General Provisions - The establishment of the Audit Committee aims to enhance the decision-making function of the Board of Directors, ensuring effective supervision of the management and improving corporate governance structure [1] - The Audit Committee is responsible for reviewing financial information, supervising internal and external audits, and evaluating internal controls [1][2] Composition of the Committee - The Audit Committee consists of three members, with a majority being independent directors who do not hold senior management positions [2] - Members must possess professional knowledge, experience, and integrity to effectively supervise and evaluate audit work [2][3] - The term for committee members aligns with that of the Board of Directors, lasting three years, with provisions for re-election [2][3] Responsibilities and Authority - The main responsibilities of the Audit Committee include reviewing financial information, supervising external audits, evaluating internal audits, and ensuring compliance with laws and regulations [4][5] - The committee has the authority to propose the hiring or replacement of external auditors and to review audit fees and terms [5][6] - The committee is tasked with evaluating the effectiveness of internal controls and risk management systems [8][9] Decision-Making Procedures - The Audit Committee meetings can be regular or temporary, with regular meetings held quarterly [12][13] - A quorum requires the presence of at least two-thirds of the committee members, and decisions must be approved by a majority [13][14] Information Disclosure - The company is required to disclose the composition and professional background of the Audit Committee members, as well as their performance in annual reports [18][19] - Any significant issues identified by the Audit Committee that meet disclosure standards must be reported promptly [18][19]

General Principles - The external guarantee management system of Shandong Huapeng Glass Co., Ltd. aims to standardize external guarantee behavior, protect investors' rights, prevent risks, and ensure asset safety [1][2] - The system applies to the company and its subsidiaries, defining external guarantees as guarantees, mortgages, or pledges provided by the company using its own assets or credit [1][2] Guarantee Principles and Conditions - External guarantees must adhere to principles of equality, voluntariness, fairness, integrity, and mutual benefit, with strict risk control [2] - The company can only provide guarantees to entities meeting specific conditions, including those with important business relationships or subsidiaries, and must not guarantee for any illegal entities or individuals [2][3] Approval Authority - Guarantees exceeding 50% of the latest audited net assets or 30% of total assets require shareholder approval after board review [3][4] - Guarantees for related parties must be approved by a majority of non-related directors and shareholders, ensuring transparency and accountability [4][5] Internal Control Procedures - The company must conduct thorough assessments of the credit status of guarantee applicants and analyze the associated risks before approval [6][7] - A detailed internal control process is established, including application acceptance, investigation, risk assessment, and contract signing [7][8] Information Disclosure - The company is obligated to disclose external guarantee information in accordance with relevant regulations, including total guarantee amounts and their proportions relative to net assets [10][11] - Timely disclosure is required if the guarantee applicant fails to meet repayment obligations or faces bankruptcy [11][12] Violations and Responsibilities - The company will impose penalties on individuals who violate guarantee procedures or cause losses due to negligence [12][12] - All directors are responsible for carefully reviewing guarantee matters and may face joint liability for any resulting losses [12][12]

大宗商品研究所 能化研发报告 aa 玻璃期货日报 2025 年 7 月 7 日 玻璃期货日报 第一部分 基础数据 | 现货市场（元/吨） | 2025/7/7 | 2025/7/4 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | | 沙河长城 | 1160 | 1160 | 1117 | 0 | 4 3 | | 沙河安全 | 1160 | 1160 | 1138 | 0 | 2 1 | | 沙河德金 | 1126 | 1147 | 1113 | -21 | 1 3 | | 沙河大板 | 1151 | 1156 | 1126 | - 4 | 2 6 | | 湖北大板 | 1030 | 1030 | 1030 | 0 | 0 | | 浙江大板 | 1220 | 1220 | 1220 | 0 | 0 | | 华南大板 | 1290 | 1290 | 1290 | 0 | 0 | | 东北大板 | 1170 | 1170 | 1170 | 0 | 0 | | 西北大板 | 1200 | 1200 | 1210 | 0 | -10 | | 西南大板 | ...

ST华鹏（603021）公告，公司全资子公司安庆华鹏因政府环保要求及窑炉运行接近使用寿命末期，需 对窑炉及相关设备设施进行升级改造。此次大修改造预计影响瓶罐产品日产能约180吨，占公司日总产 能的27%左右。为应对市场短缺影响，公司已对现有客户进行沟通，并进行了必要的备货。预计将在 2025年11月实现复工复产。本次大修改造可能对公司2025年度经营业绩产生一定影响，具体以经审计的 2025年度财务报告为准。公司将继续推进改造计划，并及时履行信息披露义务。 ...

智通财经7月7日电，ST华鹏(603021.SH)公告称，全资子公司安庆华鹏长江玻璃有限公司因政府环保要 求及窑炉运行接近使用寿命末期，需对窑炉及相关设备设施进行升级改造。预计影响瓶罐产品日产能约 180吨，占公司日总产能的27%左右。公司已制定大修计划和方案，预计2025年11月实现复工复产。此 次大修改造预计会对公司2025年度经营业绩产生一定影响，具体以经审计的2025年度财务报告为准。 ST华鹏：全资子公司安庆华鹏因环保要求及窑炉使用寿命末期进行大修改造 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容 编译 自 etnews 。 美国玻璃材料公司康宁开发出半导体基板专用玻璃。此举意在积极进军被称为下一代基板的玻璃基 板市场，预计将与德国竞争对手肖特展开激烈竞争。 据业内人士透露，康宁已完成半导体基板专用玻璃材料的开发，目前正在与国内外客户进行评估。 该公司主要向玻璃加工设备公司供应原型机，准备占领市场。据称， 这款名为"SG 3.3 Plus (+)"的新产品显著提高了热膨胀系数 (CTE) 和弹性模量。热膨胀系数是决 定半导体玻璃基板质量的关键因素，决定了玻璃与涂层或粘合剂等其他材料的粘合效果，而弹性模 量是指玻璃在受力时变形的程度。 国 内 玻 璃 加 工 企 业 相 关 人 士 评 价 道 ： " 这 是 一 种 比 康 宁 现 有 产 品 更 适 合 半 导 体 玻 璃 基 板 的 材 料"，"将有助于提升半导体玻璃基板最终产品的性能"。 半导体玻璃基板比塑料材料（PCB）更薄、更平坦，因此可以实现微电路。因此，作为人工智能 （ AI ） 等 高 性 能 计 算 （ HPC ） 的 下 一 代 半 导 体 基 板 ， 其 备 受 瞩 目 。 ...

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 基本面有支撑，市场有题材 国贸期货 黑色金属研究中心 2025-07-07 黄志鸿 从业资格证号：F3051824 投资咨询证号：Z0015761 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | 产量持稳。本周全国浮法玻璃日产量为15.78万吨，比26日+0.64%。行业开工率为75.68%，比26日+0.68个百分点；行业产能利用率为78.88%， 比26日+0.5个百分点。本周2条产线点火，尚未出玻璃，1条前期点火产线开始出玻璃，所以周度产量环比增加。下周暂无生产线点火或者放水 | | | | 计划，1条前期点火产线或将开始出玻璃，预计下周周度产量环比增长。 | | 需求 | 偏多 | 淡季需求整体承压，但短期保有韧性，产销尚可。中期地产颓势难挽，竣工数据同比延续下滑，后市需求担忧犹存。 | | 库存 | 中性 | 库存震荡，企业库存6908.5万重箱，环比-13.1万重箱，环比-0 ...

Summary of the Conference Call for 菲利华 Company Overview - 菲利华 has experienced significant growth from 2016 to 2023, with revenue increasing nearly fivefold from 440 million to 2.1 billion and profit growing fourfold from 100 million to 500 million [2][4][5] - The company is expected to face a profit decline in 2024 due to a 50% drop in military product business, but a recovery is anticipated starting in 2025, with revenue projected to rise to 4-5 billion and profit reaching 1-1.5 billion [2][5] Industry Position and Product Applications - 菲利华's quartz glass products are widely used in semiconductor, military, and optical communication sectors, particularly as critical materials for radar guidance heads in high-speed aircraft [2][7] - The company holds a significant position in the high-end quartz materials market for semiconductors, being one of the top five qualified companies globally, benefiting from the expanding Chinese semiconductor equipment market [2][8] - In the military sector, 菲利华 is transitioning from material supply to structural components, with expectations for mass production of military structural components in 2025 [2][9] Financial Performance - The company has maintained a stable gross margin of approximately 50% from 2016 to 2023, with a net margin around 27% [5] - In Q1 2025, net profit increased by 36%, with expectations for total net profit for the first half of the year to be between 200 million and 250 million, and annual profit projected at 400 million to 500 million, reflecting over 30% year-on-year growth [4][13][15] Market Dynamics and Future Outlook - The market value of 菲利华 is expected to rise from 20-30 billion to 50-60 billion based on anticipated revenue and profit growth [6] - The company plans to significantly expand its production capacity in the electronic cloth market, with expectations to increase output from tens of thousands of square meters to a scale generating billions in revenue by 2028 [10][11] - Future profit forecasts suggest a rapid increase, with potential growth to 1-1.5 billion in the coming years, indicating strong long-term development potential [16] Management and Corporate Governance - 菲利华 has implemented three rounds of equity incentives over the past six years, aligning the interests of core employees with the company's performance [4][12] - Recent minor share reductions by executives are not expected to significantly impact the company, as the fundamentals and business layout remain strong [12][17] Competitive Advantages - The company has a competitive edge in the electronic cloth market, with superior performance of its ultra-thin quartz fiber cloth compared to mainstream glass fiber, and plans for substantial capacity expansion [10][18] - 菲利华's strong position in the supply chain, competitive pricing, and ability to maintain profit margins despite pricing pressures contribute to its attractiveness as a quality stock [18][19]

Investment Rating - The report maintains a positive outlook on the construction materials sector, with specific buy and hold recommendations for various companies [9][12]. Core Viewpoints - The construction materials sector has shown resilience, with a 3.50% increase in the sector index from June 30 to July 4, 2025, outperforming the Shanghai and Shenzhen 300 index by 2.33% [12]. - The central government's focus on stabilizing the real estate market and promoting high-quality development is expected to positively impact demand for construction materials [2][12]. - The cement industry is experiencing a supply-side reform, with increased efforts to reduce overcapacity and stabilize prices [2][3]. Summary by Sections Cement Industry Tracking - As of July 4, 2025, the national cement price index is 350.38 CNY/ton, down 1.32% week-on-week, with a total cement output of 2.76 million tons, also down 1.67% [3][17]. - The construction sector remains a key demand driver for cement, but short-term growth is constrained by weather and funding issues [17]. - The report highlights a significant year-on-year decline of 26.01% in cement output for housing construction, indicating a challenging market environment [6][17]. Glass Industry Tracking - The average price of float glass is 1201.02 CNY/ton, with a slight decrease of 0.13% from the previous week, while inventory levels have decreased slightly [33]. - Demand remains under pressure, and the report anticipates challenges in maintaining sales momentum due to high production capacity and ongoing order shortages [33][34]. Fiberglass Industry Tracking - The fiberglass market is experiencing stable pricing, with no significant changes in supply or demand noted in the short term [7]. - The report indicates that demand for wind power fiberglass is relatively strong, providing some support to the market [7]. Consumer Building Materials - The consumer building materials segment is benefiting from improved second-hand housing transactions and consumption stimulus policies, with a recommendation to focus on companies like Beixin Building Materials and Weixing New Materials [2][9]. Carbon Fiber Industry Tracking - The carbon fiber market is seeing a gradual recovery in downstream demand, with production costs remaining high and profit margins under pressure [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The real - estate policy support weakened in the first half of the year, and the real - estate completion end significantly dragged down glass consumption. The demand for individual home - improvement orders also weakened. Although the production and sales of automobiles maintained high positive growth, especially automobile exports, which supported glass consumption in the automotive sector, it still couldn't offset the drag from the real - estate completion end. From the Spring Festival to now, glass has experienced a significant downward trend, with the glass 09 contract falling from a maximum of 1499 yuan/ton to the current 977 yuan/ton, a decline of 35% [7][8][37]. - The core point of contention in the market for glass consumption in the second half of the year is the change in the real - estate industry. The real - estate market will remain weak in the long - term, and the completion end will continue to drag down glass consumption. The consumption of glass in the real - estate completion end will further weaken, individual home - improvement order consumption will continue to decline, and automotive glass consumption is expected to maintain positive growth. It is estimated that the annual glass consumption will decrease by about 7.1% [7][8][38]. - In the first half of this year, the production profit of float glass was relatively stable, with the loss of natural - gas - made glass narrowing, and the profits of coal - gas - made and petroleum - coke - made glass rebounding slightly. Recently, the losses of natural - gas - made and petroleum - coke - made glass have slightly increased. Currently, only coal - gas - made glass has a production profit of about 80 yuan/ton, while natural - gas - made and petroleum - coke - made glass are in the red, with losses of - 180 yuan/ton and - 128 yuan/ton respectively. If the whole industry continues to suffer large - scale losses, some production lines may be cold - repaired, and the output may decline. It is estimated that the annual glass supply will decrease by about 7.2% [7][9][47]. - The glass inventory increased rapidly after the Spring Festival, then briefly decreased, and now has returned to an increasing trend, indicating that the float glass industry still faces a certain degree of oversupply in the short term. It is advisable to wait for changes in the supply side and further trading opportunities [7][62][71]. - In the short term, with no real - estate stimulus policies and no large - scale cold - repair of glass factories, it is suitable to conduct sell - hedging at high prices [11][72]. Summary According to the Catalog 2025 First - Half Glass Market Review - **Real - estate industry cooling, completion declining year - on - year**: Since 2022, the real - estate "guaranteeing the delivery of buildings" policy has driven the continuous improvement of the real - estate completion end. However, since 2024, the improvement has ended, and the real - estate completion data has shown significant negative growth for two consecutive years. As of May 2025, the cumulative housing completion area was 184 million square meters, a year - on - year decrease of 17.3%, among which the residential completion area was 133 million square meters, a year - on - year decrease of 17.6% [16]. - **Limited real - estate policy support, weakening demand for individual home - improvement orders**: In the first half of 2025, a series of real - estate policies were introduced, but the demand for individual home - improvement orders continued to weaken. After a brief rebound in March, the second - hand housing market returned to a downward trend, and only some first - tier cities showed relatively high second - hand housing transactions, which also gradually weakened. Since September 2024, the active second - hand housing transactions have not driven the sales growth of building materials and home furnishing stores, and the national building materials and home furnishing prosperity index has also declined [18][26]. - **New - energy vehicles maintaining good momentum, supporting automotive glass consumption**: From January to May this year, the cumulative national automobile production was 12.826 million vehicles, a year - on - year increase of 12.7%, among which the cumulative new - energy vehicle production was 5.699 million vehicles, a year - on - year increase of 45.2%. From January to May, the cumulative national automobile exports were 2.49 million vehicles, a year - on - year increase of 7.9% [28]. 2025 Second - Half Glass Market Outlook - **Weak real - estate market, completion continuing to drag down glass consumption**: The real - estate market will remain weak in the long - term. The real - estate completion end will continue to drag down glass consumption as new home sales have not improved, and the corresponding completion consumption has declined for two consecutive years [38][39]. - **Profit significantly compressed, glass supply uncertain**: Currently, only coal - gas - made glass has a production profit, while natural - gas - made and petroleum - coke - made glass are in the red. In the first half of the year, the float glass profit was relatively stable, and the number of operating production lines decreased by only 3 compared with the beginning of the year, with the average daily melting volume maintained at about 157,000 tons. If the whole industry continues to suffer large - scale losses, some production lines may be cold - repaired, and the output may decline [47][56][71]. Supply - Demand Contradiction Exists, Inventory Rising Again - Affected by the decline in consumption, the production profit of float glass was compressed, and the output decreased. However, the decline in consumption far exceeded that in output. After the Spring Festival, the glass inventory increased rapidly, then briefly decreased, and now has returned to an increasing trend, indicating that the float glass industry still faces a certain degree of oversupply [62]. Summary - The consumption of glass in the real - estate completion end will further weaken, individual home - improvement order consumption will continue to decline, and automotive glass consumption is expected to maintain positive growth. It is estimated that the annual glass consumption will decrease by about 7.1%. The float glass profit has been significantly compressed, and if the whole industry continues to suffer large - scale losses, some production lines may be cold - repaired, and the output may decline. It is estimated that the annual glass supply will decrease by about 7.2%. In the short term, glass still faces a certain degree of oversupply. It is advisable to pay attention to changes in the supply side and wait for trading opportunities. In the absence of real - estate stimulus policies and large - scale cold - repair of glass factories, it is suitable to conduct sell - hedging at high prices [7][71][72].