Core Viewpoint - The company, Hainan Development, has a strong competitive advantage in the glass industry chain, covering deep processing to curtain wall and interior decoration engineering [2] Business Overview - The company's core business includes a comprehensive glass industry chain from deep processing to curtain wall and interior decoration engineering [2] - Hainan Development possesses strong supporting capabilities in both upstream and downstream segments of the industry chain, driven by market needs and vertical expansion [2] - Detailed information on the company's product profitability can be found in the "Management Discussion and Analysis" section of the 2024 annual report and the 2025 semi-annual report [2]

Core Viewpoint - Qibin Group's stock price has shown a positive trend with a year-to-date increase of 15.36%, reflecting strong performance in the glass manufacturing sector [1][2]. Financial Performance - For the first half of 2025, Qibin Group reported operating revenue of 7.393 billion yuan, a year-on-year decrease of 6.55%, while net profit attributable to shareholders increased by 9.77% to 891 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.92 billion yuan, with 1.666 billion yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, the number of shareholders for Qibin Group is 106,200, a slight decrease of 0.17% from the previous period, with an average of 25,259 circulating shares per person, which increased by 0.17% [2]. - The top ten circulating shareholders include notable entities such as Invesco Great Wall New Energy Industry Stock A and Hong Kong Central Clearing Limited, with changes in their holdings noted [3]. Stock Market Activity - On September 4, Qibin Group's stock rose by 2.07%, reaching 6.42 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 0.85% [1]. - The stock has experienced a 25.51% increase over the past 60 days, indicating strong market interest [1].

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/8/27 | 2025/9/2 | | 2025/9/3 周度变化 日度变化 | | | 2025/8/27 | 2025/9/2 | | 2025/9/3 周度变化 日度变化 | | | 沙河重碱 | 1210.0 | 1170.0 | 1180.0 | -30.0 | 10.0 | SA05合 约 | 1375.0 | 1347.0 | 1357.0 | -18.0 | 10.0 | | 华中重碱 | 1200.0 | 1160.0 | 1160.0 | -40.0 | 0.0 | SA01合约 | 1307.0 | 1267.0 | 1276.0 | -31.0 | 9.0 | | 华南重碱 | 1450.0 | 1320.0 | 1320.0 | -130.0 | 0.0 | SA09合约 | 1191.0 | 1152.0 | 1158.0 | -33.0 | 6.0 | | ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | 研究中心能化团队 | | | 2025/9/3 | | 2025/8/26 | | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 2025/8/26 | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1130.0 | 1130.0 | 1130.0 | 0.0 | 0.0 | FG09合约 | 984.0 | 943.0 | 955.0 | -29.0 | 12.0 | | 沙河长城 5mm大板 | 1113.0 | 1104.0 | 1104.0 | -9.0 | 0.0 | FG01合约 | 1173.0 | 1137.0 | 1134.0 | -39.0 | -3.0 | | 沙河5mm大 板低价 | 1113.0 | 1104.0 | 1104.0 | -9.0 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass fundamentals are weak, and it is expected to fluctuate weakly in the short - term. The glass supply has declined to a relatively low level in the same period, and downstream phased restocking has led to the reduction of glass factory inventories, but the sustainability of subsequent inventory reduction is questionable. It is expected that glass will mainly operate in a wide - range shock mode [2][5]. 3. Summary by Directory 3.1 Daily View - The glass production profit has declined, the industry cold - repair has slowed down, and the start - up rate and output have dropped to the lowest level in the same period in history. The downstream deep - processing orders are less than the same period in previous years, and the real estate terminal demand is weak [2]. - The basis of float glass is - 78 yuan, with futures at a premium to the spot [2]. - The inventory of national float glass enterprises is 62.566 million weight boxes, a decrease of 1.64% from the previous week, and the inventory is running above the 5 - year average [2]. - The price is running below the 20 - day line, and the 20 - day line is downward [2]. - The main position is net short, and the short position is decreasing [2]. 3.2 Influencing Factors - **Likely to Rise**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - **Likely to Fall**: The real estate terminal demand is still weak, the number of orders from glass deep - processing enterprises is at a historical low in the same period; the capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original sheet inventory; the market sentiment of "anti - involution" has subsided [4]. 3.3 Glass Futures Market - The closing price of the main contract is 1134 yuan/ton, a decrease of 0.26% from the previous value. The spot price of Shahe Safety large - plate glass is 1056 yuan/ton, unchanged from the previous day. The main basis is - 78 yuan, a decrease of 3.70% from the previous value [6]. 3.4 Glass Spot Market The market price of 5mm white glass large - plate in Hebei Shahe, the spot benchmark, is 1056 yuan/ton, unchanged from the previous day [11]. 3.5 Fundamental Analysis - **Cost**: The glass production profit has declined [2]. - **Supply**: The number of operating float glass production lines in the country is 223, with a start - up rate of 75.49%, and the number of operating production lines is at a historical low in the same period. The daily melting volume of national float glass is 159,600 tons, and the production capacity is at the lowest level in the same period in history and has stabilized and rebounded [21][23]. - **Demand**: In June 2025, the apparent consumption of float glass was 4.634 million tons [27]. - **Inventory**: The inventory of national float glass enterprises is 62.566 million weight boxes, a decrease of 1.64% from the previous week, and the inventory is running above the 5 - year average [42]. - **Supply - Demand Balance Sheet**: The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [43].

Core Viewpoint - Antibacterial glass is an emerging functional glass that not only retains the original functions and decorative effects of glass but also adds the ability to inhibit and kill pathogenic microorganisms, leading to increased demand across various sectors [1][7]. Market Overview - The market size of the antibacterial glass industry in China reached 1.16 billion yuan in 2018 and is projected to grow to 2 billion yuan by 2024, with a compound annual growth rate (CAGR) of 9.5% [1][8]. - In 2020, due to the pandemic, the market size in the medical field increased by 13.3% due to the strong antibacterial capabilities of the glass [1]. Industry Chain - The upstream of the antibacterial glass industry includes raw materials such as quartz sand, soda ash, and nano antibacterial agents, with quartz sand being the core raw material [6]. - The midstream involves the production and manufacturing of antibacterial glass, while the downstream includes application fields such as healthcare, food processing, and construction [6]. Product Characteristics - Antibacterial glass is categorized into different types based on antibacterial mechanisms, including silicon-silver coated, silicon-titanium coated, and silicon-fluorine coated antibacterial glass, each with unique properties [4][5]. Competitive Landscape - The antibacterial glass industry is primarily dominated by foreign companies, with significant market share held by firms like Corning in the U.S. However, domestic companies are gradually increasing their market share through technological advancements [8]. Development Trends - Market demand for antibacterial glass is expected to continue growing, particularly in healthcare, food packaging, and construction sectors, driven by increasing consumer health awareness [10]. - Companies in the antibacterial glass industry are focusing on green and sustainable development, emphasizing the use of eco-friendly materials and reducing energy consumption [11]. - There is a need for companies to explore international markets, especially in Southeast Asia and the Middle East, where there is a rising demand for antibacterial glass products due to public health upgrades and infrastructure development [12].

康宁(GLW.US)一度涨超2%，最高触及68.58美元。消息面上，瑞银将康宁的目标价从65美元上调至84美 元，评级从"中性"上调至"买入"。(格隆汇) ...

| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2025/9/2 | | 玻 璃 | | | | | | | | | | | | | 2025/8/25 2025/8/29 2025/9/1 周度变化 日度变化 | | | | | | | 2025/8/25 | 2025/8/29 | | 2025/9/1 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1143.0 | 1130.0 | 1130.0 | -13.0 | 0.0 | FG09合约 | 999.0 | 996.0 | 943.0 | -56.0 | -53.0 | | 沙河长城 5mm大板 | 1113.0 | 1130.0 | 1104.0 | -9.0 | -26.0 | FG01合约 | 1191.0 | 1182.0 | 1137.0 | -54.0 | -45.0 | | 沙河5mm大 板低价 ...

Group 1 - The company announced a share repurchase plan with a total amount between 100 million and 200 million yuan, with a repurchase price cap of 8.05 yuan per share after the adjustment due to the 2024 equity distribution [1] - The repurchase plan was approved on April 17, 2025, and is set to be executed within 12 months [1] - The repurchased shares will be used for equity incentives or employee stock ownership [1] Group 2 - As of August 31, 2025, the company has repurchased a total of 20,500,000 shares, representing 1.45% of the total share capital, with a total expenditure of approximately 98.99 million yuan [2] - The highest purchase price was 5 yuan per share, and the lowest was 4.58 yuan per share [2] - The repurchase progress aligns with the established share repurchase plan [2] Group 3 - The company will adhere to relevant regulations and make repurchase decisions based on market conditions during the repurchase period [3] - The company commits to timely information disclosure regarding the progress of the share repurchase [3]

Group 1: Key Insights on Luoyang Molybdenum Industry - Luoyang Molybdenum achieved a net profit of 8.671 billion yuan in H1 2025, representing a year-on-year increase of 60.07% [5] - The company's performance exceeded expectations due to production surpassing planned targets across various segments [5] - Prices for copper, cobalt, molybdenum iron, ammonium paratungstate, and monoammonium phosphate all increased during H1 2025 [5] Group 2: Key Insights on Yuntou Holdings - Yuntou Holdings reported revenue of 11.4 billion yuan in H1 2025, a year-on-year growth of 3.59% [5] - The net profit attributable to shareholders was 511 million yuan, up 12.60% year-on-year [5] - In Q2 2025, the company experienced a revenue decline of 5.99% year-on-year, but net profit still grew by 6.94% [5] Group 3: Key Insights on Shandong Pharmaceutical Glass - Shandong Pharmaceutical Glass reported H1 2025 revenue of 2.37 billion yuan, down 8.2% year-on-year [6] - The net profit attributable to shareholders decreased by 21.9% to 370 million yuan [6] - The company plans to distribute a dividend of 0.28 yuan per share, yielding a dividend rate of 1.2% [6] Group 4: Key Insights on TBEA Co., Ltd. - TBEA Co., Ltd. achieved total revenue of 48.401 billion yuan in H1 2025, a year-on-year increase of 1.12% [7] - The net profit attributable to shareholders was 3.184 billion yuan, reflecting a 5.00% increase year-on-year [7] - In Q2 2025, the company reported a slight revenue decrease of 1.03% compared to the previous quarter [7] Group 5: Key Insights on Rongtai Co., Ltd. - Rongtai Co., Ltd. reported total revenue of 1.34 billion yuan in H1 2025, a year-on-year increase of 16.6% [8] - The net profit attributable to shareholders was 98 million yuan, up 13.3% year-on-year [8] - In Q2 2025, the company achieved revenue growth of 6.2% year-on-year [8] Group 6: Key Insights on Shoulv Hotel - Shoulv Hotel reported H1 2025 revenue of 3.661 billion yuan, a decrease of 1.93% year-on-year [9] - The net profit attributable to shareholders increased by 11.08% to 397 million yuan [9] - In Q2 2025, the company experienced a slight revenue growth of 0.42% year-on-year [9] Group 7: Key Insights on Jingxin Pharmaceutical - Jingxin Pharmaceutical reported H1 2025 revenue of 2.017 billion yuan, down 6.20% year-on-year [10] - The net profit attributable to shareholders was 388 million yuan, a decrease of 3.54% [10] - The company’s operating cash flow decreased by 17.48% year-on-year [10]