Group 1: Market Trends and Performance - The construction and building materials indices have shown a W-shaped fluctuation in 2025, with the building materials sector outperforming the Shanghai Composite Index by 2.5 percentage points[12] - As of May 30, 2025, the CI building materials index has increased by 0.05% compared to the end of 2024, while the CI construction index has decreased by 3.3%[12] - The construction sector's operating cash flow has improved significantly, with a net cash inflow of CNY 1,668 billion in 24Q4 and 25Q1, an increase of CNY 1,534 billion year-on-year[38] Group 2: Industry Outlook and Recommendations - The demand for renovation and urban renewal is expected to support the building materials sector, with an estimated 1.1 to 1.2 million units of renovation demand per year from 2024 to 2026, growing at a CAGR of 5%[4] - Key recommendations for investment include China State Construction, China National Materials, and China Nuclear Engineering, with target prices set at CNY 8.60, CNY 13.04, and CNY 10.81 respectively[10] - The cement industry is projected to see a 6% year-on-year decline in demand, while the glass fiber and carbon fiber sectors are expected to maintain high demand due to emerging industries[5] Group 3: Corporate Strategies and Transformations - Many small and medium-sized construction enterprises are actively seeking cross-industry transformations, with a focus on sectors like semiconductors and renewable energy[45] - The "6+4+2" trillion yuan debt restructuring plan has led to a total of CNY 3.38 trillion in debt replacement funds in 2024, benefiting smaller construction firms more significantly[37] - The construction industry is entering a phase of deep integration, with state-owned enterprises likely to increase their market share as private firms exit the market[43]

证券代码：600801 证券简称：华新水泥 公告编号：2025-015 华新水泥股份有限公司 公司于 2025 年 5 月 27 日召开第十一届董事会第十二次会议，审议通过了 《关 于公司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划 的议案》（以下简称"本期计划"），具体内容详见公司于 2025 年 5 月 28 日披 露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及上海 证券交易所《上市公司自律监管指引第 1 号——规范运作》的相关要求，现将公 司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划的实 施进展情况公告如下： 截至本公告日，本期计划尚未开始在二级市场购买标的股票。 公司将持续关注本期计划的实施进展情况，并按照相关法律法规的规定及时 履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 第三期（2025 年）核心员工持股计划实施进展公告 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（ ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-015 华新水泥股份有限公司 2023-2025 年核心员工持股计划之 第三期（2025 年）核心员工持股计划实施进展公告 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"）分别于 2023 年 6 月 30 日、2023 年 7 月 20 日召开第十届董事会第二十六次会议、2023 年第三次临时股东大会审 议通过了《关于公司 2023-2025 年核心员工持股计划（草案）的议案》及其摘 要等相关议案，具体内容详见公司于 2023 年 7 月 1 日、2023 年 7 月 21 日披露 的相关公告。 公司于 2025 年 5 月 27 日召开第十一届董事会第十二次会议，审议通过了《关 于公司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划 的议案》（以下简称"本期计划"），具体内容详见公司于 2025 年 5 月 28 日披 露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The cement clinker price in the Yangtze River Delta has increased by 30 CNY/ton, indicating a positive shift in market sentiment and a proactive approach from companies to stabilize prices and protect profits [3][14] - The overall cement shipment rate in May was 48%, showing a slight decline year-on-year, but the recent price increase is expected to boost market confidence [3][17] - The report highlights that traditional building materials are nearing a cyclical bottom, while new materials are expected to continue their growth trajectory due to high demand and domestic substitution opportunities [19] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.08%, while the building materials sector rose by 0.59%, with the ceramics sector showing the highest increase of 3.77% [12][17] - Key stocks in the recommended portfolio include Zhongcai Technology (+5.1%), Western Cement (+4.1%), and others [12][19] Price Trends and Market Sentiment - The sales area of commercial housing in 30 major cities decreased by 2.46% year-on-year, but government policies are aimed at stabilizing the real estate market [2][14] - The report anticipates that cement prices will rise following the clinker price increase, supported by a decrease in coal prices [3][14] Key Sub-Industries Tracking - Cement: The national average price fell by 0.8%, but the Yangtze River Delta has initiated price increases, indicating potential stabilization in the market [17] - Glass: The photovoltaic glass market is under pressure, with prices declining, while float glass prices have also seen a slight decrease [18][19] - Fiberglass: The market for alkali-free yarn continues to decline, with prices dropping by 0.62% week-on-week [19] Long-term Value and Growth Potential - Traditional building material leaders are expected to show significant long-term value, while new energy materials are likely to continue their growth [19] - Recommendations include companies like Western Cement, Huaxin Cement, and others that are positioned to benefit from improving infrastructure and real estate demand [19]

Core Viewpoint - Huanxin Cement continues to implement employee stock ownership plans to attract and retain talent while achieving positive business performance despite industry challenges [1][5] Group 1: Employee Stock Ownership Plans - The third phase of Huanxin Cement's employee stock ownership plan for 2023-2025 was announced, with a total of 750 core employees participating [3] - The first two phases of the plan involved the purchase of 620.78 million shares, with a total transaction amount of approximately 58.17 million yuan [2][3] - The current plan aims to deepen the long-term incentive mechanism for core employees, enhancing the company's core competitiveness and ensuring the achievement of strategic goals [3] Group 2: Financial Performance and Dividends - Huanxin Cement announced a cash dividend of 9.56 billion yuan for the 2024 fiscal year, marking the 28th dividend distribution since its listing in 1994 [1][6] - The company reported a revenue of 342.17 billion yuan for 2024, a year-on-year increase of 1.36%, while net profit decreased by 12.52% to 24.16 billion yuan [5][6] - The dividend payout ratio is 40% of the net profit attributable to shareholders, placing Huanxin Cement among the top 4% of listed companies in terms of dividend distribution [6] Group 3: Industry Position and Growth Strategy - Despite overall pressure in the cement industry, Huanxin Cement has achieved growth through a strategy focused on overseas expansion, integrated operations, and innovation [1][5] - The company has diversified its operations beyond cement, with significant contributions from aggregate and concrete sales, as well as environmental services [5] - Huanxin Cement's overseas revenue reached 79.84 billion yuan in 2024, a 47% increase year-on-year, with overseas cement sales growing by 37% [5]

华新水泥股份有限公司 2024 年年度股东会法律意见书 湖北松之盛律师事务所 关于华新水泥股份有限公司 法律意见书 致：华新水泥股份有限公司 湖北松之盛律师事务所（以下简称"本所"）接受华新水泥股份 有限公司（以下简称"公司"）的委托，指派我们出席公司 2024 年 年度股东会（以下统称"本次股东会"），并就本次股东会的召集、 召开程序的合法性、出席会议人员资格、召集人资格以及表决程序和 表决结果的合法有效性出具法律意见。 为出具本法律意见书，我们出席了本次股东会，审查了公司提供 的有关本次股东会的相关文件，听取了公司董事会就有关事项所作的 说明。在审查有关文件的过程中，公司向我们保证并承诺，其向本所 提交的文件和所作的说明是真实的，并已经提供本法律意见书所必需 的、真实的原始书面材料、副本材料或口头证言，有关副本材料或复 印件与原件一致。 我们依据《中华人民共和国证券法》《中华人民共和国公司法 （2023 年修订）》《上市公司股东会规则（2025 年修订）》（以下 简称"《股东会规则》"）、《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等中华人民共和国境内（以下简称"中国境 内"，仅为本法律 ...

华新水泥股份有限公司 2024 年年度股东会法律意见书 湖北松之盛律师事务所 关于华新水泥股份有限公司 2024 年年度股东会 法律意见书 致：华新水泥股份有限公司 湖北松之盛律师事务所（以下简称"本所"）接受华新水泥股份 有限公司（以下简称"公司"）的委托，指派我们出席公司 2024 年 年度股东会（以下统称"本次股东会"），并就本次股东会的召集、 召开程序的合法性、出席会议人员资格、召集人资格以及表决程序和 表决结果的合法有效性出具法律意见。 为出具本法律意见书，我们出席了本次股东会，审查了公司提供 的有关本次股东会的相关文件，听取了公司董事会就有关事项所作的 说明。在审查有关文件的过程中，公司向我们保证并承诺，其向本所 提交的文件和所作的说明是真实的，并已经提供本法律意见书所必需 的、真实的原始书面材料、副本材料或口头证言，有关副本材料或复 印件与原件一致。 我们依据《中华人民共和国证券法》《中华人民共和国公司法 （2023 年修订）》《上市公司股东会规则（2025 年修订）》（以下 简称"《股东会规则》"）、《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等中华人民共和国境内（以下简称" ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-013 华新水泥股份有限公司 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法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 27 日 (二)股东会召开的地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大 厦 B 座 2 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 其中：A 股股东人数 474 境外上市外资股股东人数（H 股） 1 其中：A 股股东持有股份总数 907,140,804 境外上市外资股股东持有股份总数（H 股） 542,858,122 份总数的比例（%） 其中：A 股股东持股占股份总数的比例（%） 43.6336% 境外上市外资股股东持股占股份总数的比例（%） 26.1116% (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，公司董事长徐永模先生主持会议。本次会议所 采取的表决方式是 ...

Group 1 - The board of directors of Huaxin Cement held its 12th meeting on May 27, 2025, with all 9 directors present, and the meeting was deemed legal and effective [1] - The board approved a resolution regarding the 2023-2025 core employee stock ownership plan, with 7 votes in favor and none against [2][3] - The independent directors' remuneration was proposed to be increased from RMB 360,000 to RMB 480,000 per year, reflecting the responsibilities and contributions of independent directors [2][3] Group 2 - The adjustment of independent directors' remuneration is aligned with the company's operational needs and aims to enhance governance and protect investor rights [3] - The proposal for the independent directors' remuneration increase will be submitted to the shareholders' meeting for approval, and the new remuneration standard will take effect from the month of approval [3] - The 2024 performance assessment for the employee stock ownership plan indicated a completion rate of 87.08% for the budget and a matching rate of 113.26% for OCF [4]