| 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 ...

格隆汇8月15日丨中材国际(600970.SH)公布，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。 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。 合同签署即生效。合同约定，项目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，公司提 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。经判断，上述合 ...

Core Viewpoint - The company, China National Materials International (中材国际), has signed an EPC general contracting agreement with Qassim Cement Company in Saudi Arabia for a 10,000 TPD clinker cement production line, with a total contract value of $298 million [1] Group 1 - The contract amount does not constitute a particularly significant contract for the company [1] - The overseas contract is subject to complex influencing factors and has a long execution time, which may be affected by uncertainties such as exchange rates [1]

融券方面，当日融券卖出0.00万股，净买入5.46万股。 8月11日，沪深两融数据显示，中材国际获融资买入额0.21亿元，居两市第903位，当日融资偿还额0.24 亿元，净卖出275.64万元。 最近三个交易日，7日-11日，中材国际分别获融资买入0.15亿元、0.27亿元、0.21亿元。 来源：金融界 ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with 149 construction decoration companies disclosing CFO information [1] - The average age of CFOs in professional engineering companies is 47.83 years, with 50% aged between 40-50 years and 36.7% over 50 years [1] - The oldest male CFO is Yuan Lusheng from China Steel International at 59 years old, while the oldest female CFO is Wang Mingjun from Yaxiang Integration at 57 years old [1] Group 2 - The majority of CFOs in professional engineering companies have a short tenure, with 36.7% serving for 1-3 years [2] - Approximately 70% of CFOs hold a bachelor's degree, while 20% have a master's degree [2] - The average annual salary of CFOs in professional engineering companies is 714,100 yuan, which is 13% higher than that of the construction decoration industry, with a year-on-year increase of 5.2% [2] Group 3 - Male CFOs earn an average salary of 677,300 yuan, significantly lower than the average salary of female CFOs at 762,200 yuan [2] - The highest annual income among CFOs is 2.194 million yuan, held by Wang Yuan from China National Materials, which is 1.49 times that of the second highest, Lin Lin from China Haicheng [2]

近5日融资融券数据一览见下表： 证券之星消息，截至2025年8月6日收盘，中材国际(600970)报收于9.12元，下跌0.22%，换手率0.47%， 成交量10.54万手，成交额9601.54万元。 8月6日的资金流向数据方面，主力资金净流出1247.53万元，占总成交额12.99%，游资资金净流入 477.06万元，占总成交额4.97%，散户资金净流入770.47万元，占总成交额8.02%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-06 | 9.12 | -0.22% | -1247.53万 | -12.99% | 477.06万 | 4.97% | 770.47万 | - 8.02% | | 2025-08-05 | | 9.14 0.77% | ● 454.56万 | 4.49% | -713.11万 | -7.04% | 258.55万 | 2.55% | | ...

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Group 1 - The core point of the article highlights the financing activities of Zhongcai International, indicating a net selling position on August 1, with a total financing buy amount of 0.11 billion yuan and a net sell of 0.2927 million yuan [1] - Over the last three trading days, Zhongcai International experienced financing buy amounts of 0.34 billion yuan, 0.21 billion yuan, and 0.11 billion yuan respectively [1] Group 2 - In terms of securities lending, on the same day, there were 0.02 thousand shares sold short and a net purchase of 0.08 thousand shares [2]

Core Insights - The construction industry is expected to outperform the market in the second half of 2025, driven by improvements in asset quality and a potential recovery in demand [1][4] - Downstream demand remains weak, leading to accelerated balance sheet contraction among construction companies [1][4] - Infrastructure investment is anticipated to become a key driver for expanding domestic demand and stabilizing growth [3][4] Summary by Sections Industry Performance - In the first half of 2025, the total contract amount for new projects in the construction industry reached 25 trillion yuan, a year-on-year increase of 22.5%, although still significantly lower than levels in 2022-2023 [1][30] - The industry is experiencing a decline in new orders and revenue, but signs of a profitability turning point are emerging as some local construction companies accelerate the collection of receivables and repay existing debts [1][4] Inventory Cycle Perspective - The construction industry is nearing the end of a "passive inventory replenishment" phase, characterized by a lagged response of inventory fluctuations to changes in downstream demand [2][77] - Since 2021, the industry has entered a phase of passive inventory accumulation due to prolonged project repayment cycles and a concentration of PPP projects transitioning to operational phases [2][82] Infrastructure Investment - Infrastructure investment is seen as a critical measure to expand domestic demand and stabilize economic growth, especially in light of pressures on price indicators and the need for effective investment [3][4] - The government is expected to increase fiscal support for infrastructure projects, particularly in areas related to public welfare and energy security [3][4] Investment Recommendations - The report maintains a positive outlook for the construction sector in the second half of 2025, suggesting that asset quality improvements will align with demand recovery [4] - Recommended stocks include Yaxiang Integration, Zhongyan Dadi, China Railway Construction, and others, which are expected to benefit from the anticipated recovery in infrastructure investment [4][8]