Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is planning a major asset restructuring to acquire minority stakes in its subsidiary, Tef International, to enhance its overseas building materials business [6][8] - The overseas building materials segment has shown significant growth, with Tef International projected to contribute substantially to the company's net profit [8][10] - The restructuring is expected to solidify the company's position in the overseas market and improve operational synergies [10] Summary by Sections Company Overview - The company has a total share capital of 1.918 billion shares and a market capitalization of 33.927 billion yuan [1] - The stock price has fluctuated between 6.92 yuan and 17.89 yuan over the past year [1] Financial Performance - The company reported a significant increase in revenue and net profit, with Tef International achieving a revenue of 8.19 billion yuan and a net profit of 1.47 billion yuan in 2025 [8][10] - The overseas building materials business accounted for 46% of total revenue and 58% of gross profit in the first half of 2025, with a gross margin of 36.8% [8] Future Projections - The company forecasts a net profit of 1.569 billion yuan for 2025, with a growth rate of 55.89% compared to the previous year [12] - The projected revenue for 2025 is 16.032 billion yuan, reflecting a growth rate of 27.24% [12] Valuation Metrics - The report estimates a P/E ratio of 22 for 2025 and a P/B ratio of 2.7 [12][15] - The expected EPS for 2025 is 0.82 yuan, with a projected ROE of 12.39% [12][15]

第一章 核心矛盾及策略建议 1.1 核心矛盾 当前影响玻璃纯碱走势的核心矛盾有以下几点： 1、浮法玻璃日熔下滑至一定低位，但后续冷修和点火预期均存在，需求现实和预期同样疲弱。玻璃处于供需 双弱的状态下，整体节奏较难把握。价格如果上涨，会动摇市场的冷修预期而刺激点火，因此很难在需求没 有起色的情况下给到玻璃价格向上的弹性。但如果价格急速下跌的话，也不排除当下的点火预期被动摇，并 且在春节前触发更多的冷修计划；此外，在远月交易的市场逻辑里，春节后的需求回归也是一个可以博弈的 点。 2、纯碱估值弹性有限，供应端没有趋势性减产的情况下难以给到产业利润。我们对纯碱的定性依旧是过剩， 估值上跟随成本而动。价格往下需要看到上游厂家的快速累库，往上则需要看到供应"故事"或是成本"故 事"，短期都难以实现，价格或窄幅震荡为主。 南华期货玻璃纯碱产业周报 ——供需矛盾不明，价格缺乏弹性 寿佳露（投资咨询资格证号：Z0020569） 交易咨询业务资格：证监许可【2011】1290号 2026年2月1日 3、现实层面，无论供应预期如何变化，目前玻璃中游的高库存需要被消化（因此期现正反馈持续性比较短 暂）；至于纯碱，产量仍有上升空间， ...

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

企业的快速发展，离不开政策的精准护航与多方的全力支持。为助力包括粤玻玻璃在内的企业冲刺一季度"开门红"，县经信局、行政审批局等部门累计走 访规上工业企业38家，高效解决各类难题30余个；精准推送智改数转、升规入统等惠企政策，开展政策解读辅导，覆盖企业超50家，全力推动川南、玖龙 等7个重点产业项目加快建设，全方位助力企业满产达产、稳产增产，为区域产业高质量发展保驾护航。 2026年1月，公司新签约川南食品、泸州老窖、清香园等5家合作企业，订单排期已延伸至季度末，相较去年同期产量和产值提升30%。与此同时，2025年 2月开工的二期项目建设正酣，进度已完成90%，整体厂房3月底全面完成，力争8月份进行正常生产，届时将为县域经济高质量增长注入持久动力。 春潮涌动生产线，实干开局谱新篇。2026年开年以来，四川粤玻玻璃有限公司车间内机器轰鸣、焊花闪烁，260名员工全员到岗坚守岗位，8条智能化生产 线满负荷运转，酒瓶、食品瓶、调料瓶等轻量化玻璃制品源源不断下线，日出库量达350吨，以"春节不打烊"的实干姿态打响新年"开门红"。作为县域制 造业标杆企业，粤玻玻璃产销两旺。 深耕乐山四年，四川粤玻玻璃有限公司始终以创新驱 ...

陈逸 （联系人） 0755-23375125 cheny40@wkqh.cn 交易咨询号：Z0023202 春节临近需求偏淡， 短期驱动不足 玻璃周报 从业资格号：F03137504 郎志杰（黑色建材组） 从业资格号：F3030112 2026/01/31 产业链示意图 上游 天然碱矿 （天然碱法） 原盐、石灰石 （氨碱法） 原盐、合成氨 （联碱法） 燃料：动力 煤、天然气 中游 轻碱 重碱 氯化铵 下游 日用玻璃 洗涤剂 食品行业 无机盐 平板玻璃 农用氮肥 房地产——约88% 汽车——约6% 光伏——约1% 其他 目录 01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 周度评估及策略推荐 周度要点小结 价格：截至2026/01/30，浮法玻璃现货市场报价1020元/吨，环比+10元/吨；玻璃主力合约收盘报1087元/吨，环比+30元/吨；基差-67元/ 吨，环比上周-20元/吨。 成本利润：截至2026/01/30，以天然气为燃料生产浮法玻璃的周均利润为-155.12元/吨，环比+3.57元/吨；河南LNG市场低端价3900元/吨， 环比+50元/吨。以煤炭为燃料生 ...

Group 1 - The core viewpoint of the article highlights a decline in the production of hollow glass in China, with a reported decrease of 0.9% year-on-year in December 2025 and an overall cumulative decline of 8.1% for the year 2025 [1][1][1] Group 2 - The article cites that the production of hollow glass in China reached 0.1 million square meters in December 2025 [1] - Cumulative production for the entire year of 2025 was reported at 1.3 million square meters [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

上市企业：旗滨集团（601636）,南玻Ａ（000012）,福耀玻璃（600660）,金晶科技（600586）,凯盛新能 （600876）,耀皮玻璃（600819）,山东药玻（600529）,亚玛顿（002623） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国钢化玻璃产量为0.5亿平方米，同比下降2.6%；2025年1-12 月中国钢化玻璃累计产量为5.1亿平方米，累计增长3.4%。 2020-2025年中国钢化玻璃产量统计图 相关报告：智研咨询发布的《2025-2031年中国钢化玻璃行业市场供需态势及发展前景研判报告》 ...

Performance Forecast - The company expects a positive net profit for the period from January 1, 2025, to December 31, 2025, but anticipates a decline of over 50% compared to the previous year [1] - The performance forecast is based on preliminary calculations by the financial department and has not been audited [2] Reasons for Performance Change - The decline in gross profit is attributed to falling market prices for key products such as photovoltaic glass and float glass compared to the same period last year [1] - The company plans to make provisions for asset impairment in accordance with accounting standards due to the cautious principle [1] - A lawsuit related to a previous investment of 171 million yuan for talent introduction resulted in a loss for the company, significantly impacting net profit [1]

Core Viewpoint - The company has established two wholly-owned subsidiaries to enhance its research and development capabilities and facilitate new business incubation and external investments [1] Group 1: Company Registration and Structure - The company has approved the establishment of Shenzhen Qibin Technology Development Co., Ltd. and Shenzhen Qibin Technology Investment Co., Ltd. as wholly-owned subsidiaries [1] - Shenzhen Qibin Technology Investment Co., Ltd. has a registered capital of 100 million yuan and is located in Bao'an District, Shenzhen [2] - Shenzhen Qibin Technology Development Co., Ltd. also has a registered capital of 100 million yuan and is situated in the same area as its parent company [4] Group 2: Business Scope and Operations - The business scope of Shenzhen Qibin Technology Investment Co., Ltd. includes new material technology research and development, investment activities, and various consulting services [2] - Shenzhen Qibin Technology Development Co., Ltd. focuses on advanced new material manufacturing, energy-efficient technology research, and various manufacturing activities related to non-metallic mineral products [4][5] Group 3: Establishment Dates and Ownership - Shenzhen Qibin Technology Investment Co., Ltd. was established on January 19, 2026, and is a wholly-owned subsidiary of the company [3] - Shenzhen Qibin Technology Development Co., Ltd. was established on January 30, 2026, and is a wholly-owned subsidiary of Shenzhen Qibin Technology Investment Co., Ltd. [5]

Group 1 - The company expects a net profit for the year 2025, but anticipates a decline of over 50% compared to the previous year [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The financial data related to the performance forecast has not been audited by the accounting firm, but preliminary discussions indicate no major discrepancies [1][2] Group 2 - The decline in gross profit is attributed to falling market prices for key products such as photovoltaic glass and float glass [2] - The company plans to make provisions for asset impairment based on cautious accounting principles [2] - A lawsuit regarding 171 million yuan related to talent introduction funds resulted in a loss for the company, significantly impacting net profit [2]