Investment Rating - The report maintains a rating of "Buy" for Beixin Building Materials and "Overweight" for Weixing New Materials [5][9]. Core Views - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, expected to boost infrastructure in Tibet [2]. - The cement industry is currently experiencing a demand downturn, but supply-side adjustments, such as staggered production halts, are anticipated to improve the situation [2][3]. - The glass manufacturing sector is facing supply-demand contradictions, but the recent self-discipline production cuts in photovoltaic glass may alleviate some of these issues [2][6]. - The consumption building materials sector is benefiting from favorable second-hand housing transactions and consumption stimulus policies, with significant potential for market share growth [2][6]. - The fiberglass market shows signs of recovery, particularly in wind power demand, while electronic fiberglass prices remain stable amid supply-demand differentiation [2][7]. Summary by Sections Cement Industry Tracking - As of July 18, 2025, the national cement price index is 343.37 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.7828 million tons, up 2.09% [3][16]. - Infrastructure remains the only positive demand driver for cement, but local government funding pressures persist [3][16]. - The cement industry is expected to see structural opportunities in key regions like Sichuan-Chongqing and the Yangtze River Delta [3][16]. Glass Industry Tracking - The average price of float glass is 1211.96 yuan/ton, with a week-on-week increase of 0.58% [6][31]. - Inventory levels for sample enterprises have decreased, indicating a potential for short-term replenishment demand [6][31]. - The market remains cautious, with limited order improvements expected in the near term [6][31]. Fiberglass Industry Tracking - The price of non-alkali fiberglass has shown slight weakness, while demand from wind power and thermoplastics remains relatively strong [7]. - The electronic fiberglass market is experiencing stable pricing, with high-end products seeing a notable supply-demand gap [7]. Consumption Building Materials - The consumption building materials sector is experiencing a weak recovery, supported by declining prices of upstream raw materials [6][7]. - Companies like Beixin Building Materials and Weixing New Materials are highlighted for their growth potential in this sector [5][9]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 106,400 yuan/ton and a negative profit margin [8]. - Demand is expected to grow in sectors like wind power and hydrogen storage, although recovery is gradual [8].

Core Viewpoint - The company Zhonggang Luonai (688119) has announced plans to utilize excess and temporarily idle funds for cash management, aiming to enhance fund efficiency and ensure safety [1] Company Announcement Summary - Zhonggang Luonai plans to use up to 450 million RMB of excess funds and up to 250 million RMB of temporarily idle funds for cash management, focusing on high safety and liquidity products with a maximum usage period of 12 months [1] - The total net proceeds from the initial public offering amounted to 1,054,091,581 RMB, with actual excess funds being 454,091,581 RMB [1] - The board and supervisory committee have approved the cash management proposal, emphasizing that it will not affect the construction of fundraising projects or the normal operation of the company's main business [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed [2]. Core Insights - The report emphasizes the focus on "supply-side optimization" and "anti-involution" competition, with potential policy implementations expected in the second half of the year [3][8]. - Key industries identified for "anti-involution" include those with high inventory, high CAPEX, low capacity utilization, and low price levels, particularly in sectors such as chemicals, non-ferrous metals, coal, steel, and various manufacturing and consumer goods [3][11][13]. - The report outlines five perspectives for identifying potential beneficiaries of the "anti-involution" policies, including state-owned enterprise (SOE) share, industry concentration, tax revenue impact, labor intensity, and price elasticity post-capacity reduction [5][6]. Summary by Relevant Sections Policy Focus - The report highlights that the Central Financial Committee meeting on July 1 emphasized supply-side optimization and "anti-involution" competition, referencing past supply-side reforms from 2015-2016 as a model for future policy actions [3][8]. Key Industry Characteristics - Industries with high inventory, high CAPEX, low capacity utilization, and low price levels are targeted for policy intervention. These include: - Cyclical industries: Chemicals (chemical products, rubber, non-metallic materials), non-ferrous metals (energy metals), coal, and steel (common steel, steel raw materials) [3][11]. - Manufacturing: Electric new (motors, grid equipment, batteries, photovoltaics), machinery (automation equipment), automotive (passenger vehicles), military electronics, and construction [3][11]. - Consumer goods: Home appliances (appliance components), food and beverage (food processing, liquor, snacks) [3][11]. Five Perspectives for Industry Selection - **State-Owned Enterprise (SOE) Share**: Industries with higher SOE shares are expected to have stronger policy execution efficiency, including coal, common steel, cement, glass, and consumer sectors like liquor [3][5]. - **Industry Concentration**: Higher concentration industries are more likely to achieve supply clearing through stronger pricing power and quicker policy response, particularly in energy metals, non-metallic materials, and consumer goods like liquor [3][5]. - **Tax Revenue Impact**: Industries with lower tax revenue contributions will have a smaller impact on local finances during capacity reduction, focusing on sectors like glass, energy metals, and common steel [3][5]. - **Labor Intensity**: Industries with lower labor intensity will have a reduced impact on employment during capacity reduction, including non-metallic materials, chemical products, and energy metals [3][5]. - **Price Elasticity Post-Capacity Reduction**: Industries with a strong correlation between asset turnover and gross margin are expected to see greater price and margin expansion post-capacity reduction, including glass, chemical products, and energy metals [3][5]. Potential Beneficiary Industries - The report identifies several industries as potential beneficiaries of the "anti-involution" policies based on the five perspectives, including: - Coal mining, common steel, precious metals, glass fiber, coke, energy metals, steel raw materials, cement, chemical products, non-metallic materials, and various manufacturing sectors [6][7].

Group 1: General Information - The research object is Sitong Co., Ltd., belonging to the decoration and building materials industry, and the reception time was on July 7, 2025. The listed company's reception staff included the board secretary, CFO Zhang Ping, and the securities affairs representative Chen Chuan [17] - The research was participated by securities companies such as CITIC Securities, GF Securities, and China Merchants Securities [18] Group 2: Core Views - The company aims to achieve an operating income of 350 million - 420 million yuan in 2025. As of H1 2025, it expects to achieve an operating income of 165 million - 195 million yuan, nearly half of the target. It will strive to complete the annual operating target in H2 [21] - The zirconium - titanium ore refining business supports the company's performance steadily with the progress of process technology, increased production capacity, and accumulated customer resources [21] - In H2 2025, the company will expand the high - end market of household porcelain, optimize product structure and customer service, and promote the production capacity upgrade and technological innovation of zirconium - titanium ore products to create new growth points [21] - The company will strengthen financial management, implement cost - reduction and efficiency - improvement measures, and improve operating efficiency to eliminate the delisting risk warning [22] - In H1 2025, the company expanded the domestic market while consolidating overseas customers. Its business is expected to maintain good growth in H2 [23]

Core Viewpoint - The real estate industry is experiencing a downturn, but opportunities are emerging as related sectors begin to recover from the prolonged impact of real estate [1] Group 1: Strategic Transformation and Growth Opportunities - The shift in demand towards existing homes has led to a strategic transformation for the company, moving from a B-end procurement model to focusing on C-end retail and small B engineering channels [2] - In 2024, the combined revenue from retail (C-end) and engineering (small B) channels is projected to reach 23.562 billion, accounting for 83.98% of total revenue [2] - The company is actively optimizing its customer structure and channel transformation, indicating a long-term strategic shift rather than a short-term tactic [2] Group 2: Financial Performance and Cash Flow Improvement - The company has significantly reduced its accounts receivable issues and improved operating cash flow, which is crucial for sustaining high dividend payouts [3] - In 2024, the operating net cash flow reached 3.457 billion, a substantial increase of 64.39% year-on-year [9] - The company has maintained a high dividend yield of nearly 14%, reflecting its financial health and commitment to shareholder returns [10] Group 3: New Growth Engines - The rise of diverse businesses, particularly the mortar powder segment, is contributing to new revenue streams, with non-waterproof business revenue accounting for 26.55% in 2024 [5] - The company is accelerating its overseas expansion, with international market revenue reaching 877 million, a year-on-year growth of 24.73% [6] - The establishment of factories in Malaysia and ongoing projects in the U.S. and Saudi Arabia are part of the company's global growth strategy [6] Group 4: Cost Reduction and Efficiency - The company has achieved a significant reduction in expense ratios, with a 3.4 percentage point decrease to 17% in Q1, driven by a 28% drop in sales expenses and a 57% drop in financial expenses [8] - These cost-cutting measures are expected to enhance profitability and strengthen the company's core competitiveness in the long term [8] Group 5: Future Outlook - The company is positioned at a critical juncture, transitioning from operational to growth and valuation phases, warranting attention to its value growth potential [11] - Short-term focus should be on the benefits of cost reduction, while mid-term attention should be on the explosive growth potential in overseas markets [12][13] - Long-term strategies include building platform barriers through diversified operations, with the mortar powder business emerging as a second core business [12]

Core Viewpoint - Company SanKe Tree (三棵树) is expected to report significant growth in net profit for the first half of 2025, driven by strategic adjustments in product structure and improved cost management [1][3]. Performance Disclosure Highlights - SanKe Tree forecasts a net profit attributable to shareholders for the first half of 2025 to be between RMB 38 million and RMB 46 million, representing a year-on-year increase of 80.94% to 119.04% [1][3]. - The company anticipates a non-GAAP net profit (deducting non-recurring gains and losses) in the range of RMB 23 million to RMB 31 million, reflecting a substantial year-on-year growth of 190.04% to 290.92% [1][3]. Company Announcement Summary - The performance increase is attributed to several factors, including the optimization of product structure, growth in retail business scale and overall gross margin, enhanced cost control measures, and a decrease in impairment provisions compared to the previous year [1].

Cement Industry - The short-term peak-shifting coordination strength in the cement industry is expected to remain high, supporting continuous price improvement [1] - The average price of cement per ton in April-May 2025 was 390 yuan, showing a year-on-year increase of 24 yuan (+6%) compared to the previous quarter [1] - Medium to long-term policies regarding carbon trading and capacity replacement are expected to drive the elimination of outdated capacity, optimizing the competitive landscape [1] - High dividend returns from some cement companies highlight their long-term investment value [1] Traditional Building Materials - The traditional building materials sector is experiencing continued pressure on downstream demand, leading to intensified market competition [2] - The glass fiber sector is seeing structural price increases due to strong demand from wind power and thermoplastics, although overall demand remains weak [2] - The demand for conventional electronic yarn is at historical low price levels, presenting potential opportunities for improvement [2] High-end Electronic Fabrics - The demand for Low Dk electronic fabrics is expected to remain high due to the surge in AI computing power, driving continuous growth in high-layer CPB demand [3] - Domestic companies are gradually breaking the overseas monopoly in Low Dk electronic fabrics, with some achieving small-scale production of second-generation products [3] - The demand for Low CTE electronic fabrics is also high, benefiting from innovations in advanced packaging technology [3] Mergers and Acquisitions - The new restructuring regulations released by the CSRC on May 16, 2025, are expected to stimulate market-driven mergers and acquisitions in the traditional building materials sector [4] - Companies are actively pursuing asset integration to drive transformation in a challenging demand environment [4] - The optimization mechanisms in the new regulations may accelerate industry consolidation [4] Overall Investment Opportunities - The cement sector is highlighted for its value recovery and long-term investment potential, particularly in regional cement leaders [5] - The high-end electronic fabric sector is recommended for investment, focusing on companies with strong expansion momentum [5] - The transformation prospects driven by asset integration in traditional building materials are also emphasized [5]

General Principles - The document outlines the management system for the shares held by the board members and senior management of Guangzhou Seagull Housing Industrial Co., Ltd, aiming to strengthen the management of shareholding and trading activities [1][2]. - The system is applicable to all shares held by the company's directors and senior management, including those held in others' accounts and through margin trading [1][2]. Share Trading Management - Directors and senior management must notify the board secretary in writing before trading shares, who will verify compliance with relevant laws and regulations [2]. - There are restrictions on share transfers during specific periods, such as within one year of the company's stock listing and within six months after leaving the company [2][3]. - A prohibition on trading exists during certain windows, including 15 days before the annual and semi-annual reports and 5 days before quarterly reports [3][4]. Short-term Trading Restrictions - Directors and senior management are prohibited from short-term trading, defined as selling shares within six months of purchase or buying shares within six months of selling [4][5]. Reporting Requirements - Any changes in shareholding must be reported within two trading days, including details such as the number of shares held before and after the change [5][6]. Transfer Limits - During their term and for six months after, directors and senior management can only transfer up to 25% of their shares each year, with specific exceptions for legal circumstances [6][7]. Shareholding Increase Regulations - Directors and senior management must disclose any plans for increasing their shareholdings and report on the progress of such plans [7][8]. Accountability Measures - The company is responsible for monitoring compliance with shareholding and trading regulations, with the board secretary overseeing the reporting and disclosure of shareholding changes [9][10]. - Violations of these regulations may result in penalties from regulatory authorities and internal disciplinary actions [10][11].

General Principles - The rules are established to protect the legal rights of the company and its shareholders, ensuring the proper exercise of shareholder meeting powers in accordance with relevant laws and regulations [1][27] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings [1][3] Nature and Powers of the Shareholder Meeting - The shareholder meeting is the highest authority of the company [3] - The meeting has the authority to elect and replace directors, approve remuneration, and make decisions on significant corporate actions such as mergers, asset sales exceeding 30% of total assets, and amendments to the articles of association [4][22] Convening of Shareholder Meetings - Shareholder meetings are categorized into annual and temporary meetings, with specific timelines for their convening [3][5] - The board of directors is responsible for timely convening of meetings and must report to regulatory authorities if unable to do so [6][8] Proposals and Notifications - Proposals for the shareholder meeting must fall within its authority and be clearly defined [14] - Shareholders holding more than 1% of shares can submit proposals 10 days before the meeting [9] Conducting the Meeting - The meeting must be held at the company's registered location and can utilize online methods for shareholder participation [12][13] - Shareholders can attend in person or through proxies, and each share carries one vote [12][13] Voting Procedures - Voting can be conducted through various methods, and the results must be announced immediately [19][21] - Ordinary resolutions require a majority, while special resolutions require two-thirds approval from attending shareholders [53][55] Record Keeping and Execution - Meeting records must include details such as time, location, attendees, and voting results, and must be preserved for at least 10 years [23][24] - The board of directors is responsible for executing the resolutions passed during the shareholder meeting [25]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Viewpoints - The construction materials sector is experiencing a demand season that is not significantly weak, supported by delayed renovations in the second-hand housing market [2] - The glass market is facing a contradiction between supply and demand, with a continuous decline in demand expected post-2025, although there has been marginal improvement since March [2] - The cement industry is in a phase of seeking a bottom, with increased off-peak production efforts by companies, leading to fluctuating prices around unprofitable levels [2] - The fiberglass market has shown signs of bottoming out, with price wars ending and prices beginning to recover, particularly in the wind power sector [2] - Carbon fiber demand is slowly recovering, with growth expected in downstream sectors such as wind power and hydrogen bottles [2] Summary by Sections Cement Industry Tracking - As of June 20, 2025, the national cement price index is 362.67 yuan/ton, down 0.21% from the previous week, with a total cement output of 2.781 million tons, a decrease of 2.88% [3][16] - The cement market is currently in a phase of "weak reality" and "weak expectations," with potential for weak recovery by the end of Q3 if policies are strengthened or the rainy season ends [16] Glass Industry Tracking - The average price of float glass is 1209.75 yuan/ton, down 1.64% from the previous week, with inventory levels increasing [32] - The market is expected to experience short-term price fluctuations downward, with ongoing challenges in meeting demand during the seasonal downturn [32] Fiberglass Industry Tracking - The price of non-alkali roving has shown a stable decline, with demand for high-end products like wind power yarn performing relatively well [6] - The overall price of fiberglass is expected to maintain a weak and stable trend in the short term [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with a weekly production of 1781 tons and an operating rate of 60.13% [7] - The industry continues to face losses, with a production cost of 106,500 yuan/ton and a negative gross margin [7] Key Stocks - Recommended stocks include Beixin Building Materials (Buy), Weixing New Materials (Overweight), and China Jushi (Buy) with respective EPS forecasts for 2024A to 2027E [8]