Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]

Group 1 - Dongwu Cement (00695.HK) increased by 17.30% [1] - Western Cement (02233.HK) rose by 3.25% [1] - Conch Cement (00914.HK) saw a rise of 1.06% [1]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The political bureau meeting emphasized the need to combat "involution" and promote continuous policy advancement, focusing on optimizing market competition and regulating chaotic enterprise competition [5][21] - North American cloud service capital expenditure is accelerating, leading to sustained high demand for specialty electronic fabrics [6] - Cement prices are experiencing a narrowing decline, while glass inventory continues to decrease [7] - Recommendations include focusing on specialty fiberglass and the African supply chain, with leading companies being the main investment theme for the year [9] Summary by Sections Political and Economic Context - The political bureau meeting on July 30 highlighted the importance of advancing the construction of a unified national market and optimizing market competition [5] - The report analyzes the profitability of various industries, indicating that photovoltaic glass and carbon fiber are at the bottom, while cement and fiberglass are slightly profitable [5] North American Cloud Services - Recent quarterly reports from Microsoft and Meta show that AI is driving revenue and performance growth, with capital expenditures continuing to accelerate [6] - The electronic fabric industry is on a clear upward trend, with domestic leaders rapidly achieving domestic substitution [6] Cement and Glass Market - The domestic cement market is affected by adverse weather conditions, with an average shipment rate of 44.5%, down 2.2 percentage points year-on-year [7] - The average national cement price is 344.84 yuan/ton, a decrease of 0.97 yuan/ton month-on-month and 42.74 yuan/ton year-on-year [26] - The glass market is beginning to digest social inventory, with production and sales rates indicating a need for policy changes to influence market dynamics [8][38] Recommendations - Specialty fabrics: Core leader Zhongcai Technology is recommended due to high demand from AI and significant supply barriers [9] - African supply chain: Keda Manufacturing is recommended as a local leader with advantages in production, channels, and brand [9] - The report suggests that the 2025 consumption of building materials is expected to see upward demand and structural optimization [9]

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7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: 中國西部水泥有限公司 呈交日期: 2025年8月1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) | 02233 | 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 | GBP | | 0.002 | GBP | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | GBP | | | | 本月底結存 | | | 10,000,000,000 | GBP | | 0.002 | GBP | | 20,000,000 | 本月底法定/ ...

类别 公司 智通财经APP获悉，2025年7月31日，港股上市公司投资日志如下： 中国中铁 （派息日） 春立医疗 （派息日） 绿城中国 （派息日） 中远海发 （派息日） 百奥家庭互动 （派息日） 嘉华国际 （派息日） 晋商银行 （派息日） 兴业控股 （派息日） 中国龙工 （派息日） 网龙 （派息日） 力量发展 （派息日） 五菱汽车 （派息日） 京能清洁能源 （派息日） 浩森金融科技 （派息日） 西部水泥 （派息日） 金茂服务 （派息日） 新宇环保 （派息日） 万国黄金集团 （派息日） 万国黄金集团 （派息日） 东阳光长江药业 （除净日） 未来机器有限公司 （除权日） 分红派息 电讯首科 业绩公布日 股东大会召开日 法拉帝 富一国际控股 建中建设 辰罡科技 承辉国际 鸿盛昌资源 宏信建发 百威亚太 汽车之家-S 双财庄 灵宝黄金 高萌科技 经济日报集团 钧达股份 国银金租 霭华押业信贷 律齐文化 创辉珠宝 荣昌生物 皇冠环球集团 （派息日） 天立国际控股 （除净日） AEON CREDIT （派息日） 首佳科技 （派息日） 九江银行 （派息日） 日照港裕廊 （派息日） 灵宝黄金 （派息日） 天鸽互动 （派息日） ...

Core Viewpoint - Western Cement (02233.HK) has reversed its declining performance by accelerating its overseas expansion, with a projected net profit increase of approximately 80% to 100% year-on-year for the first half of 2024 [1][2]. Group 1: Financial Performance - The company expects a net profit of approximately 6.96 billion to 7.74 billion RMB for the first half of 2024, compared to 3.87 billion RMB in the same period last year [1][2]. - Overseas cement sales are projected to reach approximately 116 million tons in the first half of 2024 and 380 million tons in the first half of 2025, representing a year-on-year increase of about 230% [1][2]. - Overseas cement revenue is expected to be around 18.81 billion RMB, significantly exceeding last year's revenue of 9.23 billion RMB, marking an increase of approximately 104% [1][2]. Group 2: Cost and Pricing - In the first half of 2025, the average selling price of cement in China is expected to be approximately 281 RMB per ton, up from 270 RMB per ton in the same period last year, while the sales cost is expected to decrease to 217 RMB per ton from 230 RMB [3]. - The gross profit from cement sales in China is projected to increase by approximately 48%, reaching 4.2 billion RMB in the first half of 2025 [3]. Group 3: Asset Management and Expansion - The company plans to sell its cement and related assets in Xinjiang for a total price of 1.65 billion RMB to Conch Cement, with proceeds aimed at repaying priority notes and supporting overseas expansion [1][7]. - In 2024, the company reported that cement and clinker sales from Africa and Uzbekistan amounted to approximately 4.03 million tons, accounting for about 20% of total sales, while contributing 38% to total revenue and 67% to gross profit [7]. Group 4: Future Outlook - The chairman of Western Cement emphasized the need to closely monitor macroeconomic conditions and align with national policies to enhance operational efficiency [8]. - The company plans to implement differentiated marketing strategies, strengthen supplier relationships, and optimize procurement costs to improve overall efficiency and resource utilization [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report provides a daily update on the fixed - income market, including bond price changes, new issuances, and macro - news. It also analyzes the profit situation of WESCHI and gives investment suggestions [1][7][8]. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, GUOTJU priced a 3 - year floating - rated bond at SOFR + 60 (IPT at SOFR + 115). In KR, spreads of DAESEC/SHINFN/NACF 26 - 30s widened by 1 - 2bps. HYNMTR Float 30 tightened 8bps, and HYNMTR 5.3 29/HYNMTR 3.5 31 tightened 2 - 4bps [1]. - In Chinese IGs, BABA/HAOHUA 28 - 35s were unchanged to 1bps tighter, while MEITUA 30 widened 2bps. In financials, BBLTB/KBANK 31 - 40s tightened 2 - 4bps, and NANYAN/BNKEA 30 - 34s tightened 2 - 3bps [1]. - In insurance, SHIKON/CATLIF 34 - 35s were unchanged to 1bp tighter. MYLIFE/NIPLIF 54 - 55s and SUMILF/FUKOKU Perps were up 0.1 - 0.3pt. In AT1s, NWG 7.3/BNP 7.375/HSBC 6.95 Perps were up 0.2 - 0.8pt [1]. - In HK, AIA/CKHH 30 - 35s tightened 1 - 2bps under buying from PBs. LIFUNG 5.25 Perp was 3.1pts higher, and LIFUNG 5.25 08/18/25 was up 0.1pt. Li & Fung launched a tender offer for LIFUNG 5.25 Perp up to USD50mn at USD55 and mandated a 3.5 - year USD bond issuance [1]. - HYSAN/FAEACO Perps were up 0.2 - 0.5pt. LASUDE 26 was up 0.7pt. Media reported Lai Sun Development has been working on a HKD3.5bn 5 - year loan refinancing deal. NWDEVL 27 - 31s/Perps were unchanged to 0.4pt lower [1]. - In Chinese properties, ROADKG 28 - 30s were 0.5 - 3.6pts lower, and ROADKG Perps were unchanged to 0.2pt lower. Outside properties, WESCHI 26 was up 0.2pt. FOSUNI 25 - 28s were up 0.3 - 0.5pt. MONMIN 30 was up 0.7pt, closed 2.6pts higher WTD [1]. New Issuances - TEMASE priced 5 - year, 10 - year, and 30 - year CNH bonds at par to yield 1.85%, 2.05%, and 2.55% (IPT at 2.3%, 2.55%, and 3.05%) respectively [2]. - CHMEDA priced 5 - year and 10 - year CNH bonds at par to yield 2% and 2.3% (IPT at 2.55% and 2.85% area) respectively [4]. - Jiaozuo State - owned Capital Operation (Holding) Group issued a 150 - million 3 - year bond at a 6.5% coupon rate, unrated [12]. Morning Updates - This morning, the new CNH TEMASE 1.85 30/TEMASE 2.05 35 were 0.1 - 0.2pt lower, while TEMASE 2.55 55 was 0.5pt higher from ROs at par. The new CNH CHMEDA 2 30/CHMEDA 2.3 35 were unchanged to 0.1pt lower. VLLPM 29 was up 0.5pt [3]. - WESCHI 4.95 07/08/26 was up 1.0pt this morning post - positive profit alert. HYUELEs were unchanged this morning as SK Hynix 2Q25 EBITDA rose 47% yoy to KRW12.7tn (cUSD9.1bn) [3]. Macro News Recap - On Wednesday, S&P (+0.78%), Dow (+1.14%), and Nasdaq (+0.61%) were higher. Trump said countries will face tariffs ranging from 15% to 50% ahead of an 1 Aug '25 deadline. The US may impose a 15% tariff on EU goods. UST yield was higher on Wednesday, with 2/5/10/30 - year yields at 3.88%/3.94%/4.40%/4.95% [7]. Desk Analyst Comments - West China Cement (WESCHI) expects the profit attributable to owners to increase 80 - 100% yoy to RMB696 - 774mn in 1H25, driven by overseas cement revenue, mainland China cement sales, property sales profit, and reversal of impairment losses [8]. - WESCHI plans to use proceeds from non - core asset sales to partly repay its WESCHI 4.95 07/08/26 due in Jul '26. The company also plans to sell other assets and offshore projects for bond repayment [9]. - Despite potential recovery in the Chinese cement market, caution remains regarding WESCHI's ability to remit cash from African operations. The full and timely repayment of the bond is uncertain. The report maintains a neutral rating on WESCHI 4.95 07/08/26 and prefers BTSDF 9.125 07/24/28 and EHICARs in the China HY space [10]. News and Market Color - Regarding onshore primary issuances, 123 credit bonds were issued yesterday with an amount of RMB119bn. Month - to - date, 1,592 credit bonds were issued with a total amount of RMB1,699bn, a 16.6% yoy increase [14]. - Adani Ports is in the race to set up a logistics park in north India. San Miguel buys a 3.8% stake in First Pacific - owned Meralco for PHP3.9bn (cUSD68.4mn) [14]. - Fosun will early redeem USD178.857mn FOSUNI 5.95 10/19/25 at 101 on 22 Aug '25. China Hongqiao seeks a USD300mn - equivalent three - year loan [14]. - JD.com will create a virtual restaurant chain. Media reported Lai Sun Development has been seeking an HKD3.5bn loan refinancing deal, but about half of the lenders have yet to commit [14]. - Li & Fung says no covenant restriction on perp refi, and the final plan depends on EBITDA. Rakuten sells JPY bonds for JPY30bn (cUSD204mn) for 5G projects [14]. - Sands China 2Q25 adjusted property EBITDA climbs 0.9% yoy to USD566mn. Viceroy alleges Vedanta's promoters siphon margins from Hindustan Zinc [14]. Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | LIFUNG 5 1/4 PERP | 51.4 | 3.1 | ROADKG 5 1/8 01/26/30 | 22.8 | - 3.6 | | NSANY 5 1/4 07/17/29 | 100.9 | 1.1 | ROADKG 6.7 03/30/28 | 26.5 | - 1.7 | | NWG 7.3 PERP | 102.3 | 0.8 | ROADKG 6 03/04/29 | 25.8 | - 1.7 | | MONMIN 8.44 04/03/30 | 97.4 | 0.7 | GRNLGR 5 7/8 07/03/30 | 21.9 | - 0.9 | | LASUDE 5 07/28/26 | 52.0 | 0.7 | ROADKG 5.2 07/12/29 | 25.9 | - 0.6 | [5]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's construction and cement stocks, with notable increases in share prices for specific companies [1] Group 2 - Western Cement (02233.HK) experienced a surge of over 10% in its stock price [1] - Huaxin Cement (06655.HK) saw an increase of more than 5% [1] - Shanshui Cement (00691.HK) rose by over 3% [1]

Group 1 - The core viewpoint of the article highlights the continued upward trend of certain Hong Kong cement stocks, with notable gains reported [1] - Western Cement (02233.HK) experienced a significant increase of 16.48% [1] - Other cement companies also saw positive movements, including Shanshui Cement (00691.HK) with a rise of 5.08%, Huaxin Cement (06655.HK) up by 2.51%, and Dongwu Cement (00695.HK) increasing by 2.33% [1]

3.截至2025年6月30日止6个月，本集团因销售物业而取得溢利约人民币9770万元(截至2024年6月30日止 6个月：无)。 西部水泥(02233)发布公告，本集团预期截至2025年6月30日止6个月的本公司拥有人应占溢利将增加约 人民币6.96亿元至人民币7.74亿元，相较于截至2024年6月30日止6个月(即2024年同期)取得的本公司拥 有人应占溢利约人民币3.87亿元，增幅约为80%至100%。截至2025年6月30日止6个月的本公司拥有人应 占溢利预期增加，乃主要归因于以下因素： 1.本集团的海外水泥销量由截至2024年6月30日止6个月的约116万吨增加约230%至截至2025年6月30日 止6个月的约380万吨，带动本集团截至2025年6月30日止6个月取得海外水泥收益约人民币18.81亿元， 大大超出了本集团截至2024年6月30日止6个月的海外水泥收益人民币9.23亿元。 2.本集团截至2025年6月30日止6个月于中国的水泥平均售价约为每吨人民币281元(截至2024年6月30日 止6个月：每吨人民币270元)，而本集团截至2025年6月30日止6个月于中国的水泥销售成本约为每吨人 民 ...