3.考虑是否派发2025年度中期股息(如有)；及 1.审议及批准截至2025年6月30日止六个月集团未经审核之业绩； 4.处理其他事宜(如有)。 格隆汇8月13日丨海螺水泥(00914.HK)宣布，于2025年8月26日(星期二)就以下目的(及其他事项)举行董 事会会议： 2.审议及批准根据香港联合交易所有限公司证券上市规则刊载截至2025年6月30日止六个月集团未经审 核之业绩公告； ...

安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈 於二零二五年八月二十六日（星期二）就以下目的（及其他事項）舉行董事會會議： 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 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。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 董事會會議通告 中華人民共和國安徽省蕪湖市 二零二五年八月十三日 截至此公告日，本公司董事會成員包括（i）執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生；（ii）獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生。 1. 審議及批准截至二零二五年六月三十日止六個月本公司及其附屬公司（「本集團」） 未經審核之業績； 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二 ...

证券之星消息，8月13日水泥板块较上一交易日下跌0.73%，西部建设领跌。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。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) | | --- | --- | --- | --- | --- | --- | | 002233 | 塔牌集团 | 8.68 | 1.52% | 19.05万 | 1.65亿 | | 600326 | 西藏天路 | 16.03 | 1.52% | 196.95万 | 31.58亿 | | 600449 | 宁夏建材 | 13.93 | 0.14% | 6.89万 | 9583.11万 | | 600801 | 华新水泥 | 15.59 | 0.00% | 24.18万 | 3.76亿 | | 600585 | 海螺水泥 | 24.28 | 0.00% | 33.22万 | 8.06亿 | | 003037 | 三和营桩 | 8.93 | -0.11% | 13.89万 | 1.24亿 | | 002671 | 龙泉股份 | 4.94 ...

Group 1 - The establishment of Hetian Conch Cement Co., Ltd. has been reported, with a registered capital of 80 million yuan [1] - The company's business scope includes sales of cement products, sales of building materials, sales of non-metallic minerals and products, and manufacturing of cement products [1] - Conch Cement indirectly holds 100% ownership of the newly established company [1]

Group 1 - Three new companies have been established: Hetian Conch Cement Co., Ltd., Yutian Conch Cement Co., Ltd., and Moyu Conch Cement Co., Ltd. with registered capital of 80 million RMB, 80 million RMB, and 400 million RMB respectively [1] - The business scope of these companies includes the manufacturing of cement products [1] - All three companies are jointly held by Conch Cement (600585) and its subsidiary Conch (Shaanxi) Holding Co., Ltd. [1]

Group 1 - Xianle Health Technology (Anhui) Co., Ltd. has improved space utilization by 3.5 times and operational efficiency by 70% through automation and intelligent warehouse management systems [1] - Anhui Conch Group has launched an "AI + Cement Building Materials Model" in collaboration with Huawei, achieving a 1% reduction in coal consumption and a 90% accuracy rate in risk identification [2] - Lenovo's manufacturing base in Hefei has reduced production scheduling time from 6 hours to 1.5 minutes, increasing output by 19% and order processing by 24% through data learning and large model technologies [2] Group 2 - Anhui Zhenda Brush Industry Co., Ltd. has significantly reduced video production costs by 95% and increased output speed by 10 times using the Antelope Industrial Internet platform, supported by local digital service policies [3] - The "East Data West Computing" initiative has led to the establishment of a data center cluster in Wuhu, with over 14,000 P of intelligent computing power available, enhancing the regional economic technology framework [3] - The digital industry in China has seen a 9.3% year-on-year revenue growth in the first half of the year, driven by advancements in 5G and AI technologies [3]

近期，"反内卷" 成为中国经济领域的高频词。从政策层表态到行业实践，这一导向正悄然影响着多个 产业的供需格局。美银证券最新发布的多篇研究报告，从宏观数据到具体行业，解析了反内卷政策的初 步影响 —— 尽管整体通缩压力仍在，但基础材料（尤其是锂）和水泥行业已出现积极信号，供需重塑 的机会正在显现。 宏观：反内卷初发力，通缩压力仍未消 美银指出，当前 CPI 仍在 0 附近徘徊，反映内需仍弱。尽管 7 月初以来反内卷政策推动煤炭、黑色金 属、水泥等少数品种价格小幅回升，但政策效果的持续性存疑。若缺乏明显的需求侧措施，未来数月商 品和服务价格全面复苏的可能性较低。 基础材料（锂）：供应收缩撞上旺季，锂价或突破 8 万 / 吨 不过，反内卷政策在锂行业的影响已开始显现，核心逻辑是供应收缩 + 需求旺季的共振。 供应端，8 月 10 日，宁德时代（300750）旗下枧下窝锂矿因许可证到期停产，该矿年产能约 10-12 万 吨锂盐（占全球供应 6-7%）。尽管精炼产能可通过外购原料维持，但美银测算，此举仍将导致全球锂 供应减少 4-6%（年化）。更值得关注的是，江西宜春 7 月要求 8 家锂矿在 9 月 30 日前完成资 ...

Domestic News - In July, China's power battery installation volume reached 55.9 GWh, with a month-on-month decrease of 4.0% but a year-on-year increase of 34.3%. The total battery production for July was 133.8 GWh, up 3.6% month-on-month and 44.3% year-on-year [3] - A new national standard for the transportation of lithium batteries will be implemented on February 1, 2026, aimed at enhancing the safety and efficiency of lithium battery logistics, which is crucial for the high-quality development of the industry [4] - GAC Aion plans to invest up to 30% in Huawang Automobile, which aims to create a new high-end automotive brand targeting the 300,000 RMB market [5] - Chery's Omoda and Jaecoo brands are entering the Iraqi market through a distribution agreement with Jameel Motors, with initial models including both fuel and plug-in hybrid vehicles [6] - Lantu's flagship SUV will feature Huawei's ADS Ultra four-laser radar intelligent driving solution, enhancing user experience through advanced technology [7] - Huawei's Yu Chengdong announced the S800 model, which integrates six-domain fusion technology for improved comfort and safety [8] - Tesla's global vice president, Tao Lin, emphasized the company's commitment to battery recycling, with 90% of waste materials being reused in new battery production [9] - Zebra Intelligent's associated company increased its registered capital to approximately 3.2 billion RMB, marking a 13% increase [10] International News - In July, U.S. electric vehicle sales surged to over 130,000 units, a 20% year-on-year increase, driven by lower prices and incentives from automakers [12][13] - Japan's new car sales fell by 3.6% year-on-year in July, with total sales for the first seven months up by 8% compared to the previous year [14] - Italy approved a new subsidy plan worth approximately 698 million USD to boost electric vehicle sales, offering up to 10,000 EUR in subsidies for individual buyers [15] - Ford announced a plan to invest 5 billion USD in electric vehicles, focusing on producing affordable models starting in 2027 [16] Commercial Vehicles - Foton's Tuyano X5 HEV was officially launched, featuring a hybrid system with a starting price of 126,800 RMB [19] - BYD's electric heavy truck has entered the supply chain of Conch Cement, showcasing a model that combines long-range capabilities with fast charging [20] - FAW Jiefang launched its new high-power Eagle Road product, targeting the natural gas heavy truck market [21] - Jiangling Motors partnered with CATL to advance the battery swap ecosystem for logistics vehicles [22]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Views - The report highlights the initiation of the Xinjiang-Tibet Railway project, which is expected to benefit leading cement companies in Xinjiang due to their established supply capabilities [5] - The demand for high-end electronic fabrics is anticipated to grow significantly, driven by advancements in AI and hardware performance requirements, with a particular focus on Low-DK and Low-CTE electronic fabrics [5] - The report suggests that 2025 will be a turning point for listed companies, while 2026 will mark an industry turning point, indicating a potential recovery in the sector [5] Section Summaries 1. Sector Tracking - The construction materials index rose by 1.2%, with cement and decoration materials showing positive trends, while glass fiber declined [9] - Notable stock performances included Tianshan Cement (+10.9%) and Guotong Shares (+10.6%), while Han Jian Heshan (-13.3%) and Xizang Tianlu (-10.1%) faced declines [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 339.7 RMB/ton, unchanged month-on-month but down 42.5 RMB/ton year-on-year [17] - The cement inventory ratio is 67.4%, showing a slight increase [17] - The cement shipment rate is 43.7%, reflecting a decrease compared to previous periods [17] 2.2 Float Glass - The average price of 5mm float glass is 1327.0 RMB/ton, down 31.4 RMB/ton month-on-month and 219.0 RMB/ton year-on-year [37] - Inventory levels for major producers decreased by 2.9% [37] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 10.9 RMB/sqm, with a slight increase month-on-month [42] - The production capacity for photovoltaic glass remains stable, but year-on-year production has decreased by 16.7% [42] 2.4 Glass Fiber - The average price for alkali-free glass fiber yarn is 4585.0 RMB/ton, unchanged month-on-month but down 45.0 RMB/ton year-on-year [49] 2.5 Carbon Fiber - The average price for large tow carbon fiber is 72.5 RMB/kg, with a year-on-year decrease of 5.0 RMB/kg [52] - The average operating rate for carbon fiber companies is 61.49%, showing an increase compared to previous periods [52] 3. Industry Dynamics - Recent policy changes in Beijing aim to optimize housing purchase conditions, potentially stimulating demand in the construction materials sector [16] - The report notes a decline in the supply of new residential properties in major cities, indicating a tightening market [16]

Core Insights - Glass microspheres exhibit significant competitive advantages in material applications compared to traditional materials, with widespread use in plastics, coatings, oil extraction, and aerospace [1][11] - The market demand for glass microspheres is continuously growing, driven by the transformation of traditional industries and the rapid development of emerging industries [1][11] Industry Overview - Glass microspheres are a new type of material developed from borosilicate raw materials, with a particle size of 10-250 microns and a wall thickness of 1-2 microns, offering lightweight, low thermal conductivity, high strength, and good chemical stability [2][10] - The market size of China's glass microsphere industry is projected to grow from 1.432 billion yuan in 2015 to 2.767 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.59% [1][11] - The hollow glass microsphere segment is expected to grow from 716 million yuan in 2015 to 1.522 billion yuan in 2024, with a CAGR of 8.74% [1][11] Industry Chain - The upstream of the glass microsphere industry includes raw materials such as quartz sand, limestone, feldspar, and soda ash, which are crucial for the supply and quality of glass microsphere production [3][6] - The midstream involves the manufacturing of glass microspheres, while the downstream applications include reflective materials, coatings, ceramics, rubber, plastics, filtration materials, oil extraction, and aerospace [3] Production and Demand - China's glass microsphere production is expected to increase from 85,200 tons in 2015 to 170,300 tons in 2024, with a CAGR of 8% [10] - The demand for glass microspheres is projected to rise from 101,600 tons in 2015 to 201,700 tons in 2024, with a CAGR of 7.92% [10] - Hollow glass microspheres are gaining traction, with production expected to grow from 21,300 tons in 2015 to 51,100 tons in 2024, and demand from 25,400 tons to 60,500 tons during the same period [10] Market Trends - The glass microsphere industry is gradually moving towards high-end applications, focusing on high refractive index, high wear resistance, and high purity to meet the needs of aerospace, precision optics, and 5G communications [23] - The industry is expected to diversify its applications into emerging markets such as renewable energy, biomedicine, and electronic packaging, while also developing functional microspheres [24] - Environmental sustainability is becoming a key focus, with efforts to optimize production processes, reduce energy consumption, and explore recycling technologies [25] Key Players - Major players in the global glass microsphere industry are concentrated in developed countries, with significant contributions from companies like 3M, Swarco, and Potters Industries [14] - In China, notable companies include China Steel Group, Wanda Glass Microspheres, and Langsheng Kaibo, which are rapidly expanding their production capabilities [14][17]