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 has shown a slight increase of 1.27% from April 21 to April 25, 2025, with specific segments like glass manufacturing and fiberglass manufacturing performing well [1][12] - The report emphasizes the impact of second-hand housing transactions on the demand for building materials, suggesting a positive correlation with consumption stimulus policies [2] - The report highlights the ongoing challenges in the cement industry, with prices fluctuating around breakeven levels due to increased production cuts [3][17] - Seasonal improvements in glass demand are noted, but there are still supply-demand contradictions, particularly with expectations of declining demand post-2025 [2][28] - The report recommends focusing on companies with strong growth potential and solid performance, such as Puhua Co. and Yuhua Co. [2][8] Summary by Sections Cement Industry Tracking - As of April 25, 2025, the national cement price index is 388.22 CNY/ton, showing a slight decrease of 0.17% week-on-week [3][17] - The cement output reached 3.5205 million tons, an increase of 4.85% from the previous week, indicating some recovery in demand [3][17] - The report notes a current market structure of "infrastructure support, housing drag, and civil supplement," with short-term demand unlikely to see significant improvement [17] Glass Industry Tracking - The average price of float glass is 1331.75 CNY/ton, reflecting a week-on-week increase of 0.24% [28] - Inventory levels for raw glass in 13 provinces decreased by 60,000 boxes, indicating a slight improvement in demand [28] - The report anticipates price fluctuations in the short term due to stable supply and weak demand [28] Fiberglass Industry Tracking - The fiberglass market is experiencing a stabilization in prices, with the report suggesting that the price war has ended and prices are beginning to recover [2][6] - The demand for wind power fiberglass is expected to increase significantly in 2025, driven by a surge in installation capacity [2][6] Consumer Building Materials - The consumer building materials segment is benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a recommendation for companies like Beixin Building Materials and Weixing New Materials [2][8] - The report indicates a weak recovery in demand for consumer building materials, with upstream raw material prices showing mixed trends [7]

Core Viewpoint - The company reported a revenue of 15.455 billion yuan and a net profit of 267 million yuan for the year 2024, highlighting its ongoing industrial optimization and diversification strategies to mitigate cyclical impacts in various sectors [1] Group 1: Photovoltaic Glass Business - In 2024, the company achieved a photovoltaic glass sales volume of 43.864 million square meters, representing a year-on-year growth of 25.77% [1] - The company is enhancing production efficiency and reducing costs by leveraging its technological advantages and aligning product development with diverse customer needs [1] - A new photovoltaic glass production furnace in Guangxi commenced commercial operations in 2024, with further expansions planned [1] Group 2: Engineering Glass Business - The company is utilizing industrial internet platforms to create smart factories, optimizing production lines through digital twin technology, which shortens delivery times and improves yield rates [2] - The company has developed photovoltaic building-integrated (BIPV) glass products for zero-carbon demonstration projects in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Sales of coated glass reached 30.91 million square meters, up 12.2% year-on-year, while hollow glass sales increased by 4.72% to 14.41 million square meters, with a leading market share in high-end energy-saving LOW-E hollow glass [2] Group 3: Float Glass Business - The company is focusing on the high-end ultra-white glass market, developing the "Blue Diamond" series to enhance market share and become a leader in niche segments [3] - The company is optimizing its product structure and increasing the sales ratio of high-value-added products, which helps mitigate the impact of the declining construction glass market [3] - Cost reduction and efficiency improvement measures are being implemented, including centralized procurement of raw materials and lean management practices [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 has shown a slight increase of 1.27% from April 21 to April 25, 2025, with specific segments like glass manufacturing and fiberglass manufacturing performing well [1][12] - The report emphasizes the impact of second-hand housing transactions on the demand for building materials, suggesting a positive correlation with consumption stimulus policies [2] - The report highlights the ongoing challenges in the cement industry, with prices fluctuating around break-even levels due to increased production cuts and a focus on cost advantages among leading firms [2][3] Summary by Sections Cement Industry Tracking - As of April 25, 2025, the national cement price index is 388.22 CNY/ton, showing a slight decrease of 0.17% week-on-week, while the cement output increased by 4.85% to 352.05 million tons [3][17] - The cement market is characterized by strong infrastructure demand but weak residential construction, leading to a challenging environment for cement producers [17][23] Glass Industry Tracking - The average price of float glass is 1331.75 CNY/ton, reflecting a week-on-week increase of 0.24%, with inventory levels showing a slight decrease [28][31] - The report notes a seasonal improvement in glass demand, although supply-demand imbalances persist, particularly with expectations of declining demand post-2025 [2][28] Fiberglass Industry Tracking - The fiberglass market is showing signs of recovery, with prices stabilizing after a period of decline, and demand from the wind power sector is 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 in the fiberglass market [2][8] Consumer Building Materials - The consumer building materials segment is experiencing a weak recovery, with prices of upstream raw materials like asphalt remaining stable [7] - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [2][7] Carbon Fiber Market - The carbon fiber market is stabilizing, with production rates improving and a slight increase in demand expected from sectors like wind energy and hydrogen storage [2][6] - The report highlights the importance of monitoring price stabilization in the context of economic recovery [2][6]

昨天（26日），2025苏州全球招商大会开幕。新兴产业及新政策是外商普遍关注的焦点。外资企业代表表示，中国仍是全球经济增长的主要贡 献者，坚定看好中国，将持续加码中国。 在这场全球招商大会上，417个项目签约，总投资超3400亿元，涉及新一代信息技术、新能源汽车、生物医药等战略性新兴产业，以及人工智 能、机器人、低空经济等新赛道产业项目。 来自42个国家和地区的外资企业代表参与，既包括欧美日韩等传统外资来源地，也包括东南亚、中东、中东欧、南美、非洲等新兴市场。来到 这里，他们都有一个共同的目标，寻找更多合作新机遇。 肖特玻璃科技（苏州）有限公司总经理 马丁·斯皮尔：我们每年都投资一些其他领域，我们对最新的政策非常感兴趣，我想我们可以享受到最 新利好，那可能是环境政策，可能是技术，也可能是人才。我们非常渴望听到最新消息。 中国意大利商会会长 罗仁舟：今天的亚洲是世界的引擎，是世界上增长最快的地区，中国是推动这一地区的引擎和力量。 中国持续深化改革开放，外资也在持续加码。除了规模日益增加，外资投资项目也在发生变化，深入嵌入中国产业链和创新链，是外资企业共 同新的发力点。 Kiwa 中国区可再生能源负责人 陈沁：我 ...

一、主要会计数据和财务指标 三、分红送配方案情况 数据四舍五入，查看更多财务数据>> 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 90422.5万股，累计占流通股比： 29.47%，较上期变化： 342.13万股。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0050 | 0.1100 | -95.45 | 0.1300 | | 每股净资产（元） | 0 | 4.68 | -100 | 4.31 | | 每股公积金(元) | 0.19 | 0.19 | 0 | 0.19 | | 每股未分配利润(元) | 2.68 | 2.97 | -9.76 | 2.67 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 30.69 | 39.47 | -22.24 | 40.71 | | 净利润(亿元) | 0.16 | 3.25 | -95.08 | 3.96 | | 净资产收 ...

三、分红送配方案情况 10派0.7元(含税) 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 90080.37万股，累计占流通股比： 29.36%，较上期变化： -1150.51万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 前海人寿保险股份有限公司-海利年年 | 46638.69 | 15.20 | 不变 | | 深圳市希格玛计算机技术有限公司 | 12038.54 | 3.92 | 不变 | | 前海人寿保险股份有限公司-万能型保险产品 | 11842.50 | 3.86 | 不变 | | 前海人寿保险股份有限公司-自有资金 | 6476.52 | 2.11 | 不变 | | 中国银河（601881）国际证券(香港)有限公司 | 4103.46 | 1.34 | 不变 | | 中山润田投资有限公司 | 1898.34 | 0.62 | 不变 | | 招商证券(香港)有限公司 | 1809.78 | 0.59 | -23.78 | | 香港中央结算有限公司 | 1775.4 ...

Core Viewpoint - Luoyang North Glass Technology Co., Ltd. (stock code: 002613) reported a revenue of approximately 1.634 billion yuan and a net profit of about 60.44 million yuan for 2024, emphasizing its commitment to technological innovation and industry upgrades in the high-end curtain wall glass sector [1][2]. Group 1: Financial Performance - The company achieved an operating income of approximately 1.634 billion yuan and a net profit attributable to shareholders of about 60.44 million yuan in 2024 [1]. - The revenue from the automation systems and related equipment business reached 41.21 million yuan, reflecting a year-on-year increase of 98.75% [3]. Group 2: Product Innovation - North Glass continued to break its own industry records with innovative products such as 24-meter ultra-long flat glass and 8-meter arc-shaped tempered glass, which enhance energy efficiency, aesthetics, and safety in building designs [1]. - The company developed new products and processes, including the flat cone integrated glass technology and high-performance irregular-shaped energy-saving glass [2]. Group 3: Market Position and Applications - The company's glass products were utilized in several landmark buildings, including OPPO's global headquarters and Google's new headquarters in Bay View Park, showcasing its global competitiveness in the high-end curtain wall glass market [1]. - North Glass became a major glass supplier for nearly a hundred flagship stores of an international consumer electronics brand, further validating its market position [1]. Group 4: Equipment and Technology Development - The company completed the development of a new generation of A-series tempered glass equipment, enhancing its product structure in glass processing [2]. - Orders for vacuum coating equipment exceeded 300 million yuan, indicating strong demand and potential for sustained performance growth [2]. Group 5: Strategic Expansion - North Glass is expanding its glass tempering technology and equipment into the automotive glass and photovoltaic sectors, as well as applying vacuum magnetron sputtering technology in thin-film batteries and medical devices [2]. - The company is leveraging technological innovation to accelerate its high-end manufacturing strategy, aiming to create sustainable value for shareholders, customers, and society [3].

Market Overview - The domestic 5mm float glass market is stable with slight adjustments, particularly in the North China market where some manufacturers have introduced promotional policies to stimulate trading [2] - The East China market remains stable, with some manufacturers adopting flexible shipping strategies based on inventory levels, offering discounts to large order clients to promote inventory reduction [2] - The Southwest region shows improved downstream replenishment activity compared to previous periods, while other regions maintain stable pricing with demand primarily driven by essential replenishment [2] Futures Dynamics - On April 25, the main glass futures contract FG2509 opened at 1137 yuan/ton and closed at 1121 yuan/ton, with a daily decline of 1.75% [3] - The price fluctuated between a high of 1141 yuan/ton and a low of 1117 yuan/ton, with a trading volume of 1,149,632 lots and an increase of 75,634 lots in open interest [3] - The significant decline in glass futures prices is attributed to overall market sentiment fluctuations, with weak fundamentals putting pressure on prices despite low market valuations [3] Inventory and Pricing Outlook - The total inventory of float glass production enterprises is showing a slight downward trend, with some manufacturers increasing shipment efforts to control inventory levels as the holiday approaches [4] - Short-term price expectations are anticipated to remain within a narrow fluctuation range [4]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0205 | 0.0471 | -56.48 | 0.0314 | | 每股净资产（元） | 2.02 | 1.87 | 8.02 | 1.77 | | 每股公积金(元) | 0.55 | 0.29 | 89.66 | 0.29 | | 每股未分配利润(元) | 0.39 | 0.49 | -20.41 | 0.40 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.76 | 4.05 | -7.16 | 3.72 | | 净利润(亿元) | 0.23 | 0.44 | -47.73 | 0.29 | | 净资产收益率(%) | 1.02 | 2.55 | -60 | 1.79 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 21150.52万股，累计占流通股比： 34.74%，较上期变化： 102.15万股。 | ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0984 | -0.0025 | -3836 | 0.0093 | | 每股净资产（元） | 2.39 | 2.85 | -16.14 | 2.88 | | 每股公积金(元) | 3.47 | 3.47 | 0 | 3.47 | | 每股未分配利润(元) | -2.45 | -1.99 | -23.12 | -1.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.12 | 13.09 | -22.69 | 12.22 | | 净利润(亿元) | -1.07 | -0.03 | -3466.67 | 0.1 | | 净资产收益率(%) | -3.98 | -0.09 | -4322.22 | 0.32 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 67475.71万股， ...