港股建材水泥股盘初拉升，其中，东吴水泥大涨超17%领衔，中国建材涨超7%，华新水泥涨2%，中国 天瑞水泥、华润建材科技、金隅集团涨超1%，海螺水泥涨0.4%。 消息上，中国银河证券研报表示，7月处于季节性淡季，高温雨水影响下游施工，全国水泥需求减少， 全国熟料线停窑率有所提升，但熟料库存继续增长，行业供需矛盾较大，水泥价格均呈下降态势。后续 来看，预计8月中下旬需求有望逐步回升，水泥价格有望止跌回涨。个股方面，东吴水泥公布，预期截 至2025年6月30日止六个月，亏损将减少至约1,296.6万元，而去年同期亏损约3,998.1万元，减幅约为 67.6%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00695 | 东吴水泥 | 5.360 | 17.03% | | 03323 | 中国建材 | 5.350 | 7.00% | | 06655 | 华新水泥 | 13.550 | 1.96% | | 01252 | 中国天瑞水泥 | 0.315 | 1.61% | | 01313 | 华润建材科技 | 1.940 | 1.04% | | 02009 ...

金融界消息 截至2025年8月14日收盘，华新水泥（600801）报收于15.16元，下跌2.76%，换手率 2.56%，成交量34.46万手，成交金额5.33亿元。 资金流向方面，今日主力资金净流出4514.31万元，占比成交额8.47%。其中，超大单净流出1840.23万 元、占成交额3.45%，大单净流出2674.08万元、占成交额5.02%，中单净流出流出925.76万元、占成交 额1.74%，小单净流入5440.07万元、占成交额10.21%。 华新水泥最新一期业绩显示，截至2025一季报，公司营业总收入71.62亿元、同比增长1.10%，归属净利 润2.34亿元，同比增长31.80%，扣非净利润2.36亿元，同比增长55.34%，流动比率0.889、速动比率 0.716、资产负债率50.87%。 通过天眼查大数据分析，华新水泥股份有限公司共对外投资了70家企业，参与招投标项目5000次，知识 产权方面有商标信息165条，专利信息428条，此外企业还拥有行政许可55个。 来源：金融界 天眼查商业履历信息显示，华新水泥股份有限公司，成立于1993年，位于黄石市，是一家以从事非金属 矿物制品业为主的企业 ...

（於中華人民共和國註冊成立的股份有限公司） 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。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （股份代號：6655） 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二五年八月二十九日 (星期五) 舉行董事會會議，以考慮及通過（包括其他 事項）本公司及其附屬公司截至二零二五年六月三十日止的六個月的中期業績。 承董事會命 主 席 中國湖北省武漢市 二零二五年八月十一日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生（副總裁）； 非執行董事徐永模先生（主席）、Martin Kriegner先生、Olivier Milhaud先生及陳婷慧女士 ；獨立非執行董事黃灌球先生、張繼平先生及江泓先生。 *僅供識別 - 1 - ...

Group 1 - Cement stocks are generally active, with increases of nearly 10%, 5%, 4%, and over 3% reported [1] - The establishment of Xinjiang-Tibet Railway Co., with a registered capital of 95 billion RMB, is expected to significantly boost cement demand in Xinjiang and Tibet regions, estimating a demand of about 40 million tons over 8 years [2] - The average cement price in the national market remains stable, with slight regional variations, indicating a challenging environment for cement companies due to high coal prices and low demand [3] Group 2 - Specific cement companies have shown notable price increases, such as Shanshui Cement (+9.88%) and China Tianrui Cement (+5.36%), reflecting positive market sentiment [2] - The average shipment rate for major cement companies is around 44%, indicating ongoing low demand in the market [3] - Companies in regions like the Yangtze River Delta and Hubei are discussing staggered production plans to alleviate operational pressures, which may lead to a potential price recovery [3]

Group 1 - Cement stocks are generally active, with notable increases in share prices for companies such as Western Cement (+4.89%), Conch Cement (+3.69%), China Resources Cement Technology (+3.14%), and Huaxin Cement (+0.86%) [1] - The establishment of Xinjiang-Tibet Railway Co., with a registered capital of 95 billion RMB, is expected to significantly boost cement demand in the Xinjiang and Tibet regions, estimated at around 40 million tons over 8 years, averaging 5 million tons annually [1] Group 2 - The national cement market prices are stabilizing, with a slight increase of 20 RMB/ton in Henan and a decrease of 20 RMB/ton in Inner Mongolia [2] - The average shipment rate for cement companies in key regions is around 44%, indicating continued low demand due to adverse weather conditions [2] - Many regions are experiencing cement prices at or below cost levels, leading to increased pressure on profitability, prompting discussions on staggered production to alleviate operational stress [2]

Group 1 - Cement stocks are generally active, with notable increases in share prices for companies such as Western Cement (+4.89%), Conch Cement (+3.69%), China Resources Cement Technology (+3.14%), and Huaxin Cement (+0.86%) [1] - The establishment of Xinjiang-Tibet Railway Co., with a registered capital of 95 billion RMB, is expected to significantly boost cement demand, estimated at around 40 million tons over the project's duration, translating to an average annual demand of approximately 5 million tons if constructed over 8 years [1] Group 2 - The national cement market prices are stabilizing, with a slight increase of 20 RMB/ton in Henan and a decrease of 20 RMB/ton in Inner Mongolia [2] - The average shipment rate for cement companies in key regions is around 44%, indicating continued low demand due to adverse weather conditions [2] - Many regions are discussing staggered production plans to alleviate operational pressures, which could lead to a potential recovery in cement prices if self-regulatory measures are effectively implemented [2]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling over 200 points, closing below 25,000 points, and the Hang Seng Technology Index dropping by 1.56% [1] - Major technology stocks saw a broad decline, with Alibaba down 2.4% and JD.com down 1.44% [2] Sector Performance - The semiconductor sector faced significant losses, with SMIC dropping over 8%, marking the worst performance in the sector [4] - Gaming stocks also fell sharply, with Wynn Macau down over 7% and MGM China down over 6% [6] - The paper industry saw declines, with Chenming Paper down over 8% [7] - Innovative drug stocks continued to decline, with Hutchison China MediTech down over 15% and Zai Lab down over 10% [8] Positive Performances - Gold stocks led gains in the metals sector, with Zhaojin Mining and Lingbao Gold both rising over 3% [3][10] - Heavy machinery stocks showed resilience, with Zhonglian Heavy Industry rising nearly 6% [3] - Cement stocks performed well, with Shanshui Cement up over 6% [9] - Wind power stocks also saw increases, with Goldwind Technology rising over 10% [11] Capital Flows - Southbound funds recorded a net inflow of 6.271 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 3.28 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 2.992 billion HKD [12] Future Outlook - Huatai Securities suggests that the recent pullback in the Hong Kong market is due to adjustments in expectations, but the medium-term liquidity remains accommodative. They recommend focusing on sectors with improving conditions and low valuations, particularly in technology [13]

Group 1 - Cement stocks have shown significant gains, with Huaxin Cement rising by 4.02% to HKD 13.99, Conch Cement increasing by 3.47% to HKD 23.86, Dongwu Cement up by 3.07% to HKD 4.03, and China Resources Cement Technology rising by 1.6% to HKD 1.91 [1] - The China Cement Association released a document on July 1 in response to anti-overproduction policies, which is expected to enhance the enforcement of production limits [1] - Mid-term outlook suggests that cement industry capacity is likely to continue declining under the restriction policies, leading to a significant increase in capacity utilization [1] Group 2 - Currently, the cement industry is experiencing a low demand and price season, but it is anticipated that demand will recover in August, resulting in gradual price increases [1] - Dongwu Securities indicates that the consensus on supply self-discipline within the cement industry is expected to strengthen, with the annual profit center likely to be better than last year [1] - Despite fluctuations in demand and price declines in Q2, the willingness to maintain profits among leading companies has significantly increased, suggesting that the supply-demand rebalancing will occur sooner than last year [1]

Group 1 - Cement stocks are experiencing significant gains, with Huaxin Cement rising by 4.02% to HKD 13.99, Conch Cement up by 3.47% to HKD 23.86, Dongwu Cement increasing by 3.07% to HKD 4.03, and China Resources Cement Technology rising by 1.6% to HKD 1.91 [1] - The China Cement Association released a document on July 1 responding to the anti-involution policy, which is expected to enhance the enforcement of production limitation policies [1] - Mid-term outlook suggests that cement industry capacity is likely to continue declining under the production limitation policies, leading to a significant increase in capacity utilization [1] Group 2 - The cement industry is currently in a low demand and price season, but it is anticipated that demand will recover in August, resulting in gradual price increases [1] - Dongwu Securities indicates that the consensus on supply self-discipline in the cement industry is expected to strengthen, with the annual profit center likely to be better than last year [1] - Despite fluctuations in demand and price declines in Q2, the willingness to maintain profits among leading enterprises has significantly increased, suggesting that the rebalancing of supply and demand will occur sooner than last year [1]

Summary of Huaxin Cement Conference Call Company Overview - Huaxin Cement is a long-established cement company founded in 1907, transitioning to a joint-stock system in 1993. The company began expanding into concrete, aggregates, and environmental businesses in 2005, and initiated its first overseas cement project in 2012, evolving into a global building materials group. As of the end of 2024, Huaxin Cement has a cement capacity of 126 million tons, a concrete capacity of 50,000 cubic meters per hour, and an aggregate capacity of 285 million tons [3][4][5]. Financial Performance - For the first half of 2025, Huaxin Cement expects a net profit attributable to shareholders of approximately 1 billion yuan, representing a year-on-year growth of 50% to 55%, driven by improved domestic cement profitability, increased overseas earnings, and reduced foreign exchange losses [2][4]. - The company forecasts net profits of 2.7 billion yuan, 3 billion yuan, and 3.3 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13%, 11.5%, and 7.6% [4][16]. - The valuation is currently around 11 times, 10 times, and 9 times for the respective years, indicating attractiveness and maintaining a recommendation rating [4][16]. Business Segments Contribution - The cement business contributes approximately 50% to gross profit, the aggregate business about 30%, and the concrete business around 12% [2][5]. - The aggregate business has a gross profit margin of approximately 48%, with sales expected to reach 140 million tons in 2024, contributing 2.7 billion yuan in gross profit [2][15]. Domestic Market Dynamics - The domestic cement market is expected to improve due to policy-driven competition reduction and the Ministry of Industry and Information Technology's efforts to address overproduction, which may enhance supply-demand balance and boost prices [2][6]. - Despite weak demand leading to price fluctuations in the first half of the year, the construction peak season and policy support in the second half are anticipated to drive price recovery [6][8]. Overseas Market Expansion - Huaxin Cement is actively expanding in Southeast Asia and Africa, leveraging technical expertise and shareholder advantages. The overseas revenue share has increased from 10% in 2015 to 24% in 2024, with significantly higher gross margins compared to domestic operations [2][11][13]. - In 2024, overseas revenue is expected to grow by 40% to 8 billion yuan, with sales increasing by 37% to 16 million tons. The company plans to expand overseas capacity from 20 million tons to 50 million tons and is pursuing acquisitions, such as a project in Nigeria [2][13]. Challenges and Opportunities - The domestic market faces challenges from weak demand and price declines, but policy measures are expected to support recovery. The international market, particularly in Africa, presents growth opportunities due to economic and population growth potential [6][9][11]. - The cement industry must address overproduction and improve capacity utilization to restore supply-demand balance, with mergers and acquisitions suggested to enhance market concentration and maintain reasonable pricing [10][12]. Aggregate Industry Insights - The aggregate sector is closely tied to construction demand, which has seen a decline due to insufficient building starts. However, the high gross margin of approximately 40% and the ability to source aggregates from tailings without mining costs make it an attractive area for investment [12][15]. Shareholder Structure - Huaxin Cement has a dual background of state-owned and foreign investment, with its controlling shareholder being the globally renowned building materials group, Holcim Group, and another major shareholder being the Huangshi State-owned Assets Supervision and Administration Commission [7].