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]

Group 1 - The Yarlung Tsangpo River downstream hydropower project is expected to bring an annual demand of 1-2 million tons of cement, benefiting leading cement companies in Tibet [1] - The project involves the construction of five stepped power stations with a total investment of approximately 1.2 trillion yuan, and the construction period is estimated to be around 20 years [1] - The cement market in Tibet has a high concentration ratio (CR3) of 70-80%, indicating a relatively favorable competitive landscape [1] Group 2 - The "anti-involution" policy has significant implications for the industry, with short-term production limitations relying on staggered kiln shutdowns, while medium-term capacity control will focus on limiting overproduction [2] - Leading companies are actively working to meet capacity indicators, with examples like Conch Cement transferring production lines to comply with replacement ratios [2] - The industry is expected to gradually eliminate outdated capacity through regional consolidation efforts by leading companies [2] Group 3 - The short-term fundamentals of the cement market remain under pressure, with a national average price of 344 yuan per ton as of mid-July, reflecting a decrease of 3 yuan [3] - Despite the pressure, the industry is expected to have limited downside potential in profitability, with a focus on the long-term improvements brought by the "anti-involution" policy [3] Group 4 - Recommended stocks include Huaxin Cement (600801.SH), Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and China Resources Cement Technology (01313), with additional attention to Tibet Tianlu (600326.SH) [4]

Core Viewpoint - The A-share cement sector has shown strong performance in the late trading session, with multiple stocks reaching the daily limit up [1] Group 1: Stock Performance - Tianshan Co., Guotong Co., Western Construction, Tibet Tianlu, Sichuan Jinding, Huaxin Cement, Conch Cement, and Shangfeng Cement are among the companies that hit the daily limit up [1]

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]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The central urban work conference emphasized urban renewal, which is expected to drive demand for construction materials such as pipes, waterproofing, and coatings. This will lead to significant improvements in the real estate chain's fundamentals [3] - The report recommends several companies in the consumer building materials sector, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high retail business ratio), and Jianlang Hardware. Beneficiary companies include Beixin Building Materials (gypsum board leader) [3] - The National Development and Reform Commission's action plan for the cement industry aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025, which is expected to accelerate energy-saving and carbon reduction efforts [3] Market Performance - The construction materials index fell by 0.23% in the week from July 14 to July 18, 2025, underperforming the CSI 300 index by 1.32 percentage points. Over the past three months, the CSI 300 index rose by 7.17%, while the construction materials index increased by 4.36%, underperforming by 2.82 percentage points. In the past year, the CSI 300 index rose by 14.68%, and the construction materials index increased by 16.62%, outperforming by 1.94 percentage points [4][13] Cement Sector - As of July 18, 2025, the average price of P.O42.5 bulk cement nationwide was 280.87 CNY/ton, down 0.71% month-on-month. The clinker inventory ratio was 67.24%, up 1.35 percentage points [6][27] - The report highlights regional price variations, with Northeast China stable, North China up by 0.74%, and East China down by 1.90% [26] Glass Sector - The spot price of float glass as of July 18, 2025, was 1214.63 CNY/ton, an increase of 0.71% from the previous week. The inventory of float glass nationwide decreased by 175 million weight boxes, a decline of 3.05% [82][84] - The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [89] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranged from 3300 to 4100 CNY/ton, with variations depending on the manufacturer [6] Consumer Building Materials - As of July 18, 2025, the price of asphalt was 4570 CNY/ton, stable week-on-week, and up 2.93% year-to-date. The price of titanium dioxide was 13050 CNY/ton, down 1.14% month-on-month [6]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]

1.本次股东会未出现否决议案的情况。 2.本次股东会不涉及变更以往股东会已通过的决议。 证券代码：000672 证券简称：上峰水泥 公告编号：2025-056 甘肃上峰水泥股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示： 一、召开会议的基本情况 （一）会议召开情况 1、现场会议时间：2025年7月18日下午14:30 2、现场会议地点：浙江省杭州市西湖区文二西路 738 号西溪乐谷创意产业 园 1 幢 E 单元会议室。 3、会议方式：现场投票和网络投票相结合。 4、召集人：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 5、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2025年7月18日的交 易时间，即9:15-9:25，9:30-11:30和13:00-15:00。 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的时间为： 2025年7月18日上午9:15-15:00的任意时间。 6、会议主持人：董事长俞锋先生。 7、本次会议的 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 甘肃上峰水泥股份有限公司 2025 年第四次临时股东会 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 甘肃上峰水泥股份有限公司 2025 年第四次临时股东会的 法律意见书 致：甘肃上峰水泥股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受甘肃上峰水泥股份有限 公司（以下简称"公司"）的委托，指派律师出席贵公司 2025 年第四次临 ...

证券代码：000672 证券简称：上峰水泥 公告编号：2025-055 甘肃上峰水泥股份有限公司 关于控股股东部分股份解除质押的公告 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"或"本公司"）近日接到公司控 股股东浙江上峰控股集团有限公司（以下简称"上峰控股"）通知，获悉上峰控股 将其所持有本公司的部分股份进行解除质押，具体事项如下： | 股东名称 | 是否为控股 股东或第一 | 本次解除质 | 占其所 | 占公司 | | 解除 日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 一致行动人 | 押股份数量 （股） | 持股份 比例 | 总股本 比例 | 起始日 | | | | 上峰控股 | 是 | 12,000,000 | 3.73% | 1.24% | 2024.12.24 | 2025.7.15 | 宁波银行 股份有限 公司绍兴 | | | | | | | | | 分行 | | 合计 | - | 12,000,000 | ...

上峰水泥（000672）公告，公司控股股东上峰控股将其所持有的1200万股解除质押，占其所持股份比例 3.73%，占公司总股本比例1.24%。截至本公告披露日，上峰控股及其一致行动人累计被质押数量为 8110万股，占其所持股份比例25.23%，占公司总股本比例8.37%。 ...