Market Overview - On September 18, the cement sector declined by 1.64%, with Fujian Cement leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Notable gainers included: - Guotong Co., Ltd. (002205) with a closing price of 13.51, up 2.82% [1] - Jianfeng Group (600668) at 11.86, up 1.54% [1] - Fuying Jiao Guo (601992) at 1.79, up 1.13% [1] - Decliners included: - Sichuan Jinding (600678) at 9.79, down 1.90% [1] - Wanniangqing (000789) at 5.83, down 1.85% [1] - Shangfeng Cement (000672) at 8.64, down 0.69% [1] Capital Flow Analysis - The cement sector experienced a net outflow of 234 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - Key capital flows included: - Huaxin Cement (600801) with a net inflow of 29.3 million yuan from institutional investors [2] - Jianfeng Group (600668) with a net inflow of 19.3 million yuan from institutional investors [2] - Fujian Cement (600802) had a minor net inflow of 0.5 million yuan from retail investors [2]

Market Overview - The cement sector experienced a decline of 0.94% on September 16, with Huaxin Cement leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Huaxin Cement (600801) closed at 17.84, down 2.41%, with a trading volume of 321,400 shares and a transaction value of 578 million yuan [2] - Other notable declines include Tianshan Shares (000877) down 2.40% and Shangfeng Cement (000672) down 2.02% [2] - Jin Yang Heavy Industry (601992) was one of the few gainers, closing at 1.78, up 2.89% [1] Capital Flow Analysis - The cement sector saw a net outflow of 325 million yuan from institutional investors, while retail investors contributed a net inflow of 296 million yuan [2] - The data indicates that retail investors are more active in the sector despite the overall decline in stock prices [2] Detailed Capital Flow by Stock - Notable net inflows from retail investors were observed in Wan Nian Qing (000789) with 658,170 yuan and Ningxia Building Materials (600449) with 532,940 yuan [3] - Conversely, significant net outflows from institutional investors were recorded for Hainan Ruize (002596) at 22.48 million yuan and Fujian Cement (600802) at 749,200 yuan [3]

Group 1: Cement Industry - The average national cement shipment rate in August 2025 was 45.2%, down from 48.8% in the same period last year, with a year-on-year decrease in cement production of 6.2% to 148 million tons [1][2] - The average price of cement from July to September 2025 was 338 yuan/ton, showing a slight rebound from the low point in August, with a month-on-month increase of 2 yuan/ton [2] - Companies to watch include Conch Cement (600585), Shangfeng Cement (000672), and China Resources Cement Technology (01313) due to potential marginal improvements in demand as the peak season approaches [2] Group 2: Glass Industry - From January to August 2025, the area of completed housing decreased by 17% year-on-year to 27.7 million square meters, indicating significant pressure on glass demand due to ongoing real estate downturn [3] - The daily melting capacity of float glass was 15.9 million tons as of September 2025, remaining stable compared to the end of last year, with high inventory levels of 55 million boxes [3] - Companies to focus on include Xinyi Glass (00868) and Qibin Group (601636) as the industry may see improvements in structure due to supply contraction [3] Group 3: Steel Industry - In August, both supply and demand in the steel sector weakened, with crude steel production at 77.37 million tons, a year-on-year decrease of 0.7%, and apparent domestic consumption at 68.39 million tons, down 0.8% year-on-year [4] - Anticipated production adjustments in the fourth quarter may improve industry supply and demand dynamics, leading to a potential recovery in the profitability cycle [4] - Key companies to monitor include Hualing Steel (000932) as the industry’s core assets are currently undervalued [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

Core Viewpoint - The cement sector experienced a slight increase of 0.61% on September 12, with Huaxin Cement leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up by 0.22% [1] - The Shenzhen Component Index closed at 12996.38, up by 0.13% [1] Group 2: Individual Stock Performance - Huaxin Cement (600801) closed at 17.70, with a rise of 3.69% and a trading volume of 371,100 shares, totaling a transaction value of 650 million yuan [1] - Tianshan Shares (000877) closed at 6.59, up by 3.13%, with a trading volume of 579,100 shares and a transaction value of 378 million yuan [1] - Quanjing Group (601992) closed at 1.68, increasing by 2.44%, with a trading volume of 1,248,200 shares and a transaction value of 209 million yuan [1] - Other notable performances include: - Shangfeng Cement (000672) at 8.87, up by 1.60% [1] - Qingsong Jianhua (600425) at 4.73, up by 1.50% [1] - Hongzhi House (002596) at 3.75, up by 1.35% [1] Group 3: Capital Flow - The cement sector saw a net outflow of 158 million yuan from main funds, while retail funds experienced a net inflow of 34.59 million yuan [1] - Speculative funds had a net inflow of 124 million yuan [1]

Investment Overview - Gansu Shangfeng Cement Co., Ltd. has established a joint venture investment fund, Hefei Cunxin Integrated Circuit Investment Partnership (Limited Partnership), with a total investment of RMB 250 million, where the company holds an 83.06% stake [1] - The fund primarily invested in Hefei Jinghe Integrated Circuit Co., Ltd. [1] Fund Distribution Details - From October 2024 to January 2025, Hefei Cunxin gradually reduced its holdings in Jinghe Integrated Circuit, resulting in total distributions to the company amounting to RMB 431,072,022.87, with a net gain of RMB 166,072,022.87 after costs [3] Fund Liquidation and Deregistration - The fund has completed its liquidation process as all investment projects have exited, and the remaining distributable amounts have been allocated according to the partnership agreement [4] - The company has received confirmation of the fund's deregistration from the relevant authorities, and this process does not constitute a related party transaction or a major asset restructuring [4] Impact of Liquidation on the Company - The liquidation and deregistration of Hefei Cunxin will not materially affect the company's financial status or daily operations, nor will it harm the interests of shareholders, particularly minority shareholders [5] - The distributions received from the fund are expected to positively impact the company's profits for the fiscal year 2025 [5]

证券代码：000672 证券简称：上峰水泥 公告编号：2025-062 甘肃上峰水泥股份有限公司 关于与专业投资机构共同投资暨新经济股权投资进展的公告 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。 近日，甘肃上峰水泥股份有限公司（以下简称"公司"）收到通知，公司与专 业机构合资成立的专项股权投资基金——合肥存鑫集成电路投资合伙企业（有限合 伙）（以下简称"合肥存鑫"）已完成清算及注销事项，现将具体情况公告如下： 一、对外投资概述 为落实战略发展规划，在立足主业的同时适度开展新经济股权投资，以提升企 业可持续发展综合竞争力，公司以自有资金人民币 2.5 亿元与专业机构苏州工业园 区兰璞创业投资管理合伙企业（普通合伙）合资成立私募投资基金——合肥存鑫集 成电路投资合伙企业（有限合伙），其中，公司持有合肥存鑫 83.06%的投资份额， 合肥存鑫专项投资于合肥晶合集成电路有限公司（以下简称"晶合集成"）。具体内 容请详见于 2020 年 9 月 30 日刊登在《中国证券报》、《证券时报》、《证券日报》及 巨潮资讯网（www.cninfo.com.cn）的《关于与专业 ...

Group 1 - The stock price of Shangfeng Cement increased by 2.09% on September 8, reaching 8.81 CNY per share, with a total market capitalization of 8.54 billion CNY [1] - Year-to-date, Shangfeng Cement's stock price has risen by 25.32%, with a recent 5-day increase of 0.34% and a 20-day decline of 4.13% [1] - The company has appeared on the trading leaderboard once this year, with the latest occurrence on July 23, where net buying amounted to 6.31 million CNY [1] Group 2 - Shangfeng Cement's main business includes the production and sales of cement, clinker, special cement, concrete, and aggregates, with cement accounting for 69.85% of its revenue [1] - As of August 31, the number of shareholders decreased by 12.46% to 45,900, while the average circulating shares per person increased by 14.23% to 21,115 shares [2] - For the first half of 2025, Shangfeng Cement reported a revenue of 2.27 billion CNY, a year-on-year decrease of 5.02%, while net profit attributable to shareholders increased by 44.53% to 247 million CNY [2] Group 3 - Since its A-share listing, Shangfeng Cement has distributed a total of 3.95 billion CNY in dividends, with 1.32 billion CNY distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 10.21 million shares, an increase of 2.40 million shares from the previous period [3]

Core Viewpoint - The construction materials sector has experienced a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index, which fell by 0.81% and 1.37% respectively, resulting in excess returns of -1.98% and -1.41% [2][3] Group 1: Cement Market - The national high-standard cement market price is 342.7 CNY/ton, down by 1.7 CNY/ton from last week and down by 40.0 CNY/ton compared to the same period in 2024 [3][9] - The average cement inventory level among sample enterprises is 64.1%, up by 0.4 percentage points from last week but down by 1.7 percentage points year-on-year [3][9] - The average daily cement shipment rate is 45.7%, up by 0.1 percentage points from last week but down by 5.3 percentage points year-on-year [3][9] Group 2: Glass Market - The average price of float glass is 1193.0 CNY/ton, up by 3.3 CNY/ton from last week but down by 147.2 CNY/ton compared to the same period in 2024 [3][10] - The inventory of float glass among sample enterprises is 56.04 million heavy boxes, up by 0.5 million heavy boxes from last week but down by 6.92 million heavy boxes year-on-year [3][10] Group 3: Fiberglass Market - The domestic non-alkali roving market price remains stable, with mainstream transaction prices for 2400tex non-alkali winding direct yarn ranging from 3100 to 3700 CNY/ton, remaining flat compared to previous periods [4][7] - The market for electronic yarn G75 is stable, with mainstream prices ranging from 8300 to 9200 CNY/ton, also remaining flat compared to the previous week [4][7] Group 4: Investment Recommendations - Recommended companies in the cement sector include Conch Cement, Huaxin Cement, and Tianshan Cement, among others [5][9] - In the consumer building materials sector, companies such as Arrow Bathroom, Dongpeng Holdings, and Oppein Home are recommended due to expected growth in the second half of the year [5][11] - The report suggests focusing on undervalued Hong Kong-listed construction central enterprises [5]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]