齐鲁晚报·齐鲁壹点 孟广鑫 刘洪岭等7名同志荣获"优秀共产党员"，祝继旺、管明霞两名同志荣获"优秀党务工作者"称号。主席台领导为获奖人员颁发荣誉证书、纪念奖章，金灿灿 的奖章与红彤彤的证书，既是对先锋模范的崇高致敬，更是对全体党员一次深刻的精神洗礼。 党委书记徐秀菊以《初心如磐践使命 奋楫扬帆新征程——以学习教育赋能古贝春集团高质量发展》为题，为全体党员干部上了一堂生动而鼓舞人心的党 课。党课分为五个部分：以政治建设为舵，锤炼忠诚品格；以作风建设为基，锤炼过硬队伍；以服务员工为本，凝聚发展合力；以创新驱动为翼，激活发 展引擎；以中央八项规定精神为镜，永葆清廉本色。徐秀菊书记要求全体党员干部、广大员工要以此次党课为契机，携手共肩，以信仰为帆、奋斗为桨， 在新时代的壮阔征程中谱写古贝春更加辉煌的华章。 徐秀菊强调：一要加强理论学习，在提升政治素养、学习党的历史和优良传统中凝聚奋进力量；二要强化责任担当，在推动企业发展中勇挑重担、敢打头 阵；三要提升专业素养，在学习新知识、新技能中实现认知迭代与能力跃迁；四要加强团队协作，在团结协作中凝聚力量、共谋发展；五要严守纪律规 矩，在廉洁自律中树立形象、赢得信任，推动学习教 ...

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2015, Welded Wire Reinforcement (WWR) accounted for 57% of sales, while PC Strand accounted for 43%[5] - Nonresidential construction represents 85% of sales, while residential construction accounts for 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up 30%[10] Growth Strategy & Acquisitions - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[31] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[34] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[37] - Closure of Newnan facility in March 2015 is expected to generate approximately $3.0 million of annualized cost savings[106] Financial Performance - Fiscal Year 2014 net sales were $409 million[29] - EBITDA for 2015 was $46.7 million, representing 10.4% of EBITDA Margin[54] - Capital expenditures are expected to increase to $20.0 million in 2016, including $9.0 million related to the expansion of the Houston PC strand facility[71] - As of October 3, 2015, Insteel was debt-free with $33.3 million of cash and cash equivalents[74] Market Outlook - Total construction spending for 2014 was up 4.8% from the prior year[80] - Total construction spending for August YTD 2015 was up 9.8% from the prior year[84] - Architecture Billings Index rebounded to 53.7 in September 2015[101] - Dodge Momentum Index in September 2015 was up 5.8% from the prior month and 20.9% from a year ago[104]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - The company manufactures and markets welded wire reinforcement (WWR) which accounts for 61% of 2016 sales, and prestressed concrete strand (PC strand) products which accounts for 39% of 2016 sales[5] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15% of sales[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors account for 30% of sales[10] Growth Strategy - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[31] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[34] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[37] Financial Performance - FY2016 net sales were $418.5 million[40] - The company's gross profit for 2016 was $85.2 million, representing a gross margin of 20.4%[51] - EBITDA for 2016 was $73.1 million, with an EBITDA margin of 17.5%[55] - As of October 1, 2016, Insteel was debt-free with $58.9 million of cash and cash equivalents[77] Market Conditions and Outlook - Total construction spending for 2015 was up 10.6% from the prior year[83] - Total construction spending for August YTD 2016 was up 4.9% from the prior year[86] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[106] - The first phase of the Texas PC strand expansion is expected to reduce annual operating costs by $5.0 million[107]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2017, Welded Wire Reinforcement (WWR) accounted for 62% of sales, while PC Strand accounted for 38%[5] - Nonresidential construction accounted for 85% of sales, while residential construction accounted for 15%[9] - Concrete product manufacturers accounted for 70% of sales, while distributors, rebar fabricators, and contractors accounted for 30%[10] Growth Strategy & Acquisitions - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[30] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[33] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[36] Financial Performance - FY2017 net sales were $388.9 million[39] - In 2017, raw materials accounted for 67% of the cost of sales, manufacturing costs accounted for 26%, and freight accounted for 7%[43] - EBITDA in 2017 was $48.2 million, representing 12.4% of EBITDA Margin[55] - Net earnings in 2017 were $1.17 per diluted share[61] - As of September 30, 2017, Insteel was debt-free with $32.1 million of cash and cash equivalents[73] Market & Outlook - Total construction spending for 2016 was up 6.5% from the prior year[80] - Total nonresidential building construction is forecasted to grow 3.8% in 2017 and 3.6% in 2018[100] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[104]

Q：请问重阳投资，如何看待今年以来港股IPO爆发？ 受益于IPO环境改善，港股正经历优质资产供给的结构性升级。以蜜雪集团为代表的全球消费企业，以 宁德时代为代表的中国核心制造企业，以及以恒瑞医药为代表的中国优质创新药企等纷纷赴港上市。这 些优质核心资产港股IPO基石投资者认购比例高，上市后股价平均涨幅优秀，带动港股优质资产占比进 一步提升，行业结构的优化有望进一步吸引中长期资金对港股的配置。港股当前兼具估值安全边际、产 业升级动能与流动性支撑，中长期配置价值凸显，我们坚定看好港股的中长期表现。 ▲向上滑动阅览【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投资 者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博）和内部研究成果，相关 信息被认为是可靠的，但重阳投资不对其完整性或准确性作出任何明示或默示的陈述或保证。相关信息 仅供参考，不构成广告、销售要约，或交易任何证券、基金或投资产品的建议。本材料中引用的任何实 体、品牌、商品等仅作为研究分析对象使用，不代表重阳投资的实际操作。因基金产品投资限制、投资 组合调整和交易成本等多种因素，重阳 ...

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Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2018, Welded Wire Reinforcement (WWR) accounted for 60% of sales, while PC Strand accounted for 40%[5] - Nonresidential construction represents 85% of sales, with residential construction making up the remaining 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up the remaining 30%[10] Acquisitions and Expansions - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[29] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[32] - In November 2017, Insteel acquired certain assets of Ortiz Engineered Products, Inc[35] - Capital expenditures are expected to total up to $22.0 million in 2019, primarily focused on cost and productivity improvement initiatives[69] Financial Performance - Net sales for 2018 were $453.2 million[37] - Gross profit for 2018 was $70.8 million, representing a gross margin of 15.6%[48, 50] - EBITDA for 2018 was $57.4 million, representing an EBITDA margin of 12.7%[52, 54] - As of September 29, 2018, Insteel was debt-free with $43.9 million of cash and cash equivalents[72] Market and Outlook - Total construction spending for 2017 was up 4.5% from the prior year[78] - Total nonresidential construction spending for August YTD 2018 rose 4.4% from a year ago to $490.6 billion[89] - Construction employment in September 2018 was up 315,000, or 4.5%, from a year ago[92] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[102]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2019, Welded Wire Reinforcement (WWR) accounted for 64% of sales, while PC Strand accounted for 36%[5] - Nonresidential construction represents 85% of sales, while residential construction accounts for 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up 30%[10] Growth Strategy - Continued conversion of rebar users to Engineered Structural Mesh (ESM) represents a substantial growth opportunity[26] - Focused on pursuing additional strategic acquisition opportunities in existing core businesses[29] Financial Performance - Net sales for fiscal year 2019 were $447.5 million[37] - Raw materials accounted for 74% of the 2019 cost of sales[39] - Capital expenditures are expected to total up to $17.0 million in 2020[55] - As of September 28, 2019, Insteel was debt-free with $38.2 million of cash[58] Market Outlook - Public construction spending for August YTD 2019 was up 5.7% from the prior year[64] - Public highway and street construction spending for August YTD 2019 was up 10.8% from the prior year[67] - Total nonresidential building construction is forecasted to grow 3.8% in 2019 and 2.4% in 2020[70]