股票简称：海螺水泥 股票代码：600585 公告编号：临 2026-02 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于 2026 年度开展外汇衍生品交易的公告 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： ● 交易目的：套期保值 ● 交易品种：外汇远期合约、货币掉期、利率掉期、结构性远期合约等 ● 交易金额：预计任一交易日持有的最高合约价值不超过 600,000 万元人民币 （或其他等值货币），该额度可循环滚动使用。 ● 已履行的审议程序：安徽海螺水泥股份有限公司（以下简称"本公司"或"公 司"）董事会于 2026 年 1 月 26 日审议通过了该事项，无需提交股东会审议。 ● 特别风险提示：外汇衍生品交易可能存在市场风险、金融机构违约风险、内 部控制风险及技术风险等风险，敬请投资者注意投资风险。 一、交易情况概述 （一）交易目的 为减少汇率及利率市场波动给公司经营产生不利影响，增强公司经营业绩稳定 性和可持续性，公司及下属子公司拟利用金融工具的套期保值 ...

安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 股票简称：海螺水泥 股票代码：600585 公告编号：临 2026-01 关于 2026 年度委托理财计划的公告 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： ● 理财产品类型：银行或其理财子公司、证券公司等金融机构发行的结构性存 款、银行理财产品、收益凭证产品、资产管理计划。 ● 委托理财额度：结构性存款单日最高余额不超过 300 亿元，银行理财产品、 收益凭证产品、资产管理计划单日最高余额不超过 200 亿元。实际购买时将结合不 同产品底层资产的安全性及收益性分类择优购买。 ● 已履行的审议程序：安徽海螺水泥股份有限公司（以下简称"本公司"或"公 司"）董事会已于 2026 年 1 月 26 日审议通过该事项，本次委托理财额度在公司董 事会决策权限范围内，无需提交股东会审议。 ● 特别风险提示：购买理财产品可能存在市场风险、政策风险、信用风险、流 动性风险、不可抗力风险及其他风险，理财的实际收益具有不确定性，敬 ...

根据生产经营需要，公司及下属子公司于任一交易日持有的最高合约价值不超过60亿元人民币(或其他 等值货币)，该额度可循环滚动使用。 海螺水泥（600585）(00914)发布公告，为减少汇率及利率市场波动给公司经营产生不利影响，增强公 司经营业绩稳定性和可持续性，公司及下属子公司拟利用金融工具的套期保值功能，对涉及的外币结 算、外币负债等业务，开展外汇套期保值业务，以有效管理汇率、利率大幅波动的风险，增强公司财务 稳健性。 ...

根据生产经营需要，公司及下属子公司于任一交易日持有的最高合约价值不超过60亿元人民币(或其他 等值货币)，该额度可循环滚动使用。 智通财经APP讯，海螺水泥(00914)发布公告，为减少汇率及利率市场波动给公司经营产生不利影响，增 强公司经营业绩稳定性和可持续性，公司及下属子公司拟利用金融工具的套期保值功能，对涉及的外币 结算、外币负债等业务，开展外汇套期保值业务，以有效管理汇率、利率大幅波动的风险，增强公司财 务稳健性。 ...

海螺水泥公告，公司及下属子公司拟利用暂时闲置自有资金购买结构性存款单日最高余额不超过300亿 元，购买银行理财产品、收益凭证产品、资产管理计划单日最高余额不超过200亿元。实际购买时将结 合不同产品底层资产的安全性及收益性分类择优购买。 ...

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的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於 2026 年度委 託理財計劃的公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 Anhui Conch Cement Company Limited 关于 2026 年度委托理财计划的公告 二零二六年一月二十六日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生 股票简称：海螺水泥 ...

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的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於 2026 年度開 展外匯衍生品交易的公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二六年一月二十六日 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于 2026 年度开展外汇衍生品交易的公告 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： ● 交易目的：套期保值 截至此公告日 ...

Summary of Key Points from Conference Call Records Industry Overview Fiberglass Industry - The fiberglass industry is benefiting from the growth in demand for wind power and new energy vehicles, with both roving and electronic yarn showing structural demand improvement and simultaneous price increases. Companies have issued price increase notices, and it is expected that performance will reflect this in 2026. Leading company China Jushi has a cost advantage and is likely to benefit from an increase in the proportion of mid-to-high-end products [1][2][3] Construction Materials - Consumer building materials companies are transforming channels and focusing on small B-end and C-end markets, leading to significant improvements in cash flow and profitability. Companies like Sanke Tree are focusing on home decoration wall paint, while Rabbit Baby is steadily developing the small B-end market. Price increases have been announced, and market supply is gradually easing [1][2][3] Cement Industry - The cement industry is expected to see a decline in demand in 2026, but there are positive supply-side factors such as government production limits, market consolidation, and increased investment in western infrastructure. The overseas market demand is strong, particularly for companies like Conch Cement and Huaxin Cement, which are expected to show growth [1][2][3] Coal Market - The thermal coal market is currently experiencing weak price fluctuations due to sufficient port coal stocks and imports. The new safety regulations will raise compliance costs and delay capacity release for some companies, while the demand for coking coal remains supported by pre-holiday stockpiling [1][4][5] Electricity and Power Sector - China's electricity consumption continues to grow, with a significant investment plan of 4 trillion yuan announced by the State Grid to promote the intelligent and digital transformation of the distribution network. Companies like Dongfang Electric are highlighted as key players in the power automation sector [1][6][8] Key Insights and Arguments Demand and Price Trends - The construction materials sector has seen a notable increase in prices, driven by structural demand improvements and channel transformations. The fiberglass sector, particularly in roving and electronic yarn, is expected to perform well in both volume and price [2][3] Market Dynamics - The dye industry is experiencing price increases due to rising costs of key intermediates, benefiting integrated producers like Zhejiang Longsheng and Runtu. Stricter environmental policies are expected to increase industry concentration, favoring leading companies [2][11][12][13][14] Real Estate Market - The real estate market recovery is driven more by supply-side factors, with cities like Dalian, Changchun, and Shenyang showing signs of price increases due to reduced land supply and new project sales [9][10] Additional Important Information - The coal market is entering a traditional weak supply-demand period as production slows down due to holidays, leading to a potential for weaker price fluctuations in the short term [4][5] - The electricity sector is projected to see a significant increase in demand, with a focus on renewable energy development and infrastructure investment [6][8] - The dye market is expected to undergo consolidation as smaller companies face financial pressures due to rising costs, leading to a more concentrated and competitive market landscape [12][14]

Summary of Conference Call on Building Materials Industry Industry Overview - The building materials industry is showing signs of recovery, with significant increases in second-hand housing transaction volumes in early 2026 compared to the same period in 2025, indicating a rebound in market demand [1][3] - The real estate sector's contribution to cement demand has decreased to 18.9%, while the industrial glass sector's share has risen to 41.3%, suggesting a reduced sensitivity of traditional building materials to real estate demand [1][5] Key Points and Arguments - **Market Recovery Indicators**: - Core area housing prices in Beijing, Shanghai, and Shenzhen are recovering despite minimal policy changes, indicating an increased probability of the industry hitting a natural bottom [1][4] - The seasonal effect from March to April, traditionally a peak period for real estate, is expected to further enhance market sentiment [3] - **Supply Chain Dynamics**: - New construction starts have seen a significant decline, surpassing historical levels, leading to a contraction in capital expenditures in the building materials sector [1][8] - The waterproofing sector is experiencing the most severe supply-side clearing, with a high exit rate of companies and significant revenue declines among major players [2][7] - **Future Outlook**: - The building materials sector is at the beginning of a new cycle, with expectations of profitability bottoming out and stabilizing from 2026 onwards [2][12] - The industry has been in a downturn for five years, nearing a bottoming window, with historical data suggesting that real estate downturns typically last 4-7 years [5][8] Additional Important Insights - **Investment Opportunities**: - Focus on leading companies like 东方雨虹 (Dongfang Yuhong) and 科顺股份 (Keshun) for potential recovery opportunities, as well as undervalued stocks like 北新建材 (Beixin Building Materials) [2][11] - The waterproofing sector is highlighted as having the highest probability of recovery due to the severe supply-side clearing [10] - **Sector-Specific Trends**: - The engineering pipeline sector has maintained stable production levels, showing resilience compared to the more volatile waterproofing sector [9] - The waterproofing industry has seen a cumulative revenue decline of approximately 38% since 2021, reflecting significant profitability pressures [8] - **Strategic Recommendations**: - Investors are advised to avoid premature selling, as the cyclical nature of the market suggests that profitability will continue to improve with changing expectations [12]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]