12月30日，由全球商报联盟、香港商报、香港经济导报联合主办的2025年度上市公司卓越ESG价值榜颁 奖盛典在香港隆重举行。环球新材国际控股有限公司（股票代码：06616.HK，以下简称"环球新材国 际"）凭借其在全球化拓展、可持续发展和价值创造方面的突出表现，斩获"ESG卓越投资价值上市公司 奖"；董事长苏尔田则依托其卓越的战略领导力与行业影响力，荣膺"ESG卓越影响力商界领袖奖"。 据了解，该价值榜以"战略治理力、环境友好度、社会责任感、价值共创性、创新引领力、可持续发 展"六大维度为核心评判体系，结合严谨的数据分析与科学的评价指标，全面评估企业在ESG方面的综 合表现。 环球新材国际双奖加身，体现公司实力以及资本市场的高度认可，更彰显其在新材料行业可持续发展领 域的标杆地位。 出海并购+创新升级 赋能业绩协同增长 全球化战略布局 助力打开企业价值空间 当前，环球新材国际并购整合效应持续释放，为ESG长期发展奠定坚实基础：在组织与治理层面，跨区 域协同机制已初步建立，全球研发团队实现技术共享，提升治理效率；业务协同与供应链层面，新能源 汽车涂层、可持续美妆材料等交叉销售业务已显现成效；创新驱动层面，研发团 ...

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [3][4] Core Viewpoints - The upcoming Central Economic Work Conference is expected to strengthen real estate policy expectations, enhancing the cost-performance ratio of the industrial chain. The recent pullback in the technology sector coincides with increased expectations for real estate policies, leading to a rise in the cost-performance ratio of the industrial chain. The cement sector is anticipated to benefit not only from demand-side logic but also from a reduction in overcapacity, with clinker capacity potentially decreasing to 1.6 billion tons, resulting in a capacity utilization rate of approximately 75% [4][5] - The report emphasizes the importance of low-valuation stocks and the advantages of chip structure, recommending Global New Materials International (H-share) as a key investment opportunity. The pearlescent pigment industry is highlighted for its high growth potential and low price sensitivity, making it a rare "strong consumer attribute" sector [4][5] Summary by Sections 1. Sector Tracking - The construction materials index (Shenwan) decreased by 5.7%, with sub-sectors such as cement, glass fiber, and renovation materials indices falling by 5.6%, 8.6%, and 4.1% respectively. Notable stock performances include Jin Yuan Co. (+13.5%) and Fujian Cement (-21.5%) [8] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 350.8 RMB/ton, down 1.5 RMB/ton month-on-month and down 77.7 RMB/ton year-on-year. The national cement inventory ratio is 69.2%, with a shipment rate of 46.1% [15][15][15] 2.2 Float Glass - The average price of 5mm float glass is 1195.4 RMB/ton, down 42.1 RMB/ton month-on-month and down 387.2 RMB/ton year-on-year. The total inventory of key production enterprises in 13 provinces is 5,962 million heavy boxes, down 0.9% month-on-month and up 44.0% year-on-year [33][33] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 13.0 RMB/sqm, unchanged month-on-month and up 1.4 RMB/sqm year-on-year. The total number of production lines for photovoltaic glass is 406, with a daily melting capacity of 88,590 tons [38][39] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4565.0 RMB/ton, unchanged month-on-month and down 20.0 RMB/ton year-on-year. The average price of electronic yarn is 9250.0 RMB/ton, unchanged month-on-month and up 250.0 RMB/ton year-on-year [44][44] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 RMB/kg, unchanged month-on-month, while small tow carbon fiber is priced at 95.0 RMB/kg, unchanged month-on-month and down 2.5 RMB/kg year-on-year. The average operating rate of carbon fiber enterprises is 63.02%, unchanged month-on-month and up 11.42 percentage points year-on-year [48][48]

Core Viewpoint - Global New Materials International (06616) is experiencing a stock price increase of over 3%, currently at HKD 6.87, with a trading volume of HKD 14.8758 million. The company plans to redeem USD 40 million of convertible bonds due on November 8. [1] Company Summary - The company has purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV from July to October this year, increasing its total holdings in CQV to 5.5118 million shares, which represents approximately 50.75% of CQV's total issued shares. [1] - The company has made strategic acquisitions of CQV in South Korea and Merck's surface solutions business in Germany, positioning itself as an industry leader and entering the high-end market. [1] - Future plans include expanding domestic production capacity of pearlescent pigments to approximately 48,700 tons, which may help the company quickly capitalize on acquisition-related demand and achieve cost reduction and efficiency improvements through cost control and economies of scale. [1] Industry Summary - The pearlescent pigment industry is considered undervalued by the market, with high growth potential, low price sensitivity, and strong brand moats, naturally leading to high valuation factors. [1] - The global market size for pearlescent pigments has a CAGR of 13.99% from 2016 to 2023, with even faster growth in downstream demand from high-margin and high-priced sectors such as cosmetics and automotive. [1]

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Core Viewpoint - Global New Materials International (06616) is increasing its stake in its non-wholly owned subsidiary, CQV, from 42.45% to 50.75% to enhance control over overseas core assets and improve global business synergy and governance stability [1] Company Summary - The company's stock rose over 6% in the afternoon trading session, with a current price of 4.79 HKD and a trading volume of 98.22 million HKD [1] - The acquisition of 1.1218 million shares is scheduled between July and October 2025 [1] Industry Summary - Guojin Securities reports that the combined market share of the two leading companies in the pearlescent pigment sector (Global New Materials and Kuncai) exceeds 30% [1] - The firm is optimistic about the company's overseas acquisition of Merck's surface materials business/CQV, aiming to cultivate a global leader in pearlescent pigments [1] - The industry is experiencing simultaneous growth in both volume and price due to capacity expansion and product structure optimization [1] - The pearlescent pigment market has promising prospects in new consumer sectors such as cosmetics and automotive, with a clear trend of synthetic mica replacing natural mica [1]

Group 1 - The core viewpoint of the article highlights the promising prospects of the pearlescent pigment industry, particularly in the cosmetics and automotive sectors, which are expected to drive future growth due to double-digit growth rates and domestic substitution trends [1][2][20] - The company has a combined domestic market share of over 30% in the pearlescent pigment sector, with major players being Global and Kuncai [1][20] - The global market for pearlescent pigments is projected to grow from 23.5 billion yuan in 2023 to 44 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.4% [20][22] Group 2 - The company has made significant acquisitions, including a 42.45% stake in South Korea's largest pearlescent pigment manufacturer, CQV, for 466 million yuan, which is expected to enhance its market position [2][37] - The acquisition of CQV is projected to yield a revenue of 2.97 billion yuan in 2024, with a year-on-year growth of 18% and a net profit of 460 million yuan, reflecting a substantial increase of 170% [2][39] - The company is also set to acquire Merck's global surface solutions business for 665 million euros, which is anticipated to be completed by July 2025, further solidifying its position in the global market [2][42] Group 3 - The company plans to increase its pearlescent pigment production capacity from 33,000 tons to 48,000 tons in the long term, with the CQV facility contributing an additional 2,600 tons [3][47] - The production capacity expansion is expected to support sales growth, with the company projecting a revenue increase from 3.15 billion yuan in 2018 to 15.28 billion yuan in 2024, representing a CAGR of 30.1% [3][49] - The average selling price of pearlescent pigments is expected to rise from 37,300 yuan per ton in 2018 to 60,200 yuan per ton in 2024, driven by product structure optimization and increased demand in high-end consumer sectors [3][50] Group 4 - The company is focusing on synthetic mica as a substitute for natural mica, which is expected to become a clear trend in the industry [2][32] - Synthetic mica offers advantages such as stable supply, lower environmental impact, and superior properties compared to natural mica, making it increasingly popular in various applications, including cosmetics [2][34] - The company is also exploring potential applications in new energy batteries and building-integrated photovoltaics (BIPV), indicating a diversification of its product offerings [2][30]

Core Viewpoint - Guojin Securities initiates coverage on Global New Materials International (06616) with a "Buy" rating, projecting net profits for 2025-2027 at 275 million, 467 million, and 576 million CNY respectively, corresponding to dynamic PEs of 21x, 12x, and 10x, with a target price of 6.19 HKD for 2026 at a 16x valuation [1] Group 1: Industry Outlook - The pearlescent pigment industry shows promising prospects in cosmetics and automotive sectors, both of which are experiencing double-digit growth rates, driven by domestic substitution trends [1][2] - The combined market share of the two leading domestic pearlescent pigment companies (Global New Materials and Kuncai) exceeds 30%, indicating strong competitive positioning [1] Group 2: Strategic Acquisitions - In January 2023, the company acquired a 42.45% stake in CQV, South Korea's largest pearlescent pigment manufacturer, for 500 million CNY, with CQV projected to generate 297 million CNY in revenue and 46 million CNY in net profit in 2024, reflecting significant growth [2] - The acquisition of Merck's global surface solutions business in July 2025 is expected to enhance the company's supply chain capabilities, addressing key procurement challenges [2] Group 3: Capacity Expansion and Product Optimization - The company currently has a pearlescent pigment production capacity of 33,000 tons, with plans to expand to 48,000 tons, while CQV's production capacity stands at 2,600 tons [3] - The Tonglu factory's synthetic mica production capacity of 100,000 tons is expected to be operational by the second half of 2025, with further expansions anticipated to lower costs and improve margins [3]

Core Viewpoint - Guozheng International maintains a "Buy" rating for Universal New Materials (06616), with projected net profits for 2025, 2026, and 2027 at 270 million, 510 million, and 650 million RMB respectively, indicating a positive outlook for the company [1] Financial Projections - Projected net profits for 2025, 2026, and 2027 are 270 million, 510 million, and 650 million RMB, respectively, with corresponding EPS of 0.19, 0.35, and 0.45 HKD [1] - The target price has been slightly adjusted from 5.4 HKD to 5.5 HKD, representing a 17% upside potential from the current stock price [1] Recent Performance - In the first half of 2025, the company achieved operating revenue of 910 million RMB, a year-on-year increase of 17.7% [1] - Operating profit for the same period was 292 million RMB, reflecting a year-on-year growth of 29.1% [1] - The net profit attributable to shareholders was 62 million RMB, showing a year-on-year decrease of 41.9% [1] Future Outlook - The merger with Merck's Susonity business will be consolidated in the second half of 2025, leading to adjustments in profit forecasts [1] - Increased financial expenses are anticipated due to the merger, but the main business segments, including pearlescent pigments and synthetic mica, are expected to maintain strong cash flow and continue to grow [1]

Core Viewpoint - The acquisition of Merck Group's surface solutions business (SUSONITY) by China's leading synthetic mica company, Global New Materials International, marks a significant shift in the global new materials industry, indicating a transition from "market for technology" to "technology wins market" for Chinese enterprises [2][3][6]. Group 1: Industry Dynamics - The acquisition highlights the contrasting fates of SUSONITY and Global New Materials, with the former struggling due to rising costs and declining market share, while the latter has rapidly expanded its revenue and market presence [6][10]. - The global new materials industry is witnessing a power shift, with Chinese "invisible champions" gaining ground against established European chemical giants like Merck [3][4]. - The synthetic mica market in China has been growing rapidly, with a compound annual growth rate (CAGR) exceeding 20% from 2016 to 2024, driven by demand from downstream industries such as coatings, plastics, inks, automotive, and cosmetics [9][12]. Group 2: Strategic Acquisition - Global New Materials International's acquisition of SUSONITY for €665 million (approximately ¥5.187 billion) is seen as a strategic move to enhance its competitive edge in high-end manufacturing [21][22]. - The acquisition is expected to create synergies between the two companies, leveraging Global New Materials' advanced synthetic mica technology and SUSONITY's established market presence and customer base [17][24]. - The integration of SUSONITY into Global New Materials' operations is anticipated to enhance production capabilities, reduce costs, and improve profitability, particularly in the high-value automotive and cosmetics sectors [18][19]. Group 3: Financial Performance - Global New Materials International has demonstrated strong financial growth, with a revenue CAGR of approximately 27% over the past five years, and a significant increase in revenue to ¥1.649 billion in 2024, representing a 55% year-on-year growth [23]. - The company's gross profit margin reached 53% in 2024, with net profit increasing by 33.4% to ¥242 million, indicating robust operational efficiency and market demand [23]. - The successful integration of the Korean company CQV has further bolstered Global New Materials' financial performance, contributing to its optimistic outlook for the SUSONITY acquisition [23][25]. Group 4: Future Outlook - The merger is expected to create a more collaborative global materials group, enhancing supply chain efficiency and expanding product offerings across various market segments [27][30]. - The strategic focus on synthetic mica aligns with national policies promoting advanced materials, positioning Global New Materials and its subsidiaries for significant growth in emerging markets [7][29]. - The integration of technologies and market channels is likely to establish Global New Materials as a leading player in the global synthetic mica and pearlescent pigment market, reshaping perceptions of Chinese manufacturing on the world stage [30].