Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary of CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] Group 1: CFO Salary and Demographics - The average salary of CFOs in the cement industry is 927,500 yuan, which is 1.21 times higher than the average salary in the building materials sector, with a year-on-year increase of 8.1% [7] - The gender distribution shows that male CFOs dominate at approximately 78.6%, with an average age of 49.09 years, while female CFOs account for 21.4% with an average age of 53.67 years [1][5] - The age structure of CFOs in cement companies indicates a trend towards older executives, with an average age of 50.07 years, and about 50% of CFOs being over 50 years old [1] Group 2: Tenure and Education - The majority of CFOs in the cement sector have a medium to long-term tenure, with 42% serving between 3-5 years and 28.6% between 5-10 years [3] - In terms of educational background, 42.9% of CFOs hold a master's degree, while 35.7% have a bachelor's degree, and 14.3% have a diploma [5] Group 3: Salary Variations and Performance - The highest-paid CFO is Zhao Xufei from Tianshan Co., with a salary of 1.7266 million yuan, significantly higher than the second-highest, Chen Xuan from Huaxin Cement, who earns 1.4331 million yuan [8][9] - There are notable salary fluctuations, with three CFOs experiencing salary cuts and eleven receiving increases; the highest increase was 67.6% for Shao Juyang from Western Construction [8]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Group 1 - The stock price of Tianshan Co., Ltd. (000877) closed at 5.23 yuan on August 1, 2025, down 1.13% with a turnover rate of 0.34% and a trading volume of 241,600 hands, amounting to 127 million yuan [1] - The latest financial report for Tianshan Co., Ltd. shows total operating revenue of 14.947 billion yuan, a year-on-year decrease of 8.64%, while net profit attributable to shareholders was 1.49377 billion yuan, an increase of 22.33% [1] - The company has a current ratio of 0.559, a quick ratio of 0.484, and a debt-to-asset ratio of 66.57% [1] Group 2 - Tianshan Materials Co., Ltd. was established in 1998 and is located in Urumqi, primarily engaged in the non-metallic mineral products industry [1] - The company has made investments in 36 enterprises and participated in 5,000 bidding projects, holding 29 trademark registrations and 34 patents [2]

Core Viewpoint - The demand for autoclaved bricks in China is expected to grow significantly due to their environmental benefits and government support for green building materials, with a projected demand of 25,220 million cubic meters in 2024, a year-on-year increase of 7.18% [1][13]. Group 1: Industry Overview - Autoclaved bricks are widely used in residential, public, and industrial buildings, particularly in green and energy-efficient constructions due to their eco-friendly and energy-saving characteristics [1][13]. - The autoclaved brick industry is categorized into two main types: autoclaved fly ash bricks and autoclaved sand-lime bricks, with various strength grades [3]. - The production of autoclaved bricks utilizes industrial solid waste, such as fly ash, which contributes to environmental sustainability [6]. Group 2: Industry Demand and Supply - The demand for autoclaved bricks in China is projected to reach 25,220 million cubic meters in 2024, reflecting a 7.18% increase from the previous year [1][13]. - The production volume of autoclaved bricks is expected to grow from 14,510 million cubic meters in 2018 to 26,372 million cubic meters in 2024, driven by advancements in production technology and increased utilization of solid waste [11]. Group 3: Industry Chain - The upstream of the autoclaved brick industry includes suppliers of raw materials such as cement, lime, sand, and fly ash, which are essential for brick production [5]. - The midstream involves the manufacturing of autoclaved bricks, where companies process raw materials into finished products [5]. - The downstream applications of autoclaved bricks span across construction, road, and infrastructure sectors [5]. Group 4: Competitive Landscape - The autoclaved brick industry is experiencing intensified competition due to increasing demand for new building materials and government support for energy-saving policies [15]. - Leading companies in the industry are leveraging smart manufacturing and high solid waste incorporation technologies to maintain market dominance [15]. - Key players in the market include Shaanxi Black Cat, Hainan Blue Island Environmental Industry, and Guizhou Anshun Jia Yu New Materials [15][17]. Group 5: Industry Trends - There is a growing emphasis on green production practices within the autoclaved brick industry, focusing on reducing emissions and utilizing industrial waste as raw materials [21]. - The industry is expected to adopt more automated and intelligent production processes to enhance efficiency and product quality [22]. - Continuous improvement in product performance is anticipated, with developments aimed at higher strength, better insulation, and additional functionalities to meet the demands of high-end and energy-efficient buildings [24].

Core Insights - The role of the board secretary is crucial in connecting investors with listed companies, particularly in capital operations [1] - In 2024, the total compensation for board secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] Industry Overview - A total of 73 listed companies in the building materials sector disclosed board secretary information, with overall revenue in 2024 amounting to 708.449 billion yuan, a year-on-year decline of 12.3% [1] - The net profit attributable to shareholders was recorded at 18.836 billion yuan, which is a significant drop, nearly halving compared to 2023 [1] - Only about 30% of companies in this sector reported increases in both revenue and net profit [1] Compensation Analysis - The average annual salary for board secretaries in the building materials sector in 2024 was 666,100 yuan, with 34 secretaries earning above this average [2] - The median salary was 630,200 yuan, with the highest and lowest salaries differing by 2.0166 million yuan [2] - Approximately 18.1% of board secretaries earned over 1 million yuan, while the lowest-paid secretary, Yu Haokun from Jinjing Technology, earned only 191,800 yuan [2] Salary Trends - Compared to 2023, the average and median salaries for board secretaries in the building materials sector decreased by 2.2% and 3.9%, respectively [2] - Among those in office for over a year, 29 secretaries saw a decrease in salary, with the most significant drop being 797,000 yuan for Qin Qing from Hainan Ruize [2] - Conversely, 26 secretaries experienced salary increases, with notable gains of 501,500 yuan and 518,200 yuan for Wang Chuanqiu from Shandong Fiberglass and Huang Dunxia from International Composite Materials, respectively [2] Top Earners - Ding Chengche from China Jushi topped the salary list with 2.0192 million yuan, significantly higher than the second-highest, Deng Lingyun from Qibin Group, who earned 1.772 million yuan [3] - The lowest-paid secretary with over a year of service was Yu Haokun from Jinjing Technology, earning 191,800 yuan and holding no company shares [2][3] - Among the top 10 earners, one secretary, Hu Bingfang from Tibet Tianlu, faced regulatory issues related to financial reporting inaccuracies [3]

Core Viewpoint - Tianshan Co. has obtained several certifications from the American Petroleum Institute, indicating its capability to produce oil well cement that meets international standards [1] Group 1 - The company has acquired the APIQR certificate, Q1 certificate, and TS/29001 certificate, demonstrating its full range of oil well cement production capabilities [1] - The products of the company comply with international quality management systems and production specifications [1]

Group 1 - The core viewpoint of the article highlights that Tianshan Co. is actively managing its operations and focusing on opportunities arising from major national projects, particularly in the hydropower sector along the Yarlung Tsangpo River [1] - Tianshan Co. is recognized as the domestic leader in producing a wide variety of cement products, including being the largest producer of special and functional cement-based materials [1] - The company emphasizes its capability to provide high-performance, low-carbon, and high-functionality special cement products, along with quality R&D services, to support key national engineering projects [1] Group 2 - Tianshan Co. is closely monitoring the progress of relevant projects and is committed to participating in procurement tenders to supply high-quality products and services [1]

金融界消息 截至2025年7月30日收盘，天山股份（000877）报收于5.4元，下跌0.37%，换手率0.52%， 成交量37.29万手，成交金额2.02亿元。 天眼查商业履历信息显示，天山材料股份有限公司，成立于1998年，位于乌鲁木齐市，是一家以从事非 金属矿物制品业为主的企业。企业注册资本711049.1694万人民币，实缴资本576935.29万人民币。公司 法定代表人为赵新军。 通过天眼查大数据分析，天山材料股份有限公司共对外投资了36家企业，参与招投标项目5000次，知识 产权方面有商标信息29条，专利信息33条，此外企业还拥有行政许可21个。 来源：金融界 资金流向方面，今日主力资金净流入2076.83万元，占比成交额10.3%。其中，超大单净流入645.71万 元、占成交额3.2%，大单净流入1431.13万元、占成交额7.1%，中单净流出流出1863.52万元、占成交额 9.24%，小单净流出213.31万元、占成交额1.06%。 天山股份最新一期业绩显示，截至2025一季报，公司营业总收入149.47亿元、同比减少8.64%，归属净 利润149377.20万元，同比增长22.33%，扣非 ...

Core Viewpoint - Tianshan Co., Ltd. has confirmed its capability to produce API standard oil well cement, having obtained various international certifications, which positions the company as a leader in the specialized cement industry in China [1]. Group 1: Company Capabilities - Tianshan Co., Ltd. is recognized as the domestic company with the most diverse range of cement products and is the largest producer of special and functional cement-based materials [1]. - The company has achieved certifications from the American Petroleum Institute (API), including APIQR, Q1, and TS/29001, demonstrating its compliance with international standards for oil well cement production [1]. Group 2: Industry Context - Oil well cement is identified as a critical foundational material that has developed alongside China's petroleum industry, highlighting the importance of this product in the sector [1].

Group 1 - The issuer, Tianshan Materials Co., Ltd., has revised its Articles of Association, eliminating the supervisory board and transferring its powers to the audit committee of the board of directors [1] - The revision has been approved by the issuer's decision-making body and is in compliance with relevant laws and regulations [2] - The changes will not adversely affect the issuer's operations, debt repayment capacity, or daily management, and do not require a bondholders' meeting [2] Group 2 - China International Capital Corporation will ensure that the issuer adheres to information disclosure requirements and will monitor the impact of these changes on the issuer and bondholders [2]