Core Viewpoint - Jidong Cement (000401) announced that it does not provide guarantees for its controlling shareholders, actual controllers, or their related parties, and there are no overdue guarantees, litigation-related guarantees, or losses due to guarantee judgments [1] Summary by Relevant Sections - Company Guarantees - The company confirmed that it does not engage in providing guarantees for its controlling shareholders or related parties [1] - There are no overdue guarantees or guarantees involved in litigation [1] - The company has not faced any losses due to guarantee judgments [1]

证券代码：000401 证券简称：冀东水泥 公告编号：2025-060 唐山冀东水泥股份有限公司 关于对天津金石智联科技有限公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 （一）担保审议情况 为满足全资公司天津金石智联科技有限公司（以下简称金石智联公司） 日常生产经营中的融资需求，唐山冀东水泥股份有限公司（以下简称公司） 于 2025 年 3 月 26 日召开第十届董事会第十三次会议、于 2025 年 4 月 29 日召开 2024 年度股东大会，审议通过《关于公司对控股子公司提供担保的 议案》，同意公司为金石智联公司提供融资担保 8,000 万元。具体内容详 见公司分别于 2025 年 3 月 28 日、2025 年 4 月 30 日在《中国证券报》《证 券时报》及巨潮资讯网发布的《关于对控股子公司提供担保的公告》（公 告编号：2025-028）及《2024 年度股东大会决议公告》（公告编号：2025- 035）。 本次担保金额在上述股东大会批准的担保额度范围内，无须再次履行 股东大会审议程序。 二、被担保人基本情况 ...

Core Insights - The company has significantly reduced costs year-on-year through efficiency improvement measures, leading to enhanced operational quality [2] - The company is focused on market capitalization management and has developed a plan to actively promote it [2] Group 1: Business Strategy - The company aims to enhance profitability by focusing on its core business and continuously optimizing capacity layout [2] - The company has revised its dividend policy to allow for a more favorable return to investors by changing the prerequisite for dividends from "current distributable profits being positive" to "cumulative distributable profits being positive" [2] - The company has implemented a stock incentive program to align the interests of management, employees, and shareholders [2] Group 2: Investor Relations - The company is committed to building an investor-friendly public company and establishing smooth communication channels with the capital market [2] - The company's subsidiaries possess nuclear cement production qualifications but have not yet participated in the Yaxia Hydropower Station project [2]

Investment Rating - The report suggests a positive outlook for the industry, particularly in the context of rural road development and related materials [6][13]. Core Insights - The introduction of the "Rural Road Regulations" marks the first dedicated legislative framework for rural roads in China, aimed at enhancing rural infrastructure and supporting agricultural modernization [2][9]. - Rural road construction investment has consistently exceeded 400 billion yuan annually for the past eight years, with a total rural road mileage reaching 4.644 million kilometers by the end of 2024 [3][10]. - Key construction materials such as cement, concrete, and additives are expected to benefit from increased demand due to rural road projects, with optimistic estimates suggesting a potential increase in cement demand by 4 million tons [4][11]. - The report highlights a trend of decreasing cement prices, indicating a potential for industry recovery through supply-side reforms and capacity reductions [5][12]. Summary by Sections Legislative Framework - The "Rural Road Regulations" consist of 28 articles that establish a comprehensive system for rural road development, focusing on quality improvement, responsibility assignment, and safety enhancement [2][9]. Investment Trends - Continuous investment in rural road construction has been maintained at over 400 billion yuan, with plans for significant new and upgraded road mileage in the coming years [3][10]. Material Demand - The construction of rural roads is projected to significantly increase the demand for construction materials, particularly cement, with calculations suggesting a demand increase of approximately 2% relative to total production [4][11]. Market Dynamics - The cement industry is experiencing price declines, with a national average of 344 yuan per ton, prompting expectations for a positive impact from supply-side adjustments [5][12].

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]

Core Points - The company held its 17th meeting of the 10th Board of Directors on July 21, 2025, with all six directors present, confirming compliance with relevant laws and regulations [1] - The board approved several key resolutions, including not adjusting the conversion price of the "Jidong Convertible Bonds" [1][2] - The board nominated two candidates, Zhou Chengyao and Ding Peihe, for non-independent director positions, pending approval from the shareholders' meeting [2][3] Summary by Categories Board Resolutions - The board unanimously agreed not to lower the conversion price of the "Jidong Convertible Bonds," with six votes in favor and no opposition [1] - The board approved the nomination of Zhou Chengyao and Ding Peihe as candidates for non-independent directors, with the same term as the current board [2] - The board also approved revisions to the "Environmental Protection Management System" and "Environmental Protection Responsibility System," with unanimous support [2] Candidate Profiles - Zhou Chengyao, born in July 1966, currently serves as the Minister of the Propaganda Department of Beijing Jinyu Group Co., Ltd. He holds a master's degree in business administration and has extensive experience in various managerial roles [3][5] - Ding Peihe, born in August 1979, is the Secretary of the Party Committee and Chairman of Jidong Development Group Co., Ltd. He has a background in process equipment and control engineering and has held multiple positions in the cement industry [5][6]

证券代码：000401 证券简称：冀东水泥 公告编号：2025-058 唐山冀东水泥股份有限公司 二、审议并通过《关于提名第十届董事会非独立董事的议案》 提名周成耀先生、丁培和先生（简历详见附件）为公司第十届董事会 非独立董事候选人，任期与第十届董事会任期一致。 周成耀先生、丁培和先生的任职资格已经公司董事会提名委员会审核 通过。 第十届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 唐山冀东水泥股份有限公司（以下简称公司）第十届董事会第十七次 会议于 2025 年 7 月 21 日在公司会议室召开。会议应到董事六名，实际出 席董事六名，监事会成员、高级管理人员列席会议。会议由董事长刘宇先 生召集并主持。会议的召集、召开符合《中华人民共和国公司法》和《公 司章程》的有关规定。会议对所列议案进行了审议，经表决形成如下决议： 一、审议并通过《关于不向下修正冀东转债转股价格的议案》 表决结果：六票同意 零票反对 零票弃权 具体内容详见公司同日在《中国证券报》《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）发布 ...

4.转股期限：2021 年 5 月 11 日至 2026 年 11 月 4 日 | 证券代码：000401 | 证券简称：冀东水泥 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127025 | 证券简称：冀东转债 | | 唐山冀东水泥股份有限公司 关于不向下修正"冀东转债"转股价格的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： | 1.证券代码：000401 | 证券简称：冀东水泥 | | --- | --- | | 2.债券代码：127025 | 证券简称：冀东转债 | | 3.转股价格：13.01 元/股 | | 5.2025 年 7 月 1 日至 2025 年 7 月 21 日，唐山冀东水泥股份有限公司 （以下简称公司）股票在连续 30 个交易日中已有 15 个交易日的收盘价低 于当期转股价格的 85%，已触发"冀东转债"转股价格向下修正条件。经 公司第十届董事会第十七次会议审议通过，公司董事会决定不向下修正 "冀东转债"转股价格；自本次董事会审议通过后至 2025 年 12 月 31 日， ...

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 601992 | 金隅集 团 | 10.19 | 3.45 | 1.58 | 1.73 | 9.64 | | 603227 | 雪峰科 技 | 9.98 | 9.62 | 8.27 | 9.04 | 9.37 | | 000401 | 冀东水 泥 | 10.06 | 3.26 | 4.81 | 5.25 | 9.23 | | 002302 | 西部建 设 | 9.95 | 1.77 | 6.11 | 6.63 | 8.47 | | 600528 | 中铁工 业 | 9.97 | 0.89 | 7.66 | 8.27 | 7.92 | | 600585 | 海螺水 泥 | 10.02 | 4.48 | 23.14 | 24.70 | 6.76 | | 600089 | 特变电 工 | 6.75 | 4.56 | 12.32 | 13.13 | 6.5 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from increased fixed asset investments to stabilize economic expectations, particularly with the launch of major hydropower projects [3][4] - The cement market is experiencing a slight price decline, but overall demand is stabilizing, with an average shipment rate of 46% [11][17] - The report highlights the potential for recovery in valuations for leading companies in the sector due to improved supply-demand dynamics and ongoing industry consolidation [4][12] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight decline of 0.23% in the past week, underperforming the broader market indices [3] - The report emphasizes the importance of government policies aimed at stabilizing the economy and boosting demand in the construction materials sector [3][4] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 343.8 yuan/ton, down 3.3 yuan from last week and down 46.2 yuan from the same period last year [18][19] - The average cement inventory level is 65.8%, with a shipment rate of 45.9%, reflecting a slight increase in demand [27] - The report anticipates that the industry's profit center will be better than last year due to enhanced self-discipline among leading companies [4][11] 2.2 Glass Fiber - The report notes a clear trend towards upgrading electronic glass fiber products, with high-end products expected to see increased market penetration [12] - The profitability of ordinary glass fiber remains resilient, supported by growth in domestic demand from sectors like wind power and thermoplastics [12] - Leading companies are expected to benefit from improved product structures and market conditions, with recommendations for companies like Zhongcai Technology and Honghe Technology [12][13] 2.3 Glass - The glass industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance [13] - The report suggests that leading companies in the float glass sector will benefit from resource advantages and potential excess profit opportunities [13] 2.4 Renovation and Building Materials - The report highlights the positive impact of government policies on domestic demand for renovation materials, with expectations for continued growth in consumer confidence [14] - Recommendations include companies that are well-positioned to benefit from these trends, such as Beixin Building Materials and Arrow Home [14][15] 3. Industry Dynamics Tracking - The report discusses the ongoing policy environment and its implications for the construction materials sector, emphasizing the need for companies to adapt to changing market conditions [4][14] - The report also tracks the performance of various companies within the sector, providing insights into their financial metrics and market positioning [15][16]