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 ...

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]

Group 1 - The stock of China National Materials (600970) closed at 9.12 yuan on August 6, 2025, down 0.22% with a turnover rate of 0.47% and a trading volume of 105,400 hands, amounting to 96.02 million yuan [1] - On August 6, the net outflow of main funds was 12.99% of the total trading volume, while retail investors saw a net inflow of 8.02% [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with significant net outflows from main funds on several days [1] Group 2 - China National Materials has a total market value of 24.076 billion yuan, which is higher than the industry average of 21.321 billion yuan, ranking 11th in the industry [2] - The company's net profit for Q1 2025 was 663 million yuan, a year-on-year increase of 4.19%, while its main revenue decreased by 1.36% to 10.147 billion yuan [2] - The company has a gross profit margin of 16.97%, which is above the industry average of 13.09%, and a net profit margin of 6.99% [2] Group 3 - In the last 90 days, nine institutions have given a buy rating for the stock, with an average target price of 13.64 yuan [3] - The definitions of fund flows indicate that the stock price movements are influenced by the balance of buying and selling pressures [3][4]