declining housing inflation [5] - The ongoing divergence between PCE and CPI may pose a tail risk for the Federal Reserve's monetary policy, as PCE is the inflation measure referenced by the Taylor rule [5] Fixed Income Market - The domestic bond market has shown limited reaction to overseas conflicts and strong early-year economic performance, with the 10-year government bond yield experiencing slight fluctuations [6] - The market is currently characterized by a lack of clear long-term logic, with a consensus on the steepening of the yield curve and short-term rates supported by central bank liquidity [6] Company-Specific Insights - The solid waste sector is expected to see increased dividends and improved return on equity (ROE), with net profit forecasts for 2026-2027 adjusted upwards to 7.62 billion and 8.05 billion yuan respectively [9] - China National Materials is projected to maintain rapid growth in new orders, with net profit forecasts for 2026-2028 adjusted to 30.63 billion, 35.81 billion, and 41.96 billion yuan [10] - The jewelry brand Chaohongji is expected to see significant growth driven by product upgrades and rapid expansion of franchise channels, with net profit forecasts for 2026-2028 set at 6.7 billion, 8.1 billion, and 9.7 billion yuan [11] - Dongshan Precision is anticipated to benefit from dual drivers in optical modules and high-end PCBs, with revenue forecasts for 2025-2027 set at 417.42 billion, 720.62 billion, and 951.33 billion yuan [12]

Core Viewpoint - The company, Jinju Group, plans to enhance its financing efficiency and optimize its debt structure by applying for the qualification to issue various debt financing instruments in the interbank market, with a total issuance limit of up to 40 billion yuan [1][2]. Group 1 - The company has approved a proposal to register and issue debt financing tools at the 20th meeting of the 7th Board of Directors held on March 30, 2026 [1]. - The registration project includes the qualification for unified registration of various non-financial corporate debt financing instruments (DFI) [1]. - The types of instruments to be issued include but are not limited to super short-term financing bills, short-term financing bills, medium-term notes, perpetual medium-term notes, targeted debt financing tools, and asset-backed notes [1]. - The total issuance scale is capped at 40 billion yuan during the effective period of the issuance [1]. - The bond terms will be determined based on the type of instruments issued, with medium-term notes and perpetual medium-term notes having terms exceeding one year, short-term financing bills not exceeding 12 months, and super short-term financing bills not exceeding 9 months [1]. Group 2 - The issuance interest rates will be determined based on market conditions at the time of issuance and negotiated with the lead underwriter [2].

Group 1: Financial Performance - The company reported operating revenue of RMB 91.113 billion, a year-on-year decrease of 17.7% [1] - The net loss attributable to the parent company was RMB 1.009 billion, an increase of 81.83% year-on-year [1] - The basic loss per share attributable to the parent company's shareholders was approximately RMB 0.19 [1] - A final dividend of RMB 0.05 per share is proposed [1] Group 2: Green Building Materials Segment - The green building materials segment achieved operating revenue of approximately RMB 79.58 billion, a year-on-year increase of about 1.7% [1] - The gross profit for the green building materials segment was approximately RMB 8.064 billion, an increase of 11.9% year-on-year [1] - The comprehensive gross profit margin for cement and clinker was approximately 20.9%, an increase of about 5.0 percentage points year-on-year [1] Group 3: Cement and Clinker Sales - Cement and clinker sales totaled approximately 83.45 million tons, a year-on-year decrease of about 1.1% [1] - Cement sales were approximately 73.32 million tons, a decrease of 2.8% year-on-year [1] - Clinker sales were approximately 10.13 million tons, an increase of 13.4% year-on-year [1] Group 4: Concrete Business - The concrete business achieved sales volume of approximately 15.69 million cubic meters, a year-on-year increase of 20.3% [1] - The selling price of concrete was RMB 279.3 per cubic meter, a decrease of RMB 25.5 per cubic meter year-on-year [1] - The gross profit margin for concrete was approximately 10.7%, an increase of 2.2 percentage points year-on-year [1] Group 5: Real Estate Development and Operations - The real estate development and operations segment reported operating revenue of approximately RMB 11.498 billion, a year-on-year decrease of 64.9% [2] - The gross profit for the real estate segment was approximately RMB 2.638 billion, a decrease of 36.4% year-on-year [2] - The area transferred was 531,800 square meters, a decrease of 51.8% year-on-year, with commercial housing transfer area down 56.5% [2] - The cumulative contract signing amount was approximately RMB 10.912 billion, a decrease of 19.0% year-on-year [2] - The total land reserve area owned by the company was 5.4637 million square meters [2]

Group 1 - The report highlights the emergence of HALO assets, defined as "Heavy Assets, Low Obsolescence," which have gained investor attention due to the decline in appeal of "light asset, high growth" tech companies amid the AI revolution [4][11] - Three main reasons for the rise of HALO assets are identified: the slowdown in capital expenditure growth among US tech giants, the anxiety in "light asset, high growth" sectors due to AI's disruptive potential, and the increasing demand for energy driven by AI development [4][5] - The report suggests that HALO assets are likely to continue being favored by investors, drawing parallels to the internet revolution of the late 1990s, indicating a structural shift rather than a temporary trend [38][40] Group 2 - The macro geopolitical context, particularly the escalating US-Israel-Iran tensions, has contributed to rising oil prices, indirectly boosting the attractiveness of HALO assets [5][46] - The report outlines three scenarios regarding the geopolitical situation, with an 80% probability that HALO assets will benefit from either optimistic or neutral outcomes [53][62] - The analysis indicates that the ongoing geopolitical uncertainties, while disruptive, are unlikely to derail the overall positive trend for HALO assets [62] Group 3 - The report emphasizes the unique advantages of Chinese HALO assets compared to their US counterparts, including strong government support, high asset quality, and newer equipment [6][63] - A quantitative method is proposed for constructing a HALO asset portfolio in China, which has shown significant excess returns in backtesting [6][8] - The report recommends investors to overweight HALO assets in their A-share portfolios, highlighting the potential for substantial upside given the current market dynamics [6][8]