Group 1 - The core viewpoint of the article is that Xiugang Co., Ltd. (300160.SZ) has stated that its glass deep processing products are not yet applied in the aerospace field [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its product applications [1]

Report Industry Investment Rating - The investment rating for the glass industry is "Oscillating with a Bullish Bias" [2][91] Core Viewpoints of the Report - The glass futures strengthened last week, with the weekly line closing as a medium阳线. The cold - repair of multiple production lines at the end of the month, combined with Hubei's environmental protection rectification and gas - conversion plan, drove up the market due to positive supply - side expectations. Considering the supply - side pressure of soda ash and the expected contraction of float glass factory capacity, there is an opportunity to go long on glass and short on soda ash. After the New Year's Day, there are still expectations of some production lines shutting down, and the pre - Spring Festival restocking by spot - futures traders will boost production and sales. Technically, the bullish force is dominant, so the glass price is expected to maintain a short - term bullish trend [2][91] Summary According to the Table of Contents 1. Market Review: Rebound in the Market and Narrowing of the Basis - **Futures Price**: The glass 05 contract closed at 1,087 yuan/ton last week, up 39 yuan from the previous week. As of December 31, the spot prices of 5mm float glass were 1,000 yuan/ton (-20) in North China, 1,060 yuan/ton (0) in Central China, and 1,170 yuan/ton (-10) in East China [13] - **Price Difference**: As of December 31, the soda ash - glass price difference was 122 yuan/ton (-14). The basis of the glass 05 contract was -67 yuan/ton (-59) last Friday, and the 05 - 09 spread was -138 yuan/ton (-31) [14][18] 2. Supply - Demand Pattern: Decline in Daily Melting and Deterioration of Profits - **Profit**: The spot price of glass decreased, leading to a deterioration in gross profit. The cost of the natural - gas production process was 1,572 yuan/ton (-1), with a gross profit of -402 yuan/ton (-9); the cost of the coal - gas production process was 1,164 yuan/ton (+2), with a gross profit of -164 yuan/ton (-22); the cost of the petroleum - coke production process was 1,090 yuan/ton (-1), with a gross profit of -30 yuan/ton (+1) [22] - **Supply**: The daily melting volume of glass last Friday was 151,055 tons/day (-3,050). Currently, there are 218 production lines in operation, and 4 lines were cold - repaired last week [24] - **Inventory**: As of December 31, the inventory of 80 glass sample manufacturers nationwide was 56.866 million weight boxes (-1.757 million). The inventory in North China was 10.146 million weight boxes (-0.716 million), in Central China was 6.75 million weight boxes (-0.295 million), in East China was 11.47 million weight boxes (-0.253 million), in South China was 7.246 million weight boxes (-0.459 million), in Southwest China was 11.7 million weight boxes (-0.207 million), the warehouse inventory in Shahe was 1.15 million weight boxes (-0.61 million), and in Hubei was 4.53 million weight boxes (-0.52 million) [28][33] - **Production and Sales**: On December 31, the comprehensive production - sales ratio of float glass was 108% (+10%). On December 30, the operating rate of LOW - E glass was 44.1% (-0.8%). In mid - December, the number of available days for glass deep - processing orders was 9.7 days (-0.4) [34] - **Automobile Demand**: In November, China's automobile production was 3.532 million vehicles, a month - on - month increase of 0.173 million and a year - on - year increase of 0.095 million; sales were 3.429 million vehicles, a month - on - month increase of 0.107 million and a year - on - year increase of 0.113 million. The retail volume of new - energy passenger vehicles was 1.321 million, with a penetration rate of 59.3% [44] - **Real Estate Demand**: In November, China's real estate completion area was 45.9293 million square meters, a year - on - year decrease of 25%; the new construction area was 43.9531 million square meters (-28%); the construction area was 31.2717 million square meters (-42%); the commercial housing sales area was 67.1974 million square meters (-18%). From December 22 to 28, the total commercial housing transaction area in 30 large - and medium - sized cities was 3.44 million square meters, a month - on - month increase of 35% and a year - on - year decrease of 23%. The real estate development investment in November was 502.82 billion yuan, a year - on - year decrease of 31% [49] - **Import and Export**: In November, China imported 310,900 weight boxes of float glass (a year - on - year increase of 27%) and exported 1.69 million weight boxes (a year - on - year increase of 47%) [51] - **Soda Ash - Cost Side**: The spot prices of heavy soda ash were 1,325 yuan/ton (0) in North China, 1,250 yuan/ton (0) in East China, 1,300 yuan/ton (0) in Central China, and 1,450 yuan/ton (0) in South China. The soda ash 05 contract closed at 1,209 yuan/ton (+25), and the basis of soda ash in Central China 05 was 91 yuan/ton (-25) last Friday. The ammonia - soda process cost of soda ash enterprises was 1,312 yuan/ton (-7), with a gross profit of -57 yuan/ton (+9); the co - production process cost was 1,738 yuan/ton (-29), with a gross profit of -21 yuan/ton (+21). As of December 31, the national factory - level inventory of soda ash was 1.4083 million tons (a month - on - month decrease of 30,200 tons), including 676,100 tons of heavy soda ash (a month - on - month decrease of 26,900 tons) and 732,200 tons of light soda ash (a month - on - month decrease of 3,300 tons). The apparent consumption of heavy soda ash last week was 454,300 tons, a week - on - week increase of 45,200 tons; the apparent consumption of light soda ash was 318,400 tons, a week - on - week increase of 11,100 tons. The production - sales ratio of soda ash was 108.54%, a week - on - week increase of 9.23% [58][60][79][88] 3. Investment Strategy: Short - Term Speculation, Oscillating with a Bullish Bias - **Main Logic**: The glass futures strengthened last week. The cold - repair of multiple production lines at the end of the month, combined with Hubei's environmental protection rectification and gas - conversion plan, drove up the market due to positive supply - side expectations. The supply decreased as 3 production lines shut down last week, with the daily melting volume decreasing by nearly 150,000 tons. The demand in the northern market decreased as terminal projects were coming to an end, and the end - of - year demand in the southern market was lower than last year, with poor restocking willingness among middle - and lower - stream enterprises. Most manufacturers focused on collecting payments and were bearish on the market next year. Given the supply - side pressure of soda ash and the expected contraction of float glass factory capacity, there is an opportunity to go long on glass and short on soda ash. After the New Year's Day, there are still expectations of some production lines shutting down, and the pre - Spring Festival restocking by spot - futures traders will boost production and sales. Technically, the bullish force is dominant [2][91] - **Operation Strategy**: Oscillating with a Bullish Bias [2][91]

1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term. The production profit of glass has limited recovery, cold - repairs have increased leading to further supply contraction, downstream deep - processing orders are weak due to the real estate drag, and the inventory is at a historically high level for the same period [2]. 3. Summary by Relevant Catalog 3.1 Glass Futures Market - The closing price of the main glass futures contract is 1087 yuan/ton, the spot price of Shahe Safety large - plate glass is 904 yuan/ton, and the main basis is - 183 yuan/ton, with a 0.00% change compared to the previous value [6]. 3.2 Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe is 904 yuan/ton, which is flat compared to the previous day [12]. 3.3 Fundamental Analysis - Cost Side - The production profit of glass has limited recovery, and there is an expectation of further cold - repairs in the industry due to low production profit [2][4]. 3.4 Fundamental Analysis - Supply - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, and the number of operating production lines is at a historically low level for the same period. The daily melting capacity of national float glass is 154,500 tons, and the production capacity is at a historically low level for the same period [22][24]. 3.5 Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand remains weak, the order volume of glass deep - processing enterprises is at a historically low level for the same period, and the capital collection in the deep - processing industry is not optimistic, causing traders and processors to be cautious and mainly consume the original glass inventory [28][4]. 3.6 Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 56.866 million weight boxes, a 3.00% decrease from the previous week, and the inventory is above the five - year average [2][44]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2017, the production was 53.54 million tons, the consumption was 52.29 million tons, and the net import ratio was - 1.734%. In 2024E, the production is expected to be 55.1 million tons, the consumption is expected to be 53.1 million tons, and the production growth rate is 3.94% [45].

Group 1 - The core viewpoint of the news is that Qibin Group's stock has seen a significant increase of 5.23%, reaching a price of 6.24 yuan per share, with a total market capitalization of 18.462 billion yuan [1] - Qibin Group, established on July 8, 2005, and listed on August 12, 2011, is primarily engaged in the production and sale of glass and glass products [1] - The main revenue composition of Qibin Group includes ultra-white photovoltaic glass (43.59%), high-quality float glass (37.93%), energy-saving architectural glass (14.87%), and other functional glass (2.39%) [1] Group 2 - According to data, Wan Jia Fund has a significant holding in Qibin Group, with the Wan Jia Rui Yi A fund holding 225,100 shares, accounting for 0.94% of the fund's net value [2] - The Wan Jia Rui Yi A fund, established on December 7, 2015, has a current scale of 4.658 million yuan and has achieved a year-to-date return of 3.74% [2] - The fund manager, Meng Xiangjuan, has been in position for 2 years and 145 days, with the fund's total assets amounting to 171 million yuan [3]

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2026/1/5 | | | | | | | 玻 璃 | | | | | | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | 沙河安全 5mm大 板 | 976.0 | 959.0 | 959.0 | -17.0 | 0.0 | FG05合约 | 1048.0 | 1087.0 | 1087.0 | 39.0 | 0.0 | | 沙河长城 5mm大板 | 959.0 | 954.0 | 954.0 | -5.0 | 0.0 | FG01合约 | 941.0 | 950.0 | 949.0 | 8.0 | -1.0 | | 沙河5mm大 板低价 | 950 ...

（来源：黑龙江日报） 走进佳星玻璃的传统生产区，记者看到的是浮法玻璃生产线，巨大的玻璃原板在辊道上流淌，经过切 割、装箱，成为建筑市场的基础材料。"这是我们目前的主营业务。"佳星玻璃项目办业务主管曹悦鹏坦 言，"市场竞争激烈，产品同质化严重，利润空间持续被压缩。同时，高能耗、低附加值的现状，难以 适应国家'双碳'目标和新型工业化的要求。" 转自：黑龙江日报 □本报记者 薛婧 在佳木斯市中建材佳星玻璃（黑龙江）有限公司一个宽敞的厂房内，一项意义深远的技术创新正在进 行。这里不像传统玻璃生产车间那样热气蒸腾、机器轰鸣，取而代之的是一种近乎实验室的静谧与洁 净。就在近期，在这个于老厂房里拔地而起的新厂房内，随着一台智能化镀膜设备完成最后一个调试环 节，一片看似普通却又极不平凡的玻璃缓缓下线——这是我省首片实现产线化生产的全固态电致变色玻 璃。它的诞生，标志着我省在高端功能玻璃制造领域实现了"从0到1"的关键突破，也为传统"老字号"企 业转型升级点燃了一束耀眼的科技之光。 这片玻璃的背后，是佳星玻璃这家省"老字号"企业与哈尔滨工业大学长达数年的紧密握手，是我省重大 科技成果转化项目的全力支持，更是我省推行"科技总师" ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The real estate sector remains a foundational industry for the national economy, contributing 13% to GDP and directly supporting 70 million jobs in China. The potential for new residential construction is significant, estimated at 10 million to 14.9 million units annually, translating to approximately 600 to 900 million square meters of new housing [1][11] - There is a substantial demand for housing updates, with an estimated 700 million square meters needed annually due to a 2% depreciation rate on the existing housing stock of approximately 35 billion square meters [1][11] - The business model in real estate is shifting from a high-cost model to an integrated approach of product-service-operation, emphasizing quality and diverse living services over mere availability [1][11] - The capital market is expected to see an 18.4% increase in the Shanghai Composite Index in 2025, while the building materials index, excluding the fiberglass sector, is underperforming. Companies with strong alpha attributes in the real estate chain are gaining market recognition despite the overall industry not stabilizing yet [2][12] - The report highlights the importance of monitoring the fundamental changes in the real estate sector in 2026, as well as the performance of companies like China Jushi, which is planning to grant stock options to employees, indicating a focus on long-term profitability [2][12] Summary by Sections Weekly Discussion - The real estate sector is crucial for the economy, with a significant contribution to GDP and employment. The potential for new housing construction is substantial, and there is a large demand for housing updates [1][11] - The shift in real estate business models towards integrated services is noted, with a call for decisive policy support to avoid market and policy conflicts [1][11] Market Performance - The building materials index has decreased by 1.25%, with specific sectors like glass manufacturing and fiberglass showing notable declines. The overall market sentiment remains cautious [2][16] - Despite the downturn, certain companies in the real estate supply chain are experiencing growth and valuation premiums, indicating potential investment opportunities [2][12] Price Changes in Building Materials - The average price of cement has decreased to 353 CNY per ton, with a national average shipment rate of 40.3%. The market is experiencing downward pressure on prices due to weak demand [3][20][21] - The price of float glass has seen a slight decline, with the average price at 1121.29 CNY per ton. Inventory levels are decreasing, but overall market sentiment remains weak [3][28][42] - The fiberglass market is stable, with prices for 2400tex direct yarn remaining steady at around 3535.25 CNY per ton, indicating a balance between supply and demand [3][49][53]

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

Core Insights - Silver has led the precious metals market with nearly a 150% increase in 2025, while platinum and palladium have also seen significant gains of over 126% and approximately 80% respectively, yet platinum group metals (PGMs) still lag behind the broader precious metals sector [1] - Analysts suggest that investors should broaden their focus to include platinum and potential palladium in 2026 due to tightening supply conditions and resilient demand expected to support prices throughout the year [1] - Approximately 80% of platinum and palladium demand comes from the automotive industry for catalytic converters, but the acceleration of electric vehicle (EV) adoption has posed long-term headwinds; however, with a moderate adjustment in EV growth expectations, demand for internal combustion engine vehicles remains strong in regions like the U.S., providing ongoing support for PGM demand [1] Supply and Demand Dynamics - Platinum plays a significant role in glass manufacturing and the electronics industry, with demand expected to remain robust; however, there are concerns about whether supply can keep pace, as the World Platinum Investment Council indicates that the market may trend towards balance after three consecutive years of shortages [1] - The critical issue lies in the extremely low global inventories, with current above-ground platinum stocks able to meet only about five months of demand, making it difficult for inventories to rebuild significantly, leading to continued tightness in the physical market and elevated premiums [1] Structural Supply Constraints - Structural supply limitations are a long-term issue, with over a decade of underinvestment restricting long-term output, while geopolitical factors exacerbate strategic competition; the U.S. Geological Survey has classified platinum and palladium as critical metals as of November last year [2] - Analysts indicate that the global shift towards a "wartime economy" will incentivize the stockpiling of critical minerals, and the transition from "just-in-time" production to "just-in-case" inventory models will continue to hinder the recovery of global inventories, intensifying market tightness [2] Price Outlook and Risks - Market outlook for platinum prices in 2026 shows divergence, with bullish views predicting platinum could reach $2,000 per ounce, averaging around $1,800 in the second half of the year due to structural shortages potentially driving prices higher [3] - A major risk is that if the U.S. does not impose tariffs on platinum group metals, it could lead to increased inflows of platinum and palladium into the U.S. market, raising exchange inventories and altering the supply-demand balance, potentially shifting the market from shortage to slight surplus [3] - Cautious perspectives suggest that if platinum and palladium enter a state of oversupply, industrial consumers may not need to rely on investor sell-offs to acquire metals, reducing demand pressure in the spot market, particularly as palladium is expected to remain in considerable surplus starting next year [3]

Group 1 - The core point of the article is that Qibin Group (601636.SH) has repurchased a total of 27.985 million shares, which accounts for 1.0428% of the company's total share capital before the repurchase and 0.9459% of the total share capital as of December 31, 2025 [1] - The highest purchase price for the repurchased shares was 7.21 yuan per share, while the lowest was 5.87 yuan per share [1] - The total amount spent on the repurchase, excluding transaction fees, was approximately 196.11 million yuan, which represents 98.05% of the upper limit of the proposed repurchase funds disclosed by the company [1] Group 2 - The difference in total share capital before the repurchase and as of December 31, 2025, is attributed to the conversion of 275.075 million shares from "Qibin Convertible Bonds" during this period [1]