Core Viewpoint - The latest report from Tianfeng Securities indicates that the cement industry has strong support for bottom-line profitability in the short term, and its future development direction is becoming clearer [1] Short-term Analysis - The cement industry is currently entering a critical period of staggered production during the heating season, with over 85% of clinker lines in northern provinces in a shutdown state [2] - Various provinces have announced their shutdown plans for December, with the Yangtze River Delta region planning to shut down for 13 to 15 days, and Hunan province planning a complete shutdown for a month due to environmental pressures [2] - The increased efforts in staggered production have effectively reduced market supply, providing strong support for cement prices and establishing a solid foundation for bottom-line profitability in the industry [2] Related Companies - Conch Cement, as a leading company in the cement industry, has a large production scale and extensive sales network, allowing it to better control market supply and stabilize product prices during staggered production [3] - Huaxin Cement has made significant investments in technology research and environmental protection, enabling it to maintain a high market share and provide strong support for short-term profitability during staggered production [3] Long-term Outlook - The year 2025 is identified as a crucial turning point for the cement industry, with head enterprises beginning to address excess production capacity [4] - By November, a total of 52.5 million tons of capacity has been replaced, while 83.59 million tons of capacity has been exited, with policies in 2025 aimed at regulating production order in the industry [4] - The actual effects of excess production governance are expected to become evident in 2026, leading to a more equitable market competition and increased industry concentration [4] - Jidong Cement is highlighted as a company to watch, as it holds a significant market position in northern regions and is expected to optimize its capacity structure and improve production efficiency in response to policy changes [4] - Tapai Group, with a strong market share in southern China, focuses on technological innovation and green development, positioning itself to excel in future market competition [4] Summary - Tianfeng Securities' report outlines the short-term and long-term development trajectories of the cement industry, emphasizing the strong support for bottom-line profitability from staggered production and the new opportunities presented by the 2025 policy window and the expected effects of excess production governance in 2026 [5]

香港联交所最新资料显示，11月28日，Invesco Asset Management Limited增持海螺水泥（00914）155.5 万股，每股作价23.3208港元，总金额约为3626.38万港元。增持后最新持股数目为7800.05万股，最新持 股比例为6%。 来源：新浪港股 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | 份自分比 | | | | | | | 96 ) | | CS20251202E00027 | Invesco Asset Management 101(L) 1,555,000(L) | | HKD 23.3208 | 78,000,500(L) | 6.00(L)28/11/2025 | | | Limited | | | | | 格隆汇12月3日丨根据联交所最新权益披露资料显示，2025年11月28日，海螺水泥(00914.HK)获Invesco Asset Management Limited在场内以每股均价23.3208 港元增持155.5万股，涉资约3626.38万港元。 增持后，Invesco Asset Management Li ...

格隆汇12月3日丨根据联交所最新权益披露资料显示，2025年11月28日，海螺水泥(00914.HK)获Invesco Asset Management Limited在场内以每股均价23.3208 港元增持155.5万股，涉资约3626.38万港元。 增持后，Invesco Asset Management Limited最新持股数目为7800.05万股，持股比例由5.88%上升至6.00%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | 份自分比 | | | | | | | 96 ) | | CS20251202E00027 | Invesco Asset Management 101(L) 1,555,000(L) | | HKD 23.3208 | 78,000,500(L) | ...

Group 1 - Invesco Asset Management Limited increased its stake in Conch Cement (600585) by acquiring 1.555 million shares at a price of HKD 23.3208 per share, totaling approximately HKD 36.2638 million [1] - Following the acquisition, Invesco's total shareholding in Conch Cement reached 78.0005 million shares, representing a 6% ownership stake [1]

Core Viewpoint - Invesco Asset Management Limited has increased its stake in Conch Cement (00914) by acquiring 1.555 million shares at a price of HKD 23.3208 per share, totaling approximately HKD 36.2638 million, resulting in a new holding of 78.0005 million shares, representing 6% of the company [1] Group 1 - Invesco Asset Management Limited's recent purchase of shares indicates a positive outlook on Conch Cement's performance [1] - The total investment made by Invesco amounts to approximately HKD 36.2638 million, reflecting significant confidence in the company's future [1] - Following the acquisition, Invesco's total shareholding in Conch Cement has reached 78.0005 million shares, which is 6% of the company's total shares [1]

FF301 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600585 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,999,702,579 | RMB | | 1 RMB | | 3,999,702,579 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 3,999,702,579 | RMB | | 1 RMB | | 3,999,702,579 | 本月底法定/註冊股本總額： RMB 5,299,302,579 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安徽海螺水泥股份有限公司 呈交日期: 2025年1 ...

Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]