| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-052 | | --- | --- | --- | | 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 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： 中国中材国际工程股份有限公司（以下简称"公司"）将于2025年8月27日 发布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司2025年 半年度经营成果、财务状况，公司计划于2025年8月29日（星期五）下午13:30- 15:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频直播结合网络互动的形式召开，公司将针对2025年 半年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 （一）会议召开时间：2025年8月29日（星期五）下午13:30-15:00 1 会议召开时间： ...

融券方面，当日融券卖出0.31万股，净买入0.74万股。 8月19日，沪深两融数据显示，中材国际获融资买入额0.33亿元，居两市第800位，当日融资偿还额0.21 亿元，净买入1189.45万元。 最近三个交易日，15日-19日，中材国际分别获融资买入0.41亿元、0.32亿元、0.33亿元。 来源：金融界 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

编辑 李忆林子 新京报讯 据国机集团官微消息，2025年8月19日，中国机械工业集团有限公司召开领导班子（扩大）会 议。受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国机械工业集团有限 公司总经理调整的决定：周开荃同志任中国机械工业集团有限公司董事、总经理、党委副书记。相关职 务任命按有关法律和章程的规定办理。 ...

融券方面，当日融券卖出1.03万股，净卖出0.98万股。 8月18日，沪深两融数据显示，中材国际获融资买入额0.32亿元，居两市第915位，当日融资偿还额0.34 亿元，净卖出272.52万元。 最近三个交易日，14日-18日，中材国际分别获融资买入0.22亿元、0.41亿元、0.32亿元。 来源：金融界 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

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].