"十四五"期间，我国建材行业在科技创新方面收获颇丰，一批颠覆性、关键性技术陆续取得突破。中国建筑材料联合会今天还发布了2025中国建材行业7项 突破性科技成果。 "会思考"的超级"无人水泥工厂"、用激光打造的超纯碳化硅、让杂光望而却步的超级隔光玻璃、"懂研发"的数字平台、"晒不热"的"超冷水泥"、超耐温的硅 基气凝胶、超大幅宽的新一代显示玻璃等7项新产品新技术，近日由中国建筑材料联合会集中发布。这些成果标志着我国建材行业在高端材料、智能制造与 绿色低碳转型方面的科技创新，取得了重要进展。 "十四五"期间，我国建材行业加大科技创新力度，研发投入强度2024年已达到1.32%，比2020年提高0.44个百分点。通过建立重大科技攻关"揭榜挂帅"机 制，行业在绿色低碳、人工智能、超级材料等关键领域加速突破。 记者探访全球首条"无人水泥生产线" 在这次发布的2025中国建材行业7大突破性科技成果中，全球首条"无人水泥生产线"正式亮相。相比传统的水泥生产线，它到底有什么不同？总台央视记者 此前已经实地探访了这条"无人水泥生产线"，来看看它有哪些特别之处。 总台央视记者 古峻岭：在我身后，就是水泥生产最核心的预热煅烧环节。 ...

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会举行。半夏投资创始人李蓓出席本次大会并发表主题演讲。李蓓表示，当前 A股、港股大盘指数已成为全球各类资产中性价比突出的高回报标的，即便经济持续承压、通缩态势延 续，核心指数的ROE（净资产收益率）也已筑底企稳，不会再出现明显下滑，龙头企业的盈利韧性将成 为市场重要支撑。 李蓓首先从估值维度给出直观对比："静态横向来看，A股、港股大盘指数在全球资产中具备显著的回 报优势。以沪深300指数为例，当前PE（市盈率）约13倍，隐含回报高达7%，港股部分指数的隐含回报 更是高于这一水平。"她进一步补充，尽管市场担忧局部领域存在泡沫，但全市场估值中位数仍处于中 偏低区间，整体估值风险已充分释放。 针对市场最核心的盈利担忧——"经济下滑、通缩延续是否会导致盈利崩塌"，李蓓给出明确回应："这 正是我想重点澄清的一点：即便经济没有起色、通缩继续，核心指数的ROE也已不会再明显下降。"她 援引历史数据佐证："过去两年，在通缩持续、经济下滑的背景下，核心指数的ROE已经走平，并 ...

Core Viewpoint - The company has approved a differentiated profit distribution plan for the first three quarters of 2025, proposing a cash dividend of RMB 0.34 per share for all shareholders [1][2][3]. Distribution Plan - The profit distribution plan was approved at the fourth extraordinary general meeting of shareholders on November 12, 2025 [1]. - The cash dividend of RMB 0.34 per share (including tax) will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the registration date [1][2]. - Shares held in the company's repurchase special account will not participate in the profit distribution [1][2]. Dividend Calculation - The total number of shares eligible for the cash dividend is 1,341,697,649 shares after excluding 2,578,000 shares held in the repurchase account [2][4]. - The ex-dividend reference price will be calculated as the previous closing price minus the cash dividend, as there will be no change in the number of circulating shares [2][4]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with shareholders able to receive their dividends at their designated securities firms on the payment date [5]. - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation Limited Shanghai Branch until the transactions are completed [5]. Taxation Details - Individual shareholders and securities investment funds will not have personal income tax withheld, resulting in an actual cash dividend of RMB 0.34 per share [6][7]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, leading to an actual cash dividend of RMB 0.306 per share [7][8]. Contact Information - For inquiries regarding the implementation of the profit distribution, shareholders can contact the Securities and Investor Relations Department at 027 87773898 [9].

Core Insights - Industrial enterprises' profits increased by 1.9% year-on-year from January to October, maintaining growth for three consecutive months since August [2] - In October, profits decreased by 5.5% year-on-year due to high base effects and rising financial costs [2] - Revenue for industrial enterprises grew by 1.8% year-on-year from January to October, creating favorable conditions for profit recovery [2] Industry Performance - Mining industry profits fell by 27.8% year-on-year, but the decline narrowed by 1.5 percentage points compared to January to September [2] - Manufacturing profits increased by 7.7% year-on-year, while profits in the electricity, heat, gas, and water production and supply sectors rose by 9.5% [2] - Equipment manufacturing profits grew by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3] - High-tech manufacturing profits rose by 8.0% year-on-year, outperforming the average for all industrial enterprises by 6.1 percentage points [3] Traditional Industry Upgrades - Traditional industries showed significant profit growth, with specific sectors like graphite and carbon products, biochemical pesticides, and cultural information chemicals seeing profits rise by 77.7%, 73.4%, and 19.1% year-on-year, respectively [3] - The improvement in traditional industries indicates a shift towards higher productivity, added value, and profit margins [3] Future Outlook - Experts suggest that coordinated policy efforts are needed to expand domestic demand, optimize structure, and foster new energy, aiming for a qualitative and quantitative upgrade in the industrial economy [4]

Group 1 - The core point of the article is that Jizhong Energy announced the convening of its 19th board meeting on November 21, 2025, to discuss governance system revisions [1] - For the first half of 2025, Jizhong Energy's revenue composition is as follows: coal mining accounts for 78.34%, chemicals for 14.09%, building materials for 7.08%, electricity for 0.35%, and other industries for 0.14% [1] - As of the report date, Jizhong Energy has a market capitalization of 21 billion yuan [1]

Core Viewpoint - China National Building Material (03323) has completed the issuance of its third phase of technology innovation corporate bonds aimed at professional investors, with a total issuance amount of 3 billion yuan and a subscription multiple of 2.18, resulting in a final coupon rate of 1.95% [1] Summary by Category - **Bond Issuance Details** - The issuance work for the third phase of technology innovation corporate bonds was concluded on November 13, 2025 [1] - The first type of bonds was not actually issued, while the second type had an actual issuance amount of 3 billion yuan [1] - The subscription multiple for the bonds was 2.18, indicating strong investor interest [1] - The final coupon rate for the issued bonds was set at 1.95% [1]

Core Viewpoint - China National Building Material (03323) has completed the issuance of its third phase of technology innovation corporate bonds aimed at professional investors, with a total issuance amount of 3 billion yuan and a subscription multiple of 2.18, resulting in a final coupon rate of 1.95% [1] Group 1 - The issuance work for the third phase of corporate bonds was concluded on November 13, 2025 [1] - The first type of bonds was not actually issued, while the second type had an actual issuance amount of 3 billion yuan [1] - The subscription multiple for the bonds was 2.18, indicating strong investor interest [1] - The final coupon rate for the issued bonds was set at 1.95% [1]

Core Points - China National Building Material (CNBM) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, aimed at professional investors [1] - The bond issuance will be conducted in phases, with the first phase allowing for the issuance of up to RMB 3 billion in technology innovation corporate bonds [1] - The bonds will consist of two varieties, with maturities of 3 years and 5 years, and will include an inter-species reallocation option [1] Bond Details - The total issuance scale for the current bond is capped at RMB 30 billion, with the first variety not being issued and the second variety having a coupon rate set at 1.95% [1] - The reallocation ratio between the two varieties is not limited, and the issuer and book manager will decide on the exercise of this option based on subscription conditions [1] - The inquiry for the coupon rate was conducted on November 11, 2025, with results leading to the final determination of the interest rate for the second variety [1]

Core Viewpoint - China National Building Material (CNBM) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, with a specific issuance of up to RMB 3 billion for the third phase of its technology innovation bonds [1] Group 1: Bond Issuance Details - The total face value of the corporate bonds to be issued is capped at RMB 20 billion, with the third phase of technology innovation bonds having a maximum issuance scale of RMB 3 billion [1] - The bonds will be issued in two varieties, with one having a maturity of 3 years and the other 5 years [1] - The issuer and book managers have the option to adjust the allocation between the two varieties based on subscription conditions, with no limit on the reallocation ratio [1] Group 2: Interest Rate and Issuance Process - On November 11, 2025, the issuer and the lead underwriter conducted an inquiry for the coupon rate among professional institutional investors [1] - Based on the inquiry results, it was determined that the coupon rate for the second variety of bonds is set at 1.95%, while the first variety was not actually issued [1]