证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。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 ...

浮法玻璃市场价格 数据来源：玻多多 期货动态 据玻多多数据显示：5月9日玻璃主力合约FG2509开盘价格1055元/吨，收盘价格1034元/吨，日内跌幅 1.99%。盘中最高价1058元/吨，最低价1033元/吨，持仓1338074手，日增仓49504手。 今日玻璃期货价格进一步下破新低。玻璃自身基本面弱势难改，且今日沙河地区雨水扰动下出货不畅， 部分厂家价格优惠下调，盘面随即走弱。后续在需求走淡的弱预期压制持续下，厂家库存压力或将逐步 增加，在供应端没有明显产线放量冷修的基础上，从基本面角度或较难给出反弹驱动，短时在无外部因 素扰动下维持偏弱看待为主。 后市预测 短期来看，浮法玻璃市场预计呈现稳中震荡的态势。当前行业库存维持在较高水平且面临梅雨季节，企 业为缓解库存压力可能采取灵活促销策略。供应方面，下周有产线计划放水冷修，整体产量或将呈现下 降趋势。需密切关注库存消化进度及及厂家调价动向。 | 市场 | 型号 | 5月8日 | 5月9日 | 涨跌 | 单位 | | --- | --- | --- | --- | --- | --- | | 东北 | 5mm 大板 | 1240 | 1240 | 0 | 元 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：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作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-5-9 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修减少，开工率、产量下降至历史同期低位；深加工订单不及 往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1128元/吨，FG2509收盘价为1057元/吨，基差为71元，期货贴水 现货；偏多 3、库存：全国浮法玻璃企业库存6756万重量箱，较前一周增加3.96%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求 ...

Core Viewpoint - The quality supervision and inspection results for key industrial products in Beichen District, Tianjin, for 2024 show that all 65 batches of products tested, including cement, steel bars, and fertilizers, passed inspection without any non-compliant products or companies identified [3][4][5]. Group 1: Product Categories - Cement: Ordinary Portland cement from Tianjin Jinyu Zhenxing Environmental Protection Technology Co., Ltd. passed inspection [3]. - Steel Bars: Hot-rolled ribbed steel bars from Tianjin Chengtai Technology Development Co., Ltd. and Tianjin Junjian Steel Trading Co., Ltd. were among the compliant products [4][5]. - Fertilizers: Compound fertilizers from various producers, including Tianjin Rongfu Agricultural Production Materials and Hebei Kaimenzi Fertilizer Co., Ltd., were also found to be compliant [4][5]. Group 2: Inspection Results - A total of 65 batches of products were tested, and all were found to be compliant with quality standards [3][4]. - The inspection covered 10 types of products, including stationery items like correction tape and various types of pens, all of which passed the quality checks [3][4][5]. Group 3: Companies Involved - Companies such as Shanghai Morning Glory Stationery Co., Ltd. and Shenzhen Qixin Group Co., Ltd. were noted for their compliant products in the inspection results [3][4][5]. - The inspection results reflect a strong adherence to quality standards among local manufacturers in the Beichen District [3][4].

然橡胶产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月8日 Z0021810 寇帝斯 | 现货价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月7日 | 5月6日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全乱胶(SCRWF):上海 | 14700 | 14700 | 0 | 0.00% | | | 全乳基差 (切换至2509合约) | -110 | -115 | 5 | 4.35% | 元/吨 | | 泰标混合胶报价 | 14400 | 14450 | -50 | -0.35% | | | 非标价差 | -410 | -365 | -45 | -12.33% | | | 杯胶：国际市场:FOB中间价 | રૂડે રેટ | 53.05 | 0.50 | 0.94% | 泰铢/公斤 | | 胶水：国际市场:FOB中间价 | 59.50 | 59.25 | 0.25 | 0.42% | | | 天然橡胶:胶块:西双版纳州 | 13000 | 13000 | 0 | 0.00% | | | 天然橡 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Category Glass - **Price Changes**: From April 30 to May 7, prices of various 5mm glass products in different regions showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan decreased by 22.0, from 1220.0 to 1198.0; that of Shahe Great Wall decreased by 13.0, from 1207.0 to 1194.0; and the lowest price of 5mm large - plate glass in Hubei decreased by 30.0, from 1140.0 to 1110.0 [1]. - **Contract Prices**: The FG09 contract price decreased by 8.0 from 1082.0 to 1074.0, and the FG01 contract price decreased by 16.0 from 1131.0 to 1115.0 [1]. - **Profit and Cost**: The profit of North China coal - fired glass decreased by 1.4 (from 265.7 to 264.3), and the cost decreased by 3.6 (from 907.3 to 903.7). The profit of South China natural - gas glass remained unchanged at - 134.3, while the profit of North China natural - gas glass decreased by 5.0 (from - 203.2 to - 210.3) [1]. - **Spot and Sales**: Shahe traders' glass price was around 1168, and the one - price offer for spot - futures was 1180 with weak transactions. The lowest price of factories in Hubei was around 1110. The sales - production ratios were 102 in Shahe, 82 in Hubei, 105 in East China, and 115 in South China [1]. Soda Ash - **Price Changes**: From April 30 to May 7, the price of heavy soda ash in Shahe decreased by 10.0 (from 1340.0 to 1330.0), and that in Central China decreased by 20.0 and then increased by 10.0, finally reaching 1300.0. The price of light soda ash in North China and Central China decreased by 30.0 and then another 10.0, reaching 1220.0 [1]. - **Contract Prices**: The SA05 contract price increased by 4.0 (from 1292.0 to 1296.0), the SA01 contract price decreased by 42.0 (from 1369.0 to 1327.0), and the SA09 contract price decreased by 29.0 (from 1352.0 to 1323.0) [1]. - **Profit and Cost**: The profit of North China ammonia - soda process increased by 6.4 (from - 122.1 to - 107.0), and the cost decreased by 6.4 (from 1413.4 to 1407.0). The profit of North China combined - soda process decreased by 22.2 (from 40.5 to 18.3) [1]. - **Spot and Industry**: The spot price of heavy soda ash at Hebei delivery warehouses was around 1300, that at Shahe warehouses was around 1330, and the terminal delivery price was around 1350 - 1380. There are many maintenance expectations in May [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No explicit core viewpoints are presented in the given content. The report mainly offers data on glass and soda ash prices, profits, and related market indicators. 3. Summary by Related Catalogs Glass - **Price Changes**: From April 29 to May 6, the price of 5mm large - plate glass in some regions decreased. For example, the price of Shahe Safety 5mm large - plate dropped from 1220.0 to 1198.0, a decrease of 22.0; the price of Hubei large - plate low - price dropped from 1140.0 to 1110.0, a decrease of 30.0 [1]. - **Contract Price Changes**: The FG09 contract price decreased from 1108.0 to 1071.0, a decrease of 37.0; the FG05 contract price decreased by 36.0 from April 29 to May 6 but increased by 7.0 from April 30 to May 6 [1]. - **Profit Changes**: The North China coal - fired profit increased from 258.7 to 268.5, an increase of 9.8; the 09FG disk surface natural gas profit decreased from - 286.2 to - 313.6, a decrease of 27.3 [1]. - **Spot and Sales**: Shahe traders' price was around 1173, and the Hubei factory low - price was around 1110. The sales volume in Shahe was 98, in Hubei was 93, in East China was 107, and in South China was 114 [1]. Soda Ash - **Price Changes**: From April 29 to May 6, the price of Shahe heavy soda decreased from 1350.0 to 1330.0, a decrease of 20.0; the price of Central China heavy soda decreased from 1350.0 to 1290.0, a decrease of 60.0 [1]. - **Contract Price Changes**: The SA05 contract price decreased from 1329.0 to 1281.0, a decrease of 48.0; the SA01 contract price decreased by 50.0 during the same period [1]. - **Profit Changes**: The North China ammonia - alkali profit decreased from - 84.7 to - 122.1, a decrease of 37.5; the North China combined - alkali profit decreased from 69.5 to 18.4, a decrease of 51.1 [1]. - **Spot and Industry**: The heavy soda spot price in Hebei delivery warehouses was around 1290, and in Shahe warehouses was around 1340. There were many maintenance expectations in May [1].

Investment Rating - The industry rating is "Outperform the Market" [8][68] Core Viewpoints - In April, the real estate sales heat has declined, but there are expectations for stronger policies in the future. The central bank's vice governor disclosed that personal housing loans increased by 220 billion yuan in Q1, which is over 200 billion yuan more than the previous year. Various cities have introduced new housing policies to support home purchases, indicating a proactive approach to stabilize the real estate market [3][13]. - Short-term factors include the emphasis on stabilizing the real estate sector during the April Politburo meeting, the urgency to expand domestic demand and promote investment amid escalating global trade tensions, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13]. - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China. The Politburo meeting in September 2024 explicitly stated the need to stabilize the real estate market, with expectations for policies such as lowering existing mortgage rates and transaction taxes to support demand [3][13]. Summary by Sections Recent High-frequency Data - As of April 30, 2025, the national average price of bulk P.O 42.5 cement is 395.2 yuan/ton, a decrease of 0.8% from last week, but a year-on-year increase of 13.0%. The average price of glass (5.00mm) is 1275.7 yuan/ton, down 0.2% from last week and down 25.2% year-on-year [4][22]. Sector Review - The Shanghai Composite Index fell by 0.49%, while the Shenzhen Composite Index remained unchanged. The building materials index dropped by 2.14%. Among sub-sectors, refractory materials increased by 1.61%, while cement manufacturing decreased by 2.25% [5][54]. Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [6]. 2. Undervalued stocks benefiting from the alleviation of B-end credit risks, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [6]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [6].

Employment and Economic Development - Employment is a key indicator of livelihood improvement, social stability, and economic development [1] - In the first quarter, Xinjiang achieved 130,100 new urban jobs, a year-on-year increase of 2.83% [1] - The region is leveraging its advantages in the Silk Road Economic Belt and Free Trade Zone to promote industrial development and attract businesses [1][2] Policy Support and Investment - 83 key projects were launched in the first quarter, with 95,100 new business entities established [2] - Fixed asset investment, foreign trade, consumption, and industrial development are showing overall improvement [2] - Policies are being implemented to ensure stable employment and explore growth potential [5] Employment Services and Support - Xinjiang's employment services are integrating digital tools to streamline policy implementation and support businesses [3] - Various employment subsidies have benefited over 77,600 individuals, amounting to approximately 89.37 million yuan [3] - The region is enhancing labor mobility through convenient medical and social security services [4] Talent Development and Retention - Xinjiang is implementing a talent strategy aligned with its industrial clusters, attracting high-level talent [5] - In the first quarter, 12 high-level talents were recruited in fields such as computer science and materials science [5] - The region is fostering a favorable environment for talent retention through supportive policies [5] Job Creation and Skills Training - Xinjiang organized 1,281 recruitment events in the first quarter, providing over 444,700 job opportunities [7] - The region is focusing on skills training to address employment challenges, with 304,900 individuals trained in various skills [13] - A new training model integrates vocational skills certification with industry requirements [11][12] Educational Initiatives - The establishment of the准东现代产业学院 aims to align education with industry needs, producing skilled graduates [14] - In 2023, the academy trained 1,297 students for employment in local enterprises [15] - The model promotes collaboration between government, industry, and educational institutions for sustainable employment development [15]

Core Viewpoint - The company, Shandong Huapeng Glass Co., Ltd., is set to hold a performance briefing on June 3, 2025, to discuss its Q1 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on June 3, 2025, from 09:00 to 10:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from May 26 to May 30, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Participants - Key participants in the briefing will include the Chairman and General Manager Liu Dongguang, Financial Officer and Board Secretary Jie Baohai, and Independent Directors Wei Xuejun and Wang Panna [4]. Group 3: Investor Participation - Investors can join the briefing online on June 3, 2025, and the company will respond to questions during the session [5]. - Pre-submitted questions will be addressed during the briefing, focusing on topics of general interest to investors [3][5]. Group 4: Contact Information - For inquiries, investors can contact the Securities Department at 0631-7379496 or via email at hp577@huapengglass.com [6]. Group 5: Additional Information - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [7].