智通财经APP获悉，香港联交所最新资料显示，2月11日，Lazard Asset Management LLC减持海螺水泥 (00914)1436.4833万股，每股作价25.7936港元，总金额约为3.71亿港元。减持后最新持股数目约为 5612.95万股，最新持股比例为4.32%。 ...

来源：智通财经网 香港联交所最新资料显示，2月11日，Lazard Asset Management LLC减持海螺水泥(00914)1436.4833万 股，每股作价25.7936港元，总金额约为3.71亿港元。减持后最新持股数目约为5612.95万股，最新持股 比例为4.32%。 ...

Group 1 - Lazard Asset Management LLC reduced its stake in Conch Cement (600585) by selling 14,364,833 shares at a price of HKD 25.7936 per share, totaling approximately HKD 371 million [1] - After the reduction, Lazard's remaining shareholding is approximately 56,129,500 shares, representing a stake of 4.32% [1]

证券日报网讯 2月12日，海螺水泥在互动平台回答投资者提问时表示，公司将持续抓好生产经营，实施 精准有效投资，强化创新驱动，推进低碳绿色循环发展，积极推动市值管理，回应市场关切，持续为广 大股东创造价值。 （文章来源：证券日报） ...

（编辑 楚丽君） 证券日报网讯 2月12日，海螺水泥在互动平台回答投资者提问时表示，公司已建立财务共享中心，形成 了覆盖核心业务场景、统筹运营主体的共享服务能力，有力支撑各业务板块的财务协同，持续赋能公司 高质量发展。 ...

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

Group 1 - The Capital Group Companies, Inc. increased its stake in Conch Cement (600585) by acquiring 5,226,973 shares at a price of HKD 24.6293 per share, totaling approximately HKD 129 million [1] - Following the acquisition, The Capital Group's total shareholding in Conch Cement reached approximately 132 million shares, representing a 10.16% ownership stake [1]

Group 1 - The Capital Group Companies, Inc. increased its stake in Conch Cement (00914) by 5,226,973 shares at a price of HKD 24.6293 per share, totaling approximately HKD 129 million [1] - Following the increase, the total number of shares held by The Capital Group is approximately 132 million, representing a holding percentage of 10.16% [1]

Investment Rating - The industry investment rating is "Hold" [3] Core Insights - In Q4 2025, funds increased their allocation in the cement and glass sectors, while the overall allocation in the building materials sector remains low at 0.51%, with a low allocation of 0.49% [19][23] - The industry shows signs of profit recovery, with leading companies demonstrating resilience [23] - The fund's strategy continues to focus on core industries that counteract internal competition, particularly in waterproofing and glass [41] Fund Holdings Analysis - As of Q4 2025, the fund's allocation in the building materials sector is 0.51%, up by 0.046 percentage points from the previous quarter, indicating a low allocation compared to the overall market [19] - The allocation by sub-sector includes cement at 0.13%, glass at 0.07%, and other materials at 0.02% [23] - The fund increased its holdings in all sub-sectors except for consumer materials, new materials, and glass fibers [23] Individual Stock Performance - The top ten companies by fund holdings as of Q4 2025 include: - 菲利华 (44.5 billion RMB) - 东方雨虹 (22.4 billion RMB) - 三棵树 (20.5 billion RMB) - 中材科技 (16.1 billion RMB) - 海螺水泥 (13.7 billion RMB) [41] - The top ten companies by fund holding percentage include: - 菲利华 (8.68%) - 东方雨虹 (8.61%) - 三棵树 (6.00%) [41] Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the building materials sector, with several companies rated as "Buy" based on their projected earnings and price-to-earnings ratios [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].