Group 1 - The core viewpoint of the news is that Tianshan Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in stock price over the year and recent trading days [1][2] - As of August 27, Tianshan's stock price was 6.83 yuan per share, with a market capitalization of 48.565 billion yuan and a trading volume of 5.94 billion yuan [1] - The company has seen a year-to-date stock price increase of 20.67%, with a 15.57% increase over the last five trading days and a 47.84% increase over the last 60 days [1] Group 2 - Tianshan Co., Ltd. operates in the building materials sector, specifically in cement manufacturing, and is involved in various initiatives such as Xinjiang revitalization and the Belt and Road Initiative [2] - For the first half of 2025, Tianshan reported a revenue of 35.98 billion yuan, a year-on-year decrease of 9.37%, while the net profit attributable to shareholders was -922 million yuan, reflecting a 73.00% increase compared to the previous year [2] - The company has distributed a total of 8.718 billion yuan in dividends since its A-share listing, with 3.327 billion yuan distributed in the last three years [3]

风险提示：股市有风险，投资需谨慎。 天山股份8月26日股价报收6.97元，较前一交易日下跌0.27元。当日开盘价为7.30元，最高触及7.38元， 最低下探至6.92元，全天振幅达6.35%。成交量为201.9万手，成交金额14.37亿元。 资金流向方面，8月26日主力资金净流出1.71亿元，占流通市值的0.35%。近五个交易日主力资金累计净 流入2.61亿元，占流通市值的0.53%。 天山股份主营业务为水泥、商品混凝土的生产与销售，是新疆地区重要的建材企业。公司产品广泛应用 于基础设施建设、房地产开发等领域。 8月26日盘中，天山股份股价出现快速波动。早盘9点35分出现快速反弹，5分钟内涨幅超过2%；随后在 9点38分又快速回调，5分钟内跌幅超过2%，显示当日市场交投活跃。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600668 | 尖峰集团 | 12.69 | 2.01% | 24.80万 | | 3.13亿 | | 000672 | 上峰水泥 | 9.34 | 1.63% | 22.75万 | | 2.11亿 | | 600449 | 宁夏建材 | 14.52 | 1.54% | 14.93万 | | 2.17亿 | | 002205 | 国统股份 | 14.69 | 1.31% | - 16.76万 | | 2.48亿 | | 002233 | 塔牌集团 | 8.98 | 1.24% | 16.26万 | | 1.45亿 | | 601992 | 金偶集团 | 1.71 | 1.18% | 86.81万 | | 1.48亿 | | 603616 | 韩建河山 | 5.86 | 0.86% | 20.67万 | | 1.21亿 | | 003037 | 三和营桩 | 9.29 | 0.76% | 20.00万 | | 1.85亿 | | 6 ...

建材行业 行业研究 | 动态跟踪 新藏铁路影响深远，区域水泥投资机会可 期 ——建筑建材行业跟踪点评 核心观点 投资建议与投资标的 市场部分观点认为新藏铁路带来的资本市场投资机会或已过去，更偏短期情绪。但我们 的观点在于，长期来看铁路建设以及后续对于区域经济活力的激发，将持续拉动水泥需 求，由于南疆水泥市场格局较好，可展望价格的进一步上涨，提升企业利润弹性，带来 落实到基本面的投资机会。建议关注在新疆有产能布局的水泥企业，如青松建化 (600425，未评级)、天山股份(000877，未评级)、海螺水泥(600585，未评级)。 风险提示 新疆水泥需求增长不及预期、行业供给端超预期放量、原燃材料价格上涨、假设条件变 化影响测算结果。 国家/地区 中国 行业 建材行业 报告发布日期 2025 年 08 月 26 日 冯孟乾 fengmengqian@orientsec.com.cn 执业证书编号：S0860523070003 | 玻纤仍需"反内卷"，落实效果或可期待： | 2025-07-17 | | --- | --- | | ——建筑建材行业跟踪点评 | | | 地产走弱冲击有限，城市更新有望接力： | 20 ...

证券之星消息，8月25日水泥板块较上一交易日上涨2.69%，天山股份领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000877 | 天山股份 | 7.24 | 10.03% | 188.72万 | | 13.23亿 | | 600678 | 四川金顶 | 10.90 | 4.21% | 58.52万 | | 6.24亿 | | 600425 | 青松建化 | 4.92 | 3.80% | 236.80万 | | 11.53 乙 | | 600801 | 华新水泥 | 66'SI | 2.37% | 46.11万 | | 7.35亿 | | 600585 | 海螺水泥 | 24.71 | 1.73% | 48.98万 | | 12.05 Z | | 002596 | 烘脂量使 | 3.82 | 1.60% | 63.07万 | | 2.40亿 | | ...

（责任编辑：康博） 中国经济网北京8月25日讯 天山股份(SZ:000877)今日股价涨停，截至收盘报7.24元，涨幅10.03%， 总市值514.80亿元。该股此前1个交易日涨停。 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Market Overview - On August 22, the cement sector rose by 2.04%, with Tianshan Co. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Tianshan Co. (000877) closed at 6.58, up 10.03% with a trading volume of 1.8653 million shares and a transaction value of 1.193 billion [1] - Qingsong Jianhua (600425) closed at 4.74, up 9.98% with a trading volume of 2.006 million shares and a transaction value of 920 million [1] - Xibu Construction (002302) closed at 7.20, up 2.86% with a trading volume of 658,400 shares and a transaction value of 471 million [1] - Other notable performances include: - Qingyun Materials (601992) up 1.82% - Ningxia Building Materials (600449) up 0.99% - Guotong Co. (002205) up 0.91% [1] Capital Flow Analysis - The cement sector saw a net inflow of 227 million in main funds, while retail funds experienced a net outflow of 30.3 million [2] - Main funds showed significant inflows into Tianshan Co. (216 million) and Qingsong Jianhua (214 million), while retail funds showed outflows from several stocks including Tianshan Co. and Guotong Co. [3] Summary of Capital Flow by Stock - Tianshan Co. had a main fund net inflow of 216 million, accounting for 18.12% of total inflows, while retail funds saw a net outflow of 14.42 million [3] - Qingsong Jianhua had a main fund net inflow of 214 million, representing 23.29% of total inflows, with retail funds experiencing a net outflow of 12.6 million [3] - Other stocks like Xibu Construction and Qingyun Materials also showed varied capital flows, with some experiencing net outflows from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 35.98 billion yuan for the first half of 2025, a year-on-year decrease of 9.40%, while the net profit attributable to shareholders was -0.922 billion yuan, an increase of 72.99% year-on-year [2][4]. - The analysis indicates that the company's cement and clinker revenue per ton increased to 251 yuan, a rise of 13 yuan per ton year-on-year, while the cost per ton decreased to 203 yuan, a drop of 14 yuan per ton year-on-year, resulting in a gross profit of 39 yuan per ton, an increase of 18 yuan per ton year-on-year [6]. - The company is expected to achieve profits of 0.9 billion yuan and 1.4 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 46 and 29 times [7]. Summary by Sections Financial Performance - In the first half of 2025, the company sold 80.62 million tons of cement, a decrease of 14.63% year-on-year, and 9.9 million tons of clinker, a decrease of 14.59% year-on-year [12]. - The overall cement demand in the first half of 2025 was weak, with national infrastructure investment growing by 4.6% year-on-year, while real estate development investment fell by 11.2% [12]. Market Position and Strategy - The company is actively expanding its overseas market presence, particularly in regions like Africa and Central Asia, where market conditions are more favorable compared to the domestic market [12]. - The report anticipates that supply-side reforms will provide price recovery elasticity, potentially improving production order and real capacity utilization [12].

3. 公司严格执行产能置换政策，优化产能结构并推动行业供给侧结构性改革，关联水泥行业供给侧改革 题材。 天山股份主要涉及水泥、一带一路、基建、供给侧改革、绿色低碳等概念板块。 根据分析，可能的影响因素如下： 1. 突尼斯项目完成交割并实现当月盈利，贡献利润约4200万元，推动海外业务拓展，关联"一带一路"题 材。 2. 中吉乌铁路与新藏铁路重大工程预期带来新疆地区水泥需求增量，公司具备特种水泥供应能力，关联 基建及区域发展题材。 截至11时2分，天山股份涨幅为10.03%，最新价6.58元，总市值467.87亿元，封板资金6.04亿元，成交额 8.86亿元，换手率1.97%。 注：本内容由算法自动生成，不构成投资建议。责任编辑：磐石 ...