证券代码：000877 证券简称：天山股份 公告编号：2026-006 天山材料股份有限公司 关于苏州市姑苏区人民政府对子公司房屋实施征收的进展公告 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、交易概述 天山材料股份有限公司（简称"公司"）于 2025 年 12 月 17 日 召开第九届董事会第十二次会议审议通过了《关于苏州市姑苏区人民 政府对子公司房屋实施征收的议案》，同意公司下属子公司苏州混凝 土水泥制品研究院有限公司（简称"苏混院"）与苏州市姑苏区人民 政府金阊街道办事处签署《苏州市姑苏区房屋征收预补偿安置协议书 （货币补偿）》（简称"《征收预补偿协议》"），并同意苏混院负 责后续政府征收相关手续办理及协议、文件的签署等事宜。具体内容 详见公司于 2025 年 12 月 18 日披露的《关于苏州市姑苏区人民政府 对子公司房屋实施征收的公告》（公告编号：2025-080）。 二、交易进展 根据《征收预补偿协议》的约定，苏混院已收到 1.3 亿元的预付 拆迁补偿款。 2026 年 2 月 10 日，苏州市姑苏区人民政府发布了《关于国有土 地上房屋征收 ...

证券代码：000877 证券简称：天山股份 公告编号：2026-007 天山材料股份有限公司 2026 年第一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提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议日期 1.1 现场会议时间：2026 年 2 月 25 日 14:30 1.2 网络投票时间为：2026 年 2 月 25 日，其中，通过深圳证券 交易所交易系统投票的具体时间为：2026 年 2 月 25 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互 联网投票的具体时间为：2026 年 2 月 25 日 9:15 至 15:00 的任意时 间。 1.3 会议召集人：公司第九届董事会 1.4 会议主持人：公司董事长赵新军 1.5 现场会议地点：上海市浦东新区世博馆路 70 号中国建材大 厦会议室。 1.6 本次股东会的召开符合《公司法》《上市公司股东会规则》 （简称"《股东会规则》"）《深圳证 ...

北京市嘉源律师事务所 关于天山材料股份有限公司 2026 年第一次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 北京 BEIJING · 上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 致:天山材料股份有限公司 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提 供的与本次股东会有关的文件和资料,并进行了必要的审查和验证。在前述审查 和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本法律 意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、副本 材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原件一 致、副本与正本一致。 在本法律意见书中,本所律师仅对本次股东会的召集、召开程序、出席会议 人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发表 意见,不对本次股东会审议的议案内容以及该等议案所表述的事实或数据的真实 性及准确性发表意见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 1 天山股份 202 ...

内容概况： 商品混凝土（预拌混凝土）是指由水泥、砂石骨料、水以及根据需要掺入的外加剂、矿物 掺合料等组分按一定比例，在搅拌站经计量、拌制后出售的、采用运输车在规定时间内运至使用地点的 混凝土拌合物。商品混凝土行业需求从单一依赖房地产向多元化格局转型。2024年我国商品混凝土产量 为22.2亿立方米，销量为22.1亿立方米，其中房地产领域需求占比53.7%，其他领域占比46.3%。 相关企业：天山材料、万年青水泥、海螺水泥、宁夏建材、广东塔牌、华新水泥、西部建设、华润建 材、中国建材 关键词：商品混凝土产量 商品混凝土市场规模 商品混凝土品牌 商品混凝土需求量 商品混凝土发展趋势 一、商品混凝土产业概述 商品混凝土（预拌混凝土）是指由水泥、砂石骨料、水以及根据需要掺入的外加剂、矿物掺合料等组分 按一定比例，在搅拌站经计量、拌制后出售的、采用运输车在规定时间内运至使用地点的混凝土拌合 物。相比较现场搅拌的混凝土，因商品混凝土在保障工程质量、降低能耗、节省施工用地、改善劳动条 件、减少环境污染等方面益处颇多，商品混凝土受到国家有关部门的高度重视和推广。 商品混凝土分为普通品以及特制品，其中普通商品混凝土是指干表观密 ...

未来值得关注的事件包括2025年年度报告的正式发布(通常在一季度末)、行业政策如"反内卷"和"双 碳"目标的深化影响，以及2026年水泥行业供需格局优化可能带来的盈利修复机会。 经济观察网根据公开信息，天山股份（000877）(股票代码：000877)近期已发布2025年度业绩预告，预 计归母净利润亏损600,000万元至750,000万元，扣非净利润亏损700,000万元至850,000万元，公司正持续 推进精细化管理和绿色转型以应对行业压力。 业绩经营情况 此外，公司股价近期出现波动，如2026年2月11日上涨2.06%至5.46元/股，主力资金净流入240.69万元。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 ...

Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

Investment Rating - The report rates the construction materials industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2][12]. Core Insights - Domestic cement prices are expected to show a trend of high prices followed by a decline, with an average price of 372.8 RMB/ton in 2025, a decrease of 12.6 RMB/ton year-on-year. Cement production is projected to decline by 7.2% in 2025, with a gradual recovery in profitability anticipated in 2026 due to supply-side improvements [4]. - The glass sector continues to face pressure, with the average price of flat glass expected to drop to 1323.3 RMB/ton in 2025, a significant decrease of 383.4 RMB/ton year-on-year. The industry is entering a period of accelerated cold repairs, which may enhance profitability in the future [4]. - The fiberglass yarn market remains relatively stable, with an expected average price of 3866 RMB/ton in 2025, reflecting a year-on-year increase of 174 RMB/ton. The demand for specialty electronic fabrics is anticipated to grow rapidly, contributing positively to the sector's performance [4]. - Consumer building materials are expected to show strong performance, with companies like Sanke Tree and Han Gao Group maintaining excellent revenue and profit due to strong channel development and brand advantages [4]. Summary by Sections Cement Industry - The average cement price in 2025 is projected at 372.8 RMB/ton, down 12.6 RMB/ton from the previous year. The first quarter's average price is expected to be 400.8 RMB/ton, declining to 358.0 RMB/ton by the fourth quarter. Cement production is expected to decrease by 7.2% in 2025, with a recovery in profitability anticipated in 2026 due to supply-side improvements [4]. Glass Industry - The average price of flat glass is expected to be 1323.3 RMB/ton in 2025, a decrease of 383.4 RMB/ton year-on-year. The industry is entering a cold repair cycle, with daily melting capacity dropping below 150,000 tons. This may lead to improved profitability in the future [4]. Fiberglass Sector - The average price of fiberglass yarn is projected to be 3866 RMB/ton in 2025, an increase of 174 RMB/ton year-on-year. The demand for specialty electronic fabrics is expected to accelerate, contributing positively to the sector's performance [4]. Consumer Building Materials - Companies such as Sanke Tree and Han Gao Group are expected to perform strongly due to their robust channel development and brand advantages. Other companies in the sector are also expected to maintain good operational quality, with potential for significant performance recovery in 2026 [4]. Investment Recommendations - The report suggests focusing on companies with improving quarterly reports and those benefiting from supply-side adjustments. Recommended companies include Conch Cement, Huaxin Cement, and Tianshan Shares in the cement sector, as well as China Jushi and Zhongcai Technology in the fiberglass sector. In consumer building materials, companies like Dongfang Yuhong and Kezhong Shares are highlighted for their strong performance [4].

证券日报网讯2月9日，天山股份（000877）在互动平台回答投资者提问时表示，股票价格受宏观经济环 境、行业周期波动、资本市场供给和投资者风险偏好等多方面因素影响。公司管理层始终关注公司股价 表现，高度重视市值管理工作，并于2025年制定并披露了《估值提升计划》，从经营提升、规范治理、 ESG管理、投资者回报、强化投资者关系管理、长效机制等维度，提出了具体实施方案(详细内容请见 公告)。 ...