Core Viewpoint - The quality supervision and inspection results for key industrial products in Beichen District, Tianjin, for 2024 show that all 65 batches of products tested, including cement, steel bars, and fertilizers, passed inspection without any non-compliant products or companies identified [3][4][5]. Group 1: Product Categories - Cement: Ordinary Portland cement from Tianjin Jinyu Zhenxing Environmental Protection Technology Co., Ltd. passed inspection [3]. - Steel Bars: Hot-rolled ribbed steel bars from Tianjin Chengtai Technology Development Co., Ltd. and Tianjin Junjian Steel Trading Co., Ltd. were among the compliant products [4][5]. - Fertilizers: Compound fertilizers from various producers, including Tianjin Rongfu Agricultural Production Materials and Hebei Kaimenzi Fertilizer Co., Ltd., were also found to be compliant [4][5]. Group 2: Inspection Results - A total of 65 batches of products were tested, and all were found to be compliant with quality standards [3][4]. - The inspection covered 10 types of products, including stationery items like correction tape and various types of pens, all of which passed the quality checks [3][4][5]. Group 3: Companies Involved - Companies such as Shanghai Morning Glory Stationery Co., Ltd. and Shenzhen Qixin Group Co., Ltd. were noted for their compliant products in the inspection results [3][4][5]. - The inspection results reflect a strong adherence to quality standards among local manufacturers in the Beichen District [3][4].

然橡胶产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月8日 Z0021810 寇帝斯 | 现货价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月7日 | 5月6日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全乱胶(SCRWF):上海 | 14700 | 14700 | 0 | 0.00% | | | 全乳基差 (切换至2509合约) | -110 | -115 | 5 | 4.35% | 元/吨 | | 泰标混合胶报价 | 14400 | 14450 | -50 | -0.35% | | | 非标价差 | -410 | -365 | -45 | -12.33% | | | 杯胶：国际市场:FOB中间价 | રૂડે રેટ | 53.05 | 0.50 | 0.94% | 泰铢/公斤 | | 胶水：国际市场:FOB中间价 | 59.50 | 59.25 | 0.25 | 0.42% | | | 天然橡胶:胶块:西双版纳州 | 13000 | 13000 | 0 | 0.00% | | | 天然橡 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Category Glass - **Price Changes**: From April 30 to May 7, prices of various 5mm glass products in different regions showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan decreased by 22.0, from 1220.0 to 1198.0; that of Shahe Great Wall decreased by 13.0, from 1207.0 to 1194.0; and the lowest price of 5mm large - plate glass in Hubei decreased by 30.0, from 1140.0 to 1110.0 [1]. - **Contract Prices**: The FG09 contract price decreased by 8.0 from 1082.0 to 1074.0, and the FG01 contract price decreased by 16.0 from 1131.0 to 1115.0 [1]. - **Profit and Cost**: The profit of North China coal - fired glass decreased by 1.4 (from 265.7 to 264.3), and the cost decreased by 3.6 (from 907.3 to 903.7). The profit of South China natural - gas glass remained unchanged at - 134.3, while the profit of North China natural - gas glass decreased by 5.0 (from - 203.2 to - 210.3) [1]. - **Spot and Sales**: Shahe traders' glass price was around 1168, and the one - price offer for spot - futures was 1180 with weak transactions. The lowest price of factories in Hubei was around 1110. The sales - production ratios were 102 in Shahe, 82 in Hubei, 105 in East China, and 115 in South China [1]. Soda Ash - **Price Changes**: From April 30 to May 7, the price of heavy soda ash in Shahe decreased by 10.0 (from 1340.0 to 1330.0), and that in Central China decreased by 20.0 and then increased by 10.0, finally reaching 1300.0. The price of light soda ash in North China and Central China decreased by 30.0 and then another 10.0, reaching 1220.0 [1]. - **Contract Prices**: The SA05 contract price increased by 4.0 (from 1292.0 to 1296.0), the SA01 contract price decreased by 42.0 (from 1369.0 to 1327.0), and the SA09 contract price decreased by 29.0 (from 1352.0 to 1323.0) [1]. - **Profit and Cost**: The profit of North China ammonia - soda process increased by 6.4 (from - 122.1 to - 107.0), and the cost decreased by 6.4 (from 1413.4 to 1407.0). The profit of North China combined - soda process decreased by 22.2 (from 40.5 to 18.3) [1]. - **Spot and Industry**: The spot price of heavy soda ash at Hebei delivery warehouses was around 1300, that at Shahe warehouses was around 1330, and the terminal delivery price was around 1350 - 1380. There are many maintenance expectations in May [1].

| 玻璃纯碱早报 | | | | | | | | 研究中心能化团队 | | | 2025/5/7 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/4/29 2025/4/30 2025/5/6 周度变化 日度变化 | | | | | | | 2025/4/29 | 2025/4/30 | 2025/5/6 | | 周度变化 日度变化 | | 沙河安全 5mm大 板 | 1220.0 | 1220.0 | 1198.0 | -22.0 | -22.0 | FG09合约 | 1108.0 | 1082.0 | 1071.0 | -37.0 | -11.0 | | 沙河长城 5mm大板 | 1207.0 | 1207.0 | 1194.0 | -13.0 | -13.0 | FG05合约 | 1074.0 | 1031.0 | 1038.0 | -36.0 | 7.0 | | 沙河5mm大 板低价 | 1173.0 | 1173.0 | 1 ...

Investment Rating - The industry rating is "Outperform the Market" [8][68] Core Viewpoints - In April, the real estate sales heat has declined, but there are expectations for stronger policies in the future. The central bank's vice governor disclosed that personal housing loans increased by 220 billion yuan in Q1, which is over 200 billion yuan more than the previous year. Various cities have introduced new housing policies to support home purchases, indicating a proactive approach to stabilize the real estate market [3][13]. - Short-term factors include the emphasis on stabilizing the real estate sector during the April Politburo meeting, the urgency to expand domestic demand and promote investment amid escalating global trade tensions, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13]. - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China. The Politburo meeting in September 2024 explicitly stated the need to stabilize the real estate market, with expectations for policies such as lowering existing mortgage rates and transaction taxes to support demand [3][13]. Summary by Sections Recent High-frequency Data - As of April 30, 2025, the national average price of bulk P.O 42.5 cement is 395.2 yuan/ton, a decrease of 0.8% from last week, but a year-on-year increase of 13.0%. The average price of glass (5.00mm) is 1275.7 yuan/ton, down 0.2% from last week and down 25.2% year-on-year [4][22]. Sector Review - The Shanghai Composite Index fell by 0.49%, while the Shenzhen Composite Index remained unchanged. The building materials index dropped by 2.14%. Among sub-sectors, refractory materials increased by 1.61%, while cement manufacturing decreased by 2.25% [5][54]. Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [6]. 2. Undervalued stocks benefiting from the alleviation of B-end credit risks, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [6]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [6].

Employment and Economic Development - Employment is a key indicator of livelihood improvement, social stability, and economic development [1] - In the first quarter, Xinjiang achieved 130,100 new urban jobs, a year-on-year increase of 2.83% [1] - The region is leveraging its advantages in the Silk Road Economic Belt and Free Trade Zone to promote industrial development and attract businesses [1][2] Policy Support and Investment - 83 key projects were launched in the first quarter, with 95,100 new business entities established [2] - Fixed asset investment, foreign trade, consumption, and industrial development are showing overall improvement [2] - Policies are being implemented to ensure stable employment and explore growth potential [5] Employment Services and Support - Xinjiang's employment services are integrating digital tools to streamline policy implementation and support businesses [3] - Various employment subsidies have benefited over 77,600 individuals, amounting to approximately 89.37 million yuan [3] - The region is enhancing labor mobility through convenient medical and social security services [4] Talent Development and Retention - Xinjiang is implementing a talent strategy aligned with its industrial clusters, attracting high-level talent [5] - In the first quarter, 12 high-level talents were recruited in fields such as computer science and materials science [5] - The region is fostering a favorable environment for talent retention through supportive policies [5] Job Creation and Skills Training - Xinjiang organized 1,281 recruitment events in the first quarter, providing over 444,700 job opportunities [7] - The region is focusing on skills training to address employment challenges, with 304,900 individuals trained in various skills [13] - A new training model integrates vocational skills certification with industry requirements [11][12] Educational Initiatives - The establishment of the准东现代产业学院 aims to align education with industry needs, producing skilled graduates [14] - In 2023, the academy trained 1,297 students for employment in local enterprises [15] - The model promotes collaboration between government, industry, and educational institutions for sustainable employment development [15]

Core Viewpoint - The company, Shandong Huapeng Glass Co., Ltd., is set to hold a performance briefing on June 3, 2025, to discuss its Q1 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on June 3, 2025, from 09:00 to 10:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from May 26 to May 30, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Participants - Key participants in the briefing will include the Chairman and General Manager Liu Dongguang, Financial Officer and Board Secretary Jie Baohai, and Independent Directors Wei Xuejun and Wang Panna [4]. Group 3: Investor Participation - Investors can join the briefing online on June 3, 2025, and the company will respond to questions during the session [5]. - Pre-submitted questions will be addressed during the briefing, focusing on topics of general interest to investors [3][5]. Group 4: Contact Information - For inquiries, investors can contact the Securities Department at 0631-7379496 or via email at hp577@huapengglass.com [6]. Group 5: Additional Information - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [7].

金晶科技（600586）公告，公司拟以1亿元-2亿元资金回购股份，回购价格不超过8.06元/股。本次回购 的股份将用于实施员工持股计划或股权激励，预计回购股份数量为1241-2481万股，占公司总股本的 0.87%-1.74%。回购期限为董事会审议通过之日起不超过12个月，资金来源为公司自有资金和股票回购 专项贷款。回购旨在维护公司股价稳定，增强投资者信心，促进公司长期可持续发展。若回购股份未全 部用于上述用途，未使用部分将依法予以注销。 ...

Report Industry Investment Rating - The report suggests a continued downward trend for the glass market, maintaining a bearish outlook for the 09 contract [2][3] Core Viewpoints - In April, the glass market showed a downward trend due to factors such as Sino - US trade frictions, insufficient demand during the traditional peak season, and high - level inventory. The supply slightly increased, and the demand from large processing plants improved slightly, but engineering orders were still poor. The price of coal decreased, and the profit of the coal - gasification process improved. The soda ash market had a short - term expectation of reduced production, but the upward rebound space was limited. Looking ahead, the Shahe gas switch plan is a negative event, and the glass market is expected to continue to decline [3] Summary by Directory 1. Market Review: Weak Operation and Strengthening Spread - **Price Trends**: As of April 30, the 5mm float glass market prices were 1,250 yuan/ton in North China (-10), 1,180 yuan/ton in Central China (0), and 1,370 yuan/ton in East China (0). The glass 09 contract closed at 1,082 yuan/ton last Friday, down 72 yuan from the previous week [13][14] - **Spread Analysis**: As of April 30, the spread between soda ash and glass futures was 270 yuan/ton (+51), the basis of the glass 09 contract was 118 yuan/ton (+53), and the 09 - 01 spread was -49 yuan/ton (-10) [15] 2. Supply - Demand Pattern: Coal Price Reduction and Weak Real Estate - **Import and Export**: In March, China's float glass imports were 389,800 weight - cases (year - on - year - 11.69%), and exports were 1,597,100 weight - cases (year - on - year + 109.73%) [23] - **Profit**: The cost and profit of different glass - making processes changed. The natural - gas process had a cost of 1,606 yuan/ton (-1) and a gross profit of -236 yuan/ton (+1); the coal - gasification process had a cost of 1,168 yuan/ton (-4) and a gross profit of 82 yuan/ton (-6); the petroleum - coke process had a cost of 1,141 yuan/ton (-33) and a gross profit of 39 yuan/ton (+33) [29] - **Supply**: The daily melting volume of glass was 158,705 tons/day (+200) last Friday. There were 225 production lines in operation, with 2 cold - repairs and 2 ignition restarts in April [31] - **Inventory**: As of April 30, the inventory of 80 glass sample manufacturers was 64,989,000 weight - cases (-484,000). Inventory changes varied by region, with increases in North China, South China, and Shahe factory warehouses, and decreases in Central China, East China, and Southwest China [39] - **Deep - processing**: The national average production - sales ratio of float glass was 100.48% (+0.64%), the LOW - E glass开工率 was 50.7% (+0.8%) on May 2, and the glass deep - processing order days were 9.3 days (+1.1) in mid - April [41] - **Demand - Automobile**: In March, China's automobile production was 3.006 million vehicles (month - on - month + 903,000, year - on - year + 319,000), and sales were 2.915 million vehicles (month - on - month + 786,000, year - on - year + 221,000). The retail volume of new - energy passenger vehicles was 991,000, with a penetration rate of 51.1% (month - on - month + 1.6%) [52] - **Demand - Real Estate**: In March, real - estate investment decreased year - on - year. New construction, construction, and sales data were poor. The transaction area of commercial housing in 30 large - and medium - sized cities from April 21 to April 27 was 1.93 million square meters (month - on - month + 29%, year - on - year - 25%) [57] - **Cost - Soda Ash - Price**: As of April 30, the mainstream market prices of heavy soda ash were 1,500 yuan/ton in North China (0), 1,450 yuan/ton in East China (-25), 1,400 yuan/ton in Central China (-25), and 1,575 yuan/ton in South China (0). The soda ash 2509 contract closed at 1,352 yuan/ton (-21), and the basis in Central China was 48 yuan/ton (+21) [65] - **Cost - Soda Ash - Profit**: By the end of the month, the ammonia - soda process cost of soda - ash enterprises was 1,521 yuan/ton (-30), with a gross profit of 35 yuan/ton (+17); the co - production process cost was 1,864 yuan/ton (-34), with a gross profit of 258 yuan/ton (+3) [66] - **Cost - Soda Ash - Inventory**: Last week, the domestic soda - ash production was 755,100 tons (week - on - week - 50), including 415,500 tons of heavy soda ash (week - on - week - 100) and 339,600 tons of light soda ash (week - on - week + 50). The warehouse receipt quantity was 3,949 (week - on - week - 341). As of April 30, the national factory - level inventory of soda ash was 1.6722 million tons (week - on - week - 20,700) [84] - **Cost - Soda Ash - Production and Sales**: Last week, the apparent demand for heavy soda ash was 439,400 tons (week - on - week + 57,800), and for light soda ash was 336,000 tons (week - on - week - 19,700). The production - sales ratio of soda ash was 102.69% (week - on - week + 5.11%) [86] 3. Investment Strategy - **Strategy**: The report recommends a "short 5, long 9" strategy. Considering the current situation of the glass market, including the weak demand during the off - season and the limited upward momentum of the market, this strategy is proposed [88]

Core Viewpoint - The company experienced significant declines in revenue and net profit in 2024, with challenges in both float glass and photovoltaic glass segments, but there are signs of recovery in photovoltaic glass prices in Q1 2025 [1][2][3]. Group 1: Financial Performance - In 2024, the company reported revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 15.65 billion, 380 million, and 290 million yuan, respectively, showing declines of -0.2%, -78.1%, and -82.6% year-on-year [1]. - For Q4 2024, the company achieved revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.05 billion, -320 million, and -330 million yuan, reflecting year-on-year declines of -10%, -162.4%, and -163.6% [1]. - In Q1 2025, the company reported revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 3.48 billion, 470 million, and -3 million yuan, with year-on-year changes of -9.7%, +6.4%, and -100.7% [1]. Group 2: Market Conditions - The float glass segment faced weak demand, with revenues declining by -24.3% to 6.86 billion yuan in 2024, driven by a decrease in real estate completion area [1]. - Float glass sales volume decreased by -6.4% to 10.7 million heavy boxes in 2024, with a corresponding drop in single box revenue by -15.2 yuan to 643 yuan [1]. - The average price of float glass in Q1 2025 was down -31.6% year-on-year, indicating ongoing industry challenges [1]. Group 3: Photovoltaic Glass Performance - The photovoltaic glass segment saw rapid growth in 2024, with revenues increasing by +68.6% to 5.75 billion yuan, supported by new production capacity [2]. - Despite a 124% increase in sales volume to 435 million square meters, the segment faced a price war, leading to a negative net profit of -0.6 yuan per square meter [2]. - In Q1 2025, photovoltaic glass prices began to recover, with a 5.2% increase in average price compared to the previous quarter [2]. Group 4: Profitability and Cost Structure - The overall gross margin for the company in 2024 was 15.5%, down by -9.5 percentage points year-on-year, primarily due to pressure on prices in both business segments [3]. - In Q1 2025, the gross margin improved to 12%, reflecting a recovery in photovoltaic glass prices and cost optimization efforts [3]. - The company recorded non-recurring gains of 470 million yuan in Q1 2025, contributing to a net profit margin of 13.5%, an increase of +2 percentage points year-on-year [3]. Group 5: Future Outlook - The company maintains a strong position in the float glass market, ranking second in capacity, benefiting from cost advantages such as self-sufficient silica sand and flexible fuel structures [4]. - In the photovoltaic glass segment, the company has become the third largest player, with expectations of improved profitability due to cost advantages [4]. - Revenue forecasts for 2025-2027 are projected at 16.777 billion, 18.170 billion, and 19.861 billion yuan, with corresponding net profits of 877 million, 1.230 billion, and 1.421 billion yuan, indicating significant growth potential [4].