Core Insights - The Second SINOMA Cement Green & Intelligent Summit was held in Nanjing, focusing on green and low-carbon development, digital design, and intelligent management, with over 400 representatives from 34 countries participating [1][2][11]. Group 1: Company Initiatives - China National Building Materials Group (CNBM) emphasized its commitment to "Better Materials Better World" and aims to serve the industry with high-quality innovations, establishing the summit as a regular platform for global cement enterprises [4][5]. - SINOMA International Engineering Co., Ltd. has been instrumental in enhancing cooperation between China and South Africa since 2006, showcasing its expertise and inviting international businesses to invest in South Africa [6]. - SINOMA International has contributed significantly to Ethiopia's cement industry by promoting local production and job creation, encouraging further investment in the sector [7]. Group 2: Conference Highlights - The summit featured two sub-forums on "Green Low-Carbon" and "Digital Intelligence," with 29 invited reports and special technical lectures delivered across six sessions [10]. - The event served as a platform for enhancing communication, building trust, and strengthening cooperation among enterprises in the global green and intelligent building materials industry [11][12]. - SINOMA International aims to create a data-driven green and intelligent technology and service system to promote sustainable development in the global cement industry [10].

Investment Rating - The report suggests a positive outlook for the construction industry, particularly focusing on urban renewal and infrastructure investment supported by government bonds [1][3]. Core Insights - The report highlights that in April, China's new social financing reached 1.16 trillion, an increase of 1.2 trillion compared to the same period last year, with a cumulative total of 16.3 trillion from January to April, up by 3.6 trillion year-on-year. The increase in government bonds, particularly special bonds, is a significant driver of this growth [1][3]. - The report emphasizes the acceleration of government bond issuance this year compared to last year, indicating ample fiscal resources to support investment. It recommends focusing on investment directions related to urban renewal policies [1][3]. - The report notes that the Central and State Council have issued documents to promote urban renewal, including the renovation of old neighborhoods and improvement of urban infrastructure [3]. Summary by Sections Market Performance - The CITIC Construction Index rose by 0.9% this week, while the CSI 300 increased by 1.1%, indicating that the construction sector underperformed the broader market by 0.2 percentage points [2][12]. - Among construction sub-sectors, residential construction performed the best, outperforming the market by 1.1 percentage points [2][14]. Financing Situation - Local government special bond financing totaled 95.6 billion this week, with a net financing amount of 94.5 billion. The cumulative issuance of new special bonds for 2025 is projected to reach 1.3372 trillion, with a progress rate of 29.7% [2][21]. - City investment bonds saw a total financing of 8.2 billion this week, with a net financing of -23.6 billion, reflecting a 28 billion increase compared to the previous week [2][32]. Industry News - The report mentions that the central government will support urban renewal actions and encourage financial institutions to participate in a compliant and sustainable manner [3]. - It also highlights that the share of new energy and renewable energy installations in Shandong has exceeded 51% [3]. Investment Recommendations - The report suggests focusing on state-owned enterprises involved in infrastructure, such as China Nuclear Engineering, China State Construction, and China Communications Construction, as well as companies engaged in new infrastructure like Honglu Steel Structure and Tunnel Co [3]. - It also recommends monitoring companies involved in overseas projects, such as Shanghai Port and Northern International [3].

建筑装饰/ 行业投资策略周报/ 2025.05.18 金属价格上涨利好哪些建筑企业 投资评级:看好(维持) 最近 12 月市场表现 -22% -15% -7% 0% 8% 15% 建筑装饰 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《当前时点如何看"一带一路"板块》 2025-05-11 2. 《国内经营依旧承压，Q4 经营现金 流同比改善》 2025-05-05 3. 《己二腈需求稳步增长，国产替代或 进一步加快》 2025-04-21 核心观点 请阅读最后一页的重要声明！ ❖ 关税缓和下宏观情绪修复，有色金属价格迎来普涨。5 月 12 日中美两国 发布《中美日内瓦经贸会谈联合声明》，中国将在 90 天内将美国商品加征关税 从 125%降至 10%，美国将在 90 天内将对中国商品加征关税从 145%降至 30%， 双方降幅同为 91%，在中美关系阶段性缓和背景下，宏观情绪改善带动部分有 色金属价格上涨。此外，部分小金属受供需变动及地缘博弈等影响，价格也实 现较大涨幅。截至 5 月 16 日，铜、铝、铅、镍、锌、钴、钼 ...

Core Viewpoint - The conference held by China National Materials International focused on promoting green, intelligent, and collaborative development in the cement industry, emphasizing international cooperation and technological advancements for a sustainable future [2]. Group 1: Business Strategy and Development - China National Materials International has been enhancing its core business while exploring new growth areas, including photovoltaic EPC and wind power, to diversify its overseas market presence [3]. - The company has restructured its equipment sector and established a high-end equipment manufacturing platform, achieving over 60% self-sufficiency in ten core equipment categories [3]. - In 2024, the company plans to implement advanced green technologies and intelligent factory applications, including the world's first all-oxygen combustion technology in the cement industry [3][4]. Group 2: International Expansion and Market Performance - The company has accelerated its internationalization strategy, with international revenue accounting for 17% of total income in 2024, focusing on emerging markets and localizing its operations [6]. - In 2023, the company secured contracts for 19 overseas cement production lines across 15 countries, with a total new contract value of 36.2 billion, reflecting a 9% year-on-year increase [7]. - The overseas business achieved a revenue of 22.3 billion, marking an 11% increase, with a gross margin of 23.07%, up by 1.87 percentage points [7]. Group 3: Innovation and Sustainability - The company is committed to digital and intelligent transformation, establishing "lighthouse factories" that focus on green and low-carbon production [10]. - Recent innovations include the development of AI technologies for optimizing cement production processes, enhancing efficiency and decision-making [11]. - The company has pioneered carbon capture technologies, achieving significant advancements in reducing carbon emissions in cement production [11].

Core Viewpoint - The conference focused on promoting green, low-carbon, and intelligent development in the global cement industry, providing a platform for technical exchange and collaboration among industry experts and leaders [1][3]. Group 1: Conference Highlights - The third Cement Green Intelligent Development Conference was held in Hefei, attended by over 580 industry elites and experts from 49 countries [1]. - Keynote speeches emphasized the importance of advanced technology and collaboration in achieving sustainable development in the cement industry [3][5]. Group 2: Industry Insights - The cement industry has seen a significant increase in profitability in the first four months of the year compared to the same period last year, with many companies reporting substantial growth [5]. - The industry is encouraged to focus on product value rather than price competition to gain market recognition [5]. Group 3: International Expansion - The company has made progress in international market expansion, securing contracts worth 36.2 billion in 15 countries, with a 11% increase in overseas revenue and a gross profit margin of 23.07% [6]. - The internationalization index of the company reached 44.83%, reflecting a nearly 3% year-on-year growth [6]. Group 4: Technological Innovations - The conference announced four technological innovation achievements for the company by 2025 [8]. - Expert reports discussed various topics, including the importance of decarbonization in the construction industry and advancements in waste resource utilization technology [8].

Core Viewpoint - China National Materials International Engineering Co., Ltd. is currently facing a decline in stock price and has a lower price-to-earnings (PE) ratio compared to the industry average, indicating potential undervaluation in the engineering construction sector [1][2]. Company Summary - The closing stock price of China National Materials International is 9.39 yuan, down 1.05%, with a rolling PE ratio of 8.24 times and a total market capitalization of 24.809 billion yuan [1]. - The company ranks 29th in the engineering construction industry, which has an average PE ratio of 12.93 times and a median of 19.80 times [1][2]. - As of the first quarter of 2025, 20 institutions hold shares in the company, including 14 funds, 4 others, and 2 social security funds, with a total holding of 1,721.6515 million shares valued at 16.493 billion yuan [1]. - The main business areas of the company include engineering technology services, high-end equipment manufacturing, production operation services, and other businesses, with key products such as cement, mining engineering, green energy and environmental protection, and various engineering equipment [1]. Financial Performance - In the first quarter of 2025, the company reported operating revenue of 10.147 billion yuan, a year-on-year decrease of 1.37%, and a net profit of 663 million yuan, a year-on-year increase of 4.19%, with a sales gross margin of 16.97% [1].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-032 | | --- | --- | --- | | 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 2021 年限制性股票激励计划部分限制性股票回购注销 实施公告 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。 重要内容提示： 回购注销原因：根据中国中材国际工程股份有限公司（以下简称"公 司"或"中材国际"）2021 年限制性股票激励计划（以下简称"《激励计划》" 或"《激励计划草案》"）的有关规定，公司 2021 年限制性股票激励计划 16 名首次授予激励对象持有的 1,722,538 股及 2 名预留授予激励对象持有的 341,200 股已获授但未达解除限售条件的限制性股票应予回购注销。综上， 公司本次回购注销的限制性股票数量合计为 2,063,738 股。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | --- | --- | --- | | 2, ...

北京市嘉源律师事务所 关于中国中材国际工程股份有限公司 2021 年限制性股票激励计划部分 限制性股票回购注销之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年五月 律师 事务院 YUAN LAW OFFICE 北京 BEI JING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 北京市嘉源律师事务所 关于中国中材国际工程股份有限公司2021年限制性股票激 励计划部分限制性股票回购注销 之法律意见书 北京市嘉源律师事务所(以下简称"本所")接受中国中材国际工程股份有限 公司(以下简称"中材国际"或"公司"）的委托,就公司 2021 年限制性股票激励 计划(以下简称"本激励计划")16 名首次授予激励对象持有的 1.722.538 股及 2 名预留授予激励对象持有的 341,200 股已获授但未达解除限售条件的限制性股票 应予回购注销(以下简称"本次回购注销")相关事宜出具本法律意见书。 本法律意见书系依据《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》、中国证券监督管理委员会 ...

证券研究报告 工业/基础材料 重点工程积极推进，关注淡季价格支撑 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点：基建重点工程积极推进，关注建材淡季价格回落幅度 上周"一揽子金融政策支持稳市场稳预期"新闻发布会召开，公布实施降准 降息、公积金贷款和结构性货币政策工具利率下调、房地产融资制度改革等， 有望助力地产需求"止跌回稳"趋势。超长期特别国债和新型政策性金融工 具有望加快基建重点工程建设，今年 1-4 月全国铁路投资同比+5.3%，4 月 单月同比+5.7%，铁路、水利、核电等重点领域基建投资延续高景气。上周 公募基金改革方案发布，中长期有望提升低配的建筑建材龙头配置比例。我 们持续推荐估值尚处于低位的基建链及地产链龙头，短期重点推荐四川路 桥、中材国际、海南华铁、三联虹普、中国建筑国际、华新水泥、上峰水泥、 中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 5.9，上周全国水泥价格周环比-1.2%；水泥出货率 48.1%，周环比/同 比-1.5%/-6.1pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 -0.3%/-21.3%，重点样本企业库存 58 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 重视建筑板块高股息投资机会 报告要点 [Table_Summary] [Table_Summary] 继续看好建筑板块高股息投资机会：1）建筑央企：资质齐全，经营稳健受益稳增长，高股息 首选中国建筑；2）地方国企：聚焦政策发展趋势和方向，四川省战略腹地建设，首选四川路 桥；3）国际工程：重视"一带一路"投资机遇，标的包括中钢国际&中材国际；4）优质民 企：筛选经营基本面稳健，分红率提升标的，首选江河集团。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% 央企高股息首选中国建筑：1）2024 年公司业绩承压，但通过提高分红率（从 20%左右提升到 24%以上）保障分红，高股息属性凸显；2）订单来看，基建业务新签高增：2024 年公司基建 业务新签合同额 14149 亿元，同比增长 21.1%；2025Q1 基建新签同比增长 40%；3）公司分 红率、股息率均位列 8 大 ...