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分 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。 背景 茲提述本公司日期為二零二五年三月三日的公告（「該公告」），有關（其中包括） 本公司、華潤電力及重慶能源就託管標的之日常經營管理委託訂立委託管理合同及其 項下擬進行的持續關連交易。除另有界定外，本公告所用詞彙應與該公告所用者具有 相同涵義。 在委託管理合同履行過程中，交易各方發現部份事項需進一步予以明確或調整，因此， 經協商一致，於二零二五年十二月三十日，本公司、華潤電力及重慶能源訂立委託管 理補充協議。 委託管理補充協議的主要條款 （於開曼群島註冊成立之有限公司） （股份代號：1313） 持續關連交易 委託管理補充協議 茲提述本公司日期為二零二五年三月三日的公告，有關（其中包括）本公司、華潤電 力及重慶能源就託管標的之日常經營管理委託訂立委託管理合同及其項下擬進行的 持續關連交易。 在委託管理合同履行過程中，交易各方發現部份事項需進一步予以明確或調整，因此， 經協商一致，於二零二五年十二月三十日， ...

Group 1 - The core viewpoint of the article highlights the upward movement of Hong Kong's construction materials and cement stocks, with notable gains in specific companies [1] Group 2 - Dongwu Cement (00695.HK) experienced a rise of over 6% [1] - Other companies such as China National Building Material (03323.HK), Anhui Conch Cement (00914.HK), and China Resources Cement (01313.HK) also saw increases in their stock prices [1]

Core Viewpoint - The cement and building materials sector in Hong Kong is experiencing a rally, with significant price increases for major companies, driven by expectations of a recovery in domestic demand and improved fundamentals in the industry [1]. Group 1: Market Performance - Dongwu Cement saw a nearly 6% increase, reaching a new historical high price [1] - China National Building Material rose by 4% [1] - Anhui Conch Cement and Western Cement both increased by over 2% [1] - China Resources Cement Technology gained over 1% [1] Group 2: Economic Context - The Central Economic Work Conference held on December 10-11 emphasized the importance of domestic demand and the construction of a strong domestic market, alongside actions to boost consumption [1] - Despite a general decline in demand, the construction market remains weak, with regional disparities in infrastructure demand driven by policy [1] - The residential market shows relatively inelastic demand [1] Group 3: Industry Outlook - The cement industry is expected to see a continued decline in production capacity due to policies limiting overproduction, which will significantly enhance capacity utilization and profit elasticity [1] - The overall performance of leading building material companies has lagged, but fundamentals are stabilizing amid the downturn in the real estate sector [1] - A dual recovery in fundamentals and valuations is anticipated for 2026, as major companies reduce their reliance on the real estate sector and prices for multiple categories begin to recover [1]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of cement companies in Hong Kong, driven by positive sentiment following the Central Economic Work Conference held on December 10-11, which emphasized domestic demand and consumption recovery [1] - Dongwu Cement saw a nearly 6% increase, reaching a historical high, while China National Building Material rose by 4%, and other companies like Conch Cement and Western Cement also experienced gains of over 2% [2] - The report from Zhongyou Securities suggests that despite a decline in overall demand due to seasonal factors and a weak housing market, the cement industry is expected to stabilize as leading companies reduce their reliance on the real estate sector and prices begin to recover [1][2] Group 2 - The article notes that the cement industry is currently facing a decline in demand, particularly in the housing construction market, while infrastructure demand shows regional differentiation driven by policy [1] - It is anticipated that cement production capacity will continue to decrease under policies limiting overproduction, which will significantly enhance capacity utilization and profit elasticity in the medium term [1]

Core Viewpoint - China Resources Cement Technology (stock code: 01313) has signed a maximum guarantee contract with China Resources Bank, providing a 50% guarantee for bank credit extended to Yunnan Cement, a joint venture between China Resources Cement Technology and Kunsteel Holdings [1] Group 1: Company Performance - As of December 22, 2025, the stock closed at 1.57 yuan, up 0.64% from the previous trading day, with a trading volume of 5.4693 million yuan [1] - The stock's 52-week high is 2.19 yuan and the low is 1.37 yuan [1] Group 2: Financial Agreement - The guarantee covers a maximum bank credit principal of 730 million yuan, including related interest, penalties, and costs for enforcing claims, with a guarantee cap of 400 million yuan [1] - The guarantee is structured as a joint liability guarantee, with a guarantee period of two years from the expiration of the credit [1] Group 3: Related Transactions - The transaction is classified as a continuing connected transaction, as China Resources Bank is an affiliate of the company's ultimate controlling shareholder, China Resources, which holds approximately 49.77% of the shares [1] - The transaction has been approved by the board of directors and is deemed fair and reasonable, aligning with the overall interests of the company and its shareholders [1] - According to listing rules, the transaction is exempt from circulars, independent financial opinions, and independent shareholder approvals, only requiring compliance with reporting, announcement, and annual review requirements [1]

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分 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。 （於開曼群島註冊成立之有限公司） （股份代號：1313） 持續關連交易 提供擔保 雲南水泥是一家由華潤建材科技及昆鋼控股分別持有50%及50%股權的合資公司。就 由華潤銀行向雲南水泥提供的銀行授信，華潤建材科技及昆鋼控股同意按各自持有的 雲南水泥50%股權比例，分别就銀行授信項下華潤銀行對雲南水泥享有的所有債權向 華潤銀行提供相應比例的擔保。據此，於二零二五年十二月十九日，華潤建材科技與 華潤銀行江門分行簽訂保證合同。 保證合同項下的擔保範圍為被擔保債權之50%，預計合計金額總計不超過人民幣 400,000,000元。被擔保債權包括銀行授信本金最高額人民幣730,000,000元、利息、複 利、罰息、違約金、損害賠償金、遲延履行期間債務利息以及實現債權的相關費用。 由於上市規則第14.07條所載有關保證合同項下擔保金額上限之適用百分比率超過 0.1%但低於5%，故保證合同項下擬進行的持續關連交易僅須遵守 ...

Core Insights - The recent auction results for mining rights in Guangdong province have shown unexpected outcomes, with significant transactions occurring within a short time frame, indicating a potential shift in the mining market dynamics in the region [1][2][7] Group 1: Mining Rights Transactions - China Resources Cement (Fengkai) Co., Ltd. won the bidding for a limestone mine in Guangdong, with a total resource amount of 83.48 million tons and an annual production capacity of 9.88 million tons, at a cost of over 256 million yuan [1][5] - In a series of transactions from November 28 to December 4, three granite mining rights were successfully auctioned in Guangdong, with a combined resource reserve of approximately 147 million tons and a total production capacity exceeding 55 million tons per year [2][3] - The auctioned granite mines were sold at base prices, indicating a trend of lower competition and potentially reduced profit margins for mining companies [2][4] Group 2: Market Trends and Dynamics - The overall bidding enthusiasm for mining rights in Guangdong has noticeably declined, with only one major mining right transaction recorded in 2024, compared to 22 transactions in the previous two years [7] - The supply of sand and gravel in Guangdong has surpassed local market demand, leading to a significant imbalance, as previously auctioned large mines are set to commence production while demand continues to shrink [7] - The influx of low-cost sand and gravel from Guangxi is further intensifying the operational pressures on local mining companies in Guangdong [7]

Core Viewpoint - The Hong Kong cement stocks experienced a significant decline in the afternoon trading session, indicating a bearish trend in the sector [1] Company Performance - China National Building Material (03323.HK) fell by 4.62%, trading at HKD 4.96 [1] - Anhui Conch Cement (00914.HK) decreased by 3.46%, with a price of HKD 22.88 [1] - Western Cement (02233.HK) dropped by 3.26%, now priced at HKD 2.97 [1] - China Resources Cement Technology (01313.HK) saw a decline of 1.89%, trading at HKD 1.56 [1]

Group 1 - Cement stocks experienced a significant decline in the afternoon, with China National Building Material down 4.62% to HKD 4.96, Anhui Conch Cement down 3.46% to HKD 22.88, Western Cement down 3.26% to HKD 2.97, and China Resources Cement Technology down 1.89% to HKD 1.56 [1][1][1] - According to Dongwu Securities, cement demand in southern regions showed a slight recovery in late November, while northern regions faced weakened demand due to colder weather, leading to a nationwide decrease in cement companies' shipment rates by approximately 0.5 percentage points [1][1][1] - Price adjustments were noted as several provinces' previous price increases failed to stabilize, resulting in price corrections in some areas and an overall downward trend in market prices [1][1][1] Group 2 - Ping An Securities indicated that the cement industry's prosperity is expected to weaken in 2025, with prices anticipated to peak and then decline, as cement production from January to October saw a year-on-year decrease of 6.7% [1][1][1] - Looking ahead to 2026, considering the current weak profitability of companies and the restrictions on overproduction, the supply-demand relationship in the industry may improve, with a slight recovery in cement profitability expected compared to the second half of 2025 [1][1][1] - The industry is advised to monitor the progress of consolidation while also considering the potential for price increases during peak seasons if daily overproduction is strictly limited [1][1][1]

Group 1 - The Ministry of Ecology and Environment has issued the "Quota Allocation Plan" for carbon emissions trading in the steel, cement, and aluminum smelting industries for 2024 and 2025, which is based on the successful experience of the power generation sector [1] - The quota allocation will be linked to actual production levels without setting an absolute cap on total carbon emissions, aiming to encourage advanced practices and penalize laggards [1] - The plan requires newly included industries to complete their first quota compliance within the year, with government oversight to ensure timely compliance and maintain the integrity of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker production lines in northern provinces are currently offline due to winter production restrictions, with plans for further shutdowns in December [2] - The report indicates that the cement industry's bottom-line profitability is supported, and by 2025, leading companies will begin to address excess production capacity, with a total of 52.5 million tons of capacity being replaced and 83.59 million tons exiting the market [2] - The actual effects of production capacity management are expected to become evident in 2026 [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement (06655), China National Building Material (03323), Conch Cement (00914), China Resources Cement Technology (01313), and others [3]