Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has shown significant growth in revenue and profit, driven by its advancements in 5G-related low dielectric glass fiber technology and its applications in high-end products like Huawei smartphones [2][8]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Jiankiao Industrial Park B area of Dadukou District, Chongqing. The company was listed on December 26, 2023, and its main business involves the research, production, and sales of glass fiber and its products, with 97.51% of revenue coming from this segment [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 6.413 billion yuan, representing a year-on-year growth of 19.01%. The net profit attributable to the parent company was 273 million yuan, showing a remarkable increase of 273.53% compared to the previous year [8]. Market Position and Technology - The company has developed independent intellectual property for 5G low dielectric glass fiber, which has entered mass production and is being utilized in Huawei's flagship smartphones and key communication products [2][3]. - The company emphasizes the accumulation and innovation of core glass fiber technologies, mastering the entire production process from pool kiln design to fiber formation and surface treatment [3]. Shareholder Information - As of November 20, the number of shareholders for the company was 75,100, a decrease of 4.24% from the previous period. The average circulating shares per person increased by 4.42% to 18,696 shares [8]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing [9]. Investment and Market Trends - The stock has seen a net inflow of 128 million yuan today, with a total market capitalization of 25.642 billion yuan. The stock's turnover rate was 12.15% [1]. - The average trading cost of the stock is 7.11 yuan, with recent price movements indicating a potential resistance level at 6.91 yuan [6].

Core Viewpoint - The company, Geberka (920438), announced plans to implement a special electronic fiberglass manufacturing project with a total investment not exceeding 1 billion yuan [1] Group 1: Project Details - The total investment for the first phase of the special electronic fiberglass manufacturing project is planned to be no more than 400 million yuan [1] - The project will involve leasing a dedicated factory area of approximately 20,000 square meters and purchasing two production lines for special electronic fiberglass [1] - To ensure the smooth progress of the project, the company intends to sign an investment contract with the People's Government of Zigui County [1]

Investment Rating - The industry rating is "Outperform the Market" [8][66] Core Viewpoints - The report emphasizes the need for stable real estate market policies, including controlling inventory and improving supply, as highlighted in the Central Economic Work Conference [3][13] - It notes that the easing of monetary and fiscal policies in China is expected to support the real estate market's recovery, with a focus on stabilizing transactions and prices [3][6] - The report anticipates a turning point in the building materials sector's capacity cycle due to supply-side reforms and a recovery in home-buying willingness driven by lower interest rates [6][13] Summary by Sections Investment Highlights - The report outlines several key policies aimed at stabilizing the real estate market, including the encouragement of purchasing existing homes for affordable housing and reforms to the housing provident fund system [3][13] - It mentions that the sales area of commercial housing has been declining since its peak in 2021, indicating the market is entering a bottoming phase [3][6] Recent High-Frequency Data - As of December 12, 2025, the average price of bulk P.O 42.5 cement is 341.1 CNY/ton, showing a 0.3% increase week-on-week but a 17.9% decrease year-on-year [4][14] - The average ex-factory price of glass (5.00mm) is 1091.4 CNY/ton, reflecting a 1.0% decrease week-on-week and a 19.5% decrease year-on-year [4][25] Sector Review - The report indicates that the Shanghai Composite Index fell by 0.34%, while the Shenzhen Composite Index rose by 0.18%. The building materials index decreased by 1.41% [5][52] - Among sub-sectors, fiberglass manufacturing increased by 1.11%, while cement manufacturing decreased by 1.21% [5][52] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies showing signs of bottoming [6][58]

Investment Rating - The industry rating is "Outperform the Market" [8][64] Core Viewpoints - The report emphasizes the need for stable real estate market policies, including controlling inventory and encouraging the construction of quality housing [3][13] - It highlights that the construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to lower interest rates and supportive policies [6][13] - The report notes that the market is becoming increasingly sensitive to policy easing as the sales area of commercial housing has been declining for over three years [3][6] Summary by Sections Investment Highlights - The central economic work conference has outlined measures to stabilize the real estate market, including promoting the construction of quality housing and reforming the housing provident fund system [3][13] - The report anticipates that the construction materials sector will see a turning point in the capacity cycle due to supply-side reforms and improved purchasing intentions driven by lower interest rates [6][13] Recent High-Frequency Data - As of December 12, 2025, the average price of bulk P.O 42.5 cement is 341.1 CNY/ton, a 0.3% increase from last week but a 17.9% decrease year-on-year [4][14] - The average price of glass (5.00mm) is 1091.4 CNY/ton, down 1.0% from last week and down 19.5% year-on-year [4][22] Sector Review - The construction materials index has decreased by 1.41%, with sub-sectors like glass manufacturing and cement manufacturing showing declines of 1.79% and 1.21%, respectively [5][51] - The report suggests that the construction materials sector's fundamentals and valuations are expected to recover further, with specific recommendations for stocks in the sector [6][51]

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 建筑材料 作者 分析师 沈猛 执业证书编号：S0680522050001 邮箱：shenmeng@gszq.com 分析师 陈冠宇 2025 年 12 月 8 日至 12 月 12 日建筑材料板块（SW）下跌 1.90%，其中 水泥（SW）下跌 1.21%，玻璃制造（SW）下跌 1.99%，玻纤制造（SW） 下跌 2.32%，装修建材（SW）下跌 2.27%，本周建材板块相对沪深 300 超额收益-1.01%。本期建筑材料板块（SW）资金净流入额为-8.10 亿元。 【周数据总结和观点】 本周中央经济工作会议强调，要着力稳定房地产市场，因城施策控增量、 去库存、优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房 公积金制度改革，有序推动"好房子"建设。加快构建房地产发展新模式。 积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增隐性 债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性 债务风险。根据 wind 统计，2025 年 11 月地方政府债总发行量 9126.91 亿元，发行金额环比 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., San Ke Shu, and Wei Xing New Materials, while recommending "Hold" for Bei Xin Materials [8]. Core Insights - The construction materials sector is experiencing weak demand, with a focus on the impact of government policies to stimulate growth. The report highlights the potential for recovery in municipal engineering projects and the importance of monitoring the government's debt management strategies [1][2]. - The cement market is characterized by a slight increase in prices and production, but overall demand remains weak, particularly in residential construction. The report suggests that a more robust macroeconomic support is needed for a significant recovery [17][28]. - The glass manufacturing sector is facing supply-demand imbalances, but self-regulated production cuts in photovoltaic glass may alleviate some pressure. The report emphasizes the need to watch for price stability in this segment [1][5]. - The fiberglass market shows signs of bottoming out, with price wars ending and demand from wind power projects expected to rise. The report indicates a positive outlook for high-end electronic fiberglass products [6][7]. - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a recommendation to focus on companies with strong market share potential [1][7]. Summary by Sections Cement Industry Tracking - As of December 5, 2025, the national cement price index is 352.47 CNY/ton, with a week-on-week increase of 1.77%. Cement output reached 2.971 million tons, up 0.2% from the previous week [17]. - The utilization rate of cement clinker production lines is 39.65%, reflecting a 1.21 percentage point increase week-on-week. However, the overall demand remains in a year-on-year contraction phase [17][28]. Glass Industry Tracking - The average price of float glass as of December 4, 2025, is 1163.86 CNY/ton, with a week-on-week increase of 1.40%. Inventory levels are high, with a total of 56.75 million weight boxes reported [2][5]. - The report notes that while northern regions are experiencing reduced demand, southern regions are seeing price adjustments as manufacturers attempt to balance supply and demand [5][6]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with limited demand recovery. The report indicates that electronic fiberglass prices have seen a slight increase, suggesting a tightening supply situation [6][7]. Consumer Building Materials Tracking - The demand for consumer building materials continues to show weak recovery, with upstream raw material prices fluctuating. The report highlights the importance of monitoring these price changes for investment decisions [7]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production increasing by 25.83% week-on-week. However, the report indicates that profitability remains under pressure due to high production costs [7].

华源证券研报指出，中国巨石两大股东合力增持，彰显中长期发展信心。公司两大股东基于对公司未来 发展前景的坚定信心及中长期投资价值的认可，为增强投资者对公司的投资信心，促进公司持续、稳 定、健康发展，同时宣布增持股份。此外，承诺在此次增持计划实施期间内不减持所持有公司股份，进 一步彰显中建材和振石集团对公司中长期发展的信心。公司背靠中国建材集团，是全世界玻纤行业规模 最大、品种规格最齐全的专业制造商之一，截至2024年底，公司在全球拥有六大生产基地，在产玻纤纱 年产能近300万吨。另外，公司入局高端电子布领域，有望带来戴维斯双击。维持"增持"评级。 ...

Core Viewpoint - Honghe Technology's stock has experienced significant volatility, with a year-to-date increase of 289.58% but a recent decline of 4.13% over the past five trading days [1] Group 1: Stock Performance - As of December 3, Honghe Technology's stock price is 32.53 CNY per share, with a market capitalization of 28.618 billion CNY [1] - The stock has seen a trading volume of 54.846 million CNY, with a turnover rate of 0.19% [1] - The company has appeared on the stock market's "龙虎榜" (top trading list) eight times this year, with the latest appearance on October 29 [1] Group 2: Financial Performance - For the period from January to September 2025, Honghe Technology reported a revenue of 852 million CNY, representing a year-on-year growth of 37.76% [2] - The net profit attributable to shareholders for the same period was 139 million CNY, showing a remarkable increase of 1696.45% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Honghe Technology has increased to 52,400, a rise of 130.29% compared to the previous period [2] - The average number of circulating shares per shareholder is 16,778, which is a decrease of 56.58% from the previous period [2] - The top ten circulating shareholders include several new institutional investors, with notable holdings from 信澳业绩驱动混合A and 信澳优势行业混合A [3]

Core Viewpoint - Zhongcai Technology's stock has shown significant growth this year, with a year-to-date increase of 156.94%, despite recent fluctuations in trading performance [1][2]. Financial Performance - For the period from January to September 2025, Zhongcai Technology achieved a revenue of 21.701 billion yuan, representing a year-on-year growth of 29.09%. The net profit attributable to shareholders was 1.48 billion yuan, marking a substantial increase of 143.24% [2]. - The company has distributed a total of 5.712 billion yuan in dividends since its A-share listing, with 2.425 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 28, Zhongcai Technology's stock price was 33.03 yuan per share, with a market capitalization of 55.428 billion yuan. The stock experienced a trading volume of 527 million yuan and a turnover rate of 0.97% [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 29, where it recorded a net buy of -206 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Zhongcai Technology was 63,000, a decrease of 2.56% from the previous period. The average number of circulating shares per shareholder increased by 2.63% to 26,621 shares [2]. - Notable changes in the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and new entries from several ETFs and mutual funds [3].

Group 1 - The construction materials industry is experiencing a downward trend due to factors such as real estate decline and low infrastructure funding rates, with significant supply clearance leading to price stabilization expected in 2025 [2][21] - Domestic demand is anticipated to improve with the implementation of policies aimed at reducing overproduction and controlling energy consumption, particularly in the cement sector [2][26] - The overseas expansion of construction materials companies, exemplified by Huaxin Cement and Keda Manufacturing, is opening new growth opportunities, leveraging supply chain and management advantages [2][82] Group 2 - The construction materials index increased by 15.41% as of November 23, 2025, outperforming the CSI 300 index, which rose by 13.18%, ranking 11th among all industries [7][21] - The glass fiber and cement sectors showed superior performance, with significant year-on-year profit improvements in the first half of 2025, while the pipe and glass manufacturing sectors lagged due to declining completion demand [7][14] - The overall revenue of the construction materials sector continues to decline, but the rate of decline has narrowed significantly compared to previous years, with profits beginning to rebound [14][18] Group 3 - The cement industry is under pressure, with long-term demand declining by approximately 30% from peak levels, and 2025 is expected to see continued high single-digit production declines [25][26] - The core of the "anti-involution" policy in the cement sector focuses on limiting overproduction, with the potential for improved capacity utilization if policies are effectively executed [26][27] - Major players like Conch Cement are expected to benefit from cost advantages and a gradual recovery in profitability as the industry stabilizes [27] Group 4 - The glass industry is facing demand suppression due to declining construction activity, with expectations for demand to bottom out in 2026 [31][33] - Market-driven capacity reduction is crucial, as the glass sector is currently experiencing losses, and the industry is expected to see a significant reduction in new capacity in 2025 [34][38] - Companies like Qibin Group are positioned to benefit from a potential recovery in the glass market, particularly in the photovoltaic segment [42] Group 5 - The glass fiber sector is expected to maintain a tight supply-demand balance in 2026, with high demand for specialty fibers driven by AI applications [49][53] - The industry is experiencing structural differentiation, with high profitability in wind power and thermoplastic sectors, while traditional segments remain under pressure [49][50] - Companies like China Jushi are well-positioned due to their optimal product structure and significant cost advantages [54] Group 6 - The consumer building materials sector is transitioning into a stock market era, with a focus on channel transformation and renovation demand from existing homes [62][63] - Companies are experiencing strong pricing power, with expectations for profitability to recover as the industry stabilizes [63][65] - Leading companies like Rabbit Baby are effectively expanding channels and product lines, achieving stable revenue growth despite overall market weakness [67] Group 7 - The overseas expansion of construction materials companies is becoming increasingly important, with international markets offering higher profit margins compared to domestic markets [82] - Huaxin Cement has established a strong overseas presence, contributing significantly to its revenue and profitability [86] - Keda Manufacturing is recognized as a leading player in the African ceramics market, consistently delivering high profitability [88]