证券代码：000877 证券简称：天山股份 公告编号：2025-065 天山材料股份有限公司 关于召开 2025 年第五次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第五次临时股东会 投票规则：公司股东应严肃行使表决权，投票表决时，同一股份只能选 择现场投票、深圳证券交易所交易系统投票、深圳证券交易所互联网系统投 票中的一种，不能重复投票。具体规则为：同一表决权出现重复表决的以第 一次投票结果为准。 6、会议的股权登记日：2025 年 11 月 3 日 7、出席对象： 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 10 日 14:30 （2）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 11 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-062 天山材料股份有限公司 第九届董事会第八次会议决议公告 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。 3、本次会议应出席董事 9 人，实际出席董事 9 人，董事赵新军、 刘标、范丽婷、满高鹏、薄克刚、沈军、陆正飞、孔伟平、李琛亲自 出席了会议。 4、会议主持人为董事长赵新军，公司部分高级管理人员列席了 本次会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《2025 年第三季度报告》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容详见《2025 年第三季度报告》（公告编号：2025-063）。 本议案无需提交公司股东会审议。 一、董事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2025 年 10 月 17 日 以书面、邮件的方式发出召开第九届董事会第八次会议的通知。 2、公司第九届董事会第八次会议于 2025 年 10 月 23 日以现场结 ...

Core Viewpoint - Tianshan Co., Ltd. experienced a significant block trade on October 22, with a transaction volume of 9.3926 million shares at a price of 6.17 yuan, reflecting a discount of 4.49% compared to the closing price of 6.46 yuan on the same day [2] Trading Activity - The block trade amounted to 57.9525 million yuan, with the buyer being Guolian Minsheng Securities Co., Ltd. and the seller being Zheshang Securities Co., Ltd. [2] - The stock closed at 6.46 yuan, marking an increase of 1.10% for the day, with a turnover rate of 0.83% and a total trading volume of 382 million yuan [2] Fund Flow - The net outflow of funds for Tianshan Co. was 630,400 yuan for the day, with a cumulative decline of 3.87% over the past five days, resulting in a total net outflow of 34.8649 million yuan [2] - The latest margin financing balance for the stock is 412 million yuan, which has decreased by 26.6754 million yuan over the past five days, representing a decline of 6.07% [2] Company Background - Tianshan Materials Co., Ltd. was established on November 18, 1998, with a registered capital of 7.110491694 billion yuan [2]

Group 1: Market Performance - The cement sector increased by 0.46% compared to the previous trading day, with Guotong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Group 2: Individual Stock Performance - Guotong Co., Ltd. (002205) closed at 15.16, up 10.01% with a trading volume of 158,100 shares and a transaction value of 233 million [1] - Other notable performers include Shangfeng Cement (000672) with a closing price of 11.11, up 2.40%, and Hanjian Heshan (603616) at 5.52, up 2.22% [1] - The overall trading volume and transaction values for various stocks in the cement sector were significant, with Shangfeng Cement achieving a transaction value of 479 million [1] Group 3: Capital Flow Analysis - The cement sector saw a net inflow of 5.77 million from institutional investors, while retail investors contributed a net inflow of 46.47 million [2][3] - Notably, Guotong Co., Ltd. had a net inflow of 68.52 million from institutional investors, despite a net outflow of 45.34 million from retail investors [3] - The overall capital flow indicates a mixed sentiment, with institutional investors showing confidence in certain stocks while retail investors exhibited caution [2][3]

Market Overview - The cement sector increased by 0.68% on October 21, with Qingsong Jianhua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Qingsong Jianhua (600425) closed at 4.89, up 4.26% with a trading volume of 1.0134 million shares and a transaction value of 493 million [1] - Other notable performers include: - Meiao Zhonghui (601992) at 1.79, up 3.47% [1] - Sifang New Materials (605122) at 13.65, up 2.40% [1] - Sanhe Yingshao (003037) at 8.18, up 2.25% [1] - Huazhong Construction (002302) at 7.11, up 2.01% [1] Fund Flow Analysis - The cement sector saw a net inflow of 27.126 million in main funds, while retail funds experienced a net outflow of 69.5445 million [2] - Retail investors contributed a net inflow of 42.4185 million [2] Major Fund Flows by Company - Conch Cement (600585) had a main fund net inflow of 39.9722 million, but retail funds saw a net outflow of 39.5986 million [3] - Qingsong Jianhua (600425) experienced a main fund net inflow of 32.3374 million, with retail funds also seeing a net outflow of 28.9664 million [3] - Tianshan Shares (000877) had a main fund net inflow of 12.2423 million, with retail funds showing a net inflow of 1.03418 million [3]

Core Viewpoint - Tianshan Co. stated on October 20 that shareholder information outside of regular reporting periods is not mandatory for disclosure, and the company will provide such information in regular reports to ensure fairness for investors [1] Group 1 - The company responded to investor inquiries on an interactive platform regarding shareholder information disclosure [1] - Tianshan Co. emphasized adherence to information disclosure regulations [1] - The company aims to maintain fairness in information access for investors [1]

Market Overview - The cement sector increased by 0.24% on October 20, with Hanjian Heshan leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Hanjian Heshan (603616) closed at 5.30, up 2.51% with a trading volume of 105,700 shares and a turnover of 55.47 million yuan [1] - Fujian Cement (600802) closed at 5.75, up 1.77% with a trading volume of 187,500 shares and a turnover of 108 million yuan [1] - Other notable performers include Sanhe Yingshao (003037) at 8.00 (+1.65%), Longquan Co. (002671) at 5.09 (+1.19%), and Xibu Construction (002302) at 6.97 (+1.16%) [1] Capital Flow Analysis - The cement sector experienced a net outflow of 121 million yuan from institutional investors, while retail investors saw a net inflow of 102 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Conch Cement (600585) had a net inflow of 18.35 million yuan from institutional investors, but a net outflow of 5.47 million yuan from retail investors [3] - Jinyu Group (000401) saw a significant net inflow of 10.42 million yuan from institutional investors, while retail investors had a net outflow of 13.28 million yuan [3] - Qing Song Jianhua (600425) reported a net inflow of 8.90 million yuan from institutional investors, with retail investors also experiencing a net outflow of 12.95 million yuan [3]

Core Viewpoint - Tianshan Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 10.25% but a notable drop of 6.02% in the last five trading days [2][3]. Group 1: Stock Performance - As of October 20, Tianshan's stock price was 6.24 CNY per share, with a market capitalization of 44.369 billion CNY [1]. - The stock has seen a year-to-date increase of 10.25%, but has declined by 6.02% over the last five trading days and 5.02% over the last 20 days [2]. - The stock has been on the "龙虎榜" (a stock trading list) once this year, with the last appearance on July 23, where it recorded a net buy of -295 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, Tianshan reported a revenue of 35.98 billion CNY, a year-on-year decrease of 9.37%, while the net profit attributable to shareholders was -922 million CNY, an increase of 73% year-on-year [3]. - The company has distributed a total of 8.718 billion CNY in dividends since its A-share listing, with 3.327 billion CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of June 30, 2025, Tianshan had 77,900 shareholders, an increase of 6.08% from the previous period, with an average of 91,309 circulating shares per shareholder, up by 267.85% [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.8878 million shares, a decrease of 9.846 million shares from the previous period [4]. Group 4: Business Overview - Tianshan Co., Ltd. is primarily engaged in the production and sale of cement, clinker, ready-mixed concrete, and aggregates, with revenue composition as follows: 63.16% from cement and clinker, 28.24% from ready-mixed concrete, 5.55% from aggregates, and 3.05% from other sources [2]. - The company is classified under the building materials industry, specifically in cement manufacturing, and is associated with concepts such as the Kashgar Planning Area and state-owned enterprise reform [2].

Summary of Conference Call on Aluminum and Copper Market Dynamics Industry Overview - The current copper-to-aluminum ratio is at a historical high of approximately 4.2 times, with expectations for a correction during the latter part of the interest rate cut cycle, suggesting aluminum may replicate copper's upward trend over the next three to five years [1][2][8] - The aluminum sector is currently undervalued, with an average dividend yield of 5-10% and a price-to-earnings (PE) ratio of 8 times, projected to rise from 8-9 times to 10-15 times by 2026, potentially doubling or more [1][2][15] Key Insights and Arguments - The inflation cycle typically sees gold leading, followed by silver, then copper and aluminum; thus, aluminum, which is currently at a low price point, should be a focus [1][3] - The average valuation metrics for the non-ferrous metals sector include a price-to-book (PB) ratio of 2 times, a return on equity (ROE) of 20%, and a PE ratio of 8 times, indicating a combination of resilience and dividend defensiveness [1][3] - The copper-aluminum price bottom usually occurs at the end of an interest rate cut cycle, aligning with economic recovery phases [4][5] Market Dynamics - The supply of electrolytic aluminum in China has reached its capacity ceiling, while uncertainties in overseas energy consumption will gradually restore the copper-to-aluminum ratio to normal levels [1][9] - Fund holdings in the sector are significantly lower than the previous year, with only 4.7% to 4.8% allocation in Q2, indicating a relatively low market crowding and room for recovery [1][7] Future Projections - Aluminum is expected to become a resource commodity similar to copper due to its price elasticity and diverse demand, with a current profit margin of approximately 3,000 yuan per ton [2][8] - The anticipated increase in demand for alternative materials, such as aluminum wire bundles, is expected to further support aluminum's market position [10] - The global energy consumption for electrolytic aluminum production accounts for about 3% to 3.5% of total electricity usage, with potential supply uncertainties due to energy constraints [11][12] Investment Opportunities - Companies with high elasticity, such as Zhongfu, Yun Aluminum, and Tianshan, are recommended for those seeking growth, while more stable options include Hongqiao, Hongchuang Holdings, and China Aluminum [2][15] - The aluminum sector's dividend yield is projected to remain strong, with some companies maintaining a dividend payout ratio of 60% [14] Conclusion - The aluminum sector is poised for significant growth over the next few years, driven by supply constraints and increasing demand for aluminum as a substitute material. The current market conditions present a favorable investment landscape for both growth and income-focused investors [15][18]

Core Insights - The cement sector experienced a 2.26% increase on October 15, with Huaxin Cement leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Cement Sector Performance - Huaxin Cement (600801) closed at 21.28, up 6.45% with a trading volume of 411,100 shares and a transaction value of 864 million [1] - Other notable performers include: - Qingsong Jianhua (600425) at 4.92, up 2.71% with a transaction value of 409 million - Conch Cement (600585) at 24.49, up 2.47% with a transaction value of 1.253 billion [1] - The overall trading volume and transaction values for various cement stocks indicate strong market activity [1][2] Capital Flow Analysis - The cement sector saw a net inflow of 349 million from institutional investors, while retail investors experienced a net outflow of 243 million [2] - Specific stock capital flows include: - Conch Cement with a net inflow of 250 million from institutional investors [3] - Huaxin Cement with a net inflow of approximately 41.69 million from institutional investors [3] - The data indicates a divergence in capital flow, with institutional investors showing confidence while retail investors withdrew [2][3]