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]

Core Viewpoint - The new wall materials industry is experiencing significant growth due to the increasing demand for lightweight, energy-efficient, and multifunctional building materials, with a projected market size of 13,200.7 billion yuan in 2024 and 13,489 billion yuan in 2025 [1][8][19]. Industry Definition and Classification - New wall materials are defined as lightweight, energy-saving, high-strength, and multifunctional building materials made from silicate-based raw materials like concrete, cement, and sand, incorporating industrial waste and construction debris [2][3]. - The classification of new wall materials includes non-clay brick materials, building panels, and building blocks, with types such as concrete hollow blocks, aerated concrete blocks, and gypsum boards [3]. Industry Development Status - The rapid expansion of the construction and real estate sectors in China has led to a conflict with environmental protection efforts, necessitating a shift towards energy-efficient buildings and the adoption of new wall materials [6][8]. - The market for new wall materials saw a decline from 15,620.1 billion yuan in 2021 to 13,200.7 billion yuan in 2024, with a slight recovery expected in 2025 [8]. Industry Chain Structure - The industry chain consists of upstream raw materials (concrete, cement, sand, industrial waste), midstream research and production of new wall materials, and downstream applications in real estate, infrastructure, and prefabricated buildings [10]. Industry Competition Landscape - Major players in the new wall materials market include China National Building Material Group, Anhui Conch Cement, and Xiamen Jianfa Group, which dominate a significant portion of the market share [15][19]. - The competition is intensifying as more companies invest in the research and development of new wall materials to meet the growing demand for environmentally friendly and energy-efficient construction solutions [15]. Industry Development Recommendations - The industry is encouraged to utilize agricultural and industrial waste in the production of new wall materials, which can lead to both environmental and economic benefits [23].

Core Viewpoint - The performance of the CSI 300 Dividend Low Volatility Index shows mixed results among its constituent stocks, with a slight overall decline, while the ETF associated with this index has seen significant inflows and strong long-term performance metrics [1][5]. Group 1: Index Performance - As of June 13, 2025, the CSI 300 Dividend Low Volatility Index decreased by 0.37% [1]. - The ETF associated with this index, CSI 300 Dividend Low Volatility ETF (515300), experienced a turnover of 4.49% during the trading session, with a total transaction value of 268 million yuan [1]. - Over the past month, the average daily transaction value of the ETF was 11.7 million yuan, and its latest scale reached 5.975 billion yuan [1]. Group 2: Stock Performance - Among the constituent stocks, Shanghai Port Group led with a gain of 1.39%, while Shanghai Bank, Industrial Bank, and Jiangsu Bank saw declines [1]. - The top ten weighted stocks in the index accounted for 36.97% of the total index weight, with China Shenhua and Gree Electric Appliances being the most significant contributors [2][4]. Group 3: Dividend and Investment Trends - The upcoming dividend season from May to July is expected to attract more investments into dividend-paying stocks, as the yield on dividend indices reaches new highs [5]. - Regulatory support for increasing insurance funds' market participation is anticipated to enhance the valuation expectations for dividend stocks [5]. - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked funds [5].

Core Viewpoint - The company is focusing on high-quality development across its "one foundation and five industries" strategy, which includes cement manufacturing as the core and expands into new energy, new materials, environmental protection, digital economy, and international trade. Market Expansion and Growth - The company emphasizes market-driven strategies, enhancing market presence, and innovating business models to improve efficiency and profitability [2] - The cement segment is committed to outperforming the market through targeted strategies and strengthening sales channels to maintain industry health and stabilize profits [2] New Materials and Consumer Market - The company is accelerating its entry into the consumer market, with significant growth in sales, achieving an 82% year-on-year increase in the C-end market from January to May [4] - The company has expanded its window and door market, with sales reaching 520,000 square meters, a year-on-year increase of 18% [4] Emerging Industries Development - The company is diversifying its industrial chain by investing in new energy, new materials, environmental protection, and digital economy, aiming to create new growth drivers [6] - In the new energy sector, the company has connected 18 projects to the grid this year, adding 200 MW of capacity, a threefold increase compared to the previous year [6] Environmental Protection Initiatives - The company is leveraging its status as a national hazardous waste disposal center to enhance its market influence, with over 50,000 tons of waste disposal contracts signed from January to May [8] - The company has seen a 46% year-on-year increase in external orders, particularly in the chemical industry [8] International Market Focus - The company is enhancing its international operations, with significant growth in overseas sales, achieving an 18% year-on-year increase from January to May [12] - New projects in Indonesia and Uzbekistan are underway, and the company has successfully established a U.S. patent, facilitating international market expansion [12] Digital and E-commerce Development - The company is extending its supply chain capabilities and fostering new trade models, with cross-border e-commerce revenue increasing by 22% year-on-year from January to May [12]

Group 1 - The Shanghai Central Rise Leading Enterprises Index (H50014) experienced a decline of 0.46%, closing at 3020.69 points with a trading volume of 15.059 billion yuan [1] - Over the past month, the index has decreased by 1.21%, by 2.68% over the last three months, and by 0.83% year-to-date [1] - The index is composed of leading companies from various secondary industries within selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2 - The top ten weighted companies in the index include: Daqin Railway (16.7%), Luoyang Molybdenum (14.89%), Shanxi Fenjiu (14.01%), Conch Cement (13.33%), Jiangxi Copper (11.22%), JinkoSolar (3.81%), Changsha Bank (3.35%), Jiuzhoutong (2.0%), Luan Environmental Energy (1.99%), and Wentai Technology (1.93%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index shows that materials account for 41.97%, industrials for 25.80%, consumer staples for 14.39%, financials for 5.05%, healthcare for 4.36%, energy for 3.77%, information technology for 2.74%, communication services for 1.01%, utilities for 0.47%, and consumer discretionary for 0.46% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

"水泥市场需求下滑严重，供需矛盾加剧，市场信心缺失，企业生产经营困难，纷纷通过低价恶性竞争抢占市场份额，导 致水泥价格持续下降至成本线附近，行业效益大幅下降。"数字水泥网总裁陈柏林表示。 本报记者 刘欢 近期，安徽海螺水泥股份有限公司（以下简称"海螺水泥"）、天山材料股份有限公司（以下简称"天山股份"）、甘肃上峰 水泥股份有限公司（以下简称"上峰水泥"）等多家水泥上市公司陆续召开业绩说明会，各公司高管围绕公司2024年、2025年一 季度的业绩表现和经营情况等，与投资者展开了深入交流。 从上述公司业绩说明会释放的信号来看，各企业围绕产业链延伸、绿色低碳转型等方向谋篇布局，试图在需求下行等多重 压力下，寻找突围与转型的新路径。 企业积极探索应对之策 2024年，全国及各主要消费区域水泥需求均出现接近两位数的降幅，全国规模以上企业的累计水泥产量18.25亿吨，同比下 降9.5%（按可比口径），水泥产量创下十五年以来的最低值。 从企业层面来看，Wind数据显示，2024年，A股市场18家水泥上市公司中，有10家净利润同比下滑。 "展望2025年全年，水泥行业整体盈利水平有望比2024年出现明显改善。"中国水泥协会会 ...

安徽海螺水泥股份有限公司 股东会议事规则 （二〇〇七年八月十七日制订试行） （二〇一九年五月第一次修订） （二〇二〇年五月第二次修订） （二〇二二年五月第三次修订） （二〇二五年五月第四次修订） 第一章 总 则 第一条 安徽海螺水泥股份有限公司（以下简称"本公司"或 "公司"）为维护本公司及股东的合法权益，规范本公司股东会的 组织和行为，提高股东会议事效率，保证股东会能够依法行使职权、 以及决策程序和内容合法、有效，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东会规则》《上市公 司章程指引》等法律、法规、规范性文件、以及本公司章程的有关 规定，结合公司实际情况，特制定本议事规则。 第二章 股东会的一般规定 第二条 股东会是公司的权力机构，依法行使职权。 第三条 股东会行使下列职权： (一)选举和更换董事，决定有关董事的报酬事项； (四)对公司增加或者减少注册资本作出决议； (五)对公司合并、分立、解散、清算或者变更公司形式作出决 议； 1 (六)对公司发行债券作出决议； (七)对公司聘用、解雇或者不再续聘会计师事务所作出决议； (八)修改本公司章程； (九)审议公司在一年内购买、出售 ...

安徽海螺水泥股份有限公司 董事会议事规则 (二〇〇七年八月十七日制订试行） (二〇一九年五月第一次修订) (二〇二三年五月第二次修订) (二〇二五年五月第三次修订) 第一章 总则 第一条 安徽海螺水泥股份有限公司（以下简称"本公司"或 "公司"）为保障董事会依法独立、规范、有效地行使职权，以确 保董事会的工作效率和科学决策，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》《上市 公司治理准则》《上海证券交易所股票上市规则》（以下简称 "《上交所上市规则》"）、《香港联合交易所有限公司证券上市 规则》（以下简称"《港交所上市规则》"）（统称"《上市规 则》"）以及本公司章程及其他有关法律法规及规范性文件的规定， 结合本公司实际情况，制定本议事规则。 第二条 董事会是本公司经营决策的常设机构，对股东会负责。 董事会遵照《公司法》、本公司章程及其他有关法律法规及规范性 文件的规定，履行职责。 董事会下设董事会秘书室，处理董事会日常事务。 第二章 董事会的组成和职权 第三条 公司设董事会，董事会由 9 名董事组成，设董事长 1 人，副董事长 1 人；9 名董事中包括执行董事、非执行董 ...

此乃安徽海螺水泥股份有限公司（「本公司」）组织章程细则的综合版本，其综 合（于多个股东大会/股东会通过的）对本公司上市时采纳的原组织章程细则之 多项修订，惟此综合版本并未获本公司股东大会/股东会正式采纳。英文版本仅 供参考，若中文版本与英文译本存有任何差异，概以中文版本为准。 安徽海螺水泥股份有限公司 章 程 （一九九七年九月一日经公司股东大会特别决议通过） （一九九七年九月十日经国家经济体制改革委员会批准生效） （二00二年四月二十五日第三次修订） （二00三年十一月二十一日第四次修订） （二00四年六月二十九日第五次修订） （二00五年五月十八日第六次修订） （二00五年十二月十六日第七次修订） （二00六年六月十六日第八次修订） （二00七年五月二十八日第九次修订） （二00八年六月二日第十次修订） （二00九年六月五日第十一次修订） （二0一0年六月二十三日第十二次修订） （二0一一年六月二十日第十三次修订） （二0一二年五月三十一日第十四次修订） （二0一二年九月六日第十五次修订） （二0一四年五月二十八日第十六次修订） （二0一五年六月二日第十七次修订） （二0一六年六月二日第十八次修订） （二0 ...