事件 2025 年10 月8 日，公司发布公告：①拟向激励对象11 人授予限制性股票257.8 万股，②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，③公司终止筹划境外子公司分拆上市，④公 司拟更名为"华新建材"，证券代码未变。 点评 4）拟更名为"华新建材"：因公司现有名称中的"水泥"已不能完全涵盖公司业务类型，公司董事会同意 将公司中文名称由"华新水泥股份有限公司"变更为"华新建材集团股份有限公司"，标志公司从水泥走向 建材，稳扎稳打、扩大品类。 盈利预测、估值与评级 考虑到非洲市场稳健发展，股票激励计划提高管理层积极性，我们预计2025-2027 年公司归母净利润为 28、35 和37 亿元，同比增速分别为16%、25%、7%，对应PE 分别为13、10、10 倍，维持"买入"评 级。 风险提示 非洲产能增长过快的风险、国内价格竞争激烈、汇率波动等。 1）限制性股票激励计划：本计划拟向激励对象授予不超过257.80万股的限制性股票，涉及标的股票占 公司股本总额0.1240%，授予价格为每股9.24 元，本次激励计划有两个解除限售期，分别是授予后36 个 月和48 个 ...

Core Insights - The report highlights a strong performance in the A-share market, with major indices achieving significant monthly gains, particularly the ChiNext Index which rose by 12.04% in September [4] - The stock portfolio for October 2025 shows a diverse range of companies with strong investment themes, including overseas expansion, innovative pharmaceuticals, and recovery in the wind power sector [2][3] Company Summaries Huaxin Cement (600801) - The company is actively expanding overseas, aiming to double its cement production capacity from 25 million tons to approximately 50 million tons by 2025 [10] - Despite a slight decline in cement sales, non-cement business segments such as aggregates and concrete have shown significant growth [10] - The company reported a revenue of 34.217 billion yuan in 2024, marking a 1.36% increase year-on-year, with a notable recovery in net profit in the first half of 2025 [10] Luoyang Molybdenum (603993) - The company achieved record high operating performance with a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan in the first half of 2025, reflecting a 60.07% year-on-year increase [12] - The company is expanding its global footprint, particularly in gold resources, and has successfully acquired a mining project in Ecuador [16] - The diversified product portfolio, including copper and cobalt, positions the company well against market fluctuations [16] Heng Rui Medicine (600276) - The company reported a stable growth in Q2 2025, with a revenue of 8.556 billion yuan, up 12.53% year-on-year, and a net profit of 2.576 billion yuan, up 24.88% [20] - The innovative drug segment is a key driver of growth, contributing significantly to overall revenue [20] - The company is focusing on accelerating the commercialization of new products to enhance future growth [20] CATL (300750) - The company reported a revenue of 178.886 billion yuan in the first half of 2025, with a net profit of 30.485 billion yuan, reflecting a 33.33% increase year-on-year [24] - CATL continues to innovate with new products in the electric vehicle battery sector, maintaining a strong market position [24] - The company is expanding its production capacity and has significant cash reserves to support its growth strategy [24] Goldwind Technology (002202) - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a 41.26% increase year-on-year, with a notable improvement in profitability [29] - The sales of large wind turbine units have significantly increased, with a sales capacity of 10.64 GW, up 106.60% year-on-year [29] - The international business segment has also seen substantial growth, with a revenue increase of 75.34% [29] XCMG Machinery (000425) - The company reported a revenue of 54.808 billion yuan in the first half of 2025, a growth of 8.04% year-on-year, with a net profit of 4.358 billion yuan [34] - The company is focusing on expanding its overseas business, which now accounts for 46.61% of total revenue [34] - The growth in demand for earth-moving machinery and the recovery in the lifting machinery sector are key highlights [34] Inovance Technology (300124) - The company reported a revenue of approximately 9 billion yuan in the first half of 2025, with a 50% increase in its new energy business [38] - The company is leveraging its multi-platform and customized solutions to enhance its market position [38] - Significant growth in international sales, particularly in emerging markets, is noted [38] Changdian Technology (600584) - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, a 20.14% increase year-on-year, despite a decline in net profit [43] - Changdian Technology is recognized as a leading player in advanced packaging technology within the semiconductor industry [43] - The company is focusing on automotive electronics and has seen a 34.2% increase in revenue from this segment [43] Luxshare Precision (002475) - The company reported a revenue of 1245.03 billion yuan in the first half of 2025, with a net profit of 6.644 billion yuan, reflecting a 23.13% increase [48] - The consumer electronics segment continues to grow steadily, with significant contributions from new product launches [48] - The automotive business has shown remarkable growth, with an 82.07% increase in revenue [48] Kingsoft Office (688111) - The company is focusing on integrating AI technologies into its office solutions, aiming to enhance productivity and user experience [49] - The report indicates a strong market position and growth potential in the AI-driven office software sector [49]

Market Overview - The cement sector increased by 2.66% on October 9, with Tianshan Co. leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Individual Stock Performance - Tianshan Co. (000877) closed at 6.57, up 9.14% with a trading volume of 1.4871 million shares [1] - Qingsong Jianhua (600425) closed at 4.68, up 5.64% with a trading volume of 1.2673 million shares [1] - Xibu Construction (002302) closed at 6.94, up 5.31% with a trading volume of 453,600 shares [1] - Wan Nian Qing (000789) closed at 6.04, up 4.14% with a trading volume of 193,400 shares [1] - Other notable performers include Tapai Group (002233) and Sichuan Jinding (600678), with increases of 2.63% and 2.60% respectively [1] Fund Flow Analysis - The cement sector saw a net inflow of 233 million yuan from institutional investors, while retail investors experienced a net outflow of 62.51 million yuan [2] - Major stocks like Tianshan Co. and Conch Cement (600585) had significant fund flow variations, with Tianshan Co. experiencing a net outflow of 90.91 million yuan from institutional investors [3] - Conch Cement had a net inflow of 87.31 million yuan from institutional investors, indicating strong interest [3]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company plans to grant 2.578 million restricted stocks to 11 incentive targets, representing 0.124% of the total share capital, with a grant price of 9.24 yuan per share. The plan includes two vesting periods of 36 and 48 months, with 50% of the stocks vesting in each period. Performance metrics include relative total shareholder return and compound annual growth rate of earnings per share (EPS) [3][4]. - The company intends to repurchase shares worth between 32.25 million yuan and 64.5 million yuan, at a price not exceeding 25 yuan per share, to support the restricted stock incentive plan [3][4]. - The company has decided to terminate plans for a spin-off listing of its overseas subsidiary due to time constraints and to mitigate dilution effects on the parent company, indicating healthy development of its overseas business [4]. - The company will change its name from "华新水泥股份有限公司" to "华新建材集团股份有限公司" to better reflect its business scope beyond cement, marking a strategic shift towards broader building materials [4]. Financial Projections - The company expects net profit attributable to shareholders to be 2.8 billion yuan, 3.5 billion yuan, and 3.7 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 25%, and 7% [5]. - Revenue projections for 2025, 2026, and 2027 are 36.647 billion yuan, 38.620 billion yuan, and 41.221 billion yuan, with growth rates of 7.1%, 5.4%, and 6.7% respectively [10].

经与相关各方充分沟通及审慎论证，由于本次分拆上市所需时间超出预期，结合公司目前海外业务稳定 增长的情况并考虑未来市场变化，存在本次分拆上市完成前，公司届时最近一个会计年度合并报表中按 权益享有的拟分拆子公司的净利润超过归属于上市公司股东的净利润的50%，进而不再满足《上市公司 分拆规则(试行)》相关规定的可能性。综合考虑上述情况后，公司决定终止筹划本次分拆上市。 格隆汇10月8日丨华新水泥(600801.SH)公布，公司原筹划将下属全部实际开展生产经营的境外资产整合 至拟由华新水泥或其附属公司设立的境外子公司(以下简称"拟分拆子公司")旗下，并拟申请将拟分拆子 公司分拆至境外证券交易所上市(以下简称"本次分拆上市")。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Greater China Materials** industry, highlighting a **liquidity-driven bull market** supported by **supply disruptions** that are positively impacting commodity prices. The preference is for **gold, copper, and aluminum equities** in this environment [1][4][10]. Core Insights and Arguments - **Commodity Price Forecasts**: - **Aluminum**: Morgan Stanley forecasts $2,659 per ton for 2H2025, which is 6% higher than consensus. For CY2026, the forecast is $2,750, 8% above consensus [10]. - **Copper**: Expected price of $10,047 per ton for 2H2025, 5% above consensus, and $10,650 for CY2026, 9% above consensus [10]. - **Gold**: Projected at $3,719 per ounce for 2H2025, 9% above consensus, and $4,400 for CY2026, 34% above consensus [10]. - **Steel Demand Drivers**: - The **China Steel Demand Drivers** for 2025 include: - **Machinery**: 30% - **Infrastructure**: 17% - **Residential Property**: 14% - **Auto**: 9% [17][19]. - **Copper Consumption Index**: The **China Copper Consumption Index** indicates a significant reliance on sectors such as **Power (47%)**, **White Goods (15%)**, and **Auto (10%)** [21][22]. - **Aluminum Demand Breakdown**: The **China aluminum demand** is driven by: - **Property**: 22% - **Passenger Vehicles**: 20% - **Grid Investment**: 11% [27]. Additional Important Insights - **Infrastructure Spending**: - Infrastructure spending has partially offset the slowdown in new property starts, with a **5.4% YoY increase** in infrastructure spending for the first eight months of 2025 [35][55]. - **Weekly Shipments**: - Weekly cement and rebar shipments in China are being monitored, indicating trends in demand and supply dynamics [55][56]. - **Market Sentiment**: - The overall sentiment in the materials sector remains **attractive**, with Morgan Stanley's research indicating potential conflicts of interest due to business relationships with covered companies [4][5]. - **Analyst Team**: The call featured insights from a team of equity analysts at Morgan Stanley, emphasizing the importance of their research in investment decision-making [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the Greater China Materials industry and its current market dynamics.

Summary of Huaxin Cement Conference Call Industry Overview - The cement industry is currently under pressure with overall profitability declining, but there is a strong willingness among companies to raise prices. The traditional peak season of "Golden September and Silver October" may lead to a short-term rebound in cement prices, although actual demand recovery needs to be monitored [2][3] Company Highlights - Huaxin Cement has a significant advantage in overseas operations, with an overseas capacity reaching 35 million tons by the end of 2025, ranking first among domestic companies venturing abroad. The medium to long-term target is 50 million tons, primarily distributed in Africa, where the market structure is relatively stable and competitive pressure is low. The profitability per ton of overseas cement is significantly higher than that of domestic operations [2][4] - The company recently completed the consolidation of its Indonesian capacity, exceeding 30 million tons in overseas capacity. It has launched a broad-based equity incentive plan and a core employee stock ownership plan, focusing on shareholder returns and earnings per share growth, which is expected to enhance management efficiency [2][6] - Huaxin Cement's domestic aggregate business is performing exceptionally well, ranking first in both capacity and profitability nationwide, serving as a major source of profit. Despite a decline in aggregate prices, the company maintains a competitive edge due to prior mining reserves and cost control [2][7] Financial Projections - Future profitability for Huaxin Cement is expected to improve, driven by stable growth in overseas demand, optimized internal incentive mechanisms, and international market expansion. However, attention should be paid to the impact of exchange rate fluctuations on overseas profits, which can affect net profit by approximately 30 yuan per ton [2][8][9] Market Conditions - The current market environment for the cement industry shows that leading companies are operating below safety lines, with many small to medium enterprises in East China facing losses. The industry is strongly advocating for price increases, especially with the arrival of the peak season [3][11] - The domestic cement market lacks significant demand growth, with companies focusing more on supply-side reforms. The capacity replacement progress in the first half of 2025 was below expectations, and the second half will require close attention to capacity replacement and overproduction policies [4][11] Stock Performance and Future Outlook - Huaxin Cement's stock price is highly sensitive to macroeconomic conditions and supply dynamics. The stock price is expected to respond positively to anticipated price increases in the fourth quarter. Following the consolidation of Huaxin's operations, the annual profit forecast has been slightly adjusted upwards, with expected net profits of 2.8 billion, 3.5 billion, and 3.7 billion yuan for 2025-2027, corresponding to growth rates of 17%, 24%, and 7% respectively [12][13] Key Considerations for the Second Half - In the second half of the year, attention should be paid to potential new policies and industry price increase expectations. The strong performance of overseas business and plans for the spin-off of overseas subsidiaries for listing, along with the new equity incentive plan, make the development in the second half of the year promising [13]

消息面上，华新水泥发布公告称，董事会建议将公司的中文名称由"华新水泥股份有限公司"变更为"华 新建材集团股份有限公司"，英文名称由"HUAXIN CEMENT CO., LTD."变更为"HUAXIN BUILDING MATERIALS GROUP CO., LTD."。建议更改公司名称须待于临时股东会上以普通决议案的方式批准;及 香港公司注册处批准并向公司发出更改名称注册证书后，方告作实。 智通财经APP获悉，华新水泥(06655)一度涨超5%，截至发稿，涨4.96%，报15.23港元，成交额699.95万 港元。 此外，公司宣布，原筹划将下属全部实际开展生产经营的境外资产整合至拟由华新水泥或其附属公司设 立的境外子公司旗下，并拟申请将拟分拆子公司分拆至境外证券交易所上市。经与相关各方充分沟通及 审慎论证，由于本次分拆上市所需时间超出预期，结合公司目前海外业务稳定增长的情况并考虑未来市 场变化，存在本次分拆上市完成前，公司届时最近一个会计年度合并报表中按权益享有的拟分拆子公司 的净利润超过归属于上市公司股东的净利润的50%，进而不再满足《上市公司分拆规则(试行)》相关规 定的可能性。综合考虑上述情况后，公 ...

消息面上，华新水泥发布公告称，董事会建议将公司的中文名称由"华新水泥股份有限公司"变更为"华 新建材集团股份有限公司"，英文名称由"HUAXIN CEMENT CO.,LTD."变更为"HUAXIN BUILDING MATERIALS GROUP CO.,LTD."。建议更改公司名称须待于临时股东会上以普通决议案的方式批准;及 香港公司注册处批准并向公司发出更改名称注册证书后，方告作实。 华新水泥（600801）(06655)一度涨超5%，截至发稿，涨4.96%，报15.23港元，成交额699.95万港元。 此外，公司宣布，原筹划将下属全部实际开展生产经营的境外资产整合至拟由华新水泥或其附属公司设 立的境外子公司旗下，并拟申请将拟分拆子公司分拆至境外证券交易所上市。经与相关各方充分沟通及 审慎论证，由于本次分拆上市所需时间超出预期，结合公司目前海外业务稳定增长的情况并考虑未来市 场变化，存在本次分拆上市完成前，公司届时最近一个会计年度合并报表中按权益享有的拟分拆子公司 的净利润超过归属于上市公司股东的净利润的50%，进而不再满足《上市公司分拆规则(试行)》相关规 定的可能性。综合考虑上述情况后，公司决定终止 ...

Group 1 - On October 9, a total of 7 companies announced 8 stock repurchase updates [1] - One company disclosed a stock repurchase plan for the first time, while five companies reported progress on their repurchase implementations, and one company completed its repurchase plan [1] - Huaxin Cement plans to repurchase up to 64.5 million yuan [1] Group 2 - Jianghan New Materials, Hunan Baiyin, and China Communications Construction Company reported the highest repurchase amounts, with 200 million yuan, 92.6006 million yuan, and 85.547 million yuan respectively [1]