东 兴 晨 报 经济要闻 1.外交部：外交部发言人郭嘉昆主持例行记者会。郭嘉昆表示，雅下水电 工程建设是中国主权范围内的事，旨在加快发展清洁能源，大力改善当地 民生，积极应对气候变化。中方在跨境河流开发上，始终秉持高度负责任 的态度，也有丰富的水电工程开发经验。雅下水电工程规划设计和建设， 严格按照中国行业最高标准，全方位开展工程建设、生态环保，避让多处 重要生态环境敏感区，最大限度保留原始生态系统。雅下水电工程建设有 利于全流域防灾减灾，不会对下游地区产生不利影响。（资料来源：同花 顺、央视新闻） 2.公安部交管局：局长王强 7 月 23 日在国新办举行的"高质量完成'十四 五'规划"系列主题新闻发布会上表示，目前，市场上销售的汽车所搭载 的"智驾"系统，都还没有实现"自动驾驶"的目标，驾驶人才是最终责 任主体。如果驾驶人在车辆行驶过程中"脱手脱眼"，不仅存在严重道路 交通安全风险，还可能面临民事赔偿、行政处罚及刑事追责三重法律风险。 对此，公安机关将会同有关部门进一步加强规范管理。（资料来源：同花 顺） 3.国家能源局：今年以来，全国煤炭供需形势总体宽松，价格持续下行， 部分煤矿企业"以量补价"，超公告产 ...

按10年集中建设期及0.05系数(钢材消耗量/水电固定资产投资)估算，该项目年均钢材需求约60万吨。 其 中普通钢材(螺纹钢、中厚板等)占60%，用于坝体及道路建设; 特殊钢材(不锈钢、耐候钢等)占40%，用 于水电核心部件及配套设施。 与水泥不同，钢材销售口径限制较小。 尽管市场情绪高涨，但该项目属长期规划，对覆盖公司盈利的实质影响有限。假设水泥订单按市场占有 率分配且吨毛利150元人民币(下同)/吨，预计西藏天路年均获利约1.6亿元(相较2024年亏损1.04亿元)， 华新水泥、中国建材及海螺水泥净利润增幅分别约5%、2%及0.4%。 基于估值优势，该行维持中建 材"买入"评级，优于海螺水泥"中性"及华润建材科技(01313)"中性"评级，钢铁股整体评级保持"中性"。 智通财经APP获悉，瑞银发布研报称，西藏雅鲁藏布江巨型水电项目预计装机容量达60GW，为三峡大 坝的2.7倍，总投资1.2万亿元人民币，建设周期10至20年。 根据瑞银工业团队及瑞银行业专家评估，前 期筹备工作已进行一至两年。 按15年建设期估算，首十年的场地准备及主体建设阶段将集中消耗水泥 与钢材，后五年设备安装与测试阶段材料需求将显著降 ...

从中证香港红利等权投资指数持仓样本的行业来看，金融占比37.14%、能源占比15.94%、工业占比 15.81%、原材料占比11.87%、房地产占比6.84%、通信服务占比5.89%、可选消费占比3.32%、公用事业 占比3.20%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%，除非因不满足样本空间条件而被首先剔除的原样本证券 超过了20%。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指 数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证 券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 金融界7月21日消息，上证指数高开高走，中证香港红利等权投资指数 (HK红利EW，930784)报3553.44 点。 数据统计显示，中证香港红利等权投资指数近一个月上涨6.57%，近三个月上涨26.48%，年至今上涨 28. ...

Core Insights - The article highlights the rapid growth and strategic importance of the nano-metal materials industry in China, driven by technological advancements and increasing market demand [1][14]. Industry Overview - Nano-metal materials, characterized by grain sizes between 1-100 nanometers, exhibit superior properties such as ultra-high strength, excellent thermal stability, and unique electromagnetic characteristics [1][14]. - The market size for nano-metal materials in China is projected to grow from 28.98 billion yuan in 2018 to 74.451 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.03% [1][14]. - Key applications of nano-metal materials include electronics, new energy development, biomedicine, and aerospace [1][14]. Production Methods - The production methods for nano-metal materials are categorized into physical and chemical methods, including evaporation-condensation, high-energy ball milling, and chemical reduction [5]. Policy Support - The Chinese government has identified nano-materials as a key area for development, with various policies aimed at promoting innovation and industrial upgrades [7]. Industry Chain - The upstream of the nano-metal materials industry includes raw material supply and manufacturing equipment, while the downstream encompasses applications in biomedical, aerospace, construction, automotive, and electronics sectors [9]. Key Companies - Notable companies in the nano-metal materials sector include Jiangsu Boqian New Materials Co., Ltd., Jiangxi Baohong Nano Technology Co., Ltd., and Shandong Changxin Nano Technology Co., Ltd., which are involved in the R&D and production of high-performance nano-metal materials [17][19][21]. Development Trends - The industry is moving towards high-performance and multifunctional materials, with innovations in atomic-level structure design and surface modification technologies [25]. - There is a shift towards green and low-carbon production methods, emphasizing sustainable practices in the manufacturing of nano-metal materials [26][27]. - Cross-disciplinary integration is expanding the application boundaries of nano-metal materials, particularly in biomedicine and information technology [28].

Summary of Cement Industry Conference Call Industry Overview - The cement industry has shown an overall performance exceeding expectations in the mid-year reports, with companies like China National Building Material, Huaxin Cement, and Tapai Group forecasting growth of over 50% [3][1][8] - The second quarter saw a significant increase in profitability, offsetting the adverse impacts from the first quarter, supported by fiscal pre-positioning and expectations of price increases in the second half of the year [1][5] Key Companies and Performance - **China National Building Material**: Benefited from a turnaround in its core cement business, strong performance in its fiberglass segment, and reduced investment losses in the secondary market, leading to an overall performance that exceeded expectations [11][8] - **Huaxin Cement**: Achieved a year-on-year net profit increase of approximately 300 million yuan in the second quarter, driven by good performance in domestic and international markets and foreign exchange gains [12][4] - **Tapai Group**: Reported over 20% growth in shipment volume in the second quarter, with a year-on-year increase in gross profit per ton of about 15 yuan [15][8] - **Tianshan Shares**: Showed significant recovery in second-quarter profitability, with a year-on-year increase of over 20 yuan per ton [11][8] Market Dynamics - The Hong Kong stock market has shown a stronger performance in the cement sector compared to the A-share market, with several cement companies reaching new highs for the year [2][6] - The price of cement in the Yangtze River Delta region significantly increased in the second quarter, with gross profit per ton rising by 20-30 yuan year-on-year [1][8] - Despite a decline in sales data since May, the overall outlook remains positive due to fiscal pre-positioning and the potential for price increases after mid-August [5][7] Challenges and Opportunities - The cement industry faces challenges such as price volatility and seasonal adjustments, but the speed of price adjustments this year is faster than last year, reducing the likelihood of consecutive quarterly losses [9][8] - Opportunities include improved consensus within the industry, which may help elevate price levels, and enhanced profitability among key companies like China National Building Material and Tianshan Shares [9][10] Future Outlook - The industry is expected to improve post-August as the off-season adjustments conclude and the likelihood of price increases rises, supported by strong mid-year performance and policy catalysts [7][1] - The overseas cement business is anticipated to perform better than last year due to reduced foreign exchange losses from small currencies [13][10] Regulatory Measures - The industry is implementing measures to combat overproduction, with current overproduction accounting for 20-30% of total capacity. Successful enforcement could raise capacity utilization to around 70% [16][17] - These measures aim to reduce excess supply, improve production efficiency, and prepare for carbon trading by establishing daily production limits for each production line [17][18]

巨石集团淮安公司执行董事兼总经理顾建定介绍情况 中材电气生产基地工人在忙碌 凯盛玻璃控股副总经理蒋猛在做试验 ◎记者 于祥明 盛夏时节，上海证券报记者深入中国建材集团多家成员企业，零距离探访"国之大材"的锻造现场，切身 感受中国制造的创新与跃迁。 从巨石零碳智能玻纤基地到中材叶片风电制造基地；从石膏板生产线到发电玻璃产线，从半导体釉电瓷 绝缘子再到水泥厂的SCR脱硝系统装置……每一家企业都在各自赛道上奋力拼搏，一场覆盖全产业链的 创新革命，正驱动着中国建材创新基因的升级。 "叶片所用玻纤全部自产，风机绿电则驱动着生产线运行。"巨石集团淮安有限公司执行董事兼总经理顾 建定介绍，巨石新能源（淮安）有限公司所产绿电，不仅能充分满足巨石集团淮安公司的玻纤生产需 求，富余部分还输送至电网惠及千家万户，实现了玻纤生产与应用的绿色"微循环"。 "目前我们已建成233兆瓦风电场，安装47台风电机组，年发电量超6亿度，相当于15万户家庭年用电 量。"巨石新能源（淮安）公司董事长、总经理宋长宇表示。记者在风电场看到，配套的储能设施运行 稳定，中控室实时监控着每一台机组和储能箱的数据。 "在良好运行基础上，今年我们启动了500兆瓦 ...

Core Viewpoint - Citigroup reports that China National Building Material (03323.HK) has exceeded preliminary performance expectations for the first half of 2025, with a net profit of 1.35 billion RMB compared to a net loss of 2.018 billion RMB in the first half of 2024, leading to a "Buy" rating with a target price of 4.2 HKD [1] Financial Performance - The net profit for the first half of 2025 is 1.35 billion RMB, which represents 35% of Citigroup's full-year estimate and 33% of market consensus expectations [1] - The implied net profit for the second quarter of 2025 is projected to be 1.995 billion RMB, a significant improvement from a net loss of 645 million RMB in the first quarter of 2025 and a net loss of 533 million RMB in the second quarter of 2024 [1] Revenue Drivers - The year-on-year growth in net profit for the first half of 2025 is attributed mainly to the increase in average selling prices of cement and fiberglass, along with a decrease in costs [1]

Group 1 - The Hong Kong construction materials and cement stocks experienced a volatile rise, with China National Building Material (03323.HK) increasing by over 8% [1] - Jinju Group (02009.HK) and Anhui Conch Cement (00914.HK) both rose by more than 3.5% [1] - China Resources Cement Technology (01313.HK) saw an increase of over 2.5% [1]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (22.57%), CATL (17.76%), and COSCO Shipping Holdings (14.27%) [1][2] - The companies with the largest absolute increase in short positions are Alibaba Health (4.45%), China Liansu (2.54%), and Hong Kong Travel (2.02%) [1][2] - The companies with the largest absolute decrease in short positions are Far East Horizon (-1.62%), ZhongAn Online (-1.55%), and Rongchang Biologics (-1.32%) [1][3] Group 2 - The latest short position data shows that WuXi AppTec has 87.35 million shares, CATL has 27.69 million shares, and COSCO Shipping Holdings has 411 million shares [2] - Alibaba Health's short position increased from 6.97% to 11.42%, while China Liansu's increased from 0.61% to 3.15% [2] - Far East Horizon's short position decreased from 4.43% to 2.82%, and ZhongAn Online's decreased from 7.43% to 5.88% [3][4]

Group 1 - The "Xiaomiao" industrial model, developed by the Smart Building Materials Research Institute funded by China National Building Material Group, has been publicly launched, focusing on the cement sector as a testing ground [1] - The model integrates three core technologies: the fusion of time-series data with industrial mechanisms, multi-modal scenario collaboration, and decision-making fault tolerance, achieving over 1% reduction in cement batching costs [1] - After over two years of application, the model has established a mature engineering delivery capability, successfully implemented in nearly 100 cement enterprises, with data governance cycles reduced to as short as 14 days and model deployment within 7 days [1] Group 2 - China National Building Material Group's chairman believes AI will act as a "super accelerator" for new material research, significantly shortening development cycles and reducing trial-and-error costs [2] - The group is currently promoting AI's integration into strategic emerging industries for new materials, having built 231 scenario models covering the entire chain from core manufacturing to R&D and supply chain management [2] - In 2024, the State-owned Assets Supervision and Administration Commission will launch the "AI+" initiative for central enterprises, with several enterprises releasing industrial models, including China National Petroleum and State Grid [2]