Investment Rating - The report maintains an "Overweight" rating for the building materials industry, indicating a positive outlook for the sector's performance relative to the overall market [2][10]. Core Insights - The report highlights that the cement industry is experiencing a traditional seasonal downturn in Q3 2025, with prices expected to decline after peaking earlier in the year. The average cement price in Q3 2025 is projected at 353.1 CNY/ton, down 27.6 CNY/ton from the previous quarter and down 33.5% year-on-year [2][3]. - The report notes that while the cement industry's profitability is under pressure, there are ongoing developments in overseas markets, particularly in Africa, where profitability is expected to improve [2]. - In the fiberglass sector, the report indicates that mid-to-high-end product prices are more resilient, with special fabrics contributing positively to profitability. The report anticipates continued differentiation in the fiberglass market, with low-end products facing weaker profitability [2][3]. - The consumer building materials segment is expected to see strong performance from quality companies, particularly in categories like coatings and tiles, as demand in the residential real estate market remains relatively weak [2]. - The glass industry is facing challenges, with photovoltaic glass prices slightly declining and flat glass prices under pressure. The report suggests that the industry may see a shift towards cleaner production methods, which could improve profitability in the coming years [2]. Summary by Sections Cement - Q3 2025 is a traditional off-season for the cement industry, with prices expected to decline after a peak earlier in the year. The average price is projected at 353.1 CNY/ton, down 27.6 CNY/ton from the previous quarter and down 33.5% year-on-year [2][3]. - The industry is expected to face overall profitability pressure, but overseas expansion, particularly in Africa, shows promise for improved earnings [2]. Fiberglass - Mid-to-high-end fiberglass products are showing stronger price resilience, while low-end products are struggling. The report anticipates continued growth in special fabric sales [2][3]. Consumer Building Materials - Quality companies in the consumer building materials sector are expected to stand out, particularly in categories with strong brand value and retail attributes. Price increases in various segments are anticipated to stabilize in Q3 2025 [2]. Glass - The glass industry is experiencing price declines, particularly in photovoltaic and flat glass. The report suggests a potential shift towards cleaner production methods, which may enhance profitability in the future [2]. Investment Recommendations - The report recommends focusing on companies with improving Q3 performance expectations and strong fundamentals, including major players in the cement, fiberglass, consumer building materials, and glass sectors [2][3].

Core Viewpoint - The company plans to repurchase its A-shares to enhance investor confidence and establish a long-term incentive mechanism, with a total repurchase fund ranging from RMB 32.25 million to RMB 64.5 million [1][3] Summary by Sections Repurchase Plan - The board of directors approved a plan to repurchase shares through centralized bidding, with a maximum price of RMB 25 per share, which is 150% of the average trading price over the last 30 trading days [1] - The total number of shares to be repurchased is estimated to be between 1.29 million and 2.58 million, accounting for 0.06% to 0.12% of the total share capital [1] Financial Impact - As of December 31, 2024, the company's audited total assets are RMB 69.513 billion, with net assets attributable to shareholders at RMB 30.291 billion and current assets at RMB 15.791 billion [2] - The maximum repurchase amount of RMB 64.5 million represents approximately 0.09% of total assets, 0.21% of net assets, and 0.41% of current assets, indicating a low impact on the company's financials [2] Management's Commitment - Senior management plans to increase their holdings during the repurchase period, while other board members and major shareholders do not have plans to buy or sell shares [1] - The company expresses strong confidence in its long-term development and intrinsic value, aiming to protect investor interests and boost market confidence [3]

格隆汇10月9日丨华新水泥(600801.SH)公布，2025年10月9日，公司通过集中竞价交易方式首次回购股 份1,557,200股，已回购股份占公司总股本的比例为0.07%，购买的最高价为18.40元/股、最低价为17.70 元/股，已支付的总金额为28,088,497元（不含交易费用）。 ...

Group 1 - The company announced a plan to repurchase A-shares through centralized bidding, with the board meeting scheduled for October 3, 2025 [1] - The top ten unrestricted shareholders as of September 30, 2025, include Hong Kong Central Clearing (agent) holding approximately 735 million shares (35.34%), HOLCHIN B.V. with about 451 million shares (21.71%), and Huaxin Group holding around 338 million shares (16.26%) [1] - The total shares held by the top ten circulating shareholders amount to approximately 1.647 billion shares, representing 79.21% of the total [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: cement 54.56%, concrete 21.54%, aggregates 17.22%, others 4.21%, and commercial clinker 2.47% [2] - The company's market capitalization is reported to be 38.2 billion yuan [2]

Group 1 - The company Huaxin Cement announced a share buyback of approximately 1.56 million shares, representing 0.07% of its total share capital, with a total expenditure of about 28.09 million yuan [1] - The highest and lowest purchase prices during the buyback were 18.4 yuan and 17.7 yuan per share, respectively [1] - As of the report, Huaxin Cement's market capitalization stands at 38.2 billion yuan [1] Group 2 - For the first half of 2025, Huaxin Cement's revenue composition was as follows: cement accounted for 54.56%, concrete 21.54%, aggregates 17.22%, other products 4.21%, and commercial clinker 2.47% [1]

证券代码：600801 证券简称：华新水泥 公告编号：2025-042 华新水泥股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： ● 回购股份金额：公司拟用于回购的资金总额不低于人民币 3,225 万元（含） 且不超过人民币 6,450 万元（含）； ● 回购股份资金来源：自有资金； ● 回购股份用途：实施公司股权激励； ● 回购股份价格：不超过人民币 25 元/股，不超过董事会通过回购股份决议前 30 个交易日公司 A 股股票交易均价的 150%； ● 回购数量：不低于 129 万股且不超过 258 万股； ● 回购股份方式：拟通过上海证券交易系统以集中竞价交易的方式进行股份回 购； ● 回购股份期限：自董事会审议通过本次回购股份预案之日起 6 个月内，即 2025 年 10 月 3 日至 2026 年 4 月 3 日； ● 相关股东是否存在减持计划：公司高级管理人员杜平、梅向福、徐钢、叶家 兴、汤峻等人在本次回购期间有增持公司股份的计划，其他董事 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-041 华新水泥股份有限公司 关于以集中竞价交易方式首次回购股份的公告 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个别及连带责任。 重要内容提示： 一、回购股份的基本情况 华新水泥股份有限公司（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《关于以集中竞价交易方式回购A股股份的方案》， 同意公司自董事会审议通过回购股份事项之日起6个月内，使用公司自有资金以集中 竞价交易方式从二级市场回购股份用于股权激励，回购资金总额不低于人民币3,225 万元（含），不高于人民币6,450万元（含），回购价格不超过25元/股。具体内容详 见公司于2025年10月10日披露的《关于以集中竞价交易方式回购股份的回购报告书》 （公告编号：2025-042）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号 —回购股份》等相关法律法规规定，现将公司首次回购股份情况公告如下： 2025年10月9日，公司通过集中 ...

| 9 | 中国工商银行股份有限公司－富国天惠精选成 | 9,004,238 | 0.43 | | --- | --- | --- | --- | | | 长混合型证券投资基金（LOF） | | | | 10 | 代德明 | 7,700,000 | 0.37 | 关于回购股份事项前十大股东和前十大无限售条件股 东持股情况的公告 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个别及连带责任。 华新水泥股份有限公司（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《关于以集中竞价交易方式回购A股股份的议案》。 议案详细内容请见公司于2025年10月9日在中国证券报及上海证券交易所网站 （www.sse.com.cn）上披露的《关于以集中竞价交易方式回购A股股份的方案》。 注：公司股份均为无限售条件流通股份。 特此公告。 证券代码：600801 证券简称：华新水泥 公告编号：2025-040 华新水泥股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号 ——回购股份》等相关规 ...

格隆汇10月9日丨华新水泥(06655.HK)公告，2025年10月9日，公司通过集中竞价交易方式首次回购股份 155.7万股，已回购股份占公司总股本的比例为0.07%，购买的最高价为18.40元/股、最低价为17.70元/ 股，已支付的总金额为28,088,497元（不含交易费用）。本次回购股份符合相关法律法规的规定和回购 股份方案的要求。 ...

FF305 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 公司名稱： 華新水泥股份有限公司 呈交日期： 2025年10月9日 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 。 | 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 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...