昨日走强的建材水泥股走低，其中，海螺水泥跌近7%，华润建材科技跌4%，中国建材跌3.5%，华新建 材、亚洲水泥跌2%，西部水泥、金隅集团跌超1%。 分析指出，去年行业效益回升得益于年初价格起点高以及煤炭成本下降，这种利润改善更多是"成本红 利"而非"需求红利"，其基础极为脆弱。国家统计局数据显示，2025年全国水泥产量同比下滑6.9%至 16.93亿吨。真正影响行业走向的供需矛盾仍在加剧，错峰生产效果减弱、市场竞争格局变化等挑战持 续存在。 中国水泥网水泥大数据研究院分析师李坤明预计，2026年水泥均价仍将下移，行业利润仍处于低位水 平。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 へ | | --- | --- | --- | --- | | 00914 | 海螺水泥 | 24.900 | -6.74% | | 01313 | 华润建材科技 | 1.910 | -4.02% | | 03323 | 中国建材 | 6.820 | -3.54% | | 06652 | 华新建材 | 18.240 | -2.04% | | 00743 | 亚洲水泥(中国) | 2.440 | -2.01% | | 02 ...

FF301 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: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 北京金隅集團股份有限公司 呈交日期: 2026年2月24日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 A 於香港聯交所上市 (註1) 否 證券代號 (如上市) 601992 說明 A股 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 8,339,006,264 0 8,339,006,264 增加 / 減少 (-) 本月底結存 8,339,006,264 0 8,339,006,264 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02009 | 說明 | H股 | | | | | ...

| 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.315 | 2.25 | 757.14% | -50.71% | | 京城机电股份 | 4.380 | 14.1 | 285.62% | 12.60% | | (00187) | | | | | | 中石化油服(01033) | 1.010 | 3.22 | 282.18% | -2.51% | | 弘业期货(03678) | 3.190 | 9.96 | 273.98% | 2.61% | | 南京熊猫电子股份 | 5.280 | 14.78 | 235.23% | -0.03% | | (00553) | | | | | | 凯盛新能(01108) | 4.070 | 11.11 | 227.03% | 1.59% | | 钧达股份(02865) | 35.700 | 97.15 | 225.97% | -17.30% | | 复旦张江(01349) | 3.200 | 8.62 | 222.81% | -15.46% | | 安德利果 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Group 1 - The core viewpoint of the article highlights the financial activities and stock performance of Jinju Group, including the repayment of short-term financing bonds and the listing of corporate bonds [1] - Jinju Group's short-term financing bond "25 Jinju SCP004" is set to mature on February 12, 2026, with a total repayment of approximately 1.003 billion yuan [1] - The corporate bond "Jinju KY16" is scheduled to be listed for trading on February 9, 2026, as part of the company's strategic financial planning [1] Group 2 - The stock price of Jinju Group has shown volatility, with a fluctuation range of -1.43% over the past week, peaking at 2.19 yuan on February 9 and dropping to a low of 2.05 yuan on February 6, closing at 2.07 yuan on February 12 [1] - On February 10, there was a net outflow of 40.8021 million yuan in principal funds, coinciding with a 2.78% drop in stock price on that day [1] - Margin trading data indicates a continuous increase in financing balance, with a growth rate of 5.52% over the past five days [1]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].

Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Sinopec Oilfield Service (01033) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom of the list [1]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 354.93% - Sinopec Oilfield Service (01033) with a premium rate of 295.40% [1]. - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -11.82% - China Merchants Bank (03968) with a premium rate of -2.30% - Hansoh Pharmaceutical (01276) with a premium rate of 1.62% [1]. Deviation Values - The top three shares with the highest deviation values are: - Goldwind Technology (02208) with a deviation value of 21.73% - Jinyu Group (02009) with a deviation value of 19.04% - Sinopec Oilfield Service (01033) with a deviation value of 18.76% [1]. - The bottom three shares with the lowest deviation values are: - Zhejiang Shibao (01057) with a deviation value of -41.23% - Junda Co., Ltd. (02865) with a deviation value of -39.46% - Yangtze Optical Fibre and Cable (06869) with a deviation value of -26.61% [1]. Additional Insights - The report includes a detailed table of the top and bottom AH shares by premium rate and deviation value, providing a comprehensive overview of the current market situation [2].

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Sinopec Oilfield Services leading in premium rates, while CATL, China Merchants Bank, and WuXi AppTec are at the bottom of the list [1][2]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 351.07% - Sinopec Oilfield Services (01033) with a premium rate of 303.37% [2] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.99% - China Merchants Bank (03968) with a premium rate of -1.83% - WuXi AppTec (02359) with a premium rate of 3.29% [2] Deviation Values - The top three shares by deviation value are: - Guoen Technology (02768) with a deviation value of 64.57% - Goldwind Technology (02208) with a deviation value of 30.74% - Sinopec Oilfield Services (01033) with a deviation value of 27.72% [1][2] - The bottom three shares by deviation value are: - Junda Co., Ltd. (02865) with a deviation value of -49.44% - Zhejiang Shibao (01057) with a deviation value of -46.76% - Yangtze Optical Fibre and Cable (06869) with a deviation value of -34.58% [1][3].

Group 1 - The cement sector experienced a 2.9% increase on February 3, with Jinju Group leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the cement sector showed significant price increases, with Jinju Group rising by 10.00% to a closing price of 2.09 [1] Group 2 - The cement sector saw a net inflow of 134 million yuan from main funds, while retail investors experienced a net outflow of 92.23 million yuan [1] - Main fund inflows varied across companies, with Jinju Group receiving 116 million yuan, representing 39.86% of its trading volume [2] - Other notable companies included Conch Cement with a main fund inflow of 80.85 million yuan, and Jinyu Modong with 28.98 million yuan [2]

Group 1: Market Performance - The stocks related to the Beijing-Tianjin-Hebei concept opened high, with several companies reaching the daily limit increase, including Fushi Holdings, Jingtou Development, and Chengjian Development, all up by over 10% [1][2] - Notable performers include Huaxia Happiness, which rose over 9%, and Jinyu Jidong, which increased by over 6% [1][2] Group 2: Policy and Planning - The Central Committee of the Communist Party and the State Council released the "Modern Capital Urban Circle Spatial Collaborative Planning (2023-2035)," aiming to optimize the urban system of Beijing-Tianjin-Hebei [2][3] - The plan emphasizes the construction of a spatial pattern characterized by "one core, two wings, dual cities, multiple points, and dual corridors" to enhance the capital's radiating effect and improve service levels [2][3] Group 3: Industry Implications - The planning document highlights the need for a "two corridors, four belts" industrial collaborative innovation pattern, promoting advanced manufacturing clusters and deep integration of innovation and industrial chains [4][6] - The transportation infrastructure will be enhanced with the construction of "eight corridors and two rings," establishing a comprehensive international transportation hub in the region [5][6] Group 4: Company Opportunities - Jidong Equipment, a leading manufacturing company in the Beijing-Tianjin-Hebei region, is expected to benefit from increased demand for equipment due to regional infrastructure projects [7] - Jinyu Group, a major building materials enterprise, will see steady sales growth in its products due to accelerated infrastructure and new industrial park developments [7] - Huaxia Happiness, with extensive experience in industrial park development, is positioned to expand its projects and enhance performance through the new policy framework [7]