Group 1 - Cement stocks collectively declined, with China National Building Material down 4.71% to HKD 4.65, Jinju Group down 4.71% to HKD 0.81, Anhui Conch Cement down 4.03% to HKD 22.6, and Huaxin Cement down 2.12% to HKD 12.9 [1] - The national cement price index reported at 319.64 points on July 25, reflecting a month-on-month decrease of 1.58% and a year-on-year decrease of 11.30% [1] - The national cement market continued to show weakness, with significant regional disparities; North China faced weak price increases, while Northeast China struggled with soft demand [1] Group 2 - Short-term outlook indicates that due to the off-season, cement prices are slightly declining, but the downward space is limited; prices are expected to rise in August as demand enters the peak season [2] - UBS noted that despite high market sentiment, the Yajiang hydropower project is a long-term plan with limited immediate impact on company profits; assuming cement orders are distributed by market share and a gross profit of RMB 150 per ton, Tibet Tianlu is expected to achieve an annual profit of approximately RMB 160 million, compared to a loss of RMB 104 million in 2024 [2] - Net profit growth estimates for Huaxin Cement, China National Building Material, and Anhui Conch Cement are approximately 5%, 2%, and 0.4% respectively [2]

Group 1 - Cement stocks collectively declined, with China National Building Material down 4.71% to HKD 4.65, Jinyu Group down 4.71% to HKD 0.81, Anhui Conch Cement down 4.03% to HKD 22.6, and Huaxin Cement down 2.12% to HKD 12.9 [1] - As of July 25, the national cement price index was reported at 319.64 points, a month-on-month decrease of 1.58% and a year-on-year decrease of 11.30% [1] - The national cement market continued to operate weakly, with significant regional differentiation; North China showed weak price support, while Northeast China faced soft demand hindering price increases [1] Group 2 - Tianfeng Securities noted that in the short term, cement prices are slightly declining due to the off-season, but the downside is limited; prices are expected to rise in August as demand enters the peak season [2] - UBS indicated that despite high market sentiment, the Yajiang hydropower project is a long-term plan with limited immediate impact on company profits; assuming cement orders are distributed by market share and a gross profit of RMB 150 per ton, Tibet Tianlu is expected to achieve an annual profit of approximately RMB 160 million, compared to a loss of RMB 104 million in 2024 [2] - Net profit growth estimates for Huaxin Cement, China National Building Material, and Anhui Conch Cement are approximately 5%, 2%, and 0.4% respectively [2]

Group 1 - Cement stocks collectively declined, with China National Building Material down 4.71% to HKD 4.65, Jinju Group down 4.71% to HKD 0.81, Conch Cement down 4.03% to HKD 22.6, and Huaxin Cement down 2.12% to HKD 12.9 [1] - The national cement price index reported at 319.64 points on July 25, reflecting a month-on-month decrease of 1.58% and a year-on-year decrease of 11.30% [1] - The national cement market continued to show weakness, with significant regional disparities; North China faced weak price support, Northeast China struggled with soft demand, and East China saw price increase plans shelved due to adverse weather conditions [1] Group 2 - Tianfeng Securities noted that while some regions are experiencing slight price declines due to the off-season, the downward space is limited, and prices are expected to rise in August as demand enters the peak season [2] - UBS indicated that despite high market sentiment, the Yajiang hydropower project has limited impact on the company's profitability; assuming cement orders are distributed by market share and a gross profit of RMB 150 per ton, Tibet Tianlu is expected to achieve an annual profit of approximately RMB 160 million, compared to a loss of RMB 104 million in 2024 [2] - Net profit growth estimates for Huaxin Cement, China National Building Material, and Conch Cement are approximately 5%, 2%, and 0.4% respectively [2]

格隆汇7月31日丨根据联交所最新权益披露资料显示，2025年7月24日，中国建材(03323.HK)获BlackRock, Inc.在场内以每股均价4.9875港元增持好仓1074.26 万股，涉资约5357.9万港元。 增持后，BlackRock, Inc.最新持好仓数目为225,852,074股，持好仓比例由5.79%上升至6.08%。 | 股份代號: | 03323 | | --- | --- | | 上市法國名稱: | 中國建材股份有限公司 - | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閱上述 * 註 | | | | | | | | 部 份百分比 | | | | | | | | ( % | | CS20250729E00412 | BlackRo ...

7月30日，上交所发布关于中国建材股份有限公司2025年面向专业投资者公开发行科技创新可续期公司 债券（第五期）（品种一）上市的公告。 依据《上海证券交易所公司债券上市规则》等规定，上交所同意中国建材股份有限公司2025年面向专业 投资者公开发行科技创新可续期公司债券（第五期）（品种一）于2025年7月31日起在上交所上市，并 采取匹配成交、点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"建材 YK19"，证券代码为"243386"。根据中国结算规则，可参与质押式回购。 来源：金融界 ...

海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券 （第五期）發行結果公告 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 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份內容 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。 承董事會命 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 中國建材股份有限公司 裴鴻雁 董事會秘書 中國，北京 二零二五年七月二十八日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券 （第五期）发行结果公告 本期债券承销机构中信证券股份有限公司、申万宏源证券有限公司、国新证 1 券股份有限公司、平安证券股份有限公司及其关 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告之全部或任何部分內容 而產生或因依賴該等內容而引致之任何損失承擔任何責任。 關連交易 對中建材航空增資 二零二五年七月二十五日，中材科技（本公司之非全資附屬公司）、中聯投資及中建材 航空訂立增資協議，對中建材航空進行增資共計人民幣50,000萬元，其中中材科技認 繳人民幣20,000萬元及中聯投資認繳人民幣30,000萬元。增資完成後，中建材航空的 註冊資本將由人民幣105,000萬元增加至人民幣155,000萬元。本集團及中聯投資各自 持有中建材航空股權比例40%及60%維持不變。 上市規則涵義 截至本公告日期，由於母公司直接及間接擁有本公司合計約50.01%的股權，故其為本 公司的控股股東。中聯投資和中建材航空為母公司的附屬公司，故構成本公司的關連 人士。因此，中材科技認繳增資構成本公司的關連交易。由於一項或多項適用百分比 率超過0.1%但所有適用百分比率均低於5%，因此，中材科技認繳增資根據上市規則第 14A.76條獲豁免遵守通函及股東批准的規定，僅須遵守上市規則有關公告 ...

Investment Rating - The industry investment rating is "positive," indicating a relative performance stronger than the market benchmark index by over 5% [33]. Core Insights - The global silver market has entered a new phase of structural supply-demand gap expansion, with signs of a rightward shift in the demand curve [1]. - Industrial demand is the primary component of silver demand, accounting for 58.5% of the total demand in 2024, with a total global silver demand projected at 36,207 tons [1][2]. - The compound annual growth rate (CAGR) for global silver demand from 2019 to 2024 is 3%, with industrial silver demand growing at a CAGR of 5.4% during the same period [2]. - The electronic and electrical sectors are the main drivers of industrial silver demand, with the photovoltaic industry being a significant contributor [3][5]. Summary by Sections Silver Demand Composition - In 2024, silver demand is composed of industrial demand (21,165 tons, 58.5%), jewelry (6,491 tons, 17.9%), and physical investment (5,939 tons, 16.4%) [1]. - The demand from the silverware and photography sectors is relatively minor, at 1,684 tons (4.7%) and 792 tons (2.2%) respectively [1]. Industrial Silver Demand Growth - From 2019 to 2024, industrial silver demand increased from 16,281 tons to 21,165 tons, contributing 98% to the total growth in silver demand during this period [2]. - The electronic and electrical sector's silver demand is projected to reach 14,323 tons in 2024, accounting for 67.7% of industrial silver demand [3]. Photovoltaic Industry Impact - The shift from P-type to N-type solar cells is expected to increase silver consumption in the photovoltaic sector, with N-type cells requiring significantly more silver per gigawatt [6]. - The projected silver consumption in the photovoltaic sector for 2025-2027 is expected to grow steadily, reaching 6,552 tons, 7,128 tons, and 7,500 tons respectively [6]. Automotive Sector Contribution - The growth of the new energy vehicle sector is anticipated to further drive silver demand, with projected consumption in the automotive sector reaching 2,566 tons, 2,799 tons, and 2,926 tons from 2025 to 2027 [7]. Overall Silver Demand Forecast - The global silver demand is expected to grow at a CAGR of 2.9% from 2024 to 2027, reaching 39,457 tons by 2027, with industrial demand's share increasing from 58.5% to 59.7% [9]. - The supply-demand gap for silver is projected to widen, with supply growth expected to lag behind demand growth, leading to a tightening market [9].

更換聯席公司秘書及法律程序文件代理人 及 更改香港代表處地址 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份內容 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。 董事會謹此對李女士於在任期間對本公司的貢獻致以感謝，並藉此機會歡迎鍾先生接受 新任命。 更改香港代表處地址 更換聯席公司秘書及法律程序文件代理人 中國建材股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，李美儀女士（「李女士」） 將不再擔任本公司之聯席公司秘書（「聯席公司秘書」）及本公司法律程序文件代理人（根據 香港法例第622章公司條例（「公司條例」）第16部及香港聯合交易所有限公司（「聯交所」）證 券上市規則（「上市規則」）第19A.13(2)條之規定代表本公司於香港接收法律程序文件及通 知書之授權代表（統稱「法律程序文件代理人」）），自二零二五年八月一日起生效。黃慧兒 女士（「黃女士」）將不再擔任根據公司條例第16部項下的本公司法律程序文件代理人，自 二零二五年八月一日起生效。 李女士及黄女士均已確認，彼與董事會並無意見分歧，亦無 ...

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份內容 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。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券（第五期）發行 票面利率公告 中國，北京 二零二五年七月二十四日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第五期） 特此公告。 1 (此页无正文，为《中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新 可续期公司债券（第五期） ...