Core Viewpoint - Qibin Group (601636.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchase of shares [1] Summary by Categories Share Buyback Details - As of November 5, 2025, the company has repurchased a total of 27.9399 million shares, which represents 1.0411% of the total share capital [1] - The repurchase amount has increased by 0.5937% compared to the last disclosed figure [1] - The highest price paid for the shares was 7.21 CNY per share, while the lowest price was 6.79 CNY per share [1] - The total amount spent on the buyback is 196 million CNY (excluding taxes and fees) [1]

Core Viewpoint - The company announced a new daily related transaction proposal, which was approved by the board of directors, allowing for a transaction of up to 35 million yuan with a related party, aimed at purchasing quartz sand raw materials [1] Group 1: Transaction Details - The subsidiary plans to engage in a related transaction with Henan Huirong Industrial Operation Management Co., Ltd. by December 31, 2025, not exceeding 35 million yuan [1] - In the previous year, there were no such transactions between the parties, while from January to October 2025, the actual transaction amount reached 10.2584 million yuan [1] Group 2: Impact and Independence - This transaction is expected to help reduce costs for the company and will not affect its independence [1]

公司发布的三季报数据显示，前三季公司共实现营业收入2.71亿元，同比下降6.07%，实现净利 润-9604.73万元，同比增长1.24%，基本每股收益为-0.3000元。 ST华鹏盘中涨停，已连收6个涨停板，截至9:25，该股报5.88元，换手率0.44%，成交量141.09万股，成 交金额829.61万元，涨停板封单金额为2139.14万元。连续涨停期间，该股累计上涨33.94%，累计换手 率为12.55%。最新A股总市值达18.81亿元。 龙虎榜数据显示，该股因连续三个交易日内，收盘价涨幅偏离值累计达到12%的ST证券、*ST证券上榜 龙虎榜1次，买卖居前营业部中，营业部席位合计净买入185.71万元。 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.11.05 | 5.07 | 1.06 | 712.21 | | 2025.11.04 | 4.92 | 3.92 | -201.87 | | 2025.11.03 | 4.96 | 0.46 | 295.05 | | 2025.10.31 | 4.99 | ...

Core Viewpoint - Qibin Group's stock price dropped by 5.09% to 6.71 CNY per share, with a total market capitalization of 18.007 billion CNY as of November 6 [1] Group 1: Company Overview - Qibin Group, established on July 8, 2005, and listed on August 12, 2011, is located in Nanshan District, Shenzhen, Guangdong Province [1] - The company's main business involves the production and sale of glass and glass products, with revenue composition as follows: ultra-white photovoltaic glass 43.59%, high-quality float glass 37.93%, energy-saving architectural glass 14.87%, other functional glass 2.39%, and logistics 0.04% [1] Group 2: Fund Holdings - Changjiang Asset Management holds a significant position in Qibin Group through its fund, Changjiang Hongli Return Mixed Fund A (013934), which held 550,000 shares, accounting for 4.34% of the fund's net value, ranking as the ninth largest holding [2] - The fund has experienced a floating loss of approximately 198,000 CNY as of the report date [2] Group 3: Fund Manager Information - The fund manager of Changjiang Hongli Return Mixed Fund A is Xu Jie, who has a total tenure of 20 years and 79 days [3] - The fund's total asset size is 222 million CNY, with the best return during the tenure being 174.92% and the worst return being 0.76% [3]

Group 1 - JPMorgan Chase & Co. reduced its stake in Fuyao Glass (06865.HK) by selling 3.6652 million shares at an average price of HKD 12.2405 per share, totaling approximately HKD 44.8642 million [1] - After the reduction, JPMorgan's total holdings in Fuyao Glass decreased to 62.7633 million shares, representing a decline in ownership percentage from 15.03% to 14.20% [1][2]

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/11/6 | | | | | | | | 玻 璃 | | | | | | | | | | 2025/10/29 2025/11/4 | | 2025/11/5 周度变化 日度变化 | | | | 2025/10/29 2025/11/4 | | 2025/11/5 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1121.0 | 1121.0 | 1138.0 | 17.0 | 17.0 | FG05合约 | 1279.0 | 1239.0 | 1231.0 | -48.0 | -8.0 | | 沙河长城 5mm大板 | 1113.0 | 1113.0 | 1126.0 | 13.0 | 13.0 | FG01合约 | 1127.0 | 1105.0 | 1097.0 | -30.0 | -8.0 | | 沙河5mm ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Economic growth shows a strengthening trend in the auto market retail at the end of the month, while production is restricted by environmental protection measures. The inflation situation features a bottom - oscillating pork price and an oscillatingly strong oil price [1][2][3]. Summary by Relevant Catalogs 1. Economic Growth: Strengthening Auto Market Retail at the End of the Month 1.1 Production: Environmental Protection Restricts开工 - **Production End: Slowing Decline in Power Plant Daily Consumption** - On November 4, the average daily consumption of 6 major power - generating groups was 75.7 tons, a 1.4% decrease from October 28. On October 30, the daily consumption of power plants in eight southern provinces was 180.5 tons, a 2.9% decrease from October 22. Although the consumption has slowed down, industrial electricity consumption has increased due to the positive impact of Sino - US negotiations on the black - series products [5][12]. - **Production End: Local Sharp Decline in Blast Furnace Operating Rate** - On October 31, the national blast furnace operating rate was 81.7%, a 3.0 - percentage - point decrease from October 24, and the capacity utilization rate was 88.6%, a 1.3 - percentage - point decrease. In Tangshan, the blast furnace operating rate of steel mills was 68.3%, a 25.1 - percentage - point decrease from October 24. The start - up rate has dropped significantly due to the start of heavy - pollution weather warnings in many places [15]. - **Production End: Moderate Decline in Tire Operating Rate** - On October 30, the operating rate of all - steel tires for trucks was 65.3%, a 0.2 - percentage - point decrease from October 23, and the operating rate of semi - steel tires for cars was 73.4%, a 0.3 - percentage - point increase. The operating rate of downstream looms in the Jiangsu and Zhejiang regions reached a new high for the year [17]. 1.2 Demand: Strengthening Auto Market Retail at the End of the Month - **Demand End: Improved Monthly - on - Monthly New Home Sales in 30 Cities** - From November 1 - 4, the average daily sales area of commercial housing in 30 large and medium - sized cities was 155,000 square meters, a 145.6% increase from October, but a 53.3% decrease from November last year. Sales in first - tier, second - tier, and third - tier cities decreased year - on - year [22]. - **Demand End: Strengthening Auto Market Retail at the End of the Month** - In October, retail sales increased by 6% year - on - year, and wholesale sales increased by 7% year - on - year. In the fifth week of October, retail and wholesale reached daily averages of 155,000 and 210,000 vehicles respectively, with significant year - on - year and month - on - month growth [26]. - **Demand End: Weak Steel Prices** - On November 4, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 1.2%, 0%, - 2.4%, and + 0.3% respectively compared to October 28. Since November, these varieties have shown different year - on - year and month - on - month changes. Steel inventories are seasonally decreasing [31]. - **Demand End: Oscillatingly Strong Cement Prices** - On November 4, the national cement price index increased by 0.1% compared to October 28, but prices in the East China and Yangtze River regions decreased. The year - on - year decline in cement prices has widened [32]. - **Demand End: Narrow - Range Oscillation of Glass Prices** - On November 4, the active glass futures contract price was 1,103 yuan/ton, a 0.5% decrease from October 28. Since November, glass prices have shown a month - on - month and year - on - year decline [37]. - **Demand End: Strong Increase in Container Shipping Freight Index** - On October 31, the CCFI index increased by 2.9% and the SCFI index increased by 10.5% compared to October 24. Since October, both indices have shown different year - on - year and month - on - month changes [39]. 2. Inflation: Bottom - Oscillating Pork Price 2.1 CPI: Bottom - Oscillating Pork Price - **Pork Price Bottom - Oscillating** - On November 4, the average wholesale price of pork was 18.0 yuan/kg, a 0.1% decrease from October 28. The supply has increased while the demand is weak, and the month - on - month decline has narrowed [45]. - **Slowing Growth Rate of Agricultural Product Price Index** - On November 4, the agricultural product wholesale price index increased by 0.9% compared to October 28. Different agricultural products showed different price changes. Since November, the index has shown year - on - year and month - on - month increases [51]. 2.2 PPI: Oscillatingly Strong Oil Price - **Oil Price Oscillatingly Strong** - On November 4, the spot prices of Brent and WTI crude oil were 65.5 and 60.6 dollars/barrel respectively, increasing by 1.6% and 0.7% compared to October 28. OPEC's decision to suspend production increase in the first quarter of next year supports the oil price [54]. - **Decline in Copper and Aluminum Prices** - On November 4, the prices of LME 3 - month copper and aluminum decreased by 2.9% and remained flat respectively compared to October 28. Since November, they have shown different year - on - year and month - on - month changes [58]. - **Most Industrial Product Prices Continue to Decline Month - on - Month** - Since November, industrial product prices have shown mixed changes. Most of the year - on - year declines have converged, but the year - on - year declines in cement and glass prices have widened [62].

南玻Ａ（000012.SZ）11月5日在投资者互动平台表示，公司玻璃窑炉使用天然气作为燃料。公司产品不 涉及期货市场。 每经AI快讯，有投资者在投资者互动平台提问：国信永安等机构在期货市场做空玻璃获利超十亿，然 后市场又说很多玻璃企业将配合转换天然气,请问贵司目前是使用烧煤技术还是后期考虑到环保使用天 然气。按目前的跌幅，期货市场将会被打压到600-800。请问贵司有什么对策吗？这样会不会给贵司带 来巨额亏损？ （文章来源：每日经济新闻） ...

Group 1 - The company, Nanbo A, stated on November 5 that its 0.18mm electronic glass products are currently not used in foldable screen smartphones [2]

Core Viewpoint - The company, Nanfang Glass (南玻A), utilizes natural gas as fuel for its glass furnaces and does not engage in the futures market for its products [1] Group 1 - The company confirms the use of natural gas as a fuel source for its glass furnaces [1] - The company's products are not involved in the futures market [1]