丨证券研究报告丨 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_Title] 底部信号明确，期待反内卷下的修复弹性 报告要点 [Table_Summary] 公司披露 2025 年 3 季度报告：实现营业收入 549 亿元，同比下降 10.6%；归母净利润-11.8 亿 元，同比上升 68.5%。 分析师及联系人 [Table_scodeMsg1] 公司研究丨点评报告丨天山股份（000877.SZ） %% %% research.95579.com 1 [Table_scodeMsg2] 天山股份（000877.SZ） cjzqdt11111 [Table_Title2] 底部信号明确，期待反内卷下的修复弹性 [Table_Summary2] 事件描述 公司披露 2025 年 3 季度报告：实现营业收入 549 亿元，同比下降 10.6%；归母净利润-11.8 亿元，同比上升 68.5%。 事件评论 请阅读最后评级说明和重要声明 %% %% ⚫ 预计 2025-2026 年业绩 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-066 天山材料股份有限公司 关于向专业投资者公开发行科技创新公司债券 获中国证监会注册批复的公告 二、本次发行科技创新公司债券应严格按照报送深圳证券交易所 的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注册有 效期内可以分期发行科技创新公司债券。 四、自同意注册之日起至本次科技创新公司债券发行结束前，你 公司如发生重大事项，应及时报告并按有关规定处理。 公司将根据资金需求、市场情况，在注册额度及有效期内择机发 行科技创新公司债券，并根据实际进展情况，按照有关法律法规和上 述批复文件要求及公司股东会的授权办理本次科技创新公司债券发 行的相关事宜，并及时履行信息披露义务。 天山材料股份有限公司董事会 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。 天山材料股份有限公司（简称"公司"）于 2025 年 3 月 25 日召 开第九届董事会第二次会议审议通过了《关于公司拟注册及发行公司 债券的议案》，同意公司向中国证券监督管理委员会（简称"证监会"） 申请注册总规模不超过人民币 ...

证券日报网讯 天山股份（000877）10月27日发布公告，在公司回答调研者提问时表示，各地正在因地 制宜制定错峰方案，公司将认真贯彻落实相关政策要求反对行业内卷，认真执行各地监管机构、行业协 会错峰方案，为行业复苏注入信心。当前，行业反对"内卷式"竞争的共识更强，错峰生产等机制和办法 日趋成熟，行业生态建设的基础更加牢固。 ...

证券日报网讯天山股份（000877）10月27日发布公告，在公司回答调研者提问时表示，公司严格执行国 家产能管理的政策要求，坚定推动去产能。结合对经营环境的分析和经营发展战略规划，公司有序推进 产能管理工作，充分考虑产线情况、布局情况、市场需求，发挥自身产线多布局广的优势，以利用内部 产能为主推动公司产能结构优化，推动增强企业核心竞争力与行业供给侧结构性改革协调统一。 ...

证券日报网讯天山股份（000877）10月27日发布公告，在公司回答调研者提问时表示，面对国内水泥行 业发展新态势，公司将持续加快结构调整、转型升级步伐，积极响应国家"走出去"号召，加快国际化发 展步伐。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 每经AI快讯，天山股份发布公告称，2025年10月24日，天山股份接受国泰海通证券等投资者调研，公 司李雪芹、李福民、叶虹、秦启慧参与接待，并回答了投资者提出的问题。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Short-term easing of US-China trade tensions and anticipation of economic work conference guidance [1] - Mid-term expectations for improved profitability in the fiberglass sector [2] - The construction materials sector has shown a 1.60% increase in the past week, underperforming compared to the broader market indices [4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 348.2 RMB/ton, up 1.3 RMB/ton from last week but down 63.0 RMB/ton year-on-year. The average cement inventory ratio is 67.9%, up 0.6 percentage points from last week [11][12][18]. - **Glass**: The average price for float glass is 1243.7 RMB/ton, down 57.3 RMB/ton from last week and down 9.3% year-on-year. Inventory levels have increased, indicating weak demand [44][50]. - **Fiberglass**: The market for non-alkali fiberglass remains stable, with prices holding steady. The average price for 2400tex non-alkali winding direct yarn is between 3250-3700 RMB/ton [5]. 2. Industry Dynamics Tracking - **Investment Trends**: Fixed asset investment growth has slowed, indicating weakness in traditional sectors like real estate and infrastructure. The focus is shifting towards technology and domestic consumption [4]. - **Market Recommendations**: The report suggests focusing on technology sectors benefiting from domestic cycles and improving supply chains in the real estate sector [4]. 3. Weekly Market Review and Sector Valuation - The construction materials sector has underperformed compared to the broader market indices, with a 1.60% increase against a 3.24% rise in the CSI 300 index [4]. - The report highlights the importance of industry self-discipline and the potential for price stabilization in the cement sector due to supply-side adjustments [5][11]. 4. Price and Inventory Trends - **Cement Prices**: The report notes a slight increase in cement prices in certain regions, with expectations for continued price fluctuations due to seasonal demand [11][12]. - **Glass Inventory**: The increase in glass inventory suggests a need for demand recovery to stabilize prices [50]. 5. Recommendations for Key Companies - The report recommends focusing on leading companies in the cement and fiberglass sectors, such as China National Building Material and China Jushi, which are expected to benefit from market adjustments and technological advancements [5].

股票代码：000877 股票简称：天山股份 天山材料股份有限公司投资者关系活动记录表 编号：2025-004 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他（线上会议） 参与单位名 称及人员姓 名 线上会议（排名不分先后）：中金公司、花旗集团、国泰海通证 券、华泰证券、长江证券、国联民生证券、申万宏源证券、国金 证券、中泰证券、东吴证券、东北证券 时间 2025 年 10 月 24 日 地点 公司会议室 上市公司接 待人员姓名 李雪芹、李福民、叶虹、秦启慧 投资者关系 活动主要内 容介绍 一、介绍公司 2025 年前三季度经营概况 2025 年 1-9 月，公司坚持稳中求进的工作总基调，持续深入 推进"价本利"经营理念和"三精管理"模式，推动节支降本、 优化升级、节能减排、数智转型、党建等各项工作。公司紧抓管 理精细，降本控费，水泥、商品混凝土成本同比均有不同程度下 降，得益于水泥价格修复与成本优化双向发力，推动实现同比业 绩显著改善，亏损大幅收窄。 前三季度经营主要亮点： 1.精细管理赋能减亏：水泥熟料单三季度毛利率同比提升； ...

Group 1: Overseas Policy Insights - The recent China-US trade talks in Malaysia focused on key issues such as agricultural trade and fentanyl tariffs, indicating a constructive dialogue between the two nations [6][7] - The timing of these discussions before the APEC meeting is strategically significant, providing an opportunity for both sides to align their positions ahead of high-level meetings [6][7] Group 2: Company Analysis - iFLYTEK (科大讯飞) - iFLYTEK's Q3 performance showed a revenue of 60.78 billion yuan, a year-on-year increase of 10.02%, with a net profit of 1.72 billion yuan, up 202.40% [10] - The company is expected to achieve revenues of 277.48 billion, 329.06 billion, and 388.76 billion yuan from 2025 to 2027, with net profits projected at 10.09 billion, 12.97 billion, and 15.34 billion yuan respectively [12] Group 3: Company Analysis - Glodon (广联达) - Glodon reported a Q3 revenue of 14.86 billion yuan, a year-on-year increase of 4%, marking a return to growth [14] - The company anticipates revenues of 62.52 billion, 64.47 billion, and 66.71 billion yuan from 2025 to 2027, with net profits expected to be 4.83 billion, 6.14 billion, and 7.18 billion yuan respectively [15] Group 4: Company Analysis - Jinhui Liquor (金徽酒) - Jinhui Liquor's Q3 revenue was 5.46 billion yuan, down 4.89% year-on-year, with a net profit of 0.25 billion yuan, a decrease of 33.02% [17] - The company is focusing on enhancing its market share in the northwest region and improving its product structure [19] Group 5: Company Analysis - Great Wall Motors (长城汽车) - Great Wall Motors achieved a Q3 revenue of 612 billion yuan, a year-on-year increase of 21%, with a net profit of 23 billion yuan, down 31% [21][22] - The company expects to see significant growth in revenue from 2024 to 2026, with projections of 2371 billion, 3033 billion, and 3514 billion yuan respectively [24] Group 6: Company Analysis - Chifeng Gold (赤峰黄金) - Chifeng Gold reported a Q3 revenue of 33.72 billion yuan, a year-on-year increase of 66.39%, with a net profit of 9.51 billion yuan, up 140.98% [27] - The company anticipates EPS of 1.58, 1.89, and 2.22 yuan from 2025 to 2027, maintaining a "buy" rating [28] Group 7: Company Analysis - Beijing Blue Valley (北汽蓝谷) - Beijing Blue Valley's Q3 revenue was 59 billion yuan, with a net profit of -11.2 billion yuan [30] - The company is focusing on enhancing its brand value and product competitiveness through collaboration with Huawei [32] Group 8: Company Analysis - Nanjing Steel (南钢股份) - Nanjing Steel reported a Q3 revenue of 143.39 billion yuan, a year-on-year decrease of 8.16%, but a net profit increase of 40.02% [35] - The company is expanding its overseas operations, particularly in Indonesia, to enhance its production capabilities [35] Group 9: Company Analysis - Weisheng Information (威胜信息) - Weisheng Information achieved a revenue of 21.12 billion yuan in the first three quarters, a year-on-year increase of 8.80% [38] - The company maintains a healthy financial position with a strong order backlog, supporting future growth [39] Group 10: Company Analysis - CITIC Securities (中信证券) - CITIC Securities reported a revenue of 558.15 billion yuan and a net profit of 231.59 billion yuan for the first three quarters, reflecting a year-on-year increase of 32.7% and 37.9% respectively [42] - The company is expected to continue its growth trajectory, with projected net profits of 305.94 billion, 320.60 billion, and 343.46 billion yuan from 2025 to 2027 [44] Group 11: Company Analysis - Wens Foodstuffs (温氏股份) - Wens Foodstuffs reported a revenue of 757.88 billion yuan and a net profit of 52.56 billion yuan for the first three quarters, reflecting a slight decrease [46] - The company is adjusting its profit forecasts due to the low prices of live pigs impacting its performance [48] Group 12: Company Analysis - Huaxin Cement (华新水泥) - Huaxin Cement achieved a revenue of 250.33 billion yuan in the first three quarters, a year-on-year increase of 1.27%, with a net profit of 20.04 billion yuan, up 76.01% [50] - The company is focusing on overseas expansion to enhance its revenue potential [51]

Core Insights - Tianshan Co., Ltd. reported a revenue of 54.938 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 10.64% [1] - The company recorded a net loss attributable to shareholders of 1.181 billion yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, amounted to 1.568 billion yuan [1]