恒泰长财证券有限责任公司 关于新疆青松建材化工集团股份有限公司 详式权益变动报告书之 2025 年第 4 季度持续督导报告 恒泰长财证券有限责任公司（以下简称"恒泰长财"、"本财务顾问"）接受 新疆中新建能源矿业有限责任公司（现更名为"新疆中新建能源矿业集团有限责 任公司"，以下简称"中新建能矿"、"信息披露义务人"）的委托，担任其收购 新疆青松建材化工（集团）股份有限公司（现更名为"新疆青松建材化工集团股 份有限公司"，以下简称"青松建化"、"上市公司"、"公司"）的财务顾问。 2024 年 4 月 18 日，信息披露义务人公告了《新疆青松建材化工（集团） 股份有限公司详式权益变动报告书》（以下简称"《详式权益变动报告书》"）。本 次权益变动是阿拉尔市统众国有资本投资运营（集团）有限责任公司（现更名为 "阿拉尔市国有资本投资运营集团有限公司"，以下简称"阿拉尔国投公司"）以 其持有的青松建化 360,922,546 股股份向中新建能矿出资，出资完成后，中新建 能矿持有青松建化 360,922,546 股股份，占青松建化总股本的比例为 22.49%， 从而成为青松建化控股股东。 2024 年 11 月 26 ...

Group 1 - The cement sector experienced a rise of 0.69% on January 6, with Qingsong Jianhua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Key stocks in the cement sector showed various performance metrics, with Qingsong Jianhua closing at 4.32, up by 2.61%, and Sichuan Jinding closing at 14.48, up by 2.55% [1] Group 2 - The cement sector saw a net outflow of 10.63 million yuan from main funds, while retail investors contributed a net inflow of 75.68 million yuan [2] - The trading volume and turnover for major cement stocks varied, with Huaxin Cement experiencing a decline of 3.13% and a turnover of 375 million yuan [2] - The overall market sentiment reflected mixed movements, with some stocks like Sanhe Yingshao showing slight gains while others faced declines [2] Group 3 - Major net inflows were observed in stocks like Conch Cement, with a net inflow of 39.68 million yuan from main funds, despite a net outflow from retail investors [3] - The net inflow percentages varied across stocks, with Sanhe Yingshao showing a significant 25.28% from main funds, while other stocks like Qingsong Jianhua had a net inflow of 10.34% [3] - The overall distribution of funds indicated a trend where retail investors were more active compared to institutional investors in the cement sector [3]

Core Viewpoint - The announcement indicates a significant change in the ownership structure of Qingsong Jianhua, with Xinjiang Zhongxin Jian Energy Mining Group Co., Ltd. becoming the controlling shareholder after acquiring 22.49% of the company's shares from Aral State-owned Capital Investment Operation Group Co., Ltd. [1] Group 1 - Qingsong Jianhua received a securities transfer registration confirmation from China Securities Depository and Clearing Corporation Limited on November 26, 2024 [1] - Aral State-owned Capital Investment Operation Group Co., Ltd. transferred its entire holding of 360,922,546 shares, which represents 22.49% of the total share capital of Qingsong Jianhua [1] - Following this transfer, Xinjiang Zhongxin Jian Energy Mining Group Co., Ltd. now holds 22.49% of Qingsong Jianhua's shares, thus becoming the controlling shareholder [1]

Group 1 - The cement sector experienced a rise of 0.81% on January 5, with Sichuan Jinding leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Key stocks in the cement sector showed various performance levels, with Sichuan Jinding closing at 14.12, up 3.14%, and Huaxin Cement at 25.22, up 2.77% [1] Group 2 - The cement sector saw a net outflow of 72.81 million yuan from institutional investors, while retail investors contributed a net inflow of 47.65 million yuan [2] - Major stocks like Conch Cement had a significant net inflow of 90.25 million yuan from institutional investors, despite a net outflow from retail investors [3] - The overall trading volume and turnover in the cement sector reflected active participation, with notable transactions in stocks like Sichuan Jinding and Huaxin Cement [1][2]

Group 1 - The core viewpoint of the article highlights a decline in China's cement production, with a reported output of 150 million tons in November 2025, representing a year-on-year decrease of 8.2% [1] - Cumulatively, from January to November 2025, China's total cement production reached 1.55 billion tons, marking a decline of 6.9% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a significant trend in the cement industry [1] Group 2 - The article lists several publicly listed companies in the cement sector, including Qingsong Jianhua, Jinyu Group, Sichuan Jinding, Fujian Cement, and others, which are relevant to the industry analysis [1] - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive consulting services for investment decisions [1]

证券代码：600425 证券简称：青松建化 公告编号：临 2025-026 新疆青松建材化工集团股份有限公司 关于公司名称变更完成的公告 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。 变更后的公司全称：新疆青松建材化工集团股份有限公司 证券简称和证券代码不变。 有限公司"。变更后的信息如下： 公司名称：新疆青松建材化工集团股份有限公司 统一社会信用代码：916500002296811666 新疆青松建材化工集团股份有限公司（以下简称"公司"，曾用名： 新疆青松建材化工（集团）股份有限公司）第八届董事会第八次会议 和 2025 年第一次临时股东大会审议通过了《关于公司名称变更的议案》， 公司中文名称由"新疆青松建材化工（集团）股份有限公司"变更为 "新疆青松建材化工集团股份有限公司"，证券简称和证券代码不变。 详情见 2025 年 9 月 23 日和 2025 年 10 月 11 日在上海证券交易所网站 （www.sse.com.cn）、上海证券报、证券时报上披露的《新疆青松建材 化工（集团）股份有限公司第八届董事会第 ...

Core Viewpoint - The company has no plans to divest its chemical business, as confirmed through investor interactions [1] Group 1 - The company has clarified its operational scope, which does not include the business activities of its subsidiaries [1]

证券代码：600425 证券简称：青松建化 公告编号：临 2025-025 新疆青松建材化工（集团）股份有限公司 关于出租房产暨关联交易的公告 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法律责任。 重要内容提示： 新疆青松建材化工（集团）股份有限公司（以下简称"公司"）向关联方出 租位于乌鲁木齐市米东区米东南路 1918 号春江明月商住小区 8 号综合楼 12-18 层 用作办公场所。其中，新疆中新建能源矿业集团有限责任公司（以下简称"中新建 能矿集团"）承租 14 层（半层）、16 层、17 层、18 层（半层），其控股子公司新疆 兵能矿业发展有限责任公司（以下简称"兵能矿业公司"）承租 12 层，新疆生产建 设兵团天然气有限公司（以下简称"兵团天然气公司"）承租 13 层、新疆中新建石 油天然气开发有限责任公司（以下简称"中新建油气公司"）承租 14 层（半层）、 15 层。年租金 1.11 元/㎡/日，租赁期均为 5 年，租金共计 1,171.80 万元。 本次交易构成关联交易，但不构成重大关联交易，亦不构成《上市公司重 大资 ...

Group 1 - The report maintains a positive outlook on the construction and decoration industry, emphasizing the sustained growth policies and the favorable economic environment in the western regions of China, particularly in Xinjiang and Sichuan [5][12][22] - The "14th Five-Year Plan" is expected to drive high-quality development in domestic infrastructure investment, with significant projects like the Yarlung Tsangpo River downstream hydropower project and the Duku Highway in Xinjiang set to commence construction [10][11][15] - The report highlights the importance of new infrastructure needs, including the construction of a modern energy system and the development of smart transportation systems, which are anticipated to create new investment opportunities for companies in the sector [25][26] Group 2 - The report identifies key companies that are likely to benefit from the infrastructure boom in Xinjiang, such as Xinjiang Communications Construction, Qingsong Construction, and China Chemical Engineering, due to their involvement in major projects [14][16][19] - The coal chemical industry in Xinjiang is entering a phase of accelerated investment, with numerous projects planned or under construction, which is expected to enhance the operational performance of companies like China Metallurgical Group and China Railway Group [17][19][20] - The report notes that the Belt and Road Initiative continues to present overseas construction opportunities, with significant growth in new orders for major state-owned enterprises in both domestic and international markets [5][19][22] Group 3 - The report emphasizes the potential for companies involved in the new energy sector, as the government aims to construct a new energy system and achieve carbon peak goals, creating opportunities for firms engaged in renewable energy projects [25][26] - Companies like Suzhou Transportation Science and Technology and Huase Group are highlighted for their roles in the emerging low-altitude economy, which is expected to see accelerated development in infrastructure and operational capabilities [5][25] - The report discusses the rising prices of key minerals such as gold, copper, and cobalt, suggesting that companies involved in mineral resource development, like China Metallurgical Group and China Railway Group, may see increased value from their operations [17][19][22]

Market Overview - The cement sector increased by 0.61% on November 26, with Hainan Ruize leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Hainan Ruize (002596) saw a significant rise of 10.04%, closing at 5.92 with a trading volume of 1.1212 million shares and a transaction value of 657.1 million [1] - Other notable gainers included Huaxin Cement (600801) with a 4.05% increase, closing at 23.10, and Qingsong Jianhua (600425) with a 1.82% increase, closing at 4.47 [1] - Conversely, Guotong Co. (002205) experienced a decline of 5.31%, closing at 16.04, while Fujian Cement (600802) fell by 4.06%, closing at 6.86 [2] Capital Flow Analysis - The cement sector saw a net inflow of 158 million in main funds, while retail investors experienced a net outflow of 64.3 million [2] - Hainan Ruize attracted a net inflow of 115 million from main funds, but had a net outflow of 76.1 million from speculative funds [3] - Other companies like Conch Cement (600585) and Huaxin Cement (600801) also showed mixed capital flows, with Conch Cement having a net inflow of 61.6 million from main funds [3]