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].

Group 1: Financial Performance - The company reported a net loss of 1.18 billion yuan for the first three quarters of 2025, a significant reduction of 68.5% year-on-year [1] - Operating cash flow improved, with a net cash flow from operating activities of 4.87 billion yuan, representing a year-on-year increase of 43.5% [2] - The gross profit margin for cement clinker increased in the third quarter compared to the previous year [1] Group 2: Cost Management - Continuous cost reduction efforts led to a decrease in comprehensive costs for cement clinker over three consecutive quarters [2] - The company is implementing detailed cost-saving plans and action schemes, focusing on resource allocation, centralized procurement, and technological upgrades to maximize cost reduction [7] Group 3: International Expansion - The overseas business generated approximately 1.13 billion yuan in revenue for the first three quarters, marking an 85.4% year-on-year growth [2] - The gross profit margin for overseas operations reached 39.8%, significantly higher than domestic operations, validating the profitability potential of the international strategy [2] Group 4: Industry Outlook and Risk Management - The company is committed to adhering to national capacity management policies and actively promoting capacity reduction [5] - Expectations for cement prices in the fourth quarter indicate a potential upward trend due to seasonal demand improvements and supply constraints [7] - Investors are reminded that any forecasts regarding industry trends or company strategies should not be viewed as commitments or guarantees [7]

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]

Core Viewpoint - China National Building Material (03323) announced that its subsidiary Tianshan Cement (000877.SZ) reported a revenue of 54.938 billion yuan for the nine months ending September 30, 2025, representing a year-on-year decline of 10.64% [1] Financial Performance - Tianshan Cement achieved a net loss attributable to shareholders of 1.18 billion yuan, which is a 68.5% reduction compared to the previous year [1] - The basic loss per share was reported at 0.1660 yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | | | | | 年初至報 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 本報告期 | | | | 告期末比 | | | | | | 比上年同 | | | | 上年同期 | | | 本報告期 | | 上年同期 | 期增減 (%) | 年初至報告期末 | | 上年同期 | 增減 (%) | | | | 調整前 | 調整後 | 調整後 | | 調整前 | 調整後 | 調整後 | | 營業收入 | 18,958,088,111.21 | 21,760,232,444.98 | 21,765,842,114.90 | -12.90 | 54,937,588,768.60 | 61,459,598,528.30 | 61,478,897,601.72 | -10.64 | | 歸屬於天山材料股東的淨利潤 | ...

Core Viewpoint - Tianshan Co., Ltd. reported a narrowing net loss of 1.18 billion yuan for Q3 2025, despite weak market demand and a challenging industry environment, attributed to effective cost control and a focus on green transformation [1][2]. Group 1: Financial Performance - As of the end of Q3 2025, the company achieved operating revenue of 54.938 billion yuan, with a net profit loss reduced by 68.50% year-on-year [1]. - The company's cash flow from operating activities was 4.869 billion yuan, with a weighted average return on equity of -1.44% [2]. - The gross profit margin for the first three quarters was 17.6%, with a quarterly net profit showing year-on-year growth [2]. Group 2: Cost Management and Efficiency - The company implemented a "Three Precision Management" model to enhance cost efficiency and operational effectiveness amid a declining market [2]. - Measures included centralized procurement, direct sourcing, and online platform purchasing, leading to reduced costs in cement and concrete production [2]. - The company focused on optimizing production processes and reducing energy consumption through technical improvements [2]. Group 3: Green Transformation Initiatives - Tianshan Co., Ltd. integrated green development and technological innovation into its operations, aiming to become a benchmark for sustainability in the cement industry [3]. - The company is advancing energy transition, product innovation, and carbon capture technologies, aligning with national policies for green transformation [3]. - The goal is to minimize environmental impact while achieving economic benefits, contributing to the sustainable development of the industry [3]. Group 4: Industry Context and Opportunities - The cement industry is currently in a deep adjustment phase, with a 5.2% year-on-year decline in national cement production from January to September 2025 [4]. - Despite the industry's challenges, structural opportunities are emerging in the infrastructure sector, supported by government policies aimed at stabilizing growth [4]. - Increased funding and the commencement of major projects in various regions are expected to accelerate construction activities in the fourth quarter [4]. Group 5: Market Outlook - Analysts predict that cement prices may rise due to seasonal production adjustments and marginal improvements in demand [5]. - The ongoing optimization of industry supply is expected to alleviate supply-demand imbalances, potentially restoring profitability for leading regional enterprises [5].

Group 1 - Tianshan Co., Ltd. announced the convening of its ninth board meeting on October 23, 2025, which will be held in a hybrid format of in-person and video [1] - For the first half of 2025, Tianshan's revenue composition shows that cement accounts for 96.95% of total revenue, while other businesses contribute 3.05% [1] - As of the report date, Tianshan's market capitalization stands at 44.6 billion yuan [1]

1、基本信息 特别提示： 天山材料股份有限公司本次拟续聘会计师事务所符合财政部、国 务院国资委、证监会印发的《国有企业、上市公司选聘会计师事务所 管理办法》（财会〔2023〕4 号）的规定。 天山材料股份有限公司（简称"公司"或"本公司"）于 2025 年 10 月 23 日召开第九届董事会第八次会议，审议通过了《关于拟续 聘会计师事务所的议案》，拟续聘大华会计师事务所（特殊普通合伙） （简称"大华事务所"）为公司 2025 年度财务报告及内部控制的审 计机构，该事项尚需提交公司股东会审议。现将有关事项公告如下： 证券代码：000877 证券简称：天山股份 公告编号：2025-064 一、 拟续聘会计师事务所的基本情况 天山材料股份有限公司 关于拟续聘会计师事务所的公告 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。 （一）机构信息 企业名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日（由大华会计师事务所有限公司转 制为特殊普通合伙企业） 公司类型：特殊普通合伙企业 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 ...

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 ...