Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - Despite the pressure on the construction materials industry due to the real estate market, some companies are expected to perform well due to proactive strategies and effective resource integration, particularly in overseas markets [4][9] - Domestic demand for construction materials remains weak, with significant declines in housing construction metrics, leading to continued operational challenges for domestic companies [9] - Companies like Huaxin Cement and Keda Manufacturing have shown strong performance in their overseas operations, with notable increases in net profits and revenue from international markets [9] Summary by Sections - **Investment Suggestions and Targets**: The report suggests focusing on companies that have successfully expanded overseas, such as Huaxin Cement and Keda Manufacturing, despite the overall challenging domestic market conditions [4][9] - **Market Performance**: Data from the National Bureau of Statistics indicates a decline in housing construction area by 9.4% year-on-year, with new construction area down by 18.9% and completion area down by 15.3% in the first nine months of 2025 [9] - **Company Performance**: Huaxin Cement reported a net profit of 2.0 billion yuan, a 76.0% increase year-on-year, with overseas operations contributing significantly to its revenue [9] Keda Manufacturing achieved a net profit of 1.15 billion yuan, up 63.5% year-on-year, with substantial growth in its overseas business [9]

Core Viewpoint - The 2025 China (Beijing) International Boutique Ceramics Expo has opened, themed "Exquisite Porcelain and Beautiful Ceramics, Celebrating a Prosperous Era," showcasing domestic and international ceramic products and industry strengths, creating a platform for deep dialogue between tradition and future, art and technology [1][3]. Group 1 - The expo is guided by the China National Light Industry Council and hosted by the China Ceramic Industry Association, featuring two new thematic exhibitions on smart bathrooms and architectural ceramics, as well as special ceramics across various categories including daily-use art porcelain and high-end functional porcelain [3]. - Key ceramic-producing regions in China, such as Shandong, Shanxi, and Zhuzhou in Hunan, along with international brands like Japan's Noritake, are participating in the expo to showcase the achievements of the ceramic industry's development towards "high-end, intelligent, and green" [3]. - A "New Year Ceramic Gift Package" was launched during the opening ceremony, designed by Jingdezhen Ceramic University and produced by national brand enterprises, with a limited edition of 100,000 sets [3]. Group 2 - The expo will host over ten activities, including a forum on high-quality development in the ceramic industry, international ceramic art exchanges, a children's ceramic expo, and live-streaming sales, alongside immersive experiences such as science exhibitions, tasting events, and interactive learning [3]. - The event serves as a "concentrated review platform" for the achievements of the ceramic industry, promoting mutual learning of Chinese and foreign ceramic cultures and industrial collaboration, injecting new momentum into the high-quality development of the industry [3].

Core Insights - Keda Manufacturing reported significant growth in revenue and profit for the first three quarters of 2025, with revenue reaching 12.605 billion yuan, a year-on-year increase of 47.19%, and net profit attributable to shareholders at 1.149 billion yuan, up 63.49% [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 4.417 billion yuan, marking a 43.89% year-on-year increase, and net profit attributable to shareholders of 404 million yuan, which is a 62.65% increase compared to the same period last year [1] - The company's net profit excluding non-recurring items for Q3 was 362 million yuan, reflecting a 53.25% year-on-year growth [1] Business Expansion - Keda Manufacturing is advancing its global strategy by establishing a subsidiary in Egypt and adding eight operational sites in India and Egypt to enhance its overseas service network [1] - The company is also focusing on service-oriented and general-purpose ceramic machine strategies, with notable growth in its ink business and the construction of the KAMI ink factory in Turkey [1] Overseas Operations - The company’s ceramic project in Côte d'Ivoire began mass production in July 2025, contributing to its operations in seven African countries with a total of 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, achieving an annual capacity of over 200 million square meters of ceramic tiles, 400,000 tons of glass, and 2.6 million sanitary ware products [1] Lithium Battery Materials - In the lithium battery materials sector, Keda Manufacturing's artificial graphite product sales reached nearly 70,000 tons in the first three quarters, with both sales and production increasing by over 300% year-on-year, enhancing profitability [2] - The company’s joint venture, Lanke Lithium, produced approximately 31,600 tons of lithium carbonate and sold about 31,500 tons, contributing 271 million yuan to Keda's net profit [2] Future Outlook - The company plans to continue leveraging its strategic planning, global layout, and technological innovation capabilities to achieve its annual operational goals in the fourth quarter [2]

Core Insights - Keda Manufacturing reported a revenue of 12.605 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 47.19%, with net profit attributable to shareholders reaching 1.149 billion yuan, up 63.49% [1] - In Q3 alone, the company achieved a revenue of 4.417 billion yuan, a year-on-year growth of over 43.89%, setting a historical record for the same period [1] Group 1: Business Expansion - Keda Manufacturing's ceramic machinery business saw an increase in order volume compared to the previous year, with steady growth in regions like Southeast Asia [2] - The company established a subsidiary in Egypt and added eight operational points in India and Egypt, enhancing its overseas service network [2] - The company is also advancing its service-oriented and general-purpose ceramic machinery strategies, with ink business maintaining good growth [2] Group 2: Overseas Building Materials - Keda Manufacturing's overseas building materials segment is a significant growth area, with the Ivory Coast ceramic project starting mass production in July [3] - The company operates 21 building ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines across seven African countries, with a total annual capacity exceeding 200 million square meters of building ceramics, 400,000 tons of glass, and 2.6 million pieces of sanitary ware [3] - Continuous improvements in production lines and processes are being made, with glass business sales and production increasing quarterly [3] Group 3: Lithium Battery Materials - The lithium battery industry is showing positive trends with stable volume and price, leading to Keda Manufacturing's artificial graphite product sales reaching nearly 70,000 tons, with both production and sales increasing over 300% year-on-year [4] - The company is also advancing technology and production line setups in the energy storage cell sector, achieving scale production of large cell materials during the reporting period [4] - Keda Manufacturing's associate company, Lanke Lithium Industry, reported a stable recovery in profitability, with approximately 31,600 tons of lithium carbonate produced and 31,500 tons sold in the first three quarters, contributing 271 million yuan to Keda's net profit [4]

Core Viewpoint - Tianan New Materials, established in 2000 and listed in 2017, specializes in polymer composite surface materials and building ceramics, with a full industry chain capability in product R&D and design [1] Group 1: Business Performance - In Q3 2025, Tianan New Materials reported revenue of 2.273 billion yuan, ranking 5th among 13 companies in the industry, with the industry leader Marco Polo achieving 4.938 billion yuan [2] - The net profit for the same period was 112 million yuan, placing the company 3rd in the industry, while Marco Polo's net profit was 1.062 billion yuan [2] - The company achieved a revenue growth of 4.0% year-on-year in H1 2025, totaling 1.444 billion yuan, with a net profit growth of 16.6% to 62 million yuan [6] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Tianan New Materials was 67.44%, down from 69.61% year-on-year but still above the industry average of 39.52% [3] - The gross profit margin for Q3 2025 was 22.86%, slightly below the industry average of 23.08%, but up from 22.16% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.51% to 17,100, while the average number of circulating A-shares held per account decreased by 1.49% to 16,800 [5] Group 4: Leadership and Compensation - Chairman Wu Qichao's compensation for 2024 was 614,400 yuan, a decrease of 2,600 yuan from 2023 [4] Group 5: Market Position and Future Outlook - The company is focusing on expanding its market share in building ceramics, with a 6% increase in ceramic sales in H1 2025, and a 23.3% increase in revenue from fireproof board materials [6] - The company is also advancing its high polymer business, with a 36.0% increase in automotive interior revenue [6] - Future net profit projections for 2025-2027 are 122 million, 158 million, and 199 million yuan, respectively, with corresponding PE ratios of 28X, 21X, and 17X [6]

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company's core business includes building materials machinery and overseas building materials, with significant growth expected in H1 2025, achieving revenue of 8.2 billion yuan, a year-on-year increase of 49%, and a net profit of 750 million yuan, a year-on-year increase of 64% [1][16]. - The overseas building materials business is rapidly growing, particularly in Africa, with revenue reaching 3.77 billion yuan in H1 2025, a year-on-year increase of 90% and a gross margin of 36.8%, up 5.9 percentage points [1][18]. - The company has a strategic investment in Blue Lithium Industry, which is expected to benefit from the rebound in lithium carbonate prices, with Blue Lithium achieving sales of 20,600 tons of lithium carbonate and a net profit margin of 31% in H1 2025 [2][40]. Summary by Sections Company Overview - The company, originally established in 1992, has diversified into building materials machinery, overseas building materials, and lithium battery materials, actively following the "Belt and Road" initiative [16][32]. - The company has established production bases in seven African countries, operating 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines [18][32]. Overseas Building Materials - Africa is experiencing rapid urbanization, with a significant market opportunity for building materials. The region's urbanization rate is currently at 43.5%, similar to China's levels in 2005-2006, indicating substantial growth potential [2][57]. - The company has formed a joint venture with the SenDa Group to enhance its competitive edge in the African market, focusing on ceramics, glass, and sanitary ware [71]. Building Materials Machinery - The building materials machinery segment has shown stable profitability, with revenue of 2.57 billion yuan in H1 2025, a slight decline of 5% year-on-year due to high base effects [2][17]. - The company aims to extend its global footprint and enhance its service offerings through a combination of equipment, consumables, and maintenance services [17][31]. Lithium Materials Business - The company has developed a business structure that includes anode materials, lithium battery equipment, and lithium salt investments, with a significant stake in Blue Lithium Industry [40][41]. - The strategic investment in Blue Lithium has yielded substantial returns, contributing significantly to the company's net profit in recent years [40][41].

Group 1: AI Industry Development - The "Industrial AI Application Innovation Challenge" has attracted over 1,000 students, showcasing the growing interest in AI solutions in Dongguan's Binhai Bay area [4] - Binhai Bay has actively supported multiple AI competitions since July, indicating a strategic focus on fostering innovation and talent in the AI sector [4] Group 2: Economic Growth in Chang'an - Chang'an Town has seen a 19.8% increase in market entities over three years, highlighting the success of the "Hundred Million Thousand Project" in stimulating local economic development [6] - The town produces nearly 200 smartphones per minute and generates over 13 billion yuan in GDP per square kilometer, positioning it as a leading economic hub in Dongguan [6] Group 3: Healthcare Collaboration - Dongguan has established four medical alliances with Guangzhou hospitals in six months, enhancing healthcare access for its citizens [9] - The rapid formation of these alliances reflects a strategic move towards improving the quality of medical services in the region [9] Group 4: Corporate Developments - Marco Polo Holdings has successfully listed on the Shenzhen Stock Exchange, raising 1.643 billion yuan through the issuance of 11.9492 million shares at a price of 13.75 yuan per share [11] - The company reported a projected revenue of 7.324 billion yuan and a net profit of approximately 1.327 billion yuan for the upcoming fiscal year, solidifying its position as a major player in the building ceramics market [11] Group 5: Land Compensation Issues - Four companies, including Fuying Group, are suing the Daojiao Town government for 1.192 billion yuan in compensation for land that has not been compensated for over a decade [17] - The court has ruled that Daojiao Town is responsible for the compensation, but the companies' claims against the Natural Resources Bureau were not supported [17]

Core Points - C Marco (001386) experienced a significant increase of 128.80% on its first trading day, with a turnover rate of 77.36% and a transaction volume of 2.582 billion yuan [1] - The stock attracted a net inflow of 436 million yuan from major funds on its debut, with large orders contributing 322 million yuan and special large orders adding 114 million yuan [2] - The stock's first-day margin trading saw a buy amount of 81.2977 million yuan, accounting for 3.15% of the total trading volume, while the latest margin balance stood at 75.3115 million yuan, representing 2.45% of the circulating market value [1][2] Company Overview - The company specializes in the research, production, and sales of architectural ceramics [2] - On its first trading day, the stock's top five trading departments on the dragon and tiger list had a combined transaction volume of 239 million yuan, with a net purchase of 90.2005 million yuan [2] Recent IPO Performance - Recent IPOs have shown varying first-day performance, with C Marco's 128.80% increase being one of the highest among recent listings [2] - Other notable IPOs include C Daosheng (601026) with a 396.32% increase and Changjiang Nengke (920158) with a 254.03% increase on their respective first trading days [2]

Core Viewpoint - Tianan New Materials has maintained steady growth in its operating performance in the first three quarters of the year, with a focus on seizing opportunities in the artificial intelligence industry to accelerate its development in the embodied intelligence sector, aiming for high-quality growth [1] Group 1: Business Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.273 billion yuan, a year-on-year increase of 3.47%, and a net profit attributable to shareholders of 97.54 million yuan, up 21.47% year-on-year [5] - The third quarter alone saw a net profit attributable to shareholders of 35.37 million yuan, reflecting a year-on-year growth of 31.12% [5] - The automotive interior materials segment reported revenue growth of over 125 million yuan compared to the same period last year, with a year-on-year growth rate of 34% [5] Group 2: Strategic Partnerships and Innovations - Tianan New Materials signed a technical development cooperation agreement with Beijing Tashan Technology Co., focusing on the integration of material science and artificial intelligence perception technology to develop electronic skin products [2] - The company aims to overcome technical bottlenecks in material and perception integration, enhancing the softness, touch, and durability of polymer materials [2][3] - Future developments in the robotics industry are expected to extend from industrial applications to service and home scenarios, with a focus on lightweight and flexible robots [3] Group 3: Strategic Transformation and Market Expansion - Established in 2000, Tianan New Materials has transformed from a single material supplier to a builder of an industrial ecosystem through strategic acquisitions and integrations in the home furnishing industry [4] - The company is actively expanding into overseas markets, with its subsidiary Eagle Brand opening showrooms in Melbourne and Sydney to enhance its global presence [4][5] - The company is committed to achieving a strategic upgrade from a regional leader to a global home furnishing brand by deepening international cooperation and expanding its market footprint [5]