Investment Rating - The investment rating for China Resources Cement Technology (1313.HK) is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.206 billion yuan for the first half of 2025, a year-on-year decrease of 1.0%, while the net profit attributable to shareholders was 307 million yuan, reflecting an increase of 85% year-on-year [2][4]. - The overall industry demand is under pressure, but the Guangdong and Guangxi regions are performing relatively better than the national average. National cement production decreased by 4.3% year-on-year to 820 million tons in the first half of 2025 [5]. - The company’s cement sales volume decreased by 13% year-on-year to 25.31 million tons, while concrete sales volume increased by 36% year-on-year to 68.77 million tons, and aggregate sales volume increased by 23% year-on-year to 36.34 million tons [5]. - The average price of cement products was 247 yuan per ton, an increase of 9 yuan per ton year-on-year, while the average price of commercial concrete was 303 yuan per ton, a decrease of 41 yuan per ton year-on-year [5]. Summary by Sections Company Overview - The company is primarily located in the Guangdong and Guangxi regions, which are expected to see better demand growth compared to the national average. The production line utilization rates for cement, concrete, and aggregates were 56.8%, 32.0%, and 80.2%, respectively, compared to 64.2%, 27.1%, and 75.1% in the same period of 2024 [5][7]. Market Dynamics - The mid-term outlook for the South China market is positive due to the construction momentum from the Greater Bay Area. The regional supply has stabilized, and the market is entering a rebalancing phase. The company, as a regional leader, has comprehensive advantages in scale and distribution [7]. Financial Projections - The industry is expected to gradually optimize its structure, with the company projected to achieve net profits of 700 million yuan and 1 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [7].

Group 1 - The cement stocks have mostly risen, with Dongwu Cement increasing by 22.93% to HKD 5.63, China National Building Material up by 11.4% to HKD 5.57, and Huaxin Cement Technology rising by 2.08% to HKD 1.96 [1] - Dongwu Cement announced a significant reduction in losses expected in the first half of 2025, attributed to the "anti-involution" policy in the domestic cement industry and a slowdown in overall market demand in China [1] - The company also reported gains from the sale of cement clinker capacity indicators, which will continue to be replaced by externally purchased clinker supply [1] Group 2 - Tianfeng Securities noted that cement prices continued to decline in July, with a national average of RMB 344 per ton, down RMB 44 per ton year-on-year and RMB 8 per ton since early July [2] - Many regions have seen cement prices reach or fall below cost lines, and rising coal prices have further increased profit pressures for companies [2] - In response, regions like the Yangtze River Delta and Hubei have begun to actively implement peak-shaving measures and raise prices by approximately RMB 30 per ton, with expectations for gradual recovery in profitability as demand enters the peak season [2]

天风证券指出，7月份水泥价格延续下行趋势，截至上周全国均价344元/吨，同比低44元/吨，较7月初 下降8元/吨，当前多数区域水泥价格已触及或跌破成本线，叠加煤炭价格持续走高，企业盈利压力进一 步加大，本周长三角、湖北等地开始积极错峰并推涨价格，涨幅约30元/吨，该行认为在当前条件下企 业错峰执行效果或较上半年更显著，叠加后续需求进入旺季，效益有望逐渐恢复，关注相对底部布局机 会。 智通财经APP获悉，水泥股多数上涨，截至发稿，东吴水泥(00695)涨22.93%，报5.63港元；中国建材 (03323)涨11.4%，报5.57港元；华润建材科技(01313)涨2.08%，报1.96港元；海螺水泥(00914)涨0.49%， 报24.82港元。 消息面上，东吴水泥上周五盘后发布公告，集团预期于2025年上半年将大幅减亏。公告称，亏损减少主 要是由于国内水泥行业"反内卷"政策带动业绩缓和回升，以及中国整体市场需求下降放缓；及出售水泥 熟料产能指标取得收益(该等产能指标将持续以外购熟料供应替代)所致。中国银河证券认为，7月处于 季节性淡季，高温雨水影响下游施工，全国水泥需求减少，全国熟料线停窑率有所提升，但熟料库 ...

Group 1 - Hong Kong cement stocks experienced a significant rise, with Dongwu Cement leading the gains at over 17%, followed by China National Building Material at over 7% [1] - Other notable performers included Huaxin Cement with a 2% increase, and China Tianrui Cement, China Resources Cement Technology, and Jinyu Group all rising over 1% [1] - The report from China Galaxy Securities indicated that July was a seasonal off-peak period, with high temperatures and rain affecting downstream construction, leading to a decrease in national cement demand and an increase in clinker inventory [2] Group 2 - Dongwu Cement is expected to reduce its losses to approximately 12.966 million yuan for the six months ending June 30, 2025, compared to a loss of about 39.981 million yuan in the same period last year, representing a reduction of approximately 67.6% [3] - The industry outlook suggests that demand is expected to gradually recover in mid to late August, with a potential stabilization and rebound in cement prices [2]

港股建材水泥股盘初拉升，其中，东吴水泥大涨超17%领衔，中国建材涨超7%，华新水泥涨2%，中国 天瑞水泥、华润建材科技、金隅集团涨超1%，海螺水泥涨0.4%。 消息上，中国银河证券研报表示，7月处于季节性淡季，高温雨水影响下游施工，全国水泥需求减少， 全国熟料线停窑率有所提升，但熟料库存继续增长，行业供需矛盾较大，水泥价格均呈下降态势。后续 来看，预计8月中下旬需求有望逐步回升，水泥价格有望止跌回涨。个股方面，东吴水泥公布，预期截 至2025年6月30日止六个月，亏损将减少至约1,296.6万元，而去年同期亏损约3,998.1万元，减幅约为 67.6%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00695 | 东吴水泥 | 5.360 | 17.03% | | 03323 | 中国建材 | 5.350 | 7.00% | | 06655 | 华新水泥 | 13.550 | 1.96% | | 01252 | 中国天瑞水泥 | 0.315 | 1.61% | | 01313 | 华润建材科技 | 1.940 | 1.04% | | 02009 ...

华润建材科技(01313)发布公告，自2025年9月1日起，龚晓峰先生获委任为独立非执行董事及战略与投 资委员会成员;及朱平先生将不再担任战略与投资委员会成员。 ...

Core Viewpoint - China Resources Cement Technology (01313.HK) reported a slight decrease in revenue for the mid-2025 period, while achieving significant growth in profit attributable to shareholders [1] Financial Performance - The consolidated revenue for the mid-2025 period reached RMB 10.2 billion, representing a 1.0% decrease compared to the same period last year [1] - Profit attributable to shareholders was RMB 307 million, showing an impressive year-on-year increase of 85.0% [1] Dividend Declaration - The board of directors has resolved to declare an interim dividend of HKD 0.014 per share for the period, compared to HKD 0.02 per share in 2024 [1]

期间内，该集团的水泥产品、混凝土及骨料对外销量分别减少370万吨、增加180万立方米及增加680万 吨，较去年同期分别减少12.6%、增加36.0%及增加23.2%。期间内，集团所销售的水泥产品中，约 82.1%为42.5或更高等级(2024年同期为83.4%)，约30.8%以袋装销售(2024年同期为29.3%)。用于集团混 凝土生产的内部水泥销量为140万吨(2024年同期为110万吨)，占水泥总销量的5.7%(2024年同期为 3.7%)。 华润建材科技(01313)公布2025年中期业绩，营业额为102.056亿元，同比减少1%;公司拥有人应占盈利 约3.07亿元，同比增长85%;每股基本盈利0.044元，每股中期股息0.014港元。 期间内，水泥产品、混凝土及骨料的平均售价分别为每吨人民币246.9元、每立方米人民币302.7元及每 吨人民币36.2元，较去年同期分别增加3.8%、减少11.9%及减少1.6%。 ...

华润建材科技(01313)公布，将于2025年10月24日派发中期股息每股1.4港仙。 ...

期间内，该集团的水泥产品、混凝土及骨料对外销量分别减少370万吨、增加180万立方米及增加 680万 吨，较去年同期分别减少 12.6%、增加 36.0%及增加 23.2%。期间内，集团所销售的水泥产品中，约 82.1%为 42.5 或更高等级(2024年同期为 83.4%)，约 30.8%以袋装销售(2024年同期为 29.3%)。用于集团 混凝土生产的内部水泥销量为140万吨(2024年同期为110万吨)，占水泥总销量的 5.7%(2024年同期为 3.7%)。 期间内，水泥产品、混凝土及骨料的平均售价分别为每吨人民币 246.9元、每立方米人民币 302.7 元及 每吨人民币 36.2 元，较去年同期分别增加 3.8%、减少 11.9%及减少 1.6%。 智通财经APP讯，华润建材科技(01313)公布2025年中期业绩，营业额为102.056亿元，同比减少1%;公司 拥有人应占盈利约3.07亿元，同比增长85%;每股基本盈利0.044元 ，每股中期股息0.014 港元。 ...