Core Viewpoint - Huanxin Cement's stock has declined over 6%, but it has still seen a cumulative increase of over 110% this year, indicating strong performance despite recent volatility [1] Financial Performance - Huanxin Cement plans to hold a board meeting on October 24 to approve quarterly results [1] - The expected comprehensive gross profit per ton of cement for July-August is around 100 CNY, compared to 72 CNY in the same period last year [1] - Overall overseas cement profitability remains strong, with significant recovery in previously weak regions like Central Asia [1] Market Expectations - Market consensus anticipates operating profits of 2.7 billion CNY and 3.7 billion CNY for 2025-2026, corresponding to PE ratios of 12x and 9x respectively [1] - For 2026, overseas earnings are expected to contribute 2-2.5 billion CNY in profit, with a hypothetical PE of 15x for overseas segments and 10x for domestic segments [1] - The potential market capitalization could reach 50 billion CNY if domestic competition decreases effectively, indicating room for profit adjustments [1] Strategic Outlook - Following the unexpected consolidation of Nigerian assets, Huanxin has plans for independent listings of overseas assets, which could enhance valuation and accelerate future overseas acquisitions [1]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Envision Biotech-B (09606) with an increase of 2.57%, bringing the total holding to 14.57% [2]. - Chongqing Steel (01053) with an increase of 1.07%, resulting in a holding of 28.31% [2]. - Yingfu Fund (02800) with an increase of 0.89%, now at 1.82% [2]. - Over the last five trading days, the top gainers were: - Envision Biotech-B (09606) with a 6.82% increase [3]. - JinkoSolar (06680) with a 6.56% increase [3]. - Huaxin Cement (06655) with a 3.34% increase [3]. Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Ocean Park (02255) with a decrease of 6.13%, now holding 9.89% [2]. - Da Zhong Public Utilities (01635) with a decrease of 1.00%, now at 65.40% [2]. - China Duty Free Group (01880) with a decrease of 0.82%, now at 39.15% [2]. - Over the last five trading days, the top losers were: - Ocean Park (02255) with a 5.49% decrease [3]. - Changfei Optical Fiber (06869) with a 5.13% decrease [3]. - Jiangxi Copper (00358) with a 2.40% decrease [3]. Long-term Trends - Over the last 20 days, the companies with the largest increases in holdings included: - Canggang Railway (02169) with a 31.37% increase, now at 43.06% [4]. - Da Zhong Public Utilities (01635) with a 30.70% increase, now at 65.40% [4]. - The companies with the largest decreases over the same period included: - Ocean Park (02255) with a 7.66% decrease, now at 9.89% [4]. - Longpan Technology (02465) with a 5.43% decrease, now at 46.16% [4].

来源：新浪港股 据香港联交所最新数据显示，10月15日，Conch International Holdings（HK）Limited减持华新水泥 （06655）838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约为 6351.53万股，持股比例为8.64%。 ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责 任公司、芜湖海创实业有限责任公司。 智通财经APP获悉，据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减 持华新水泥(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥（600585）股份有限公司、安徽海螺 集团有限责任公司、芜湖海创实业有限责任公司。 据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减持华新水泥 （600801）(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责 任公司、芜湖海创实业有限责任公司。 智通财经APP获悉，据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减 持华新水泥(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

Group 1 - The core viewpoint is that the cement industry is facing significant operational pressure due to low prices, despite a mild recovery in market demand and ongoing production adjustments by companies [1][2] - To improve profitability, cement companies are actively raising prices, with some leading firms in Zhejiang planning to increase prices by 30 yuan/ton starting October 15 [2] - The national average cement price in September was 338 yuan/ton, showing a slight month-on-month increase, while the gross profit per ton for cement companies was 58 yuan, indicating a positive trend in the industry [2][3] Group 2 - In the first half of 2025, the cement sector achieved revenues of 118.1 billion yuan, a year-on-year decrease of 7.7%, but net profit increased significantly by 1487% to 5.2 billion yuan [3] - The cement industry's fundamentals may have reached a turning point, with supply-side production restrictions and demand-side infrastructure support expected to lead to gradual improvements in the second half of the year [3] - Related Hong Kong-listed companies in the cement and building materials sector include China National Building Material, Conch Cement, Huaxin Cement, China Resources Cement Technology, and Western Cement [4]

Group 1 - The core viewpoint is that the cement industry is facing significant operational pressure due to low prices and fluctuating demand, prompting companies to raise prices to improve profitability [1][2]. - The Ministry of Industry and Information Technology, along with other departments, has issued a plan to stabilize growth in the building materials industry, which includes strict control over cement and glass production capacity [1]. - In Zhejiang, there has been a slight recovery in market demand, but prices remain low, leading to increased operational pressure for companies [1]. Group 2 - In September, the national average cement price was 338 yuan/ton, with a month-on-month increase of 2 yuan/ton, and the gross profit per ton for cement companies was 58 yuan, up by 3 yuan [2]. - The cement sector reported revenues of 118.1 billion yuan in the first half of 2025, a year-on-year decrease of 7.7%, but net profit increased significantly by 1487% to 5.2 billion yuan [2]. - Analysts believe that the cement industry's fundamentals may have reached a turning point, with expectations of gradual improvement in the second half of the year due to supply-side restrictions and demand support from infrastructure projects [2]. Group 3 - Related Hong Kong-listed companies in the cement and building materials sector include China National Building Material, Conch Cement, Huaxin Cement, China Resources Cement Technology, and Western Cement [3].

Core Insights - The cement sector experienced a 2.26% increase on October 15, with Huaxin Cement leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Cement Sector Performance - Huaxin Cement (600801) closed at 21.28, up 6.45% with a trading volume of 411,100 shares and a transaction value of 864 million [1] - Other notable performers include: - Qingsong Jianhua (600425) at 4.92, up 2.71% with a transaction value of 409 million - Conch Cement (600585) at 24.49, up 2.47% with a transaction value of 1.253 billion [1] - The overall trading volume and transaction values for various cement stocks indicate strong market activity [1][2] Capital Flow Analysis - The cement sector saw a net inflow of 349 million from institutional investors, while retail investors experienced a net outflow of 243 million [2] - Specific stock capital flows include: - Conch Cement with a net inflow of 250 million from institutional investors [3] - Huaxin Cement with a net inflow of approximately 41.69 million from institutional investors [3] - The data indicates a divergence in capital flow, with institutional investors showing confidence while retail investors withdrew [2][3]

Core Viewpoint - The cement sector in China is showing strong performance, with several companies experiencing significant stock price increases, driven by expectations of demand growth and price support from rising coal prices [1] Group 1: Stock Performance - China National Building Material (03323) increased by 6.32% - Huaxin Cement (06655) rose by 4.80% - Anhui Conch Cement (00914) saw a 3.63% increase - China Resources Cement Technology (01313) grew by 3.33% - Jinyu Group (02009) climbed by 2.35% - Asia Cement (China) (00743) went up by 1.61% - Western Cement (02233) decreased by 1.54% [1] Group 2: Market Outlook - China Galaxy Securities anticipates continued demand growth during the "Golden September and Silver October" period, although the increase may be limited due to weak terminal market conditions [1] - The expectation of a prolonged peak-off kiln shutdown in winter, combined with marginal improvements in demand, suggests that cement companies will actively push for price increases [1] - Rising coal prices are expected to further support cement prices, and the acceleration of "anti-involution" is likely to optimize industry supply, easing supply-demand conflicts [1] - Regional leading enterprises are expected to see a recovery in profitability [1]