Group 1 - Cement stocks in Hong Kong experienced a collective surge on September 29, with notable increases in share prices [1] - Huaxin Cement (06655.HK) rose by 5.1% to HKD 15.26 [1] - Western Cement (02233.HK) also increased by 5.1%, reaching HKD 3.3 [1] - China National Building Material (03323.HK) saw a rise of 3.23%, trading at HKD 5.44 [1] - Conch Cement (00914.HK) experienced a smaller increase of 1.56%, with shares priced at HKD 23.48 [1]

Core Viewpoint - Cement stocks experienced a collective surge following the announcement of the "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and five other departments, indicating potential for industry recovery and consolidation [1] Group 1: Market Performance - Huaxin Cement (06655) rose by 5.1% to HKD 15.26 - Western Cement (02233) increased by 5.1% to HKD 3.3 - China National Building Material (03323) climbed by 3.23% to HKD 5.44 - Conch Cement (00914) gained 1.56% to HKD 23.48 [1] Group 2: Policy Impact - The new policy aims to implement a capacity replacement scheme for excess project filings by the end of 2025, which is expected to reduce clinker capacity by 10% [1] - The industry is anticipated to see accelerated price recovery as a result of these measures, alongside increased market consolidation among larger companies [1] Group 3: Industry Outlook - Guosheng Securities reported that the cement industry is still in a demand bottoming process, with companies enhancing production cut measures [1] - Cement prices are fluctuating around the industry's breakeven point, while the China Cement Association has issued guidelines to promote high-quality development and stabilize growth [1] - Large infrastructure projects are expected to boost regional demand in areas like Tibet and Xinjiang, with a focus on cost-advantaged leaders such as Conch Cement and overseas-focused Huaxin Cement [1]

Group 1 - Cement stocks collectively surged, with Huaxin Cement rising by 5.1% to HKD 15.26, Western Cement up by 5.1% to HKD 3.3, China National Building Material increasing by 3.23% to HKD 5.44, and Conch Cement gaining 1.56% to HKD 23.48 [1] - On September 24, the Ministry of Industry and Information Technology and five other departments released the "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" [1] - Industry insiders expect that the requirement for a capacity replacement plan for excess project filings by the end of 2025 could reduce clinker capacity by 10%, potentially accelerating price recovery in the industry [1] Group 2 - Guosheng Securities reported that the cement industry is still in the process of finding a bottom, with companies increasing staggered production halts, causing cement prices to fluctuate around the industry's breakeven point [1] - The China Cement Association issued a notice to further promote "anti-involution" and "stabilization growth" for high-quality development in the cement industry, indicating potential improvements on the supply side [1] - Large infrastructure projects are expected to boost regional demand in areas like Tibet and Xinjiang, with a focus on leading companies with cost advantages such as Conch Cement and Huaxin Cement [1]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The construction materials sector (CITIC) declined by 1.73% this week, underperforming the CSI 300 index, which rose by 1.07%, resulting in a 2.8 percentage point lag [2][10] - On September 24, the Ministry of Industry and Information Technology and five other departments jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", addressing weak market demand and structural issues in the industry. The plan emphasizes strict capacity control for cement and glass, promotes technological innovation, and encourages digital transformation and green low-carbon upgrades [2][17] - The new plan focuses more on resolving structural issues rather than emphasizing growth targets, with clear measures for capacity control in overcapacity sectors like cement and glass. It also highlights the need for continuous improvement in transformation and upgrading, particularly in high-end materials [2][17] Summary by Sections Market Review - The CSI 300 index increased by 1.07% while the construction materials sector (CITIC) fell by 1.73%, with glass fiber and glass sub-sectors experiencing smaller declines. Notable stock performances included Xidamen (+9.8%), Shangfeng Cement (+8.1%), and China Jushi (+7.5%) [1][10] Key Recommendations - Recommended stocks include: 1. Cement: Huaxin Cement, Conch Cement, Shangfeng Cement 2. Glass: Qibin Group, Fuyao Glass, Yamaton 3. Consumer Building Materials: Dongfang Yuhong, Sankeshu, Beixin Building Materials 4. Glass Fiber: China Jushi, Shandong Fiberglass, Changhai Co. [2][19] Focused Investment Opportunities - The report suggests focusing on high-demand sectors such as high-end electronic fabrics and overseas markets, recommending companies like China National Materials, Honghe Technology, and West Cement [2][19]

Group 1 - The core viewpoint of the news is that cement stocks in Hong Kong experienced a significant rise, led by a nearly 19% increase in Shanshui Cement, attributed to a slight increase in national cement prices due to the traditional peak season and improved market demand [1][2] - China Galaxy Securities noted that this week, national cement prices saw a slight increase, primarily due to the current entry into the traditional peak season, with cement companies actively pushing for price increases [1] - The market demand has shown some recovery, although it remains weaker compared to the same period last year, and some clinker production lines are still in a state of suspension, which has not yet put pressure on the companies' clinker inventories [1] Group 2 - Looking ahead, the demand during the "Golden September and Silver October" period is expected to continue to grow, but the increase is anticipated to be limited due to weak terminal market conditions [1] - There is an expectation of a longer period of staggered production suspensions during the winter, combined with the current marginal improvement in demand, which suggests that cement companies will continue to actively push for price increases [1] - Additionally, there is an expectation of rising coal prices, which will further support cement prices [1]

Core Viewpoint - The Hong Kong cement sector is experiencing a significant rise, led by a nearly 19% increase in shares of China Shanshui Cement, driven by a slight uptick in national cement prices due to seasonal demand recovery and proactive pricing strategies from cement companies [1]. Industry Summary - This week, national cement prices have slightly increased, attributed to the traditional peak season and higher pricing enthusiasm from cement companies [1]. - Market demand has shown some recovery, although it remains weaker compared to the same period last year [1]. - Some clinker production lines are still idled, which has not yet pressured the clinker inventory of companies [1]. - Looking ahead, demand is expected to continue growing during the "Golden September and Silver October" period, but the increase is anticipated to be limited due to a weak end-market [1]. - The upcoming winter is expected to bring extended periods of production halts, and with marginal improvements in current demand, cement companies are likely to continue pushing for price increases [1]. - There is an expectation of rising coal prices, which will further support cement prices [1]. Company Summary - China Shanshui Cement saw a significant price increase of 18.89%, reaching 1.070 [1]. - Other companies such as China Tianrui Cement, Anhui Conch Cement, and China National Building Material also experienced modest gains of 1.45%, 1.22%, and 1.10% respectively [1]. - The stock performance of various cement companies indicates a positive market sentiment, with several companies showing around 1% increase in their stock prices [1].

Investment Rating - The report maintains a "Positive" outlook on the building materials industry for 2025, highlighting investment opportunities in the fiberglass and cement sectors, while suggesting stock selection in consumer building materials and early-cycle segments [2][3]. Core Insights - The building materials industry has shown signs of recovery, with a narrowing revenue decline and improved profitability in the cement and fiberglass sectors. The overall revenue for sample companies in the first half of 2025 was 277.57 billion yuan, a year-on-year decline of 4.1%, which is a 10.7 percentage point improvement compared to the entire year of 2024. Net profit attributable to shareholders reached 14.82 billion yuan, a year-on-year increase of 38.9% [5][15]. - The cement industry is experiencing a gradual recovery, with significant profit improvements. In the first half of 2025, the cement sector achieved a revenue of 118.8 billion yuan, down 7.5% year-on-year, but net profit surged by 1110.5% to 5.4 billion yuan. This recovery is partly due to a low base effect from 2024 and favorable pricing conditions [6][28]. - The fiberglass sector reported robust growth, with sample companies generating a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% to 3.29 billion yuan. The recovery in pricing and the growth in specialty fabric business are contributing factors [7][19]. - Consumer building materials showed a smaller revenue decline of 2.7%, with total revenue of 68.76 billion yuan and net profit down 13.2% to 4.35 billion yuan. Companies like Keda Manufacturing and Sankeshu are demonstrating strong alpha characteristics due to their unique market positions [6][7]. - The glass sector remains under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan, primarily due to high base effects and weak demand in the construction sector [5][19]. - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - The building materials industry is categorized into six segments: cement, glass, fiberglass, early-cycle, consumer building materials, and new materials. The overall revenue decline has narrowed, and profitability has improved, particularly in the cement and fiberglass sectors [15][19]. 2. By Industry: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Recovery Certainty Gradually Realized - The cement industry is showing signs of recovery with improved profitability. The first half of 2025 saw a revenue of 118.8 billion yuan, down 7.5% year-on-year, and a net profit of 5.4 billion yuan, up 1110.5% [28][34]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector has shown significant growth, with a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% [7][19]. 2.3 Consumer Building Materials: Revenue Stabilizing, Some Companies Show Profit Alpha - The consumer building materials segment experienced a revenue decline of 2.7%, totaling 68.76 billion yuan, with net profit down 13.2% to 4.35 billion yuan. Certain companies are demonstrating strong alpha characteristics [6][7]. 2.4 Glass: Photovoltaic Glass Phase Improvement, Building Glass Still Under Pressure - The glass industry is under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan [5][19]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19].

Core Viewpoint - Anhui Conch Cement Co., Ltd. announced a cash dividend distribution of 0.24 RMB per share for the first half of 2025, approved by the board on August 26, 2025, following authorization from the annual general meeting on May 29, 2025 [2][4]. Summary by Sections Dividend Distribution Plan - The cash dividend of 0.24 RMB per share (before tax) will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4]. - The total cash dividend to be distributed amounts to approximately 1.27 billion RMB, calculated based on the total share capital of 5,299,302,579 shares, excluding 22,242,535 shares held in the company's repurchase account [4][5]. Differentiated Dividend Distribution - The company will not issue bonus shares or increase capital from reserves; only cash dividends will be distributed [4][6]. - The reference price for the ex-dividend trading will be calculated based on the formula: (previous closing price - cash dividend) [5][6]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividends; those holding for one year or less will not have tax withheld at the time of distribution [8]. - For QFII shareholders, a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.216 RMB per share [9][10]. Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system, with specific arrangements for shareholders who have designated trading [6][7]. - The company will directly distribute cash dividends to its controlling shareholder, Anhui Conch Group [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2025 年半年度權 益分派實施公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞 水 中國安徽省蕪湖市 二零二五年九月二十二日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 二〇二五年八月 致：安徽海螺水泥股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受安徽海螺水泥股份有限 公司（以下称"公司"或"海螺水泥"）的委托，根据《中华人民共和国公司法》 （以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上 市公司股份回购规则》（以下称"《回购规则》"）、《上海证券交易所上市公司自律 监管指引第 7 号--回购股份》（以下称"《回购股份指引》"）、《上海证券交易所交 易规则》（以下称"《交易规则》"）等有关法律、法规和规范性文件及《安徽海螺 水泥股份有限公司章程》（以下称"《公司章程》"）的相关规定，就公司 2025 年 度中期利润分配涉及的差异化权益分派特殊除权除息处理（以下称"本次差异化 权益分派"）相关事项出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的、本所律师认为出具本 法律意见书所需的文件进行了法律审查，并就公司本次差异化权益分派相关事项 向有关管理人员 ...