Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the mature experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan requires newly included enterprises to complete their first quota compliance within the year, with local governments responsible for ensuring timely compliance to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker lines in northern provinces are currently in a shutdown state due to peak production adjustments, with plans for shutdowns in December varying by region [2] - The report indicates that the cement sector is experiencing strong bottom-line profit support, with head enterprises expected to address excess production capacity by 2025, having already replaced 52.5 million tons of capacity while exiting 83.59 million tons [2] - The actual effects of excess production governance are anticipated to become evident in 2026, as policies are designed to provide a window for excess production enterprises to adjust [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), Shanshui Cement (00691), Western Cement (02233), Jinyu Group (02009), and Asia Cement (China) (00743) [3]

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11月30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12月1日 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 6,982,937,817 | | 0 | | 6,982,937,817 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 6,982,937,817 | | 0 | | 6,982,937,817 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Group 1 - The cement sector has seen significant stock price increases, with companies like Shanshui Cement rising by 4.23% to HKD 0.74, China National Building Material up by 3.55% to HKD 5.54, and Conch Cement increasing by 2.9% to HKD 23.4 [1] - According to Zhongtai Securities, the cement sector achieved a total revenue of RMB 181.1 billion in the first three quarters, a year-on-year decline of 8.5%, while net profit attributable to shareholders reached RMB 9.5 billion, a year-on-year increase of 159.1%, driven by a low base from the previous year and relatively strong industry prices alongside low coal prices [1] - Huatai Securities indicates that the core of cement capacity reduction is effectively controlling the production capacity and output of clinker production lines, with expectations that the operational phase of cement capacity reduction will begin in 2026 due to policy constraints [1] Group 2 - The report anticipates that the reversion of industry profitability in Q3 2025 may accelerate the consolidation of cement capacity in certain regions, with proactive consolidation expected in Northeast markets by Yidong and a faster market consolidation process anticipated in South China [1] - The outlook for the cement industry profitability is expected to continue improving in 2026, supported by the expectation of reduced competition and effective capacity management [1]

Group 1 - The cement sector has seen significant stock price increases, with companies like Shanshui Cement rising by 4.23%, China National Building Material by 3.55%, and Anhui Conch Cement by 2.9% [1] - According to Zhongtai Securities, the cement sector achieved a total revenue of 181.1 billion yuan in the first three quarters, a year-on-year decline of 8.5%, while net profit attributable to shareholders reached 9.5 billion yuan, a year-on-year increase of 159.1% [1] - The increase in net profit is attributed to a low base from the previous year and relatively strong industry prices alongside lower coal prices [1] Group 2 - Huatai Securities emphasizes that effective control of clinker production line capacity and output is crucial for achieving cement capacity reduction [1] - Looking ahead to 2026, policy constraints are expected to accelerate the rectification of excess clinker production capacity, facilitating the practical implementation of cement capacity reduction [1] - The anticipated decline in industry profitability in Q3 2025 may accelerate the consolidation of cement capacity in certain regions, particularly in South China [1]

华润建材科技(01313)午前跌近3%，截至发稿，跌2.31%，报1.69港元，成交额732.64万港元。 消息面上，近期华润建材科技发布2025年三季度业绩，长江证券表示，从公司层面上看，华润建材科技 2025年前3季度水泥和熟料合计销量3943万吨，同比下降10%，水泥销量降幅大于行业，体现出公司积 极维护市场价格体系的自律担当;价格232元/吨，同比下降6元/吨。财务层面上看，前三季度公司综合毛 利率为16.9%，较2024年同期的15.2%增加1.7个百分点。毛利率增加主要由于水泥产品销售成本较2024 年同期下降所致，但部分被骨料及其他分部的毛利率下降所抵消。 长江证券认为，就目前反内卷来看，水泥行业更多是围绕超产治理进行布局，有望出清一部分产能;更 重要在于，若严格按照备案产能生产，有望对生产秩序进行一定优化，真实产能利用率或一定改善。对 于过往产能利用率偏高的广东区域，边际供需改善带来的价格弹性值得期待。 ...

智通财经APP获悉，华润建材科技(01313)午前跌近3%，截至发稿，跌2.31%，报1.69港元，成交额 732.64万港元。 长江证券认为，就目前反内卷来看，水泥行业更多是围绕超产治理进行布局，有望出清一部分产能;更 重要在于，若严格按照备案产能生产，有望对生产秩序进行一定优化，真实产能利用率或一定改善。对 于过往产能利用率偏高的广东区域，边际供需改善带来的价格弹性值得期待。 消息面上，近期华润建材科技发布2025年三季度业绩，长江证券表示，从公司层面上看，华润建材科技 2025年前3季度水泥和熟料合计销量3943万吨，同比下降10%，水泥销量降幅大于行业，体现出公司积 极维护市场价格体系的自律担当;价格232元/吨，同比下降6元/吨。财务层面上看，前三季度公司综合毛 利率为16.9%，较2024年同期的15.2%增加1.7个百分点。毛利率增加主要由于水泥产品销售成本较2024 年同期下降所致，但部分被骨料及其他分部的毛利率下降所抵消。 ...

Core Viewpoint - The company reported a revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit reached 330 million, a year-on-year increase of 7.3%. However, the estimated net profit for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [1][2]. Industry Overview - The cement industry is expected to face continued pressure in 2025, with national cement production in the first three quarters of 2025 at 1.259 billion tons, a year-on-year decrease of 5.2%. In September alone, production was 154 million tons, down 8.6% year-on-year [1]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, which is better than the national average [1]. Company Performance - For the first three quarters of 2025, the company's total cement and clinker sales were 39.43 million tons, a year-on-year decrease of 10%, indicating a decline greater than the industry average. The average price was 232 yuan per ton, down 6 yuan year-on-year [1]. - Concrete sales increased by 26% to 10.46 million cubic meters, with an average price of 296 yuan per cubic meter, down 38 yuan year-on-year [1]. - Aggregate sales reached 58.59 million tons, a year-on-year increase of 27%, with an average price of 34.7 yuan per ton, down approximately 2 yuan year-on-year [1]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points from 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to 2024, although it was partially offset by a decline in gross margins for aggregates and other segments [2]. - The gross margins for cement products, concrete, and aggregates were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in 2024 [2]. - Operating expenses, particularly management fees, have increased overall [2]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. Strict adherence to approved production capacity could optimize production order and improve actual capacity utilization [2]. - For 2025-2026, the expected net profits are 510 million and 830 million, corresponding to price-to-earnings ratios of 21 and 13 times, respectively, with a buy rating [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's fundamentals are under pressure, compounded by increased management expenses, leading to a decline in profitability [4][5]. - In Q3 2025, the company reported revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit was 330 million, a year-on-year increase of 7.3%. However, the estimated net profit attributable to the company for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [2][4]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 15.1 billion in Q3 2025, which is a 4.5% decrease year-on-year. The net profit for the same period was 330 million, reflecting a 7.3% increase year-on-year. However, the estimated net profit attributable to the company for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [2][4][5]. Industry Analysis - The cement industry is expected to remain under pressure in 2025, with the company actively maintaining market order. The company's sales volume decreased more than the industry average, indicating a commitment to price stability. In the first three quarters of 2025, the national cement production was 1.259 billion tons, a year-on-year decrease of 5.2% [5]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, performing better than the national average [5]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points compared to 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to the previous year, although it was partially offset by a decline in the gross margin of aggregates and other segments [6]. - The gross margins for cement products, concrete, and aggregates in the first three quarters of 2025 were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in the same period of 2024 [6]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. If production is strictly aligned with registered capacity, it could optimize production order and improve actual capacity utilization [6]. - The expected earnings for 2025 and 2026 are 510 million and 830 million, respectively, corresponding to price-to-earnings ratios of 21 and 13 times [6].

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports, JD Group, and Tencent Holdings leading in short-selling ratios at 100.00%, 100.00%, and 95.83% respectively [1][2] - Alibaba, Xiaomi, and Pop Mart have the highest short-selling amounts, with figures of 1.746 billion, 1.525 billion, and 1.523 billion respectively [1][2] - The deviation values, which indicate the difference between current short-selling ratios and the average over the past 30 days, show Alibaba, Tencent, and JD Group at 50.20%, 42.97%, and 42.21% respectively [1][2] Short-Selling Ratio Rankings - Anta Sports-R (82020) and JD Group-SWR (89618) both have a short-selling ratio of 100.00%, while Tencent Holdings-R (80700) follows closely at 95.83% [2] - The short-selling amounts for the top three stocks are: Anta Sports-R at 59,000, JD Group-SWR at 636,800, and Tencent Holdings-R at 1,332,200 [2] Short-Selling Amount Rankings - Alibaba-SW (09988) leads with a short-selling amount of 1.746 billion, followed by Xiaomi Group-W (01810) at 1.525 billion and Pop Mart (09992) at 1.523 billion [2] - Other notable mentions include Tencent Holdings (00700) with 1.369 billion and Kuaishou-W (01024) with 710 million [2] Deviation Value Rankings - Alibaba-SWR (89988) has the highest deviation value at 50.20%, indicating a significant difference from its historical average short-selling ratio [2] - Tencent Holdings-R (80700) and JD Group-SWR (89618) also show high deviation values of 42.97% and 42.21% respectively [2]

Short Selling Ratios - Anta Sports (82020) has the highest short selling ratio at 100.00% with a short selling amount of 440,500 HKD [1][2] - Lenovo Group (80992) follows with a short selling ratio of 88.65% and a short selling amount of 803,600 HKD [1][2] - Xiaomi Group (81810) ranks third with a short selling ratio of 75.57% and a short selling amount of 1,474,100 HKD [1][2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with 2.261 billion HKD and a short selling ratio of 16.63% [1][2] - Tencent Holdings (00700) is second with a short selling amount of 1.662 billion HKD and a short selling ratio of 19.83% [1][2] - Semiconductor Manufacturing International Corporation (00981) ranks third with a short selling amount of 926 million HKD and a short selling ratio of 10.37% [1][2] Deviation Values - Shengjing Bank (02066) has the highest deviation value at 60.67% with a short selling ratio of 72.42% [1][2] - Xiaomi Group (81810) also shows a significant deviation value of 47.28% [1][2] - The third highest deviation value is not specified but is noted to be 39.69% for an unspecified stock [1][2]