Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - Focus on upstream materials for commercial aerospace, with a strong recommendation for UTG glass due to its significant market potential [6][2] - The cement market is experiencing seasonal declines in shipments, while glass inventory has decreased month-on-month [8] - For 2026, three main lines of opportunity are identified: stock chain, Africa chain, and AI chain [9] Summary by Relevant Sections Cement Market - After the New Year, domestic cement market demand continues to weaken due to factors like funding shortages and temperature drops, with key enterprises' shipment rates around 39%, down 1.5 percentage points month-on-month [8] - National cement prices have slightly declined, with price drops observed in regions like Zhejiang, Sichuan, Yunnan, and Xinjiang, ranging from 10 to 30 yuan per ton [23] - The national average cement price is 357.26 yuan per ton, a decrease of 0.32 yuan month-on-month [24] Glass Market - The domestic float glass market has seen a slight rebound in prices, driven by speculative demand, with a total inventory reduction of 183 million weight boxes, a decrease of 3.40% [8][36] - The average price of glass is 61.99 yuan per weight box, up 0.05 yuan month-on-month, but down 12.44 yuan year-on-year [36] - The production capacity of float glass has decreased, with 209 out of 262 production lines operational, resulting in a daily melting capacity of 149,535 tons [8] Investment Opportunities - UTG glass is projected to have a demand of approximately 1.2 million square meters based on the forecast of 6,000 satellites launched annually, translating to a market space of 6 billion yuan [6] - Carbon fiber demand is estimated at around 1,000 tons for satellite applications, with high profit elasticity due to the use of high-modulus series [7] - The report highlights three main investment themes for 2026: optimizing demand and supply in the stock chain, leveraging growth in the African market, and capitalizing on the upgrade trend in AI electronic fabrics [9]

21智讯01月12日电，西部建设公告，2026年1月9日，公司与中国建设银行股份有限公司成都天府新区支 行签署了《本金最高额保证合同》，为全资子公司中建西部建设贵州有限公司向该行的授信业务提供最 高担保金额6,000万元的连带责任保证，保证范围包括主债权、利息、违约金及实现债权的相关费用， 保证期间为主债务履行期限届满之日起三年。本次担保在公司对贵州公司8,000万元担保额度范围内， 旨在支持其正常生产经营。截至公告日，公司及合并报表范围内子公司尚未到期的对外担保总额为 58,000万元，占公司2024年度经审计归属于母公司净资产的6.12%，无逾期担保情况。 ...

Core Viewpoint - The article discusses the trends in CPI and PPI for December 2025, highlighting a month-on-month increase of 0.2% for both indices, with PPI marking its fifth consecutive month of positive growth. Year-on-year, CPI and PPI are reported at 0.8% and -1.9%, respectively, exceeding previous model predictions [1][4]. CPI Analysis - The month-on-month CPI increase of 0.2% is attributed to various sectors, with negative growth observed in pork, alcoholic beverages, rent, fuel, and traditional Chinese medicine. Positive growth is noted in fresh vegetables, fruits, medical services, gold jewelry, and durable goods [6][7]. - Durable goods prices showed significant improvement, particularly in household appliances, which saw a historical high month-on-month increase of 1.4% in December, likely influenced by seasonal factors and PPI transmission [6][8]. - Transportation tools experienced a month-on-month increase of 0.1%, above the ten-year average of -0.15%, possibly due to stabilization in car prices amid a "de-involution" context [6][8]. PPI Analysis - The month-on-month PPI increase of 0.2% is driven by a 0.8% rise in the mining industry, marking its fifth consecutive month of positive growth. Raw materials and processing industries also saw increases of 0.6% and 0.2%, respectively, the fastest rates of the year [2][9]. - In the living goods category, while food and durable goods continued to show negative growth, clothing and general daily necessities recorded increases of 0.2% and 0.5%, respectively, marking the second-highest points of the year [2][9]. - Specific industries showed price differentiation, with rising prices in coal mining and processing, contributing significantly to PPI growth. Additionally, prices in lithium-ion battery manufacturing and cement production increased by 1.0% and 0.5%, respectively [10][9]. Future Outlook - The article suggests that the simulated deflation index is expected to rise gradually after hitting a low in July 2025, correlating with the timing of increased "de-involution" efforts. The central economic work conference indicates that addressing "involution" will be a key focus for 2026 [3][11]. - Historical economic cycles indicate that periods of nominal growth elasticity, such as 2006-2007 and 2010-2011, are characterized by strong internal demand stimulation. The outlook for 2026 suggests potential benefits from external demand due to fiscal expansions in developed economies and industrialization in developing countries [3][11].

2026 年 1 月 9 日 总量研究 关注"涨价潮"的扩散 ——2025 年 12 月价格数据点评 作者 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 CPI 涨势能否延续？——2025 年 11 月价格 数据点评(2025-12-10) PPI 环比转正，谁是拉手？——2025 年 10 月价格数据点评（2025-11-09） CPI 同比何时有望转正？——2025 年 9 月 价格数据点评（2025-10-15） PPI 迎来上行拐点——2025 年 8 月价格数 据点评（2025-09-10） "反内卷"效果初现——2025 年 7 月价格 数据点评（2025-08-09） 核心通胀继续回暖——2025 年 6 月价格数 据点评（2025-07-09） 如何看待分化的物价？——2025 年 5 月价 格数据点评（2025-06-09） 国内物价运行好于预期——2025 年 4 月价 格数据点评（2 ...

证券日报网讯1月9日，金隅冀东（000401）在互动平台回答投资者提问时表示，股价受宏观经济环境、 行业周期、市场情绪、概念热点等多方面因素影响，2025年前三季度，公司归母净利润扭亏为盈，经营 业绩稳步向好。较2024年度，公司2025年度的经营亮点主要体现在以下方面：1.产业链进一步延伸及产 能布局持续优化，依托自有矿山资源，持续推进骨料线布局，同时围绕重点区域，推进混凝土生产线建 设，增强产业链竞争优势；继2024年底在黑龙江区域收购双鸭山公司后，2025年初公司在辽宁区域收购 恒威水泥及其关联企业，进一步优化公司东北区域产业布局，提升市场份额及影响力。2.深化精益运营 效果凸显，通过发挥规模采购优势、加强备品备件集约化采购、加强节能降耗技术应用、持续优化配料 成本等措施，持续推动全流程降本增效。3.强化统一大市场建设，市场引领力获得提升，差异化产品市 场竞争力逐渐转化为增长优势，公司细化渠道划分与终端场景渗透，针对重点工程、家装、风电建设等 不同应用场景，推动定制化水泥、特种水泥、复合掺合料等新产品、新材料深入研究与应用，新产品、 新材料的收入占比显著提升。 ...

截至9月30日，金隅集团股东户数11.29万，较上期增加4.04%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，金隅集团实现营业收入694.89亿元，同比减少9.80%；归母净利润-14.25亿元，同比减 少226.44%。 分红方面，金隅集团A股上市后累计派现78.25亿元。近三年，累计派现15.16亿元。 机构持仓方面，截止2025年9月30日，金隅集团十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.01亿股，相比上期增加1424.76万股。国泰中证全指建筑材料ETF（159745）位居第九大 流通股东，持股1425.91万股，为新进股东。 1月9日，金隅集团盘中下跌2.23%，截至11:07，报1.75元/股，成交1.57亿元，换手率1.06%，总市值 186.86亿元。 资金流向方面，主力资金净流出2645.22万元，特大单买入569.19万元，占比3.62%，卖出2877.19万元， 占比18.28%；大单买入3873.31万元，占比24.60%，卖出4210.54万元，占比26.74%。 金隅集团今年以来股价涨4.79%，近5个交易日涨4.79%，近20日涨4. ...

Core Viewpoint - Nanjing's ecological environment has shown significant improvement, achieving a "stable and better" status, marking a crucial milestone in the construction of a beautiful Nanjing by 2025 [1] Air Quality Improvement - PM2.5 concentration has dropped to 27.1 micrograms per cubic meter, ranking third in the province and first in the Nanjing metropolitan area, with a year-on-year improvement of 4.2% [2] - The proportion of days with good air quality reached 87.4%, the highest in the province, increasing by 5 days year-on-year [2] - Six air quality monitoring indicators have achieved full compliance for the first time, representing a historic breakthrough [2] Pollution Reduction Efforts - Continuous efforts in source reduction and green transformation have led to significant achievements, including the completion of ultra-low emission transformations for key enterprises and the implementation of 860 annual air quality improvement projects [3] - A total of 3,841 old diesel trucks have been eliminated, and 13 new energy vehicle teams have been established [3] - The number of environmental complaints has decreased by 70.9%, from 23,451 in 2020 to 6,816 in 2025, indicating effective resolution of prominent environmental issues [3] Water Quality Enhancement - By 2025, 100% of the water quality at 42 national and provincial monitoring points will be rated as good, with similar results for 18 major tributaries and 11 centralized drinking water sources [4] - The water quality of the Yangtze River main stream remains stable at Class II, with significant improvements in the Taihu Basin [4] Wastewater Treatment Improvements - The city has enhanced its wastewater treatment capacity by 200,000 tons per day and completed upgrades to 32 wastewater treatment plants [5] - The concentration of COD in wastewater treatment plants is expected to improve by approximately 15% compared to 2024, with a centralized collection and treatment rate of over 90% [6] Ecological Protection and Restoration - Over 80% of wetlands along the Yangtze River in Nanjing are protected, with 270 species of birds recorded, including rare species [7] - The city has established 12 ecological safety buffer zones and 5 ecological island pilot areas, contributing to biodiversity [8] Future Plans - Nanjing aims to continue its ecological protection efforts, focusing on high-quality development and improving environmental quality through coordinated pollution reduction and carbon neutrality strategies [8]

Core Insights - The Producer Price Index (PPI) increased by 0.2% month-on-month, marking the third consecutive month of growth, with the growth rate expanding by 0.1 percentage points compared to the previous month [1] - Year-on-year, the PPI decreased by 1.9%, but the decline rate narrowed by 0.3 percentage points from the previous month, indicating positive changes in certain industries due to effective macro policies [1] Group 1: Price Changes in Key Industries - The improvement in supply and demand structure has led to price increases in several key industries, including a 1.3% rise in coal mining and washing, and a 0.8% increase in coal processing, both of which have risen for five consecutive months [1] - The price of lithium-ion battery manufacturing increased by 1.0%, and cement manufacturing prices rose by 0.5%, both showing growth for three consecutive months [1] - The price of complete electric vehicles shifted from a 0.2% decrease last month to a 0.1% increase this month [1] Group 2: Market Competition and Price Adjustments - The construction of a unified national market is progressing, leading to a continuous narrowing of year-on-year price declines in related industries [1] - The optimization of market competition order has resulted in a narrowing of price declines in coal mining and washing, lithium-ion battery manufacturing, and photovoltaic equipment and components manufacturing by 2.9, 1.2, and 0.4 percentage points respectively, with these industries experiencing narrowing declines for five, four, and nine consecutive months [1]

截至9月30日，福建水泥股东户数3.33万，较上期减少0.99%；人均流通股13777股，较上期增加1.00%。 2025年1月-9月，福建水泥实现营业收入11.13亿元，同比减少0.42%；归母净利润-756.62万元，同比增 长95.49%。 资金流向方面，主力资金净流入404.96万元，特大单买入275.93万元，占比2.57%，卖出0.00元，占比 0.00%；大单买入1879.67万元，占比17.53%，卖出1750.65万元，占比16.33%。 福建水泥今年以来股价涨1.22%，近5个交易日跌3.35%，近20日跌21.61%，近60日涨16.29%。 资料显示，福建水泥股份有限公司位于福建省福州市晋安区塔头路396号福建能源石化大厦，成立日期 1993年11月27日，上市日期1994年1月3日，公司主营业务涉及水泥及熟料的生产和销售为基础,并进行 其他建筑材料制造及技术服务、工业生产资料、柴油车总成大修、投资宾馆、旅游、房地产、物业管理 等。主营业务收入构成为：水泥97.68%，熟料1.82%，其他(补充)0.41%，其他0.09%。 福建水泥所属申万行业为：建筑材料-水泥-水泥制造。所属概念板 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 证券代码：000401 证券简称：金隅冀东 根据《唐山冀东水泥股份有限公司公开发行可转换公司债券募集说明书》等有关规定，本次发行的可转 换公司债券转股期限自发行结束之日起满六个月后的第一个交易日（2021年5月11日）起至可转换公司 债券到期日（2026年11月4日）止。 公司于2021年6月2日实施了2020年度权益分派方案，根据公司可转债转股价格调整的相关条款，"冀东 转债"的转股价自2021年6月2日起由初始转股价15.78元/股调整为15.28元/股。 公司向北京金隅集团股份有限公司非公开发行的人民币普通股股票1,065,988,043股于2021年12月16日在 深圳证券交易所上市，根据公司可转债转股价格调整的相关条款，"冀东转债"的转股价自2021年12月16 日起由15.28元/股调整为14.21元/股。 公司向13名投资者合计非公开发行人民币普通股股票178,571,428股于2022年1月14日在深圳证券交易所 上市，根据公司可转债转 ...