产销：沙河93，湖北112，华东102，华南106 | | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/5/19 | | | | | | | | 玻 璃 | | | | | | | | | 2025/5/9 | 2025/5/15 | | 2025/5/16 周度变化 日度变化 | | | 2025/5/9 | 2025/5/15 | | 2025/5/16 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1194.0 | 1160.0 | 1150.0 | -44.0 | -10.0 | FG09合约 | 1034.0 | 1036.0 | 1005.0 | -29.0 | -31.0 | | 沙河长城 5mm大板 | 1185.0 | 1147.0 | 1138.0 | -47.0 | -9.0 | FG01合约 | 1078.0 | 1085.0 | 1062. ...

5月14日，重庆永川区国家高新区三教产业园内，绿色电能正源源不断地从信义玻璃(重庆)有限公司(以 下简称：信义玻璃)厂房屋顶输送到生产车间，总装机容量达到18兆瓦峰值功率光伏电站正式并网投 运。国网重庆永川供电公司"耀红岩"品牌服务队队员陈前、沈小生现场巡检，为企业提供技术指导，助 力民营企业生产平稳。 建设期间，国网重庆永川供电公司以"光耀红岩、电亮巴渝"为品牌引领，发挥"永电铁军"子品牌优势， 攻克屋顶防水保护、电缆铺设等难题，累计成功施放电缆20公里，安装逆变器61台，在不影响企业正常 生产的前提下完成设备调试。"我们同步接入光伏运行监测平台，实时跟踪发电数据，确保系统安全稳 定。"陈前表示。据悉，项目投运后每年可为企业节约电费超千万元。 据悉，该屋顶光伏项目是该企业迁建工程的核心配套项目，与9兆瓦余热发电系统共同构建清洁能源供 应网络。项目自2023年12月启动建设，主体工程于2025年3月竣工并通过验收，首条浮法玻璃生产线同 步投产。作为西南地区首个"光伏+浮法玻璃"协同示范项目，项目遵循"自发自用，余电上网"原则，将 有效提升信义玻璃的能源自给率，大幅降低对外部电网的依赖。国网重庆永川供电公司全程 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 建筑材料 预计需求延续旺季不旺，淡季不淡 2025 年 5 月 12 日至 5 月 16 日建筑材料板块（SW）下跌 0.49%，其中 水泥（SW）下跌 0.96%，玻璃制造（SW）下跌 0.88%，玻纤制造（SW） 上涨 2.01%，装修建材（SW）下跌 0.92%，本周建材板块相对沪深 300 超额收益-0.45%。本期建筑材料板块（SW）资金净流入额为 0.76 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金 额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般债发行规模 0.65 万亿元，同比-0.04 万亿元，专项债发行规模 3.18 万亿元，同比+1.71 万亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复 的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有 望加快落地，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 季节性环比改善，但供需仍有矛盾：2025 年后玻璃需求持续下滑，3 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector is experiencing a mixed demand environment, with seasonal demand not significantly boosting activity, leading to a decline in stock performance [1][13] - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal engineering projects [2] - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand observed since March 2025, but overall demand is expected to decline post-2025 [2][35] - The cement industry is in a bottoming phase, with companies increasing production cuts to stabilize prices, while the fiber glass market shows signs of recovery due to rising demand in the wind power sector [2][3][18] Summary by Sections Cement Industry Tracking - As of May 16, 2025, the national cement price index is 374.69 CNY/ton, down 0.5% week-on-week, while cement output increased by 7.48% to 3.5835 million tons [3][18] - The cement market is characterized by strong infrastructure demand but weak residential construction demand, leading to a "price for volume" strategy [18] Glass Industry Tracking - The average price of float glass is 1306.73 CNY/ton, down 0.82% from the previous week, with inventory levels rising [35] - The market sentiment is pessimistic, with weak demand and declining prices affecting sales [35] Fiber Glass Industry Tracking - The fiber glass market is stabilizing after a price war, with demand from the wind power sector expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential [2] Other Construction Materials - The report emphasizes the importance of consumer building materials benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with strong growth potential [2][8]

Group 1: Financial Performance - The company's export revenue for 2024 is approximately 581 million CNY, accounting for about 35.57% of total revenue [2] - The overseas business income in the first quarter remained stable compared to the previous year [7] Group 2: Product Development and Technology - The company has developed a new generation of high-end tempering furnaces with industry-first features, including AI applications and image recognition [4] - The automation systems and related equipment integrate various processing stages, providing a comprehensive solution for glass deep processing [3][9] - The company’s fourth-generation high-end glass tempering equipment features enhanced heating speed and energy efficiency, along with a new user interface [4] Group 3: Market Presence and Strategy - The company’s products are distributed in over 110 countries, with a coverage rate exceeding 80% in countries along the Belt and Road Initiative [12][18] - The company aims to focus on core business areas, emphasizing innovation and high-quality development as strategic directions [10][19] Group 4: Response to Market Conditions - The company acknowledges that stock prices are influenced by macroeconomic factors, market liquidity, and investor sentiment [5][13] - The impact of the U.S. tariff policy is currently limited, and the company will continue to monitor and respond to market changes [12][20] Group 5: Corporate Social Responsibility - The company actively participates in social responsibility initiatives, including rural revitalization and community support [24]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/5/8 | | 2025/5/14 | 2025/5/15 | | 周度变化 日度变化 | | 2025/5/8 | 2025/5/14 | 2025/5/15 | | 周度变化 日度变化 | | 沙河重碱 | 1330.0 | 1350.0 | 1350.0 | 20.0 | 0.0 | SA05合 约 | 1295.0 | 1296.0 | 1285.0 | -10.0 | -11.0 | | 华中重碱 | 1300.0 | 1335.0 | 1310.0 | 10.0 | -25.0 | SA01合约 | 1328.0 | 1329.0 | 1308.0 | -20.0 | -21.0 | | 华南重碱 | 1570.0 | 1570.0 | 1570.0 | 0.0 | 0.0 | SA09合约 | 1323.0 | 1345.0 | 1330.0 | 7.0 | -15.0 | | ...

Core Viewpoint - The company held an online performance briefing for 2024 and Q1 2025, achieving a 100% response rate to investor questions, indicating strong investor engagement and transparency [1] Group 1: Financial Performance - The company's export revenue for 2024 is approximately 581 million yuan, accounting for about 35.57% of total revenue [2] - The overseas business revenue in Q1 did not show significant changes compared to the previous year, indicating stable overall business development [10] Group 2: Product Development and Technology - The company has developed advanced glass tempering equipment that features adaptive heating and improved energy efficiency, enhancing product quality [4][5] - The automation systems developed by the company's subsidiary integrate various glass processing stages, providing a comprehensive solution for smart glass manufacturing [3][19] Group 3: Market Strategy and Future Direction - The company aims to focus on core business areas, emphasizing innovation and green development as strategic priorities to enhance market competitiveness and brand value [7][16] - The company has established a strong presence in over 110 countries, with significant engagement in the Belt and Road Initiative, positioning itself to capitalize on international market opportunities [12][14] Group 4: Corporate Governance and Investor Relations - The company is committed to maintaining investor rights and will disclose any stock repurchase plans in accordance with legal regulations [6][21] - The company actively participates in social responsibility initiatives, including rural revitalization projects, reflecting its commitment to societal value [22]

Group 1 - The legal opinion letter is issued by Shanghai Zechang Law Firm regarding the 2024 annual general meeting of Shandong Huapeng Glass Co., Ltd. [1][2] - The meeting was convened by the decision of the company's board of directors on April 21, 2025, and the notice was published on April 22, 2025, in various designated media [2][3] - The meeting was held on May 15, 2025, using a combination of on-site and online voting methods [3][4] Group 2 - A total of 233 shareholders and their proxies attended the meeting, representing 137,234,850 shares, which is 42.8928% of the total voting shares [4][5] - The online voting system recorded 228 participants, representing 56,539,533 shares, accounting for 17.6714% of the total shares [4][5] - The attendance of small investors included 231 participants, representing 6,654,714 shares, which is 2.7780% of the total voting shares [5] Group 3 - The meeting's agenda included resolutions that fell within the authority of the shareholders' meeting and were consistent with the items listed in the notice [6][7] - The voting results showed that 134,264,269 shares were in favor, accounting for 97.8354% of the valid votes cast [6][7] - The voting results for small investors indicated that 3,684,133 shares were in favor, representing 55.3612% of the valid votes from small investors [6][7] Group 4 - The legal opinion concludes that the convening and conducting of the annual general meeting, the qualifications of the convenor, the qualifications of attendees, and the voting procedures are all in compliance with relevant laws and regulations [12][13] - The resolutions passed at the meeting are deemed legal and valid according to the applicable laws and the company's articles of association [12][13]

Core Viewpoint - The financial performance of Jinjing Technology (金晶科技) in Q1 2025 shows significant declines in revenue and profit, attributed to market price drops and macroeconomic challenges, prompting management to initiate share buybacks and maintain a cash dividend plan to stabilize stock prices and boost market confidence [2][3]. Financial Performance - The company's operating revenue for Q1 2025 was 1.22 billion yuan, a year-on-year decrease of 31.4% [2]. - The net profit attributable to shareholders was 8.52 million yuan, down 95% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 4.55 million yuan, a decline of 97.2% [2]. - The net cash flow from operating activities was 90 million yuan, down 73.7% year-on-year [2]. - Earnings per share for the quarter were 0.006 yuan, reflecting a 95.01% decrease compared to the same period last year [3]. Market and Industry Context - Jinjing Technology is heavily influenced by the cyclical nature of the industry, with ongoing price declines in its main products such as float glass and photovoltaic glass [2]. - The company is facing increased pressure on cash flow due to reduced cash receipts from sales [2]. - Despite the challenges, the company is actively pursuing product innovation and expanding its market presence, particularly in overseas markets [3]. Management Actions - On April 18, 2025, the company announced a share buyback plan, intending to use 100 million to 200 million yuan to repurchase shares at a price not exceeding 8.06 yuan per share [2]. - The buyback aims to stabilize stock prices and enhance employee motivation through stock incentives [2]. - The company plans to distribute a cash dividend of 21.26 million yuan, accounting for 35.15% of the net profit for the period [2]. Shareholder Structure - The controlling shareholder of Jinjing Technology is Jinjing Energy-saving Glass Co., Ltd., which holds a 32.03% stake in the company [3]. - Despite the financial downturn, the total assets and equity attributable to shareholders have increased, indicating a steady growth in asset scale [3]. Challenges Ahead - The company faces significant challenges in overcoming performance bottlenecks and achieving growth in both revenue and profit during a period of deep industry adjustment [3].

回落，价格短期筑底，操作上建议，玻璃建议逢低布局多单。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 煤炭，石油为原材料制作的玻璃，整体利润小幅增加，主要原因来自于原材料成本下跌，产量整体保持平 数据来源于第三方，仅供参考。市场有风险，投资需谨慎！ 稳。需求端，场内缺乏利好消息刺激，需求延续弱势下，原片企业为避免后市高库存压力，或存小部分企 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 业灵活操作，适当让利目前期货价格已经毕竟生产成本价格，成本支撑可能会短期见效。玻璃成交量小幅 免责声明 纯碱玻璃产业日报 2025-05-15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与玻璃价差(日,元/吨) | 1330 294 | -15 玻璃主 ...