安徽海螺水泥股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.24元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | --- | --- | --- | | | | | | 发放日 | | Ａ股 | 2025/9/29 | － | 2025/9/30 | 2025/9/30 | 差异化分红送转： 是 证券代码：600585 证券简称：海螺水泥 公告编号：2025-28 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东大会授权，并经 公司 2025 年 8 月 26 日召开的第十届董事会第二次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本 ...

Market Overview - The cement sector experienced a decline of 2.03% on September 22, with Tianshan Co. leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Notable gainers included Sanhe Pile with a closing price of 8.62, up 4.36%, and Huaxin Cement at 18.23, up 0.89% [1] - Tianshan Co. saw a significant decline of 5.49%, closing at 6.37, with a trading volume of 942,300 shares and a turnover of 602 million yuan [2] - Other notable decliners included Qingsong Jianhua down 3.97% and Xizang Tianlu down 3.41% [2] Capital Flow Analysis - The cement sector saw a net outflow of 306 million yuan from institutional investors, while retail investors contributed a net inflow of 215 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Detailed Capital Flow for Selected Stocks - Sanhe Pile had a net inflow of 26.86 million yuan from institutional investors, while it faced a net outflow from retail investors [3] - Other stocks like Conch Cement experienced a net inflow of 18.46 million yuan from institutional investors, but also saw significant outflows from retail investors [3] - The data reflects varying levels of investor confidence across different stocks within the cement sector [3]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **China Commodities** sector, covering various commodities including steel, coal, aluminum, copper, lithium, and cement [1][2][3]. Core Insights and Arguments - **Positive Supply Policy Direction**: There is a constructive outlook for supply policies across most commodities, with significant impacts expected in cement and steel if targets are met for 2026E [2][19]. - **Supply Vulnerability**: Current supply is vulnerable to disruptions, particularly in Shanxi bauxite, domestic copper scrap, and coal safety checks in 4Q25 [11][27][28]. - **New Mining Law Implications**: The new mining law effective from July 2025 requires comprehensive development of associated minerals, which may lead to increased production costs and operational disruptions in lithium and bauxite sectors [25][26][69]. - **Capacity Exit Planning**: There are considerations for capacity exit targets in steel and coal, with potential constraints on new expansions in alumina and copper smelting [19][66][71]. - **Demand Trends**: Construction demand remains weak, while manufacturing-related demand is stable. There is potential upside risk in energy/power and coal demand [14][34][57]. Additional Important Insights - **Infrastructure and Debt Issues**: Infrastructure demand in central China has deteriorated due to local government cash flow issues and a large-scale debt resolution program [13][35][36]. - **Local Government Participation**: Local governments are heavily involved in industrial investments, which may crowd out resources for infrastructure projects [13][35]. - **Aluminum Demand**: Demand for aluminum is stable, with growth driven by sectors like EVs and urban infrastructure, despite declines in construction and export demand [55][72]. - **Copper Demand**: Domestic copper demand growth is expected to slow down to 1% in 2H25E, influenced by the completion of rush exports in 1H25 [57][72]. - **Ex-China Expansion**: Chinese producers are accelerating ex-China expansions in alumina and aluminum, although execution is slow due to various constraints [29][74]. Conclusion - The conference highlighted a complex landscape for the commodities sector in China, with both opportunities and risks stemming from policy changes, supply vulnerabilities, and shifting demand dynamics. The focus on sustainable capacity management and the implications of the new mining law will be critical for future developments in the industry.

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The building materials sector is driven by dual forces of policy and demand, with a focus on high-performance new materials supporting green construction and renovation [3] - The new materials industry in China is expected to grow from a value of 6.8 trillion yuan in 2022 to 10 trillion yuan by 2025, with 30 sub-industries transitioning to high value-added products [3] - The report highlights specific companies to invest in, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high-quality operations), and Jianlang Hardware [3] - The cement sector is expected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3] Market Performance - The building materials index increased by 0.43% in the week from September 15 to September 19, outperforming the CSI 300 index by 0.88 percentage points [4][13] - Over the past three months, the building materials index has risen by 19.82%, while the CSI 300 index has increased by 14.18%, indicating a 5.64 percentage point outperformance [4][13] - In the past year, the building materials index has grown by 43.00%, compared to a 34.31% increase in the CSI 300 index, resulting in an 8.69 percentage point outperformance [4][13] Cement Sector Insights - As of September 19, the average price of P.O42.5 bulk cement in China was 279.00 yuan/ton, reflecting a 1.44% increase from the previous period [6][24] - The clinker inventory ratio reached 65.11%, up by 2.52 percentage points [6][24] - Regional price variations were noted, with increases in East China (+2.04%) and South China (+1.72%), while North China saw a decrease of 1.01% [24] Glass Sector Insights - The average price of float glass as of September 19 was 1208.98 yuan/ton, with a slight increase of 0.55% [6][76] - The inventory of float glass decreased by 29,000 weight boxes, a decline of 0.53% [6][78] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [6][80] Fiberglass Sector Insights - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4000 yuan/ton, with variations based on specific product types [6][5] - The market for fiberglass is showing stability, with flexible pricing strategies being employed by some manufacturers [6][5] Consumer Building Materials Insights - As of September 19, the price of asphalt was stable at 4570 yuan/ton, while the price of titanium dioxide decreased by 0.38% to 13000 yuan/ton [6][5] - The report indicates that raw material prices for consumer building materials are experiencing slight fluctuations [6][5]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is expected to benefit from price increases in cement and electronic fabrics, with significant opportunities in the African cement market [1][5]. - The report highlights a shift from "demand expansion" to "price elasticity" in the industry, driven by scarcity and high barriers to entry [5]. - The report emphasizes the importance of focusing on high-quality companies within the sector, particularly those with strong brand recognition and operational leverage [5]. Summary by Sections Industry Overview - The total market capitalization of the construction materials industry is 874.92 billion yuan, with a circulating market value of 823.62 billion yuan [2]. - Key companies in the sector include Beixin Building Materials, Conch Cement, and China Jushi, all rated as "Buy" [4]. Market Trends - National cement production from January to August 2025 was 1.105 billion tons, a decrease of 4.8% year-on-year, with August production at 148 million tons, down 6.2% year-on-year [5]. - The report notes a price increase in cement in various regions, with Yunnan province planning to raise prices by 100 yuan/ton and Shaanxi province by 70 yuan/ton [5]. Company Recommendations - The report recommends focusing on companies like China National Materials and Huaxin Cement, which are expected to perform well due to their overseas growth and undervaluation [5]. - It also suggests monitoring the waterproofing industry, which is showing signs of recovery in demand and profitability [5]. Price Movements - The national cement market price increased by 0.5% week-on-week, with price hikes observed in regions such as Jiangxi, Guangxi, and Sichuan [33]. - The average cement shipment rate across key regions was approximately 48%, with a slight increase of 2 percentage points [33].

Core Viewpoints - The report maintains a positive outlook on the building materials industry, indicating a potential stabilization in the supply chain due to ongoing anti-involution efforts [1][4]. Industry Analysis - The anti-involution movement is expected to continue impacting the real estate supply chain, with the photovoltaic industry leading the way through a combination of gradual policy adjustments and market-oriented measures [6]. - Recent government initiatives aim to address issues such as chaotic competition and unreasonable procurement practices, which are anticipated to enhance market efficiency and fair competition within the building materials sector [6]. - The cement industry is experiencing improved supply-demand dynamics, with various regions implementing staggered production schedules to stabilize prices. For instance, companies in Jiangxi, Sichuan, and other provinces are reducing output significantly during peak season [6]. - Investment recommendations highlight the cement sector's attractive dividend yield and the expectation of price recovery, with specific companies like Conch Cement and Huaxin Cement being emphasized for potential investment [6]. Investment Recommendations - The report suggests actively monitoring the cement sector due to its favorable fundamentals, with a focus on companies such as Conch Cement and Huaxin Cement, while also considering related photovoltaic industry stocks like Qibin Group [6]. - The consumer building materials sector is expected to see a reversal of its current challenges, with anticipated stabilization in demand and pricing, leading to improved performance for companies like Sangke Tree and Rabbit Baby [6].

Market Overview - The Shanghai Composite Index fell by 0.30% on September 19, with 16 industries experiencing gains, led by coal and non-ferrous metals, which rose by 1.97% and 1.19% respectively [1] - The construction materials industry ranked third in terms of daily gains [1] - The automotive and pharmaceutical industries saw the largest declines, with drops of 1.94% and 1.41% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 58.733 billion yuan, with 8 industries seeing net inflows [1] - The non-ferrous metals industry had the highest net inflow, amounting to 872 million yuan, while the media industry followed with a net inflow of 692 million yuan and a daily increase of 0.49% [1] - A total of 23 industries experienced net capital outflows, with the computer industry leading at 10.723 billion yuan, followed by the automotive industry with an outflow of 7.929 billion yuan [1] Construction Materials Industry - The construction materials industry rose by 1.05% today, with a net capital inflow of 207 million yuan [2] - Out of 71 stocks in this sector, 39 stocks increased, including 2 that hit the daily limit, while 28 stocks declined [2] - Notable stocks with significant net inflows included Tibet Tianlu with 173 million yuan, Tianshan Shares with 88.863 million yuan, and Anhui Conch Cement with 55.927 million yuan [2] Individual Stock Performance - The top performers in the construction materials sector included: - Tibet Tianlu: +2.68%, 12.08% turnover, 172.6071 million yuan inflow - Tianshan Shares: +7.50%, 1.82% turnover, 88.8634 million yuan inflow - Anhui Conch Cement: +1.08%, 0.81% turnover, 55.9274 million yuan inflow [2] - Stocks with significant net outflows included: - China Jushi: -2.29%, 2.22% turnover, 62.5617 million yuan outflow - International Composites: -1.89%, 6.53% turnover, 60.1908 million yuan outflow - China National Materials: -3.36%, 2.01% turnover, 47.4046 million yuan outflow [4]

Group 1 - The company announced the progress of guarantees provided for its subsidiaries, specifically for a loan agreement signed by Sanming Haizhong Environmental Protection and China Construction Bank Qingliu Branch for an amount of 10 million yuan [2][4] - Anhui Haizhong Environmental Protection Co., Ltd., a subsidiary of the company, has signed a guarantee contract to provide a full joint liability guarantee for the aforementioned loan [2][4] - The total guarantee amount approved by the company's board and shareholders for 20 subsidiaries is up to 1.85965 billion yuan, and the current guarantee falls within this approved limit [3][6] Group 2 - The guarantee covers the principal, interest (including penalties and compound interest), default penalties, compensation, and costs incurred by the creditor in realizing their rights [4][6] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 838 million yuan, which is 0.45% of the company's audited net assets attributable to the parent company for 2024 [6] - The company has not provided guarantees for controlling shareholders, actual controllers, or related parties, and there are no overdue guarantee items [6]

证券日报网讯 9月18日晚间，海螺水泥发布公告称，本公司不存在逾期担保事项。 （文章来源：证券日报） ...