董事会议事规则 第 1 条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有效地履行其 职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司治理准则》、《上海证券交易所股票上市规则》和公司章程等有关规 定，制订本规则。 华新水泥股份有限公司 第 2 条 董事会组成 董事会至少由九名董事组成，设董事长一人，副董事长一人。董事会成员中至少包括三 分之一独立董事，独立董事中至少包括一名会计专业人士。 第 3 条 董事会职权 董事会行使下列职权： （八）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外担保 事项、委托理财、关联交易、对外捐赠等事项； －－1 （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的年度财务预算方案、决算方案； （五）制订公司的利润分配方案和弥补亏损方案； （六）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （七）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式的方 案； （九）决定公司内部管理 ...

华新水泥股份有限公司 股东会议事规则 第一章 总则 第 1 条 为规范公司行为，保证股东会依法行使职权，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》和公司章程的规定，制定本规则。 第 2 条 公司应当严格按照法律、行政法规、《上市公司股东大会规则》及公司章程的 相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽责， 确保股东会正常召开和依法行使职权。 第 3 条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第 4 条 股东会是公司的权力机构，依法行使下列职权： (一)决定公司的经营方针和投资计划； (二)选举和更换非由职工代表担任的董事、监事，决定有关董事、监事的报酬事项； (三)审议批准董事会的报告； (四)审议批准监事会报告； (五)审议批准公司的年度财务预算方案、决算方案； (六)审议批准公司的利润分配方案和弥补亏损方案； (七)对公司增加或者减少注册资本作出决议； (十二)审议批准公司章程第 55 67 条规定的担保事项； (十三)审议公司在一年内购买、出售重大资产超过公司最近一期经审计 ...

第 1 条 宗旨 为进一步规范本公司监事会的议事方式和表决程序，促使监事和监事会有效地履行监督 职责，完善公司法人治理结构，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司治理准则》、《上海证券交易所股票上市规则》和公司章程等有关规定，制订本规 则。 监事会议事规则 第 2 条 监事会组成 监事会由五名监事组成，监事会设主席一人。 华新水泥股份有限公司 （三）对董事、高级管理人员执行公司职务的行为进行监督，对违反法律、行政法规、 公司章程或者股东会决议的董事、高级管理人员提出解任的建议； （四）当董事、高级管理人员的行为侵害公司的合法权利时，要求董事、高级管理人员 予以纠正； （五）提议召开临时股东会，在董事会不履行《公司法》规定的召集和主持股东会职责 时召集和主持股东会； （六）核对董事会拟提交股东会的财务报告、营业报告和利润分配方案等财务资料，发 现疑问的，可以公司名义委托注册会计师、执业审计师帮助复审； （七）向股东会提出提案； （八）依照《公司法》的规定，对董事、高级管理人员提起诉讼； 1 －－ 监事会应当包括股东代表和适当比例的公司职工代表，其中职工代表的比例不低于三分 之一。监 ...

致：华新水泥股份有限公司 华新水泥股份有限公司股东会法律意见书 湖北松之盛律师事务所 关于华新水泥股份有限公司 2025 年第一次临时股东会 法律意见书 公司本次股东会现场会议于 2025 年 3 月 19 日如期召开，会议召 开的实际时间、地点和内容与公告一致。 公司本次股东会采用上海证券交易所股东大会网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 3 月 19 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 2025 年 3 月 19 日 9:15-15:00。 经验证，本次股东会的召集、召开程序符合法律、行政法规、《股 东大会规则》和《公司章程》的规定。 二、关于本次股东会出席会议人员、召集人的资格 （一）出席本次股东会的股东 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 2025 年 第一次临时股东会（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 ...

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 | 1、出席会议的股东和代理人人数 | | 596 | | --- | --- | --- | | 其中：A 股股东人数 | | 595 | | 境外上市外资股股东人数（H 股） | | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,361,576,026 | | | 其中：A 股股东持有股份总数 | | 911,718,043 | | 境外上市外资股股东持有股份总数（H 股） | | 449,857,983 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 65.4920 | 证券代码：600801 证券简称：华新水泥 公告编号：2025-005 华新水泥股份有限公司 2025 年第一次临时股东会决议公告 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法律责任。 (一) 股东大会召开的时间：2025 年 3 月 19 日 (二) 股东大会召开的地点：湖北省武汉市东湖新技术开发区高新大道 4 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The real estate beta factor has turned positive, indicating a favorable environment for retail building materials, with leading companies expected to enhance operational quality and market share through channel optimization and retail category expansion [2][7] - Cement demand is expected to continue declining in 2024, but there are signs of price stabilization and potential profit recovery in 2025, with leading cement companies recommended for their cost advantages and high dividend yields [2][11][14] - The building materials sector has a cash dividend ratio of 43.71% and a 12-month dividend yield of 2.22%, suggesting strong investment value in high-dividend stocks [15] Summary by Sections Industry Outlook and Investment Strategy - The report emphasizes the importance of retail building materials and suggests actively positioning in leading companies as the market shows signs of recovery [2][7] - The cement industry is expected to experience a bottoming out, with price stabilization and profit recovery anticipated in 2025 [11][14] - The focus is on identifying products with high price elasticity and improving market share, particularly in the retail segment [23] Market Performance - The building materials index showed a 1.18% increase, with specific sectors like consumer building materials performing well [24] - Cement prices increased by 1.6% during the reporting period, with a cumulative production of 1.825 billion tons in December 2024, reflecting a 9.5% year-on-year decline [30] Price Changes - The average price of cement in February 2025 was 399.41 yuan/ton, up 34.68 yuan/ton year-on-year [30] - The average price of float glass decreased by 20% to 1293 yuan/ton, with a production capacity utilization rate of 76.43% [37] - The price of non-alkali fiberglass increased slightly, with the average market price reaching 3824 yuan/ton, a 24.38% year-on-year increase [52]

Summary of Huanxin Cement Conference Call Industry Overview - The cement market in 2025 is expected to perform relatively well, with a gradual price increase anticipated due to several key factors [3][4][6] - The supply-demand balance in the cement industry is stabilizing, influenced by production control and varying recovery rates between northern and southern regions [4][5][6] Key Points Market Dynamics - The cement market is experiencing a controlled supply with delayed kiln openings, particularly in the southern market, which is gradually recovering but overall demand has not exceeded expectations [4][5] - Factors affecting cement demand include municipal infrastructure, real estate, and new rural construction, with a need to monitor funding availability and policy rhythms [4][6] Supply-Side Trends - There is a noticeable trend of later kiln openings compared to previous years, with significant production halts in January and February 2025 [7][8] - Major state-owned enterprises are focusing on supply control to avoid price wars and significant losses, leading to a reduction in effective market supply [8][9] Profitability and Strategy Adjustments - The industry's profit-seeking behavior is driving companies to adjust strategies, emphasizing production control to maintain profit levels after experiencing substantial losses in previous years [8][9] - The cement industry is expected to see a more stable market in 2025, with price stability being a key focus due to the lessons learned from past price wars [9][10] Huanxin Cement's Position - Huanxin Cement has a strong overseas business presence, with investments in 21 countries and a total capacity of 50 million tons, of which 35 million tons are overseas [4][11] - The company is focusing on low-carbon initiatives, having published a low-carbon white paper and entered the European low-carbon supply chain, positioning itself for future opportunities in carbon trading [15][16] Domestic Market Performance - Domestically, Huanxin Cement's operations are concentrated in Hunan, Hubei, and Yunnan, with Hubei being a significant base contributing to revenue [13][14] - The company has seen price increases earlier than expected in 2025, positively impacting its performance, with integrated business operations, particularly in aggregates, contributing significantly to profits [13][14] Investment Recommendation - Huanxin Cement is recommended for investment due to its strong growth potential in overseas markets, cost advantages in integrated operations, solid domestic foundation, and leadership in low-carbon initiatives [16]

Investment Rating - The industry rating is "Recommended" [5] Core Views - The construction materials industry is entering a peak season, with increasing downstream demand and effective implementation of staggered production, benefiting companies like Conch Cement, Huaxin Cement, and Tapai Group [1][7] - The recovery of second-hand housing transactions and government initiatives to boost consumption are expected to drive demand for consumer building materials, recommending companies such as Sankeshu and Weixing New Materials [1][8] - The government's focus on low-altitude economy development presents opportunities for companies like Huase Group and Design Institute [1][8] - Major engineering projects, such as the Yarlung project, are anticipated to commence, benefiting companies like Zhongyan Dadi [1][9] - The domestic demand for automotive coatings is expected to grow due to strong domestic substitution demand, recommending companies like Songji Coatings [1][11] Summary by Sections Market Overview - In the 11th week of 2025, new home transactions in 30 major cities showed a 2% year-on-year increase, with a total transaction area of 1,733.17 million square meters, up 11% year-on-year [2] - Second-hand housing transactions in 15 monitored cities increased by 42% year-on-year, indicating a robust market [2] Cement Market - The national average cement price rose to 393.86 yuan/ton, a 1.6% increase from the previous week, with significant price hikes in East, Central, and Southwest regions [3][24] - The operating load of cement mills increased to 37.12%, reflecting a recovery in demand [32] Investment Recommendations - Recommended companies include: - Conch Cement and Huaxin Cement for benefiting from rising cement prices [1][7] - Sankeshu and Weixing New Materials for their strong consumer building materials attributes [1][8] - Huase Group and Design Institute for low-altitude economy opportunities [1][8] - Zhongyan Dadi for potential orders from the Yarlung project [1][9] - Songji Coatings for growth in automotive coatings [1][11]

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The construction materials sector has shown a decline in the Shenyin Wanguo Construction Materials Index by 0.30%, underperforming the CSI 300 Index by 2.28% [4][5] - The cement prices have slightly decreased, while glass prices have increased. The national average cement price is 391.17 RMB/ton, down by 0.51% from January 27 [7][14] - The report highlights a significant drop in real estate transactions due to the Spring Festival, with a 71.5% decrease in transaction area [6] Summary by Sections Market Performance Review - The Shenyin Wanguo Construction Materials Index fell by 0.30%, while the CSI 300 Index rose by 1.98%, indicating a 2.28% underperformance [5] - The cement index decreased by 0.88%, while the glass and fiberglass index increased by 1.74% [5] Industry Dynamics and Key Sub-industry Tracking - Real estate transactions in 30 major cities saw a total of 5,359 units sold, a decrease of 12,846 units from the previous week, with a transaction area of 56.18 million square meters, down 71.5% [6] - The national cement average price has slightly decreased, with the largest drop in East China at 6.67 RMB/ton [7] - The national average price for float glass increased to 1,347.14 RMB/ton, up by 1.51% from January 27, with the largest increase in South China at 80 RMB/ton [14] Core Investment Insights - The cement industry is experiencing a continued price decline with reduced inventory levels, indicating a potential bottoming out of the market [16] - The glass industry is facing a balance of weak supply and demand, with a slight increase in production expected in 2024 compared to 2023 [16] - The report identifies a positive trend in the plastic pipe, building coatings, and gypsum board sectors, with leading companies likely to increase market share [17] Recommended Stocks - Recommended stocks include Conch Cement, Huaxin Cement, Qibin Group, and Weixing New Materials, with expected net profits for 2024-2026 outlined for each company [18][20]