Core Viewpoint - The company, Shandong Pharmaceutical Glass Co., Ltd., is utilizing idle raised funds to invest in wealth management products to enhance the efficiency of fund usage and generate additional returns for the company and its shareholders [3][11]. Group 1: Investment Overview - The company has entrusted China Bank with a total of RMB 14,280 million and RMB 13,720 million for wealth management products [1]. - The investment products are structured deposits with terms of 85 days and 86 days [7]. - The company has already used RMB 75,000 million of raised funds for wealth management products, remaining within the authorized limit set by the shareholders' meeting [4]. Group 2: Purpose and Source of Funds - The purpose of the investment is to improve the efficiency of idle raised funds while ensuring the safety and liquidity of the funds [3]. - The source of funds for this investment is the company's idle raised funds [5]. Group 3: Impact on Fund Projects - The investment in wealth management products will not affect the implementation progress of the fundraising projects and will not change the intended use of the raised funds [7][11]. - This investment is expected to enhance the efficiency of fund usage and provide returns for the company and its shareholders, particularly benefiting minority shareholders [11]. Group 4: Decision-Making Process - The decision to use idle raised funds for wealth management products was approved in meetings held on April 23, 2025, and May 16, 2025 [11]. - The company has been authorized to use up to RMB 800 million of idle raised funds for safe and liquid wealth management products with a maturity of no more than 12 months [11].

Core Viewpoint - Nanfang Glass Group announced the latest progress on its share repurchase plan, detailing the adjustments in repurchase prices and the current status of shares repurchased as of August 31, 2025 [1][2][3]. Summary by Sections Share Repurchase Overview - The company held meetings on February 13 and March 4, 2025, to approve the repurchase of A-shares and B-shares, with a repurchase report prepared [2]. - The maximum repurchase price for A-shares was adjusted from 7.6 RMB to 7.53 RMB per share, with an expected repurchase quantity between 44.44 million and 76.58 million shares. For B-shares, the price was adjusted from 3.13 HKD to 3.05 HKD, with an expected quantity between 22.14 million and 38.53 million shares [2]. Progress as of August 31, 2025 - As of August 31, 2025, the company repurchased a total of 35,533,160 A-shares and 18,215,496 B-shares, representing 1.7504% of the total share capital [3]. - The highest and lowest transaction prices for A-shares were 5.04 RMB and 4.54 RMB, respectively, with a total expenditure of approximately 169 million RMB [3]. - For B-shares, the highest and lowest transaction prices were 1.94 HKD and 1.65 HKD, with a total expenditure of approximately 32.84 million HKD, equivalent to about 29.93 million RMB [3]. Compliance and Regulations - The company confirmed that the timing, quantity, and pricing of the share repurchase comply with relevant regulations, ensuring no major impacts on trading prices occurred during significant events [4]. - Nanfang Glass Group committed to adhering to regulations and will make repurchase decisions based on market conditions while fulfilling disclosure obligations [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current profit of float glass enterprises is relatively stable, and the daily melting volume is also stable. This week, a float production line started production, so the output may increase slightly. The terminal demand for float glass remains weak. The overall shipment in the East China market is acceptable, and the inventory has decreased month - on - month. Some enterprises promoted sales by increasing prices during the week, driving production and sales. The downstream replenished goods in moderation, but most purchases were for rigid demand. It is expected that the glass price will fluctuate in the near future, and the upper pressure on the 01 contract is at the 1200 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [2][23]. 3. Summary by Directory Chapter 1: Market Review - The weekly average spot price of the domestic float glass market was 1150 yuan/ton, a decrease of 3.88 yuan/ton from the previous period. In the North China market, the overall operation was mediocre, with some manufacturers slightly reducing prices or offering certain preferential policies, and the shipment situation varied. In the East China market, the spot price showed mixed trends. Some enterprises loosened prices at the beginning of the week to relieve shipment pressure, while some low - priced enterprises promoted sales by increasing prices, and the production and sales improved significantly [8]. Chapter 2: Price Influence Factor Analysis 2.1 Supply - Demand Analysis - **Supply - side**: As of August 28, the average operating rate of the float glass industry was 75.48%, a month - on - month increase of 0.14 percentage points; the average capacity utilization rate was 79.78%, flat month - on - month. A float production line started production this week, and the output may increase slightly. The weekly average profit of float glass using natural gas as fuel was - 188.41 yuan/ton, an increase of 4.43 yuan/ton month - on - month; the weekly average profit of float glass using coal - made gas as fuel was 109.46 yuan/ton, an increase of 7.91 yuan/ton month - on - month; the weekly average profit of float glass using petroleum coke as fuel was 25.66 yuan/ton, a decrease of 9.86 yuan/ton month - on - month [12]. - **Demand - side**: As of August 15, 2025, the average order days of national deep - processing sample enterprises was 9.65 days, a month - on - month increase of 1.0% and a year - on - year decrease of 1.53%. The terminal demand for float glass remains weak. From January to July 2025, the cumulative real - estate completion area was 250340,000 square meters, a year - on - year decrease of 16.5%. In July 2025, the inventory warning index of Chinese automobile dealers was 57.2%, a year - on - year decrease of 2.2 percentage points and a month - on - month increase of 0.6 percentage points. The inventory warning index was above the boom - bust line, indicating a decline in the prosperity of the automobile circulation industry. The manufacturing PMI in August was 49.4%, an increase of 0.1 percentage point from the previous month, showing an improvement in the manufacturing prosperity level [14]. - **Inventory**: As of August 28, 2025, the total inventory of national float glass sample enterprises was 62.566 million heavy boxes, a month - on - month decrease of 1.04 million heavy boxes, a month - on - month decrease of 1.63% and a year - on - year decrease of 11.31%. The inventory days were 26.7 days, a decrease of 0.5 days from the previous period. The overall shipment in the North China market was average, and the inventory increased slightly month - on - month. The overall shipment in the East China market was acceptable, and the inventory decreased month - on - month [17]. 2.2 Position Analysis - As of August 29, the long positions of the top 20 members in glass futures were 750,795, a decrease of 33,442, and the short positions were 948,565, a decrease of 32,202. The net positions of the top 20 members were bearish [20]. Chapter 3: Market Outlook and Investment Strategy - The current profit of float glass enterprises is relatively stable, and the daily melting volume is stable. This week, a float production line started production, so the output may increase slightly. The terminal demand for float glass remains weak. The overall shipment in the East China market is acceptable, and the inventory has decreased month - on - month. Some enterprises promoted sales by increasing prices during the week, driving production and sales. The downstream replenished goods in moderation, but most purchases were for rigid demand. It is expected that the glass price will fluctuate in the near future, and the upper pressure on the 01 contract is at the 1200 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [23].

Quantitative Models and Construction Methods 1. Model Name: Coal Industry Profit Forecast Model - **Model Construction Idea**: The model estimates monthly revenue and profit growth rates for the coal industry based on changes in price and capacity factors[10][15] - **Model Construction Process**: 1. The pricing mechanism is determined by the last price index of the previous month, which sets the sales price for the next month[10] 2. The model uses year-on-year changes in price factors and capacity factors to estimate revenue and profit growth rates on a monthly basis[10] - **Model Evaluation**: The model provides a systematic approach to track and predict industry profitability trends, but it is sensitive to price fluctuations and external shocks[15] 2. Model Name: Hog Supply-Demand Gap Estimation Model - **Model Construction Idea**: This model predicts the supply-demand gap for hogs six months in advance based on the relationship between sow inventory and hog slaughter rates[16][17] - **Model Construction Process**: 1. The model assumes a stable proportional relationship between quarterly hog slaughter and sow inventory lagged by six months[16] 2. The formula for the slaughter coefficient is: $ \text{Slaughter Coefficient} = \frac{\text{Quarterly Hog Slaughter}}{\text{Sow Inventory (Lagged 6 Months)}} $[16] 3. The potential supply six months later is calculated as: $ \text{Potential Supply (t+6)} = \text{Sow Inventory (t)} \times \text{Slaughter Coefficient (t+6)} $[17] 4. The potential demand six months later is estimated using historical quarterly slaughter data[17] - **Model Evaluation**: The model effectively identifies hog price cycles but relies heavily on the accuracy of historical slaughter coefficients[17] 3. Model Name: Steel Industry Profit Forecast Model - **Model Construction Idea**: The model predicts monthly profit growth and per-ton profitability for the steel industry by integrating steel prices and raw material costs[19] - **Model Construction Process**: 1. The model incorporates comprehensive steel prices and costs of raw materials such as iron ore, coke, pulverized coal, and scrap steel[19] 2. Monthly profit growth rates and per-ton profitability are calculated based on these inputs[19] - **Model Evaluation**: The model provides a detailed view of profitability trends but may not fully capture external demand-side factors[23] 4. Model Name: Glass and Cement Industry Profitability Tracking Model - **Model Construction Idea**: This model tracks profitability changes in the glass and cement industries using price and cost indicators, and generates allocation signals based on these changes[25] - **Model Construction Process**: 1. The model monitors price and cost indicators to assess profitability trends[25] 2. It incorporates manufacturing PMI and real estate sales data to evaluate macroeconomic impacts on industry expectations[25] - **Model Evaluation**: The model is useful for identifying short-term profitability trends but may be limited by the lag in macroeconomic data updates[26] 5. Model Name: Refining and Oilfield Services Profitability Model - **Model Construction Idea**: This model estimates profit growth and cracking spreads for the refining industry based on changes in fuel prices, crude oil prices, and new drilling activity[27] - **Model Construction Process**: 1. The model calculates profit growth rates using changes in fuel and crude oil prices[27] 2. Cracking spreads are derived from the difference between product prices and raw material costs[27] 3. Allocation signals are generated based on oil price trends and drilling activity[27] - **Model Evaluation**: The model captures key profitability drivers but may not fully account for geopolitical risks affecting oil prices[34][35] --- Backtesting Results of Models 1. Coal Industry Profit Forecast Model - **Excess Return**: The coal industry underperformed the Wind All-A Index by -9.8% in August 2025[10] 2. Hog Supply-Demand Gap Estimation Model - **Supply-Demand Balance**: The potential supply for Q1 2026 is estimated at 19,380 million heads, while the demand is forecasted at 19,476 million heads, indicating a slightly tight balance[18] 3. Steel Industry Profit Forecast Model - **Profit Growth**: The steel industry is predicted to achieve positive year-on-year profit growth in August 2025[23] 4. Glass and Cement Industry Profitability Tracking Model - **Glass Industry**: Profit margins continued to decline year-on-year in August 2025, but the rate of decline narrowed[26] - **Cement Industry**: Profitability slightly declined year-on-year in August 2025[26] 5. Refining and Oilfield Services Profitability Model - **Refining Industry**: Profit growth for August 2025 is predicted to be positive[28] - **Oilfield Services**: Oil prices in August 2025 were lower than the previous year, and drilling activity remained stable, leading to a neutral allocation signal[35]

Core Viewpoint - The company is currently in the research and development phase of its "multi-functional lightweight new energy vehicle glass products" project, which has not yet been applied to any automotive brands [1] Group 1 - The project aims to utilize the company's core technology in glass deep processing to reduce the thickness and weight of automotive glass while ensuring its strength [1] - Special forming techniques are being employed to enhance yield rates and reduce production costs [1] - The automotive skylight glass being developed includes solar power generation capabilities, allowing for adjustments in light transmittance through the spacing of the photovoltaic cells [1]

Core Viewpoint - The company, Nanbo A, has confirmed its overseas business primarily involves engineering glass, photovoltaic glass, and float glass [1] Group 1 - The company is actively engaged in international markets with a focus on engineering glass [1] - The photovoltaic glass segment is a significant part of the company's overseas operations [1] - Float glass is also a key product in the company's export portfolio [1]

Group 1 - The company, Nanbo A, stated on September 1 that as of August 20, 2025, the total number of shareholders is 129,768 [1]

Group 1 - The company, Nanbo A, announced a share buyback plan, having repurchased approximately 35.53 million A-shares and 18.22 million B-shares, totaling 1.7504% of its total share capital as of August 29, 2025 [1] - For the first half of 2025, the revenue composition of Nanbo A was as follows: glass industry accounted for 90.48%, electronic and display glass industry 8.71%, solar energy industry 2.61%, undistributed 2.42%, and internal offsets -4.22% [1] - As of the report date, the market capitalization of Nanbo A was 14.6 billion yuan [1]

东海期货：预计玻璃短期区间震荡 上周的基本面数据来看，供应方面，玻璃产量持稳，开工率产量环比增加，产线开工条数环比增加，供 应端整体微增；需求方面，终端地产行业形势依旧维持弱势，需求难有起色，下游深加工订8月中旬环 比增加，整体需求仍是持稳的格局；利润方面，利润略有增加；整体玻璃供应持稳，需求难有大的增 量，地产消息的提振下，预计短期区间震荡。 国信期货：短期玻璃价格震荡为主 供给端，玻璃日熔量15.96万吨，环比上周持平。生产利润方面，天然气制玻璃利润-188.41元/吨，煤制 玻璃利润109.46元/吨，石油焦制玻璃利润25.66元/吨。需求端，周度LOW-E玻璃开工率环比持平，但企 业订单情况不佳。截至2025年8月28日，全国浮法玻璃样本企业总库存6256.6万重箱，环比减少104万重 箱。玻璃基本面变化不大，短期玻璃价格震荡为主。 9月1日盘中，玻璃期货主力合约遭遇一波急速下挫，最低下探至1125.00元。截止发稿，玻璃主力合约 报1137.00元，跌幅3.07%。 玻璃期货主力跌超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 东海期货 预计玻璃短期区间震荡 国信期货 短期玻璃价格震 ...

Group 1: Report Industry Investment Ratings - Glass investment view: Bearish [3] - Soda ash investment view: Neutral [4] Group 2: Core Views of the Report - The anti - involution logic is becoming long - term, but the weak reality remains, and the market sentiment fluctuates sharply. The glass market has poor fundamentals and prices are under pressure. The soda ash market has a high supply, neutral demand, cost support, but large near - month inventory and delivery pressure. It is recommended to focus on cash - and - carry arbitrage [3][4][42] Group 3: Summary According to the Table of Contents 1. Main Views and Strategy Overview Glass - Supply: Bearish. Daily output is stable this week, with the industry start - up rate slightly increasing, and supply may increase slightly next week [3] - Demand: Neutral. There is short - term resilience, but overall demand is under pressure in the off - season [3] - Inventory: Neutral. Inventory is being depleted, with enterprise inventory at 62.566 million heavy cases, a month - on - month decrease of 1.04 million heavy cases, a month - on - month decline of 1.63%, and a year - on - year decline of 11.31%. The inventory days are 26.7 days, 0.5 days less than the previous period [3] - Basis/Spread: Neutral. This week, the basis and the 09 - 01 spread both declined [3] - Valuation: Neutral. Current prices are mainly under pressure, but costs provide support [3] - Macro and Policy: Neutral. The anti - involution logic is long - term, but the weak reality persists, and overall sentiment fluctuates sharply [3] - Investment View: Bearish. Fundamentals are poor, and prices are under pressure [3] - Trading Strategy: Unilateral: None; Arbitrage: Cash - and - carry arbitrage; Risk concerns: Daily melting volume, production and sales [3] Soda Ash - Supply: Neutral. Supply decreased this week, but is expected to increase next week as previously shut - down enterprises resume production [4] - Demand: Neutral. Short - term direct demand is stable, with an increase in photovoltaic daily melting volume, but terminal demand is difficult to improve, and there is still negative feedback pressure [4] - Inventory: Neutral. Inventory decreased slightly, with total manufacturer inventory at 186750 tons, a decrease of 4330 tons from last Thursday, a decline of 2.27% [4] - Basis/Spread: Neutral. This week, the basis declined, and the 09 - 01 spread fluctuated downward [4] - Valuation: Neutral. Futures prices adjusted downward, but costs provide support [4] - Macro and Policy: Neutral. The anti - involution logic continues, mainly affecting far - month contracts, and sentiment fluctuates sharply [4] - Investment View: Neutral. The weak reality continues, inventory is high, and sentiment is volatile [4] - Trading Strategy: Unilateral: None; Arbitrage: Cash - and - carry arbitrage; Risk concerns: Soda ash plant production, glass production and sales, and domestic and overseas macro - policy disturbances [4] 2. Futures and Spot Market Review Glass - Price: This week, prices were under pressure. The main contract closed at 1182 (+9), and the Shahe spot price was 1060 (-12) [6] Soda Ash - Price: This week, prices declined. The main contract closed at 1296 (-28), and the Shahe spot price was 1211 (+4) [12] Spread/Basis - Soda ash: The 09 - 01 spread fluctuated downward, and the basis weakened [24] - Glass: The 09 - 01 spread fluctuated downward, and the basis weakened [24] 3. Supply - Demand Fundamental Data Glass - Supply: Stable. This week, the daily output of national float glass was 159,600 tons, the same as on the 21st. The industry start - up rate was 75.68%, an increase of 0.34 percentage points compared to the 21st. The industry capacity utilization rate was 79.78%, the same as on the 21st. Glass production profit fluctuated [27] - Demand: Under pressure in the off - season. Downstream deep - processing orders are weak, real - estate mid - and back - end completion data is poor, but inventory is being depleted [32] Soda Ash - Supply: Output decreased temporarily. This week, soda ash output was 719,000 tons, a month - on - month decrease of 52,300 tons, a decline of 6.78%. Alkali plant profit decreased [34][35] - Demand: Neutral. Overall demand is neutral, short - term direct demand is stable, and photovoltaic daily melting volume has rebounded, but terminal demand is poor, and there is still negative feedback pressure on prices. Inventory decreased slightly [38]