立足水泥产业链，盈利能力行业领先 公司主业以华东市场为核心，依托长江水运便捷的物流通道和当 地稳定优质的石灰石资源布局江、浙、皖、赣等省，较低的成本形 成水泥主业的先发优势。公司具备水泥熟料年产能约 1800 万吨， 水泥年产能约 2000 万吨，骨料年产能 1800 万吨。 （1）T 型战略奠定公司成本优势：公司在沿江石灰石多的地方建 立水泥熟料基地，在经济较为发达的沿海地区收购、改造小水泥厂 为水泥研磨站，既能利用安徽当地优质石灰石矿山，又能凭借长江 水运实现熟料低成本输送。2025 年上半年公司吨成本仅为 154.46 元（同期海螺水泥吨成本为 173.55 元），处于行业领先水平。 （2）"区域+产业链"布局双延伸：公司稳步向西部、南部延伸， 多区域布局有助于降低公司单一市场依赖。公司 2014 年切入骨料 业务，骨料往往价格以成本为底线，市场竞争弱于水泥，有助于缓 解需求下行对公司整体业绩的冲击；公司同时利用水泥窑协同处 置危废、固废，年处置能力约 86.8 万吨，该业务是符合国家产业 政策的创新型环保业务。 前瞻布局半导体投资 战略层面，公司 2020 年提出"一主两翼"规划，在夯实水泥建材 主业 ...

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 18 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月18日 华源晨会精粹 20251218 新消费 2025 年 11 月社零数据点评——11 月社零增速低于预期，餐饮零售额增速 快于商品：11 月社会消费品零售总额为 43898 亿元，同比增长 1.3%。除汽车外社 会消费品零售总额为 39444 亿元，同比增长 2.5%。分区域来看，11 月城镇/乡村消 费品零售总额分别实现 37684/6214 亿元，分别同比+1.0%/+2.8%。分消费类型看， 餐饮零售额增速快于商品。分品类看：必选消费中粮油食品、饮料类 11 月限额以上 零售额增速较快。可选消费中金银珠宝 11 月限额以上零售额增速放缓。其他消费品 类零售额同比增速下滑。 风险提示：终端消费需求修复不及预期；经营环境修复不及预期；国际政治变动风 险。 房地产 中央经济工作会议明确化解风险，稳定楼市——房地产行业周报：本周房地 产（申万）下跌 2.6%。新房本周 42 个重点城市新房合计成交 189 万平米，环比下 降 2.4%。二手房本周 21 个重点城市 ...

Core Viewpoint - The company has achieved industry-leading ROE for five consecutive years through operational efficiency rather than scale expansion, positioning its cement business as a cash flow fortress while strategically investing in new sectors like semiconductors [1][4]. Group 1: Cement Business Performance - The company has maintained an average ROE of 17.83% over the past five years, with sales gross margin consistently ranking among the top in the industry [3]. - The company controls over 900 million tons of limestone resources, ensuring cost efficiency and a robust national layout that enhances risk resilience [3]. - In 2024, the company's operating cash flow is projected to reach 1.039 billion yuan, with a year-on-year growth of 23.99% in the first half of 2025 [3]. Group 2: Strategic Investment in Semiconductors - The company has invested over 2 billion yuan in the semiconductor sector, focusing on creating a chain ecosystem that includes chip design, manufacturing, and testing [6]. - The company’s equity investment business contributed over 22% to net profit in 2024, with cumulative profits of 530 million yuan over five years [6]. - Recent investments include successful listings of companies in the semiconductor field, indicating a shift from financial investment to deeper industrial collaboration [7]. Group 3: Future Growth Strategy - The company aims to develop a synergistic model comprising traditional building materials, equity investment, and new material growth businesses, referred to as the "three driving forces" [9]. - The strategic plan includes enhancing operational efficiency in the cement business while preparing to invest over 3 billion yuan in equity assets [9]. - The company is transitioning from being an "efficiency champion" in a cyclical industry to an "industry enabler" focused on high-quality transformation [9].

证券日报网讯 12月17日，上峰水泥发布公告称，公司2025年第五次临时股东会审议通过《关于续聘公 司2025年度财务审计机构及内控审计机构的议案》。 （文章来源：证券日报） ...

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 年第五次临时股东会 之 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 年第五次临时股东会的 法律意见书 致：甘肃上峰水泥股份有限公司 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 二〇二五年十二月 国浩律师（杭州）事务所 法律意见书 本法律意见书仅用于为公司本次股东会见证之目的，不得用于其他任何目的 或用途。本所同意，公司将本法律意见书作为公司本次股东会的公告材料，随其 ...

证券代码：000672 证券简称：上峰水泥 公告编号：2025-078 甘肃上峰水泥股份有限公司 2025 年第五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： 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。 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12月17日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系统进行网络投票的具体时间为 2025 年 12 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 12 月 17 日 9:15 至 15:00 的任意时间。 6、会议主持人：董事长俞锋先生。 1、股东出席的总体情况 通过现场和网络投票的股 ...

Core Viewpoint - The cement industry is undergoing a transformation, with Shangfeng Cement emerging as a leading example of this shift, particularly through its investments in the semiconductor sector [1] Group 1: Company Performance - Shangfeng Cement ranks 3rd in comprehensive competitive strength among key cement enterprises [1] - The gross profit per ton of cement clinker for the company is 67 yuan in the first half of 2025, slightly lower than industry leader Conch Cement, excluding the higher overseas proportion of Huaxin Cement [1] Group 2: Investment Strategy - The company has increased its focus on equity investments in technology innovation projects, primarily in the semiconductor field, successfully creating a full industry chain investment covering "design-manufacturing-packaging-materials" [1] - This strategic shift positions the company to potentially reap benefits from its transformation in the near future [1] Group 3: Valuation Comparison - Comparable companies in the cement sector, including Conch Cement, Huaxin Building Materials, and Tapai Group, have an average PE ratio of 13X for 2026 [1] - Shangfeng Cement's PE ratio for 2026 is below the average of comparable companies, leading to a "buy" rating upon initial coverage [1]

Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics Co., Ltd., has established a joint venture investment fund with a professional institution, indicating a strategic move to diversify its investment portfolio and engage in the technology sector [1] Group 1: Company Actions - Ningbo Shangrong has invested RMB 100 million to form a joint venture with Suzhou Industrial Park Lanpu Venture Capital Management Partnership, creating the Suzhou Industrial Park Xincheng Venture Capital Partnership [1] - Ningbo Shangrong holds a 55.60% investment share in the newly established Suzhou Xincheng fund [1] Group 2: Market Developments - Beijing Angrui Microelectronics Technology Co., Ltd. is set to go public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2025, with a total of 24,882,922 shares being issued [1] - After the IPO, the total share capital of Angrui Microelectronics will be 99,531,688 shares [1] Group 3: Investment Holdings - Suzhou Xincheng holds 257,706 shares of Angrui Microelectronics, representing 0.2589% of the total share capital post-IPO [1] - The shares held by Suzhou Xincheng are subject to a 12-month transfer restriction from the date of Angrui Microelectronics' listing [1]

Group 1 - The core point of the article is that the company, Shifeng Cement, has announced the establishment of a joint venture investment fund with a total investment of 100 million RMB through its wholly-owned subsidiary, Ningbo Shangrong Logistics [1] - Ningbo Shangrong holds a 55.60% investment share in the newly formed fund, Suzhou Industrial Park Xincheng Venture Capital Partnership [1] - As of the announcement date, the fund holds 257,706 shares of Angrui Micro, representing 0.2589% of its total share capital post-IPO, with a transfer restriction for 12 months from the listing date [1]