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） ...

Economic News - The construction of the Yarlung Zangbo River hydropower project has officially commenced, signaling a strong commitment from the central government to enhance clean energy development and improve local livelihoods while addressing climate change [5][6][8] - The National Energy Administration has noted a generally loose coal supply and demand situation this year, with prices continuing to decline, prompting regulatory measures to stabilize the coal market [1][4] - The Ministry of Commerce has released a list of prohibited and restricted import and export goods for the Hainan Free Trade Port, aiming to facilitate its construction [4] Company Insights - Huadong Medicine's subsidiary has received FDA approval for a new drug application for injectable caspofungin, aligning with the company's strategy for internationalization in the pharmaceutical sector [4] - Jinlong Co. has signed a letter of intent to acquire a 29.3151% stake in Shenzhen Benmao Technology, which reported total assets of 1.978 billion yuan and a net profit of 53.62 million yuan for 2024 [4] - Guizhou Moutai has established a joint venture for a scientific research institute, contributing 490 million yuan in cash and equipment [4] Investment Recommendations - The report highlights several stocks as potential investment opportunities, including China Power Construction, Gotion High-tech, and Yili Group, among others, indicating a focus on companies that are likely to benefit from ongoing infrastructure and energy projects [3][10] - The Yarlung Zangbo River hydropower project is expected to significantly boost demand for construction materials, particularly cement and steel, benefiting local companies in Tibet [9][10] Industry Analysis - The Yarlung Zangbo River hydropower project represents a massive investment of 1.2 trillion yuan, which is projected to have a substantial positive impact on GDP and related industries [8][9] - The construction of this project is anticipated to create significant demand for high-quality products and advanced equipment across various sectors, including hydropower engineering and construction materials [9][10] - The report emphasizes the importance of long-term strategic projects in stabilizing the economy and enhancing domestic demand, particularly in the context of external uncertainties and real estate market challenges [6][7][8]

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 ） 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）發行公告 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 中國，北京 二零二五年七月二十三日 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。 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） 发行公告 | 发行人 | 中国建材股份有限公司 | | --- | --- | | 注册金额 | 亿元 200 | | 本期发行金额 | 不超过 30 亿元（含 30 ...

Group 1 - The core viewpoint of the news is that the Tibet Yarlung Tsangpo River hydropower project is expected to have a total installed capacity of 60GW, which is 2.7 times that of the Three Gorges Dam, with a total investment of 1.2 trillion RMB and a construction period of 10 to 20 years [1] - The project is anticipated to require approximately 4.3 million tons of cement, averaging about 430,000 tons per year, which will increase cement demand in Tibet by about 33% [1] - Tibet Tianlu (600326.SH) holds a 33% market share in the local cement market, while Huaxin Cement (06655, 600801.SH), China National Building Material (03323), and Conch Cement (00914, 600585.SH) have market shares of 25%, 19%, and 7% respectively [1] Group 2 - The project is estimated to have an average annual steel demand of about 600,000 tons, with ordinary steel accounting for 60% and special steel for 40% [2] - The expected profit for Tibet Tianlu is approximately 160 million RMB annually, compared to a projected loss of 104 million RMB in 2024, while Huaxin Cement, China National Building Material, and Conch Cement are expected to see net profit increases of about 5%, 2%, and 0.4% respectively [2] - Based on valuation advantages, the company maintains a "buy" rating for China National Building Material, while Conch Cement and China Resources Cement Technology (01313) are rated "neutral," and the overall rating for steel stocks remains "neutral" [2]

Group 1 - The core index, the China Securities Hong Kong Dividend Equal Weight Index (HK Dividend EW), has shown significant growth, with a 6.57% increase over the past month, 26.48% over the past three months, and 28.01% year-to-date [1] - The index comprises 30 securities selected from the Hong Kong Stock Connect, focusing on those with high cash dividend yields, stable dividends, and sufficient liquidity, calculated using an equal-weight methodology [1] - The index's top ten holdings include China National Building Material (4.14%), China Hongqiao Group (4.12%), China Cinda Asset Management (3.81%), and others, reflecting a diverse portfolio [1] Group 2 - The industry composition of the index shows that finance accounts for 37.14%, energy 15.94%, industrials 15.81%, materials 11.87%, real estate 6.84%, communication services 5.89%, consumer discretionary 3.32%, and utilities 3.20% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, typically not exceeding 20% of the sample [2] - Special adjustments may occur under certain conditions, such as delisting or significant corporate actions like mergers or acquisitions, ensuring the index remains relevant [2]