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 一、該承諾函出具背景 根據海螺集團與本公司於一九九七年九月二十三日簽訂的重組協議（「該重組協議」）， 海螺集團已向本公司承諾（其中包括）於本公司在聯交所（或中國的一家證券交易所） 上市的任何時間，而海螺集團（及其附屬公司個別或共同地）持有本公司 30%或以上已 發行股份，海螺集團不會（亦會促使其控權股東及其所有附屬公司不會）直接或間接進 行、參與生產及銷售水泥產品業務，或於其中擁有任何利益（「該不競爭承諾」）。 為支持安徽省新材料產業發展，充分發揮海螺集團和皖維集團之間的產業協同效應，本 公司收到了海螺集團的通知，於本公告日期，海螺集團與皖維集團簽訂《增資重組協議》， 據此，海螺集團擬以增資形式獲得皖維集團 60%的股權，《增資重組協議》尚需經營者 集中申報通過等條件完成後方可生效。《增資重組協議》生效後，海 ...

Group 1 - The cement sector experienced a 0.64% increase on January 29, with Sichuan Jinding leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the cement sector showed varied performance, with Sichuan Jinding rising by 10% to a closing price of 13.20 [1] Group 2 - The cement sector saw a net inflow of 249 million yuan from main funds, while retail funds experienced a net outflow of 94.96 million yuan [2] - Major stocks like Sichuan Jinding had a significant net inflow of 459 million yuan, accounting for 38.65% of the main fund's net [3] - Other stocks such as Huaxin Cement and Tapa Group also showed mixed fund flows, with Huaxin Cement experiencing a net inflow of 79.63 million yuan [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600668 | 尖峰集团 | 11.10 | -3.39% | 17.49万 | 1.95亿 | | 600678 | 四川金顶 | 12.00 | -2.36% | 18.13万 | 2.18亿 | | 002596 | 烘脂肥炭 | 4.44 | -1.11% | 36.10万 | 1.61亿 | | 605122 | 四方新材 | 13.45 | -0.74% | - 3.39万 | 4574.29万 | | 002233 | 塔牌集团 | 9.53 | -0.31% | 13.97万 | 1.34亿 | | 002205 | 国统股份 | 13.98 | -0.29% | 3.32万 | 4662.36万 | | 601992 | 金偶集团 | 2.02 | 0.00% | 134.21万 | 2.70亿 | | 003037 | 三和营桩 | 7.89 | 0.00% | 5.78万 | 4566.77万 | | 002302 | 西部 ...

北京商报评论员 周科竞 若从未来资金需求层面考虑，即便海螺水泥未来有投资新项目的资金需求，回购股份也不会对其造成阻 碍。相反，当公司完成股份回购后，若需要资金进行新项目投资，重新申请银行贷款或进行再融资，反 而可能更具优势。一方面，回购股份提升了公司的财务状况和市场形象，银行在评估贷款风险时，会认 为公司更具偿债能力和稳定性，从而可能给予更优惠的贷款利率，降低公司的融资成本。另一方面，良 好的市场形象和股价表现，也会使公司在再融资时更容易获得投资者的青睐，提高融资的成功率和效 率，使公司能够以更低的成本筹集到所需资金，更好地支持新项目的开展。 对于上市公司而言，股东利益应该始终置于首位。海螺水泥在面对大额闲置资金的使用选择时，应充分 权衡理财与回购股份的利弊。在当前股价低于每股净资产的背景下，回购股份能够直接提升股东价值、 优化公司资本结构、提高资金运用效率，为未来可能的融资活动创造有利条件。 因此，海螺水泥不妨重新审视其巨额理财计划，可以考虑将部分资金用于回购股份并注销，以实际行动 回应股东关切，实现公司与股东的共赢发展。这不仅是对股东负责的体现，也是公司实现长期可持续发 展的重要举措。 海螺水泥近日发布了 ...

Core Viewpoint - Conch Cement's recent announcement of a substantial wealth management plan may not be as beneficial for shareholders as utilizing funds for share buybacks, given the current undervaluation of its stock [1][2]. Group 1: Wealth Management Plan - Conch Cement has announced a wealth management plan for 2026, with a maximum daily balance of 30 billion yuan for structured deposits and 20 billion yuan for bank wealth management products and asset management plans [1]. - The company’s stock price is currently at 23.69 yuan, significantly below its net asset value of approximately 35.93 yuan per share, indicating potential undervaluation [1]. Group 2: Share Buyback Benefits - Utilizing large amounts of funds for share buybacks could allow Conch Cement to purchase its own quality assets at a lower price, enhancing shareholder value [1][2]. - Share buybacks can reduce total share capital, thereby increasing earnings per share without altering profits, which could lead to a rise in stock price and enhance shareholder equity [1][2]. - Compared to wealth management products, share buybacks are viewed as a more direct and efficient use of funds, optimizing the company's capital structure and improving financial stability [1][2]. Group 3: Market Perception and Future Financing - Share buybacks can signal confidence in the company's future prospects, potentially increasing market recognition and attracting more investors, which may stabilize and elevate stock prices [2]. - Even with future funding needs for new projects, share buybacks would not hinder Conch Cement's ability to secure financing; rather, they could enhance the company's financial standing, making it more attractive to lenders and investors [2]. - A strong market image and stock performance could facilitate easier access to financing at lower costs, supporting new project developments [2]. Group 4: Shareholder Interests - The company should prioritize shareholder interests when deciding on the use of idle funds, weighing the pros and cons of wealth management versus share buybacks [2][3]. - In the context of current stock prices being below net asset value, share buybacks could directly enhance shareholder value and create favorable conditions for future financing activities [2].

Core Viewpoint - Conch Cement is considering using its idle funds for share buybacks instead of investing in financial products, which may provide greater benefits to shareholders [2][3][4]. Group 1: Financial Strategy - Conch Cement announced a 2026 entrusted financial management plan, with a maximum daily balance of 30 billion yuan for structured deposits and 20 billion yuan for bank wealth management products [2]. - The company's net asset value per share is approximately 35.93 yuan, while the latest stock price is 23.69 yuan, indicating potential undervaluation in the market [2]. - Share buybacks at a lower price can enhance earnings per share by reducing total share capital, thereby increasing shareholder value [2][3]. Group 2: Efficiency and Market Perception - Buying financial products yields limited returns and carries uncertainty, while share buybacks are a more direct and efficient use of funds [2][3]. - Share buybacks signal confidence in the company's future, potentially improving market recognition and attracting more investors, which can stabilize and enhance stock prices [3]. - After completing share buybacks, the company may find it easier to secure loans or refinance for new projects, benefiting from improved financial status and market image [3]. Group 3: Shareholder Interests - The company should prioritize shareholder interests when deciding on the use of idle funds, weighing the pros and cons of financial products versus share buybacks [3][4]. - Utilizing part of the funds for share buybacks can demonstrate responsibility to shareholders and contribute to sustainable long-term development [4].

Core Viewpoint - Conch Cement is considering a share buyback as a more beneficial use of its idle funds compared to investing in financial products, given its current stock price is significantly below its net asset value per share [1][2][3] Group 1: Financial Strategy - The company announced a financial management plan for 2026, with a maximum daily balance of structural deposits not exceeding 30 billion yuan and a maximum of 20 billion yuan for bank wealth management products and asset management plans [1] - The current net asset value per share is approximately 35.93 yuan, while the latest stock price is 23.69 yuan, indicating potential undervaluation in the market [1] - Share buybacks can enhance earnings per share by reducing total share capital, thereby increasing shareholder value more effectively than financial product investments [1][2] Group 2: Market Perception and Future Financing - Share buybacks signal confidence in the company's future, potentially improving market recognition and attracting more investors, which can stabilize and elevate stock prices [2] - Even with future funding needs for new projects, share buybacks will not hinder the company; rather, they may improve the company's financial standing, making it easier to secure loans or refinancing at better rates [2] - A strong market image and stock performance can enhance the success rate of future financing efforts, allowing the company to raise necessary funds at lower costs [2] Group 3: Shareholder Interests - The company should prioritize shareholder interests when deciding on the use of idle funds, weighing the benefits of financial products against share buybacks [2][3] - In the context of the stock price being below net asset value, share buybacks can directly enhance shareholder value and optimize the company's capital structure [2][3] - The company is encouraged to reconsider its substantial financial management plan and allocate some funds for share buybacks to address shareholder concerns and achieve mutual growth [3]

| 股份代號: | 00914 | | --- | --- | | 上市法國名稱: | 安徽海螺水泥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 27/12/2025 - 27/01/2026 | 格隆汇1月27日丨根据联交所最新权益披露资料显示，2026年1月20日，海螺水泥(00914.HK)获JPMorgan Chase & Co.以每股均价23.4388港元增持好仓400.87 万股，涉资约9396万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为143,085,655股，持好仓比例由10.70%上升至11.00%。 | 最格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 特有權益的股份數目 佔已發行的 有關車件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 2007 - 11 - | | | | 百合 20 7 2 2 1 2 2 1 2 2 1 2 1 2 1 2 1 2 1 1 2 1 1 2 | 有投票權股 (日 / 月 / 年 ...

Group 1: Investment Management Plan - The company plans to utilize temporarily idle funds for entrusted wealth management to improve fund efficiency and increase investment returns [3][4] - The maximum daily balance for structured deposits is set at 30 billion yuan, while for bank wealth management products, income certificates, and asset management plans, it is capped at 20 billion yuan [2][4] - The board of directors approved the entrusted wealth management plan on January 26, 2026, and it falls within the decision-making authority of the board, thus not requiring shareholder approval [6] Group 2: Risk Analysis and Control Measures - The company will select wealth management products with a risk rating of R2 or below, but acknowledges that actual returns may be affected by market, policy, liquidity, and other risks [7] - A dedicated wealth management team will monitor the performance of purchased products and adjust investment strategies as necessary to mitigate risks [9][10] - The audit department has the authority to supervise and inspect the use of investment funds, and may hire professional institutions for auditing if necessary [10] Group 3: Impact on Company Operations - The entrusted wealth management will not affect the company's normal cash flow or the development of its main business, and is expected to enhance fund efficiency and increase company profits [11] - The company will account for the entrusted wealth management in accordance with relevant accounting standards, reflecting it in the balance sheet and income statement [11] Group 4: Foreign Exchange Derivative Trading - The company intends to engage in foreign exchange derivative trading for hedging purposes to manage risks associated with currency and interest rate fluctuations [15] - The maximum contract value held on any trading day is set at 600 million yuan, with the ability to roll over this limit [14][16] - All funds for the foreign exchange derivative trading will come from the company's own resources, without involving raised funds [17] Group 5: Risk Management in Foreign Exchange Trading - The company will adhere to a principle of legal, prudent, safe, and effective trading, avoiding speculative operations [20] - A management framework for foreign exchange derivative trading has been established to control risks and ensure compliance with internal procedures [22] - Transactions will only be conducted with qualified financial institutions, and strict internal approval processes will be followed for all trading operations [22][23]

【导读】海螺水泥拟闲置资金理财，单日最高余额合计不超过500亿元 中国基金报记者 夏天 1月26日晚间， 海螺水泥 （证券代码：600585）公告称，董事会已审议通过2026年度委托 理财计划，公司及下属子公司拟将部分暂时闲置资金用于委托理财：结构性存款单日最高余 额不超300亿元，银行理财等产品单日最高余额不超200亿元，总额度500亿元，授权期限为 12个月。 中国基金报问讯 更快 更准 更有料 长按右侧二维码 阅读原文 此次大额理财计划的推出，不仅直观展现了海螺水泥雄厚的现金储备，更深刻折射出其水泥 主业进入成熟阶段、资本开支持续收缩的发展现状。 充裕的现金储备是此次大额理财计划的核心支撑。作为水泥行业的"现金奶牛"， 海螺水泥 凭 借稳健的经营能力积累了丰厚的现金流。最新财务数据显示，截至2025年三季度末，公司经 营活动产生的现金流量净额达111亿元，同比增长7.27%，货币资金与交易性金融资产合计高 达626亿元。 | | 甲区: 元 | 审计突型:木经审计 | | --- | --- | --- | | 项目 | 2025年9月30日 | 2024 年 12 月 31 日 | | 流动资产: | ...