Investment Rating - The report maintains a positive investment outlook on the construction materials industry, highlighting specific companies as key recommendations for investment opportunities [2][6][19]. Core Insights - The report emphasizes that both domestic demand hedging and TACO trading are merely processes of value discovery, suggesting that companies with high economic prospects and room for valuation growth will accelerate price discovery [2][3]. - It identifies a shift in focus towards companies that are expected to show resilience and growth potential, particularly in the context of domestic demand recovery and global demand expectations [4][12]. Summary by Sections Domestic Demand Hedging - Companies recommended under domestic demand hedging include Oriental Yuhong, Hanhigh Group, and Huaxin Cement, which are expected to show positive revenue trends in Q3 [2][4]. - The report highlights the importance of infrastructure projects in regions like Xinjiang, predicting a significant increase in cement demand due to major construction initiatives [7][9]. TACO Trading - The report suggests that the glass fiber and CCL industry chain will benefit from global demand expectations, with price increases observed in electronic fabrics and copper-clad laminates [3][5]. - Key companies in this segment include China Jushi and Zhongcai Technology, which are positioned to capitalize on the ongoing price increase cycle [6][15]. Cement Industry - The cement sector is noted for its potential growth driven by policy execution and governance improvements, with overseas expansion opportunities highlighted for companies like Huaxin Cement [34][38]. - The report indicates that the cement market is entering a phase of price stabilization, with a focus on limiting overproduction and enhancing governance [35][41]. Glass and Fiberglass - The glass sector is experiencing a recovery, particularly in photovoltaic glass, with companies like Fuyao Glass and Xinyi Glass expected to see improved profitability [10][12]. - The report notes that the fiberglass sector is witnessing a strong performance, with significant contributions from price increases in electronic fabrics [10][14]. Consumer Building Materials - The consumer building materials segment is showing signs of recovery, with companies like Sanke Tree and Beixin Building Materials expected to benefit from improved revenue performance in Q3 [19][25]. - The report emphasizes the importance of cost reduction and price stabilization in enhancing profitability for companies in this sector [26][27]. Key Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential, such as China Jushi, Huaxin Cement, and Oriental Yuhong, as they are expected to outperform in the current market environment [6][17][19].

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） 持續關連交易：修訂採購熔解促進劑年度上限之補充合同 修訂《熔解促進劑買賣合同》年度上限 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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就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。 茲提述二零二四年十二月公告，本公司（為其自身及代表本集團相關成員）與海螺製 劑高新技術公司於二零二四年十二月三十一日訂立了《燃燒促進劑買賣合同》、《熔 解促進劑買賣合同》及《脫硫劑採購框架協議》，其中根據《熔解促進劑買賣合同》， 本集團擬在二零二五年一月一日至二零二五年十二月三十一日期間，向海螺製劑高新 技術公司採購熔解促進劑。 於二零二五年十月十五日，本公司（為其自身及代表本集團相關成員）與海螺製劑高 新技術公司訂立《補充合同》，將《熔解促進劑買賣合同》現有年度上限修訂為經修 訂年度上限，除此之外，《熔解促進劑買賣合同》的所有其他條款和條件保持不變並 ...

持續關連交易：修訂採購熔解促進劑年度上限之補充合同 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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就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） 根據上市規則第 14A.81 條，由《補充合同》補充的《熔解促進劑買賣合同》、《燃燒 1 促進劑買賣合同》及《脫硫劑採購框架協議》項下的交易應合併計算，視作一項交易 處理，因為它們均為本集團與相同交易方在十二個月內進行的交易。由於根據上市規 則第 14 章，就上述合同／協議之總交易金額人民幣 25,197 萬元計算的每項適用百分比 率（不包括盈利比率）均超過 0.1%但低於 5%，根據上市規則第 14A.76(2)條，上述交 易須遵守年度審閱及披露規定，並獲豁免遵守獨立股東批准的規定。 背景 修訂《熔解促進劑買賣合同》年度上限 茲提述二零二四年十二月公告，本公司（為其自身及代表本集團相關成 ...

金吾财讯 | 建材水泥股表现强势，截至发稿，中国建材(03323)涨6.32%，华新水泥(06655)涨4.80%，海 螺水泥(00914)涨3.63%，华润建材科技(01313)涨3.33%，金隅集团(02009)涨2.35%，亚洲水泥（中国） (00743)涨1.61%，西部水泥(02233)跌1.54%。 来源：金吾财讯 消息面上，中国银河证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 ...

Group 1: Market Overview - The Hang Seng Index rose by 1.21%, gaining 308 points to close at 25,749 points, while the Hang Seng Tech Index increased by 1.18% [1] - Hong Kong's stock market saw a trading volume of HKD 158.6 billion in the morning session [1] Group 2: Airline Sector - Airline stocks experienced a collective rise, with growth in passenger traffic during the National Day holiday despite high base effects, indicating potential profit growth for airlines [1] - Eastern Airlines (00670) increased by 5.43%, China National Aviation (00753) rose by 4.06%, and Southern Airlines (01055) gained 3.74% [1] Group 3: Cement Sector - Cement stocks led the market gains, with a rebound expected in prices following a recent decline in several domestic markets [1] - China National Building Material (03323) rose by 6.32%, Conch Cement (00914) increased by 4.13%, and Huaxin Cement (06655) gained 3.78% [1] Group 4: Gold Sector - Lao Pu Gold (06181) surged over 7% as Morgan Stanley reaffirmed its "overweight" rating, citing a clear trend in brand value enhancement [1] - China Rare Earth Holdings (03788) rose over 5% as it completed pre-IPO fundraising and is set to list independently in Hong Kong [1] Group 5: Food and Beverage Sector - Guoquan (02517) saw a rise of over 9% as the restaurant sector's outlook improved, with expectations for store openings in Q4 [2] - Mixue Group (02097) increased by over 6%, with the brand gaining popularity and institutions optimistic about its brand expansion [4] Group 6: Consumer Goods Sector - Pop Mart (09992) rose by 3.6%, with potential to become a world-class cultural IP brand following a special gift to Apple's CEO [3] - Shangmei Co. (02145) increased by over 6%, with strong performance in domestic beauty brands in September and expectations for marginal improvement in Q4 due to the Double 11 shopping festival [3] Group 7: Gold Mining Sector - Shandong Gold (01787) fell over 5% after a profit warning, despite a potential doubling of net profit year-on-year for the first three quarters, with institutions advising caution regarding short-term adjustments in gold prices [5]

Core Viewpoint - Cement stocks have shown significant gains, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - China National Building Material (03323.HK) increased by 6.84%, reaching HKD 6.09 [1] - Anhui Conch Cement (00914.HK) rose by 4.21%, trading at HKD 25.26 [1] - Huaxin Cement (06655.HK) saw a 3.66% increase, priced at HKD 17.26 [1] - China Resources Cement Technology (01313.HK) gained 3.3%, with a price of HKD 1.86 [1] - Western Cement (02233.HK) experienced a 2.47% rise, now at HKD 3.32 [1]

Group 1 - The core viewpoint of the news is the significant rise in Hong Kong's building materials and cement stocks, with China National Building Material Corporation (CNBM) reaching a new high since April 2023, driven by improved profit forecasts and cost reductions in cement and concrete sales [1] - CNBM expects a net profit of 2.95 billion yuan for the first three quarters, marking a turnaround from losses, primarily due to decreased sales costs and increased profits from joint ventures [1] - The cement industry is experiencing a traditional off-season in Q3, with expectations of fluctuating cement prices in 2025, while companies like Huaxin Cement and Western Cement continue to expand production capacity [1] Group 2 - Statistics from the China Cement Network indicate that there are currently over 100 announced projects for capacity replacement, adding a total of 34.97 million tons, while 55.82 million tons have been withdrawn, resulting in a net reduction of 20.85 million tons [1] - The net reduction in production capacity is significantly lower than the decline in demand, leading to an exacerbated supply-demand imbalance and indicating poor policy effectiveness [1] - The stock performance of major companies includes CNBM rising by 6.67%, Huaxin Cement by 4.62%, and Conch Cement by 3.63%, reflecting positive market sentiment [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material (03323) up 6.84% to HKD 6.09, Anhui Conch Cement (00914) up 4.21% to HKD 25.26, and Huaxin Cement (06655) up 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a slight increase of 2 CNY/ton month-on-month, and the gross profit per ton for cement companies was 58 CNY/ton, up 3 CNY/ton [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production restrictions and demand-side infrastructure support [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material rising 6.84% to HKD 6.09, Anhui Conch Cement up 4.21% to HKD 25.26, and Huaxin Cement increasing by 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a month-on-month increase of 2 CNY/ton, and the gross profit per ton for cement companies was 58 CNY, reflecting a month-on-month increase of 3 CNY [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production controls and demand-side infrastructure support [2]

Core Viewpoint - The stock prices of major Chinese cement companies have shown significant increases, indicating positive market sentiment towards the sector [1] Company Performance - China National Building Material (033323.HK) has seen a stock price increase of 7.02% [1] - Conch Cement (00914.HK) has experienced a rise of 3.88% in its stock price [1] - Huaxin Cement (06655.HK) has reported a stock price increase of 3.42% [1]