Core Viewpoint - The Daqing Oilfield Cement Company is accelerating its efforts in production safety and carbon asset management in response to the upcoming expansion of the national carbon emissions trading market, which will include the steel, cement, and aluminum smelting industries by March 2025 [1] Group 1: Company Actions - The company is actively communicating with the Carbon Emission Rights Registration and Settlement (Wuhan) Co., Ltd. to clarify operational details for the first compliance period [1] - The company recognizes the dual challenges and opportunities presented by the new carbon market regulations, which are expected to drive technological upgrades and phase out outdated production capacities [1] Group 2: Industry Context - The cement production industry faces inherent seasonal fluctuations that complicate carbon emissions data management and quota planning [1] - The Ministry of Ecology and Environment's report indicates that the expansion of the national carbon market will add over 1,300 key emission units, increasing the proportion of carbon dioxide emissions covered to over 60% of the national total [1]

Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Group 1 - The core viewpoint of the article highlights that Jinyu Jidong has a competitive advantage in the industry regarding the water resource allocation project in the Liaodong Peninsula, which involves significant cement usage [2] - The project primarily includes the Shihu Reservoir, Heiyu Ting Dam, and a pressurization pump station, all located in Xiuyan County, Anshan City, Liaoning Province [2] - The project falls within the sales radius of both Anshan Jidong and Liaoning Hengwei companies, indicating potential market opportunities for these firms [2]

Core Viewpoint - China's green transition has entered a new phase, emphasizing the dual control of carbon emissions and energy consumption as a core strategic priority for economic development by 2026 [2][9]. Group 1: Impact on Traditional Industries - Traditional high-energy-consuming industries such as steel, cement, and chemicals will face unprecedented carbon constraints, requiring new projects to meet both energy efficiency and carbon emission evaluations [3][11]. - Existing capacities must accelerate low-carbon technology upgrades, shifting focus from scale expansion to quality improvement [3][11]. Group 2: Opportunities in Emerging Industries - Emerging sectors like renewable energy and carbon management services are expected to experience explosive growth, with increasing demand for carbon accounting, carbon footprint certification, and CCUS services [4][11]. - Digital technologies that integrate energy and carbon management will have significant growth potential, contributing to the establishment of a competitive green industrial chain [4][11]. Group 3: Carbon Emission Accounting System - China's carbon emission accounting system is in a critical development phase, extending beyond major emitters to include local government planning and industry standards [5][11]. - The national greenhouse gas emission factor database has been launched, covering 24 key industries, and the national carbon market now includes eight industries, accounting for over 60% of total carbon emissions [5][11]. Group 4: Carbon Market Dynamics - The deepening linkage between the dual control of carbon emissions and the national carbon market will make carbon a measurable, tradable, and priced production factor, compelling companies to adopt carbon asset management strategies [6][11]. Group 5: Learning from International Experiences - The EU's carbon trading system and the UK's carbon budget system provide valuable lessons for China, emphasizing the importance of clear emission reduction targets and third-party supervision [7][8][11]. Group 6: Requirements for Traditional and Renewable Energy - The comprehensive green transition requires traditional energy to evolve from being the main energy source to providing backup and regulatory services, while renewable energy will see significant market expansion [11][12]. - The "14th Five-Year Plan" indicates that most new electricity demand will be met by clean energy, leading to explosive growth in the renewable energy sector [11][12].

Core Viewpoint - The company, Xizang Tianlu (600326), is actively monitoring the progress of key projects and is expanding its market presence, indicating a commitment to timely information disclosure when standards are met [1] Group 1: Company Developments - The company has multiple cement production bases in the Tibet region, with a notable project being the proposed construction of a production base in Linzhi Lang County under Xizang Lang County Gaozheng Building Materials Co., Ltd [1] - Specific progress updates regarding the Xizang Lang County Gaozheng Building Materials Co., Ltd will be available in the company's periodic reports [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In 2025, the national carbon emissions trading market operated smoothly and orderly, with the trading scale continuously expanding. The carbon emission reduction awareness of key emission units in the national carbon market continued to strengthen, and the function of promoting low - cost emission reduction in the whole society became increasingly apparent. In the first week of January 2026, the carbon market price increased, and the total trading volume was 4,688,068 tons, with a total turnover of 35,201,190 yuan [4][5] 3. Summary by Relevant Catalog I. Carbon Market Weekly Overview - As of December 31, 2025, the cumulative trading volume of national carbon market allowances was 865 million tons, with a cumulative turnover of 57.663 billion yuan. In 2025, there were 3,378 key emission units under the national carbon market allowance management, including 2,087 in the power generation industry, 232 in the steel industry, 962 in the cement industry, and 97 in the aluminum smelting industry. The annual trading volume of allowances was 235 million tons, a year - on - year increase of about 24%, and the turnover was 14.63 billion yuan [4] - In the first week of January, the highest price of the national carbon market composite was 83.00 yuan/ton, the lowest was 72.50 yuan/ton, and the closing price was 75.96 yuan/ton, a 1.78% increase from the last trading day of the previous week. The trading volume of the listed agreement transaction was 535,037 tons, with a turnover of 41.2816 million yuan; the trading volume of the bulk agreement transaction was 4,153,031 tons, with a turnover of 310.7302 million yuan; there was no one - way bidding this week. The total trading volume of national carbon emission allowances was 4,688,068 tons, and the total turnover was 35,201,190 yuan [5] II. Market News - Sichuan Province formulated the "Implementation Plan for Improving the Carbon Market Capacity of the Power Generation, Cement, Steel, and Aluminum Smelting Industries in Sichuan Province", aiming to improve the carbon market capacity of relevant industries and achieve the goals of carbon peaking and carbon neutrality by 2027 [6] - On January 7, the State Administration for Market Regulation约谈ed major photovoltaic production enterprises and the photovoltaic association, requiring them not to agree on production capacity, sales prices, etc., and to submit written rectification measures by January 20 [6] - Shaanxi Province has completed the relevant work of the fourth compliance cycle of the national carbon emissions trading market, effectively improving the compliance ability and low - carbon transformation enthusiasm of key emission enterprises [6][7]

2026年的钟声刚刚敲响，全球舞台的博弈已经迅速升温。 欧洲、美洲和亚洲的几大力量几乎不约而同地将矛头对准中国，动作频频，试图通过经贸、外交和安全等多领域的施压，为本国争取更多战略空间。 然而，细看这些"组合拳"，看似声势浩大，实则各怀小心思。欧美日几方本想"先下手为强"，却在行动中暴露了自己的掣肘与困局。 中方指出，绿色发展应是全球合作的共同目标，而不是某些国家用来打压别国制造业、维护自身利益的工具。 不仅如此，中国还在国际场合发出呼吁，要求欧盟停止单边主义行为，维护全球供应链的稳定。 尤其是日本新首相高市早苗，甫一上任就抛出"昭和百年"口号，试图以右翼民族主义重塑国内外的政治氛围。 但她的强硬姿态不仅让中日关系降到冰点，也在国内外引发了巨大争议。 与此同时，欧盟扩大碳关税，美国在台海问题上持续施压，全球的博弈态势复杂且胶着。 新年伊始，欧洲率先"出招"。1月1日，欧盟正式启动扩大的碳边境调节机制（即碳关税），将水泥和钢铁等关键工业产品纳入征税清单。 这一政策表面上打着"绿色转型"的旗号，实际上却是冲着中国来的。 欧盟此举看似是为了推动全球绿色发展，但背后却有着明显的经济和政治目的。 一方面，欧洲自身经济增 ...

Group 1 - The cement sector experienced a decline of 0.5% on January 9, with Sanhe Pile leading the drop [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Key stocks in the cement sector showed varied performance, with Sifang New Material rising by 1.42% and Sanhe Pile falling by 5.78% [1][2] Group 2 - The cement sector saw a net outflow of 175 million yuan from major funds, while retail investors contributed a net inflow of 218 million yuan [2] - Major funds showed a negative net flow in several stocks, including Conch Cement with a net outflow of 29.21 million yuan [3] - Retail investors had a positive net flow in stocks like Tapa Group, indicating differing investor sentiment across the sector [3]

Core Viewpoint - The youth teams within China National Building Material Group are actively engaging in innovation and development, focusing on high-quality growth and addressing key challenges in the industry through collaborative efforts and technological advancements [1][2]. Group 1: Achievements of Youth Teams - Since 2025, the company has established 158 youth teams, with 66 recognized as "innovative teams," focusing on major projects and tasks related to technological innovation and international expansion [1]. - The Akesu Tianshan "Pouring Future" youth team, consisting of 29 members under 28 years old, has become a core force for the company's high-quality development by embodying the principles of innovation, development, green practices, and sharing [2]. - The "Youth Starfire" team has successfully implemented over 118 small-scale innovations and improvements, significantly enhancing production efficiency and reducing costs [11]. Group 2: Innovation and Efficiency Improvements - The youth teams have initiated a "Youth Technical Discussion Meeting" platform, leading to three core rationalization suggestions that have been effectively implemented, resulting in increased production rates and reduced energy consumption [4]. - The teams have also contributed to environmental initiatives, achieving a reduction of nitrogen oxide emissions and utilizing alternative fuels, which has led to significant cost savings and lower carbon emissions [5]. - The "Starry Tianshan" team has focused on localizing raw material sources, successfully reducing production costs by over 7 million yuan through innovative sourcing strategies [17]. Group 3: Talent Development and Training - The youth teams have expanded from 5 to 29 members, with several individuals being integrated into the company's talent pool and achieving professional growth [6]. - A "mentor-apprentice" system has been established, resulting in high training conversion rates and recognition for outstanding young talents [13]. - Continuous training efforts have led to a 100% qualification rate for cement products, ensuring high quality and customer satisfaction [20]. Group 4: Social Responsibility and Community Engagement - The youth teams have actively participated in volunteer services, contributing to community development through tree planting and agricultural support, demonstrating the social responsibility of the company's youth [21]. - The teams are committed to furthering the company's mission and enhancing their roles as a driving force in achieving high-quality development [22].

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]