Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Buyback Progress - The company has approved a share buyback plan for both A-shares and B-shares, with adjustments made to the maximum buyback prices due to the 2024 annual equity distribution [1][2] - As of July 31, 2025, the company has repurchased a total of 33,034,797 A-shares and 14,581,596 B-shares, representing 1.5507% of the total share capital [3] - The total funds spent on repurchasing A-shares amounted to RMB 157,090,412.04, while B-shares totaled HKD 25,988,708.25, equivalent to RMB 23,670,255.59 [3] Contractual Agreement - The company signed a sales agreement for photovoltaic glass with Longi Green Energy Technology Co., Ltd., with an estimated total contract value of approximately RMB 6.5 billion [7] - From July 31, 2020, to July 31, 2025, the company has sold various glass products to Longi, with total sales amounting to RMB 144,097.59 million [8] - The actual performance of the contract has not met the agreed standards due to price increases and market fluctuations, but it will not adversely affect the company's financial performance [9]

Core Viewpoint - The announcement indicates that the company has entered into a sales agreement with a subsidiary of Longi Green Energy, involving the sale of various glass products totaling 1.441 billion yuan (including tax) over a five-year period from July 31, 2020, to July 31, 2025 [1] Group 1 - The company’s wholly-owned subsidiaries, Wujiang South Glass Co., Ltd. and Dongguan South Glass Solar Glass Co., Ltd., are involved in the sales [1] - The products sold include 2.0mm ultra-white float glass backs, 3.2mm tempered coated glass, 2.0mm semi-tempered coated glass, and 2.0mm semi-tempered glazed perforated glass [1] - The total sales amount for these products is 1.441 billion yuan, which reflects a significant business transaction for the company [1]

智通财经APP讯，南玻A(000012.SZ)公告，自2020年7月31日至2025年7月31日，公司全资子公司吴江南 玻玻璃有限公司、东莞南玻太阳能玻璃有限公司向隆基股份子公司销售了包括2.0mm超白浮法玻璃背 板、3.2mm钢化镀膜玻璃、2.0mm半钢化镀膜玻璃及2.0mm半钢化镀釉打孔玻璃等在内的相关产品，上 述产品销售金额合计为14.41亿元(含税)。 ...

Core Viewpoint - Xinyi Glass (00868) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to falling average selling prices of float glass products [1] Financial Performance - Revenue for the period was 9.821 billion RMB, a decrease of 9.74% year-on-year [1] - Shareholders' profit attributable to the company was 1.013 billion RMB, down 59.64% compared to the previous year [1] - Basic earnings per share were 23.25 cents [1] - The company proposed an interim dividend of 12.5 Hong Kong cents per share [1] Revenue Contribution - The decrease in revenue was mainly attributed to a 16.4% reduction in revenue contribution from float glass product sales compared to the first half of 2024 [1]

智通财经APP讯，信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个 月的中期股息每股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)发布截至2025年6月30日止六个月的中期业绩，收益98.21亿元(人民 币，下同)，同比减少9.74%;股东应占溢利10.13亿元，同比减少59.64%;每股基本盈利23.25分;拟派发中 期股息每股12.5港仙。 公告称，收益金额减少主要由于2025年上半年浮法玻璃产品的平均售价持续下跌，因此，浮法玻璃产品 销售贡献的收益较2024年上半年减少16.4%。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The market sentiment is fluctuating, with increased volatility. From a real - world perspective, the near - end warehouse receipt pressure is relatively large, and the market is starting to follow the delivery logic. There is a contradiction between macro - expectations and industrial logic, and the 09 contract is approaching delivery, causing trading to return to reality. There is a possibility of a second round of policy expectation fermentation, but the high inventory in the middle reaches has triggered a negative feedback [2]. 3) Summary by Related Catalogs Glass and Soda Ash Price Forecast - Glass price is predicted to be in the range of 1000 - 1400, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. Soda ash price is forecasted to be between 1100 - 1500, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1]. Glass and Soda Ash Hedging Strategies - **Glass Inventory Management**: For high glass inventory, sell FG2509 futures at 1250 with a 50% hedging ratio and sell FG601C1420 call options at 40 - 50 with a 50% ratio to lock in profits and reduce costs. For low glass inventory, buy FG2601 futures at 1000 with a 50% ratio and sell FG601P1000 put options at 40 - 50 with a 50% ratio to lock in procurement costs [1]. - **Soda Ash Inventory Management**: For high soda ash inventory, sell SA2509 futures at 1400 with a 50% hedging ratio and sell SA601C1500 call options at 50 - 60 with a 50% ratio. For low soda ash inventory, buy SA2601 futures at 1200 - 1250 with a 50% ratio and sell SA601P1200 put options at 50 - 60 with a 50% ratio [1]. Glass and Soda Ash Market Data - **Glass Futures**: On August 1, 2025, the glass 05 contract was at 1295 (down 0.23% from the previous day), the 09 contract was at 1102 (down 1.34%), and the 01 contract was at 1224 (unchanged). The (5 - 9) month - spread was 193 (up 12), the (9 - 1) month - spread was - 122 (down 15), and the (1 - 5) month - spread was - 71 (up 3) [6]. - **Glass Spot**: The average price of glass in the Shahe area on August 1, 2025, was 1248, down 19.4 from the previous day. Prices in most regions decreased slightly [7]. - **Soda Ash Futures**: On August 1, 2025, the soda ash 05 contract was at 1379 (up 0.07% from the previous day), the 09 contract was at 1256 (up 0.72%), and the 01 contract was at 1333 (up 0.6%). The (5 - 9) month - spread was 123 (down 8), the (9 - 1) month - spread was - 77 (up 1), and the (1 - 5) month - spread was - 46 (up 7) [8]. - **Soda Ash Spot**: The heavy - alkali and light - alkali market prices in most regions remained unchanged on August 1, 2025. The heavy - alkali price in Shahe was 1246, down 1 from the previous day [9].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a decline of 1.01% as of August 1, 2025, with mixed performance among constituent stocks [1] Group 1: Market Performance - China Telecom (00728) led the gains with an increase of 1.65%, while China Petroleum & Chemical Corporation (00386) saw the largest decline at 5.65% [1] - The Bosera Hang Seng High Dividend ETF (513690) decreased by 1.12%, with the latest price at 1.06 yuan, but has risen by 3.28% over the past two weeks as of July 31, 2025 [1][2] - Southbound funds recorded a net purchase of 131.26 billion HKD in Hong Kong stocks on July 31, with a cumulative net inflow of 1,356.48 billion HKD for July, marking a historical high for the year [1] Group 2: Fund Performance - The Bosera Hang Seng High Dividend ETF has a current scale of 48.20 billion yuan, with a net inflow of 4.57 billion yuan over the last 23 trading days [2] - The ETF's financing buy-in amount reached 630.26 million yuan, with a financing balance of 1,044.09 million yuan [2] - The ETF has achieved a net value increase of 41.43% over the past three years, ranking 150 out of 1,829 index equity funds [2] Group 3: Risk and Return Metrics - The ETF's Sharpe ratio for the past year is 1.97, indicating a favorable risk-adjusted return [3] - As of July 31, 2025, the ETF has a year-to-date relative drawdown of 0.39%, with a recovery period of 37 days [3] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [3] Group 4: Index Composition - The HSSCHKY Index aims to reflect the performance of high dividend securities listed in Hong Kong that can be traded through the Stock Connect [4] - The top ten weighted stocks in the index account for 29.19% of the total index, including Yanzhou Coal Mining Company (01171) and Hang Lung Properties (00101) [4]

| | | | | | 玻璃纯碱早报 | | | 研究中心能化团队 | | | 2025/8/1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | | | | | | 2025/7/24 | | 2025/7/30 | | 2025/7/31 周度变化 日度变化 | | | 2025/7/24 | 2025/7/30 | | 2025/7/31 周度变化 日度变化 | | | 沙河安全 | 1250.0 5mm大 板 | 1301.0 | 1284.0 | 34.0 | -17.0 | FG09合约 | 1307.0 | 1191.0 | 1117.0 | -190.0 | -74.0 | | 沙河长城 | 1258.0 5mm大板 | 1233.0 | 1233.0 | -25.0 | 0.0 | FG01合约 | 1402.0 | 1320.0 | 1224.0 | -178.0 | -96.0 | | 沙河5mm大 | 1241.0 板低价 | 1233.0 ...