（编辑 丛可心） 证券日报网讯 12月19日，海螺水泥在互动平台回答投资者提问时表示，公司将围绕已制定的《市值管 理制度》及《2025年估值提升计划》，积极推动落实市值管理的各项举措，持续提升经营发展质量，不 断增强公司的内在投资价值。后续公司如有股份回购注销计划，将严格按照规定履行信息披露义务。 ...

（文章来源：证券日报） 证券日报网讯 12月19日，海螺水泥在互动平台回答投资者提问时表示，公司始终坚持有效投资导向， 做强做优水泥主业，做精上下游产业链延伸，加快推进国际化发展；同时加强新兴产业布局，推动环 保、新能源和数字产业发展，为水泥主业赋能。面对水泥行业产能过剩、需求萎缩的挑战，公司立足生 产经营实际情况和战略发展规划，合理确定资本开支规模；后续公司将统筹兼顾发展战略规划、行业发 展趋势及股东投资回报等因素，确保资金合理分配，在保障公司可持续发展需要的同时，为股东带来更 加稳定、可持续的投资回报。 ...

证券日报网讯12月19日，海螺水泥（600585）在互动平台回答投资者提问时表示，公司生产经营一切正 常。 ...

证券之星消息，12月18日水泥板块较上一交易日上涨0.03%，四方新材领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605122 | 四方新材 | 13.01 | 2.44% | 5.95万 | 7759.90万 | | 002671 | 龙泉股份 | 5.07 | 1.40% | 18.92万 | 9590.68万 | | 003037 | 三和营桩 | 7.41 | 1.23% | 3.68万 | 2720.97万 | | 600802 | 福建水泥 | 6.65 | 1.22% | 1 35.67万 | 2.37亿 | | 002205 | 国统股份 | 13.40 | 0.98% | 3.84万 | 5168.28万 | | 000789 | 万年青 | 5.33 | 0.95% | 3.48万 | 1850.79万 | | 600668 | 尖峰集团 | ...

证券之星消息，12月16日水泥板块较上一交易日下跌1.84%，福建水泥领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600678 | 四川金顶 | 15.18 | 6.45% | 153.18万 | 22.78亿 | | 605122 | 四方新材 | 12.83 | 0.63% | 9.67万 | 1.26亿 | | 000401 | 金属草东 | 4.49 | -0.44% | 7.22万 | 3249.45万 | | 002233 | 塔牌集团 | 9.45 | -0.74% | 15.81万 | 1.50亿 | | 600801 | 华新建材 | 23.62 | -1.09% | 10.64万 | 2.50亿 | | 600585 | 海螺水泥 | 21.92 | -1.62% | 23.32万 | 5.13亿 | | 000789 | 万年青 | 5.3 ...

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]

证券日报网讯12月12日晚间，海螺水泥（600585）发布公告称，公司不存在为控股股东、实际控制人以 及关联方提供担保的情形；本公司不存在逾期担保事项。 ...

证券代码：600585 证券简称：海螺水泥 公告编号：2025-32 安徽海螺水泥股份有限公司 关于担保实施进展的公告 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： 担保 对象 被担保人名称 南京海中环保科技有限责任公司 （以下简称"南京海中环保"） 本次担保金额 500 万元 截至本公告日，包括本次担保 在内，本公司及附属公司实际 为其提供的担保余额 2,604 万元 是否在前期预计额度内 是 □否 □不适用 本次担保是否有反担保 □是 否 □不适用 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日本公司及附属公司 | 83,800 | | 对外担保总额（万元） | | | 对外担保总额占本公司最近一期 | 0.45 | | 经审计净资产的比例（%） | | | 特别风险提示 | 无 | 1 一、担保情况概述 （一）担保的基本情况 | 被担保人类型 | 法人 | | | | --- | --- | --- | --- | | | ...