Group 1 - The Ministry of Ecology and Environment has issued the "Quota Allocation Plan" for carbon emissions trading in the steel, cement, and aluminum smelting industries for 2024 and 2025, which is based on the successful experience of the power generation sector [1] - The quota allocation will be linked to actual production levels without setting an absolute cap on total carbon emissions, aiming to encourage advanced practices and penalize laggards [1] - The plan requires newly included industries to complete their first quota compliance within the year, with government oversight to ensure timely compliance and maintain the integrity of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker production lines in northern provinces are currently offline due to winter production restrictions, with plans for further shutdowns in December [2] - The report indicates that the cement industry's bottom-line profitability is supported, and by 2025, leading companies will begin to address excess production capacity, with a total of 52.5 million tons of capacity being replaced and 83.59 million tons exiting the market [2] - The actual effects of production capacity management are expected to become evident in 2026 [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement (06655), China National Building Material (03323), Conch Cement (00914), China Resources Cement Technology (01313), and others [3]

Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the mature experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan requires newly included enterprises to complete their first quota compliance within the year, with local governments responsible for ensuring timely compliance to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker lines in northern provinces are currently in a shutdown state due to peak production adjustments, with plans for shutdowns in December varying by region [2] - The report indicates that the cement sector is experiencing strong bottom-line profit support, with head enterprises expected to address excess production capacity by 2025, having already replaced 52.5 million tons of capacity while exiting 83.59 million tons [2] - The actual effects of excess production governance are anticipated to become evident in 2026, as policies are designed to provide a window for excess production enterprises to adjust [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement (06655), China National Building Material (03323), Conch Cement (00914), China Resources Cement Technology (01313), Shanshui Cement (00691), Western Cement (02233), Jinyu Group (02009), and Asia Cement (China) (00743) [3]

Core Viewpoint - The China National Building Material Group is enhancing the professional capabilities and political awareness of its disciplinary inspection cadres through targeted training programs, focusing on practical applications and theoretical knowledge [1][2][3] Group 1: Training Initiatives - The group has commissioned the Chinese Academy of Discipline Inspection and Supervision to conduct specialized training for 124 grassroots disciplinary inspection cadres, covering topics such as big data utilization and daily supervision methods [1] - A total of five comprehensive training sessions have been conducted this year, involving 530 participants, ensuring full coverage of the disciplinary inspection business within the organization [1] Group 2: Political and Theoretical Education - The group emphasizes the importance of political capability and theoretical knowledge, integrating the Party's innovative theories into the training curriculum and organizing thematic activities to enhance ideological awareness [2] - Regular study sessions and discussions on key business issues are held to strengthen legal awareness and procedural understanding among the cadres [2] Group 3: Practical Experience and Collaboration - The group focuses on cultivating business backbones through practical case handling, with over 30 personnel participating in case investigations to enhance their skills in conversation, data analysis, and case review [3] - Collaboration with various departments is emphasized to strengthen political supervision in major projects, aiming to develop well-rounded talents with both theoretical and practical skills [3]

公司名稱: 中國建材股份有限公司 (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） | 證券代號 (如上市) | 03323 | 說明 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | 上月底結存 | | | 3,716,397,196 RMB | | 1 RMB | 3,716,397,196 | | 增加 / 減少 (-) | | | 0 | | RMB | 0 | | 本月底結存 | | | 3,716,397,196 RMB | | 1 RMB | 3,716,397,196 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | ...

Group 1 - The company plans to sign a Financial Service Agreement with China National Building Material Group Finance Co., Ltd. to expand financing channels and improve fund utilization efficiency [2][21] - The agreement includes deposit, settlement, comprehensive credit, and other financial services for the company and its subsidiaries [5][21] - The transaction has been approved by the company's board of directors and will be submitted for shareholder approval [2][20][21] Group 2 - China National Building Material Group Finance Co., Ltd. is a non-banking financial institution established in 2013, with a registered capital of 4.721 billion RMB [3][4] - As of September 30, 2025, the finance company had total assets of approximately 3.230 billion RMB and net profit of approximately 6.563 million RMB for the first nine months of 2025 [4] - The finance company has not been listed as a dishonest entity in the national database [4] Group 3 - The financial services provided will include daily deposit balances not exceeding 2 billion RMB, 4 billion RMB, and 5.8 billion RMB for the years 2026, 2027, and 2028 respectively [6] - The comprehensive credit balance provided by the finance company will not exceed 2.2 billion RMB, 4.2 billion RMB, and 6 billion RMB for the same years [7] - The finance company will provide settlement services free of charge during the agreement's validity [8] Group 4 - The pricing policy for deposit services will ensure that the deposit interest rates are not lower than those offered by major domestic commercial banks under similar conditions [9] - The loan interest rates provided by the finance company will not exceed those offered by major domestic commercial banks under similar conditions [10] - Other financial services will comply with the relevant regulations and will not exceed the fees charged by major domestic commercial banks for similar services [12] Group 5 - The agreement is set to be effective from January 1, 2026, to December 31, 2028, and is based on principles of equality, mutual benefit, and cooperation [13] - The agreement includes provisions for breach of contract and the responsibilities of both parties in case of default [14][16] - The company has conducted a risk assessment and established a risk management plan for the financial services to be provided [18][19]

| 股份代號: | 03323 | | --- | --- | | 上市法國名稱: | 中國建材股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 27/10/2025 - 27/11/2025 | 格隆汇11月27日丨根据联交所最新权益披露资料显示，2025年11月20日，中国建材(03323.HK)遭BlackRock, Inc.在场内以每股均价5.4758港元减持好仓552万 股，涉资约3022.64万港元。 减持后，BlackRock, Inc.最新持好仓数目为222,829,756股，持好仓比例由6.14%下降至5.99%。 | 豪格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述*註解) 有投票權股 (日 / 月 | | | | | | | 份自分比 | | | | | | | ( % ) | | CS20251125E00264 | BlackRock ...

Meeting Overview - The second extraordinary general meeting of shareholders for 2025 was held on November 24, 2025, at 16:30 in Beijing [1] - The meeting was convened by the seventh board of directors and presided over by Mr. Chen Yu, the director and president [1] - A total of 583 shareholders or their authorized representatives attended, representing 1,188,160,532 shares, which is 70.8029% of the total voting shares [1] Voting Participation - 579 shareholders participated via online voting, representing 177,150,728 shares, or 10.5565% of the total voting shares [2] - There were 582 minority investors present, representing 177,285,928 shares, or 10.5645% of the total voting shares [2] Resolution Voting Results - The meeting adopted a combination of on-site and online voting for resolutions [4] - Resolutions 3 to 12 required a two-thirds majority of the voting rights held by attending shareholders to pass, while other resolutions required a simple majority [4] Key Resolutions Passed - The resolution regarding the financial service agreement with China National Building Material Group was approved, with the controlling shareholder abstaining from voting [6] - The resolution concerning the chairman's remuneration for 2024 and the monthly salary plan for 2025 was also approved [6] - Multiple resolutions related to the issuance of A-shares to specific targets were passed, including the types of shares, issuance methods, and pricing principles, all requiring the abstention of the controlling shareholder [8][9][10][12] - The resolution for the 2025 annual plan for issuing A-shares was approved [18] - The resolution for the three-year dividend return plan (2025-2027) was also passed [26] Legal Opinion - The meeting was witnessed by lawyers from Beijing Jiayuan Law Firm, who confirmed that the meeting's procedures complied with legal and regulatory requirements [31]

中泰证券（600918）发布研报称，前三季度水泥板块全年实现营业收入1811亿元，同比下滑8.5%，实 现归母净利95亿元，同比增长159.1%，得益于去年同期的低基数以及今年行业价格相对坚挺且煤炭价 格较低。展望后市，反内卷预期下，26年行业盈利能力有望持续提升。 华泰证券则表示，实现水泥去产能的核心是控制熟料生产线产能与产量的有效压降。展望2026年，一方 面，政策约束下熟料生产线的超产产能指标补齐有望提速，推动水泥去产能于2026年进入实操阶段；另 一方面，25Q3行业盈利的再度回落有望加快部分区域水泥产能的整合，除冀东在东北市场的主动整合 外，我们预计华南区域有望加快市场整合进程。 水泥股涨幅居前，截至发稿，山水水泥(00691)涨4.23%，报0.74港元；中国建材(03323)涨3.55%，报5.54 港元；海螺水泥（600585）(00914)涨2.9%，报23.4港元；华润建材科技(01313)涨2.44%，报1.68港元。 ...

Group 1 - The cement sector has seen significant stock price increases, with companies like Shanshui Cement rising by 4.23%, China National Building Material by 3.55%, and Anhui Conch Cement by 2.9% [1] - According to Zhongtai Securities, the cement sector achieved a total revenue of 181.1 billion yuan in the first three quarters, a year-on-year decline of 8.5%, while net profit attributable to shareholders reached 9.5 billion yuan, a year-on-year increase of 159.1% [1] - The increase in net profit is attributed to a low base from the previous year and relatively strong industry prices alongside lower coal prices [1] Group 2 - Huatai Securities emphasizes that effective control of clinker production line capacity and output is crucial for achieving cement capacity reduction [1] - Looking ahead to 2026, policy constraints are expected to accelerate the rectification of excess clinker production capacity, facilitating the practical implementation of cement capacity reduction [1] - The anticipated decline in industry profitability in Q3 2025 may accelerate the consolidation of cement capacity in certain regions, particularly in South China [1]

Core Viewpoint - China National Building Material (03323) has completed the issuance of its third phase of technology innovation corporate bonds aimed at professional investors, with a total issuance amount of 3 billion yuan and a subscription multiple of 2.18, resulting in a final coupon rate of 1.95% [1] Summary by Category - **Bond Issuance Details** - The issuance work for the third phase of technology innovation corporate bonds was concluded on November 13, 2025 [1] - The first type of bonds was not actually issued, while the second type had an actual issuance amount of 3 billion yuan [1] - The subscription multiple for the bonds was 2.18, indicating strong investor interest [1] - The final coupon rate for the issued bonds was set at 1.95% [1]