公司名稱： 華新水泥股份有限公司 呈交日期： 2025年10月13日 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600801 | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | ...

格隆汇10月13日丨华新水泥(06655.HK)宣布，董事会将于2025年10月24日(星期五)举行董事会会议，以 考虑及通过（包括其他事项）本公司及其附属公司截至2025年9月30日止的九个月的季度业绩。 ...

格隆汇10月13日丨华新水泥(06655.HK)宣布，董事会将于2025年10月24日(星期五)举行董事会会议，以 考虑及通过（包括其他事项）本公司及其附属公司截至2025年9月30日止的九个月的季度业绩。 ...

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。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* 中國湖北省武漢市 2025年10月13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 Milhaud先生及陳婷慧女士 ；獨立非執行董事黃灌球先生、張繼平先生及江泓先生。 *僅供識別 - 1 - （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二五年十月二十四日 (星期五) 舉行董事會會議，以考慮及通過（包括其他 事項）本公司及其附屬公司截至二零二五年九月三十日止的九個月的季度業績。 承董事會命 主 席 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the benefits of the new national fire safety standards and the commercialization of fire-fighting robots, recommending Qingniao Fire Protection as a leading beneficiary [6] - The cement industry is experiencing self-discipline and price increases under the "anti-involution" initiative, with recommendations for Huaxin Cement and Conch Cement [6] - The photovoltaic glass industry is seeing price increases from a bottoming out, with recommendations for Qibin Group, Fuyao Glass, and Xinyi Solar [6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, China National Materials, and International Composites [6] - The report suggests investing in companies with strong operational resilience and high dividends, such as Weixing New Materials and Tubao [6] Summary by Sections Cement Industry - National cement market prices decreased by 0.4% week-on-week, with average shipment rates below 45% in key regions [2][28] - Price adjustments varied by region, with increases in Hebei and Jiangxi, while declines were noted in Beijing, Tianjin, Jiangsu, Zhejiang, and Anhui [2][28] - The report anticipates continued price fluctuations in the cement market due to insufficient demand support [28] Glass Industry - The average price of float glass increased to 1289.81 CNY/ton, a rise of 5.31% from the previous week [2][67] - The industry maintains a production capacity utilization rate of 82.20%, with no significant changes in production lines [67] Real Estate Market - In the 41st week, new home transaction volume in 30 major cities decreased by 46% year-on-year and 33.94% month-on-month [3][23] - The report indicates a slight improvement in second-hand housing transactions in 15 monitored cities, with a year-on-year increase of 15% [3][23] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion CNY in the first half of 2025, a year-on-year increase of 17.70% [6] - The company is advancing low-dielectric product development, with significant growth in net profit [6] Investment Opportunities - The report identifies investment opportunities in regions like Xinjiang due to increased infrastructure investments related to the 70th anniversary celebrations [7] - Recommendations include companies like Tianshan Shares and Xinjiang Jiaojian, which are expected to benefit from regional investments [7]

分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5349.43 | | 52 周最高 | 5355.99 | | 52 周最低 | 4167.51 | 证券研究报告：建筑材料|行业周报 行业相对指数表现 发布时间：2025-10-13 研究所 近期研究报告 《建材行业发布稳增长方案，继续严控 水泥玻璃产能》 - 2025.09.29 建材行业报告 （2025.09.29-2025.10.12） 中美贸易摩擦升温，关注低位内需板块 投资要点 近期中美贸易摩擦升温，可能促使市场风险偏好发生变化，一方 面建材板块中具备内需+高股息的防御性板块关注度有望提升，另一 方面，建材板块中的水泥、玻璃、消费建材等细分板块今年涨幅相对 落后，市场风格若"高切低"，建材板块多细分领域有望受益。 水泥： 7 月 1 日水泥协会发布响应反内卷政策文件，我们判断会 推动限制超产政策更好的执行。短期来看，9 月份进入旺季后，整体 需求呈现有所恢复但增长有限的特点，基建端， ...

中国银河（601881）证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 水泥股全线回落，截至发稿，金隅集团（601992）(02009)跌5.49%，报0.86港元；西部水泥(02233)跌 4.12%，报3.26港元；海螺水泥（600585）(00914)跌3.92%，报24港元；中国建材(03323)跌3.85%，报 5.5港元；华新水泥（600801）(06655)跌1.59%，报16.73港元。 申万宏源研报指出，三季度是水泥行业传统淡季，2025年水泥价格前高后低。根据数字水泥网，25Q3 水泥均价353.1元/吨，环比下降27.6元/吨，同比下降33.5元/吨，7-8月水泥产量分别同比下降5.5%、 7.0%。水泥行业三季度盈利预计整体承压。9月24日，六部委联合发布《建材行业稳增长工作方案(2 ...

国金证券近日发布非金属建材周观点：本周全国高标均价349元/t，同比-53元/t，环比-2 元/t，全国平均出货率44.5%，环比-1.9pct，库容比为66.7%，环比+1.1pct，同比+2.7pct。玻 璃：本周浮法均价1289.81元/吨，环比上涨65.07元/吨，涨幅5.31%，截至9月30日重点监测 省份生产企业库存天数约24.8天，较上周四减少1.38天。截至本周四，2.0mm镀膜面板主流 订单价格13元/平左右，环比持平。 ①9月29日，中材科技公告称，拟定增募资不超过44.8亿元，用于年产3,500万米低介电 纤维布项目、年产2,400万米超低损耗低介电纤维布项目、偿还国拨资金专项应付款、补充 流动资金。②10月8日，华新水泥发布公告：拟向激励对象11人授予限制性股票257.8万股； 拟斥3225.0万-6450.0万元回购公司股份，回购股份价格不超25元/股；公司终止筹划境外子 公司分拆上市；公司拟更名为"华新建材"，证券代码未变。③10月10日，中材国际发布2025 年第三季度主要经营数据。 风险提示： 【周期联动】 ①水泥：本周全国高标均价349元/t，同比-53元/t，环比-2元/t ...

Summary of Huaxin Cement Conference Call Industry and Company Overview - **Company**: Huaxin Cement - **Industry**: Cement and Aggregate Industry - **Key Focus**: Expansion into aggregate business and overseas markets, particularly in Africa, transitioning from a cyclical market to a growth-oriented model [2][5] Core Insights and Arguments - **Shift in Profit Sources**: Huaxin Cement is expected to see overseas business profits exceed 50% by 2025, marking a significant shift from reliance on domestic cement sales [2][5] - **Aggregate Demand Resilience**: Aggregate demand is more resilient than cement, less affected by real estate market fluctuations, with regional pricing creating market premiums [2][6] - **African Market Potential**: The African market is identified as a major growth area, with a demand of approximately 250 million tons and a stable growth rate of 3-4% annually [7][8] - **Competitive Landscape in Africa**: Huaxin Cement is the fourth largest player in the African cement market, competing with Dangote, Lafarge, and Heidelberg, with prices in Africa being 2 to 4 times higher than in China [9][12] Financial Performance and Projections - **Profit Growth in Nigeria**: The Nigerian project is projected to generate a profit of 1.6 billion yuan in 2025, significantly up from previous years due to effective price increases [12] - **Overall Profit Expectations**: The company anticipates total profits reaching 4 billion yuan by 2026, with a corresponding market capitalization target of over 60 billion yuan [3][14] Additional Important Insights - **Cost Advantages**: Huaxin Cement benefits from low raw material costs (2-3 yuan/ton) compared to competitors (7-8 yuan/ton), enhancing investment efficiency [6][10] - **Technological and Operational Strengths**: The company has established a strong supply chain and technological capabilities in Africa, supported by its major shareholder, Lafarge [11][10] - **Market Dynamics**: Domestic cement production has seen a decline of nearly 30% over three years, but policies aimed at reducing overproduction are expected to stabilize and potentially increase prices [13][14] Conclusion Huaxin Cement is strategically positioned for growth through its expansion into aggregates and international markets, particularly in Africa, with strong financial projections and competitive advantages in cost and technology. The company's shift in profit sources and resilience in demand present significant investment opportunities.

Market Overview - After the National Day holiday, the Shanghai Composite Index experienced fluctuations, initially surpassing 3900 points before retreating, indicating a market adjustment phase [1] - The construction materials and public utilities sectors showed resilience, prompting discussions about a potential shift in market style [1] Institutional Investment Trends - Recent disclosures from listed companies' Q3 reports and share buyback announcements revealed significant repositioning by well-known fund managers [1] - On October 10, major indices in A-shares collectively retreated, while the construction materials sector strengthened, with Huanxin Cement (600801) seeing a notable increase in shareholding by institutional investors [1] - Huanxin Cement's stock price surged over 70% since July, correlating with increased institutional interest, as evidenced by the entry of the Fuguo Tianhui Select Growth Fund as its eighth-largest shareholder [1] Specific Company Movements - Flagship glass company Qibin Group (601636) saw increased holdings from fund managers Zheng Chengran and Yang Ruiwen, with a notable rise in share price of over 40% since July [2] - Other companies like Jinling Mining (000655) and Daoshi Technology (300409) also experienced significant stock price increases of 44.89% and 56.49%, respectively, attracting public fund investments [2] Technology Sector Adjustments - In the technology sector, companies like Xindian Software and Chip Origin faced reductions in holdings from institutional investors, indicating a cautious approach towards tech growth stocks [3] - Despite reductions, Chip Origin's stock price increased by over 15% since late August, suggesting resilience in the face of institutional selling [3] - The technology sector remains under scrutiny, with some analysts suggesting that the high valuations may lead to profit-taking, yet there is potential for continued investment opportunities in AI applications and advanced semiconductor processes [3]