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 | ...

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a year-to-date increase of 45.40% and a recent one-month increase of 6.23% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index reported a value of 2376.75 points, with a decline of 0.37% on the last trading day [1] - The index has experienced a three-month increase of 26.52% [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index include Zijin Mining (26.25%), China Hongqiao (12.13%), and Luoyang Molybdenum (7.36%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1] Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 79.26%, non-metallic materials for 14.63%, chemicals for 4.42%, and paper and packaging for 1.70% [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 demand for autoclaved bricks in China is expected to grow significantly due to their environmental benefits and government support for green building materials, with a projected demand of 25,220 million cubic meters in 2024, a year-on-year increase of 7.18% [1][13]. Group 1: Industry Overview - Autoclaved bricks are widely used in residential, public, and industrial buildings, particularly in green and energy-efficient constructions due to their eco-friendly and energy-saving characteristics [1][13]. - The autoclaved brick industry is categorized into two main types: autoclaved fly ash bricks and autoclaved sand-lime bricks, with various strength grades [3]. - The production of autoclaved bricks utilizes industrial solid waste, such as fly ash, which contributes to environmental sustainability [6]. Group 2: Industry Demand and Supply - The demand for autoclaved bricks in China is projected to reach 25,220 million cubic meters in 2024, reflecting a 7.18% increase from the previous year [1][13]. - The production volume of autoclaved bricks is expected to grow from 14,510 million cubic meters in 2018 to 26,372 million cubic meters in 2024, driven by advancements in production technology and increased utilization of solid waste [11]. Group 3: Industry Chain - The upstream of the autoclaved brick industry includes suppliers of raw materials such as cement, lime, sand, and fly ash, which are essential for brick production [5]. - The midstream involves the manufacturing of autoclaved bricks, where companies process raw materials into finished products [5]. - The downstream applications of autoclaved bricks span across construction, road, and infrastructure sectors [5]. Group 4: Competitive Landscape - The autoclaved brick industry is experiencing intensified competition due to increasing demand for new building materials and government support for energy-saving policies [15]. - Leading companies in the industry are leveraging smart manufacturing and high solid waste incorporation technologies to maintain market dominance [15]. - Key players in the market include Shaanxi Black Cat, Hainan Blue Island Environmental Industry, and Guizhou Anshun Jia Yu New Materials [15][17]. Group 5: Industry Trends - There is a growing emphasis on green production practices within the autoclaved brick industry, focusing on reducing emissions and utilizing industrial waste as raw materials [21]. - The industry is expected to adopt more automated and intelligent production processes to enhance efficiency and product quality [22]. - Continuous improvement in product performance is anticipated, with developments aimed at higher strength, better insulation, and additional functionalities to meet the demands of high-end and energy-efficient buildings [24].

Market Overview - The market continued to rise in July, supported by both policy and liquidity[5] - Policies aimed at "anti-involution" have led to higher elasticity in commodity prices, driving cyclical industries to lead the market[5] - Future focus will remain on liquidity support and the gradual increase in risk appetite, although the likelihood of market adjustments is rising[5] Investment Recommendations - The "Golden Stock Portfolio" has achieved a year-to-date return of 30.37%[15] - Key recommended stocks include: - China Pacific Insurance (601601.SH) - Innovent Biologics (1801.HK) - Bairun Food (002568.SZ) - Muyuan Foods (002714.SZ) - Filihua (300395.SZ) - CATL (300750.SZ) - Hubei Yihua (000422.SZ) - Luoyang Molybdenum (603993.SH) - Conch Cement (600585.SH) - North Huachuang (002371.SZ)[12] Risk Factors - Risks include macroeconomic performance falling short of expectations, policy implementation delays, and overseas expansion not meeting projections[12]

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a 10.89% increase over the past month, 32.08% over the past three months, and 51.78% year-to-date [1]. Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index is currently at 2481.10 points [1]. - The index is based on a sample of all securities classified into various industries 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 (26.77%), China Hongqiao (11.87%), and Luoyang Molybdenum (7.47%) among others [1]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1]. Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 79.54%, non-metallic materials for 14.60%, chemicals for 4.25%, and paper and packaging for 1.61% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].