Core Viewpoints - The report maintains a positive outlook on the building materials sector, particularly cement, following the release of the "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments [4][6]. Summary by Sections Recent Market Performance - The building materials sector has shown a decline of 11% over the past 12 months, while the Shanghai Composite Index has decreased by 5% [2]. Policy and Industry Outlook - The stabilization plan aims to enhance profitability and innovation in the building materials industry, with a target for green building materials revenue to exceed 300 billion by 2026 [6]. - Key measures include restricting supply by prohibiting new cement clinker and flat glass production capacity, promoting the unification of actual and registered production capacities, and fostering green building materials through various initiatives [6]. Supply and Demand Dynamics - The report notes that while there is a temporary pressure on real estate and infrastructure demand, recent policies have led to a gradual improvement in supply-demand dynamics, with expectations for a slow price recovery in the cement market [6]. - Cement production increased by 1.7% month-on-month in August, supported by significant government bond issuances and major project launches, which may lead to a turning point in infrastructure work in Q4 [6]. Investment Recommendations - The cement sector is recommended for investment due to its high dividend yield and the anticipated recovery in demand and prices. The report suggests focusing on companies like Conch Cement and Huaxin Cement, while also considering companies in the photovoltaic supply chain such as Qibin Group [6]. - The consumer building materials sector is expected to stabilize, with companies like Sankeshu, Rabbit Baby, Dongfang Yuhong, and Keshun Co. being highlighted for potential growth [6].

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The construction materials sector (CITIC) declined by 1.73% this week, underperforming the CSI 300 index, which rose by 1.07%, resulting in a 2.8 percentage point lag [2][10] - On September 24, the Ministry of Industry and Information Technology and five other departments jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", addressing weak market demand and structural issues in the industry. The plan emphasizes strict capacity control for cement and glass, promotes technological innovation, and encourages digital transformation and green low-carbon upgrades [2][17] - The new plan focuses more on resolving structural issues rather than emphasizing growth targets, with clear measures for capacity control in overcapacity sectors like cement and glass. It also highlights the need for continuous improvement in transformation and upgrading, particularly in high-end materials [2][17] Summary by Sections Market Review - The CSI 300 index increased by 1.07% while the construction materials sector (CITIC) fell by 1.73%, with glass fiber and glass sub-sectors experiencing smaller declines. Notable stock performances included Xidamen (+9.8%), Shangfeng Cement (+8.1%), and China Jushi (+7.5%) [1][10] Key Recommendations - Recommended stocks include: 1. Cement: Huaxin Cement, Conch Cement, Shangfeng Cement 2. Glass: Qibin Group, Fuyao Glass, Yamaton 3. Consumer Building Materials: Dongfang Yuhong, Sankeshu, Beixin Building Materials 4. Glass Fiber: China Jushi, Shandong Fiberglass, Changhai Co. [2][19] Focused Investment Opportunities - The report suggests focusing on high-demand sectors such as high-end electronic fabrics and overseas markets, recommending companies like China National Materials, Honghe Technology, and West Cement [2][19]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the benefits of the "steady growth plan" released by six departments, focusing on supply optimization in the construction materials industry, with specific recommendations for companies like Huaxin Cement and Conch Cement [1][7] - The report indicates a significant increase in cement prices, with a week-on-week rise of 1.5%, and a positive trend in the glass market, particularly for float glass and photovoltaic glass [2][24][61] - The report notes improvements in housing transactions, with new and second-hand housing sales showing a positive trend in major cities [3][20] Summary by Sections Cement Market - The national cement market price has increased significantly, with a rise of 1.5% week-on-week, driven by demand recovery and price adjustments in various regions [24] - Major regions like Jiangsu, Zhejiang, and Anhui have seen price increases ranging from 10 to 70 yuan/ton, while some areas like Fujian and Guizhou experienced price declines [24][41] - The report anticipates continued price increases as companies aim to meet annual growth targets [24] Glass Market - The average price of float glass has risen to 1224.74 yuan/ton, marking a week-on-week increase of 1.39% [61] - The report notes that the production capacity utilization in the float glass industry is at 82.20%, indicating stable supply conditions [61] Housing Transactions - In the 39th week, new housing transaction area in 30 major cities reached 191.15 million square meters, showing a 27.08% increase week-on-week [3][20] - Second-hand housing transactions in 15 monitored cities also improved, with a 6% increase week-on-week [3][20] Recommended Companies - The report recommends companies with strong pricing power and operational resilience, including Huaxin Cement, Conch Cement, and others in the waterproofing and photovoltaic glass sectors [1][7]

Investment Rating - The report maintains a positive outlook on the cement and glass industries, indicating a potential for recovery and profitability improvement in the coming years [2][3]. Core Insights - The newly released "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes enhancing profitability as a primary goal, shifting focus from revenue growth to profit quality [2]. - Key initiatives include promoting technological innovation, industry transformation, demand expansion, and open cooperation, with a focus on stabilizing growth and addressing internal competition [2]. - Cement production capacity is expected to significantly shrink, with a target to reduce actual annual production capacity from 2.2 billion tons to below 1.8 billion tons by the end of 2025, leading to an increase in capacity utilization rates by over 10% [2][3]. - The glass industry will focus on phasing out outdated production capacity, particularly in flat glass, to improve profitability amid declining demand due to reduced real estate completions [2][3]. Summary by Sections Policy Changes - The new plan introduces stricter capacity control measures for cement and glass industries, including prohibiting new capacity and requiring capacity replacement plans for existing projects [4][5]. - The emphasis has shifted from merely maintaining stable growth to enhancing profitability and technological capabilities within the industry [3]. Industry Performance - The report forecasts that the cement industry will see a capacity reduction of over 40 million tons, with a significant portion of this reduction expected to occur in the fourth quarter of 2024 [2][6]. - The glass sector is anticipated to undergo further improvements in profitability as outdated and high-pollution production lines are phased out [2]. Investment Opportunities - The report highlights key companies in the cement sector, such as Conch Cement, Huaxin Cement, and Tianshan Cement, as potential investment opportunities due to their competitive advantages [2]. - In the glass industry, companies like Xinyi Glass and China Southern Glass are noted for their potential to benefit from the elimination of outdated capacity [2]. - The report also identifies opportunities in advanced materials, particularly in fiberglass composites and low-dielectric fiberglass, with companies like China Jushi and Zhongcai Technology being of interest [2].

Investment Rating - The report suggests focusing on investment opportunities in the fiberglass and cement industries due to improving profitability, while selecting stocks with alpha characteristics in the consumer building materials and early-cycle sectors [2][5]. Core Insights - The building materials industry has seen a narrowing revenue decline and notable profit improvements, particularly in the cement and fiberglass sectors, with overall revenue for sample companies decreasing by 4.1% year-on-year to 277.57 billion yuan, while net profit increased by 38.9% to 14.82 billion yuan [11][12]. - The cement industry has shown significant recovery, with a revenue of 118.8 billion yuan, a decline of 7.5%, and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, indicating a strong recovery driven by price improvements and growth in special fabric business [6][38]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - Sample companies in the building materials sector achieved a total revenue of 277.57 billion yuan in the first half of 2025, with a year-on-year decline of 4.1%, a significant improvement compared to a 10.7 percentage point decline in 2024 [11][12]. - The overall net profit for the industry turned positive, reaching 14.82 billion yuan, compared to a 50.8% decline in 2024 [11][12]. 2. By Sector: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Bottom Recovery Becoming Certain - The cement industry has shown a significant improvement, with a revenue of 118.8 billion yuan and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The demand for cement remains in a declining trend, but the rate of decline has slowed [24]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, with most companies in the sector achieving double-digit revenue growth [6][38]. 2.3 Consumer Building Materials: Revenue Decline Narrowing, Some Companies Show Strong Alpha - The consumer building materials sector saw a revenue of 68.76 billion yuan, down 2.7%, and a net profit of 4.35 billion yuan, down 13.2%, with some companies like Keda Manufacturing and Three Trees showing strong performance [6][12]. 2.4 Glass: Photovoltaic Glass Experiences Phase Recovery, Building Glass Still Under Pressure - The glass industry faced challenges, with a revenue of 24.6 billion yuan, down 17.0%, and a net profit of 1 billion yuan, down 60.3%, indicating ongoing pressure from weak real estate completions [6][12]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - The early-cycle sector remains under pressure, but leading companies like Subote have achieved revenue and profit growth, focusing on major projects in the western regions [7][12].

Investment Rating - The report maintains a "Positive" outlook on the building materials industry for 2025, highlighting investment opportunities in the fiberglass and cement sectors, while suggesting stock selection in consumer building materials and early-cycle segments [2][3]. Core Insights - The building materials industry has shown signs of recovery, with a narrowing revenue decline and improved profitability in the cement and fiberglass sectors. The overall revenue for sample companies in the first half of 2025 was 277.57 billion yuan, a year-on-year decline of 4.1%, which is a 10.7 percentage point improvement compared to the entire year of 2024. Net profit attributable to shareholders reached 14.82 billion yuan, a year-on-year increase of 38.9% [5][15]. - The cement industry is experiencing a gradual recovery, with significant profit improvements. In the first half of 2025, the cement sector achieved a revenue of 118.8 billion yuan, down 7.5% year-on-year, but net profit surged by 1110.5% to 5.4 billion yuan. This recovery is partly due to a low base effect from 2024 and favorable pricing conditions [6][28]. - The fiberglass sector reported robust growth, with sample companies generating a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% to 3.29 billion yuan. The recovery in pricing and the growth in specialty fabric business are contributing factors [7][19]. - Consumer building materials showed a smaller revenue decline of 2.7%, with total revenue of 68.76 billion yuan and net profit down 13.2% to 4.35 billion yuan. Companies like Keda Manufacturing and Sankeshu are demonstrating strong alpha characteristics due to their unique market positions [6][7]. - The glass sector remains under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan, primarily due to high base effects and weak demand in the construction sector [5][19]. - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - The building materials industry is categorized into six segments: cement, glass, fiberglass, early-cycle, consumer building materials, and new materials. The overall revenue decline has narrowed, and profitability has improved, particularly in the cement and fiberglass sectors [15][19]. 2. By Industry: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Recovery Certainty Gradually Realized - The cement industry is showing signs of recovery with improved profitability. The first half of 2025 saw a revenue of 118.8 billion yuan, down 7.5% year-on-year, and a net profit of 5.4 billion yuan, up 1110.5% [28][34]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector has shown significant growth, with a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% [7][19]. 2.3 Consumer Building Materials: Revenue Stabilizing, Some Companies Show Profit Alpha - The consumer building materials segment experienced a revenue decline of 2.7%, totaling 68.76 billion yuan, with net profit down 13.2% to 4.35 billion yuan. Certain companies are demonstrating strong alpha characteristics [6][7]. 2.4 Glass: Photovoltaic Glass Phase Improvement, Building Glass Still Under Pressure - The glass industry is under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan [5][19]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19].

Core Viewpoint - Anhui Conch Cement Co., Ltd. announced a cash dividend distribution of 0.24 RMB per share for the first half of 2025, approved by the board on August 26, 2025, following authorization from the annual general meeting on May 29, 2025 [2][4]. Summary by Sections Dividend Distribution Plan - The cash dividend of 0.24 RMB per share (before tax) will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4]. - The total cash dividend to be distributed amounts to approximately 1.27 billion RMB, calculated based on the total share capital of 5,299,302,579 shares, excluding 22,242,535 shares held in the company's repurchase account [4][5]. Differentiated Dividend Distribution - The company will not issue bonus shares or increase capital from reserves; only cash dividends will be distributed [4][6]. - The reference price for the ex-dividend trading will be calculated based on the formula: (previous closing price - cash dividend) [5][6]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividends; those holding for one year or less will not have tax withheld at the time of distribution [8]. - For QFII shareholders, a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.216 RMB per share [9][10]. Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system, with specific arrangements for shareholders who have designated trading [6][7]. - The company will directly distribute cash dividends to its controlling shareholder, Anhui Conch Group [7].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The building materials sector has shown resilience with a slight increase in prices and demand, particularly in cement, glass, and fiberglass, indicating potential for recovery [4][11][12] - The report emphasizes the importance of domestic demand policies and anticipates further implementation of these policies to support the industry [4][6] Summary by Sections 1. Industry Trends - The building materials sector (SW) experienced a weekly increase of 0.43%, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -0.44% and -0.18% respectively [4] - Cement prices have shown a slight increase, with the national average price at 345.7 RMB/ton, up by 1.7 RMB/ton from the previous week, but down by 35.8 RMB/ton compared to the same period last year [4][18] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is approximately 48.3%, with a slight increase of 1.7 percentage points from the previous week [24] - The report anticipates a rebound in cement prices due to seasonal demand and industry self-discipline [11][17] 2.2 Glass - The average price of float glass is reported at 1208.0 RMB/ton, reflecting a weekly increase of 10.9 RMB/ton, but a year-on-year decrease of 31.3% [4] - The report suggests that the glass industry is facing a supply-demand stalemate, with potential for price recovery as supply constraints tighten [13] 2.3 Fiberglass - The report indicates that the fiberglass sector is expected to see a recovery in profitability, with mid-term improvements anticipated as supply pressures ease [12] - The demand for electronic fiberglass products is expected to rise, driven by advancements in technology and new applications [12] 3. Industry Dynamics Tracking - The report highlights the ongoing government efforts to stimulate domestic demand, which are expected to positively impact the building materials sector [14] - The anticipated policies for 2024 and 2025 are expected to further enhance consumer confidence and demand for home improvement materials [6][14] 4. Investment Recommendations - The report recommends focusing on leading companies in the cement sector such as Huaxin Cement, Conch Cement, and Shanshui Cement, as well as fiberglass companies like China Jushi [11][12][13] - It also suggests monitoring companies in the home improvement sector that are well-positioned to benefit from government policies and market recovery, such as Oppein Home Group and Arrow Home [14][15]

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） 於其他市場發佈的公告 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 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2025 年半年度權 益分派實施公告》，僅供參閱。 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 中國安徽省蕪湖市 二零二五年九月二十二日 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、吳鐵軍先生及虞水先生； (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 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。 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 二〇二五年八月 致：安徽海螺水泥股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受安徽海螺水泥股份有限 公司（以下称"公司"或"海螺水泥"）的委托，根据《中华人民共和国公司法》 （以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上 市公司股份回购规则》（以下称"《回购规则》"）、《上海证券交易所上市公司自律 监管指引第 7 号--回购股份》（以下称"《回购股份指引》"）、《上海证券交易所交 易规则》（以下称"《交易规则》"）等有关法律、法规和规范性文件及《安徽海螺 水泥股份有限公司章程》（以下称"《公司章程》"）的相关规定，就公司 2025 年 度中期利润分配涉及的差异化权益分派特殊除权除息处理（以下称"本次差异化 权益分派"）相关事项出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的、本所律师认为出具本 法律意见书所需的文件进行了法律审查，并就公司本次差异化权益分派相关事项 向有关管理人员 ...