Core Points - The China Mixed Ownership Reform Index has shown a monthly increase of 4.40% and a quarterly increase of 7.86%, while it has decreased by 0.69% year-to-date [1] - The index includes state-owned listed companies that have undergone or are planning mixed ownership reforms, reflecting the overall performance of the mixed ownership reform theme [1] - The index is based on a starting point of 1000.0 points as of December 31, 2013 [1] Index Holdings - The top ten weighted companies in the index are: China Power Construction (3.65%), China Shipbuilding (3.54%), Jianghuai Automobile (3.53%), Aero Engine Corporation of China (3.31%), SAIC Motor (3.18%), State Power Investment Corporation (2.92%), Anhui Conch Cement (2.91%), China Petroleum (2.85%), Guodian Power (2.82%), and China Petroleum & Chemical Corporation (2.82%) [1] - The index's market segment distribution shows that the Shanghai Stock Exchange accounts for 84.26% and the Shenzhen Stock Exchange accounts for 15.74% [1] Industry Composition - The industry composition of the index holdings is as follows: Industrial sector 40.01%, Materials 12.82%, Utilities 11.85%, Consumer Discretionary 7.32%, Healthcare 6.82%, Energy 5.66%, Consumer Staples 5.23%, Information Technology 3.33%, Communication Services 3.15%, Real Estate 2.03%, and Financials 1.78% [2] - The sample for the index is adjusted quarterly, with adjustments occurring on the next trading day after the second Friday of March, June, September, and December [2] - Weight factors are adjusted in accordance with the sample changes, and special circumstances may lead to temporary adjustments [2]

Economic News - The Ministry of Commerce has decided to extend the investigation period for safeguard measures on imported beef until November 26, 2025, due to the complexity of the case [1] - The State Council has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergartens from childcare fees for the last year [1] - The China Iron and Steel Association reported that the steel inventory of key steel enterprises was 14.78 million tons in late July 2025, a decrease of 5.6% month-on-month [1] - The China Passenger Car Association has raised its sales forecast for 2025, predicting a 6% increase in retail sales of passenger cars, a 14% increase in exports, and a 27% increase in wholesale sales of new energy vehicles [1] - The State Administration for Market Regulation is soliciting public opinions on the revised "Market Supervision Complaint Handling Measures," which includes 43 articles with several modifications [1] - The National Development and Reform Commission has issued a management method for enterprise training bases, focusing on supporting emerging fields with significant skill gaps and traditional industries with strong employment absorption [1] - Shanghai is supporting key technology breakthroughs in embodied intelligence, with a maximum support of 30% of total investment, not exceeding 50 million yuan [1] - The global manufacturing PMI for July was reported at 49.3%, indicating continued weakness in the manufacturing sector [1] Company News - The stock price of Shunwei New Materials has surged by 1,320.05% from July 9 to August 5, 2025, leading to multiple instances of trading anomalies [4] - Haiguang Information reported a 45.21% year-on-year increase in revenue for the first half of 2025, reaching 5.464 billion yuan, with a net profit increase of 40.78% [4] - Zhongke Shuguang's total revenue for the first half of 2025 was 5.854 billion yuan, a 2.49% increase year-on-year, with a net profit growth of 29.89% [4] - Changsheng Bearing plans to reduce its shareholding by transferring 7.8855 million shares, accounting for 2.65% of the total share capital [4] - Vanke A's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 1.681 billion yuan to the company for debt repayment purposes [4] Port Industry Analysis - The port sector is characterized by stable cash flow and has the potential to become a high-dividend sector, with an overall dividend payout ratio above 30% [6][7] - The current high capital expenditure in the port industry is a constraint on dividend increases, but a peak in capital expenditure is expected in 2024, which may enhance dividend capabilities [8][9] - The analysis indicates that if capital expenditures decrease, many port companies could support higher dividend payouts, similar to trends observed in the highway sector post-2018 [9][10]

证券之星消息，8月5日水泥板块较上一交易日上涨0.17%，四方新材领涨。当日上证指数报收于3617.6， 上涨0.96%。深证成指报收于11106.96，上涨0.59%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 605122 | 四方新材 | 14.21 | 1.94% | 6.08万 | | 8614.09万 | | 600449 | 宁夏建材 | 13.80 | 1.40% | 7.43万 | | 1.02亿 | | 003037 | 三和营桩 | 68'8 | 1.37% | 17.45万 | | 1.55亿 | | 600802 | 福建水泥 | 5.37 | 1.32% | 10.71万 | | 5721.55万 | | 000672 | 上峰水泥 | 8.88 | 0.79% | 13.21万 | | 1.17亿 | | 002205 | 国统股份 | 13.15 | 0.69% | 10.92万 | | 1.44亿 | | 60067 ...

Group 1 - The Shanghai Urban Infrastructure Index (H50034) experienced a slight decline of 0.01%, closing at 1237.17 points with a trading volume of 16.678 billion yuan [1] - Over the past month, the Shanghai Urban Infrastructure Index has increased by 6.04%, and by 6.76% over the last three months, while it has decreased by 1.59% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.9%) among others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.78%, real estate for 31.31%, and materials for 10.91% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a 5.69% increase over the past month, 25.88% over the past three months, and 44.66% year-to-date [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index is currently at 2364.65 points [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, classified according to the China Securities industry classification standards [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index include Zijin Mining (26.64%), China Hongqiao (11.93%), and Luoyang Molybdenum (7.36%) among others [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange [2] Group 3: Sector Breakdown - The sector composition of the index shows that non-ferrous metals account for 79.09%, non-metallic materials for 14.67%, chemicals for 4.47%, and paper and packaging for 1.77% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [2]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Group 1 - The Shanghai Composite Index decreased by 0.37%, while the Shanghai Urban Infrastructure Index fell by 0.46%, closing at 1237.37 points with a trading volume of 20.049 billion yuan [1] - The Shanghai Urban Infrastructure Index has increased by 6.04% over the past month and 6.76% over the past three months, but has declined by 1.59% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.86%) [2] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.81%, real estate for 31.30%, and materials for 10.90% [3] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].

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 FF301 截至月份: 2025年7月31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8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00914 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,299,600,000 | RMB | | 1 RMB | | 1,299,600,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,299,600,000 | RMB | | 1 RMB | | 1,299,600,000 | | 2. 股份分類 | 普通股 | ...