深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优质产业之间的纽带，通过将客户资产配置 于符合发展趋势的优质公司，实现客户资产的保值增值。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及9月2日披露的机构调研信息，知名私募正圆投资近期对1家上市公司进行了调研， 相关名单如下： 1）中材国际 （正圆投资参与公司券商策略会&业绩说明会&路演活动&电话会议） 个股亮点：中材国际是全球水泥技术装备及工程服务市场唯一具有完整产业链的企业，多年来，公司与 西藏水泥建材企业在工程技术服务业务方面保持了良好合作；公司正式完成DeepSeek的本地化部署， 向全级次提供大模型应用并开放企业知识库场景。 机构简介： ...

根据市场公开信息及9月2日披露的机构调研信息，知名私募泓澄投资近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 公司成立：泓澄投资由张弢和几位同行于2015年4月共同创立。创始人工作经验和知识结构互补。xa0长 期愿景：通过实质性的合伙人文化，构建一个对优秀资金管理者有吸引力的平台，为大众投资人创造长 期稳定的收益。xa0公司文化：开放、平等、共享、包容。xa0 1）中材国际 （泓澄投资参与公司券商策略会&业绩说明会&路演活动&电话会议） 个股亮点：中材国际是全球水泥技术装备及工程服务市场唯一具有完整产业链的企业，多年来，公司与 西藏水泥建材企业在工程技术服务业务方面保持了良好合作；公司正式完成DeepSeek的本地化部署， 向全级次提供大模型应用并开放企业知识库场景。 ...

个股亮点：中材国际是全球水泥技术装备及工程服务市场唯一具有完整产业链的企业，多年来，公司与 西藏水泥建材企业在工程技术服务业务方面保持了良好合作；公司正式完成DeepSeek的本地化部署， 向全级次提供大模型应用并开放企业知识库场景。 机构简介： 上海理成资产是国内最早成立的私募管理公司之一，十三年以来，始终坚持追求安全边际的成长股投资 理念，积淀一套完整而独特的投资管理知识体系。目前员工50人，近30人为专业投研人员，管理规模最 高超过100亿元，专注于医药、先进制造、大消费领域的二级股票多头策略和PIPE策略。理成长期业绩 排名居前，曾获得三届四座私募金牛奖。 根据市场公开信息及9月2日披露的机构调研信息，知名私募理成资产近期对2家上市公司进行了调研， 相关名单如下： 1）明月镜片 （上海理成资产参与公司特定对象调研） 个股亮点：公司与环球影业的超级IP小黄人大眼萌合作，首次发布了轻松控Pro小黄人定制款。；公司 目前和小米的合作正在有序推进中 2）中材国际 （理成资产参与公司券商策略会&业绩说明会&路演活动&电话会议） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Group 1 - The core viewpoint of the report is that Guosen Securities has given a "better than market" rating to China National Materials International (600970.SH) based on several positive indicators [1] - Revenue and profit have shown slight growth, indicating a stable financial performance [1] - The company has experienced rapid growth in new overseas orders, reinforcing its leading position in the industry [1] - Currency fluctuations have had a positive impact, with gross profit margin declining but net profit margin remaining stable year-on-year [1] - Accelerated payments have led to negative operating cash flow for the first half of the year, but there is strong certainty regarding high dividends [1] Group 2 - Risks highlighted include macroeconomic fluctuations, global cement industry downturn, international investment operational risks, currency risks, and risks related to profit forecasts and valuations [1]

中国建材集团董事长周育先告诉记者，水泥行业减碳主要靠"三招"，一是燃料替代，用生物质等燃料逐 步替代煤等化石燃料；二是原料替代，使用含有较低石灰石或替代性凝胶材料替代传统生料；三是对于 无法完全消除的剩余排放，部署CCUS技术，实现碳资源循环利用，"我们正在将这些已在中国实现商 业化的成熟低碳技术引入印尼，加速印尼水泥行业低碳转型"。 印尼能源与矿产资源部石油和天然气商业化领域高级专家萨蒂亚·汉加·尤达表示，印尼正聚焦下游化战 略与可再生能源发展，投资潜力巨大，中印尼在建材领域的合作有望通过优化能源供应链助力能源转 型，推动实现可持续、绿色、包容的经济增长。 印尼投资与下游化部副部长托多图阿·帕萨里布表示，中国对印尼的投资实现额在近六年间实现年均 31%的高速增长，有效助力印尼下游化战略，投资与下游化部会简化审批流程，打造更优投资环境，努 力降低企业投资风险。 印尼水泥协会会长利利克·翁古尔·拉哈尔乔表示，印尼水泥行业正计划通过能源效率提升、替代燃料/原 料应用和部署碳捕集、利用与封存技术（CCUS），力争到2050年实现净零碳排放。 作为中国建材集团国际工程业务的核心平台，中国中材国际工程股份有限公司以水泥 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][27] Core Views - The company has shown steady revenue and profit growth, with a 3.7% year-on-year increase in revenue to 21.68 billion yuan and a 1.6% increase in net profit to 1.42 billion yuan for the first half of 2025 [1][9] - The company has a strong position in the market, with a significant increase in overseas orders, achieving a 19% year-on-year growth in new overseas contracts, totaling 27.84 billion yuan [1][11] - The company is committed to maintaining high dividend payouts, with projected dividend distribution rates of no less than 48.40% and 53.24% for 2025 and 2026, respectively, leading to estimated dividend yields of 5.6% and 6.5% [20][24] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 21.68 billion yuan, a 3.7% increase year-on-year, and a net profit of 1.42 billion yuan, up 1.6% year-on-year [1][9] - The gross margin decreased to 16.7%, down 2.7 percentage points from the previous year, while the net margin remained stable at 7.1% [2][14] - The company experienced a negative operating cash flow of 610 million yuan due to increased payments to subcontractors, despite a slight improvement in cash collection [20] Order Book and Market Position - The company secured new contracts worth 41.16 billion yuan in the first half of 2025, an 11% increase year-on-year, with a total order backlog of 62.04 billion yuan, reflecting a 3.7% increase [1][11] - The company has maintained its leading position in the cement engineering service market for 17 consecutive years, with operations in 91 countries and regions [1][11] Future Outlook - The company forecasts net profits of 3.11 billion yuan, 3.32 billion yuan, and 3.59 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 1.18 yuan, 1.26 yuan, and 1.36 yuan [24][25] - The projected price-to-earnings ratios for the next three years are 7.8, 7.3, and 6.8 times, indicating a favorable valuation [24][25]

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-057 | | --- | --- | --- | | 债券代码：241560 | 债券简称: 24国工K1 | | 中国中材国际工程股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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。 中国中材国际工程股份有限公司（以下简称"公司"、"中材国际"）于2025 年8月29日下午，以视频直播结合网络互动的形式在上海证券交易所上证路演中 心（https://roadshow.sseinfo.com）和全景路演（https://rs.p5w.net）召 开了公司2025年半年度业绩说明会。现将相关情况公告如下： 一、说明会召开情况 关于本次说明会的召开事项，公司已于2025年8月21日在上海证券交易所网 站（https://www.sse.com.cn）及上海证券报、中国证券报上披露，详见公司 《关于召开2025年半年度业绩说明会的公告》（公告编号：临2025-052）。 2025年8月29日下午13: ...

公司研究 新签合同稳步提升，境外业务快速增长 ——中材国际（600970.SH）2025 年半年报点评 买入（维持） 当前价：9.13 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 2025 年 8 月 28 日 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 26.40 | | 总市值(亿元)： | 241.03 | | 一年最低/最高(元)： | 8.06/12.03 | | 近 3 月换手率： | 49.84% | 股价相对走势 -10% -1% 9% 19% 29% 08/24 11/24 02/25 05/25 中材国际 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -7.24 | -7.36 | -32.72 | | 绝对 | -1.19 | 6.88 | -0.02 ...