1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core Views Glass - Trading is returning to industry reality, but policy expectations may fluctuate between continuation and cooling, causing market sentiment to be volatile [1]. - On the fundamental side, the daily melting volume on the supply - side has slightly increased, with no unexpected situations. The cumulative apparent demand for glass has declined by 8%, but it has improved month - on - month due to better - than - expected production and sales from June to July, and the market is in a weak equilibrium [1]. - Middle - stream inventory is at a high level. After a sharp decline in the futures market, there is a negative feedback loop, resulting in weak production and sales. Spot prices are also weakening, with low - priced spot glass in Hubei around 1140 - 1160 yuan/ton [1]. 纯碱 - Market sentiment has declined, and trading is returning to fundamentals. Supply is fluctuating within a narrow range, with expected maintenance continuing and having a phased impact on production [5]. - Photovoltaic glass is in a continuous loss state, and its in - production daily melting volume is decreasing, but the finished product inventory is being depleted rapidly, which requires continuous attention [5]. - Overall, the rigid demand for soda ash is expected to remain weak, and the balance of heavy soda ash remains in surplus. The inventory of the upstream and middle - stream is at a historical high. The supply - strong and demand - weak pattern of soda ash remains unchanged, and attention should also be paid to the price fluctuations of coal and raw salt on the cost side [5]. 3. Summary by Relevant Catalogs Glass Glass Futures Disk - Data includes the seasonal trends of the closing price, trading volume, and warehouse receipt quantity of the glass futures main contract [7]. Glass Spot Data - It shows the seasonal trends of prices of various glass products in different regions, such as the average price of the Shahe delivery product, and the market prices of 5mm float glass in different regions [9][13][15]. Glass Month - to - Month and Basis - Presents the seasonal trends of glass futures month - to - month spreads (e.g., 05 - 09, 09 - 01, 01 - 05) and basis of different contracts (e.g., 01, 05, 09) in different regions (e.g., Shahe, Hubei Yijun) [25][27][29]. Glass Supply Data - Covers the seasonal trends of glass production, loss volume, start - up rate, production line start - up number, and capacity utilization rate in China [41][42][46]. Glass Production and Sales - Displays the seasonal trends of the overall glass production and sales rate, as well as the production and sales rates in different regions (e.g., Shahe, Hubei, East China, South China) [49][50][52]. Glass Deep - Processing - Shows the seasonal trends of deep - processed glass raw material inventory days, deep - processing order days, and the ratio and difference between them [56]. Glass Cost and Profit - Presents the cost and profit situations of different glass production processes (e.g., coal - fired, natural - gas - fired, petroleum - coke - fired), including their seasonal trends [60][62][63]. Glass Import and Export - Displays the seasonal trends of glass import quantity, export quantity, and net export quantity in China [65][66]. Glass Statistical Bureau Data - Shows the monthly production values of different types of glass (e.g., flat glass, hollow glass, tempered glass, laminated glass) [69][70]. Glass Inventory - Covers the overall glass inventory, inventory in different regions, inventory in Shahe, and apparent demand (both with and without imports and exports) [71][73][80]. Soda Ash Soda Ash Futures Disk - Data includes the seasonal trends of the closing price, trading volume, and warehouse receipt quantity of the soda ash futures main contract [90]. Soda Ash Spot Data - It shows the seasonal trends of the market prices of heavy and light soda ash in different regions, as well as the price differences between heavy and light soda ash in different regions [94][98][101]. Soda Ash Month - to - Month and Basis - Presents the seasonal trends of soda ash futures month - to - month spreads (e.g., 05 - 09, 09 - 01, 01 - 05) and basis of different contracts (e.g., 01, 05, 09) in Shahe [110][112][114]. Soda Ash Supply Data - Covers the seasonal trends of soda ash weekly production, heavy - soda ratio, production of heavy and light soda ash by domestic enterprises, and capacity utilization rate in different regions and production methods [118][121][124]. Soda Ash Cost and Profit - Presents the cost and profit trends of different soda ash production processes (e.g., ammonia - soda process, co - production process), including their seasonal trends [138][139][142]. Soda Ash Import and Export - Displays the seasonal trends of soda ash monthly import quantity, export quantity, and net export quantity [147][148]. Soda Ash Inventory - Covers the overall soda ash inventory, inventory in different regions, and apparent demand (both with and without imports and exports), as well as the number of days of pending orders for soda ash enterprises and the raw material inventory days of glass factories [150][155][159]. Photovoltaic Glass - Shows the seasonal trends of photovoltaic glass daily melting volume, loss volume, and enterprise inventory (both weekly and monthly), as well as the combined data of float glass and photovoltaic glass [174][175][180].

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Buyback Progress - The company has approved a share buyback plan for both A-shares and B-shares, with adjustments made to the maximum buyback prices due to the 2024 annual equity distribution [1][2] - As of July 31, 2025, the company has repurchased a total of 33,034,797 A-shares and 14,581,596 B-shares, representing 1.5507% of the total share capital [3] - The total funds spent on repurchasing A-shares amounted to RMB 157,090,412.04, while B-shares totaled HKD 25,988,708.25, equivalent to RMB 23,670,255.59 [3] Contractual Agreement - The company signed a sales agreement for photovoltaic glass with Longi Green Energy Technology Co., Ltd., with an estimated total contract value of approximately RMB 6.5 billion [7] - From July 31, 2020, to July 31, 2025, the company has sold various glass products to Longi, with total sales amounting to RMB 144,097.59 million [8] - The actual performance of the contract has not met the agreed standards due to price increases and market fluctuations, but it will not adversely affect the company's financial performance [9]

Core Viewpoint - The announcement indicates that the company has entered into a sales agreement with a subsidiary of Longi Green Energy, involving the sale of various glass products totaling 1.441 billion yuan (including tax) over a five-year period from July 31, 2020, to July 31, 2025 [1] Group 1 - The company’s wholly-owned subsidiaries, Wujiang South Glass Co., Ltd. and Dongguan South Glass Solar Glass Co., Ltd., are involved in the sales [1] - The products sold include 2.0mm ultra-white float glass backs, 3.2mm tempered coated glass, 2.0mm semi-tempered coated glass, and 2.0mm semi-tempered glazed perforated glass [1] - The total sales amount for these products is 1.441 billion yuan, which reflects a significant business transaction for the company [1]

Core Viewpoint - The announcement indicates that Nanfang Glass A (000012.SZ) has entered into a sales agreement with a subsidiary of Longi Green Energy, involving the sale of various glass products totaling 1.441 billion yuan (including tax) over a five-year period from July 31, 2020, to July 31, 2025 [1] Group 1 - The sales agreement includes products such as 2.0mm ultra-white float glass backplanes, 3.2mm tempered coated glass, 2.0mm semi-tempered coated glass, and 2.0mm semi-tempered glazed perforated glass [1] - The total sales amount for the aforementioned products is 1.441 billion yuan, which reflects a significant business transaction for the company [1]

Core Viewpoint - Xinyi Glass (00868) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to falling average selling prices of float glass products [1] Financial Performance - Revenue for the period was 9.821 billion RMB, a decrease of 9.74% year-on-year [1] - Shareholders' profit attributable to the company was 1.013 billion RMB, down 59.64% compared to the previous year [1] - Basic earnings per share were 23.25 cents [1] - The company proposed an interim dividend of 12.5 Hong Kong cents per share [1] Revenue Contribution - The decrease in revenue was mainly attributed to a 16.4% reduction in revenue contribution from float glass product sales compared to the first half of 2024 [1]

智通财经APP讯，信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个 月的中期股息每股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)发布截至2025年6月30日止六个月的中期业绩，收益98.21亿元(人民 币，下同)，同比减少9.74%;股东应占溢利10.13亿元，同比减少59.64%;每股基本盈利23.25分;拟派发中 期股息每股12.5港仙。 公告称，收益金额减少主要由于2025年上半年浮法玻璃产品的平均售价持续下跌，因此，浮法玻璃产品 销售贡献的收益较2024年上半年减少16.4%。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The market sentiment is fluctuating, with increased volatility. From a real - world perspective, the near - end warehouse receipt pressure is relatively large, and the market is starting to follow the delivery logic. There is a contradiction between macro - expectations and industrial logic, and the 09 contract is approaching delivery, causing trading to return to reality. There is a possibility of a second round of policy expectation fermentation, but the high inventory in the middle reaches has triggered a negative feedback [2]. 3) Summary by Related Catalogs Glass and Soda Ash Price Forecast - Glass price is predicted to be in the range of 1000 - 1400, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. Soda ash price is forecasted to be between 1100 - 1500, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1]. Glass and Soda Ash Hedging Strategies - **Glass Inventory Management**: For high glass inventory, sell FG2509 futures at 1250 with a 50% hedging ratio and sell FG601C1420 call options at 40 - 50 with a 50% ratio to lock in profits and reduce costs. For low glass inventory, buy FG2601 futures at 1000 with a 50% ratio and sell FG601P1000 put options at 40 - 50 with a 50% ratio to lock in procurement costs [1]. - **Soda Ash Inventory Management**: For high soda ash inventory, sell SA2509 futures at 1400 with a 50% hedging ratio and sell SA601C1500 call options at 50 - 60 with a 50% ratio. For low soda ash inventory, buy SA2601 futures at 1200 - 1250 with a 50% ratio and sell SA601P1200 put options at 50 - 60 with a 50% ratio [1]. Glass and Soda Ash Market Data - **Glass Futures**: On August 1, 2025, the glass 05 contract was at 1295 (down 0.23% from the previous day), the 09 contract was at 1102 (down 1.34%), and the 01 contract was at 1224 (unchanged). The (5 - 9) month - spread was 193 (up 12), the (9 - 1) month - spread was - 122 (down 15), and the (1 - 5) month - spread was - 71 (up 3) [6]. - **Glass Spot**: The average price of glass in the Shahe area on August 1, 2025, was 1248, down 19.4 from the previous day. Prices in most regions decreased slightly [7]. - **Soda Ash Futures**: On August 1, 2025, the soda ash 05 contract was at 1379 (up 0.07% from the previous day), the 09 contract was at 1256 (up 0.72%), and the 01 contract was at 1333 (up 0.6%). The (5 - 9) month - spread was 123 (down 8), the (9 - 1) month - spread was - 77 (up 1), and the (1 - 5) month - spread was - 46 (up 7) [8]. - **Soda Ash Spot**: The heavy - alkali and light - alkali market prices in most regions remained unchanged on August 1, 2025. The heavy - alkali price in Shahe was 1246, down 1 from the previous day [9].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a decline of 1.01% as of August 1, 2025, with mixed performance among constituent stocks [1] Group 1: Market Performance - China Telecom (00728) led the gains with an increase of 1.65%, while China Petroleum & Chemical Corporation (00386) saw the largest decline at 5.65% [1] - The Bosera Hang Seng High Dividend ETF (513690) decreased by 1.12%, with the latest price at 1.06 yuan, but has risen by 3.28% over the past two weeks as of July 31, 2025 [1][2] - Southbound funds recorded a net purchase of 131.26 billion HKD in Hong Kong stocks on July 31, with a cumulative net inflow of 1,356.48 billion HKD for July, marking a historical high for the year [1] Group 2: Fund Performance - The Bosera Hang Seng High Dividend ETF has a current scale of 48.20 billion yuan, with a net inflow of 4.57 billion yuan over the last 23 trading days [2] - The ETF's financing buy-in amount reached 630.26 million yuan, with a financing balance of 1,044.09 million yuan [2] - The ETF has achieved a net value increase of 41.43% over the past three years, ranking 150 out of 1,829 index equity funds [2] Group 3: Risk and Return Metrics - The ETF's Sharpe ratio for the past year is 1.97, indicating a favorable risk-adjusted return [3] - As of July 31, 2025, the ETF has a year-to-date relative drawdown of 0.39%, with a recovery period of 37 days [3] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [3] Group 4: Index Composition - The HSSCHKY Index aims to reflect the performance of high dividend securities listed in Hong Kong that can be traded through the Stock Connect [4] - The top ten weighted stocks in the index account for 29.19% of the total index, including Yanzhou Coal Mining Company (01171) and Hang Lung Properties (00101) [4]