Core Points - Hubei Sanxia New Building Materials Co., Ltd. was established as a joint-stock company and registered with the Hubei Provincial Administration for Industry and Commerce, obtaining a business license with a unified social credit code [2] - The company issued 55 million ordinary shares to the public on August 28, 2000, approved by the China Securities Regulatory Commission, and listed on the Shanghai Stock Exchange on September 19, 2000 [2] - The registered capital of the company is RMB 1,160,145,046 [2] Chapter Summaries Chapter 1: General Principles - The company is a permanent joint-stock company [3] - The chairman serves as the legal representative of the company, and upon resignation, a new legal representative must be appointed within 30 days [3] - The company's assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [3] Chapter 2: Business Objectives and Scope - The company's business objective is to focus on economic benefits, capital operation, and asset management to ensure sustainable development and maximize shareholder interests [4] - The business scope includes glass manufacturing, technical glass products manufacturing and sales, non-metallic minerals and products sales, and new material technology research and development [5] Chapter 3: Shares - The company's shares are in the form of stocks, with a total of 1,160,145,046 shares, all of which are ordinary shares [6] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders [6] Chapter 4: Company Party Committee - The company establishes a party organization to conduct activities and ensure compliance with the Communist Party's regulations [10] - The party committee plays a leadership role in major company decisions and ensures alignment with national policies [11] Chapter 5: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, participate in meetings, supervise the company, and request information [15] - The shareholders' meeting is the company's authority body, responsible for electing directors, approving financial reports, and making significant corporate decisions [54]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The sector saw a net capital outflow of 517 million yuan during the week, indicating a cautious market sentiment [1] - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies [2] Summary by Sections Cement Industry Tracking - As of August 15, 2025, the national cement price index is 335.75 yuan/ton, a slight decrease of 0.06% from the previous week [3] - The cement output was 2.608 million tons, down 1.27% week-on-week, with a clinker capacity utilization rate of 51.74%, down 13.01 percentage points [3][16] - The cement industry faces challenges including slowing infrastructure growth, increasing differentiation in housing construction, and intense competition in the civil market [16] Glass Industry Tracking - The average price of float glass is 1235.66 yuan/ton, reflecting a decline of 3.08% from the previous week [3] - Inventory levels for float glass have increased, indicating ongoing supply-demand imbalances [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight fluctuations in demand due to seasonal factors [7] - The report notes a potential recovery in demand for wind power fiberglass as bidding volumes increase [2] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - The report recommends stocks such as Beixin Building Materials and Weixing New Materials for their long-term market share growth potential [9] Carbon Fiber Market - The carbon fiber market is showing signs of slow recovery, with a production rate of 61.49% and an increase in inventory levels [8] - The report emphasizes the importance of monitoring price stabilization in the context of improving economic expectations [2]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The construction materials sector is benefiting from significant infrastructure projects, such as the establishment of the new Tibet Railway Company with a registered capital of 95 billion yuan, which is expected to drive GDP growth by approximately 0.18 percentage points annually [3] - The report highlights key companies in the consumer building materials segment, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high retail business proportion), and Jianlang Hardware [3] - The cement sector is expected to benefit from the National Development and Reform Commission's energy-saving and carbon reduction initiatives, aiming to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3] - The report also notes the positive impact of "equal tariffs" on glass fiber leaders with overseas production bases, enhancing profitability [3] Summary by Sections Market Performance - The construction materials index increased by 2.88% in the week from August 11 to August 15, 2025, outperforming the CSI 300 index by 0.51 percentage points [4][13] - Over the past three months, the CSI 300 index rose by 8.87%, while the construction materials index increased by 16.67%, outperforming the CSI 300 by 7.80 percentage points [4][13] - In the past year, the CSI 300 index increased by 25.61%, and the construction materials index rose by 35.30%, outperforming the CSI 300 by 9.69 percentage points [4][13] Cement Sector - As of August 15, 2025, the average price of P.O42.5 bulk cement in China was 275.14 yuan/ton, reflecting a 0.52% increase from the previous period [6][23] - The cement clinker inventory ratio was 66.18%, down by 1.30 percentage points [6][23] - Regional price variations were noted, with Northeast China seeing a 2.64% increase, while North China experienced a 0.75% decrease [6][23] Glass Sector - The average spot price of float glass as of August 15, 2025, was 1209.38 yuan/ton, down by 3.97% [6][77] - The average price of photovoltaic glass was 116.41 yuan/weight box, reflecting a slight increase of 0.13% [6][85] - National float glass inventory increased by 118 million weight boxes, a rise of 2.15% [6][79] Glass Fiber Sector - The market prices for various types of glass fiber remained stable, with some flexibility in transactions [6][4] - The report indicates that the glass fiber sector is also experiencing positive trends, with specific companies highlighted for their performance [6][4] Consumer Building Materials - The report notes that raw material prices for consumer building materials are maintaining a slight fluctuation trend [6][4] - Key companies in this segment are also tracked for their valuation performance [6][4]

三峡新材（SH 600293，收盘价：3.14元）8月17日晚间发布半年度业绩报告称，2025年上半年营业收入 约6.25亿元，同比减少28.01%；归属于上市公司股东的净利润亏损约2699万元；基本每股收益亏损0.02 元。 （文章来源：每日经济新闻） ...

人民财讯8月17日电，三峡新材（600293）8月17日晚间发布2025年半年度报告，上半年实现营业收入 6.25亿元，同比下降28.01%；归母净利润-2699.3万元，同比由盈转亏；基本每股收益-0.02元。 ...

智通财经APP讯，三峡新材(600293.SH)发布2025年半年度报告，该公司营业收入为6.25亿元，同比减少 28.01%。归属于上市公司股东的净亏损为2699.3万元。归属于上市公司股东的扣除非经常性损益的净亏 损为8062.69万元。基本每股亏损为0.02元。 公告显示，三峡新材下辖全资子公司湖北金晶、金晶玻璃，控股子公司新疆普耀、当玻硅矿，2025年上 半年生产平板玻璃1,229万重箱，产品普通级率91.37%，销售平板玻璃1,085万重箱以上，产销率88.28%; 生产LOW-E镀膜(单、双银)玻璃750万平方米，销售684万平方米，产销率97.44%。2025年上半年实现主 营业务收入6.25亿元，上缴税收1,794万元，生产精砂16.55万吨，尾砂销售收入270万元;深加工业务收 入341万元。 ...

格隆汇8月17日｜三峡新材(600293.SH)发布2025年半年度报告摘要，公司营业收入为6.25亿元，同比下 降28.01%；归属于上市公司股东的净利润为亏损2699.29万元，持续亏损。 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The soda ash market is strongly influenced by capital behavior, with small rumors spreading. Although it shows short - term resistance, its fundamentals are weak, with increasing supply, stable rigid demand, and a trend of inventory accumulation. The glass market has stable daily production, but the actual demand growth rate is limited, and the inventory is increasing. The overall commodity market is dominated by weak reality and strong expectations, with intensified divergence between long and short positions [14][23] - For soda ash, it is expected to fluctuate in the short - term, with attention to logical transformation and event - driven factors. For glass, it is expected to show a weakening trend in the short - term. The report also suggests paying attention to the entry opportunity of going long FG01 and short SA01 [14][23] Group 3: Summary According to the Directory 1. Soda Ash 1.1 Supply - This week, the domestic soda ash production was 761,000 tons, a week - on - week increase of 17,000 tons (2.2%). The production increase was due to the increased load of some devices such as Jiangsu Shilian, Shaanxi Xinghua, etc., and the decrease was due to the maintenance of Inner Mongolia Chemical Industry. It is expected that the weekly production next week will be 780,000 tons, and large - scale maintenance will start in September, but the premium and scale of maintenance are limited [7] - The theoretical profit of ammonia - soda process soda ash in China was 34.40 yuan/ton, a week - on - week decrease of 21.80 yuan/ton. The theoretical profit of dual - ton soda ash by the combined - soda process was 9 yuan/ton, a week - on - week decrease of 59.50 yuan/ton. The cost of anthracite increased slightly, the coal price continued to rise, the soda ash price center moved down, and the profit weakened [7] 1.2 Demand - This week, the apparent demand for soda ash was 733,000 tons, a week - on - week increase of 8.5%. The apparent demand for heavy soda ash was 443,000 tons (a 17.1% increase), and that for light soda ash was 289,000 tons (a 2.5% decrease). The daily output of float glass was stable, and the daily output of photovoltaic glass increased by 1,680 tons, with more kiln restarts recently [10] - Manufacturers are fulfilling previous orders, and the short - term replenishment willingness of middle and downstream enterprises is not strong. The spot price has been reduced, and the market's available spot has increased [10] 1.3 Inventory - Upstream: The total inventory of domestic soda ash manufacturers was 1,894,000 tons, a week - on - week increase of 29,000 tons (1.5%). Among them, the inventory of light soda ash increased by 42,000 tons, and that of heavy soda ash decreased by 14,000 tons [13] - Middle - stream: The social inventory increased by 3.9% to 467,000 tons, and the growth rate of social inventory slowed down. The number of warehouse receipts was 10,192 [13] - Downstream: The soda ash inventory days of some float glass enterprises decreased, while the inventory days including goods to be delivered increased in some cases [13] 1.4 Market Performance and Strategy - The soda ash market showed a strong trend independent of its fundamentals and the black sector, driven by capital behavior. The supply increased, the rigid demand was stable, and the inventory was accumulating. The short - term is expected to fluctuate, and attention should be paid to the entry opportunity of going long FG01 and short SA01. Options should be on the sidelines [14] 2. Glass 2.1 Supply - The daily output of float glass was 159,600 tons, remaining stable week - on - week, with 223 production lines. The weekly average profit of float glass using different fuels decreased [17] - As the futures price fell, the social inventory was released, and some downstream enterprises mainly consumed their own inventory. The supply was sufficient, the upstream inventory increased, and enterprises reduced prices [17] 2.2 Demand - As the futures price fell, the supply from term traders was released, negatively affecting the spot market. Both middle - stream and downstream inventories were relatively sufficient, and the short - term replenishment willingness was not strong. The deep - processing orders did not improve significantly [20] - As of July 31, 2025, the average order days of national deep - processing sample enterprises was 9.55 days, a week - on - week increase of 2.7% and a year - on - year decrease of 1.55%. The deep - processing profit was still low [20] 2.3 Market Performance and Strategy - The glass market showed a fluctuating trend this week, with prices following the soda ash market. The spot price reduction was mainly reflected in the reverse - spread monthly difference. The short - term is expected to fluctuate weakly, and attention should be paid to the entry opportunity of going long FG01 and short SA01. Options should be on the sidelines [23]

Group 1 - Gansu Zhenyi New Materials Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Wang Xin [1] - The company's business scope includes manufacturing and sales of various glass products, including fiberglass, technical glass, daily-use glass, and ordinary glass containers [1] Group 2 - The company also engages in the manufacturing and sales of plastic and rubber products, as well as packaging services [1] - Additional services offered by the company include technical services, development, consulting, and technology transfer [1] - The company operates under general project categories, excluding any projects requiring special permits [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The report provides price, profit, and inventory data for glass and soda ash, as well as their contract prices and spreads, to reflect the market conditions of these two industries [1] Group 3: Glass Market Summary Price - From August 7th to 14th, 2025, the prices of 5mm glass in different regions showed various changes. For example, the price of Wuhan Changli 5mm large - plate decreased by 40.0, while the price of Shahe Great Wall 5mm large - plate increased by 17.0 [1] Contract - FG09 contract price decreased by 23.0 from August 7th to 14th, and FG01 contract price remained unchanged during the same period [1] Spread - FG 9 - 1 spread decreased by 23.0 from August 7th to 14th [1] Basis - 09 Hebei basis decreased by 148.0 from August 7th to 14th [1] Profit - North China coal - fired profit decreased by 14.3 from August 7th to 14th, and South China natural gas profit remained unchanged [1] Sales and Production - The sales - to - production ratios in different regions are as follows: Shahe 98, Hubei 97, East China 95, and South China 96 [2] Group 4: Soda Ash Market Summary Price - From August 7th to 14th, 2025, the prices of heavy and light soda ash in different regions showed different trends. For example, the price of Shahe heavy soda ash increased by 20.0 [1] Contract - SA05 contract price increased by 40.0 from August 7th to 14th, and SA01 contract price increased by 43.0 [1] Spread - SA09 - 01 spread decreased by 16.0 from August 7th to 14th [1] Basis - SA09 Shahe basis decreased by 7.0 from August 7th to 14th [1] Profit - North China ammonia - soda process profit increased by 9.2 from August 7th to 14th, and North China combined - soda process profit increased by 60.3 [1] Inventory - Factory inventory and delivery - warehouse inventory of soda ash continued to accumulate [1]