Fangzheng Securities' Research Reports point out that considering China Jushi Co., Ltd (600176.SH) has cost advantages in fiberglass and a strong high value-added barrier, its profitability leads the industry. The zero-carbon intelligent manufacturing has entered a new phase, maintaining a "strong buy" rating. Taking into account next year's cold repair and technological transformation plan, the actual net new production capacity in 2025 is expected to be around 0.7 million tons, with a year-on-year increase of about +9%. In the new normal of competition and cooperation, fiberglass prices are expected to fluctuate within a narrow range in 2025, with a core focus on stabilizing the price of mid-to-high-end varieties. The company has a deeper cost advantage barrier in the fine yarn field, waiting for the full realization of price elasticity. Over the past five years, the company's average dividend payout ratio was about 33%, and it is 36% for 2023. This increase in the dividend payout ratio not only aligns with the market cap management policy guidelines, enhancing shareholder returns, but also, from the PB-ROE framework perspective, raising dividends is beneficial for improving the current valuation level.