Core Viewpoint - The article discusses the recent positive developments in China-US trade relations following negotiations, highlighting a significant increase in shipping orders and a reduction in tariffs, which reflects a deeper economic interdependence between the two countries [3][7][33]. Group 1: Trade Negotiations and Market Reactions - After the China-US trade negotiations, there was a nearly 300% surge in container orders for shipping to the US, indicating a warming of trade relations [3][7]. - The initial tariffs imposed by the US reached as high as 245%, but post-negotiation, they have been reduced to 10%, 20%, and 30%, which many businesses can manage [7][10]. - The negotiations have led to a positive response in both the US and European markets, with a notable recovery in the Chinese stock market [7][10]. Group 2: Factors Influencing Negotiations - Various factors contributed to the successful negotiations, including the recognition by US businesses of the detrimental effects of the trade war on the US economy [8][10]. - Major multinational companies, such as Apple and Walmart, have significant stakes in the Chinese market, which has pressured the US government to reconsider its tariff policies [9][10]. Group 3: Future of Globalization - The article emphasizes that globalization remains a dominant trend despite the presence of anti-globalization sentiments, as countries are increasingly interdependent [22][23]. - China is positioned to leverage its robust infrastructure and talent pool to enhance its global competitiveness [23][30]. - The shift towards a "world for the world" strategy is seen as essential for Chinese companies to mitigate risks and expand their market presence globally [26][30]. Group 4: Opportunities for Chinese Companies - Chinese companies are encouraged to invest in the US to mitigate potential trade risks, with examples of successful investments in various sectors [25][30]. - The article suggests that collaboration with local US businesses can create mutually beneficial partnerships, enhancing the viability of Chinese investments in the US [29][30]. Group 5: Conclusion and Outlook - The article concludes with an optimistic view of the future for Chinese enterprises, emphasizing the importance of adapting to the evolving global landscape and the potential for increased cooperation and mutual benefit in international trade [32][33].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report highlights the importance of urban renewal actions initiated by the government, emphasizing the need for existing building renovations and infrastructure improvements, with significant progress expected by 2030 [3][13] - Short-term factors include the pressure for stable growth, the emphasis on stabilizing the real estate market, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13] - Long-term perspectives suggest that the opening of the interest rate reduction channel in Europe and the U.S. will provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize the real estate market and improve housing loan conditions [3][13] Summary by Sections Recent Developments - The report discusses various local government initiatives aimed at improving housing quality and supporting home purchases, including policies in Shenzhen, Nanjing, Wuhan, and other cities [3][13] - The report notes a 28.7% year-on-year increase in residential transactions in Shenzhen in April, indicating a potential recovery in the housing market [3][13] High-Frequency Data - As of May 16, 2025, the average price of bulk P.O 42.5 cement in China is 386.2 CNY/ton, showing a 0.8% decrease from the previous week but a 10.2% increase year-on-year [4][14] - The average price of glass (5.00mm) is 1260.0 CNY/ton, reflecting a 0.8% decrease from the previous week and a 25.6% decrease year-on-year [4][21] Sector Review - The report indicates that the Shanghai Composite Index rose by 0.76%, while the building materials sector index fell by 0.24% [5][53] - Among sub-sectors, fiberglass manufacturing saw a 3.07% increase, while cement manufacturing experienced a 1.21% decline [5][53] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [6][68]

公司研究 证 券 研 究 报 告 旗滨集团（601636）2024 年报及 2025 年一季报点评 推荐（维持） 光伏玻璃业务快速发展，一季度盈利改善 目标价：6.1 元 事项： 2024 年公司实现总营业收入 156.49 亿元，同比减少 0.21%，归母净利润 3.83 亿元，同比减少 78.15%。2025 年一季度公司实现总营业收入 34.84 亿元，同 比减少 9.68%，归母净利润 4.70 亿元，同比增长 6.38%。 评论： 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 公司基本数据 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,649 | 16,562 | 17,913 | 19,784 | | 同比增速(%) | -0.2% | 5.8% | 8.2% | 10.4% | | 归母净利润(百万) | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On May 16, 2025, the glass futures price hit a new low, with a decline of over 2% and a minimum of 1002 yuan/ton, and a trading volume of 1.6316 million. Multiple factors contributed to this, and the price may remain weak in the short - term and depend on various factors in the long - term [3]. - A - shares had a full - line decline after continuous upward oscillations, and there is a high probability of entering an adjustment and oscillation phase. Foreign investors are optimistic about the overweight opportunities of Chinese assets [6]. - Gold is in an adjustment phase, but the general direction is still bullish, and the most important support is the low point after Tomb - Sweeping Festival [11]. - Iron ore faces supply surplus pressure in May due to export reduction and shipping increase, and the weak reality increases the high - valuation risk. Technically, it should be viewed with a bearish and oscillating mindset [14]. - The glass futures market requires the manifestation of real - estate stimulus effects or major policy announcements for demand to increase. Technically, it should be viewed bearishly [17]. - PTA has fundamental pressure to break through the resistance level due to low PX device operating rates and weak downstream polyester demand, and shows signs of reaching a phased peak [21]. 3. Summary by Relevant Catalogs Hot Focus - On May 16, 2025, the glass futures price hit a new low. Supply has a potential contraction trend, but inventory is at a near - three - year high. Demand is weak, raw material costs have decreased, and macro - policies have not effectively supported the demand side. In the short - term, the price may remain weak, and in the long - term, it depends on multiple factors [3]. Technical Analysis - **Stock Index Futures**: A - shares declined after continuous upward oscillations, and there is a high probability of entering an adjustment and oscillation phase. Foreign investors are optimistic about the overweight opportunities of Chinese assets [6]. - **Gold**: It is in an adjustment phase, but the general direction is still bullish, and the most important support is the low point after Tomb - Sweeping Festival [11]. - **Iron Ore**: In May, there is supply surplus pressure due to export reduction and shipping increase, and the weak reality increases the high - valuation risk. Technically, it should be viewed with a bearish and oscillating mindset [14]. - **Glass**: Demand needs real - estate stimulus or major policies to increase. Technically, it should be viewed bearishly [17]. - **PTA**: It has fundamental pressure to break through the resistance level due to low PX device operating rates and weak downstream polyester demand, and shows signs of reaching a phased peak [21].

产销：沙河93，湖北112，华东102，华南106 | | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/5/19 | | | | | | | | 玻 璃 | | | | | | | | | 2025/5/9 | 2025/5/15 | | 2025/5/16 周度变化 日度变化 | | | 2025/5/9 | 2025/5/15 | | 2025/5/16 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1194.0 | 1160.0 | 1150.0 | -44.0 | -10.0 | FG09合约 | 1034.0 | 1036.0 | 1005.0 | -29.0 | -31.0 | | 沙河长城 5mm大板 | 1185.0 | 1147.0 | 1138.0 | -47.0 | -9.0 | FG01合约 | 1078.0 | 1085.0 | 1062. ...

5月14日，重庆永川区国家高新区三教产业园内，绿色电能正源源不断地从信义玻璃(重庆)有限公司(以 下简称：信义玻璃)厂房屋顶输送到生产车间，总装机容量达到18兆瓦峰值功率光伏电站正式并网投 运。国网重庆永川供电公司"耀红岩"品牌服务队队员陈前、沈小生现场巡检，为企业提供技术指导，助 力民营企业生产平稳。 建设期间，国网重庆永川供电公司以"光耀红岩、电亮巴渝"为品牌引领，发挥"永电铁军"子品牌优势， 攻克屋顶防水保护、电缆铺设等难题，累计成功施放电缆20公里，安装逆变器61台，在不影响企业正常 生产的前提下完成设备调试。"我们同步接入光伏运行监测平台，实时跟踪发电数据，确保系统安全稳 定。"陈前表示。据悉，项目投运后每年可为企业节约电费超千万元。 据悉，该屋顶光伏项目是该企业迁建工程的核心配套项目，与9兆瓦余热发电系统共同构建清洁能源供 应网络。项目自2023年12月启动建设，主体工程于2025年3月竣工并通过验收，首条浮法玻璃生产线同 步投产。作为西南地区首个"光伏+浮法玻璃"协同示范项目，项目遵循"自发自用，余电上网"原则，将 有效提升信义玻璃的能源自给率，大幅降低对外部电网的依赖。国网重庆永川供电公司全程 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 建筑材料 预计需求延续旺季不旺，淡季不淡 2025 年 5 月 12 日至 5 月 16 日建筑材料板块（SW）下跌 0.49%，其中 水泥（SW）下跌 0.96%，玻璃制造（SW）下跌 0.88%，玻纤制造（SW） 上涨 2.01%，装修建材（SW）下跌 0.92%，本周建材板块相对沪深 300 超额收益-0.45%。本期建筑材料板块（SW）资金净流入额为 0.76 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金 额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般债发行规模 0.65 万亿元，同比-0.04 万亿元，专项债发行规模 3.18 万亿元，同比+1.71 万亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复 的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有 望加快落地，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 季节性环比改善，但供需仍有矛盾：2025 年后玻璃需求持续下滑，3 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector is experiencing a mixed demand environment, with seasonal demand not significantly boosting activity, leading to a decline in stock performance [1][13] - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal engineering projects [2] - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand observed since March 2025, but overall demand is expected to decline post-2025 [2][35] - The cement industry is in a bottoming phase, with companies increasing production cuts to stabilize prices, while the fiber glass market shows signs of recovery due to rising demand in the wind power sector [2][3][18] Summary by Sections Cement Industry Tracking - As of May 16, 2025, the national cement price index is 374.69 CNY/ton, down 0.5% week-on-week, while cement output increased by 7.48% to 3.5835 million tons [3][18] - The cement market is characterized by strong infrastructure demand but weak residential construction demand, leading to a "price for volume" strategy [18] Glass Industry Tracking - The average price of float glass is 1306.73 CNY/ton, down 0.82% from the previous week, with inventory levels rising [35] - The market sentiment is pessimistic, with weak demand and declining prices affecting sales [35] Fiber Glass Industry Tracking - The fiber glass market is stabilizing after a price war, with demand from the wind power sector expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential [2] Other Construction Materials - The report emphasizes the importance of consumer building materials benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with strong growth potential [2][8]

Group 1: Financial Performance - The company's export revenue for 2024 is approximately 581 million CNY, accounting for about 35.57% of total revenue [2] - The overseas business income in the first quarter remained stable compared to the previous year [7] Group 2: Product Development and Technology - The company has developed a new generation of high-end tempering furnaces with industry-first features, including AI applications and image recognition [4] - The automation systems and related equipment integrate various processing stages, providing a comprehensive solution for glass deep processing [3][9] - The company’s fourth-generation high-end glass tempering equipment features enhanced heating speed and energy efficiency, along with a new user interface [4] Group 3: Market Presence and Strategy - The company’s products are distributed in over 110 countries, with a coverage rate exceeding 80% in countries along the Belt and Road Initiative [12][18] - The company aims to focus on core business areas, emphasizing innovation and high-quality development as strategic directions [10][19] Group 4: Response to Market Conditions - The company acknowledges that stock prices are influenced by macroeconomic factors, market liquidity, and investor sentiment [5][13] - The impact of the U.S. tariff policy is currently limited, and the company will continue to monitor and respond to market changes [12][20] Group 5: Corporate Social Responsibility - The company actively participates in social responsibility initiatives, including rural revitalization and community support [24]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/5/8 | | 2025/5/14 | 2025/5/15 | | 周度变化 日度变化 | | 2025/5/8 | 2025/5/14 | 2025/5/15 | | 周度变化 日度变化 | | 沙河重碱 | 1330.0 | 1350.0 | 1350.0 | 20.0 | 0.0 | SA05合 约 | 1295.0 | 1296.0 | 1285.0 | -10.0 | -11.0 | | 华中重碱 | 1300.0 | 1335.0 | 1310.0 | 10.0 | -25.0 | SA01合约 | 1328.0 | 1329.0 | 1308.0 | -20.0 | -21.0 | | 华南重碱 | 1570.0 | 1570.0 | 1570.0 | 0.0 | 0.0 | SA09合约 | 1323.0 | 1345.0 | 1330.0 | 7.0 | -15.0 | | ...