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]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 華新水泥股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06655 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 734,720,000 | RMB | | 1 | RMB | | 734,720,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 734,720,000 | RMB | | 1 | RMB | | 734,720,000 | | 2. 股份分類 ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责任公司、芜湖海创实业有限责任公司。 智通财经APP获悉，据香港联交所最新数据显示，10月27日，Conch International Holdings(HK) Limited减持华新水泥(06655)363.56万股，每股作价17.795港 元，总金额约为6469.55万港元。减持后最新持股数目约为5639.61万股，持股比例为7.68%。 ...

Market Overview - The cement sector increased by 0.44% on November 3, with Hainan Ruize leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Top gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 4.51, up 4.88% and a trading volume of 1.34 million shares [1] - Huaxin Cement (600801) at 22.34, up 3.52% with 234,800 shares traded [1] - Sichuan Jinding (600678) at 9.78, up 3.38% with 287,000 shares traded [1] - Notable decliners included: - Shangfeng Cement (000672) at 10.94, down 3.10% with 271,000 shares traded [2] - Fujian Cement (600802) at 7.10, down 2.74% with 667,200 shares traded [2] - Tibet Tianlu (600326) at 12.46, down 2.35% with 1.19 million shares traded [2] Capital Flow Analysis - The cement sector experienced a net outflow of 51.81 million yuan from institutional investors, while retail investors saw a net inflow of 61.67 million yuan [2] - Key stocks with significant capital flow included: - Sichuan Jinding had a net outflow of 41.59 million yuan from institutional investors [3] - Hainan Ruize saw a net inflow of 26.35 million yuan from institutional investors [3] - Huaxin Cement had a net inflow of 20.93 million yuan from institutional investors [3]

来源：智通财经网 据香港联交所最新数据显示，10月27日，Conch International Holdings(HK) Limited减持华新水泥 (06655)363.56万股，每股作价17.795港元，总金额约为6469.55万港元。减持后最新持股数目约为 5639.61万股，持股比例为7.68%。 本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责 任公司、芜湖海创实业有限责任公司。 ...

据香港联交所最新数据显示，10月27日，Conch International Holdings(HK)Limited减持华新水泥 （600801）(06655)363.56万股，每股作价17.795港元，总金额约为6469.55万港元。减持后最新持股数目 约为5639.61万股，持股比例为7.68%。 本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥（600585）股份有限公司、安徽海螺 集团有限责任公司、芜湖海创实业有限责任公司。 ...

Core Viewpoint - Conch International Holdings (HK) Limited has reduced its stake in China National Building Material Co., Ltd. (华新水泥) by selling 3.6356 million shares at a price of HKD 17.795 per share, totaling approximately HKD 64.6955 million [1] Group 1 - The latest shareholding after the transaction is approximately 56.3961 million shares, representing a holding percentage of 7.68% [1] - The transaction involves related parties including China Conch Venture Holdings Limited, Anhui Conch Cement Co., Ltd., Anhui Conch Group Co., Ltd., and Wuhu Haichuang Industrial Co., Ltd. [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The fiberglass sector remains the best performer within the building materials sub-sector, with prices maintaining high levels and special fiber cloth contributing to profit growth. A price increase of 5-10% for fiberglass is expected, leading to continued growth in Q4 performance [2][18] - Cement profits have significantly narrowed year-on-year due to weak demand in Q3 and poor execution of staggered production, resulting in price declines. However, export varieties (e.g., Huaxin Cement) and companies in Tibet have shown relatively better performance [2][18] - The photovoltaic glass segment has performed well, supported by strong demand and inventory reduction, with positive price increases observed in September. Overall, traditional building materials have not shown significant improvement in supply and demand, but the real estate sector is expected to stabilize next year, with many products currently valued at relative lows [2][18] Summary by Sections Market Review - Last week (October 27-31, 2025), the CSI 300 index fell by 0.43%, while the building materials sector (CITIC) rose by 1.57%, with fiberglass and glass performing relatively well. Notable stock gains included Pioneer New Materials (43.5%), Yashi Chuangneng (31.7%), Fujian Cement (24.6%), Hainan Development (22.6%), and Fuyao Glass (13.6%) [1][10] Recommended Stocks - The recommended stocks include Huaxin Cement, Western Cement, China National Building Material, Keda Manufacturing, Honghe Technology, China Jushi, and Sankeshu [3][18]

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [1] Core Views - The global trade situation is expected to stabilize over the next year, with a focus on exports [1] - The construction materials sector has shown a positive performance, with a weekly increase of 1.29%, outperforming the Shanghai and Shenzhen 300 Index [4] - The report highlights the importance of the U.S.-China trade agreement in shaping future trade stability [4] Summary by Sections 1. Bulk Building Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 351.7 RMB/ton, up by 3.5 RMB/ton from last week, but down by 65.2 RMB/ton compared to the same period in 2024. The average cement inventory ratio is 69.6%, up by 1.8 percentage points from last week [13][14][22] - **Glass**: The average price for float glass is 1202.7 RMB/ton, down by 41.0 RMB/ton from last week and down by 126.0 RMB/ton year-on-year. The inventory of float glass stands at 62 million heavy boxes, down by 470,000 boxes from last week [48][50] - **Fiberglass**: The market price for non-alkali fiberglass remains stable, with mainstream prices ranging from 3250 to 3700 RMB/ton [46] 2. Industry Dynamics Tracking - The report notes a rebound in new orders and business activity expectations in the construction sector, linked to recent policy financial support [4] - The report recommends focusing on export-oriented industries, particularly in the fiberglass sector, and companies involved in home decoration consumption [4] 3. Weekly Market Review and Sector Valuation - The report indicates that the cement market is experiencing a slight increase in prices, particularly in the southwestern region, while demand is expected to weaken as northern regions enter winter [13][14] - The report emphasizes the importance of maintaining supply discipline within the cement industry, which is expected to lead to better profitability compared to the previous year [4][13]

Core Viewpoint - The company has officially changed its name from "Huaxin Cement Co., Ltd." to "Huaxin Building Materials Group Co., Ltd." as part of its strategic transformation from a single cement manufacturer to a comprehensive building materials service provider [1][3]. Group 1: Company Transformation - The name change reflects the company's shift towards a diversified business model that includes concrete, aggregates, and high-tech building materials, as well as environmental services and engineering contracting [3]. - The company has completed the registration of the name change and received a new business license from the Huangshi Market Supervision Administration [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 25.033 billion yuan, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 2.004 billion yuan, up 76.01% year-on-year [4][5]. - The increase in net profit is attributed to rising cement prices, reduced costs, and sustained growth in overseas operations [5]. Group 3: International Expansion - The company has made significant progress in its international business, with projects completed in Zimbabwe, Zambia, South Africa, and Tanzania, among others [5]. - Recent acquisitions include a 100% stake in a Brazilian aggregate company, further enhancing its global footprint [5]. Group 4: Shareholder Returns - The company plans to distribute a cash dividend of 0.34 yuan per share for the first three quarters of 2025, totaling 706 million yuan, which represents 35.23% of the net profit attributable to shareholders [5]. Group 5: Share Buyback - The company has completed a share buyback program, repurchasing 2.578 million A-shares for a total expenditure of approximately 48.99 million yuan [6].