Market Overview - The cement sector experienced a decline of 0.67% on November 17, with Ta Pai Group leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Guotong Co., Ltd. (002205) with a closing price of 16.74, up 9.99% on a trading volume of 163,400 shares and a turnover of 266 million [1] - Huan Zhi Wu Shi (002596) with a closing price of 5.08, up 5.83% on a trading volume of 1,746,900 shares and a turnover of 884 million [1] - Fujian Cement (600802) with a closing price of 8.50, up 3.66% on a trading volume of 886,500 shares and a turnover of 743 million [1] - Conversely, Ta Pai Group (002233) saw a decline of 2.16% with a closing price of 8.62, trading 114,200 shares for a turnover of 98.77 million [2] - Other notable decliners included: - Huaxin Cement (600801) down 2.00% to 22.53 [2] - Conch Cement (600585) down 1.56% to 23.32 [2] Capital Flow Analysis - The cement sector saw a net inflow of 63.15 million from institutional investors, while retail investors experienced a net outflow of 10.57 million [2] - Key stocks with significant capital flow included: - Guotong Co., Ltd. (002205) with a net inflow of 91.54 million from institutional investors, representing 34.38% of its trading volume [3] - Huan Zhi Wu Shi (002596) with a net inflow of 18.09 million from institutional investors, representing 2.05% [3] - Ta Pai Group (002233) had a net outflow of 45.46 million from retail investors, representing -17.07% [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Employment data shows improvement, and there are expectations for policy support [1] - The construction materials sector has shown resilience with a weekly increase of 0.97%, outperforming the Shanghai and Shenzhen 300 Index by 2.05% [3] - The cement market is experiencing a slight recovery in demand, particularly in southern regions, while prices are expected to remain stable [5][10] - The glass market is under pressure with high inventory levels and weak demand, but medium-term supply-side adjustments are anticipated [41][43] - The fiberglass sector is expected to see improved profitability due to supply constraints and increasing demand from new applications [5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 352.3 RMB/ton, up 1.2 RMB/ton from last week but down 74.8 RMB/ton from the same period last year. The average cement inventory level is 69.8%, with an average shipment rate of 46.2% [11][18] - **Glass**: The average price for float glass is 1195.4 RMB/ton, down 1.9 RMB/ton from last week and down 258.4 RMB/ton year-on-year. Inventory levels are at 5962 million heavy boxes, a decrease of 54 million from last week [43][45] - **Fiberglass**: Prices for fiberglass remain stable, with a focus on high-end products. The market is expected to see improved profitability as supply constraints persist [5] 2. Industry Dynamics Tracking - The construction materials sector is expected to benefit from policy support and improving economic indicators, with a focus on companies involved in the export supply chain and home renovation [3][5] - The report highlights the importance of technological advancements and domestic semiconductor development, recommending companies in the cleanroom engineering sector [5] 3. Weekly Market Review and Sector Valuation - The construction materials sector has shown a positive trend compared to broader market indices, indicating potential for further growth [3] - The report suggests that the cement industry is at a historical low in terms of price-to-book ratios, presenting opportunities for investment as policies are expected to support recovery [5][10]

Market Overview - The cement sector experienced a decline of 0.22% on November 14, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 4.80, up 5.26% on a trading volume of 1.4978 million shares and a turnover of 721 million yuan [1] - Fujian Cement (600802) closed at 8.20, up 4.19% with a trading volume of 886,600 shares and a turnover of 711 million yuan [1] - Major decliners included: - Sichuan Jinding (600678) which closed at 10.29, down 5.77% with a trading volume of 715,100 shares and a turnover of 748 million yuan [2] - Qingsong Jianhua (600425) closed at 4.84, down 1.43% with a trading volume of 310,500 shares and a turnover of 151 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 194 million yuan from institutional investors, while retail investors contributed a net inflow of 174 million yuan [2] - The capital flow for specific stocks showed: - All Yu Group (601992) had a net inflow of 17.78 million yuan from institutional investors, but a net outflow of 2.87 million yuan from retail investors [3] - Fujian Cement (600802) experienced a net inflow of 12.18 million yuan from institutional investors, but a net outflow of 15.99 million yuan from retail investors [3]

证券代码：000877 证券简称：天山股份 公告编号：2025-068 天山材料股份有限公司 关于对外投资（海外）的进展公告 (一)交易审批进展 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、交易概述 天山材料股份有限公司（简称"公司"）于 2025 年 4 月 25 日召 开第九届董事会第四次会议审议通过了《关于对外投资（海外）的议 案》，同意公司之控股子公司中材水泥有限责任公司（简称"中材水 泥"）通过其全资子公司中材水泥（香港）投资有限公司在阿拉伯联 合酋长国新设中材水泥（中亚）投资有限责任公司（简称"中亚 SPV 公司"），并以中亚 SPV 公司为主体，以 3,785.04 万美元增资入股 哈萨克斯坦共和国（简称"哈萨克斯坦"）当地公司 QazCement Industries LLP（简称"QC 公司"），取得 QC 公司 70%股权（简称 "本次交易"），并在哈萨克斯坦阿克托别州建设 1 条 3500t/d 熟料 水泥生产线。具体内容详见公司于 2025 年 4 月 29 日披露的《关于对 外投资（海外）的公告》（公告编号：2025-042） ...

Market Overview - The cement sector increased by 0.59% on November 11, with Fujian Cement leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Fujian Cement (600802) closed at 7.77, up 5.14% with a trading volume of 728,700 shares and a turnover of 551 million yuan [1] - Other notable performers include: - Qingsong Jianhua (600425) at 66.6, up 2.89% [1] - Hongzhiwu (002596) at 4.52, up 2.03% [1] - Sichuan Jinding (600678) at 12.16, up 1.33% [1] - Tianshan Co. (000877) at 6.13, up 1.16% [1] Capital Flow Analysis - The cement sector experienced a net outflow of 277 million yuan from institutional investors, while retail investors saw a net inflow of 349 million yuan [2] - The capital flow for individual stocks shows: - Fujian Cement had a net inflow of 46.43 million yuan from institutional investors [3] - Xizang Tianlu (600326) had a net inflow of 44.65 million yuan [3] - An outflow was noted for Huaxin Cement (600801) with a net outflow of 1.59 million yuan from institutional investors [3]

证券代码：000877 证券简称：天山股份 公告编号：2025-067 天山材料股份有限公司 2025 年第五次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议日期 1.1 现场会议时间：2025 年 11 月 10 日 14:30 1.2 网络投票时间为：2025 年 11 月 10 日，其中，通过深圳证券 交易所交易系统投票的具体时间为：2025 年 11 月 10 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互 联网投票的具体时间为：2025 年 11 月 10 日 9:15 至 15:00 的任意时 间。 1.3 会议召集人：公司第九届董事会 1.4 会议主持人：公司董事长赵新军 二、会议的出席情况 出席本次股东会的股东及股东代理人共 781 人，有效表决权股份 总数为 5,793,934,860 股，占公司有表决权股份总数的 81.4843％ ...

北京市嘉源律师事务所 关于天山材料股份有限公司 2025 年第五次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 致:天山材料股份有限公司 北京市嘉源律师事务所 关于天山材料股份有限公司 2025年第五次临时股东会的法律意见书 嘉源(2025)-04-797 北京市嘉源律师事务所(以下简称"本所")接受天山材料股份有限公司(以 下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《天山材料股 份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律师对 公司 2025年第五次临时股东会(以下简称"本次股东会")进行见证,并依法 出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提 供的与本次股东会有关的文件和资料,并进行了必要的审查和 ...

Investment Rating - The report maintains an "Outperform" rating for the cement industry [7][10] Core Insights - The cement industry is gradually showing signs of improvement in profitability, although it remains near historical lows. Key areas of focus include policy changes, industry consolidation, and the strategic positioning of leading companies [4][10] - The report emphasizes the importance of monitoring regional cement leaders and state-owned enterprises with market leadership [10] Summary by Sections 1. Regional Coordination and Market Conditions - The cement industry's coordination effects are weakening, leading to a decline in market conditions below last year's levels. The average price of cement per ton in Q3 2025 was 350 RMB, down 41 RMB (-10%) year-on-year [13][17] - The average coal price difference per ton of cement was 292 RMB, down 26 RMB (-8%) year-on-year [13][17] - The overall cement production from January to September 2025 was 1.26 billion tons, a decrease of 5% year-on-year, with weak demand from both real estate and infrastructure sectors [21][22] 2. Profitability and Cash Flow - Revenue for the cement industry in Q3 2025 decreased by 10% year-on-year, while net profit increased by 9% year-on-year, indicating a reduction in profitability elasticity [9][10] - Capital expenditures for the industry significantly decreased, with a total of 15.3 billion RMB in Q1-Q3 2025, down 42% year-on-year. However, operating cash flow showed improvement [9][10] 3. Supply Changes and Valuation - The report highlights positive changes in supply dynamics, with a net capacity exit of 60,000 tons per day from January to October 2025, marking a potential turning point for effective capacity in the cement industry [36][10] - The report suggests focusing on leading cement companies with favorable valuations and market positions, as the industry is expected to benefit from ongoing policy and market changes [10]

Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan 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 54.9 billion yuan for Q3 2025, a year-on-year decrease of 10.6%, while the net profit attributable to shareholders was -1.18 billion yuan, an increase of 68.5% year-on-year [2][5]. - The expected performance for 2025-2026 is projected at 4 billion and 14 billion yuan, corresponding to price-to-earnings ratios of 103 and 30 times, respectively [7]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue was 18.96 billion yuan, a year-on-year decline of 12.9%, with a net profit attributable to shareholders of -260 million yuan, a year-on-year increase of 22.6% [13]. - For the first three quarters of 2025, the company sold 144.1 million tons of cement, a decrease of 12.8% year-on-year, which is greater than the industry average decline [13]. - The company managed to reduce costs in cement and concrete, leading to a reduction in operating losses despite the decline in revenue [13]. Market Conditions - The core downstream sectors, real estate and infrastructure, are under dual pressure, with national cement production continuing to decline [13]. - In the first three quarters of 2025, national fixed asset investment (excluding farmers) was 37.15 trillion yuan, a year-on-year decrease of 0.5%, while real estate development investment fell by 13.9% [13]. Industry Outlook - The report anticipates that supply-side governance will provide price recovery elasticity, with expectations for improved production order and increased price levels if production strictly adheres to approved capacities [13]. - The company, as a leading player in the industry, is expected to play a positive role in policy execution and has significant marginal price elasticity due to its low profit levels [13].