Core Points - The document outlines the rules for shareholder meetings of China Jushi Co., Ltd, aiming to standardize the decision-making process and enhance the effectiveness of shareholder rights [1][2][3] Group 1: General Provisions - The rules are established in accordance with relevant laws such as the Company Law and Securities Law of the People's Republic of China [1] - The company secretary is responsible for the daily affairs of the shareholder meetings [1] - Shareholder meetings are categorized into annual and temporary meetings, with annual meetings held within six months after the end of the fiscal year [1][2] Group 2: Convening and Proposing Meetings - The board of directors must convene meetings within the stipulated time frame [2][3] - Independent directors can propose temporary meetings with majority consent, and the board must respond within ten days [2][3] - If the board fails to respond or refuses to convene, the audit committee can independently call for a meeting [3][4] Group 3: Shareholder Proposals - Shareholders holding more than 10% of shares can request a temporary meeting in writing, and the board must respond within ten days [3][4] - Proposals for temporary meetings must be submitted at least ten days before the meeting [5][6] - The notice for the meeting must include details such as the date of equity registration and contact information [6][7] Group 4: Meeting Procedures - The meeting must be held at the company's office unless specified otherwise [23][24] - All directors and senior management must attend the meeting, and the chairman presides over the meeting [11][24] - Legal opinions must be obtained regarding the legality of the meeting procedures and participant qualifications [27] Group 5: Voting and Resolutions - Voting is conducted by a show of hands or through electronic means, with each share carrying one vote [30][31] - Ordinary resolutions require more than half of the votes, while special resolutions require two-thirds [42][43] - The results of the voting must be announced immediately after the meeting [15][39] Group 6: Record Keeping and Announcements - Meeting records must be maintained for at least ten years, including details of attendees and resolutions passed [46][47] - Resolutions must be announced promptly, detailing the number of votes and the outcome [47][48] - The rules can be amended by the board and must be approved by the shareholders [50][51]

Core Points - The document outlines the management system for regulating fund transactions between China Jushi Co., Ltd. and its related parties to prevent fund occupation by these parties [1][2] - The system defines two types of fund occupation: operational and non-operational, with specific examples provided for each type [2][3] - The company aims to minimize related transactions and strictly limit fund occupation by related parties during operational fund transactions [3][4] Summary by Sections General Principles - The purpose of the system is to establish a long-term mechanism to prevent fund occupation by related parties, based on relevant laws and regulations [1] - Fund occupation includes both operational and non-operational types, with operational occupation arising from business transactions and non-operational occupation involving payments for wages, debts, and other expenses without a service exchange [2] Regulations on Fund Transactions - The company must clearly define settlement periods for operational fund transactions and take necessary measures to avoid non-operational fund occupation [4][5] - Specific prohibited actions include providing funds for wages, borrowing funds, and issuing commercial acceptance bills without a real transaction background [3][4] Payment Procedures - The finance department must submit payment bases for approval before making payments to related parties, ensuring compliance with the company's governance standards [4][5] - All payment transactions must be documented and reviewed to ensure adherence to the company's regulations [4] Audit and Record Management - The company is required to hire an accounting firm to audit related party fund occupation and disclose findings [5] - The finance department must maintain detailed records of all fund transactions with related parties [5] Legal Responsibilities - The company must take effective measures against related parties that occupy funds and may pursue legal action if necessary [5][6] - Violations of the system by directors or senior management may result in disciplinary actions, including fines or dismissal [5][6] Supplementary Provisions - Definitions of key terms such as "controlling shareholder" and "related transactions" align with national accounting standards and stock exchange rules [6] - The system will be implemented upon approval by the board of directors and shareholders [6]

General Principles - The purpose of the system is to enhance the quality and transparency of annual report information disclosure by ensuring its authenticity, accuracy, completeness, and timeliness [1] - The responsibility system applies to directors, senior management, subsidiary heads, and other personnel involved in annual report information disclosure [1] Responsibility Identification and Accountability - Responsibility should be pursued in cases of violations of laws and regulations that lead to significant errors in annual report disclosures [2] - Serious consequences or personal subjective factors leading to significant errors may result in heavier penalties [2] - Mitigating circumstances such as preventing adverse outcomes or correcting mistakes may lead to lighter penalties [2][3] Forms of Accountability - Various forms of accountability include correction orders, public criticism, job reassignment, suspension, demotion, dismissal, and potential legal action for severe cases [3] Additional Provisions - Any matters not covered by the system or conflicting with relevant laws will be handled according to those laws [5] - The board of directors is responsible for interpreting and revising the system [5]

Core Viewpoint - China Jushi (600176) announced plans to enhance the production capacity of its glass fiber production line in Egypt from 80,000 tons to 100,000 tons through technological upgrades, alongside the establishment of a calcined dolomite production line [1] Investment Details - The total investment for the project is approximately $89.98 million, with $83.15 million allocated for the production line upgrade and $6.83 million for the calcined dolomite production line [1] - The construction period for the project is expected to be within one year [1] - The project is anticipated to achieve an average return on investment of 29.78% [1]

Investment Rating - The report maintains a "Buy" recommendation for the building materials industry [1] Core Viewpoints - The building materials industry is expected to recover in 2025, driven by government policies and market demand [7][58] - The cement market is currently facing weak demand and declining prices, but a recovery is anticipated in the second half of the year [15][18] - The retail market for consumer building materials is showing signs of recovery, with increased sales expected due to policy support [44] - The glass fiber sector is experiencing price declines in raw yarn but stable prices in electronic yarn, with a focus on high-end products [48][49] Summary by Sections 1. Industry Outlook - The building materials industry plays a crucial role in supporting various sectors, including infrastructure and defense [7] - The "14th Five-Year Plan" emphasizes green and low-carbon development, with significant goals set for 2025 [8][10] - The building materials industry index rose to 102.8 in May, indicating a recovery trend [11] 2. Market Demand and Price Trends - Cement demand has declined in May due to weak real estate activity, with prices expected to continue falling until August [15][18] - The float glass market is under pressure with declining prices and high inventory levels, indicating weak demand [31][33] - Consumer building materials retail sales increased by 2.3% year-on-year in the first four months of 2025, with a significant jump in April [38][44] 3. Policy Impact - Government policies are expected to boost the valuation recovery of the building materials sector, with a focus on infrastructure investment [52][58] - The building materials sector's valuation is currently at a historical low, suggesting potential for growth [58] 4. Financial Performance - In 2024, the building materials sector faced significant profit declines, but Q1 2025 showed a notable recovery in profits [66][67] - The overall revenue for the sector in Q1 2025 was 1355.98 billion, with a year-on-year decline of 2.39% but a significant profit recovery [67]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.40 [8]. Core Views - The company is expected to continue expanding its production capacity, which will solidify its scale advantages. The demand for products such as wind power yarn is anticipated to grow, leading to an increase in revenue contribution and enhanced profitability [1][4]. - The average prices for various fiberglass products have shown year-on-year improvements, with increases of 15% for winding direct yarn, 23% for SMC compound yarn, and 18% for G75 electronic yarn in the first five months of 2025 [2]. - The company has successfully launched new production lines, increasing its domestic fiberglass production capacity to 2.61 million tons by the end of May 2025, which is expected to further enhance its market share [3]. - The wind power and electronics sectors are experiencing high demand, with significant growth in new installations and emerging technologies, positioning the company to benefit from these trends [4]. Summary by Sections Production Capacity and Market Position - The company has two new production lines in Jiujiang, each with a capacity of 100,000 tons, which commenced operations in February and April 2025. The total domestic fiberglass production capacity reached 2.61 million tons by the end of May 2025 [3]. - The company also has overseas production capacities of 360,000 tons in Egypt and 100,000 tons in the United States, which are expected to provide competitive advantages amid tariff uncertainties [3]. Financial Performance and Forecast - The company’s gross margin and net profit margin for Q1 2025 were 30.5% and 16.3%, respectively, reflecting a year-on-year increase of 10.4 and 5.9 percentage points [2]. - The forecasted net profit for the company from 2025 to 2027 is RMB 32.7 billion, RMB 38.5 billion, and RMB 45.6 billion, respectively [5]. Industry Trends and Product Development - The wind power sector saw an addition of 20.0 GW of new installations in the first four months of 2025, a year-on-year increase of 19%, with April alone witnessing a 255% increase [4]. - The company is actively developing low dielectric constant products to meet the growing demand in the AI sector, positioning itself as a leader in the domestic electronic yarn and fabric market [4].

智通财经APP获悉，国泰海通发布研报称，维持建材行业"增持"评级。该行假设建材实物需求量在2025 年迎来本轮下滑的尾声，核心依据在于产业链已经先后转入缩表周期。该行对于建材板块的关键词 是："龟兔赛跑"，该行将供给改善比喻成龟，需求收缩比喻成兔，供给优化追上需求收缩的盈利改善契 机正在到来。大宗行业或迎来单位盈利中枢的底部反弹，消费建材价格竞争和费用有望同步改善。建材 板块估值和机构配置处于低位，龙头公司投资价值持续凸显。 国泰海通主要观点如下： 水泥行业：协同共识增强，盈利修复高确定性 2024年水泥需求在地产调整与基建托底减弱下承压，25年地产拖累减弱叠加基建资金改善下，需求压力 收窄企稳预期增强，25Q1降幅显著收窄正在兑现。24年行业重返协同，24Q4首次旺季错峰提价实质落 地盈利显著改善，25年观察行业保利润共识继续增强，25Q1价格及盈利同比明显改善，奠定全年良好 基础，25Q2观察在高基数下以稳为主，全年展望盈利中枢修复具备高确定性。长期供需格局的改善政 策预期亦在逐步落地。推荐水泥板块龙头公司海螺水泥，华新水泥，天山股份，上峰水泥，塔牌集团， 华润建材科技等。 消费建材：格局走向固化，行业盈 ...

Core Points - The implementation of the Private Economy Promotion Law on May 20 marks a milestone in the development of China's private economy, reflecting the country's commitment to fostering the growth of private enterprises and enhancing their vitality and creativity [1][2][4]. Group 1: Law's Significance - The Private Economy Promotion Law is China's first foundational law specifically addressing the development of the private economy, aiming to create a stable, fair, transparent, and predictable environment for private enterprises [2][3]. - The law encourages fair competition and aims to enhance the role of private enterprises in driving technological innovation and contributing to high-quality economic development [3][5]. Group 2: Economic Impact - Private enterprises account for over 92% of the total number of companies in China, with a significant increase in the number of private enterprises listed among the world's top 500 [4][6]. - The law is expected to boost the confidence of private enterprises, which play a crucial role in job creation, tax revenue generation, and export promotion [4][5]. Group 3: International Cooperation - The law is anticipated to create substantial opportunities for practical cooperation between China and other countries, particularly in the context of the Belt and Road Initiative and the Regional Comprehensive Economic Partnership [6][7]. - Chinese private enterprises are increasingly participating in international markets, contributing to global supply chains and enhancing their competitiveness in high-tech and service sectors [6][7][8].

证券代码：600458 证券简称：时代新材 公告编号：临 2025-024 株洲时代新材料科技股份有限公司 关于 2022 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为629.772 万股。 ? 本次股票上市流通日期为2025 年 5 月 29 日。 一、股权激励计划限制性股票批准及实施情况 （一）已履行的决策程序和信息披露情况 九届监事会第十二次（临时）会议，审议通过了《关于 <株洲时代新材料科技股份> 有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <株洲时> 代新材料科技股份有限公司 2022 年限制性股票激励计划实施考核管理办法>的议 案》《关于提请股东大会授权董事会办理公司股权激励计划相关事项的议案》，独 立董事对相关议案发表了独立意见，监事会对本激励计划的相关事项进行核实并 出具了相关核查意见。 院国资委批复 ...

建筑材料 行业专题报告 hyzqdatemark 2025 年 05 月 22 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 由单边下行走向结构分化，赛道及龙头α开始显现 投资评级： 看好（维持） ——建材行业 2024 年报及 2025 年一季报综述 投资要点： 风险提示：经济恢复不及预期，化债力度不及预期，房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 | 1. 综述:行业压力仍存,结构性拐点逐步显现…………………………………………………………………………………… 5 | | --- | | 2. 消费建材:行业逐步探底,结构分化开始显现. | | 3. ...