截至2025年11月14日收盘，伟星新材(002372)报收于10.62元，下跌0.28%，换手率0.78%，成交量11.5万 手，成交额1.23亿元。 董秘最新回复 当日关注点 来自交易信息汇总：11月14日主力资金净流出1933.73万元，散户资金净流入2351.98万元。 交易信息汇总资金流向 11月14日主力资金净流出1933.73万元；游资资金净流出418.25万元；散户资金净流入2351.98万元。 投资者： 董秘好，近期中央城市工作会议明确强调城市发展要"存量提质增效"，"城市更新"行动预计 将大幅带动地下管网改造需求。请问公司如何评估这一政策趋势为市政领域PE管道业务带来的具体市 场增量？目前是否有初步的订单或项目规划来把握这一机遇？＂ 董秘： 谢谢您对公司的关注！"城市更新"等系列行动政策从长远来说对塑料管道行业的发展将起到积 极的推动作用，但有效落地并产生明显成效往往需要时间。公司PE系列产品可广泛应用于市政供水、 排水、燃气、热力等领域，未来公司将继续密切关注相关政策动态，积极把握市场机遇，有效推进相关 产品系统的开发和应用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3 ...

新京报贝壳财经讯 伟星新材11月15日在互动平台表示，城市更新等系列行动政策从长远来说对塑料管 道行业的发展将起到积极的推动作用，但有效落地并产生明显成效往往需要时间。公司PE系列产品可 广泛应用于市政供水、排水、燃气、热力等领域，未来公司将继续密切关注相关政策动态，积极把握市 场机遇，有效推进相关产品系统的开发和应用。 编辑 张冰 校对 卢茜 ...

[Table_scodeMsg1] 公司研究丨深度报告丨伟星新材（002372.SZ） [Table_Title] 他山之石坚定信心，全屋水系统面向未来 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长维度看公司保持了稳定的增长和优异的盈利水平，2022 年开始因地产周期的下行压力持续 加大，公司收入出现阶段性的下滑，同时盈利能力出现一定回落。经营的承压是短期的波动还 是长期的变化，本篇文章从 2 个角度出发进行分析：1）他山之石：海外龙头的历史复盘；2） 面向未来：公司当前现状及长期空间。我们认为公司的经营压力更多来自β，竞争优势依然明 显，且随着全屋水系统展开，长期成长空间正在打开。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 伟星新材（002372.SZ） cjzqdt1 ...

人民财讯11月15日电，伟星新材11月15日在互动平台表示，城市更新等系列行动政策从长远来说对塑料 管道行业的发展将起到积极的推动作用，但有效落地并产生明显成效往往需要时间。公司PE系列产品 可广泛应用于市政供水、排水、燃气、热力等领域，未来公司将继续密切关注相关政策动态，积极把握 市场机遇，有效推进相关产品系统的开发和应用。 ...

Group 1 - The 2025 Guangdong Province Live Job Recruitment Event will host 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2] - The 31st session of the event will focus on the Foshan area, scheduled for November 11, 2025, from 10:00 to 12:00 [4] Group 2 - Guangdong Dianjiangjun Energy Technology Co., Ltd. is a large comprehensive energy solution provider established in 2013, focusing on advanced energy storage systems and covering the entire industry chain [5] - The company has a total investment of 2 billion yuan and operates in four core areas: small power batteries, eVTOL batteries, AI industrial power supplies, and marine batteries [5] - The company is recruiting for various positions, including Process Engineer (1 position, monthly salary 8k-15k), Electronic Engineer (1 position, monthly salary 12k-18k), and Sales Manager (2 positions, monthly salary 12k-15k) [5][6] Group 3 - Yiao Group, founded in 1983, specializes in the research, production, and sales of mattresses, sofas, and pillows, and has been a leading exporter for 30 consecutive years [6] - The company has a production capacity of over 6 million mattresses annually and operates more than 3,600 stores globally [6] Group 4 - Guangdong Shenglu Communication Technology Co., Ltd., established in 1998, is a national high-tech enterprise specializing in antenna and RF technology, listed on the Shenzhen Stock Exchange in 2010 [8] - The company has over 400 patents, with nearly 25% being invention patents, and is recognized as a national intellectual property demonstration enterprise [9] - The company is hiring for multiple positions, including Antenna R&D Engineer (10 positions, monthly salary 8k-15k) and Microwave Engineer (10 positions, monthly salary 8k-15k) [9] Group 5 - Guangdong Xiong Plastic Technology Group Co., Ltd., founded in 1996, is a leading brand in the plastic pipe industry with an annual output value exceeding 2 billion yuan [10] - The company has six production bases and has been recognized as one of the "Top 500 Manufacturing Enterprises in Guangdong Province" [10] - The company is looking to fill various positions, including Assistant to the Chairman (1 position, monthly salary 20k-30k) and Audit Manager/Supervisor (1 position, monthly salary 10k-15k) [11]

Core Viewpoint - China Lesso (02128) experienced a significant stock price increase of over 7%, attributed to favorable government policies regarding urban infrastructure investment, particularly in underground pipeline construction [1] Group 1: Company Performance - China Lesso's stock rose by 7.38%, reaching HKD 4.8, with a trading volume of HKD 71.79 million [1] - The company is expected to benefit from the government's plan to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with an investment demand exceeding CNY 5 trillion [1] Group 2: Market and Industry Insights - Huaxi Securities noted that urban pipeline updates will positively impact companies like China Lesso [1] - Guotai Junan Securities reported that China Lesso's sales transformation in the pipeline business is progressing well, with rapid expansion in non-real estate sectors and outside of South China, particularly in agriculture [1] - The company has effectively managed risks associated with receivables from high-risk real estate firms, with over 75% of receivables adequately provisioned [1] Group 3: Financial Metrics - The company's dynamic PE ratio has decreased to around 4x, primarily influenced by its Hong Kong stock market presence [1] - Despite underutilized production capacity, the company's transition towards renewable energy is not expected to significantly increase capital expenditures, indicating manageable operational risks [1]

Core Viewpoint - China Lesso (02128) experienced a significant stock increase of over 7%, attributed to government plans for extensive underground pipeline construction and investment needs exceeding 5 trillion yuan during the 14th Five-Year Plan period [1] Group 1: Company Performance - China Lesso's stock rose by 7.38%, reaching 4.8 HKD, with a trading volume of 71.79 million HKD [1] - The company is expected to benefit from the government's initiative to construct and renovate over 700,000 kilometers of underground pipelines [1] Group 2: Market Analysis - Huaxi Securities (002926) noted that urban pipeline updates will positively impact companies like China Lesso [1] - Guotai Junan Securities reported that China Lesso's sales transformation in the pipeline business is progressing well, with rapid expansion in non-real estate and non-South China markets [1] - The company has effectively managed risks associated with receivables from high-risk real estate firms, with over 75% of receivables adequately provisioned [1] Group 3: Financial Metrics - The company's dynamic PE ratio has decreased to around 4x, influenced by its Hong Kong stock market presence [1] - Despite low capacity utilization, the company's transition towards renewable energy is not expected to significantly increase capital expenditures, indicating manageable operational risks [1]

Core Viewpoint - The company, Weixing New Materials, has announced a stable and transparent dividend policy, maintaining an average dividend payout ratio of 70%-80% since its listing [2] Group 1: Dividend Policy - The company has consistently implemented cash dividends every year since its listing [2] - The average dividend payout ratio is reported to be between 70% and 80% [2] - Future profit distribution plans will be formulated based on various factors, adhering to the company's articles of association and the three-year shareholder return plan [2]

Summary of Weixing New Material's Conference Call Company Overview - **Company**: Weixing New Material - **Industry**: Building materials and water management systems Key Points Financial Performance - **Revenue Decline**: Q3 revenue decline narrowed to 9.83%, with retail business decline at 5.9% and engineering business under significant pressure [2][3][4] - **Net Profit**: Q3 net profit was 268 million yuan, with a cumulative net profit of 539 million yuan for the first nine months, showing a significant improvement compared to the first half of the year [2][4] - **Cash Flow**: Positive cash flow management with a net cash flow from operating activities of 16.17 million yuan and a cash balance of 918 million yuan at the end of the reporting period [2][4] Business Segments - **Channel Performance**: - Retail channel down 8.9% - Construction channel down 14.4% - Municipal channel down 15.1% - Foreign business down 11.7% [3][7] - **Product Performance**: - Pipe products' market share slightly decreased from 79.5% to 79.1% - PPI products saw a decline of over 11% - PVC product decline reduced to just over 5% [8][9] Gross Margin and Pricing - **Gross Margin**: Q3 gross margin decline narrowed, with retail gross margin stable and slightly increasing, indicating market recognition of brand influence and service quality [2][4][10] - **Cost Changes**: PPI costs remained stable, while copper prices increased by 5-6%. PE and PVC raw material prices decreased, with PE down by 2-3% and PVC down by approximately 15% [16] Strategic Initiatives - **Business Model Transformation**: Launched the "Water Ecology" brand, marking a shift from single product competition to a service-integrated system approach, aimed at enhancing market competitiveness and profitability [2][5] - **Future Outlook**: The company anticipates a challenging Q4 due to weak demand and high comparative base from the previous year, with efforts focused on solidifying foundations and adjusting strategies for better performance in 2026 [6] Market Conditions - **Market Environment**: The overall market remains weak, with a notable price war affecting profitability. The company maintains a high-end brand positioning and refrains from engaging in ineffective price competition [12][32] - **New Housing Market**: Future new housing supply is expected to decrease, but demand for high-quality housing remains strong, supported by government policies [25][26] Operational Insights - **Inventory Management**: Channel inventory is maintained at 1-1.5 months, with a focus on efficient inventory management to ensure smooth market entry [22][27] - **Accounts Receivable**: Strict management of accounts receivable has resulted in a decrease in outstanding amounts, maintaining a healthy financial status [23] Future Plans - **Expansion Plans**: The establishment of a production base in Xinjiang aims to serve the northwest market and reduce transportation costs, laying the groundwork for future expansion into Central Asia [19] - **Employee Incentives**: The company plans to continue its stock incentive program, albeit with caution in setting performance indicators due to current market uncertainties [15] Additional Notes - **Investment Income**: Investment income of 60 million yuan primarily from the Dongpeng Helix project, with future returns dependent on stock market performance [21] - **Service Expansion**: The "New Housekeeper" service has reached approximately 1.5 million households, with expectations to exceed 2 million by year-end [17][18]

Core Viewpoint - The stock price of China Liansu (2128.HK) surged over 8% following the announcement of the "14th Five-Year Plan," which includes plans to construct and renovate over 700,000 kilometers of underground pipelines, generating an investment demand exceeding 5 trillion yuan [1][3]. Group 1: Policy-Driven Growth Opportunities - China Liansu's business matrix centered on plastic pipelines is closely linked to the policy signals released by the "14th Five-Year Plan," indicating a clear growth logic driven by policy [4]. - The plan emphasizes regional coordinated development, new urbanization, and land-sea coordination, which will enhance the construction of underground pipelines as a critical component of infrastructure [5]. - The focus on new urbanization provides a long-term development blueprint for the plastic pipeline industry, ensuring a clear growth path for leading companies like China Liansu [5][6]. Group 2: Competitive Advantages and Valuation Support - The "14th Five-Year Plan" has solidified market confidence in China's long-term economic resilience, directing investment towards sectors with policy certainty and industry trends [8]. - China Liansu's competitive moat is built on its production capacity, supply chain advantages, technology and standard-setting capabilities, and product diversification, which will sustain its leading position in the industry [10][11][12]. - The company has over 30 production bases across 19 provinces and overseas markets, leveraging digital technologies to enhance manufacturing efficiency and quality [10]. - With a core R&D team of over 1,000 and nearly 3,500 patents, China Liansu is a key standard-setter in the plastic pipeline industry, allowing it to avoid low-end competition and meet high-quality product demands [11]. - The company's diverse product offerings cover various applications, enabling it to mitigate cyclical fluctuations and capitalize on synergistic effects during favorable market conditions [12][13]. - In the first half of the year, China Liansu achieved a gross margin of 28.2%, with a net profit margin of 7.5%, reflecting its strong cost control and stable profitability in the industry [14].