证券代码：600801 证券简称：华新建材 公告编号：2025-054 华新建材集团股份有限公司 2025年前三季度权益分派实施公告 每股分配比例 A 股每股现金红利0.34元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/3 | － | 2025/12/4 | 2025/12/4 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 11 月 12 日的2025年第四次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 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： 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 根据《上海证券交易所上市公司自律监管指引第 7 号— ...

Market Overview - The cement sector increased by 0.61% on November 26, with Hainan Ruize leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Hainan Ruize (002596) saw a significant rise of 10.04%, closing at 5.92 with a trading volume of 1.1212 million shares and a transaction value of 657.1 million [1] - Other notable gainers included Huaxin Cement (600801) with a 4.05% increase, closing at 23.10, and Qingsong Jianhua (600425) with a 1.82% increase, closing at 4.47 [1] - Conversely, Guotong Co. (002205) experienced a decline of 5.31%, closing at 16.04, while Fujian Cement (600802) fell by 4.06%, closing at 6.86 [2] Capital Flow Analysis - The cement sector saw a net inflow of 158 million in main funds, while retail investors experienced a net outflow of 64.3 million [2] - Hainan Ruize attracted a net inflow of 115 million from main funds, but had a net outflow of 76.1 million from speculative funds [3] - Other companies like Conch Cement (600585) and Huaxin Cement (600801) also showed mixed capital flows, with Conch Cement having a net inflow of 61.6 million from main funds [3]

Group 1 - The cement sector experienced a 0.55% increase on November 24, with Sifang New Material leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Sifang New Material's stock price rose by 6.07% to 13.99, with a trading volume of 58,000 shares and a transaction value of 79.25 million yuan [1] Group 2 - The cement sector saw a net outflow of 85.32 million yuan from main funds, while retail investors contributed a net inflow of 125 million yuan [2] - Among individual stocks, Ningxia Building Materials had a net inflow of 10.03 million yuan from main funds, while it experienced a net outflow of 2.42 million yuan from speculative funds [3] - Sifang New Material recorded a net inflow of 2.83 million yuan from speculative funds, despite a net outflow of 3.64 million yuan from main funds [3]

Investment Rating - The report maintains a positive outlook on overseas growth and technology sectors, emphasizing the importance of identifying companies capable of navigating overseas cycles and accelerating domestic technology development [2][12]. Core Insights - The report highlights the impact of changes in the US interest rate stance on market sentiment, particularly affecting high-valuation sectors linked to overseas economies. It underscores the significance of finding resilient companies in overseas markets and the opportunity for domestic technology supply chain development [2][12]. - The report expresses optimism for the overseas and AI new materials sectors, citing the recent listing of "Le Shushi," a leading fast-moving consumer goods company in East and West Africa, as a notable addition to the overseas sector [2][12]. - In the traditional building materials and construction sectors, the focus has shifted to low-valuation or less-followed segments, with dividend policies becoming a key consideration. Companies are adapting to industry challenges by reducing capital expenditures and increasing dividends [3][13]. Summary by Sections Weekly Market Performance - The building materials index decreased by 6.46% during the week, with specific declines in glass manufacturing (-9.93%), fiberglass (-11.18%), and cement manufacturing (-6.06%) [17]. Price Changes in Building Materials - National cement prices slightly decreased by 0.4% week-on-week, with regional variations in price movements. Southern regions showed a slight increase in demand, while northern regions faced a decline due to weather conditions [26]. - The average price of float glass was reported at 1168.37 RMB/ton, reflecting a decrease of 2.26% week-on-week, with inventory levels increasing [38][52]. Sector Analysis - In the cement sector, the average price was 351 RMB/ton, down 78 RMB/ton year-on-year, with an average shipment rate of 45.7% [14]. - The fiberglass market showed stability in pricing, with the average price for 2400tex direct yarn at 3531.75 RMB/ton, a slight increase of 0.2% week-on-week [57]. - The report notes that the demand for construction materials remains weak, particularly in the completion phase, while retail segments show stable growth [16].

Market Overview - The cement sector experienced a decline of 2.3% on November 21, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable stock performances include: - Hainan Ruize (002596) increased by 5.92% to a closing price of 5.19 [1] - Sichuan Jinding (600678) decreased by 6.90% to a closing price of 9.58, with a trading volume of 427,700 shares and a turnover of 420 million yuan [2] - Fujian Cement (600802) fell by 6.80% to 6.44, with a trading volume of 400,400 shares and a turnover of 268 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 312 million yuan from main funds, while retail investors contributed a net inflow of 319 million yuan [2] - Specific stock capital flows indicate: - Western Construction (002302) had a net inflow of 24.90 million yuan from main funds, while retail investors contributed 8.14 million yuan [3] - Sichuan Jinding (600678) experienced a significant net outflow of 54.21 million yuan from main funds [3]

Core Viewpoint - Huanxin Building Materials has shown significant stock performance with a year-to-date increase of 93.38%, despite a recent slight decline in the last five trading days [1] Financial Performance - For the period from January to September 2025, Huanxin Building Materials achieved a revenue of 25.033 billion yuan, representing a year-on-year growth of 1.27%, while the net profit attributable to shareholders was 2.004 billion yuan, reflecting a substantial increase of 76.01% [2] - Cumulative cash dividends since the A-share listing amount to 13.594 billion yuan, with 3.127 billion yuan distributed over the last three years [3] Stock Market Activity - As of November 20, the stock price reached 22.51 yuan per share, with a trading volume of 1.28 billion yuan and a market capitalization of 46.798 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on July 25, where it recorded a net buy of -1.68 billion yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.81% to 42,600, with an average of 0 circulating shares per person [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.1895 million shares, and Southern CSI 500 ETF, which reduced its holdings by 213,700 shares [3]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12] Core Insights - The report highlights that the decline in real estate and infrastructure data is expanding, with a focus on policy expectations. The sales data for real estate remains weak, with a significant year-on-year drop in sales volume and area in October [6][7] - Cement shipments have seen a slight increase, while glass inventory has decreased marginally. The report continues to recommend investments in the African supply chain and existing supply chains, while also highlighting opportunities in AI specialty fabrics [2][9] Summary by Sections Real Estate and Infrastructure - From January to October, the sales revenue and area of commercial housing decreased by 9.6% and 6.8% year-on-year, respectively. In October alone, the declines were 24.3% and 18.8%, indicating a significant worsening compared to September [6] - New construction and completion data for real estate are both weak, with completion area down 16.9% year-on-year from January to October, and new construction area down 19.8% [7] Cement and Glass Market - In November, cement demand in southern regions showed a slight recovery, while the decline in northern regions slowed. The cement shipment rate in key areas is approximately 46%, a slight increase of 0.3 percentage points month-on-month, but down 6.2% year-on-year [8] - The glass market is experiencing weak price performance, with a total inventory of 59.62 million weight boxes, a decrease of 540,000 weight boxes week-on-week [40][41] Investment Recommendations - The report recommends companies such as Huaxin Cement and Keda Manufacturing in the African supply chain, highlighting their strong performance and market advantages [9] - For existing supply chains, it suggests focusing on stable leaders that may benefit from demand recovery and structural optimization, with specific mentions of companies like Sanke Tree and Tubaobao [9]

Market Overview - The cement sector experienced a decline of 1.75% on November 18, with Fujian Cement leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Fujian Cement saw a significant drop of 10.00%, closing at 7.65, with a trading volume of 401,000 shares and a turnover of 311 million yuan [2] - Other notable declines included Qing Song Jianhua (-3.98%), Xizang Tianlu (-3.33%), and Xibu Jianshe (-2.95%) [2] - Conversely, companies like Hongzhiwu and Sichuan Jinding showed slight increases, with gains of 2.36% and 0.77% respectively [1] Capital Flow Analysis - The cement sector experienced a net outflow of 251 million yuan from institutional investors, while retail investors saw a net inflow of 279 million yuan [2] - Major stocks like Conch Cement had a net inflow of 39.53 million yuan from institutional investors, while Qing Song Jianhua had a net inflow of 18.40 million yuan [3] - In contrast, stocks like Sanhe Guanzhuang and Jinju Jidong faced net outflows from both institutional and retail investors [3]

Group 1 - The report highlights a strong recovery in the cement and fiberglass sectors, with unique performance from various consumer building materials stocks driven by anti-involution, specialty fabrics, and overseas expansion [3][11]. - In 2026, the outlook for the building materials industry includes accelerated overseas expansion, benefiting companies that have adjusted their channel, product, and sales structures over the past four years [3][11]. - The report identifies key companies to watch, including Huaxin Cement, Keda Manufacturing, and Western Cement, which are positioned well for overseas growth [3][17]. Group 2 - The building materials sector outperformed the CSI 300 index with a cumulative increase of 22.35% from the beginning of 2025 to November 14, 2025, driven by high demand for specialty fiberglass and other catalysts [8][11]. - The report notes that the cement and fiberglass sectors have achieved profit recovery, with the fiberglass sector showing significant revenue growth [11][17]. - The report emphasizes the importance of overseas markets, particularly in Africa, where population growth and urbanization present substantial opportunities for building materials companies [27][35]. Group 3 - The report discusses the transformation of distribution channels in the consumer building materials sector, highlighting companies like Sanhe Tree and Dongpeng Holdings that have successfully adapted to market changes [3][17]. - The consumer building materials segment is expected to benefit from a recovery in domestic demand, with companies like China Liansu and Beixin Building Materials showing potential for growth [3][11]. - The report indicates that the fiberglass sector is experiencing stable profit improvements, with companies like China Jushi and China National Building Material expected to perform well [3][17]. Group 4 - The report outlines the significant growth potential in the fiberglass market, with expectations for continued high demand for specialty fabrics [3][17]. - The report highlights the competitive advantage of Chinese companies in the global market, particularly in cement production, where China accounts for 47% of global output [34][35]. - The report emphasizes the importance of overseas expansion for companies like Huaxin Cement and Keda Manufacturing, which are actively increasing their production capacities in emerging markets [42][54].

Market Overview - The cement sector experienced a decline of 0.67% on November 17, with Ta Pai Group leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Guotong Co., Ltd. (002205) with a closing price of 16.74, up 9.99% on a trading volume of 163,400 shares and a turnover of 266 million [1] - Huan Zhi Wu Shi (002596) with a closing price of 5.08, up 5.83% on a trading volume of 1,746,900 shares and a turnover of 884 million [1] - Fujian Cement (600802) with a closing price of 8.50, up 3.66% on a trading volume of 886,500 shares and a turnover of 743 million [1] - Conversely, Ta Pai Group (002233) saw a decline of 2.16% with a closing price of 8.62, trading 114,200 shares for a turnover of 98.77 million [2] - Other notable decliners included: - Huaxin Cement (600801) down 2.00% to 22.53 [2] - Conch Cement (600585) down 1.56% to 23.32 [2] Capital Flow Analysis - The cement sector saw a net inflow of 63.15 million from institutional investors, while retail investors experienced a net outflow of 10.57 million [2] - Key stocks with significant capital flow included: - Guotong Co., Ltd. (002205) with a net inflow of 91.54 million from institutional investors, representing 34.38% of its trading volume [3] - Huan Zhi Wu Shi (002596) with a net inflow of 18.09 million from institutional investors, representing 2.05% [3] - Ta Pai Group (002233) had a net outflow of 45.46 million from retail investors, representing -17.07% [3]