长江商报消息 ●长江商报记者 沈右荣 中国建材集团旗下的上市平台之一中材国际（600970.SH）又在海 外揽下一份大单。 8月15日晚间，中材国际发布公告，公司及境外子公司签下了一份总承包合同，合同额2.98亿美元，约 合人民币21.4亿元。 2025年上半年，中材国际新签合同额约为412亿元，同比增长11%。其中，境外新签合同额约为278亿 元，同比增长19%。 截至2025年6月30日，中材国际未完合同额约为620亿元，较今年一季度末增长5.94%。 中材国际深耕全球市场，且国内市场齐头并进。2024年，公司境内外市场收入占比分别为51.27%、 48.27%。 近年来，尽管全球市场复杂多变，但中材国际的经营业绩表现出了确定性。2021年至2024年，公司营收 净利连续4年双增。 科技创新能力是中材国际的核心竞争力，公司称，公司拥有全流程、全规模、高品质、成套高端水泥技 术装备研发制造能力，依托科研创新和海量应用场景，主要性能指标达到世界领先水平。 2024年，中材国际研发投入17.70亿元。 新签合同额继续稳增长 海外市场发力，中材国际再签一份大单。 根据公告，近日，公司及沙特子公司与卡西姆水泥公司（ ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Core Viewpoint - China National Materials International Engineering Co., Ltd. has signed an EPC contract worth $298 million with Qassim Cement Company for a new cement production line in Saudi Arabia [1][2]. Group 1: Contract Details - The contract involves the establishment of a 10,000 TPD clinker cement production line at the existing plant in Buraidah, Qassim Province, Saudi Arabia [1]. - The scope of the project includes engineering, design, procurement, manufacturing, supply, insurance, delivery, inland transportation, storage, equipment handling, civil works, mechanical installation, electrical installation, testing, and commissioning [1]. - The contract value for the design, procurement, and supply executed by the company is $201.3 million, while the construction, installation, and equipment commissioning by the Saudi subsidiary amounts to $96.7 million [1]. Group 2: Project Timeline - The contract becomes effective upon the issuance of a prepayment bank guarantee and performance guarantee by the company, along with the receipt of prepayment and approval of the geological survey report and technical plan by the owner [2]. - The project is expected to produce clinker within 23 months and cement within 24 months from the start of the contract [2]. Group 3: Risk Considerations - The contract amount does not constitute a particularly significant contract for the company [3]. - The execution of overseas contracts may be influenced by complex factors, including exchange rate uncertainties [3].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including legal investigations, share transfers, bankruptcy applications, and financial performance updates, which may present both opportunities and risks for investors [3]. Group 1: Legal and Regulatory Developments - Sichuan Medical Technology received a notice from the Hangzhou Public Security Bureau regarding evidence collection for a suspected fraudulent securities issuance case, currently under investigation [4]. - Kewah Holdings announced that its controlling shareholder is planning a share transfer, leading to a temporary suspension of trading to ensure fair information disclosure [5]. - Upwind New Materials reported that its customer TPI Composites filed for Chapter 11 bankruptcy protection, potentially impacting the company's receivables of approximately 4.13 million USD (about 32.37 million RMB) [6][7]. Group 2: Financial Performance Updates - Dongfang Fortune reported a 38.65% year-on-year increase in revenue to 6.856 billion RMB and a 37.27% increase in net profit to 5.567 billion RMB for the first half of 2025 [14]. - Shengyi Electronics achieved a 91% increase in revenue to 3.769 billion RMB and a staggering 452% increase in net profit to 531 million RMB, proposing a cash dividend of 3 RMB per 10 shares [15]. - Blue Shield Optoelectronics reported a revenue decline of 27.26% to 186 million RMB and a net loss of 35.071 million RMB for the first half of 2025 [16]. - Tianjin Pharmaceutical reported a slight revenue decrease of 1.91% to 4.288 billion RMB, but a 16.97% increase in net profit to 775 million RMB, proposing a cash dividend of 2.1 RMB per 10 shares [17]. Group 3: Corporate Actions and Strategic Moves - New Natural Gas announced a capital restructuring and rights issue plan to raise approximately 239 million HKD for project expenditures, without affecting shareholder equity structure [8]. - Lianhong New Science plans to absorb its wholly-owned subsidiary Lianhong Chemical to enhance management efficiency and reduce costs, with no significant impact on financial status [9]. - Dazhong Pump Industry clarified that its revenue from products directly used in data center liquid cooling is only about 1.6 million RMB, representing 0.43% of total revenue, indicating limited impact on financials [10]. - Guanshi Technology stated it does not engage in the manufacturing of electron beam lithography equipment, with its related business revenue being less than 2% of total revenue [11]. Group 4: Shareholder Actions - Shuyou Shen announced that its major shareholder plans to reduce its stake by up to 2% through various trading methods [32]. - Western Gold announced a plan to reduce its stake by up to 1% due to funding needs [33]. - Kang Enbei Group intends to reduce its stake by up to 1% through market transactions [34].

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].

Group 1 - The stock of China National Materials International (中材国际) closed at 9.2 yuan on August 15, 2025, with an increase of 1.43% and a trading volume of 241,100 hands, resulting in a transaction amount of 221 million yuan [1] - On August 15, 2025, the net inflow of main funds was 14.54 million yuan, accounting for 6.59% of the total transaction amount, while retail investors experienced a net outflow of 7.38 million yuan, representing 3.34% of the total transaction amount [1] - Over the past five days, the stock has seen fluctuations in fund flows, with significant net outflows from retail investors on several days [1] Group 2 - As of the first quarter of 2025, China National Materials International reported a main business revenue of 10.147 billion yuan, a year-on-year decrease of 1.36%, while the net profit attributable to shareholders was 663 million yuan, an increase of 4.19% [2] - The company has a total market value of 24.288 billion yuan, with a net asset value of 23.445 billion yuan and a net profit of 663 million yuan, ranking 69th in the engineering construction industry [2] - The company's price-to-earnings ratio (P/E) is 9.16, significantly lower than the industry average of 35.58, indicating a potentially undervalued stock [2] Group 3 - In the last 90 days, 9 institutions have given buy ratings for the stock, with an average target price of 13.64 yuan [3] - The definitions of fund flows indicate that the stock price's upward movement is driven by active buying, while downward movements are influenced by active selling [3] - The classification of funds includes main funds as large orders, speculative funds as medium orders, and retail funds as small orders [4]

Group 1: Company Announcements - KWH Holdings announced that its controlling shareholder is planning to transfer shares, which may lead to a change in control. The stock will be suspended from trading for up to 2 days starting August 18, 2025 [2] - New Natural Gas announced that its overseas subsidiary, Zhongneng Holdings, plans to conduct a rights issue based on a 1-for-2 ratio, raising approximately HKD 239 million for project expenses. This will involve a capital restructuring that does not affect shareholder equity [3] - Lianhong New Science plans to absorb its wholly-owned subsidiary, Lianhong Chemical, to enhance management efficiency and reduce costs. This merger will not impact the company's financial status [4] Group 2: Financial Performance - Shengyi Electronics reported a 91% increase in revenue to CNY 3.769 billion and a 452% increase in net profit to CNY 531 million for the first half of 2025, proposing a cash dividend of CNY 0.3 per 10 shares [7] - Landun Optoelectronics experienced a 27.26% decline in revenue to CNY 186 million and a net loss of CNY 35.071 million in the first half of 2025, proposing a cash dividend of CNY 0.05 per 10 shares [9] - Tianjin Pharmaceutical reported a 1.91% decrease in revenue to CNY 4.288 billion but a 16.97% increase in net profit to CNY 775 million, proposing a cash dividend of CNY 2.1 per 10 shares [10] - Electric Science Digital's revenue increased by 7.56% to CNY 4.855 billion, but net profit fell by 19.33% to CNY 108 million, proposing a cash dividend of CNY 0.6 per 10 shares [11] - Tibet Pharmaceutical's revenue grew by 2.23% to CNY 1.651 billion, but net profit decreased by 8.96% to CNY 567 million, proposing a cash dividend of CNY 8.81 per 10 shares [12] - Jinwei Co. reported a 19.62% increase in net profit to CNY 253 million, proposing a cash dividend of CNY 2 per 10 shares [13] - Puyang Co. saw a 48.26% decline in net profit to CNY 68.903 million despite a 3.57% increase in revenue to CNY 2.794 billion [14] - Tongguan Copper Foil turned a profit with a net income of CNY 34.954 million, up from a loss, on revenue of CNY 2.997 billion, a 44.80% increase [15] - Jizhong Energy reported a 27.87% decline in revenue to CNY 7.293 billion and a 65.24% drop in net profit to CNY 348 million [16] - Botong Co. achieved a 42.95% increase in net profit to CNY 13.333 million, with revenue of CNY 149 million, a 5.23% increase [17] - Jinwo Co. reported a 94% increase in net profit to CNY 25.469 million, with revenue of CNY 614 million, a 7.96% increase [18] - Stone Technology's revenue increased by 78.96% to CNY 7.903 billion, but net profit fell by 39.55% to CNY 678 million [19] - North Car Blue Valley reported a revenue increase of 154.38% to CNY 9.517 billion but a net loss of CNY 2.308 billion [20] Group 3: Shareholder Actions - Shuyatong announced that its major shareholder plans to reduce its stake by up to 2% within three months [21] - Western Gold announced that a shareholder plans to reduce its stake by up to 1% [22] - Kang Enbei announced a plan to reduce its stake by up to 1% [23] - Changchun Yidong announced that a major shareholder plans to reduce its stake by up to 2.97% [24] Group 4: Financing and Contracts - Anshuo Information plans to raise up to CNY 600 million through a private placement for various projects [24] - China National Materials International signed an EPC contract for a cement production line in Saudi Arabia worth USD 298 million [25] - Yinlong Co. signed a labor subcontracting contract worth CNY 108 million [25] - *ST Songfa signed two procurement framework contracts for ship steel plates worth approximately CNY 3.371 billion [25]

南方财经8月15日电，中材国际公告称，公司及沙特子公司与卡西姆水泥公司签订了《沙特阿拉伯卡西 姆水泥公司10,000TPD熟料水泥生产线EPC总承包合同》，合同总价2.98亿美元。其中，公司执行的设 计、采购、供货合同金额为2.013亿美元，沙特子公司执行的施工、安装及设备调试、考核合同金额为 9,670万美元。合同自公司开具生效的预付款银行保函、履约保函并收到预付款，提交的地勘报告及技 术方案得到业主认可，业主开立信用证、完成场地移交开始计算工期，预计23个月出熟料，24个月出水 泥。该合同金额未构成公司特别重大合同。境外合同影响因素复杂，且履行时间较长，可能受到汇率等 不确定性影响。 ...

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-051 | | --- | --- | --- | | 债券代码：241560 | 债券简称：24国工K1 | | 近日，中国中材国际工程股份有限公司（以下简称"公司"）及沙特子公司 （即Sinoma International Engineering and Contracting Co., Ltd）与卡西 姆水泥公司（即QASSIM CEMENT COMPANY，以下简称"业主"）签订了《沙特阿 拉伯卡西姆水泥公司10,000TPD熟料水泥生产线EPC总承包合同》，合同总价2.98 亿美元。具体情况如下： 该项目位于沙特阿拉伯卡西姆省首府布赖代市，合同内容为在卡西姆现有 工厂内以EPC模式建立一条从石灰石破碎至水泥生产发运为止日产1万吨熟料的 水泥生产线。工程范围包括工程、设计、采购、制造、供应、保险、交付、内 陆运输、保管、设备的多重装卸与存储、土建、机械安装、电气安装、测试、 调试。其中，公司执行的设计、采购、供货合同金额为2.013亿美元，沙特子公 司执行的施工、安装及设备调试、考核合同金额为9,670万美元。 合同签署即 ...