Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

Group 1 - XD Conch Cement (600585) closed at 21.44 CNY on June 27, 2025, down 1.15% from 21.69 CNY the previous week, with a market cap of 113.617 billion CNY, ranking 1st in the cement sector and 121st among all A-shares [1] - The highest intraday price for XD Conch Cement was 22.3 CNY on June 26, 2025, while the lowest was 21.35 CNY on June 27, 2025 [1] - The company provided a guarantee of 10 million CNY for its subsidiary, Fujian Sanming Haizhong Environmental Protection, with no other guarantees provided to this subsidiary [1] Group 2 - Sanming Haizhong Environmental Protection signed a loan agreement with Industrial Bank Sanming Branch for 10 million CNY, with a one-year term, and received a full joint liability guarantee from Anhui Haizhong Environmental Protection [2] - As of December 31, 2024, Sanming Haizhong Environmental Protection had total assets of 61.33 million CNY, total liabilities of 12.31 million CNY, and net assets of 49.02 million CNY, with an operating income of 15.74 million CNY and a net profit of 1.27 million CNY for the year [2] - The total amount of external guarantees provided by the company and its subsidiaries was 838 million CNY, representing 0.45% of the audited net assets attributable to the parent company for the fiscal year 2024 [2]

Group 1 - The stock price of Conch Cement (600585) closed at 22.09 yuan on June 25, 2025, with an increase of 0.55% and a turnover rate of 0.42% [1] - The trading volume was 169,900 shares, with a total transaction amount of 374 million yuan [1] - On June 25, the net inflow of main funds was 7.27 million yuan, accounting for 1.94% of the total transaction amount [2][4] Group 2 - Conch Cement announced a guarantee implementation progress, providing a guarantee of 10 million yuan for its subsidiary, Fujian Sanming Haizhong Environmental Technology Co., Ltd. [2][4] - The guarantee is within the approved limit of 1.85965 billion yuan for 20 subsidiaries [2] - As of December 31, 2024, Sanming Haizhong Environmental had total assets of 61.33 million yuan and total liabilities of 12.31 million yuan [2]

重要内容提示： ● 被担保人名称：福建三明海中环保科技有限责任公司（以下简称"三明海中 环保"），为安徽海螺水泥股份有限公司（以下简称"本公司"）附属公司。 ● 担保金额及已实际为其提供的担保余额：本次由本公司附属公司安徽海中环 保有限责任公司（以下简称"安徽海中环保"）为三明海中环保提供担保，担保金 额为人民币 1,000 万元。截止本公告披露日，除本次担保外，本公司及附属公司未向 三明海中环保提供其他担保。 ● 担保是否有反担保：无 三明海中环保与兴业银行股份有限公司三明分行（以下简称"兴业银行三明分 行"）签订了借款金额为人民币 1,000 万元的借款合同，借款期限为 1 年。同时，安 徽海中环保与兴业银行三明分行签订了保证合同，为上述借款提供全额连带责任保 证。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-21 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 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。 本公司分别于 2025 年 3 月 24 ...

股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-21 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于担保实施进展的公告 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： ● 被担保人名称：福建三明海中环保科技有限责任公司（以下简称"三明海中 环保"），为安徽海螺水泥股份有限公司（以下简称"本公司"）附属公司。 ● 担保金额及已实际为其提供的担保余额：本次由本公司附属公司安徽海中环 保有限责任公司（以下简称"安徽海中环保"）为三明海中环保提供担保，担保金 额为人民币 1,000 万元。截止本公告披露日，除本次担保外，本公司及附属公司未向 三明海中环保提供其他担保。 ● 担保是否有反担保：无 ● 担保逾期情况：无 ● 特别风险提示：无 会议、2024 年度股东周年大会，审议通过了《本公司及其附属公司为 20 家附属公司 提供担保额度预计的议案》，同意本公司及附属公司为相关公司提供总额不超过人 民币 185,965 万元的担保。详情请见本公司于 ...

美银证券近期举办了人工智能资本支出论坛。与数据中心专家、上海金属网铜行业专家、紫金矿业 （601899）和安徽海螺水泥（600585）进行了交流。 中国人工智能资本支出超5000亿元，数据中心市场同比增长20% 数据中心专家预计，2025年中国人工智能资本支出将超过5000亿元。对于互联网数据中心(IDC)和人工 智能数据中心(AIDC)，机房建设成本分别占资本支出的30%和18%。柴油发电机、IT设备和冷却系统分 别占资本支出的15-18%、45%和20%。 他认为，在中国数据中心市场中，受人工智能数据中心(AIDC)的推动，市场规模同比增长20%，主要增 长区域为华东、内蒙古和华北地区，而互联网数据中心(IDC)的增长可能放缓。 海螺水泥：需求疲软；在人工智能模式上积极探索 海螺水泥4-5月产量为75万吨/日，同比下降8%，6月产量因雨季预计为70万吨/日。 海螺水泥预计，由于房地产市场疲软以及地方政府资金紧张导致基础设施项目延迟，2025年中国水泥需 求将同比下降5-7%。6月平均售价(ASP)降至255-260元/吨。 铜行业专家：供应紧张但2025年需求预计同比增长4% 专家认为，2025年中国铜需 ...

证券代码：600585 证券简称：海螺水泥 公告编号：2025-20 安徽海螺水泥股份有限公司 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 | | | | | 现金红利 | | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | | | | | | 发放日 | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | ? 差异化分红送转： 是 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年年度股东大会审议通过。 二、 分配方案 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"）登记在册的本公司全体股 东。 根据《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等有关规 定，公司回购专用证券账户中的股份不参与利润分配。 根据公司 2024 年年度股东 ...

競天公誠律師事務所 JINGTIAN & GONGCHENG 致:安徽海螺水泥股份有限公司 北京市竞天公诚律师事务所(以下称"本所")接受安徽海螺水泥股份有限 公司(以下称"公司"或"海螺水泥")的委托,根据《中华人民共和国公司法》 (以下称"《公司法》")、《中华人民共和国证券法》(以下称"《证券法》")、《上 市公司股份回购规则》(以下称"《回购规则》")、《上海证券交易所上市公司自律 监管指引第 7 号--回购股份》(以下称"《回购股份指引》")、《上海证券交易所交 易规则》(以下称"《交易规则》")等有关法律、法规和规范性文件及《安徽海螺 水泥股份有限公司章程》(以下称"《公司章程》")的相关规定,就公司 2024 年 度利润分配涉及的差异化权益分派特殊除权除息处理(以下称"本次差异化权益 分派")相关事项出具本法律意见书。 为出具本法律意见书之目的,本所律师对公司提供的、本所律师认为出具本 法律意见书所需的文件进行了法律审查,并就公司本次差异化权益分派相关事项 向有关管理人员作了询问或与之进行了必要的讨论。 本所律师依据本法律意见书出具日为止中国现行有效的法律、法规和规范性 文件,以及对公司本次差异 ...

证券代码：600585 证券简称：海螺水泥 公告编号：2025-20 安徽海螺水泥股份有限公司 2024年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0.71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 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 公司本次利润分配以权益分派股权登记日的公司总股本 5,299,302,579 股扣除 公司回购专用证券账户股份 22,242,535 股后的股份 5,277,060,044 股为基数，向全 体股东每股派发现金红利 0.71 元（含税），共计派发现金红利 3,746,712,631.24 元 （含税）。 差异化分红送转： 是 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20 ...

Group 1 - The core viewpoint of the news is that Conch Group is actively pursuing high-quality development through strategic acquisitions and enhancing its operational efficiency across various sectors [1][6] - Conch Group's subsidiary, Anhui Conch Environment Technology Co., Ltd., signed an equity transfer agreement for the SCR denitration catalyst project, which is expected to inject new momentum into the company's development [1] - The company aims to achieve its annual targets by focusing on development, market expansion, and management improvement, contributing to the overall high-quality growth of Conch Group [1] Group 2 - Conch Group's overseas operations have shown significant improvement, with subsidiaries in Indonesia, Cambodia, and Uzbekistan achieving notable sales and profit growth [4] - In Indonesia, cement sales increased by 7% year-on-year from January to May, while profits reached historical highs [4] - In Cambodia, profits for the Mardow and Phnom Penh subsidiaries grew nearly 20% year-on-year, with the latter achieving profitability immediately upon production [4] - In Thailand, the company reported a 17% increase in sales and a 137% increase in profits from January to May, with production exceeding 1,600 tons for the first time [4] Group 3 - The company is accelerating the development of its second main business in SCR catalysts, successfully acquiring the Kangning SCR project, which increases its production capacity to 84,000 cubic meters [6] - The sales volume of SCR denitration catalysts increased by 23% year-on-year from January to May [6] - Conch Environment is leveraging its advantages in hazardous waste disposal and has signed contracts for over 50,000 tons of waste disposal projects this year [6] Group 4 - Conch Group's digital smart factory, based on AI large models, was recognized as one of the top ten benchmark demonstration scenarios in Anhui Province for 2024 [7] - The company has established a new R&D model to enhance technological innovation, resulting in over 1,000 new project initiatives this year [7] - Several projects have received national and provincial recognition, including a CO2 storage system and new material products [7] Group 5 - Conch Group's digital industry is a crucial part of its strategy to empower technology and create new growth drivers [9] - The company has made breakthroughs in intelligent manufacturing, with significant growth in external orders for its robotic solutions [9] - The implementation of unmanned transport systems in various industries has led to increased efficiency and reduced costs [9]