Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Viewpoints - The African cement market is highlighted as a significant growth opportunity due to population growth and urbanization, with expectations for economic strength in Africa to increase by 2026 [5][6] - The report emphasizes the strong performance of leading cement companies in Africa, particularly Huaxin Cement, which reported a 6% year-on-year revenue increase to 8.99 billion yuan and a 121% increase in net profit [6] - The report suggests continued recommendations for African supply chains and existing chains, while also highlighting opportunities in specialty fabrics following recent adjustments [8] Summary by Sections Basic Situation - Cement prices have seen a slight increase, while glass inventory continues to rise [2] - The domestic cement market remains weak, with an average shipment rate of 45% across key regions, a 5.6% year-on-year decline [7][24] - The average national cement price increased by 0.4% month-on-month, while glass prices have shown a downward trend [7][38] Recommendations - The report recommends companies such as Huaxin Cement and Keda Manufacturing for their strong performance and growth potential in Africa [8] - It also suggests focusing on the existing supply chain, which is expected to benefit from increased demand and structural optimization in 2025 [8] Market Performance - Huaxin Cement's overseas operations have significantly contributed to its performance, with projects in Nigeria and other African markets providing positive impacts [6] - The report notes that the domestic cement market may see improvements due to a shift away from internal competition [6]

Core Viewpoint - The stock prices of quality companies with improving performance have surged, with the Shanghai Composite Index breaking the 4000-point mark for the first time in over 3700 days [1] Group 1: Market Performance - The market is shifting towards sectors with relatively better performance as the third-quarter reports are gradually disclosed, particularly favoring the communication sector [3] - Over 2000 listed companies have released their third-quarter earnings, with more than half reporting year-on-year profit growth or turning losses into profits [4] - 18 companies have reported a net profit increase of over 10 times year-on-year, while over 130 companies have doubled their net profits but remain below a tenfold increase [4] Group 2: Notable Companies - Companies with significant profit growth include Fangzheng Electric, Jingrui Electric Materials, and Tianbao Infrastructure, with net profit increases of 153128.60%, 19202.65%, and 7158.91% respectively [5] - The high growth in profits for some companies is attributed to low base figures from the previous year [5] - Companies like Liyang Instrument and Oat Technology have seen their stock prices rise significantly post third-quarter report disclosures, with Liyang Instrument's net profit increasing by over 49% year-on-year [6] Group 3: Institutional Investment - Among the stocks with a net profit increase of over 30% and rated by multiple institutions, 23 stocks saw their prices rise by over 5% with significant net inflows from main funds [7] - Leading the net inflow is Ruida Futures, with over 18% of its shares being bought by main funds [8] - Huaxin Cement received the highest attention from institutions, with 18 ratings, and its third-quarter performance exceeded expectations due to the consolidation of Nigerian assets [10]

Group 1 - The core point of the news is that Huaxin Cement (600801) has seen a net financing inflow of 309.38 million yuan on October 27, 2025, with a total financing balance of 3.35 billion yuan, indicating a positive trend in investor sentiment towards the company [1][2]. - Over the past three trading days, Huaxin Cement has accumulated a total net buy of 3,160.14 million yuan, reflecting strong buying interest [1]. - The financing balance has increased by 1.96% to 3.41 billion yuan as of October 27, 2025, compared to the previous day [3][4]. Group 2 - On October 27, 2025, the net financing buy was 309.38 million yuan, which represents 1.12% of the circulating market value [2]. - The total margin trading balance has shown fluctuations, with a peak of 3.34 billion yuan on October 24, 2025, before rising again to 3.41 billion yuan [4]. - The margin trading activity included a net sell of 14.82 million shares on October 27, 2025, with a remaining short selling volume of 239,800 shares [2].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.25%。本期较上一季未再披露的外资机构包括HOLCHIN B.V.、香港中央结算有限公司。 对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金四一三组合，，持股减 少占比达0.19%。本期较上一季未再披露的社保基金共计1个，即全国社保基金一零七组合。 2025年10月25日，华新水泥(600801.SH)发布2025年第三季报。截至2025年10月27日，共有17个机构投 资者披露持有华新水泥A股股份，合计持股量达9.06亿股，占华新水泥总股本的43.57%。其中，前十大 机构投资者包括HOLCHIN B.V.、华新集团有限公司、香港中央结算有限公司、全国社保基金四一三组 合、中国铁路武汉局集团有限公司、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基 金、中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF)、中银收益混合A、国泰 中证全指建筑材料ETF、中银优选混合A，前十大机构投资者合计持股比例达43.45%。相较于上一季 度，前十大机构持股比例合计下跌了1 ...

格隆汇10月27日丨华新水泥(600801.SH)公布，截至2025年10月27日，公司完成回购，已实际回购公司 股份257.8万股A股，占公司总股份数的0.12%，回购最高价格人民币22.72元/A股，回购最低价格人民币 17.70元/A股，回购均价人民币19.00元/A股，使用资金总额人民币48,999,401元（不含交易费用）。 ...

华新水泥（600801）(06655)发布公告，截至2025年10月27日，公司完成回购，已实际回购公司A股股份 257.8万股A股，占公司总股份数的0.12%，回购最高价格人民币22.72元/A股股份，回购最低价格人民币 17.70元/A股股份，回购均价人民币19.00元/A股股份，使用资金总额人民币4899.94万元(不含交易费 用)。 ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或 完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部份内容而产生或因倚赖该 等内容而引致的任何损失承担任何责任。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國注册成立的股份有限公司） （股份代號：6655） 有關二零二五年第三季度業績報告之補充公告 茲提述華新水泥股份有限公司（「本公司」）日期為 2025 年 10 月 24 日的公告（「該 公告」），內容有關（其中包括）二零二五年第三季度報告。除文義另有所指外，本 公告所用詞彙與該公告所界定者具有相同涵義。 本公司派發的現金股利以人民幣計值和宣佈，以人民幣向 A 股股東支付，以港幣或美 1 元向 H 股股東支付。 董事會已同意委任卓佳證券登記有限公司作為本公司的代理人，處理宣派股利予 H 股 股東事宜。董事會已同意，在臨時股東會批准 2025 年前三季度利潤分配預案的前提 下授權本公司葉家興先生（副總裁及董事會秘書）及彭普新先生（二人中任意一位均 有權簽署）執行派發股利有關事宜、簽署有關派發股利的法律檔，並全權代表本公 ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或 完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部份内容而产生或因倚赖该 等内容而引致的任何损失承担任何责任。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國注册成立的股份有限公司） （股份代號：6655） 關於股份回購完成暨回購實施結果的公告 茲提述本公司日期為 2025 年 10 月 3 日的公告（「該公告」）及日期為 2025 年 10 月 9 日的海外監管公告，內容有關（其中包括）以集中競價方式回購本公司 A 股股份方案 及回購進展。除非文義另有所指，否則本公告所用詞彙與該公告所界定者具有相同涵 義。 重要內容提示： | 回購方案首次披露日 | 2025 年 10 月 3 日 | | --- | --- | | 回購方案實施期限 | 2025 年 10 月 3 日 ～2026 年 4 月 3 日 | | 預計回購金額 | 人民幣3,225萬元-6,450萬元（均含本數） | | 回購用途 | □減少註冊資本 | | | √股權激勵 | | | □為維護公司價值及 ...

首次进行前三季度分红，彰显发展信心。前三季度公司拟每股派发现金红利 0.34 元（含税），累计分 配7.06 亿元，占归母净利润的比例为35.23%。对比前次，2024 年度分红金额为9.56 亿元，占归母净利 润比例为40%。其他数据上，Q3 经营性现金流净额为16.04 亿元，销售/管理/财务费用率分别为 4.75%/5.96%/2.24%，分别同比-0.09/+0.44/-0.62pct，财务费用改善或因汇率影响减弱。 盈利预测与投资评级：我们预计公司 25-27 年营收分别为 356.79、399.38、432.68 亿元，分别同比 +4.27%、+11.94%、+8.34%，归母净利润分别为 30.31、38.96、43.10 亿元，分别同比+25.45%、 +28.52%、+10.63%，对应 PE 分别为14、11、10X。国内水泥长期需求下行局面短期不会改变，看好出 海和非水泥业务拓展领先行业的龙头企业华新水泥，维持"强烈推荐"评级。 风险提示：行业供给超预期增加；下游需求不及预期；成本超预期升高等。 事件：公司公布25 年三季报，报告期内实现收入、归母净利润、扣非归母净利润分别为250.33 ...

Summary of Huaxin Cement Co. 3Q25 Earnings Call Company Overview - **Company**: Huaxin Cement Co - **Industry**: Greater China Cement - **Market Cap**: US$5,440 million - **Ticker**: 600801.SS (A-share), 6655.HK (H-share) Key Financial Highlights - **3Q25 Performance**: - Net profit reached Rmb900 million, representing a **121% YoY** increase and a **3.5% QoQ** increase, exceeding market expectations [2][4] - **9M25 Net Profit**: Grew **76% YoY** to Rmb2 billion [2] - **Revenue Growth**: Driven by increased overseas cement shipment volumes and improved gross profit per ton [2] - **SG&A Expenses**: Controlled with a mild increase of Rmb104 million YoY to approximately Rmb1 billion in 3Q25, resulting in an SG&A ratio of **11.3%**, up **0.6ppt YoY** [3] Strategic Developments - **Acquisition of Lafarge Africa**: - Huaxin acquired an **83.81% stake** in Lafarge Africa for approximately **US$774 million** on August 29, 2025 [4] - The Nigerian business contributed an estimated Rmb100 million to Huaxin's earnings in 3Q25, with full consolidation expected in 4Q25, likely enhancing earnings further [4] Dividend Announcement - **9M Dividend**: First-time announcement of Rmb0.34 per share, implying a **35% payout ratio** of 9M25 earnings, compared to Rmb0.46 per share and **40% payout** for FY24 [5] - **Dividend Yield**: Implies a **1.6% yield** for A-shares and **2.3% yield** for H-shares [5] Analyst Ratings and Price Target - **Rating**: Overweight (OW) on both A and H shares due to high earnings growth visibility from overseas expansion and attractive valuation [5][7] - **Price Target**: Rmb22.90, indicating an **11% upside** from the closing price of Rmb20.66 on October 24, 2025 [7] Risks and Considerations - **Upside Risks**: - Better-than-expected demand in Hubei and Yunnan could mitigate supply/demand impacts [10][12] - Stricter production suspension and environmental regulations may enhance pricing power [10][12] - **Downside Risks**: - Weak fundamentals in Guizhou could negatively affect pricing in southwestern and central China [11][13] - Slower-than-expected growth in overseas markets may hinder overall performance [11][13] Conclusion - Huaxin Cement Co's strong financial performance in 3Q25, driven by overseas expansion and strategic acquisitions, positions the company favorably in the cement industry. The positive market reaction to earnings and the initiation of dividends reflect confidence in future growth prospects. However, potential risks related to market conditions and operational challenges should be monitored closely.