Core Viewpoint - China is the largest producer and consumer of building materials globally, with the cement industry being a significant contributor to energy consumption and carbon emissions, accounting for approximately 9% of the country's total carbon emissions [1][2]. Group 1: Industry Overview - The cement industry was officially included in the national carbon market in March this year [1]. - In 2019, global cement production capacity was 3.7 billion tons, with China accounting for about 60% of this capacity [1]. - The top five cement companies in China by comprehensive strength for 2025 are Conch Cement, China National Building Material Group, Huaxin Cement, Tianshan Cement, and China Resources Cement Technology [1]. Group 2: Greenhouse Gas Emissions - Conch Cement reported a total greenhouse gas emission of 182 million tons of CO2, a decrease of 0.88% year-on-year [5]. - China National Building Material reported emissions of 167 million tons of CO2 equivalent, down 15.3% year-on-year [6]. - Huaxin Cement's emissions were 30.62 million tons of CO2 equivalent, a decrease of approximately 12% [6]. - China Resources Cement Technology reported emissions of 4.0347 million tons of CO2 equivalent, down 3.4% year-on-year [7]. Group 3: Hazardous Waste Generation - China National Building Material generated 11,400 tons of hazardous solid waste, an increase of 38.6% year-on-year, attributed to the acquisition of Beixin Jiaboli [10]. - Conch Cement's hazardous waste generation was 7,849 tons, up 48.6% year-on-year [11]. - China Resources Cement Technology and Huaxin Cement reported hazardous waste generation of 418 tons and 197.19 tons, respectively, with decreases of 5% and 9.7% year-on-year [12]. Group 4: Energy Consumption - Conch Cement's energy consumption was 200 million megawatt-hours, down 2% year-on-year [13]. - China National Building Material reported 182 million megawatt-hours, a decrease of 20.4% [13]. - Huaxin Cement's energy consumption was 5.1951 million tons of standard coal, down 3.4% [13]. - China Resources Cement Technology reported 5.222 million tons of standard coal, down 2.8% [13]. Group 5: Environmental Investment - China National Building Material's total environmental investment for 2024 was 1.964 billion yuan, the highest among the four companies [15]. - Conch Cement invested approximately 846 million yuan in 307 environmental technology renovation projects [15]. - Huaxin Cement's environmental technology investment totaled 707 million yuan, while China Resources Cement Technology's was 320 million yuan [15]. Group 6: Carbon Reduction Initiatives - China National Building Material launched green low-carbon building materials, including recycled materials and alternative fuels [15]. - Tianshan Cement established 89 alternative fuel production lines, with a substitution of 767,000 tons of standard coal and a thermal substitution rate of 4.19% [15]. - Conch Cement aims for a 15% share of alternative fuel usage by 2030, achieving 13% progress last year [15]. - Companies are implementing energy-saving and carbon reduction technology renovations, with various projects leading to significant reductions in energy consumption and emissions [16].

Core Viewpoint - Tianshan Co., Ltd. emphasizes the importance of market capitalization management and aims to enhance operational performance while improving communication with investors [1] Group 1 - The company's market capitalization performance is influenced by various factors [1] - Tianshan Co., Ltd. is committed to improving production operations and enhancing performance to provide returns to investors [1] - The company will strengthen communication with investors to actively convey its value [1] Group 2 - Tianshan Co., Ltd. plans to disclose the number of shareholders and the holdings of the top ten shareholders in its periodic reports [1]

（编辑 袁冠琳） 证券日报网讯 天山股份9月29日在互动平台回答投资者提问时表示，市值管理是公司长期的重要工作， 一方面，公司会努力做好生产经营，规范运作，提升业绩，回报投资者；另一方面，会加强与投资者沟 通交流，积极传递公司价值。公司今年已制定并披露《估值提升计划》，维护全体股东利益，促进公司 估值提升和高质量发展。 ...

Market Overview - The cement sector experienced a slight decline of 0.12% on September 26, with Sanhe Pile leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - Sanhe Pile (003037) closed at 7.91, down 4.47% with a trading volume of 168,100 shares and a turnover of 134 million yuan [2] - Qingsong Jianhua (600425) closed at 4.25, down 2.52% with a trading volume of 393,800 shares [2] - Sichuan Jinding (600678) closed at 9.23, down 2.22% with a trading volume of 105,800 shares [2] - Guotong Co. (002205) closed at 13.63, down 1.87% with a trading volume of 94,800 shares [2] - Tianshan Co. (000877) closed at 5.97, down 1.16% with a trading volume of 388,500 shares [2] - Other notable declines include Jianfeng Group (600668) down 1.02% and Xizang Dalu (600326) down 0.81% [2] Capital Flow Analysis - The cement sector saw a net outflow of 98.89 million yuan from institutional investors and 47.41 million yuan from retail investors, while individual investors contributed a net inflow of 146 million yuan [4] - Hainan Ruize (002596) had a net inflow of 47.06 million yuan from institutional investors, while experiencing a net outflow of 10.28 million yuan from retail investors [4] - Fujian Cement (600802) reported a net inflow of 11.08 million yuan from institutional investors, with a slight net outflow from retail investors [4] - Guotong Co. (002205) had a net inflow of 5.80 million yuan from institutional investors, while retail investors showed a net outflow [4]

Summary of Tianshan Cement Conference Call Company Overview - Tianshan Cement is a leading national cement company in China, benefiting from the industry's anti-competition trend and supply-side reform policies, particularly the requirement to address overproduction by the end of 2025 [2][3][12]. Key Points and Arguments Industry Dynamics - The cement industry has entered a downward phase since the peak in 2020-2021, with cumulative demand expected to decline by 23% by the end of 2024 [9]. - The demand structure is shifting, with infrastructure becoming the main driver of cement demand, replacing real estate [10][11]. - The industry faces challenges such as internal competition and the need for capacity reduction, with policies in place to enforce production limits [13][14][15]. Company Performance - Tianshan Cement's clinker sales have declined in line with the industry, with a compound annual growth rate of -10.8% from 2021 to 2024 [18]. - Despite a drop in sales price from 360 RMB to approximately 250 RMB, the company maintained a competitive average price of 247 RMB per ton, second only to Huaxin Cement [18]. - In 2025, the company achieved a significant turnaround in Q2, reporting a profit of 572 million RMB, a year-on-year increase of nearly 140% [19]. Financial Health - The company has a stable financial position, with a decreasing debt-to-asset ratio and low financing costs, averaging 2.61% in 2024 [22]. - Tianshan Cement has committed to a dividend payout ratio of no less than 50% from 2025 to 2027, ensuring shareholder returns [23]. Cost Management and Efficiency - The company is implementing cost reduction measures, including increasing self-sufficiency in limestone and optimizing management, resulting in a decrease in unit costs [21]. - The average unit cost decreased by 23 RMB in 2024, while the average price per ton increased by 13 RMB in the first half of 2025 [20]. Growth Strategies - Tianshan Cement is expanding its non-clinker business, which has increased from 12% in 2020 to 37% in the first half of 2025, enhancing the overall stability of its operations [8]. - The company is also developing its overseas business, with a compound annual growth rate of nearly 21% from 2021 to 2024, and a significant increase in revenue in 2025 due to new projects [27]. Additional Important Insights - The company’s valuation is currently at a historical low, with a price-to-book (PB) ratio of 0.5, compared to the industry average of 0.74 [3][28]. - The market perception is cautious, with concerns about continued demand decline and high costs, but the company’s management believes in the potential for recovery through cost control and policy execution [29][30]. - The company’s strong shareholder structure, with nearly 90% held by the top ten shareholders, provides it with valuation flexibility [6]. Conclusion - Tianshan Cement is positioned to benefit from industry reforms and has demonstrated resilience through effective cost management and strategic expansion. The company’s financial health and commitment to shareholder returns further enhance its attractiveness as an investment opportunity.

Market Overview - The cement sector experienced a decline of 0.79% on September 25, with Sanhe Pile leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Notable gainers included Guotong Co. (5.63% increase), Jianfeng Group (2.88% increase), and Fujian Cement (2.23% increase) [1] - Major decliners included Sanhe Pile (4.50% decrease), Shangfeng Cement (3.75% decrease), and Huaxin Cement (2.23% decrease) [2] Trading Volume and Value - Guotong Co. had a trading volume of 114,200 shares and a transaction value of 154 million yuan [1] - Sanhe Pile recorded a trading volume of 231,800 shares with a transaction value of 193 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 238 million yuan from institutional investors, while retail investors contributed a net inflow of 278 million yuan [2][3] - Key stocks with significant net inflows from retail investors included Fujian Cement and Sanhe Pile, while Guotong Co. and Jianfeng Group saw net outflows from institutional investors [3]

Investment Rating - The report maintains a positive outlook on the cement and glass industries, indicating a potential for recovery and profitability improvement in the coming years [2][3]. Core Insights - The newly released "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes enhancing profitability as a primary goal, shifting focus from revenue growth to profit quality [2]. - Key initiatives include promoting technological innovation, industry transformation, demand expansion, and open cooperation, with a focus on stabilizing growth and addressing internal competition [2]. - Cement production capacity is expected to significantly shrink, with a target to reduce actual annual production capacity from 2.2 billion tons to below 1.8 billion tons by the end of 2025, leading to an increase in capacity utilization rates by over 10% [2][3]. - The glass industry will focus on phasing out outdated production capacity, particularly in flat glass, to improve profitability amid declining demand due to reduced real estate completions [2][3]. Summary by Sections Policy Changes - The new plan introduces stricter capacity control measures for cement and glass industries, including prohibiting new capacity and requiring capacity replacement plans for existing projects [4][5]. - The emphasis has shifted from merely maintaining stable growth to enhancing profitability and technological capabilities within the industry [3]. Industry Performance - The report forecasts that the cement industry will see a capacity reduction of over 40 million tons, with a significant portion of this reduction expected to occur in the fourth quarter of 2024 [2][6]. - The glass sector is anticipated to undergo further improvements in profitability as outdated and high-pollution production lines are phased out [2]. Investment Opportunities - The report highlights key companies in the cement sector, such as Conch Cement, Huaxin Cement, and Tianshan Cement, as potential investment opportunities due to their competitive advantages [2]. - In the glass industry, companies like Xinyi Glass and China Southern Glass are noted for their potential to benefit from the elimination of outdated capacity [2]. - The report also identifies opportunities in advanced materials, particularly in fiberglass composites and low-dielectric fiberglass, with companies like China Jushi and Zhongcai Technology being of interest [2].

Core Viewpoint - Tianshan Co., Ltd. has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in the market despite a year-to-date increase in stock price [1][2]. Company Overview - Tianshan Co., Ltd. is primarily engaged in the production and sales of cement, clinker, ready-mixed concrete, and aggregates, with revenue contributions of 63.16% from cement and clinker, 28.24% from ready-mixed concrete, 5.55% from aggregates, and 3.05% from other sources [1]. - The company was established on November 18, 1998, and went public on January 7, 1999, with headquarters located in Shanghai and Urumqi [1]. Financial Performance - For the first half of 2025, Tianshan Co., Ltd. reported operating 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 significant increase of 73.00% 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 over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 77,900, with an average of 91,309 circulating shares per shareholder, marking an increase of 267.85% [2]. - 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 [3]. Market Activity - On September 25, Tianshan Co., Ltd. saw a stock price drop of 2.11%, with a trading volume of 222 million yuan and a turnover rate of 0.51%, leading to a total market capitalization of 42.805 billion yuan [1]. - The stock has experienced a year-to-date increase of 6.36%, but has declined by 3.99% over the last five trading days and 10.55% over the last 20 days [1].

Group 1 - Tianshan Co., Ltd. experienced a 5.04% decline in stock price, trading at 6.03 CNY per share with a total market capitalization of 42.876 billion CNY as of September 24 [1] - The company, established on November 18, 1998, and listed on January 7, 1999, is primarily engaged in the production and sales of cement, clinker, ready-mixed concrete, and aggregates [1] - The revenue composition of Tianshan Co., Ltd. is as follows: cement clinker 63.16%, ready-mixed concrete 28.24%, aggregates 5.55%, and others 3.05% [1] Group 2 - Guotai Fund holds a significant position in Tianshan Co., Ltd., with its Guotai CSI All-Share Building Materials ETF (159745) increasing its holdings by 92,400 shares in the second quarter, totaling 3.1391 million shares, representing 2.9% of the fund's net value [2] - The Guotai CSI All-Share Building Materials ETF (159745) was established on June 9, 2021, with a current size of 500.2 million CNY, yielding 8.29% year-to-date and 34.76% over the past year [2] - The fund has incurred a floating loss of approximately 1.0045 million CNY as of the latest report [2]

证券之星消息，9月22日水泥板块较上一交易日下跌2.03%，天山股份领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 003037 | 三和菅桩 | 8.62 | 4.36% | 23.77万 | | 2.02亿 | | 600801 | 华新水泥 | 18.23 | 0.89% | 23.68万 | | 4.25 Z | | 002233 | 塔牌集团 | 8.87 | 0.00% | 7.05万 | 6251.05万 | | | 002205 | 国统股份 | 13.17 | -0.45% | 6.18万 | 8077.28万 | | | 002596 | 烘脂屋使 | 3.67 | -0.81% | 23.49万 | 8587.25万 | | | 601992 | 金偶隻团 | 1.71 | -1.16% | 91.85万 | | 1.56亿 | ...