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《關於 2026 年度委 託理財計劃的公告》，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 Anhui Conch Cement Company Limited 关于 2026 年度委托理财计划的公告 二零二六年一月二十六日 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 股票简称：海螺水泥 ...

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《關於 2026 年度開 展外匯衍生品交易的公告》，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 二零二六年一月二十六日 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于 2026 年度开展外汇衍生品交易的公告 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。 重要内容提示： ● 交易目的：套期保值 截至此公告日 ...

Summary of Key Points from Conference Call Records Industry Overview Fiberglass Industry - The fiberglass industry is benefiting from the growth in demand for wind power and new energy vehicles, with both roving and electronic yarn showing structural demand improvement and simultaneous price increases. Companies have issued price increase notices, and it is expected that performance will reflect this in 2026. Leading company China Jushi has a cost advantage and is likely to benefit from an increase in the proportion of mid-to-high-end products [1][2][3] Construction Materials - Consumer building materials companies are transforming channels and focusing on small B-end and C-end markets, leading to significant improvements in cash flow and profitability. Companies like Sanke Tree are focusing on home decoration wall paint, while Rabbit Baby is steadily developing the small B-end market. Price increases have been announced, and market supply is gradually easing [1][2][3] Cement Industry - The cement industry is expected to see a decline in demand in 2026, but there are positive supply-side factors such as government production limits, market consolidation, and increased investment in western infrastructure. The overseas market demand is strong, particularly for companies like Conch Cement and Huaxin Cement, which are expected to show growth [1][2][3] Coal Market - The thermal coal market is currently experiencing weak price fluctuations due to sufficient port coal stocks and imports. The new safety regulations will raise compliance costs and delay capacity release for some companies, while the demand for coking coal remains supported by pre-holiday stockpiling [1][4][5] Electricity and Power Sector - China's electricity consumption continues to grow, with a significant investment plan of 4 trillion yuan announced by the State Grid to promote the intelligent and digital transformation of the distribution network. Companies like Dongfang Electric are highlighted as key players in the power automation sector [1][6][8] Key Insights and Arguments Demand and Price Trends - The construction materials sector has seen a notable increase in prices, driven by structural demand improvements and channel transformations. The fiberglass sector, particularly in roving and electronic yarn, is expected to perform well in both volume and price [2][3] Market Dynamics - The dye industry is experiencing price increases due to rising costs of key intermediates, benefiting integrated producers like Zhejiang Longsheng and Runtu. Stricter environmental policies are expected to increase industry concentration, favoring leading companies [2][11][12][13][14] Real Estate Market - The real estate market recovery is driven more by supply-side factors, with cities like Dalian, Changchun, and Shenyang showing signs of price increases due to reduced land supply and new project sales [9][10] Additional Important Information - The coal market is entering a traditional weak supply-demand period as production slows down due to holidays, leading to a potential for weaker price fluctuations in the short term [4][5] - The electricity sector is projected to see a significant increase in demand, with a focus on renewable energy development and infrastructure investment [6][8] - The dye market is expected to undergo consolidation as smaller companies face financial pressures due to rising costs, leading to a more concentrated and competitive market landscape [12][14]

Summary of Conference Call on Building Materials Industry Industry Overview - The building materials industry is showing signs of recovery, with significant increases in second-hand housing transaction volumes in early 2026 compared to the same period in 2025, indicating a rebound in market demand [1][3] - The real estate sector's contribution to cement demand has decreased to 18.9%, while the industrial glass sector's share has risen to 41.3%, suggesting a reduced sensitivity of traditional building materials to real estate demand [1][5] Key Points and Arguments - **Market Recovery Indicators**: - Core area housing prices in Beijing, Shanghai, and Shenzhen are recovering despite minimal policy changes, indicating an increased probability of the industry hitting a natural bottom [1][4] - The seasonal effect from March to April, traditionally a peak period for real estate, is expected to further enhance market sentiment [3] - **Supply Chain Dynamics**: - New construction starts have seen a significant decline, surpassing historical levels, leading to a contraction in capital expenditures in the building materials sector [1][8] - The waterproofing sector is experiencing the most severe supply-side clearing, with a high exit rate of companies and significant revenue declines among major players [2][7] - **Future Outlook**: - The building materials sector is at the beginning of a new cycle, with expectations of profitability bottoming out and stabilizing from 2026 onwards [2][12] - The industry has been in a downturn for five years, nearing a bottoming window, with historical data suggesting that real estate downturns typically last 4-7 years [5][8] Additional Important Insights - **Investment Opportunities**: - Focus on leading companies like 东方雨虹 (Dongfang Yuhong) and 科顺股份 (Keshun) for potential recovery opportunities, as well as undervalued stocks like 北新建材 (Beixin Building Materials) [2][11] - The waterproofing sector is highlighted as having the highest probability of recovery due to the severe supply-side clearing [10] - **Sector-Specific Trends**: - The engineering pipeline sector has maintained stable production levels, showing resilience compared to the more volatile waterproofing sector [9] - The waterproofing industry has seen a cumulative revenue decline of approximately 38% since 2021, reflecting significant profitability pressures [8] - **Strategic Recommendations**: - Investors are advised to avoid premature selling, as the cyclical nature of the market suggests that profitability will continue to improve with changing expectations [12]

Group 1 - The Shanghai Composite Index rose by 0.14%, while the ChiNext Index increased by 1.01%, driven by gains in the building materials sector, with Jinju Group hitting the daily limit and Dongfang Yuhong rising over 8% [1] - The building materials ETFs, including E Fund and others, saw increases of over 3.8% year-to-date, with E Fund's building materials ETF showing a year-to-date gain of 10.77% [2] - The Ministry of Housing and Urban-Rural Development recently issued guidelines aimed at improving housing quality, targeting significant progress by 2030 in various aspects such as standards, design, materials, and construction [2] Group 2 - According to Shenwan Hongyuan Securities, the real estate chain has been in decline for five years, but there are positive signals emerging. The building materials industry has faced pressures such as demand decline and increased competition, but long-term changes are now visible [3] - The report suggests that the building materials sector is expected to benefit from a recovery in housing demand, particularly in renovation and improvement of living conditions as income expectations improve [3] - Huafu Securities indicates that supply-side reforms and declining interest rates may enhance home-buying willingness, potentially stabilizing the real estate market and boosting demand for building materials [3] Group 3 - Guotai Junan Securities highlights that despite static total physical data showing a year-on-year decline, leading building materials companies have achieved revenue and profit growth through increased market share and expansion into overseas markets [4] - The growth in revenue and profitability is attributed to factors such as material upgrades driven by AI and new energy, as well as the easing of competition [4] - The intrinsic growth potential of leading building materials companies is seen as attractive, with the possibility of significant benefits if macroeconomic expectations improve [4]

（文章来源：每日经济新闻） 每经AI快讯，港股水泥股涨幅居前，截至发稿，中国建材(03323.HK)涨5.82%，报5.27港元；金隅集团 (02009.HK)涨5%，报0.84港元；海螺水泥(00914.HK)涨4.6%，报24.1港元；华润建材科技(01313.HK)涨 4.35%，报1.68港元。 ...

消息面上，国家统计局数据显示，2025年，全国累计水泥产量16.93亿吨，同比下降6.9%，降幅与1-11 月持平，较去年同期收窄2.6个百分点，产量为2010年以来同期最低水平。12月份，全国单月水泥产量 1.44亿吨，环比和同比均下降6.6%。 东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持。该行判断2026年在龙头引领下供给 自律共识强化，行业错峰力度不断增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁 再平衡，制约行业盈利弹性。若实物需求企稳改善，水泥旺季价格弹性可观。该行认为2026年行业盈利 环比2025年下半年有望呈现震荡中改善的态势，部分基建重点项目需求增量较大的省份景气有望明显领 先全国整体水平。 智通财经APP获悉，水泥股涨幅居前，截至发稿，中国建材(03323)涨5.82%，报5.27港元；金隅集团 (02009)涨5%，报0.84港元；海螺水泥(00914)涨4.6%，报24.1港元；华润建材科技(01313)涨4.35%，报 1.68港元。 ...

（文章来源：证券日报） 证券日报网讯 1月21日，海螺水泥在互动平台回答投资者提问时表示，公司股价波动受宏观经济、行业 和市场形势等多种复杂因素综合影响。公司将围绕已制定的《市值管理制度》，积极推动落实市值管理 的各项举措，持续提升经营发展质量，不断增强公司的内在投资价值。 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the construction and building materials industry in China, particularly in the context of carbon neutrality initiatives and the impact of carbon emission trading policies on the cement sector [1][2][3]. Core Insights and Arguments - **Green Energy and Engineering Companies**: Companies like China Electric Power Construction and China Energy Engineering are positioned to benefit from increased investment in the power grid and growing demand for technological upgrades from downstream clients [1][3]. - **Cement Industry Leaders**: Major cement companies, such as Conch Cement, are expected to benefit from investments in energy-saving and carbon reduction technologies, as well as policies aimed at reducing excess capacity [1][3]. - **Emerging Coal Chemical Sector**: The emerging coal chemical industry is seen as having significant growth potential, especially given the strategic importance of oil security in China. Companies like China Chemical and Donghua Technology are expected to benefit from this trend [1][4][5]. - **Carbon Emission Trading Market**: The national carbon emission trading market is experiencing a trend of increasing prices. Companies failing to meet advanced standards will incur additional production costs due to the need to purchase carbon credits [1][6]. - **Cost Impact of Carbon Credits**: By the end of 2025, the price of carbon credits is expected to reach 80 RMB per ton, with initial cost impacts on cement companies being relatively limited, estimated at less than 3 RMB per ton of clinker [1][8]. Additional Important Insights - **Policy Implementation Timeline**: Policies to limit overproduction in the cement industry are set to be implemented in Q1 2026, presenting a favorable time for investment as the competitive landscape is expected to be reshaped through long-term adjustments [2][11]. - **Market Performance Drivers**: The current strong performance of the construction and building materials sector is attributed to low valuations and catalysts such as increased investment in the power grid and rising demand for technological upgrades from clients [7]. - **Long-term Effects of Carbon Policies**: The carbon quota policy is a long-term process that will gradually lead to the exit of outdated production capacity. The implementation of short-term measures will create opportunities for industry consolidation starting in Q1 2026 [12][13]. - **Valuation and Investment Timing**: The cement industry is currently at a historical valuation low, making it an attractive investment opportunity. Companies like Conch Cement and others are trading below book value, indicating potential for price appreciation [11]. Conclusion - The construction and building materials industry in China is poised for significant changes driven by carbon neutrality policies and market dynamics. Key players in the green energy and cement sectors are well-positioned to capitalize on these trends, making this an opportune time for investment.

智通财经APP获悉，香港联交所最新资料显示，1月20日，海螺水泥(00914)股东将股票存入凯基证券亚洲，存仓市值26.2亿港元，占比8.86%。 1月14日，Invesco Asset Management Limited增持海螺水泥(00914)190.75万股，每股作价23.0824港元，总金额约为4402.97万港元。增持后最新持股数目为 9274.6万股，最新持股比例为7.13%。 ...