Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The construction materials index increased by 8.20% in the week from July 21 to July 25, 2025, outperforming the CSI 300 index by 6.51 percentage points [4][13] - The construction materials sector has shown strong performance over the past three months, with an increase of 16.12%, and over the past year, it has risen by 28.09%, both outperforming the CSI 300 index [4][13] - The report highlights significant investment opportunities in the construction materials sector, particularly due to the commencement of major projects like the Yarlung Tsangpo River downstream hydropower project, which is expected to boost demand for related construction materials [3] Summary by Sections Market Overview - The construction materials index has outperformed the CSI 300 index by 6.51 percentage points this week, with a year-to-date increase of 28.09% compared to the CSI 300's 21.06% [4][13] - The average PE ratio for the construction materials sector is 29.88 times, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.28 times, ranking it 7th lowest [20][23] Cement Sector - As of July 25, 2025, the average price of P.O 42.5 bulk cement is 275.19 RMB per ton, reflecting a 2.02% decrease from the previous period [25][27] - The clinker inventory ratio has increased to 69.07%, up by 1.83 percentage points [26] Glass Sector - The spot price of float glass has risen to 1255.79 RMB per ton, an increase of 3.41% [78] - The inventory of float glass has decreased by 4.05%, with a total of 53.34 million weight boxes as of July 25, 2025 [80][81] - The price of photovoltaic glass has slightly decreased to 115.63 RMB per weight box, down by 0.34% [85]

Market Overview - On July 23, the Shanghai Composite Index rose by 0.01%, while the Shenzhen Component Index fell by 0.37%, and the ChiNext Index remained unchanged [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion yuan, with over 4,000 stocks declining [1] - Sectors such as hydropower, beauty care, securities insurance, CRO, banking, and small metals saw significant gains, while sectors like Hainan, military industry, ultra-high voltage, and cement experienced declines [1] Focus Stocks - Xue Ren Group experienced a trading halt, with the market's consecutive board height reduced to four for Nanmin Group [3] - Zhibo Design and Shen Shui Planning Institute both achieved a 20% increase for three consecutive boards in the hydropower station concept stocks [3] - Hengli Drilling Tools reached a 30% increase for three consecutive boards in the shield machine concept stocks, while China Railway Construction reached a 20% increase for three consecutive boards [3] Top Net Buy and Sell on Dragon and Tiger List - The top three net buying stocks were Xue Ren Group (244 million yuan), Kailong Co., Ltd. (134 million yuan), and Qingyun Technology (97.91 million yuan) [4] - The top three net selling stocks were Tianshan Co., Ltd. (295 million yuan), China Power Construction (220 million yuan), and Lansheng Co., Ltd. (150 million yuan) [5] - Xue Ren Group's stock surged, with a turnover rate of 32.19% and a trading volume of 2.372 billion yuan, with net buying from the Shenzhen Stock Connect of 164 million yuan [5] Company Developments - Xue Ren Group has developed a comprehensive technical plan for large-scale concrete temperature control needs in its projects and has participated in multiple hydropower projects in the Yarlung Tsangpo River basin [8] - The company’s helium compressor is used in a major national scientific research project, achieving international leading technology in the controlled nuclear fusion field [8] - Xue Ren Group is investing 280 million yuan to build a hydrogen fuel cell system production base, expected to be operational by July 2028, aligning with national hydrogen energy policies [8] Other Notable Stocks - Nanjing New Hundred, involved in innovative drugs and cell immunotherapy, reported a revenue increase of 1.98% to 6.7 billion yuan in 2024 [11] - Zhendong Pharmaceutical, focusing on anti-tumor traditional Chinese medicine, has a leading product in the market and has resolved a significant arbitration issue [15] - Tianshan Co., Ltd. saw a decline of 6.27% with a trading volume of 1.371 billion yuan, while Shangfeng Cement fell by 9.27% with a trading volume of 675 million yuan [12][18]

Market Overview - The Shanghai Composite Index reached a high of 3600 points during the day but closed at 3582.3 points, up 0.01% [1] - The total market turnover was 1.9 trillion yuan, a decrease of 30.3 billion yuan from the previous day [1] - The Hang Seng Index rose by 1.62%, reaching a three-and-a-half-year high, while the Hang Seng Tech Index increased by 2.48% [1] Sector Performance - The financial sector played a significant role in pushing the index above 3600 points, but it retreated in the afternoon [2] - Notable performances included Guosen Securities, which rose over 5%, and New China Life Insurance, which hit a historical high of 64.29 yuan per share [2] - The Yajiang Hydropower concept stocks showed mixed results, with some core stocks like China Power Construction and Tibet Tianlu achieving three consecutive gains, while others like Ankao Zhidian fell over 13% [2] Institutional Insights - Analysts from GF Securities suggest that the recent index fluctuations are not indicative of a trend reversal but rather a release of multiple pressures [3] - If trading volume remains below 1.7 trillion yuan in the coming days, short-term support for the Shanghai index may drop to the 3536-3542 point gap [3] - Huatai Securities reports that brokerage firms are expected to see high growth in their semi-annual earnings, indicating a potential recovery in the brokerage sector [3]

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].

Core Viewpoint - On July 23, the Shanghai Composite Index rose by 0.01%, with institutional investors appearing on the trading lists of 31 stocks, net buying 17 and net selling 14 [1] Institutional Trading Summary - Institutional special seats were present in 31 stocks, with a total net selling amount of 437 million yuan, marking the fourth consecutive day of net selling [1] - The stock with the highest net buying amount was Tianshan Shares, which closed down 6.27% with a turnover rate of 3.18% and a transaction amount of 1.371 billion yuan, net buying 60.08 million yuan by institutional seats [2] - Shangfeng Cement closed down 9.27% with a turnover rate of 7.12% and a transaction amount of 675 million yuan, net buying 53.10 million yuan by institutional seats [2] - Qingyun Technology closed up 15.09% with a turnover rate of 24.52% and a transaction amount of 924 million yuan, net buying 48.72 million yuan by institutional seats [2] Market Performance Analysis - A backtest of stocks with net institutional buying over the past month showed a 48.97% probability of rising the next day and a 46.90% probability of outperforming the Shanghai Composite Index [3] - Among the stocks with net institutional buying, 8 companies released half-year performance forecasts, with 2 expecting profit increases and 1 expecting profit [3] - Sichuan Jinding had the highest expected net profit increase of 25.50 million yuan, representing a year-on-year increase of 328.45% [3] Detailed Institutional Trading Data - The following stocks had significant institutional net buying on July 23: - Tianshan Shares: -6.27% change, 3.18% turnover, 60.08 million yuan net buying [4] - Shangfeng Cement: -9.27% change, 7.12% turnover, 53.10 million yuan net buying [4] - Qingyun Technology: +15.09% change, 24.52% turnover, 48.72 million yuan net buying [4][5] Stock Connect Activity - On July 23, 18 stocks on the trading list had appearances from the Shenzhen-Hong Kong Stock Connect, with net buying in stocks like Xue Ren Group and Zhongyuan Haike, totaling 132 million yuan and 26.31 million yuan respectively [6] - Stocks with net selling included Haixia Shares and Lansheng Shares, with net selling amounts of 51.60 million yuan and 40.99 million yuan respectively [6][7]

Group 1 - The company held its 11th Board of Directors' fourth meeting on July 23, 2025, where it approved several proposals [1] - The company and its subsidiary, Ningxia Shangfeng Mengsheng Building Materials Co., Ltd., plan to engage in financing leasing business with a maximum financing amount of RMB 100 million to optimize funding structure and meet financial needs [1] - The board's decision on financing leasing does not constitute a related party transaction and falls within the board's authority, thus not requiring shareholder approval [1] Group 2 - The company approved a proposal for its wholly-owned subsidiary, Zhejiang Shangfeng Building Materials Co., Ltd., to transfer its debt and equity interests in the overseas joint venture, Shangfeng ZETH Cement Co., Ltd. [2] - The total debt amount being transferred is RMB 211,234,420.71, with RMB 90 million being transferred to Zhejiang Water Conservancy Group, while ZETH International will transfer its 58% equity stake for approximately RMB 820 [3] - This transaction does not involve related party transactions and does not qualify as a major asset restructuring under relevant regulations [4]

Group 1: Institutional Trading Insights - A total of 39 stocks were listed on the institutional trading leaderboard, with 20 stocks experiencing net buying and 19 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Hite Bio (¥138 million), Tianshan Shares (¥60.08 million), and Shangfeng Cement (¥53.09 million) [1] Group 2: Stock Performance - Hite Bio (300683.SZ) saw a price increase of 7.18% with 5 buyers and 4 sellers [2] - Tianshan Shares (000877.SZ) experienced a decline of 6.27% with 3 buyers and no sellers [2] - Shangfeng Cement (000672.SZ) had a significant drop of 9.27% with 2 buyers and no sellers [2] Group 3: Company Highlights - Hite Bio's main product, Jinlujie (injectable mouse nerve growth factor), is the first government-approved drug for nerve injury-related diseases globally [3] - China Electric Power Construction Corporation is the largest contractor and designer for water conservancy and hydropower projects, handling 80% of large hydropower station design and construction in China [4] - The company holds a 34% stake in the Tibet Southeast Clean Energy Development Company, creating a closed loop of "design - construction - operation" [4] Group 4: Market Trends - The opening of the Yarlung Tsangpo River downstream hydropower project has garnered significant market attention, benefiting infrastructure stocks through increased demand and valuation recovery [4] - Two categories of companies are expected to benefit: those directly involved in major engineering projects and low-valuation, high-dividend construction leaders [4] Group 5: Health Sector Update - A cosmetics ODM service provider has obtained production licenses for mosquito repellent products amid warnings from the World Health Organization regarding the chikungunya virus [6] - The WHO has raised alerts about the chikungunya virus, which is transmitted by infected mosquitoes, emphasizing the need for preventive measures [6]

证券代码：000672 证券简称：上峰水泥 公告编号：2025-057 甘肃上峰水泥股份有限公司 第十一届董事会第四次会议决议公告 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。 甘肃上峰水泥股份有限公司（以下简称"公司"）第十一届董事会第四次会议 于 2025 年 7 月 23 日上午 10:00 时在公司会议室以通讯表决方式召开。本次会议 通知于 2025 年 7 月 17 日以邮件和书面传递方式送达各位董事，会议应出席董事 9 名，实际出席董事 9 名(其中独立董事 3 名)，会议由公司董事长俞锋先生主持。 本次会议的召集、召开和表决符合《公司法》及《公司章程》的有关规定，合法 有效。会议审议通过了如下议案： 一、审议通过《关于公司及子公司开展融资租赁业务的议案》； 为进一步盘活公司现有资产、拓宽融资渠道、优化筹资结构、满足资金需求， 公司及控股子公司宁夏上峰萌生建材有限公司拟继续与永赢金融租赁有限公司 以售后回租的方式开展融资租赁业务，融资额度不超过人民币 10,000 万元（含 10,000 万元），期限不超过 12 个月（含 12 个月），并授权公 ...

甘肃上峰水泥股份有限公司 关于全资子公司出让对境外合资公司债权及资产权益的公告 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。 证券代码：000672 证券简称：上峰水泥 公告编号：2025-059 一、本次交易概述 （一）背景情况 2014 年 11 月 17 日，甘肃上峰水泥股份有限公司（以下简称"公司"）第七届 董事会第十四次会议审议通过了《关于与 ZETH 国际合资在吉尔吉斯建设水泥 熟料生产线项目的议案》，公司以全资子公司浙江上峰建材有限公司（以下简称 "上峰建材"）为投资主体，与吉尔吉斯斯坦 ZETH 国际投资有限公司（以下简称 "ZETH 国际"）合作，在吉尔吉斯斯坦共和国（以下简称"吉国"）合资成立子公 司上峰 ZETH 水泥有限公司（以下简称"上峰 ZETH"），注册资本 2 亿元，其中 上峰建材出资比例为 58%，ZETH 国际出资比例为 42%。上峰 ZETH 拟在吉尔吉 斯楚河州投资建设一条日产 2800 吨水泥熟料生产线及配套年产 120 万吨水泥粉 磨生产线。 该项目启动前期建设工作以来，受外部多重因素影响，导致建设进度长期滞 后， ...

关于公司及子公司开展融资租赁业务的公告 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。 甘肃上峰水泥股份有限公司(以下简称"公司") 于 2025 年 7 月 23 日召开的 第十一届董事会第四次会议审议通过了《关于公司及子公司开展融资租赁业务的 议案》，公司及子公司宁夏上峰萌生建材有限公司通过与永赢金融租赁有限公司 （以下简称"永赢金租"）以售后回租的方式开展融资租赁业务，融资额度不超过 人民币 10,000 万元（含 10,000 万元），期限不超过 12 个月（含 12 个月），并授 权公司经营管理层负责具体项目的实施等相关事宜。现将有关情况公告如下： 一、融资租赁情况概述 证券代码：000672 证券简称：上峰水泥 公告编号：2025-058 甘肃上峰水泥股份有限公司 为进一步盘活公司现有资产、拓宽融资渠道、优化筹资结构、满足资金需求， 公司及子公司宁夏上峰萌生建材有限公司拟与永赢金融租赁有限公司（以下简称 "永赢金租"）以售后回租的方式开展融资租赁业务，融资额度不超过人民币 10,000 万元（含 10,000 万元），期限不超过 12 个月（含 1 ...