Group 1 - The company announced the use of idle raised funds to purchase financial products, with a total limit not exceeding RMB 800 million, for a period not exceeding 12 months [1] - On June 4, 2025, the company used RMB 470 million of idle raised funds to purchase a structured deposit product from Industrial and Commercial Bank of China [2] - The structured deposit product matured on September 4, 2025, yielding a return of 2.471%, resulting in a financial gain of RMB 2,927,762.63 [2] Group 2 - The company’s board of directors and all directors guarantee the announcement's content is free from false records, misleading statements, or major omissions [1] - The financial gains from the investment were returned to the raised funds account on September 4 and 5, 2025 [2]

Group 1 - The core idea of the article emphasizes the business philosophy of Cao Dewang, who advocates for a "dumb business" approach, focusing on long-term stability rather than quick profits [33][34] - Cao Dewang's strategy involves not engaging in speculation, avoiding financial leverage, and concentrating solely on glass manufacturing, which has led to the establishment of Fuyao Glass as a global leader in the industry [33][34] - The article highlights the importance of maintaining healthy cash flow, solid technology, and practical management, contrasting this with the trend of pursuing explosive growth seen in other sectors [35][36] Group 2 - The article suggests that true business success comes from creating value for users over time, rather than seeking immediate gains [36] - It promotes the idea of "slow is fast" and "less is more," indicating that a focus on core competencies and customer service can lead to sustainable growth [35] - The upcoming event in Fuzhou aims to share Cao Dewang's business wisdom and philosophy, emphasizing the integration of business principles with personal and spiritual growth [37]

1. Report General Information - Report title: Black Series Weekly Report [2] - Report date: September 5, 2025 [2] - Author: Shi Lei, Research Assistant Shi Zhuoran [2] 2. Report Industry Investment Rating - No industry investment rating is provided in the report. 3. Report Core Views Mid - to - Long - Term - For rebar and iron ore, this week, the market sentiment remained weak at the beginning and middle of the week, with the rebar main contract stabilizing and rebounding on Friday. After the military parade on Wednesday, the impact of production restrictions was coming to an end, and the expectation of upstream and downstream resumption of production increased. The supply and demand of rebar weakened simultaneously this week, and the contraction of steel mill profits formed a negative feedback. Attention should be paid to the recovery of peak - season demand. The global iron ore shipments increased significantly this period, and the daily average hot metal output reached a new low in the past six months. The iron ore futures price was under pressure due to the situation of strong supply and weak demand [65]. - For float glass, the float glass start - up rate increased month - on - month, the weekly output remained stable, and the in - factory inventory accumulated, with cautious market sentiment. For soda ash, the in - factory inventory continued to decline, downstream procurement was mainly for rigid demand, the improvement of the supply - demand fundamentals was limited, and the main contract fluctuated weakly and steadily [69]. Short - Term - For the black series, recently, the main contracts of the black series mainly oscillated within a range. Attention should be paid to the start of demand during the "Golden September and Silver October" period [66]. - For glass and soda ash, the fundamentals improved limitedly this week, and the market continued to consolidate at the bottom [70]. 4. Summary by Related Catalogs Black Series One - Week Market Review | Variety | Futures Closing Price Change | Futures Closing Price Change Rate | Spot Price | Basis (Unconverted) | | ---- | ---- | ---- | ---- | ---- | | Rebar (RB2601) | - 17.0 | - 1% | 3240.0 | 97.0 | | Hot - Rolled Coil (HC2601) | - 6.0 | - 0.2% | 3380.0 | 40.0 | | Iron Ore (I2601) | 2.0 | 0.3% | 790.0 | 0.5 | | Coke (J2601) | 3.5 | 0.2% | 1670.0 | 23.5 | | Coking Coal (JM2601) | 7.5 | 0.7% | 1350.0 | 191.5 | | Glass (FG601) | 7.0 | 0.6% | 1240.0 | 51.0 | | Soda Ash (SA601) | 6.0 | 0.5% | 1283.8 | - 18.3 | [3] Rebar - **Profit**: On September 4, the rebar blast furnace profit was reported at 1 yuan/ton, a decrease of 50 yuan/ton compared to August 28 [7]. - **Supply**: As of September 5, the blast furnace start - up rate was 80.4%, a decrease of 2.8 percentage points; the daily average hot metal output was 228.84 tons, a decrease of 11.29 tons; the rebar output was 218.68 tons, a decrease of 1.88 tons [12]. - **Demand**: In the week of September 5, the apparent consumption of rebar was reported at 202.07 tons, a decrease of 2.14 tons month - on - month; as of September 4, the trading volume of construction steel by mainstream traders was reported at 101,009 tons [17]. - **Inventory**: In the week of September 5, the social inventory of rebar was reported at 468.66 tons, an increase of 14.89 tons month - on - month; the in - factory inventory was reported at 171.34 tons, an increase of 1.72 tons month - on - month [22]. Iron Ore - **Supply**: In the week of August 29, the global iron ore shipments were reported at 3556.8 tons, an increase of 241 tons month - on - month; the arrival volume at 47 ports in the country was reported at 2645 tons, an increase of 182.7 tons month - on - month [27]. - **Inventory**: In the week of September 5, the inventory of imported iron ore at 47 ports in the country was reported at 14425.72 tons, an increase of 37.7 tons month - on - month; the inventory of imported iron ore at 247 steel enterprises was reported at 8939.87 tons, a decrease of 67.32 tons month - on - month [30]. - **Demand**: In the week of September 5, the daily average port clearance volume of imported iron ore at 47 ports in the country was reported at 330.33 tons, a decrease of 3.81 tons month - on - month; as of September 4, the trading volume at major ports in China was reported at 90.5 tons [35]. Float Glass - **Supply**: In the week of September 5, the number of float glass production lines in operation was reported at 225, an increase of 1 compared to the previous week; the weekly output was reported at 1117025 tons, the same as the previous week; as of September 4, the capacity utilization rate of float glass was reported at 79.78%, the same as the previous week; the start - up rate of float glass was reported at 76.01%, an increase of 0.33 percentage points month - on - month [40]. - **Inventory**: In the week of September 5, the in - factory inventory of float glass was reported at 6305.0 million weight boxes, an increase of 48.4 million weight boxes compared to August 29; the available days of in - factory inventory were 26.9 days, an increase of 0.2 days month - on - month [44]. - **Demand**: As of September 1, the order days of glass deep - processing downstream manufacturers were 10.4 days [48]. Soda Ash - **Supply**: In the week of September 5, the capacity utilization rate of soda ash was reported at 86.22%, an increase of 3.75 percentage points compared to the previous week; the output was reported at 75.17 tons, an increase of 3.26 tons compared to the previous week [53]. - **Inventory**: As of September 5, the in - factory inventory of soda ash was reported at 182.21 tons, a decrease of 4.54 tons compared to August 29 [58]. - **Sales Rate**: As of September 5, the sales rate of soda ash was reported at 106.04%, an increase of 0.2 percentage points compared to August 29 [62].

Core Viewpoint - CITIC Heavy Industries has achieved a significant breakthrough in the high-performance photovoltaic glass sector with the launch of its self-cleaning photovoltaic glass product, addressing key maintenance challenges and contributing to the green low-carbon development of the industry [1] Group 1: Technical Innovation and Performance - The self-cleaning photovoltaic glass features a special functional coating that prevents dust and liquid stains from adhering, allowing for easy removal with rainwater or clean water, thus enhancing the cleaning convenience and power generation efficiency compared to traditional photovoltaic glass [2] - The product exhibits superior physical properties, with a pencil hardness of 5H, significantly exceeding the national standard of 3H, and shows no change after 30 cycles of rubber abrasion; the water contact angle is below 5°, close to 0°, outperforming the national standard of less than 10°, demonstrating excellent hydrophilicity [2] - In the adhesive tape test for dirt resistance, the product showed stable performance, validating its reliability and durability [2] Group 2: Application Prospects and Green Development - The research and development of this product was a collaborative effort involving multiple research institutions, focusing on ultra-fine nanomaterials to overcome key process bottlenecks, achieving full control from technical validation to large-scale production [3] - In the context of the "dual carbon" strategy and green low-carbon development, the application prospects for self-cleaning photovoltaic glass are extensive, with potential uses in solar power plants, high-rise building facades, rail transportation, and automotive glass, promoting broader energy-saving and environmental protection practices [3] - CITIC Heavy Industries aims to leverage this launch to continue its commitment to "innovation-driven, green development," optimizing product performance and accelerating the global application and promotion of new material technologies [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Related Catalogs Glass - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of 5mm large - plate glass in some regions showed different trends. For example, the price of 5mm large - plate glass of Shahe Great Wall increased by 11.0 week - on - week and 9.0 day - on - day; FG9 - 1 spread increased by 15.0 week - on - week and 6.0 day - on - day [1]. - **Profit Changes**: During the same period, the profit of North China coal - fired glass increased by 19.5 week - on - week and 9.4 day - on - day; the profit of North China natural gas glass increased by 15.2 week - on - week and 9.0 day - on - day [1]. - **Market Conditions**: The production and sales of glass in Shahe factories were average, with low - price sales of Shahe traders around 1113 and average shipments; the price of factories in Hubei Province was around 1000, with average transactions. The production and sales rates of glass in different regions were: Shahe 97, Hubei 106, East China 86, and South China 99 [1]. Soda Ash - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of heavy soda ash in some regions changed. For example, the price of heavy soda ash in Shahe decreased by 10.0 week - on - week and then increased by 20.0 day - on - day; SA09 - 01 spread increased by 7.0 week - on - week and 1.0 day - on - day [1]. - **Profit Changes**: The profit of North China ammonia - soda process decreased by 12.4 week - on - week and then increased by 0.6 day - on - day [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei delivery warehouses was around 1160, and the price delivered to Shahe was around 1200. The industry showed factory de - stocking and delivery warehouse inventory accumulation, with overall slight de - stocking [1].

Report Industry Investment Rating - Not provided Core Viewpoints - There is a contradiction between macro expectations and industrial logic, and there are temporary differences in far - month pricing without a clear direction [2] - For glass, the mid - upstream inventory is at a high level, the phased restocking ability is weak, and the market is in a state from weak balance to weak surplus. For纯碱, the pattern of strong supply and weak demand remains unchanged [2][3] Summary by Related Catalogs Price Forecast - The monthly price range forecast for glass is 1000 - 1400, with a current 20 - day rolling volatility of 22.99% and a 3 - year historical percentile of 54.2%. For纯碱, the price range is 1100 - 1500, with a volatility of 26.73% and a 3 - year historical percentile of 42.3% [1] Hedging Strategies Glass - For inventory management with high finished - product inventory, sell FG2601 futures at 1450 with a 50% ratio and sell FG601C1420 call options at 50 - 60 with a 50% ratio. For procurement management with low regular inventory, buy FG2601 futures at 1100 - 1150 with a 50% ratio and sell FG601P1100 put options at 40 - 50 with a 50% ratio [1] 纯碱 - For inventory management with high finished - product inventory, sell SA2601 futures at 1550 - 1600 with a 50% ratio and sell SA601C1500 call options at 60 - 70 with a 50% ratio. For procurement management with low regular inventory, buy SA2601 futures at 1200 - 1250 with a 50% ratio and sell SA601P1200 put options at 40 - 50 with a 50% ratio [1] Core Contradictions - There is a contradiction between macro expectations and industrial logic, and there are differences in far - month pricing direction [2] 利多 and 利空 Analysis - **利多**: Cost has an upward expectation affecting far - month pricing, and policy expectations cannot be completely excluded [2] - **利空**: The mid - upstream inventory of glass and 纯碱 is high, and the downstream's ability to absorb is questionable [2] Glass Fundamentals - The mid - upstream inventory is at a high level, and the phased restocking ability is weak. The daily melting volume on the supply side is stable at around 15.9 - 16 tons with a slight upward expectation. The cumulative apparent demand from January to August decreased by 7%, and the spot market is in a state from weak balance to weak surplus [2][3] 纯碱 Fundamentals - The medium - and long - term supply is expected to remain high. The normal maintenance continues, and the commissioning of Yuanxing Phase II is a focus this year. The fundamentals of photovoltaic glass have improved, and the spot price is expected to rise further. The overall rigid demand for 纯碱 is stable, and the supply - demand pattern of strong supply and weak demand remains unchanged [3] Price and Spread Data Glass - On September 5, 2025, the 05 contract price was 1236, the 09 contract price was 950, and the 01 contract price was 1139. The 5 - 9 month - spread was 286, the 9 - 1 month - spread was - 189, and the 1 - 5 month - spread was - 97 [4] 纯碱 - On September 5, 2025, the 05 contract price was 1357, the 09 contract price was 1160, and the 01 contract price was 1277. The 5 - 9 month - spread was 197, the 9 - 1 month - spread was - 117, and the 1 - 5 month - spread was - 80 [6] Spot Price Data Glass - On September 4, 2025, the average price of沙河 glass was 1124, and prices in various regions were mostly stable [5] 纯碱 - On September 4, 2025, the heavy - alkali market prices in different regions were mostly stable, with the price in沙河 rising from 1176 to 1192 [8]

Group 1 - The successful production of the 92.4 square meter ultra-white glass marks a new record for the largest single piece of ultra-white glass produced by Jinjing Technology, surpassing the previous record of 26 meters [1] - The production process of the ultra-white glass involves complex process control and precise technical operations, requiring high stability of the production line and skill levels of the operators [1] - Jinjing Technology has optimized and upgraded its equipment performance through cold modification of the production line, ensuring stable production of large-sized products [1] Group 2 - The new ultra-white glass product has significant applications in high-end sectors such as building curtain walls and solar photovoltaic fields, providing larger product options for these applications [2] - The introduction of larger ultra-white glass products can reduce the number of joints in building curtain walls, enhancing overall aesthetics and structural stability, while also improving construction efficiency and lowering overall costs [2] - Jinjing Technology plans to continue its innovation-driven and quality-first development approach, aiming to provide more technical solutions for the building and energy sectors through ongoing manufacturing process improvements [2]

Core Viewpoint - The core message from Cao Dewang emphasizes the disconnect between the wealthy who own multiple properties and the ordinary people who genuinely need housing, suggesting that the future real estate market will primarily involve transactions among the wealthy [2][5][10]. Group 1: Real Estate Market Dynamics - Cao Dewang points out that the real estate market is increasingly becoming a game where "rich people sell to rich people," leaving ordinary families unable to afford homes [5][8]. - He warns that the current situation resembles "The Emperor's New Clothes," where everyone knows the truth about the market but is afraid to speak out due to potential repercussions on property values [7][10]. - The hidden costs of property ownership, such as maintenance fees, vacancy losses, and potential property taxes, could lead to significant financial burdens for homeowners [7][10]. Group 2: Advice for Ordinary Buyers - For those who have not yet purchased a home, Cao advises to focus on the primary purpose of housing, which is to live in it, rather than viewing it as an investment [10][21]. - He suggests that individuals with multiple properties should consider selling them before the market becomes less favorable for selling [11][21]. - The emphasis is placed on the importance of being cautious and rational in the current real estate environment, as the market may not always provide the expected returns [10][21]. Group 3: Economic Implications - Cao Dewang expresses concern that the excessive focus on real estate is detrimental to the manufacturing sector, which is essential for economic stability [15][21]. - He highlights that high property prices lead to increased rents, making it difficult for businesses to thrive, as they end up paying substantial amounts to landlords [15][21]. - The overall message is a call for a return to valuing manufacturing and practical economic activities over speculative real estate investments [15][21].

Group 1 - The company announced that the second extraordinary general meeting of shareholders for 2025 will be held on September 4, 2025 [2] - The meeting will review and approve the proposal to cancel the supervisory board and amend the company's articles of association [2]

Group 1: Quartz Electronic Fabric Development - In the first half of 2025, the sales revenue of quartz electronic fabric reached 13.12 million yuan, currently in small batch testing and client certification phase [1] - The company is closely monitoring market conditions to plan and build production capacity, but faces uncertainties due to client product iterations and testing [1][2] Group 2: Photomask Substrate Technology - The company is among the few in China engaged in synthetic quartz glass R&D and manufacturing, leading in large-scale production technology [3] - Successfully developed G10.5 generation photomask substrates in 2022, with production capabilities ranging from G4.5 to G10.5 [3] Group 3: Semiconductor Material Localization - The company is advancing technology R&D and process improvements for domestic substitution of quartz glass materials [4] - High-purity synthetic quartz sand project has entered the pilot test phase, with stable production capabilities for black and white quartz and high uniformity synthetic quartz products [4] Group 4: Aerospace Business Progress - The company is one of the few global manufacturers with mass production capabilities for quartz glass fibers, serving as a leading supplier in the aerospace sector [5] - Ongoing development of advanced structural and functional composite materials based on market and client needs [5][6] Group 5: Market Demand and Production Capacity - In the first half of 2025, demand for quartz fibers has rebounded, with multiple high-performance composite material projects successfully developed and one project entering mass production [6]