Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - In 2025, the float glass market was in a state of "weak demand recovery - slow supply clearance - high inventory platform", with prices fluctuating around the cost line. The rebound height depends on the de - stocking slope, and the sustainability depends on the cold - repair intensity and restart constraints [1][5]. - In 2026, under the baseline scenario, glass will still operate around the cost zone. A strong - trending scenario relies on accelerated cold - repair and improved de - stocking slope due to short - term demand outperformance; a weak scenario corresponds to weaker demand and further inventory accumulation [6]. - In terms of strategies, industrial clients should lock in costs at low prices and seize selling - hedging opportunities during rebounds. Financial clients are more suitable to express views through basis, inter - period, and volatility tools and prioritize tail - risk management [7]. Group 3: Summary by Directory I. Float Glass Futures Market Review - **Market Overview**: In 2025, the glass market was in a state of "sticky bottom - grinding". The main contract price moved closer to the cost line with significantly reduced volatility, showing a weak downward trend throughout the year with only a short - term rebound at the end of the year. The price was suppressed by high inventory and weak demand, and the fundamental problem was the slow repair of the real - estate chain [5]. - **Futures Market Capital Behavior and Volatility**: In 2025, the market consensus was that supply clearance would be slow and demand would not reverse strongly in the short term. Volatility converged from a high level, and trading activity was high. Strategies shifted from "direction" to "structure", and tail - risk management was prioritized [15]. - **Basis and Futures - Spot Structure**: The futures market reacts to expectations faster than the spot market and is more likely to price in pessimistic sentiment in advance. The basis is mostly a moderate positive value, providing space for basis regression and inter - period structure trading. In the current stage, grasping futures - spot structure and basis changes can improve the winning rate [17]. II. Float Glass Supply - Demand Fundamentals - **Supply: Persistence and Constraints of Cold - Repair**: In 2025, the daily output of float glass remained high, and cold - repair had not been released on a large scale. The cold - repair decision has a threshold effect and is more likely to occur intensively under certain conditions. Cost and profit differentiation affect supply elasticity. Three key supply - side signals should be focused on [19][22][23]. - **Demand: Real Estate Remains the Foundation**: In 2025, the apparent demand for float glass decreased by about 9.3% year - on - year. The real - estate policy and sales data have a time - lag effect on glass demand. Deep - processing and energy - saving glass show structural resilience, and exports play a marginal role in diverting supply but cannot reverse the overall situation [27][28]. - **Inventory: Passivation Effect of High - Level Platform**: As of December 11, 2025, the total inventory of float glass sample enterprises was 58.227 million heavy boxes, a year - on - year increase of 22.26%. There is a "passivation effect" on price rebounds. Price and inventory are negatively correlated on a monthly basis, and the inventory inflection point often leads the rise of the price center [38]. - **Import and Export**: In 2025, the export volume index of float glass fluctuated at a high level year - on - year, while the import index declined. Exports play a marginal role in diverting supply but are affected by multiple factors and are less stable than domestic consumption [44]. III. Float Glass Cost - Profit: Profit Structure Determines Supply Elasticity and Rebound Height - The cost line of glass provides a dynamic "hard constraint" on the price. Profit differentiation intensifies the range - bound oscillation. In 2026, for a trend - upward movement, continuous inventory decline and relatively stable cost lines are required [46]. IV. 2026 Market Outlook: Three Scenario Analyses - **Baseline Scenario**: Glass will operate around the cost zone, and a strong upward trend requires the resonance of continuous inventory de - stocking and improved real - estate funding. - **Stronger Scenario**: It depends on accelerated cold - repair and improved de - stocking slope due to short - term demand outperformance. - **Weaker Scenario**: It corresponds to weaker demand and further inventory accumulation, with prices possibly falling below the cash cost of most routes [6]. - Three main lines of tracking are proposed: inventory, profit and supply, and demand. Key monitoring indicators are also provided [53][55]. V. Strategy Recommendations - **Industrial Clients**: The strategy design should shift from "single - point prediction" to "path management". A three - layer framework is proposed, including baseline hedging, rhythm hedging, and risk hedging. - **Upstream Producers**: When the price is at the upper edge of the cost zone or the basis converges significantly, start selling hedging. High - cost producers can have a higher hedging ratio and maintain flexibility when the inventory inflection point is established and cold - repair continues [56]. - **Traders and Deep - Processing Enterprises**: Buy in batches at low prices to lock in costs. During rebounds, focus on "locking in profits" rather than "chasing high prices". Deep - processing enterprises should link internal management leading indicators with hedging rhythms [57]. - **Financial Traders**: In a high - inventory and low - volatility environment, use basis and inter - period strategies. Options should be used for risk hedging [58].

Core Viewpoint - Hainan Development (002163) announced on October 8 that its subsidiary, Haikong Sanxin (Bengbu) New Energy Materials Co., Ltd. (referred to as "Haikong Sanxin"), is facing continuous losses and has become insolvent, leading the board to approve an application for bankruptcy liquidation [1][4]. Group 1: Company Performance - Haikong Sanxin has been experiencing ongoing losses since 2022 due to excessive competition and declining prices in the photovoltaic glass industry [4]. - The company's revenue for 2024 and the first half of 2025 was reported at 741 million and 192 million respectively, with net profits of -376 million and -195 million [4]. - As of September 30, 2025, Haikong Sanxin had outstanding loans totaling 55 million, with 45 million overdue since June 12, 2025 [4][5]. Group 2: Financial Obligations - Hainan Development has provided guarantees for Haikong Sanxin's external financing, with a total guarantee contract principal balance of 369 million, and a remaining principal balance of 283 million [5]. - The company has already paid 38.66 million in bank debts on behalf of Haikong Sanxin and 25.56 million in employee compensation [5]. - Haikong Sanxin is also reported to owe approximately 100 million to external suppliers as of September 30, 2025 [5]. Group 3: Future Outlook - Haikong Sanxin plans to cease operations by the end of September 2025 to mitigate further losses [4]. - The bankruptcy liquidation process is pending court acceptance, making it difficult to estimate the recoverable amounts for Hainan Development and its subsidiary [5].

Group 1 - The company Xiugang Co., Ltd. (SZ 300160) announced its fifth board meeting on August 20, 2025, where it reviewed the semi-annual report and summary for 2025 [1] - For the year 2024, the company's revenue composition is entirely from glass deep processing, accounting for 100.0% [1] - As of the report, Xiugang Co., Ltd. has a market capitalization of 5 billion yuan [1]

Core Viewpoint - The Shanghai Yaopi Glass Group Co., Ltd. is proposing amendments to its Articles of Association, including the cancellation of the supervisory board, to align with the latest legal regulations and improve corporate governance [1][2][3]. Summary by Sections Amendments to Articles of Association - The company aims to revise certain clauses in its Articles of Association to enhance the protection of the rights and interests of the company, shareholders, and creditors [1]. - The role of the legal representative is clarified, stating that the chairman of the board will act as the legal representative, and if the chairman resigns, it will be considered a resignation from the legal representative position as well [1][2]. - New provisions are added to specify that the legal representative's civil activities will be borne by the company, and the company will assume civil liability for damages caused by the legal representative while performing their duties [1][2]. Shareholder Responsibilities and Rights - Shareholders are responsible for the company's debts only to the extent of their subscribed shares, and the company will be liable for its debts with all its assets [1][2]. - The Articles will now allow shareholders to sue each other and the company’s directors, supervisors, and senior management, enhancing accountability [1][2]. Corporate Governance Enhancements - The company will establish a Communist Party organization and conduct party activities, providing necessary conditions for such activities [2][3]. - The amendments include provisions for the issuance of shares, ensuring equal rights for all shareholders of the same class [2][3]. Financial Assistance and Capital Increase - The company can provide financial assistance for acquiring its shares, with a limit set at 10% of the total issued capital [3]. - Various methods for increasing capital are outlined, including public and private offerings, and the distribution of bonus shares [3]. Shareholder Meeting Procedures - The company outlines the procedures for convening shareholder meetings, including the rights of shareholders to propose meetings and the requirements for valid resolutions [3][4]. - The amendments specify the conditions under which a temporary shareholder meeting must be called, ensuring timely responses to significant corporate events [3][4]. Accountability and Legal Compliance - The company emphasizes the need for compliance with laws and regulations, including the responsibilities of directors and senior management to act in the best interests of the company and its shareholders [3][4]. - Provisions are included to ensure that any decisions made by the board or shareholders that violate laws or regulations can be challenged in court [3][4].

Core Points - The company, Shanghai Yaohua Pilkington Glass Group Co., Ltd., was established as a Sino-foreign joint venture in November 1983 with a registered capital of RMB 165.2 million, where the Chinese side held 75% and the foreign side held 25% [1] - The company underwent a transformation into a joint-stock company in 1993, with a total share capital of RMB 390 million, and its B shares were listed on the Shanghai Stock Exchange in December 1993 [2] - The company changed its name to Shanghai Yaohua Pilkington Glass Group Co., Ltd. in August 2011 [2] General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [3] - The registered capital of the company is RMB 934,916,069 [4] - The company is intended to have perpetual existence as a joint-stock limited company [4] Business Objectives and Scope - The company's business objective is to apply advanced technology to produce high-end products and engage in diversified operations to maximize economic benefits for all shareholders [6] - The business scope includes research and development, production, and sales of various types of float glass, processed glass, automotive glass, and other special glass products [6] Shares - The total number of shares issued by the company is 934,916,069, all of which are ordinary shares [8] - The company may increase its capital through various means, including issuing shares to unspecified objects, subject to shareholder approval [10] Shareholder Rights and Obligations - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and supervise the company's operations [12] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not abuse their rights to harm the company or other shareholders [16] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [46] - Special resolutions require a higher threshold for approval compared to ordinary resolutions, ensuring significant decisions are made with broader consensus [78] Decision-Making and Voting - Ordinary resolutions require a simple majority of the votes cast, while special resolutions require a two-thirds majority of the votes cast [79] - The company must ensure that all voting procedures are transparent and comply with legal requirements [35]