Investment Rating - The industry view is rated as Attractive, with a preference for gold, cement, building materials, and steel for 2Q25 [7]. Core Insights - Demand in the materials sector showed signs of recovery in 1Q25, but the outlook for 2Q25 is uncertain due to tariff concerns. Domestic excavator sales increased by 38% YoY, and orders from cathode producers rose by 20% due to strong demand from electric vehicles (EV) and energy storage [2]. - The report anticipates that metals-related stocks may outperform in 2H25 as further stimulus is expected [1][6]. - The tariff impact is projected to weigh heavily on the materials space, with a forecasted GDP growth reduction of 30 basis points to 4.2% for 2025 due to tariff shocks and domestic demand impacts [2][18]. Summary by Sections Gold - Gold is identified as the top pick within commodities, supported by ongoing central bank buying and rising ETF inflows. Lower Treasury yields are expected to enhance gold's macro backdrop. Preferred stocks include Zhaojin (1818.HK) and Zijin Mining (2899.HK, 601899.SS) [3]. Cement and Steel - Cement supply-side controls were announced in November 2024, leading to a focus on profitability rather than price wars. The report expects a significant increase in gross profit per ton due to lower coal prices and higher cement prices. For steel, a production cut of 30 million tons and an export cut of 15-20 million tons are anticipated in 2025. Preferred stocks include Anhui Conch (0914.HK, 600585.SS), CNBM (3323.HK), and Baosteel (600019.SS) [4]. Copper and Aluminum - In 2H25, copper and aluminum are expected to outperform due to continued demand from grid and EV-related green infrastructure. Additional fiscal stimulus could further support demand. Preferred stocks include Zijin (2899.HK, 601899.SS), CMOC (3993.HK, 603993.SS), and Hongqiao (1378.HK) [5]. Tariff Impact - The report highlights that the current cumulative US tariffs could have a more significant growth drag than in 2018-19, with expectations of trade talks to lower tariffs to 34% by year-end. The tariff shocks are expected to impact both trade channels and domestic demand [17][18].

Financial Performance - Total operating revenue for Q1 2025 was CNY 36.64 billion, a decrease of 1.04% from CNY 37.02 billion in Q1 2024[15]. - Total operating costs for Q1 2025 were CNY 36.79 billion, down 4.03% from CNY 38.25 billion in Q1 2024[15]. - Net profit for Q1 2025 was CNY 101.62 million, compared to a net loss of CNY 922.27 million in Q1 2024[15]. - Total operating revenue for Q1 2025 reached ¥10,534,403.31, a significant increase from ¥2,543,391.19 in Q1 2024, representing a growth of approximately 314%[26]. - Net profit for Q1 2025 was ¥182,200,978.30, compared to ¥92,032,638.44 in Q1 2024, indicating an increase of about 97.9%[26]. - The company reported a total operating cost of ¥132,418,418.35 for Q1 2025, up from ¥87,445,431.62 in Q1 2024, indicating an increase of about 51.3%[26]. Assets and Liabilities - As of March 31, 2025, the total assets of the company amounted to RMB 504.98 billion, an increase from RMB 493.97 billion as of December 31, 2024, representing a growth of approximately 2.04%[10][11]. - The company's current assets totaled RMB 154.06 billion, up from RMB 145.61 billion at the end of 2024, indicating an increase of about 5.06%[10]. - Total liabilities as of March 31, 2025, were CNY 312.86 billion, an increase from CNY 299.44 billion as of December 31, 2024[12]. - Total liabilities increased to ¥54,804,119,575.85 as of March 31, 2025, compared to ¥50,053,931,085.37 at the end of 2024, marking an increase of about 9.5%[23]. - Total equity attributable to shareholders was CNY 115.83 billion as of March 31, 2025, down from CNY 119.45 billion as of December 31, 2024[13]. - The company’s total liabilities and equity amounted to CNY 504.98 billion as of March 31, 2025, compared to CNY 493.97 billion as of December 31, 2024[13]. Cash Flow - The company reported a net cash outflow from operating activities of CNY 5.05 billion in Q1 2025, an improvement from CNY 5.99 billion in Q1 2024[17]. - Cash inflow from investment activities in Q1 2025 was CNY 10.05 billion, compared to CNY 8.58 billion in Q1 2024[17]. - Operating cash flow for Q1 2025 was RMB 536,882,191.23, a significant increase from RMB 72,918,395.64 in Q1 2024, representing a growth of 634.5%[28]. - Cash inflow from operating activities totaled RMB 3,614,285,061.04 in Q1 2025, compared to RMB 1,666,898,360.49 in Q1 2024, marking an increase of 116.5%[28]. - Cash inflow from financing activities reached RMB 14,691,000,000.00 in Q1 2025, up from RMB 6,300,000,000.00 in Q1 2024, an increase of 133.3%[29]. - The ending cash and cash equivalents balance for Q1 2025 was RMB 904,800,100.46, compared to RMB 1,019,777,912.18 in Q1 2024, a decrease of 11.3%[31]. Investments and Financing - The company issued a total of RMB 20 billion in short-term financing notes with a maturity of 260 days at an interest rate of 1.67%[3]. - The first phase of corporate bonds for 2025 was issued with a total principal of RMB 10 billion, with a 3-year term and an interest rate of 1.74%[5]. - The company completed the issuance of RMB 8 billion in renewable corporate bonds with a 3-year term at an interest rate of 1.99%[7]. - Long-term equity investments rose to ¥74,150,475,160.78 as of March 31, 2025, from ¥72,861,979,259.92 at the end of 2024, representing an increase of about 1.76%[21]. - Cash inflow from investment income was RMB 78,424,350.85 in Q1 2025, a substantial increase from RMB 3,032,712.83 in Q1 2024, reflecting a growth of 2,487.5%[28]. Strategic Outlook - The company plans to continue expanding its market presence and product offerings, focusing on innovation and strategic acquisitions to drive future growth[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分內容 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。 股東週年大會、H股類別股東會及 內資股類別股東會表決票匯總結果 及 派發末期股息 中國建材股份有限公司（「本公司」）董事會（「董事會」）欣然公佈截至於二零二四年十二月 三十一日止年度本公司之股東週年大會（「股東週年大會」）、H股類別股東會（「H股類別股 東會」）及內資股類別股東會（「內資股類別股東會」，連同股東週年大會及H股類別股東 會，統稱「會議」）已於二零二五年四月二十五日（星期五）下午二時正、下午二時三十分 （或緊隨股東週年大會結束後）及下午三時正（或緊隨H股類別股東會結束後）假座中華人民 共和國（「中國」）北京市海淀區復興路17號國海廣場2號樓分別舉行。 有關會議所審議決議案的詳情，股東可參閱本公司日期為二零二五年四月一日的股東週 年大會通告、H股類別股東會通告、內資股類別股東會通告及通函（「通函」）。除另有界定 外，本公告所用詞彙與通函所界定者涵義相同。 本公司於會議當日之已發行股份數目為7, ...

Core Viewpoint - The construction materials industry is undergoing a transformation driven by artificial intelligence (AI), focusing on technological innovation to achieve high-quality, green, and intelligent development [1][5]. Group 1: Industry Transformation - The construction materials industry is encouraged to lead with technological innovation, emphasizing high-end, intelligent, and green development [1]. - The industry is experiencing significant growth, with companies like Jomoo Group reporting over double-digit growth in output value last year and achieving 130% of their order target in the first quarter of this year [2]. - The China Building Materials Federation has launched multiple rounds of major technological projects, enhancing the industry's innovation capabilities [2][3]. Group 2: Technological Advancements - The focus on AI technology in the construction materials sector includes the development of specialized models and high-level databases to address key challenges in digital transformation [3]. - The second Building Materials Industrial Design Competition highlighted 19 modern factories that effectively utilize digital and intelligent technologies to optimize production processes [4]. - AI is seen as a "super assistant" that will transform material research from experience-based to data-driven and AI-driven methodologies [5]. Group 3: Industry Collaboration and Innovation - The integration of AI into the construction materials industry is expected to enhance collaboration and innovation across the entire supply chain [5]. - Companies are urged to adapt to market changes by developing intelligent, functional, and high-end building materials to increase added value [5]. - The rise of domestic large models is anticipated to create more opportunities and growth within the entire industry chain [6]. Group 4: Implementation and Results - Companies are seizing the strategic opportunity presented by AI to strengthen technological innovation and accelerate the transformation of research outcomes into industrial applications [7]. - China National Building Material Group has implemented a large-scale application of industry models in its cement business, collecting over 600 billion data points to enhance decision-making processes [7][8]. - The optimization models developed have shown significant cost reductions, such as an average decrease of 1.31% in cement costs and a 99.43% success rate in coal supply chain management [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。 公告 北新建材截至二零二五年三月三十一日止三個月 之主要會計數據和財務指標 | | 本報告期 | 上年同期 | 上年同期增減 | | --- | --- | --- | --- | | | | | (%) | | 營業收入 | 6,246,258,743.71 | 5,943,893,516.11 | 5.09 | | 歸屬於北新建材股東的淨利潤 | 842,219,346.07 | 821,978,143.33 | 2.46 | | 歸屬於北新建材股東的扣除 | | | | | 非經常性損益的淨利潤 | 819,032,406.67 | 791,095,243.26 | 3.53 | | 經營活動產生的現金流量淨額 | -221,504,774.88 | -25,622,766.64 | -764.48 | | 基本每股收益（元╱股） | 0.498 | 0.487 | 2.26 | | 稀釋每股收益 ...

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分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。 公告 天山材料截至二零二五年三月三十一日止三個月 之主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下天山材料股份有限公 司（「天山材料」）截至二零二五年三月三十一日止三個月的主要會計數據及財務指標。 天山材料為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號：000877）。 - 1 - 天山材料之主要會計數據和財務指標 度末增減 | | 本報告期末 | | 上年度末 | (%) | | --- | --- | --- | --- | --- | | | | 調整前 | 調整後 | 調整後 | | 總資產 | 293,172,223,731.80 | 288,074,221,349.41 | 288,151,641,862.44 | 1.74 | | 歸屬於天山材料股東的所有者 | | | | | | 權益 | 81,430,803,530.47 ...

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。 公告 中材科技截至二零二五年三月三十一日止三個月之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下中材科技股 份有限公司（「中材科技」）截至二零二五年三月三十一日止三個月之主要會計數據和財務 指標。 中材科技為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號： 002080）。 - 1 - 中材科技之主要會計數據及財務指標 單位：元 幣種：人民幣 本報告期比 | | 本報告期末 | 上年度末 | | (%) | | --- | --- | --- | --- | --- | | | | 調整前 | 調整後 | 調整後 | | 總資產 | 61,002,517,286.45 | 59,864,697,092.17 | 59,864,697,092.17 | 1.90 | | 歸屬於中材科技股東的 | | | | | | 所有者權益 | 18,87 ...

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。 公告 中材國際二零二五年三月三十一日止三個月之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下中國中材國 際工程股份有限公司（「中材國際」）截至二零二五年三月三十一日止三個月之主要會計數 據和財務指標。 中材國際為本公司之附屬公司，其A股於上海證券交易所上市及買賣（股份代號： 600970）。 - 1 - - 2 - 本公告乃自願而並非按香港聯合交易所有限公司證券上市規則特定規定而作出。 承董事會命 中材國際之主要會計數據和財務指標 單位：萬元 幣種：人民幣 本報告期比 | | 本報告期 | 上年同期 | 上年同期增減 | | --- | --- | --- | --- | | | | | (%) | | 營業收入 | 1,014,740.77 | 1,028,784.19 | -1.37 | | 歸屬於中材國際股東的淨利潤 | 66,308.46 | 6 ...

中国建材公告，经初步审阅，预期本集团截至2025年3月31日止三个月未经审核的权益持有人应占亏损 约为人民币5.2亿元，而截至2024年3月31日止三个月的权益持有人应占亏损约为人民币13.5亿元。预期 权益持有人应占亏损的减少主要由于本集团主要产品水泥、玻璃纤维的销售价格上升和销售成本下降， 以及风电叶片、涂料的销量增加所致，但部分被水泥的销量下降所抵销。 ...

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 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公司謹此知會本公司股東及潛在投資者，經初步審閱本集團根據中國會計準則編製 的有關財務報表，預期本集團截至二零二五年三月三十一日止三個月未經審核的權益 持有人應佔虧損約為人民幣520百萬元，而截至二零二四年三月三十一日止三個月的 權益持有人應佔虧損約為人民幣1,350百萬元。 盈利預告 本公告乃本公司根據證券及期貨條例第XIVA部及上市規則第13.09(2)(a)條作出。 承董事會命 中國建材股份有限公司 本公司股東及潛在投資者在買賣本公司股份時務請審慎行事。 中國建材股份有限公司（「本公司」）謹此知會本公司股東及潛在投資者，經初步審閱本公 司及其附屬公司（「本集團」）根據中國會計準則編製的有關財務報表，預期本集團截至二 零二五年三月三十一日止三個月未經審核的權益持有人應佔虧損約為人民幣520百萬元， 而截至二零二四年三月三十一日止三個月的權益持有人應佔虧損約為人民幣1,350百萬 元。上述預期權益持有 ...