股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤建材科技控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01313 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

智通财经APP获悉，京东健康-R(86618)、华润啤酒-R(80291)、新鸿基地产-R(80016)上一交易日沽空比 率位于前三位，分别为100.00%、97.44%、77.85%。阿里巴巴-SW(09988)、腾讯控股(00700)、美团- W(03690)的沽空金额位居前三，分别为34.49 亿元、31.16 亿元、20.66 亿元。梦金园(N23076)、长江生 命科技(00775)、吉利汽车-R(80175)的偏离值位居前三，分别为33.73%、32.22%、30.81%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 京东健康-R(86618) | 19.33 万元 | 100.00% | 28.55% | | | 华润啤酒-R(80291) | 46.23 万元 | 97.44% | 29.79% | | | 新鸿基地产-R(80016) | 30.27 万元 | 77.85% | -7.97% | | | 中国移动-R(80941) | 192.18 万元 | 69.93% | 11.4 ...

机构：西部证券 研究员：张欣劼 投资建议：公司作为华南地区水泥龙头，成本管控能力增强，期待供给端限超产、碳排放等"反内卷"相 关政策缓解产能过剩、促进水泥复价。我们预计25-27 年公司实现归母净利润4.47/6.34/9.46 亿元，对应 EPS 0.06/0.09/0.14 元，维持公司"买入"评级。 事件：2025 年前三季度实现营收150.70 亿元（人民币，下文同），同比-4.47%；归母净利润3.31 亿 元，同比+7.26%。其中Q3 单季实现营收48.64 元，同比-10.96%；归母净利润0.24 亿元，同比-82.97%。 Q3 单季水泥主业收入、毛利率下降导致业绩承压。25 年Q1-3 水泥产品/混凝土/骨料业务实现收入 91.35/31.02/20.34 亿元，同比-12.3%/+11.9%/+21.3%；毛利率17.1%/14.7%/25.4%，同比 风险提示：水泥需求不及预期，能源成本超预期上涨，国内宏观经济下行等风险。 3）骨料业务：销量高增，盈利下降。25Q1-3 销量5859.30 万吨，同比+26.6%；吨价格/吨成本/吨毛利 同比-2/+4/-5 元至35/26/9 元。 ...

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports-R and Great Wall Motors-R both having a short-selling ratio of 100.00% [1][2] - Alibaba-SW leads in short-selling amount at 1.343 billion, followed by Pop Mart at 1.242 billion and Tencent Holdings at 1.215 billion [1][2] Short-Selling Ratios - Anta Sports-R (82020) has a short-selling amount of 635,500 and a ratio of 100.00% with a deviation of 10.36% [2] - Great Wall Motors-R (82333) has a short-selling amount of 7,250 and a ratio of 100.00% with a deviation of 30.20% [2] - SenseTime-WR (80020) has a short-selling amount of 1,122,200 and a ratio of 97.63% with a deviation of 51.92% [2] - Lenovo Group-R (80992) has a short-selling amount of 2,438,200 and a ratio of 94.23% with a deviation of 34.69% [2] Short-Selling Amounts - Alibaba-SW (09988) has a short-selling amount of 1.343 billion with a ratio of 9.98% and a deviation of -6.17% [2] - Pop Mart (09992) has a short-selling amount of 1.242 billion with a ratio of 30.78% and a deviation of 9.42% [2] - Tencent Holdings (00700) has a short-selling amount of 1.215 billion with a ratio of 11.50% and a deviation of -4.97% [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 51.92% [2] - HAPO Pharmaceutical-B (02142) has a short-selling amount of 15,513,500 with a deviation of 37.04% [2] - Lenovo Group-R (80992) has a deviation of 34.69% [2] - Great Wall Motors-R (82333) has a deviation of 30.20% [2]

此外，按照水泥产品全口径计算，25年Q1-3公司吨期间费用同比+12元至60元，其中吨销售/管理/财务 费用同比+0.2/+12/-1元。Q3单季吨期间费用同比+3元至50元，其中吨销售/管理/财务费用同比+0.1/+5/-2 元。 西部证券（002673）发布研报称，华润建材科技(01313)作为华南地区水泥龙头，成本管控能力增强， 期待供给端限超产、碳排放等"反内卷"相关政策缓解产能过剩、促进水泥复价。该行预计25-27年公司 实现归母净利润4.47/6.34/9.46亿元，对应EPS0.06/0.09/0.14元，维持公司"买入"评级。 报告中称，公司2025年前三季度实现营收150.70亿元(人民币，下文同)，同比-4.47%;归母净利润3.31亿 元，同比+7.26%。其中Q3单季实现营收48.64元，同比-10.96%;归母净利润0.24亿元，同比-82.97%。 该行指出，25年Q1-3水泥产品/混凝土/骨料业务实现收入91.35/31.02/20.34亿元，同 比-12.3%/+11.9%/+21.3%;毛利率17.1%/14.7%/25.4%，同比+4.5/+2.3/-13.2pct;Q3单 ...

Core Viewpoint - The report from Western Securities indicates that China Resources Cement Technology (01313) is positioned as a leader in the cement industry in South China, with enhanced cost control capabilities. The expectation is for policies aimed at limiting overproduction and carbon emissions to alleviate excess capacity and promote cement price recovery [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, while the net profit attributable to shareholders was 331 million yuan, an increase of 7.26%. In Q3 alone, revenue was 4.86 billion yuan, down 10.96%, and net profit was 24 million yuan, down 82.97% [1]. - The revenue from cement products, concrete, and aggregates for the first three quarters of 2025 was 9.13 billion yuan, 3.10 billion yuan, and 2.03 billion yuan, respectively, showing year-on-year changes of -12.3%, +11.9%, and +21.3%. The gross margins were 17.1%, 14.7%, and 25.4%, reflecting year-on-year changes of +4.5, +2.3, and -13.2 percentage points [1]. Cost Management - The company reported that the per-ton expenses for the first three quarters of 2025 increased by 12 yuan to 60 yuan, with sales, management, and financial expenses showing year-on-year changes of +0.2, +12, and -1 yuan, respectively. In Q3, the per-ton expenses rose by 3 yuan to 50 yuan, with sales, management, and financial expenses changing by +0.1, +5, and -2 yuan [2].

Investment Rating - The report maintains a "Buy" rating for China Resources Cement Technology (01313.HK) [3][6] Core Views - The company experienced a decline in both volume and price in the cement sector, leading to performance pressure, while cost control measures continue to be effective [3][4] - The company is expected to benefit from policies aimed at reducing overcapacity and promoting price recovery in the cement market [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, while net profit attributable to shareholders was 331 million yuan, an increase of 7.26% [1][6] - In Q3 alone, revenue was 4.864 billion yuan, down 10.96% year-on-year, and net profit was 24 million yuan, down 82.97% year-on-year [1][6] Business Segments 1. **Cement Business**: - Revenue for the first three quarters was 9.135 billion yuan, down 12.3% year-on-year, with a gross margin of 17.1%, up 4.5 percentage points [1] - In Q3, revenue was 2.886 billion yuan, down 18.2% year-on-year, with a gross margin of 10.6%, down 3 percentage points [1] 2. **Concrete Business**: - Revenue for the first three quarters was 3.102 billion yuan, up 11.9% year-on-year, with a gross margin of 14.7%, up 2.3 percentage points [2] - In Q3, revenue was 1.020 billion yuan, down 1.4% year-on-year, with a gross margin of 16.1%, up 4.1 percentage points [2] 3. **Aggregate Business**: - Revenue for the first three quarters was 2.034 billion yuan, up 21.3% year-on-year, with a gross margin of 25.4%, down 13.2 percentage points [2] - In Q3, revenue was 719 million yuan, up 21.7% year-on-year, with a gross margin of 25.6%, down 11.5 percentage points [2] Cost Management - The company has seen an increase in management expenses, with per-ton expenses rising by 12 yuan to 60 yuan for the first three quarters of 2025 [2] - In Q3, per-ton expenses increased by 3 yuan to 50 yuan [2] Future Outlook - The company is projected to achieve net profits of 447 million yuan, 634 million yuan, and 946 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.06, 0.09, and 0.14 yuan [3][4]

来源：格隆汇APP 中金发表研究报告指，考虑到华润建材科技计入G&A开支后，上半年固定资产减值将超过1亿元，而去 年同期并无相应拨备，加上公司的水泥销量和价格可或低于早前预期，因此下调公司今明两年的每股盈 测66%及48%，即分别为6分及11分。该行维持公司"跑赢行业"评级，但将目标价下调12%至2.2港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，华润建材科技(01313.HK)绩后跌超4%，截至发稿，跌4.49%，报1.7港元，成交额3175.08 万港元。 ...

Group 1 - The core viewpoint of the article indicates that China Resources Cement Technology (01313) experienced a decline of over 4% in stock price following the release of its financial results, with a current price of 1.7 HKD and a trading volume of 31.75 million HKD [1] - For the nine months ending September 30, 2025, the company reported a revenue of 15.07 billion RMB, representing a year-on-year decrease of 4.5% [1] - The profit attributable to the company's owners was 331 million RMB, showing a year-on-year increase of 7.3%, with basic earnings per share at 0.047 RMB [1] Group 2 - According to CICC's research report, the Q3 2025 performance of China Resources Cement Technology was largely in line with expectations [1] - The total sales volume of cement clinker in Q3 2025 decreased by 5.3% year-on-year to 14.12 million tons, while the industry's total cement output fell by 6.6%, indicating that the company's sales decline was slightly less than that of its peers [1] - The average price per ton of cement clinker in Q3 2025 decreased by 32 RMB to 205 RMB, while the cost per ton also fell by 32 RMB to 173 RMB, resulting in a gross profit per ton of 32 RMB, which remained stable at a low level [1] - The company continues to face pressure in its main cement business due to weak seasonal demand and increasing supply-demand imbalances [1]