Group 1 - The cement sector experienced a rise of 0.72% on November 5, with Huaxin Cement leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] - Key stocks in the cement sector showed varied performance, with Huaxin Cement closing at 22.96, up 4.65%, and Hanjian Heshan at 6.38, up 4.42% [1] Group 2 - The cement sector saw a net outflow of 78.1552 million yuan from institutional funds, while retail investors contributed a net inflow of 34.165 million yuan [2] - The trading volume and turnover for Huaxin Cement reached 221,400 hands and 501 million yuan, respectively [1] - The overall market sentiment in the cement sector was mixed, with some stocks experiencing significant inflows while others faced outflows [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.71 CNY, indicating an expected return of over 20% within the next six months [7][19]. Core Insights - The company achieved a significant year-on-year increase in net profit of 120.7% in Q3, reaching 9.0 billion CNY. For the first three quarters, revenue and net profit attributable to the parent company were 250.3 billion CNY and 20.0 billion CNY, respectively, representing year-on-year growth of 1.3% and 76% [1][4]. - The overseas business continues to show strong growth, contributing positively to the company's performance despite a slight decline in domestic cement sales. The company completed the acquisition of assets in Nigeria, which is expected to enhance revenue from September [2][3]. - The company has established production bases in 12 overseas countries, with a total cement grinding capacity of 24.7 million tons per year. Following the acquisition in Nigeria, the total capacity is projected to reach 35.3 million tons [3]. Financial Performance Summary - In Q3, the company reported a revenue of 89.9 billion CNY and a net profit of 9.0 billion CNY, with a gross margin of 30.5%, reflecting a year-on-year increase of 5.8 percentage points [2]. - The company’s gross margin for the first three quarters was 29.5%, up 5.5 percentage points year-on-year, while the net profit margin was 7.7%, an increase of 3.4 percentage points [2]. - The report projects an upward revision of the net profit forecast for 2025 to 29.7 billion CNY, 39.8 billion CNY, and 45.7 billion CNY for 2025, 2026, and 2027, respectively [4]. Valuation Metrics - The report provides a valuation based on a price-to-earnings (P/E) ratio of 15 times for 2026, with a target price of 28.71 CNY [4]. - The company’s earnings per share (EPS) is projected to be 1.43 CNY in 2025, with a P/E ratio of 15.35 [6][14].

Core Points - The company has approved the 2025 A-share restricted stock incentive plan and disclosed it on October 9, 2025 [1][8] - The incentive plan includes a list of eligible participants, which was publicly announced and internally verified [2][4] - The remuneration and assessment committee confirmed that all participants meet the legal and regulatory requirements [4][6] Group 1: Incentive Plan Details - The company held a board meeting on October 3, 2025, to review and approve the incentive plan draft [1][8] - The plan was publicly disclosed through designated media and the Shanghai Stock Exchange [2] - The list of incentive recipients was publicly announced on October 21, 2025, and no objections were received during the 10-day public notice period [2][4] Group 2: Verification Process - The remuneration and assessment committee verified the eligibility of the incentive recipients based on their qualifications and employment contracts [3][4] - The committee confirmed that all listed participants comply with the conditions set forth in relevant laws and regulations [4][6] Group 3: Insider Trading Self-Examination - The company conducted a self-examination of insider trading activities related to the incentive plan from April 9, 2025, to October 9, 2025 [9][11] - A total of 7 individuals were identified as having traded company stock during the examination period, with varying circumstances regarding their trades [11][12] - The company found no evidence of insider trading or information leakage related to the incentive plan [16]

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。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 海外監管公告 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 條規定而作出。茲 載列華新水泥股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交易所 網站(http://www.sse.com.cn)刊登的 《關於 2025 年 A 股限制性股票激勵計劃內幕信 息知情人買賣公司股票情況的自查報告》，僅供參閱。 承董事會命 華新水泥股份有限公司 徐永模 主 席 证券代码：600801 证券简称：华新水泥 公告编号：2025-052 华新建材集团股份有限公司 中國湖北省武漢市 2025 年 11 月 4 日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董 ...

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。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 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 條規定而作出。茲 載列華新建材集團股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交 易所網站(http://www.sse.com.cn)刊登的 《董事會薪酬與考核委員會關於公司 2025 年 A 股限制性股票激勵計劃激勵對象名單的核查意見及公示情況說明》，僅供參閱。 承董事會命 華新建材集團股份有限公司 徐永模 主 席 中國湖北省武漢市 2025 年 11 月 4 日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董事徐永模先生（主席）、Martin Kriegner 先生、Olivier Milh ...

Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

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个别及连带责任。 华新建材集团股份有限公司（以下简称"公司"）于 2025 年 10 月 3 日召开第十一届董 事会第十八次会议，审议通过了《关于公司 2025 年 A 股限制性股票激励计划（草案）及其 摘要的议案》（以下简称"《激励计划（草案）》"）等议案，上述议案已经公司董事会薪 酬 与 考 核 委 员 会 审 议 通 过 。 公 司 已 于 2025 年 10 月 9 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露了相关公告。 根据《上市公司股权激励管理办法》（以下简称"管理办法"）《上市公司信息披露管 理办法》等相关法律法规的规定，公司对本次激励计划前期决策和实施过程采取了充分必要 的保密措施，同时对本次激励计划的内幕信息知情人进行了必要登记。根据《管理办法》的 有关规定，公司对本次激励计划内幕信息知情人在激励计划公开披露前 6 个月内（2025 年 4 月 9 日至 2025 年 10 月 9 日，以下简称"自查期间"）买卖公司股票的情况进行了自 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-051 华新建材集团股份有限公司 董事会薪酬与考核委员会关于公司 2025 年 A 股限制性股票 激励计划激励对象名单的核查意见及公示情况说明 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个别及连带责任。 1、公司于 2025 年 10 月 9 日在公司指定披露媒体《中国证券报》及上海证券交易所网 站（www.sse.com.cn）公告了《2025 年 A 股限制性股票激励计划(草案)》《2025 年 A 股限 制性股票激励计划(草案)摘要》《2025 年 A 股限制性股票激励计划实施考核管理办法》《2025 年 A 股限制性股票激励计划授予激励对象名单》。 2、公司于 2025 年 10 月 21 日通过公司内部网络方式公示了《2025 年 A 股限制性股票 激励计划授予激励对象名单》，对上述激励对象的姓名及职务予以公示。公示时间为自 2025 年 10 月 21 日起至 2025 年 10 月 30 日止，共计 10 天。截至公示期满，公司未收到针对本次 激励对象提出 ...

Group 1: Market Overview - In October 2025, the Shanghai Composite Index rose by 1.85%, while the Shenzhen Component Index fell by 1.10%[7] - The average return of the stock portfolio in October was 0.24%, outperforming the CSI 300 Index, which remained flat[7] - The A-share market saw significant style rotation, with large-cap value indices showing defensive characteristics[7] Group 2: Stock Recommendations - Huaxin Cement (600801) closed at 21.58 CNY, with a monthly increase of 16.65%[8] - Xiamen Tungsten (600549) closed at 35.70 CNY, with a projected EPS of 1.47 CNY[16] - Muyuan Foods (002714) closed at 50.30 CNY, with a projected EPS of 3.65 CNY[20] - CATL (300750) closed at 388.77 CNY, with a projected EPS of 14.97 CNY[24] - Guodian NARI (600406) closed at 24.23 CNY, with a projected EPS of 1.05 CNY[28] - SANY Heavy Industry (600031) closed at 22.14 CNY, with a projected EPS of 1.02 CNY[32] - Inovance Technology (300124) closed at 77.01 CNY, with a projected EPS of 2.04 CNY[36] - Yutong Bus (600066) closed at 32.33 CNY, with a projected EPS of 2.17 CNY[40] - Changdian Technology (600584) closed at 40.02 CNY, with a projected EPS of 1.00 CNY[44] Group 3: Economic and Policy Insights - The U.S. PMI data indicates resilient growth momentum, while employment figures remain weak[7] - The Federal Reserve's interest rate cut has been confirmed, but internal divisions within the FOMC raise questions about future easing paths[7] - The Chinese economy shows signs of resilience in production, with exports exceeding expectations despite a slowdown in demand[7]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The construction materials industry is currently at a cyclical bottom in terms of profitability, with leading companies in various segments performing in line with expectations. For instance, China Jushi in the fiberglass sector has seen a significant year-on-year improvement in profitability, while companies like Rabbit Baby have also reported substantial profit improvements due to investment income. Other leading companies such as Oriental Yuhong, Beixin Building Materials, Qibin Group, and Jianlang Hardware are also showing signs of bottoming out in their fundamentals. It is anticipated that stock prices may break out of the bottom range under the influence of policy catalysts and market style shifts [4][5] Summary by Relevant Sections Cement - Demand for cement has shown a slight month-on-month improvement, primarily due to infrastructure projects and better weather conditions, although year-on-year demand remains down. The overall demand is still in a weak recovery phase, influenced by weather disruptions and the pace of demand release. In September 2025, the monthly cement production was 154 million tons, down 8.6% year-on-year [5][10] Glass - The glass industry is experiencing a continuous decline in demand due to the impact of real estate. Short-term demand during the traditional peak season has shown limited improvement, and inventory levels among intermediaries remain relatively high. The supply-demand imbalance persists, with limited improvement in downstream terminal demand. The industry is expected to face increased environmental requirements and costs, accelerating the pace of cold repairs [5][17] Fiberglass - The fiberglass sector is witnessing a price recovery, with price increases of 5%-10% reported. The demand for electronic yarns is driven by the AI industry, leading to a significant increase in both volume and price. The demand is expected to continue growing alongside AI developments [6] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with prices having no further downward space after years of competition. The sector is strongly advocating for price increases and profitability improvements, with several categories like waterproofing, coatings, and gypsum boards issuing price increase notices this year. A recovery in profitability is anticipated for leading companies in the second half of the year [6] Recent Company Announcements - Conch Cement reported Q3 revenue of 20 billion yuan, down 11.4% year-on-year, but net profit increased by 3.4% year-on-year to 1.94 billion yuan, benefiting from cost reductions and improved gross margins. Q3 revenue for Qibin Group was 4.39 billion yuan, up 18.9% year-on-year, with a net profit of 20 million yuan, marking a return to profitability [19][20][22]