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]

消息面上，7月1日，水泥协会发布响应反内卷政策文件。中邮证券认为会推动限制超产政策更好的执 行。从中期维度来看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升， 目前水泥行业处于淡季需求低点及价格低点，该行判断行业有望在8月份需求回暖后逐步价格提升。 智通财经APP获悉，水泥股涨幅居前，截至发稿，华新水泥(06655)涨4.02%，报13.99港元；海螺水泥 (00914)涨3.47%，报23.86港元；东吴水泥(00695)涨3.07%，报4.03港元；华润建材科技(01313)涨1.6%， 报1.91港元。 东吴证券指出，水泥行业供给自律共识有望进一步强化，全年盈利中枢有望好于去年。尽管Q2因需求 波动或错峰执行问题供需阶段性失衡、价格出现回落，但今年行业在主导企业引领下维护利润的意愿显 著增强，该行认为供需再平衡时间仍然会明显好于去年，后续旺季提价时点有望较去年提前，全年盈利 中枢有望高于去年。 ...

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].

格隆汇8月6日｜平安证券研报指出，华新水泥从国内老牌水泥厂发展为全球化建材集团。2024年水泥、 混凝土、骨料毛利润分别占比51%、12%、32%，其中骨料占比大幅提升，同时公司海外收入占比从 2015年10%升至2024年24%。受益海外业务、骨料业务等发展，2025H1公司预计归母净利润10.96-11.32 亿元，同比增长50%-55%，经营业绩展现韧性。股权结构方面，公司兼具国资和外资股东，控股股东为 世界领先的建筑材料供应商豪瑞集团，助力公司海外拓展。国内积极推行反内卷，后续水泥超产治理等 有望加速推进，带动国内水泥价格止跌回升，利于公司国内水泥业务盈利筑底改善，第二，海外水泥市 场发展空间良好，公司凭借先发优势、股东背景、技术经验等优势，通过收并购等方式加速拓展海外， 未来有望成为重要的业绩增长点；第三，尽管骨料行业延续承压，但公司骨料业务毛利率仍高、且销售 规模持续增长，有望延续良好的利润贡献。总体来看，看好公司海外业务、骨料业务的成长性，以及国 内水泥业务盈利筑底改善，估值水平具备一定安全边际，首次覆盖给予"推荐"评级。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a pioneer in international cement, benefiting from domestic market dynamics and the trend of reducing excessive competition [1][6]. - The company has shown resilience in its operational performance, with significant contributions from its aggregate business and a growing share of overseas revenue [6][15]. - The domestic cement market is expected to stabilize and improve profitability due to government policies aimed at reducing overcapacity and promoting orderly competition [6][27]. - The overseas market presents substantial growth opportunities, particularly in Africa, where demand for cement is expected to remain strong [6][33]. Summary by Sections Company Overview - The company has evolved from a domestic cement manufacturer to a global building materials group, covering a full industry chain including cement, concrete, and aggregates [11]. - It ranks fourth globally in clinker production capacity among Chinese cement companies, with a significant increase in overseas revenue share from 10% in 2015 to 24% in 2024 [6][17]. Domestic Market Dynamics - The domestic cement market is experiencing price fluctuations due to weak demand and challenges in coordinated production [6][27]. - Government initiatives to curb "involution" in the industry are expected to lead to a more orderly market and potential price recovery [6][27]. - The company anticipates a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 50%-55% [15]. Overseas Market Expansion - The company is accelerating its overseas market layout, with plans to significantly increase its cement grinding capacity and pursue acquisitions, such as an $800 million project in Nigeria [6][33]. - The overseas business is expected to be a major growth driver, with higher profit margins compared to domestic operations [6][34]. Aggregate Business Performance - The aggregate business has shown a notable increase in both revenue and profit contribution, with a gross margin of 48% expected in 2024 [6][39]. - Despite short-term price pressures in the aggregate market, the company maintains a positive outlook for profitability due to its competitive advantages [6][39]. Financial Projections - The company forecasts net profits of 27.3 billion, 30.4 billion, and 32.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 13.0%, 11.5%, and 7.6% [6][15]. - The current market valuation reflects a price-to-earnings ratio of 10.7, 9.6, and 8.9 for the next three years, indicating a favorable investment opportunity [6][15].

Group 1 - The core viewpoint of the article highlights that Huaxin Cement's stock price increased slightly on August 5, 2025, closing at 15.28 yuan, with a market capitalization of 31.767 billion yuan and a price-to-earnings ratio of 33.95 times [1] - Huaxin Cement's main business includes the production and sales of cement, concrete, and aggregates, positioning the company within the cement and building materials industry [1] - The company expects its net profit attributable to shareholders for the first half of 2025 to be between 1.096 billion yuan and 1.132 billion yuan, representing a year-on-year growth of 50% to 55% [1] Group 2 - On August 5, 2025, the net outflow of main funds was 13.7303 million yuan, with a cumulative net outflow of 225 million yuan over the past five trading days [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 华新水泥股份有限公司（以下简称"公司"）分别于2023年6月30日、2023年7月20日召开第十届董事会第 二十六次会议、2023年第三次临时股东大会审议通过了《关于公司2023-2025 年核心员工持股计划（草 案）的议案》及其摘要等相关议案，具体内容详见公司于2023年7月1日、2023年7月21日披露的相关公 告。 公司于2025年5月27日召开第十一届董事会第十二次会议，审议通过了《关于公司 2023-2025 年核心员 工持股计划之第三期（2025年）核心员工持股计划的议案》（以下简称"本期计划"），具体内容详见公 司于2025年5月28日披露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及上海证券交易所《上市公司自律 监管指引第1号一一规范运作》的相关要求，现将公司2023-2025年核心员工持股计划之第三期（2025 年）核心员工持股计划的实施进展情况公告如下： 本期计划的资金来源为 ...

金融界消息 截至2025年8月1日收盘，华新水泥（600801）报收于15.32元，下跌0.45%，换手率2.13%， 成交量28.65万手，成交金额4.41亿元。 资金流向方面，今日主力资金净流出2904.91万元，占比成交额6.59%。其中，超大单净流出2413.73万 元、占成交额5.48%，大单净流出491.18万元、占成交额1.11%，中单净流出流入666.73万元、占成交额 1.51%，小单净流入2238.18万元、占成交额5.08%。 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427条，此外企业还拥有行政许可55个。 来源：金融界 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%。 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。企业 ...

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.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條規定而作出。茲 載列華新水泥股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交易 所網站(http://www.sse.com.cn)刊登的《2023-2025 年核心員工持股計劃之第三期 （2025 年）核心員工持股計劃實施進展公告》，僅供參閱。 承董事會命 華新水泥股份有限公司 徐永模 主 席 中國湖北省武漢市 二零二五年八月一日 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 ...