Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Core Insights - Government subsidies are a common and significant financial indicator for A-share listed companies, with a total of 890 companies receiving subsidies amounting to 3.354 billion yuan, covering 31 industries as of the first half of this year [1][12][14] Summary by Sections Government Subsidy Overview - Government subsidies can either serve as "lifelines" for companies to turn losses into profits or as "cover-ups" for operational difficulties [1] - The total amount of government subsidies received by listed companies reached 3.354 billion yuan, with 890 companies benefiting [1][12] Companies with Significant Subsidies - Eight companies received over 100 million yuan in subsidies, including China Petroleum (360 million yuan), Conch Cement (196.96 million yuan), and Gujia Home (139.35 million yuan) [3][4] - China Petroleum leads with a subsidy amount that is 1.8 times the average of the other seven companies, reflecting its status as a central enterprise in the energy sector [5] Industry Impact - The companies receiving substantial subsidies are primarily industry leaders or regional pillars, aligning with government goals to stabilize supply chains and promote industrial upgrades [4][9] - The medical device company Sainuo Medical received 2 million yuan in subsidies, which accounted for 133.53% of its net profit, indicating a heavy reliance on government support [6][8] Sector Analysis - The pharmaceutical and biological sector has the highest number of companies receiving subsidies, totaling 77, followed by machinery equipment (74) and basic chemicals (71) [13] - Traditional industries like textiles and retail have fewer companies receiving subsidies, indicating a policy focus on high-value-added and strategic emerging industries [14] ST Companies and Subsidy Reliance - Among 25 ST companies, only ST Juewei remains profitable, while others are in loss, highlighting the critical role of subsidies in avoiding delisting [10][11] - ST Yingfeitou received the highest subsidy of 6.9004 million yuan, while ST Saiwei received the lowest at 0.01 million yuan [11][10]

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之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就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） 持續關連交易：採購水泥外加劑、混凝土外加劑及其他外加劑 《水泥外加劑採購合同》 《混凝土及其他外加劑採購框架協議》 於二零二五年十一月二十七日，本公司（為其自身及代表本集團相關成員）與海螺材料 科技（為其自身及代表海螺材料科技集團相關成員）簽署了《混凝土及其他外加劑採購 框架協議》，受限於海螺材料科技股東會批准，於二零二六年一月一日至二零二六年十 二月三十一日有效期內，本集團擬向海螺材料科技集團採購混凝土外加劑及其他外加 劑，《混凝土及其他外加劑採購框架協議》項下交易的年度上限為人民幣 1.6 億元。 上市規則之涵義 本公司控股股東海螺集團持有海螺科創材料 100%的股份，海螺科創材料持有海螺材料 科技約 36.47%的股份，因此，海螺材料 ...

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之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就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） 持續關連交易：採購水泥外加劑、混凝土外加劑及其他外加劑 《水泥外加劑採購合同》 於二零二五年十一月二十七日，本公司（為其自身及代表本集團相關成員）與海螺材料 科技（為其自身及代表海螺材料科技集團相關成員）簽署了《水泥外加劑採購合同》， 受限於海螺材料科技股東會批准，於二零二六年一月一日至二零二六年十二月三十一日 有效期內，本集團擬向海螺材料科技集團採購水泥外加劑（即水泥助磨劑），《水泥外 加劑採購合同》項下交易的年度上限為人民幣 7 億元。 《混凝土及其他外加劑採購框架協議》 於二零二五年十一月二十七日，本公司（為其自身及代表本集團相關成員）與海螺材料 科技（為其自身及代表海螺材料科技集團相關成員）簽署了《混凝土及其他外加劑採購 框架協議》 ...

Group 1 - A new company, Shanghai Conch Jianye New Materials Co., Ltd., has been established with a registered capital of 30 million yuan [1] - The company's business scope includes the sale of building materials and lightweight building materials [1] - The shareholders of the company are Conch Cement and its subsidiary, Shanghai Conch Cement Sales Co., Ltd. [1]

Market Overview - The cement sector increased by 0.61% on November 26, with Hainan Ruize leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Hainan Ruize (002596) saw a significant rise of 10.04%, closing at 5.92 with a trading volume of 1.1212 million shares and a transaction value of 657.1 million [1] - Other notable gainers included Huaxin Cement (600801) with a 4.05% increase, closing at 23.10, and Qingsong Jianhua (600425) with a 1.82% increase, closing at 4.47 [1] - Conversely, Guotong Co. (002205) experienced a decline of 5.31%, closing at 16.04, while Fujian Cement (600802) fell by 4.06%, closing at 6.86 [2] Capital Flow Analysis - The cement sector saw a net inflow of 158 million in main funds, while retail investors experienced a net outflow of 64.3 million [2] - Hainan Ruize attracted a net inflow of 115 million from main funds, but had a net outflow of 76.1 million from speculative funds [3] - Other companies like Conch Cement (600585) and Huaxin Cement (600801) also showed mixed capital flows, with Conch Cement having a net inflow of 61.6 million from main funds [3]

Core Insights - Shanghai Conch Jianye New Materials Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The company's business scope includes domestic trade agency, loading and unloading, and electric vehicle charging infrastructure operation [1] - Conch Cement (600585) holds indirect full ownership of the new company [1]

| 都在用的商业查询工具 | | 意公司 直老板 童关系 查风险 | | | | | --- | --- | --- | --- | --- | --- | | | 家中小企业发展子基金旗下机构 | 上海海螺建业新材料有限公司 | × 天眼一下 · AV用· | | | | 基本信息 999+ | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 上海海螺建业新材料有限公司 | | | | | | 法定代表人 | 汁 汪剑 猛关联企业 13 | 登记状态 ② | 存续 | | 天眼 | | | | 成立日期 | 2025-11-25 | | | | 统一社会信用代码 2 | 91310114MAK1P6F02E | 注册资本 2 | 3000万人民币 | | द्ये स्वे | | 工商注册号 | 310114006399517 | 纳税人识别号 2 | 91310114MAK1P6F02E | | 相关 | | 营业期限 | 2025-11-25 至 无固定期限 | 纳税人资质 | ...

Core Insights - Shanghai Conch Jianye New Materials Co., Ltd. was established on November 25, with a registered capital of 30 million RMB [1] - The company is involved in the sales of various construction materials, including building materials, decorative materials, cement products, and lightweight building materials [1] - The shareholders of the new company include Conch Cement (600585) and its subsidiary Shanghai Conch Cement Sales Co., Ltd. [1]

Group 1 - The cement sector experienced a 0.52% increase on November 25, with Hainan Ruize leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] - Notable performers in the cement sector included Hainan Ruize, which rose by 10.02% to a closing price of 5.38, and Fujian Cement, which increased by 10.00% to 7.15 [1] Group 2 - The cement sector saw a net inflow of 173 million yuan from institutional investors, while retail investors experienced a net outflow of 125 million yuan [2] - The top net inflows from institutional investors were led by Hainan Ruize with 73.43 million yuan, followed by Fujian Cement with 47.87 million yuan [3] - Conversely, retail investors showed significant outflows, particularly in Hainan Ruize and Fujian Cement, with outflows of 20.46 million yuan and 19.31 million yuan, respectively [3]