Core Viewpoint - Guotong Co., Ltd. reported that as of October 31, 2025, the number of shareholders is expected to reach 21,282 households (consolidated) [2] Summary by Category - **Company Information** - Guotong Co., Ltd. has communicated with investors regarding its shareholder count, indicating a projected total of 21,282 households by the end of October 2025 [2] - **Investor Engagement** - The company actively engages with investors through interactive platforms, providing updates on shareholder statistics [2]

天眼查App显示，近日，安化县马路镇全景木构营销部（个体工商户）成立，法定代表人为欧阳文，注 册资本10万人民币，经营范围为一般项目：建筑用木料及木材组件加工；建筑装饰材料销售；室内木门 窗安装服务；门窗制造加工；住宅水电安装维护服务；互联网销售（除销售需要许可的商品）；个人互 联网直播服务；劳务服务（不含劳务派遣）；平面设计；专业设计服务；木材销售；木材加工；房屋拆 迁服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：住宅室内装饰装 修。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）。 ...

Group 1 - A new company, Xiangcheng Yanping Building Materials Co., Ltd., has been established with a registered capital of 80,000 RMB [1] - The legal representative of the company is Zhai Hongwei [1] - The business scope includes manufacturing and sales of lightweight building materials, construction materials, and various related products [1]

Core Insights - In October 2025, the Producer Price Index (PPI) in Liaoning decreased by 1.2% year-on-year, with the decline narrowing by 1.9 percentage points compared to the previous month [1] - The Industrial Producer Price Index (IPI) fell by 3.8% year-on-year, with a reduction of 1.1 percentage points from the previous month [1] Price Trends - The prices of production materials decreased by 0.7% year-on-year in October, with the mining industry down by 4.3% and processing industry down by 1.1% [1] - Consumer goods prices fell by 3.2% year-on-year, with food prices down by 4.6%, daily necessities down by 2.5%, durable goods down by 2.4%, and clothing down by 0.7% [1] Raw Material Price Movements - In October, the prices of nine major raw materials showed a "three increases and six decreases" trend year-on-year [1] - Prices for non-ferrous metals and wires increased by 0.8%, wood and pulp by 0.6%, and textile raw materials by 0.1% [1] - Other industrial raw materials and semi-finished products decreased by 0.7%, black metal materials by 3.2%, construction materials and non-metallic products by 4.6%, fuel and power by 6.5%, agricultural products by 7.0%, and chemical raw materials by 7.1% [1]

天眼查App显示，近日，江西丰利宝新材料有限公司成立，法定代表人为刘林平，注册资本200万人民 币，经营范围为一般项目：建筑材料销售，轻质建筑材料制造，轻质建筑材料销售，密封用填料销售， 建筑装饰材料销售，技术玻璃制品销售，五金产品批发，五金产品零售，机械设备销售，电子产品销 售，电子真空器件销售，建筑砌块销售，塑料制品销售（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

天眼查App显示，近日，兴文县柳杨沱建筑材料有限公司成立，法定代表人为钟雪镅，注册资本5万人 民币，经营范围为一般项目：建筑材料销售；轻质建筑材料销售；建筑装饰材料销售；劳务服务（不含 劳务派遣）；水泥制品制造；水泥制品销售；工程管理服务。（除依法须经批准的项目外，凭营业执照 依法自主开展经营活动）许可项目：计算机信息系统安全专用产品销售；建筑劳务分包；建设工程施 工。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）（涉及国家规定实施准入特别管理措施的除外）。 ...

Core Viewpoint - Zhenan Technology announced plans to apply for a total comprehensive credit limit of up to 1.27 billion yuan (approximately 127 million) from banks, in line with its 2026 strategic development plan and operational needs [2] Group 1 - The company aims to secure a credit limit to support its strategic development and business operations [2] - The total amount requested for the credit limit is 1.27 billion yuan [2] - The final credit limit and duration will be subject to bank approval [2]

Investment Rating - The report maintains an "Increase" rating for the construction materials industry [1] Core Insights - The report highlights that public fund holdings in the construction materials sector are at a low level, with a slight increase in concentration [1][5] - The analysis includes 146 A-share stocks in the construction and materials sectors, categorized into eight sub-industries for a comprehensive review of public fund holdings [10] Summary by Sections 1. Industry Holding Analysis - The market value of public fund heavy holdings in the construction and materials sectors is 0.38% and 0.61% of total A-shares, respectively, ranking in the 21st percentile over the past ten years [12] - The construction and materials sectors show a slight decrease in overweight ratios, with construction at -1.37% and materials at -0.17% [12] - The concentration of holdings in the construction and materials sectors has increased, with 41 and 20 stocks held by sample funds, representing 25% and 27% of their respective industries [5][11] 2. Individual Stock Holdings - The top five stocks by market value in the construction sector are China State Construction (2.49 billion), Honglu Steel Structure (1.56 billion), Jincheng Holdings (1.55 billion), Oriental Tower (0.52 billion), and Huatu Shanding (0.36 billion) [2] - In the materials sector, the top five stocks are China National Materials (2.09 billion), Sankeshu (1.99 billion), Conch Cement (1.64 billion), Oriental Yuhong (1.10 billion), and China Jushi (0.93 billion) [2] - The report notes significant changes in individual stock holdings, with increases for Oriental Yuhong (+2.33 percentage points) and decreases for Sankeshu (-1.85 percentage points) [2]

Group 1 - The core point of the article is that Zhenan Technology (SZ 300767) held its 25th meeting of the fourth board of directors on November 10, 2025, to discuss the nomination of independent directors [1] - For the first half of 2025, Zhenan Technology's revenue composition was as follows: seismic isolation products accounted for 61.52%, vibration reduction products accounted for 36.04%, and other businesses accounted for 2.44% [1] - As of the time of reporting, Zhenan Technology had a market capitalization of 5.7 billion yuan [1]

Investment Rating - The report indicates a marginal increase in investment in the TMT (Technology, Media, and Telecommunications) sector, with specific recommendations for non-bank financials, communications, real estate, building materials, media, and banks [1]. Core Insights - The industry rotation model is driven by three main dimensions: fundamentals, price-volume, and sentiment, aiming to capture market microstructure and industry opportunities. The model has been backtested bi-weekly and expanded to include factors such as momentum, trends, capital flow, sentiment, market structure, and volatility [1]. - The sentiment score for the real estate sector has significantly improved, increasing by 0.98, while the media sector's price-volume factors have seen a notable increase of 3.24 [1]. Summary by Sections Industry Recommendations - The recommended ETFs include: - E Fund CSI 300 Non-Bank ETF - Guotai CSI All-Index Communication Equipment ETF - Southern CSI All-Index Real Estate ETF - Guotai CSI All-Index Building Materials ETF - GF CSI Media ETF - Huabao CSI Bank ETF [3]. Performance Metrics - The industry rotation strategy has increased by 0.25% over the past two weeks, with an excess return of 0.64% compared to an equal-weighted industry benchmark. Year-to-date, the strategy has risen by 34.89%, with a Sharpe ratio of 1.77 and a Calmar ratio of 2.88 [4][6].