Core Viewpoint - Qibin Group maintains a market share of 10%-11% in the float glass sector, leveraging mature processes, efficient energy optimization technologies, and large-scale operations to sustain its leading position in the industry [1] Group 1: Competitive Advantages - The company possesses over 200 million tons of industry-leading silica sand resources, providing a high level of self-sufficiency that mitigates raw material price volatility and ensures product quality stability [1] - Qibin Group has established a low-cost and high-stability energy supply system through deep collaboration with pipeline natural gas suppliers, capitalizing on its bargaining power from large-scale operations [1] - The company employs centralized, strategic, and global procurement strategies, along with rigorous bidding and supplier management mechanisms, to achieve precise control over the cost, quality, and timeliness of raw materials such as soda ash and petroleum coke [1] Group 2: Inventory and Market Strategy - As of Q3 2025, the company has accelerated its inventory reduction pace, with stock levels returning to normal after a decrease from Q2 [1] - The company adopts a market demand-oriented approach, dynamically adjusting product strategies to enhance high-value-added product ratios and improve resilience against price fluctuations through various methods, including expanding into high-end and niche markets, deepening differentiated competition, enriching product systems, developing new application channels, optimizing shipment rhythms, and enhancing the quality of overseas orders [1]

行 华福证券 建筑材料 2025 年 11 月 20 日 业 研 究 建筑材料 开竣工数据进一步走弱，期待更强政策发力 投资要点： 行 业 定 期 报 告 根据国家统计局数据，1-10 月全国房地产开发投资 7.4 万亿元，同比 -14.7%，较前值-0.8pct；房屋新开工 4.9 亿方，同比-19.8%，较前值-0.9pct； 房屋竣工 3.5 亿方，同比-16.9%，较前值-1.6pct；1-10 月新建商品房销售面 积 7.2 亿方，同比-6.8%，较前值-1.3pct；销售金额 6.9 万亿元，同比-9.6%， 较前值-1.7pct；10 月末全国商品房待售面积 75606 万平方米，连续八个月 减少；住建部部署全国老城区老街区专项调查，2026 年 2 月前各地须完成 地市级成果审核，6 月形成全国总结报告；山东省要求 2025-2026 年度水泥 行业实施采暖季错峰生产，非采暖季鼓励企业自主开展错峰生产；深圳市 10 月二手房录得量达 5,547 套，环比下跌 4.5%，同比下跌 32.9%；重庆市 印发《进一步加强消费领域限制性举措持续扩大消费若干措施》，明确放 宽全款购房的公积金提取条件；1 ...

Core Viewpoint - The company, Yamaton (002623.SZ), is a qualified supplier of Tesla's solar roof tiles and energy storage glass products, indicating a strategic partnership with Tesla in the renewable energy sector [1] Group 1: Company Collaboration - The current collaboration with Tesla does not involve the mentioned technology areas, suggesting a focused scope of partnership at this stage [1] - The company is committed to ongoing technology research and business development based on customer needs and market changes, highlighting its proactive approach to innovation and adaptation [1]

Core Viewpoint - The company, Yamaton (002623.SZ), is a qualified supplier of Tesla's solar roof tiles and energy storage door glass products, indicating a strategic partnership with Tesla in the renewable energy sector [1] Group 1: Company Collaboration - The current collaboration with Tesla does not involve the specific technology areas mentioned by the inquirer, suggesting a focused scope of partnership at this stage [1] - The company is committed to ongoing technology research and business development based on customer needs and market changes, highlighting its proactive approach to innovation and adaptation [1]

天眼查App显示，近日，湖南晶玻玻璃有限公司成立，法定代表人为张卫华，注册资本200万人民币， 经营范围为许可项目：城市配送运输服务（不含危险货物）。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：日用玻璃制品销 售；光学玻璃销售；玻璃仪器销售；技术玻璃制品销售；功能玻璃和新型光学材料销售；建筑材料销 售；工程管理服务；室内木门窗安装服务；安全技术防范系统设计施工服务；社会经济咨询服务；技术 服务、技术开发、技术咨询、技术交流、技术转让、技术推广；总质量4.5吨及以下普通货运车辆道路 货物运输（除网络货运和危险货物）；玻璃纤维及制品销售；金属工具销售；销售代理。（除依法须经 批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Jinjing Technology's stock price has experienced fluctuations, with a recent decline of 2.13% and a total market capitalization of 8.462 billion yuan, reflecting a mixed performance in the market [1]. Financial Performance - For the period from January to September 2025, Jinjing Technology reported operating revenue of 3.461 billion yuan, a year-on-year decrease of 31.63%, and a net profit attributable to shareholders of -270 million yuan, a significant decline of 190.80% [2]. - The company has cumulatively distributed 999.2 million yuan in dividends since its A-share listing, with 205 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Jinjing Technology was 92,400, a decrease of 2.29% from the previous period, with an average of 15,341 circulating shares per shareholder, an increase of 1.52% [2]. - The top ten circulating shareholders include notable entities such as Southern CSI 1000 ETF and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in investor sentiment [3].

Group 1 - The core point of the news is the significant increase in the stock price of Hubei Feilihua Quartz Glass Co., Ltd., which rose by 5.21% to 76.97 CNY per share, with a total market capitalization of 40.199 billion CNY [1] - Hubei Feilihua specializes in the production and sales of high-performance quartz glass materials and products, primarily serving industries such as optical communications, semiconductors, solar energy, and aerospace [1] - The company's main revenue sources are quartz glass materials (70.80%), quartz glass products (28.91%), and other sources (0.30%) [1] Group 2 - The Hongde Fund has a significant position in Feilihua, with its Hongde CSI 500 Index Enhanced A fund holding 7,400 shares, representing 0.9% of the fund's net value [2] - The fund reduced its holdings by 2,300 shares in the third quarter, and the current floating profit from this investment is approximately 28,200 CNY [2] - The Hongde CSI 500 Index Enhanced A fund has a total asset size of 33.8361 million CNY and has achieved a return of 24.46% since its inception [2]

Core Viewpoint - The domestic glass industry is undergoing a significant transformation in its fuel structure, shifting towards a diversified model dominated by natural gas, with petroleum coke and coal gasification as important supplements [1][2] Fuel Structure - As of mid-2025, 59.38% of the national float glass production capacity will utilize natural gas, particularly dominant in North and East China [1] - Petroleum coke accounts for 20.77% of the fuel mix, concentrated in Central and South China, while coal gasification holds an 18.00% share, mainly in North, Northwest, and Northeast China [1] Driving Forces - The primary driver of this fuel structure change is environmental policy, particularly the "Energy Conservation and Carbon Reduction Action Plan," which promotes the replacement of traditional fuels with cleaner energy sources [2] - Fuel costs, which constitute 30% to 40% of total production costs, significantly influence companies' fuel choices [2] - Despite natural gas being the mainstream choice, high gas prices have led to losses for companies using it, while those using coal gasification have seen better profits due to lower coal prices [2] Industry Dynamics - The competition between old and new production capacities is reshaping the industry landscape, with older natural gas-fired facilities being the most affected by recent shutdowns [2] - A structural contradiction exists where the push for natural gas due to environmental policies is challenged by the high costs that older facilities cannot sustain [2] Future Outlook - Regional policies are accelerating the transition, such as Hubei's timeline for converting petroleum coke to natural gas, which will significantly alter the fuel composition in Central and South China [3] - The industry is exploring advanced low-carbon technologies, including all-electric melting technology for daily glass and all-oxygen combustion technology for float glass, which has been adopted as industry standards [3] - Hydrogen technology is in the research and demonstration phase, representing a long-term direction towards zero-carbon manufacturing [3] Local Initiatives - In Hebei's Shahe glass industry, the energy transition is not a straightforward switch from coal to natural gas but involves a mixed replacement strategy centered on coal gasification, supplemented by pipeline natural gas [4] - The Zhengkang Clean Gas Project, funded by local enterprises, is a key player in this energy transition, having commenced operations in March 2025 [3][4] Economic Considerations - The choice of coal gasification as a core path is based on multiple factors, including cost advantages and resource endowments, making it more economically viable than relying solely on natural gas [4] - The transition to cleaner energy sources is expected to increase production costs, leading companies to face tough decisions on whether to invest in upgrades or temporarily shut down older lines [4] Industry Collaboration - Industry chain collaboration is becoming a core trend, with companies building upstream and downstream relationships to enhance operational efficiency [5] - Financial capital is increasingly integrated into the industry, with government initiatives supporting credit for industrial upgrades [5] - Collaborative efforts between government, universities, and enterprises are focused on overcoming technical challenges and nurturing talent for innovation [5] Competitive Landscape - The industry is shifting from homogeneous competition to product differentiation, with leading companies moving towards high-value specialty glass sectors [5] - Despite the focus on high-end products, price wars remain intense, with some manufacturers resorting to price cuts to recover cash flow, leading to market price distortions [5] - Operational efficiency is becoming crucial, with companies utilizing innovative inventory management strategies to enhance cost control [5] Overall Industry Direction - The future development path of the Shahe glass industry is clearly oriented towards high-end, intelligent, green, and financialized operations, with collaboration aimed at resource aggregation and competition driving firms towards high-value sectors [6]

Core Viewpoint - The "coal-to-gas" policy is fundamentally reshaping the glass industry's development logic, transitioning from reliance on coal to cleaner energy sources, which is seen as a crucial step towards high-quality development amidst the real estate sector's adjustments and carbon neutrality goals [1][2]. Policy Direction and Market Dynamics - The glass market is currently focused on supply-side changes, particularly the "coal-to-gas" initiative, which is expected to reduce supply and potentially support prices [2]. - The shift from end-of-pipe treatment to source control in regulatory approaches is a significant change, aiming to reduce emissions at the source through fuel structure upgrades [2][3]. - The "coal-to-gas" initiative is viewed as a systematic restructuring rather than a mere environmental policy adjustment, driven by both policy and market forces [2][3]. Industry Challenges and Opportunities - The underlying logic of "coal-to-gas" is to address the overcapacity issue in the glass industry by phasing out outdated production capacity through fuel system upgrades [3]. - The glass industry has faced severe challenges since 2021, including supply-demand imbalances and high inventory levels, necessitating the elimination of outdated capacity and cost restructuring [3][8]. - A notable project by Zhengkang Clean Energy in Shihezi City, investing 4 billion yuan to build a clean coal-to-gas facility, is expected to save approximately 900,000 tons of coal annually and reduce energy consumption by 10% [3]. Regional Progress and Variability - The "coal-to-gas" transition is primarily concentrated in the Hebei Shihezi region, with a total of 6,000 tons/day of glass production capacity involved, but progress varies significantly among local companies due to factors like financial strength and production plans [5][6]. - As of November, four coal-fired glass production lines in Shihezi have been shut down, impacting a total daily melting capacity of 2,400 tons [6][10]. - The transition involves complex processes, and while some companies are prepared for the switch, others are still in a state of uncertainty regarding their production plans [6][7]. Economic Implications - The profitability of different fuel types varies significantly, with coal-to-gas lines achieving a weekly profit of 51.26 yuan/ton, while natural gas lines have been operating at a loss [8]. - The shift in energy structure is expected to lead to a decrease in unit energy consumption and a transition from price competition to quality competition in the glass industry [8][9]. - The core production area of Shihezi, accounting for 10% of national glass capacity, plays a crucial role in influencing national pricing trends [12]. Future Outlook - The glass industry is anticipated to enter a phase of accelerated capacity clearance between 2025 and 2026, integrating green development into its strategic core [12]. - The "coal-to-gas" initiative is seen as a catalyst for industry restructuring, with smaller players exiting the market and larger firms expanding their market share [12].

格隆汇11月20日丨根据联交所最新权益披露资料显示，2025年11月14日，福莱特玻璃(06865.HK)遭JPMorgan Chase & Co.以每股均价12.6837港元减持好仓 112.7万股，涉资约1429.45万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | | --- | --- | --- | --- | --- | --- | --- | | | 分野三 | | | 出一五一篇：是一是一定股票的一次上一起的照 | | | | | | | | "分目分 市 | | | | | | | | 196 | | | | CS20251119E00260 | JPMorgan Chase & Co. | 1201(L) | 1,127,000(L | HKD 12.6837 61.318.657(L) | | 13.88(L)14/11/2025 | | | | | | | 14.037,645(S) | 3.17(S) | | | | | | | 5,196,615(P) ...