Core Viewpoint - Huaxin Cement, as a pioneer in the internationalization and diversification of China's cement industry, demonstrates resilience through overseas expansion and aggregate business growth, with a projected net profit increase of over 50% in the first half of 2025, indicating the initial success of its "anti-involution" strategy [1] Group 1: Domestic Challenges - Despite short-term price increases due to "anti-involution" policies, Huaxin Cement's domestic core business is weakening, with a projected 1.64% decline in core cement business revenue for 2024 and a drop in gross margin to 23.75%, alongside a 9.46 percentage point decrease in net margin [2] - The decline is rooted in a collapse in demand driven by deep adjustments in the real estate sector and delays in infrastructure projects, leading to a normalization of "moderate decline" in cement demand [2] - The industry faces overcapacity issues, with the national cement industry recording its first overall loss in the new century in 2024, while Huaxin has managed to stabilize through cost control, but remains under pressure from low-price competition [2] Group 2: Diversification Efforts - To mitigate risks, Huaxin is focusing on aggregates, concrete, and environmental protection as a "second growth curve," but these new businesses are not yet robust enough to support the company [2] - The aggregate business, with a high gross margin of 47.92%, contributed only 16.49% to total revenue in 2024, and while its sales growth outpaced cement, the concrete business suffered from declining margins due to weak downstream real estate [2] - The extension of the industrial chain has revealed coordination shortcomings, as the differing production processes of aggregates and cement lead to inefficiencies in resource allocation [2] Group 3: Capital Allocation and Financial Pressure - In 2025, capital expenditures of 13.3 billion yuan will be primarily directed towards overseas acquisitions and aggregate investments, sidelining upgrades in the cement main business, raising concerns that the transformation may become a financial game of "robbing Peter to pay Paul" if new businesses do not scale quickly [3] - Huaxin's overseas business is a significant highlight, with a 47% year-on-year revenue increase in 2024 and a production capacity exceeding 25 million tons per year across 18 countries, but this growth comes with risks [4] - Challenges include a lack of localization capabilities, frequent cultural conflicts, and supply chain management issues, as seen in the costly and time-consuming upgrades of old factories in South Africa [4] - The long return cycle of investments, such as the $838 million acquisition of Nigerian cement assets, requires sustained financial support, with local market development taking time before benefits are realized [4] Group 4: Financial Health Concerns - Aggressive expansion is eroding financial safety, with accounts receivable surging while operating cash flow declines year-on-year, resulting in significant profits being tied up on the balance sheet [5] Group 5: Strategic Recommendations - To address its challenges, Huaxin Cement needs to rebalance its ambitions between scale and survival by focusing on three dimensions: - Enhancing synergy between new and old businesses by geographically binding aggregate, concrete, and cement production to create an integrated regional supply chain, reducing logistics and management friction costs [6] - Shifting overseas expansion from heavy asset factory construction to technology output and management outsourcing to mitigate capital risk [6] - Implementing defensive financial strategies by strictly controlling accounts receivable periods, establishing foreign exchange hedging mechanisms, and adopting phased investment approaches instead of one-time acquisition payments to maintain cash flow flexibility [6]

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 25130.03 | +135.89 | 0.54% | | 800100 | 国企指数 | | 9075.60 | +35.40 | 0.39% | | 800700 | 恒生科技指数 | | 5606.83 | +21.33 | 0.38% | 盘面上，大型科技股多数继续上涨行情，其中，快手涨近2%，百度涨1.38%，腾讯、小米、网易、阿里巴巴均上涨，美团、京东走低。 受相关传闻影响，煤炭股午后异动拉升上扬，蒙古焦煤涨11.55%，兖矿能源、南戈壁涨超9%，中煤能源、中国神华皆强势。 基建类股全天表现活跃，尤其是高铁基建股涨幅明显，中国交通建设涨7.57%领衔，中国铁建、中国中车、中国中铁齐涨。 汽车股、光伏股、半导体股、海运股、电力股、钢铁股、黄金股等有色金属股纷纷上涨。 今日，港股三大指数全天呈现窄幅震荡行情，盘中均刷新阶段新高，且都录得连涨行情，市场做多情绪稳步攀升。 截止收盘，恒生指数涨0.54%突破年内高点，创20 ...

受益的行业非常多，这个要分短期和中长期，因为时间跨度很长，预期是10-15年，但按照中国的速 度，只要资金到位，10年内就完工并非不可能。 短期来看，最开始就是水泥建材这些先行一步，考虑到水泥有个运输半径问题，因此最大龙头是本地水 泥厂的西藏天路(600326.SH)，被巨量封住一字，再是离基地项目400公里的港股华新水泥(06655)，大涨 超85%。本地产能肯定是不够的，需要从其它地区引进，其它有华润建材科技(01313)、中国建材 (03323)、金隅集团(02009)、中国建材(03323)、海螺水泥(00914)均涨超10%。 【解剖大盘】 周末没啥利空，市场主要担心的无非是日本的参议院选举，最新情况是由自民党和公明党组成的执政联 盟丧失参议院过半数议席。但靴子落地后日元并未出现明显波动，市场预期石破茂依旧可以继续履行职 责，从而稳定局面。因此港股继续跳空上行，今天涨0.68%。 扰动市场的巨头内卷也开始收敛，7月18日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三 家平台企业，号召理性参与竞争。美团-W(03690)、京东集团(09618)、阿里巴巴(09988)均涨幅超2%。 而爆炸性题材 ...

Market Overview - On July 21, the Hang Seng Index rose by 0.68%, closing at 24,994.14 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 70.51 billion [1] Trading Activity - The total trading volume for the Stock Connect on July 21 was HKD 1,603.52 billion, with a net buy of HKD 70.51 billion [1] - The Shanghai Stock Connect recorded a trading volume of HKD 1,033.25 billion and a net buy of HKD 39.00 billion, while the Shenzhen Stock Connect had a trading volume of HKD 570.27 billion and a net buy of HKD 31.52 billion [1] Active Stocks - In the Shanghai Stock Connect, the top active stock by trading volume was Dongfang Electric, with a transaction amount of HKD 92.89 billion and a closing price increase of 65.21% [1] - Other notable stocks included Huaxin Cement and Alibaba-W, with transaction amounts of HKD 70.24 billion and HKD 33.08 billion, respectively [1] - In terms of net buying, Dongfang Electric led with a net buy of HKD 9.60 billion, while Xiaomi Group-W had the highest net sell of HKD 4.52 billion, closing up by 1.32% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Meituan-W had the highest trading volume at HKD 31.76 billion, followed by Dongfang Electric and Huaxin Cement with HKD 30.12 billion and HKD 25.25 billion, respectively [2] - Alibaba-W recorded the highest net buy of HKD 3.93 billion, closing up by 1.81%, while Meituan-W had the highest net sell of HKD 4.42 billion, closing up by 2.75% [2]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, with target prices set at RMB 17.71 and HKD 13.25 respectively [8][9]. Core Views - The company is recognized as a pioneer in the domestic cement industry with a strong global expansion strategy, particularly through acquisitions in Brazil, which enhances its integrated strategy and is expected to drive growth in scale and profitability [19][20]. - The domestic cement industry is currently experiencing a phase of demand decline while capacity clearance is still needed. However, the company has three core advantages: deep engagement in key regions, high self-supply ratio of raw materials, and leading energy efficiency and environmental processes [2][20]. - The overseas cement business is accelerating, with production capacity growing significantly from 3.9 million tons in 2018 to 23.7 million tons in 2024, reflecting a CAGR of 35.1%. The EBITDA from overseas operations has also increased substantially during this period [3][21]. Summary by Sections Domestic Cement Business - The company focuses on the Yangtze River Economic Belt and key areas in the western development, with major projects expected to support regional demand. The average price of cement in these regions has shown significant year-on-year increases [2][20]. - The self-supply ratio of raw materials is high, with a notable decrease in coal prices since 2025, leading to improved cost trends. The comprehensive energy consumption and greenhouse gas emissions per ton of clinker are industry-leading [2][20]. Overseas Cement Business - The company has rapidly expanded its overseas cement capacity, with a significant increase in sales and profitability from African markets, where the cement prices are notably higher than in Central Asia [3][21]. - The EBITDA from overseas operations has grown from RMB 580 million to RMB 2.37 billion from 2018 to 2024, with the overseas EBITDA ratio increasing from 6.3% to 27.2% [3][21]. Non-Cement Business - The revenue from non-cement clinker business has grown from RMB 1.61 billion to RMB 15.43 billion from 2016 to 2024, with a significant increase in both revenue and gross profit margins [4][22]. - The aggregate business has become a key driver of profitability, with a gross margin that remains significantly higher than other business segments [4][22]. Market Perspective - The report highlights a divergence from market views, emphasizing the importance of strategic planning and operational advantages in overseas markets, particularly through partnerships and acquisitions that enhance market entry and operational efficiency [5][23]. Profit Forecast and Valuation - The profit forecasts for the company have been adjusted upwards, with EPS estimates for 2025-2027 revised to RMB 1.23, 1.50, and 1.64 respectively, reflecting a positive outlook on overseas and non-cement business expansions [6][24].

21世纪经济报道记者曹恩惠、费心懿 据新华社报道，雅鲁藏布江下游水电工程（下称雅下水电工程）开工仪式于7月19日上午在西藏自治区 林芝市举行。雅下水电工程总投资约1.2万亿元，建设5座梯级电站。工程电力以外送消纳为主，兼顾西 藏本地自用需求。 同一日，国务院国资委发布2025年1号公告。经国务院批准，组建中国雅江集团有限公司（下称中国雅 江集团），由国务院国有资产监督管理委员会代表国务院履行出资人职责，列入国务院国有资产监督管 理委员会履行出资人职责的企业名单。而作为我国第99家央企，中国雅江集团将成为雅下水电工程的项 目业主单位，保障项目顺利建设运营。 雅下水电工程项目的开工建设，备受关注，其对于保障我国能源安全具有重要的战略意义。与此同时， 高达万亿级的投资规模，同样也将拉动我国的社会经济发展。 7月21日，受雅下水电工程开工的消息影响，A股、H股市场相关概念股都相继大涨。 以A股为例，沪深两市逾70只涨停股中，绝大部分与水电工程建设相关。另据Wind热门概念指数显示， 雅江水电站、水泥制造、水利水电建设、西部大基建、西藏振兴、挖掘机等六大概念板块涨幅领跑二级 市场。 "超级"水电工程开工 2021年3月 ...

Group 1 - On July 21, 2025, the top three companies by trading volume in the Southbound Stock Connect (Shanghai-Hong Kong) were Dongfang Electric (01072) with a trading volume of 9.289 billion, Huaxin Cement (06655) with 7.024 billion, and Alibaba-W (09988) with 3.308 billion [1] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the top three companies were Meituan-W (03690) with a trading volume of 3.176 billion, Dongfang Electric (01072) with 3.012 billion, and Huaxin Cement (06655) with 2.525 billion [1] Group 2 - In the Southbound Stock Connect (Shanghai-Hong Kong), the net buying amounts were as follows: Dongfang Electric (01072) +0.960 billion, Huaxin Cement (06655) +0.546 billion, and Alibaba-W (09988) -0.354 billion [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the net buying amounts were: Dongfang Electric (01072) +0.125 billion, Huaxin Cement (06655) -0.130 billion, and Alibaba-W (09988) +0.393 billion [2]

智通财经APP获悉，7月21日港股市场，北水成交净买入70.51亿港元，其中港股通(沪)成交净买入39亿 港元，港股通(深)成交净买入31.52亿港元。 北水净买入最多的个股是东方电气(01072)、建设银行(00939)、中国能源建设(03996)。北水净卖出最多 的个股是小米集团-W(01810)、国泰君安国际(01788)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 51.25 乙 | 41.65亿 | 92.89亿 | | HK 01072 | | | +9.60亿 | | 华新水泥 | 37.85亿 | 32.39 亿 | 70.24亿 | | HK 06655 | | | +5.46 Z | | 阿里巴巴-W | 14.77 亿 | 18.31亿 | 33.08亿 | | HK 09988 | | | -3.54 Z | | 美团-W | 14.44 Z | 17.90亿 | 32.34亿 | | HK 03690 | | | -3.46亿 | | 小米集团-W | 11.411Z | ...

Core Viewpoint - As of July 21, 200 stocks reached their 52-week highs, with notable performers including Dongfang Electric (681.62%), Huaxin Cement (84.42%), and Aoyuan Group Equity (80.00%) [1][2]. Summary by Category 52-Week High Performers - Dongfang Electric (01072) closed at 24.650, with a peak price of 119.900, achieving a high rate of 681.62% [2]. - Huaxin Cement (06655) closed at 18.600, with a peak price of 20.100, achieving a high rate of 84.42% [2]. - Aoyuan Group Equity (02905) closed at 0.350, with a peak price of 0.450, achieving a high rate of 80.00% [2]. - Other notable stocks include: - Zhong'an Holdings Group (08462) with a high rate of 71.05% [2]. - Huajian Medical (01931) with a high rate of 57.97% [2]. - Songjing Technology (01079) with a high rate of 44.76% [2]. Additional High Performers - China Pipe Industry (00380) reached a high rate of 43.67% [2]. - Tibet Water Resources (01115) achieved a high rate of 39.33% [2]. - China Energy Construction (03996) reached a high rate of 38.03% [2]. - Other stocks with notable high rates include: - Changsheng Group-B (06628) at 25.23% [2]. - Harbin Electric (01133) at 24.84% [2]. - Fangyuan Life Services (09978) at 22.11% [2].

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | (0) | 24994.14 | +168.48 | 0.68% | | 800100 | 国企指数 | | 9040.20 | +53.73 | 0.60% | | 800700 | 恒生科技指数 | | 5585.50 | +46.67 | 0.84% | 盘面上，大型科技股普遍飘红，美团涨近3%，京东涨超2%，阿里巴巴、小米涨超1%。 雅鲁藏布江水电工程开工，涉1.2万亿投资，建材水泥股、钢铁股、风电股、大基建股等相关板块全天表现强势，其中，尤其是东方电气盘中一 度飙升超700%最终收涨65.2%，华新水泥飙涨85.6%，重庆钢铁大涨25.5%，山水水泥涨超23%，中铝国际、中国中铁、中国建筑国际等皆走强。 中资券商股、石油股、黄金股、煤炭股、内房股、海运股、家电股、军工股纷纷上涨。 今日，港股三大指数呈现V型走势，国企指数、恒生科技指数午后一度转跌，最终分别收涨0.6%及0.84%，恒生指数涨0.68%盘中一度站上25000 点 ...