Core Viewpoint - The Shanghai Yaopi Glass Group Co., Ltd. is set to hold a half-year performance briefing on October 20, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Performance Briefing Details - The performance briefing will take place on October 20, 2025, from 10:00 to 11:00 AM [5]. - The event will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from October 13 to October 17, 2025, through the Roadshow Center website or via the company's email [6]. Group 2: Project Update - The company announced that its wholly-owned subsidiary, Dalian Yaopi Glass Co., Ltd., successfully ignited its energy-saving upgrade and automation transformation project on October 10, 2025 [9][10]. - This project aims to enhance product quality, production line automation, and environmental benefits, aligning with the company's goals of high-end manufacturing and technological innovation [10][11]. - The upgrade will enable the production of high-performance glass products that meet the diverse needs of sectors such as photovoltaics, automotive, and industrial applications [11][12].

Core Insights - The Abu Dhabi Khalifa Economic Zone announced that China Southern Glass Group plans to invest 300 million dirhams to build its first overseas smart manufacturing plant in the Musaffah Industrial Area (ICAD-1) [1] - The project is expected to create 400 professional and technical jobs, supporting Abu Dhabi's industrial growth and economic diversification strategy [1] - The factory is projected to produce over 5 million square meters of coated glass, laminated glass, and hollow glass annually, serving markets in the UAE, Gulf countries, Europe, Africa, and the United States [1] - The new plant is scheduled to commence production by the end of 2026 [1]

1. Glass Report 1.1 Report Industry Investment Rating No relevant information provided. 1.2 Core Viewpoints - In September, the spot glass market operated steadily. Traditional peak - season demand warmed up slightly, and inventory decreased. The policy signal of banning new capacity boosted market sentiment, leading to price hikes and increased sales - to - production ratios. However, real - estate data showed a downward trend in housing sales, and glass demand was unlikely to improve significantly. In October, supply fluctuations are expected to be limited, and the market will focus on capacity elimination policies. It is recommended to operate with caution [12][13]. 1.3 Summary by Directory 1.3.1 Monthly Assessment and Strategy Recommendation - As of September 30, 2025, the spot price of float glass was 1220 yuan/ton, up 70 yuan/ton month - on - month; the closing price of the main glass contract was 1228 yuan/ton, up 29 yuan/ton month - on - month; the basis was - 8 yuan/ton, up 41 yuan/ton week - on - week. - The weekly average profit of producing float glass with natural gas was - 151.27 yuan/ton, up 13.57 yuan/ton; with coal was 95.07 yuan/ton, up 1.04 yuan/ton; with petroleum coke was 61.37 yuan/ton, up 20 yuan/ton. - The weekly output of national float glass was 112.42 tons, up 0.3 tons month - on - month, with 225 production lines in operation (unchanged), and the operating rate was 76.01%. - The downstream deep - processing orders of float glass were 10.5 tons, up 0.10 days; the operating rate of Low - e glass was 47.10%, down 1.00%. In 2024 from January to August, the cumulative sales area of commercial housing was 57303.92 million square meters, down 4.70% year - on - year; in August, it was 5744.15 million square meters, down 10.98% year - on - year. In August, automobile production and sales were 281.54/285.66 million vehicles, up 12.96%/16.44% year - on - year; from January to August, cumulative production and sales were 2105.10/2112.80 million vehicles. - The national float glass factory inventory was 5935.5 million heavy boxes, down 155.3 million heavy boxes; the inventory in the Shahe area was 296.4 million heavy boxes, down 8.08 million heavy boxes [12]. 1.3.2 Futures and Spot Market - As of September 30, 2025, the basis was - 8 yuan/ton, up 41 yuan/ton week - on - week. The 01 - 05 spread was - 118 yuan/ton (+9), the 05 - 09 spread was - 73 yuan/ton (- 7), the 09 - 01 spread was 191 yuan/ton (- 2), and the open interest was 1.7939 million lots [17][20]. 1.3.3 Profit and Cost - The weekly average profit of producing float glass with natural gas was - 151.27 yuan/ton, up 13.57 yuan/ton; the low - end price of Henan LNG was 4000 yuan/ton, up 90 yuan/ton. The weekly average profit with coal was 95.07 yuan/ton, up 1.04 yuan/ton; with petroleum coke was 61.37 yuan/ton, up 20 yuan/ton [26][29]. 1.3.4 Supply and Demand - As of September 30, 2025, the weekly output of float glass was 112.42 tons, up 0.3 tons month - on - month, with 225 production lines in operation (unchanged), and the operating rate was 76.01%. The downstream deep - processing orders of float glass were 10.5 tons, up 0.10 days; the operating rate of Low - e glass was 47.10%, down 1.00%. In 2024 from January to August, the cumulative sales area of commercial housing was 57303.92 million square meters, down 4.70% year - on - year; in August, it was 5744.15 million square meters, down 10.98% year - on - year. In August, automobile production and sales were 281.54/285.66 million vehicles, up 12.96%/16.44% year - on - year; from January to August, cumulative production and sales were 2105.10/2112.80 million vehicles [12][33][36]. 1.3.5 Inventory - As of September 30, 2025, the national float glass factory inventory was 5935.5 million heavy boxes, down 155.3 million heavy boxes; the inventory in the Shahe area was 296.4 million heavy boxes, down 8.08 million heavy boxes [46]. 2. Soda Ash Report 2.1 Report Industry Investment Rating No relevant information provided. 2.2 Core Viewpoints - In September, the domestic soda ash market showed a weak and volatile pattern, lacking strong drivers. At the beginning of the month, the market was weak; in the middle, supply shrank due to short - term shutdowns and pre - holiday stocking, and market sentiment improved. At the end of the month, supply became more abundant, and demand weakened, but low inventory and pending orders supported prices. In October, supply is expected to remain abundant, and manufacturers will focus on reducing inventory. The market is expected to be volatile and weak [56][57]. 2.3 Summary by Directory 2.3.1 Monthly Assessment and Strategy Recommendation - As of September 30, 2025, the spot price of heavy soda ash in Shahe was 1188 yuan/ton, up 5 yuan/ton month - on - month; the closing price of the main glass contract was 1278 yuan/ton, down 15 yuan/ton month - on - month; the basis was - 90 yuan/ton, unchanged week - on - week. - The weekly average profit of the ammonia - soda process was - 97.2 yuan/ton, down 0.45 yuan/ton; the weekly average profit of the combined - soda process was - 115.5 yuan/ton, down 7 yuan/ton. The price of steam coal at Qinhuangdao Port was 706 yuan/ton, down 3 yuan/ton; the low - end price of Henan LNG was 4000 yuan/ton, up 90 yuan/ton. The price of raw salt in the northwest was 205 yuan/ton, down 50 yuan/ton; the price of synthetic ammonia in Shandong was 2170 yuan/ton, down 50 yuan/ton. - The weekly output of soda ash was 77.69 tons, up 3.12 tons month - on - month, with a capacity utilization rate of 89.12%. The output of heavy soda ash was 43.01 tons, up 1.24 tons month - on - month; the output of light soda ash was 34.68 tons, up 1.88 tons month - on - month. - As of September 27, 2025, the weekly output of float glass was 112.42 tons, up 0.3 tons month - on - month, with 225 production lines in operation (unchanged), and the operating rate was 76.01%. The apparent consumption of soda ash in August was 3.1 million tons. - The factory inventory of soda ash was 1.6515 million tons, down 0.1041 million tons; the available inventory days were 13.69 days, down 0.87 days. The heavy - soda ash factory inventory was 92.24 tons, down 8.37 tons; the light - soda ash factory inventory was 72.91 tons, down 2.04 tons [56]. 2.3.2 Futures and Spot Market - As of September 30, 2025, the basis was - 90 yuan/ton, unchanged week - on - week. The 01 - 05 spread was - 89 yuan/ton (+1), the 05 - 09 spread was - 61 yuan/ton (- 11), the 09 - 01 spread was 150 yuan/ton (+10), and the open interest was 1.7939 million lots [61][64]. 2.3.3 Profit and Cost - The weekly average profit of the ammonia - soda process was - 97.2 yuan/ton, down 0.45 yuan/ton; the weekly average profit of the combined - soda process was - 115.5 yuan/ton, down 7 yuan/ton. The price of steam coal at Qinhuangdao Port was 706 yuan/ton, down 3 yuan/ton; the low - end price of Henan LNG was 4000 yuan/ton, up 90 yuan/ton. The price of raw salt in the northwest was 205 yuan/ton, down 50 yuan/ton; the price of synthetic ammonia in Shandong was 2170 yuan/ton, down 50 yuan/ton [71][74][77]. 2.3.4 Supply and Demand - As of September 30, 2025, the weekly output of soda ash was 77.69 tons, up 3.12 tons month - on - month, with a capacity utilization rate of 89.12%. The output of heavy soda ash was 43.01 tons, up 1.24 tons month - on - month; the output of light soda ash was 34.68 tons, up 1.88 tons month - on - month. As of September 30, 2025, the weekly output of float glass was 112.42 tons, up 0.3 tons month - on - month, with 225 production lines in operation (unchanged), and the operating rate was 76.01%. The apparent consumption of soda ash in August was 3.1 million tons [81][84][87]. 2.3.5 Inventory - As of September 30, 2025, the factory inventory of soda ash was 1.6515 million tons, down 0.1041 million tons; the available inventory days were 13.69 days, down 0.87 days. The heavy - soda ash factory inventory was 92.24 tons, down 8.37 tons; the light - soda ash factory inventory was 72.91 tons, down 2.04 tons [91][94].

- The report utilizes a methodology from the industry rotation series to track the configuration signals and business indicators of various industries, including coal, livestock farming, steel, structural materials, and fuel refining industries [9] Quantitative Models and Construction Methods Coal Industry Model - **Model Name**: Coal Industry Profit and Revenue Growth Estimation Model - **Model Construction Idea**: The model estimates monthly revenue and profit growth of the coal industry based on the changes in price and production capacity factors [10] - **Model Construction Process**: - The long-term contract mechanism for thermal coal determines the sales price for the next month based on the price index of the last month - Monthly revenue and profit growth are estimated using the year-on-year changes in price factors and production capacity factors [10] - **Model Evaluation**: The model predicts that the coal industry profit for October 2025 will continue to decline year-on-year due to coal prices being lower than the same period last year [14] Livestock Farming Model - **Model Name**: Livestock Supply and Demand Gap Estimation Model - **Model Construction Idea**: The model uses the relationship between the number of breeding sows and the quarterly pig slaughter rate to estimate the supply-demand gap for pigs six months later [15] - **Model Construction Process**: - The model assumes a stable proportional relationship between quarterly pig slaughter and the number of breeding sows six months prior - Formula: $ \text{Slaughter Coefficient} = \frac{\text{Quarterly Pig Slaughter}}{\text{Breeding Sow Inventory (lagged 6 months)}} $ [15] - Potential production capacity after 6 months is calculated as: $ \text{Potential Production Capacity (6 months later)} = \text{Breeding Sow Inventory (current month)} \times \text{Slaughter Coefficient (6 months prior)} $ [16] - Potential demand after 6 months is calculated as: $ \text{Potential Demand (6 months later)} = \text{Quarterly Pig Slaughter (6 months prior)} $ [16] - **Model Evaluation**: Historical experience shows that the slaughter coefficient method effectively identifies pig price upward cycles [16] Steel Industry Model - **Model Name**: Steel Industry Profit and Unit Profit Estimation Model - **Model Construction Idea**: The model predicts monthly profit growth and calculates unit profit for the steel industry by considering comprehensive steel prices and cost indicators such as iron ore, coke, pulverized coal, and scrap steel [18] - **Model Construction Process**: - Comprehensive steel prices and cost indicators are used to predict monthly profit growth - Unit profit is calculated based on the difference between steel prices and costs [18] - **Model Evaluation**: The model predicts that the steel industry profit for September 2025 will grow year-on-year, but the PMI rolling 12-month average remains flat, maintaining a neutral configuration viewpoint [23] Structural Materials and Building Engineering Model - **Model Name**: Glass and Cement Industry Profit Tracking Model - **Model Construction Idea**: The model tracks profitability changes in the glass and cement manufacturing industries using price and cost indicators, and designs configuration signals based on profitability changes [25] - **Model Construction Process**: - Price and cost indicators are used to track profitability changes - Configuration signals are designed based on profitability changes [25] - **Model Evaluation**: - Glass industry profit turned positive year-on-year in September 2025, leading to an upgrade to a positive configuration signal [30] - Cement industry profit remained flat year-on-year, and no positive signals were observed in new housing starts, maintaining a neutral configuration viewpoint [30] Fuel Refining and Oil Services Model - **Model Name**: Fuel Refining and Oil Services Profit and Configuration Signal Model - **Model Construction Idea**: The model estimates industry profit growth and cracking spreads based on changes in refined fuel prices and crude oil prices, and designs configuration signals based on oil prices, cracking spreads, and new drilling changes [31] - **Model Construction Process**: - Refined fuel price changes and crude oil price changes are used to estimate industry profit growth and cracking spreads - Configuration signals are designed based on oil prices, cracking spreads, and new drilling changes [31] - **Model Evaluation**: - The model predicts that the fuel refining industry profit for September 2025 will grow year-on-year due to lower inventory costs from recent low oil prices [31] - Observations show that oil prices in September 2025 were lower than the same period last year, maintaining a neutral configuration viewpoint for the fuel refining and oil services industries [37][38] Model Backtesting Results Coal Industry Model - **Profit Growth**: Predicted to continue declining year-on-year in October 2025 due to lower coal prices compared to the same period last year [14] Livestock Farming Model - **Breeding Sow Inventory**: 4,038 million heads as of August 2025, slightly decreased month-on-month [17] - **Potential Production Capacity (26Q1)**: 19,361 million heads [17] - **Potential Demand (26Q1)**: 19,476 million heads [17] - **Supply-Demand Balance**: Slightly tight [17] Steel Industry Model - **Profit Growth**: Predicted to grow year-on-year in September 2025 [23] - **PMI Rolling Average**: Remained flat for 12 months, not exceeding the threshold [23] Structural Materials and Building Engineering Model - **Glass Industry Profitability**: Turned positive year-on-year in September 2025 [30] - **Cement Industry Profitability**: Remained flat year-on-year in September 2025 [30] - **Manufacturing PMI Rolling Average**: Remained flat for 12 months [30] - **Housing Sales Area**: Observed a year-on-year decline in August 2025 [30] Fuel Refining and Oil Services Model - **Fuel Refining Industry Profitability**: Predicted to grow year-on-year in September 2025 due to lower inventory costs [31] - **Oil Price**: Observed to be lower than the same period last year in September 2025 [37] - **New Drilling Activity**: No significant year-on-year changes observed in the US [38]

Core Viewpoint - Xinyi Glass (00868) announced a plan to issue 32.9188 million shares as a scrip dividend on October 10, 2025, based on the interim dividend for the six months ending June 30, 2025 [1] Summary by Category - **Company Announcement** - Xinyi Glass will issue 32.9188 million shares as part of its scrip dividend plan [1]

Core Viewpoint - The company has successfully completed the energy-saving upgrade and automation transformation of its float glass production line, which is expected to enhance product quality, production automation, and environmental benefits [1] Group 1: Project Details - The energy-saving upgrade and automation transformation project at Dalian Yaopi was initiated on June 23, 2025, and successfully ignited on October 10, 2025 [1] - The project aims to achieve dual goals of "line renewal + high-end manufacturing" by upgrading core equipment and enhancing production line automation [1] Group 2: Product and Market Impact - The upgrade will enhance the manufacturing capability of TCO glass for perovskite and cadmium telluride thin-film solar cells, shifting the product structure towards high value-added and high-tech content [1] - The company will produce more high-performance glass products to meet the diverse and high-quality demands of sectors such as photovoltaics, solar thermal, automotive, and industrial applications [1] Group 3: Strategic Goals - The project supports the company's strategy to build a new production capacity system centered on "technological innovation + green intelligent manufacturing" [1] - This initiative will solidify the company's core competitiveness in the high-end glass sector [1]

Core Viewpoint - The announcement by Yao Pi Glass indicates the successful ignition of its subsidiary Dalian Yao Pi's energy-saving upgrade and automation transformation project for float glass production lines, set to enhance production capabilities and product quality in high-value sectors [1] Group 1: Project Details - The project was successfully ignited on October 10, 2025, marking a significant milestone for Dalian Yao Pi [1] - The project aims to achieve dual goals of "line renewal and high-end manufacturing" [1] Group 2: Technological Advancements - The core equipment, specifically the melting furnace technology, will be upgraded to improve production efficiency [1] - The production line's automation level will be enhanced, leading to increased operational efficiency [1] Group 3: Product Development - The upgrade will enhance the manufacturing capability of TCO glass for perovskite and cadmium telluride thin-film solar cells [1] - The product structure will shift towards high value-added and high-tech content, producing more high-performance glass products [1] - The new products will cater to the demands of photovoltaic, solar thermal, automotive, and industrial sectors [1]

耀皮玻璃公告，全资子公司大连耀皮玻璃有限公司熔窑节能升级及浮法玻璃生产线自动化改造项目于 2025年10月10日成功点火。该项目于2025年6月23日停产实施升级改造，旨在提升产品质量、生产线自 动化水平和环保效益。项目正式投产后，将实现"产线焕新+高端制造"双重目标，推动产品结构向高附 加值、高技术含量方向跃升，生产更多符合光伏、光热、汽车及工业等领域需求的高性能玻璃产品。 ...

Group 1 - The core point of the news is that Yao Pi Glass experienced a stock price increase of 7.59%, reaching 7.65 CNY per share, with a total market capitalization of 7.152 billion CNY [1] - Yao Pi Glass specializes in the production and sale of various types of glass, with its main revenue sources being automotive processing glass (38.72%), building processing glass (35.22%), float glass (32.77%), and other products (1.70%) [1] - The company is located in the China (Shanghai) Pilot Free Trade Zone and was established on November 23, 1993, with its listing date on January 28, 1994 [1] Group 2 - Among the top circulating shareholders of Yao Pi Glass, a fund under Huatai-PineBridge ranked as a significant holder, while the China Securities Shanghai State-Owned Enterprises ETF (510810) reduced its holdings by 311,700 shares, now holding 2.8038 million shares, which is 0.3% of the circulating shares [2] - The China Securities Shanghai State-Owned Enterprises ETF (510810) was established on July 28, 2016, with a current scale of 7.942 billion CNY, achieving a year-to-date return of 11.94% and a one-year return of 23.71% [2] - The fund manager of the China Securities Shanghai State-Owned Enterprises ETF is Wu Zhenxiang, who has a cumulative tenure of 15 years and 251 days, with the fund's total asset size at 19.181 billion CNY [3]

Core Viewpoint - Linuo Pharmaceutical Packaging Co., Ltd. has experienced fluctuations in financing and stock performance, with a notable decrease in revenue and net profit in the first half of 2025 [1][2]. Financing and Stock Performance - On October 9, Linuo Pharmaceutical's stock rose by 0.29%, with a trading volume of 64.94 million yuan [1]. - The financing buy-in amount for Linuo Pharmaceutical on the same day was 7.58 million yuan, while the financing repayment was 13.31 million yuan, resulting in a net financing outflow of 5.72 million yuan [1]. - As of October 9, the total financing and securities lending balance for Linuo Pharmaceutical was 161 million yuan, accounting for 3.90% of its market capitalization, indicating a high level compared to the past year [1]. Company Overview - Linuo Pharmaceutical, established on March 1, 2002, and listed on November 11, 2021, is located in Shandong Province, China [1]. - The company specializes in the research, production, and sales of specialty glass, focusing on the development and application of borosilicate glass [1]. - The revenue composition of Linuo Pharmaceutical includes heat-resistant glass (57.02%), pharmaceutical glass (40.74%), and other material sales (2.24%) [1]. Financial Performance - As of June 30, 2025, Linuo Pharmaceutical had 11,100 shareholders, an increase of 17.08% from the previous period [2]. - The company reported a revenue of 499 million yuan for the first half of 2025, a year-on-year decrease of 11.07%, and a net profit attributable to shareholders of 40.97 million yuan, down 20.12% year-on-year [2]. - Since its A-share listing, Linuo Pharmaceutical has distributed a total of 139 million yuan in dividends, with 92.18 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Linuo Pharmaceutical, Guotai Junan's value advantage flexible allocation mixed fund held 5.90 million shares, a decrease of 1.55 million shares from the previous period [2]. - Guotai Junan's innovative growth mixed fund held 2.87 million shares, down by 530,000 shares, while Guotai Junan's pharmaceutical health stock A fund entered as a new shareholder with 2.79 million shares [2].