证券代码：300160 证券简称：秀强股份 公告编号：2025-023 江苏秀强玻璃工艺股份有限公司 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。 江苏秀强玻璃工艺股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益分派方案已获 2025 年 5 月 8 日召开 2024 年年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 计派发现金股利人民币 77,294,629.20 元（含税）。不送红股，不以公积金转增 股本。如在分配预案披露至实施期间公司总股本发生变化，按照现金分红总额不 变的原则对分配比例进行调整。 年 5 月 19 日通过股东托管证券公司（或其他托管机构）直接划入其资金账户。 序号 股东账号 股东名称 过两个月。 二、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 772,946,292 股为基 数，向全体股东每 10 股派 1.00 元人民币现金（含税；扣税后，通过深股通持有 股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券投资 基金每 1 ...

Core Viewpoint - DeLi Co., Ltd. experienced a significant decline of 6.16% in its stock price, with a trading volume of 4.05 billion yuan and a turnover rate of 21.79% on the day of reporting [2]. Trading Activity - The stock was listed on the Dragon and Tiger List due to a daily price deviation of -7.86%, with institutional investors net selling 18.19 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 101 million yuan, with a net buying amount of 7.57 million yuan [2]. - Among the trading departments, two institutional special seats were involved, with a total buying amount of 5.68 million yuan and a selling amount of 23.88 million yuan, resulting in a net sell of 18.19 million yuan [2]. Fund Flow - The stock saw a net outflow of 27.17 million yuan in main funds, including a significant outflow of 12.11 million yuan from large orders [2]. - Over the past five days, the net outflow of main funds reached 75.47 million yuan [2]. Historical Performance - In the past six months, the stock has appeared on the Dragon and Tiger List five times, with an average price increase of 2.01% the day after being listed and an average decline of 8.42% over the following five days [2].

玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | | 2025/5/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | | 2025/4/30 | 2025/5/8 | 2025/5/9 | | 周度变化 日度变化 | | 2025/4/30 | 2025/5/8 | 2025/5/9 | | 周度变化 日度变化 | | FG09合约 | 沙河安全 1220.0 | 1198.0 | 1194.0 | -26.0 | -4.0 | | 1082.0 | 1057.0 | 1034.0 | -48.0 | -23.0 | | | 5mm大 板 | | | | | | | | | | | | FG01合约 | 沙河长城 1207.0 | 1190.0 | 1185.0 | -22.0 | -5.0 | | 1131.0 | 1106.0 | 1078.0 | -53.0 | -28.0 | | | 5mm大板 | | | ...

Group 1: Natural Rubber Industry Report Industry Investment Rating Not provided Core View Thailand's delay in the rubber tapping season by one month boosts raw material prices, and the improvement in macro sentiment drives a slight rebound in rubber prices. However, the tariff policy weakens demand expectations, suppressing the upside of rubber prices. It is expected that rubber prices will mainly fluctuate widely, with an operating range of 14,500 - 15,500 [2]. Summary by Related Catalogs - **Spot Prices and Basis**: The price of Yunnan state - owned whole latex in Shanghai increased by 50 yuan/ton (0.34%), and the whole milk basis (switched to the 2509 contract) increased by 140 yuan/ton (87.50%). The price of Thai standard mixed rubber decreased by 50 yuan/ton (-0.35%), and the non - standard price difference increased by 40 yuan/ton (12.90%). The prices of cup rubber and glue in the international market dropped to 0, with a decline of 100%. In Xishuangbanna, the price of rubber blocks remained unchanged, and the price of glue decreased by 400 yuan/ton (-2.92%). The mainstream prices of raw materials in Hainan remained unchanged [2]. - **Inter - month Spreads**: The 9 - 1 spread decreased by 10 yuan/ton (-1.19%), the 1 - 5 spread decreased by 45 yuan/ton (-4.23%), and the 5 - 9 spread increased by 55 yuan/ton (24.44%) [2]. - **Fundamental Data**: In March, Thailand's production decreased by 197,200 tons (-56.93%), Indonesia's production increased by 11,700 tons (5.92%), India's production decreased by 21,000 tons (-28.38%), and China's production increased by 15,800 tons. The weekly开工率 of semi - steel tires decreased by 14.08 percentage points, and that of all - steel tires decreased by 11.47 percentage points. Domestic tire production in March increased by 188,600 pieces (1.79%), and tire export volume increased by 1,853,000 pieces (42.34%). The total import volume of natural rubber increased by 90,900 tons (18.07%), and the import volume of natural and synthetic rubber (including latex) decreased by 7,500 tons (-9.87%) [2]. - **Inventory Changes**: The bonded area inventory decreased by 3,797 tons (-0.62%), and the factory - warehouse futures inventory of natural rubber on the SHFE increased by 3,527 tons (4.96%). The inbound rate of dry rubber in the bonded warehouse in Qingdao increased by 2.18 percentage points, and the outbound rate decreased by 0.33 percentage points. The inbound rate of dry rubber in general trade decreased by 1.16 percentage points, and the outbound rate decreased by 2.41 percentage points [2]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View - **Soda Ash**: Information about maintenance plans and price - holding in the soda ash market disturbs the market, and the market trend is volatile. If maintenance is implemented, it will relieve supply pressure. In the short - term, the supply side may face more pressure due to high - level production and the expected production of Lianyungang Soda Industry in May. The recent reduction in float glass production capacity and the resumption of photovoltaic production bring some demand for soda ash, and the inventory of soda ash plants has remained stable. Future maintenance situations can be tracked. If maintenance occurs, it will be beneficial to the June - July contracts. One can consider short - term high - selling operations for single - side rebounds and 7 - 9 positive spreads for inter - month operations [4]. - **Glass**: The policies issued by the State Council Information Office last week had limited impact on the actual demand for glass, and the market reaction was muted. Recently, the spot price of glass has weakened, and the prices in the Shahe market have generally declined. The sales of futures - cash merchants have affected the production - sales rate of manufacturers. Although the downstream deep - processing orders have improved seasonally from April to May, the macro - environment is weak, and there is an expectation of a summer rainy season starting in June, which will slow down demand. It is expected that the short - term glass price will continue to be under pressure and fluctuate weakly. It is necessary to observe whether the 1000 level can support the 09 contract [4]. Summary by Related Catalogs - **Glass - related Prices and Spreads**: The prices in North China, East China, Central China, and South China remained unchanged. The price of Glass 2505 decreased by 6 yuan/ton (-0.57%), and the price of Glass 2509 decreased by 23 yuan/ton (-2.18%). The 05 basis increased by 6 yuan/ton (3.43%) [4]. - **Soda Ash - related Prices and Spreads**: The prices in North China, East China, Central China, and Northwest China remained unchanged. The price of Soda Ash 2505 increased by 7 yuan/ton (0.54%), and the price of Soda Ash 2509 decreased by 18 yuan/ton (-1.39%). The 05 basis decreased by 7 yuan/ton (-3.41%) [4]. - **Supply**: The soda ash production rate decreased by 1.97 percentage points, the weekly production of soda ash decreased by 14,000 tons (-1.89%), the daily melting volume of float glass decreased by 3,000 tons (-1.71%), and the daily melting volume of photovoltaic glass increased by 1,300 tons (1.32%). The price of 3.2mm coated glass remained unchanged [4]. - **Inventory**: The glass factory inventory increased by 257,100 heavy boxes (3.96%), the soda ash factory inventory increased by 29,000 tons (1.74%), the soda ash delivery warehouse inventory increased by 21,000 tons (5.89%), and the number of days of soda ash inventory in glass factories remained unchanged [4]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View The price of industrial silicon has remained weak. Although the industry is facing high supply and high - warehouse receipts pressure and the main demand continues to weaken, there are some signs of improvement. The supply in Sichuan has increased, but the reduction in Xinjiang has led to a significant weekly output decline, and warehouse receipts are being digested. Some enterprises in Xinjiang are reluctant to lower prices. The price fluctuation range is 8,000 - 10,500 yuan/ton. With limited demand growth, attention should be paid to whether there will be further production contractions [7]. Summary by Related Catalogs - **Spot Prices and Main Contract Basis**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged, and its basis decreased by 25 yuan/ton (-2.91%). The price of East China SI4210 industrial silicon remained unchanged, and its basis decreased by 25 yuan/ton (-2.60%). The price of Xinjiang 99 silicon decreased by 50 yuan/ton (-0.59%), and its basis decreased by 75 yuan/ton (-7.81%) [7]. - **Inter - month Spreads**: The 2505 - 2506 spread decreased by 5 yuan/ton (-33.33%), the 2506 - 2507 spread remained unchanged, the 2507 - 2508 spread increased by 35 yuan/ton (14.29%), the 2508 - 2509 spread remained unchanged, and the 2509 - 2510 spread decreased by 5 yuan/ton (-25.00%) [7]. - **Fundamental Data (Monthly)**: In March, the national industrial silicon production increased by 52,700 tons (18.20%), Xinjiang's production increased by 44,300 tons (26.57%), Yunnan's production increased by 1,400 tons, and Sichuan's production increased by 170 tons. The national开工率 increased by 6.78 percentage points, Xinjiang's开工率 increased by 30.41 percentage points, Yunnan's开工率 decreased by 2.16 percentage points, and Sichuan's开工率 increased by 53.13 percentage points. The production of organic silicon DMC decreased by 15,100 tons (-8.04%), the production of polysilicon decreased by 700 tons (-0.73%), the production of aluminum alloy increased by 28,000 tons (11.67%), and the export volume of industrial silicon decreased by 830 tons (-15.82%) [7]. - **Inventory Changes**: The inventory in Xinjiang factories decreased by 400 tons (1.87%), the inventory in Yunnan and Sichuan remained unchanged, the social inventory decreased by 700 tons (-1.16%), the warehouse receipt inventory decreased by 540 tons (-1.57%), and the non - warehouse receipt inventory decreased by 160 tons (-0.62%) [7]. Group 4: Polysilicon Industry Report Industry Investment Rating Not provided Core View There is a significant divergence between long and short positions in the polysilicon futures market, and the futures price has fluctuated significantly. The short side believes that demand decline will lead to inventory accumulation, price decline will be transmitted upstream, and cost reduction will open up downward space. The long side believes that production enterprises will increase maintenance and reduce production in May, which is expected to lead to slow inventory reduction. The futures price has fallen too fast and is at a large discount to the spot price, and the cost of deliverable products is higher. As of mid - May, there are still few warehouse receipts, and 20 lots of warehouse receipts have been cancelled, which is favorable for the long side. It is expected that the futures price will mainly fluctuate in the range of 36,000 - 42,000 yuan/ton. One can try to go long at low prices or engage in positive spreads [8]. Summary by Related Catalogs - **Spot Prices and Basis**: The average prices of N - type re -投料, P - type cauliflower material, and N - type granular silicon remained unchanged. The N - type material basis decreased by 880 yuan/ton (-24.79%), and the cauliflower material basis decreased by 880 yuan/ton (-13.44%). The average prices of N - type 210mm silicon wafers decreased, and the average prices of some battery cells and components also decreased [8]. - **Futures Prices and Inter - month Spreads**: The price of PS2506 increased by 880 yuan/ton (2.38%). The spreads between some contracts increased, such as the PS2506 - PS2507 spread increased by 800 yuan/ton (53.16%), and the PS2507 - PS2508 spread increased by 80 yuan/ton (17.78%) [8]. - **Fundamental Data (Weekly and Monthly)**: The weekly production of silicon wafers decreased by 0.94 GW (-7.07%), and the weekly production of polysilicon decreased by 0.10 million tons (-4.46%). In April, the production of polysilicon decreased by 0.07 million tons (-0.73%), the import volume of polysilicon in March decreased by 0.02 million tons (-7.10%), the export volume decreased by 0.02 million tons (-10.40%), and the net export volume remained unchanged. In April, the production of silicon wafers increased by 7.59 GW (14.95%), the import volume in March decreased by 0.03 million tons (-32.03%), the export volume increased by 0.13 million tons (28.29%), and the net export volume increased by 0.16 million tons (42.57%). The demand for silicon wafers in April increased by 8.28 GW (14.36%) [8]. - **Inventory Changes**: The polysilicon inventory decreased by 0.40 million tons (-1.53%), the silicon wafer inventory decreased by 2.49 GW (-12.08%), and the polysilicon orders increased by 10 (33.33%) [8].

我们常常歌颂母爱的温暖与无私，但对于那些站在商业世界巅峰的亿万富豪来说，母亲的影响远不止于 情感支持——她们塑造了他们的思维方式、商业哲学，甚至决定了他们如何面对失败与成功。 据福布斯统计，全球TOP100富豪中，68%曾在公开访谈、传记或社交媒体中明确提及母亲对其价值观 或商业决策的关键塑造。这些女性或许从未出现在董事会名单上，但她们的教育哲学，从抗挫力培养到 金钱观的建立，成为亿万富翁的"原始代码"。 福布斯TOP100富豪母亲中，41%为教师/知识分子，29%为小企业主，仅7%出身富豪家庭（来源： Forbes数据库）。 92%的富豪母亲强调"责任先于权利"，76%禁止子女未成年时接触奢侈品（来源：哈 佛商学院《精英童年研究》，2021）。 这些母亲的故事揭示了一个悖论：她们极少直接教授商业技能，却塑造了比MBA课程更持久的"软实 力"。正如洛克菲勒在回忆录中所写："母亲告诉我，'你的名字是你唯一的信用'——这比任何财务报表 都重要。" 马云母亲 在福布斯榜单的财富数字背后，隐藏着一个鲜被量化的成功要素：母亲的影响。 关键影响：语言感染力与逆境幽默感 马云的母亲崔文彩是苏州评弹演员，即便在生活艰难的时期 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The central theme of the report emphasizes that the recent reduction in the reserve requirement ratio and interest rates by the central bank is expected to stabilize the real estate market, thereby creating investment opportunities in the construction materials sector. The measures aim to support rigid housing demand and alleviate the financial burden on homebuyers, which could lead to a recovery in construction materials demand [3][4]. Summary by Sections Market Overview - The construction materials index increased by 2.55% during the week of May 5 to May 9, outperforming the CSI 300 index by 0.55 percentage points. Over the past three months, the construction materials index rose by 1.77%, while the CSI 300 index fell by 1.88%, indicating a 3.65 percentage point outperformance [5][14]. - In the past year, the CSI 300 index increased by 4.91%, whereas the construction materials index decreased by 4.27%, resulting in a 9.18 percentage point underperformance [5][14]. Cement Sector - As of May 9, the average price of P.O42.5 bulk cement nationwide was 323.68 yuan/ton, reflecting a 2.75% decrease from the previous period. The clinker inventory ratio was 63.24%, down by 0.56 percentage points [7][24]. - Regional price trends showed mixed results, with Northeast China experiencing a 5.83% increase, while other regions like East China saw a decrease of 6.84% [24]. Glass Sector - The average price of float glass as of May 9 was 1319.00 yuan/ton, down by 0.90%. The inventory of float glass increased by 199 million weight boxes, marking a 3.54% rise [7][84]. - The average price of photovoltaic glass was 135.16 yuan/weight box, reflecting a 2.81% decrease [87]. Fiberglass Sector - The report highlights that the fiberglass sector is gaining attention, particularly in relation to applications in 5G communication and AI, with companies like China Jushi being recommended [4]. Consumer Building Materials - The report recommends several companies in the consumer building materials sector, including Sankeshu (for channel expansion) and Dongfang Yuhong (for waterproofing) [4]. Valuation Metrics - As of May 9, the average price-to-earnings (PE) ratio for the construction materials sector was 26.28 times, ranking it 17th lowest among all A-share industries. The price-to-book (PB) ratio was 1.11 times, ranking it 5th lowest [20][23].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.60 [8][9]. Core Views - The company reported a revenue of RMB 22.324 billion and a net profit of RMB 3.369 billion for 2024, reflecting a year-on-year decline of 8.1% and 31.0% respectively, primarily due to a significant drop in float glass prices in the second half of 2024 [1][5]. - The float glass segment experienced a revenue decline of 18.5%, while automotive glass revenue grew by 16.4%, indicating a shift in product demand [2]. - The company is positioned as an industry leader with scale and cost advantages, suggesting resilience despite current market pressures [5]. Revenue and Profitability - For 2024, the company achieved revenues of RMB 129.1 billion from float glass, RMB 63.0 billion from automotive glass, and RMB 31.1 billion from architectural glass, with respective year-on-year changes of -18.5%, +16.4%, and +2.4% [2]. - The gross profit margins for float glass, automotive glass, and architectural glass were 18.9%, 52.3%, and 31.8%, showing a decline for float glass and architectural glass but an increase for automotive glass [2]. Financial Management - The company successfully reduced its financial expense ratio to 0.6% by replacing higher-rate HKD loans with lower-rate RMB loans, contributing to a 23.3% increase in operating cash flow to RMB 55.9 billion [3]. - The company’s financial health is supported by effective working capital management, allowing it to maintain good cash flow during industry downturns [3]. Market Outlook - The report anticipates a gradual recovery in float glass prices as supply and demand balance out following potential industry capacity reductions [4]. - The company’s overseas revenue reached RMB 7.08 billion, a 6.0% increase year-on-year, driven by growth in automotive glass sales abroad [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at RMB 0.72, RMB 0.83, and RMB 0.93 respectively, reflecting downward adjustments due to the current pricing environment [5][30]. - The report assigns a price-to-earnings (PE) ratio of 12x for 2025, consistent with the average since 2021, indicating a target price of HKD 9.60 [5].

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。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 ...

浮法玻璃市场价格 数据来源：玻多多 期货动态 据玻多多数据显示：5月9日玻璃主力合约FG2509开盘价格1055元/吨，收盘价格1034元/吨，日内跌幅 1.99%。盘中最高价1058元/吨，最低价1033元/吨，持仓1338074手，日增仓49504手。 今日玻璃期货价格进一步下破新低。玻璃自身基本面弱势难改，且今日沙河地区雨水扰动下出货不畅， 部分厂家价格优惠下调，盘面随即走弱。后续在需求走淡的弱预期压制持续下，厂家库存压力或将逐步 增加，在供应端没有明显产线放量冷修的基础上，从基本面角度或较难给出反弹驱动，短时在无外部因 素扰动下维持偏弱看待为主。 后市预测 短期来看，浮法玻璃市场预计呈现稳中震荡的态势。当前行业库存维持在较高水平且面临梅雨季节，企 业为缓解库存压力可能采取灵活促销策略。供应方面，下周有产线计划放水冷修，整体产量或将呈现下 降趋势。需密切关注库存消化进度及及厂家调价动向。 | 市场 | 型号 | 5月8日 | 5月9日 | 涨跌 | 单位 | | --- | --- | --- | --- | --- | --- | | 东北 | 5mm 大板 | 1240 | 1240 | 0 | 元 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-5-9 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修减少，开工率、产量下降至历史同期低位；深加工订单不及 往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1128元/吨，FG2509收盘价为1057元/吨，基差为71元，期货贴水 现货；偏多 3、库存：全国浮法玻璃企业库存6756万重量箱，较前一周增加3.96%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求 ...