证券代码：000877 证券简称：天山股份 公告编号：2025-060 天山材料股份有限公司 近日，公司收到中国银行间市场交易商协会《接受注册通知书》 （中市协注〔2025〕SCP264 号），同意接受公司超短期融资券注册。 《接受注册通知书》的主要内容如下： 一、公司超短期融资券注册金额为 150 亿元，注册额度自通知书 落款之日起 2 年内有效，由中信证券股份有限公司、中国农业银行股 份有限公司、中国银行股份有限公司、中国建设银行股份有限公司、 交通银行股份有限公司、招商银行股份有限公司、中信银行股份有限 公司、上海浦东发展银行股份有限公司、中国民生银行股份有限公司、 浙商银行股份有限公司、平安银行股份有限公司和北京银行股份有限 公司联席主承销。 二、公司在注册有效期内可分期发行超短期融资券，应按照有权 机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易 商协会认可的途径披露发行结果。 公司将根据资金需求、市场情况，在注册额度及有效期内择机发 行超短期融资券，并根据实际进展情况，按照《非金融企业债务融资 工具注册发行规则》《非金融企业债务融资工具注册工作规程》《非 金融企业债务融资工具信息披露规 ...

Group 1 - The company, Tianshan Co., has received a registration notice from the National Association of Financial Market Institutional Investors, allowing it to issue super short-term financing bonds [1] - The registered amount for the super short-term financing bonds is set at 15 billion yuan, with the registration validity period being two years from the date of the notice [1]

证券代码：000877 证券简称：天山股份 公告编号：2025-059 天山材料股份有限公司 2025 年第四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 9 月 15 日 14:30 1.2 网络投票时间为：2025 年 9 月 15 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 9 月 15 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 9 月 15 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 1.5 现场会议地点：上海市浦东新区世博馆路 70 号中国建 材大厦会议室。 1.6 本次股东会的召开符合《公司法》《上市公司股东会规 则》（简称"《股东会规则》"）《深圳证券 ...

关于天山材料股份有限公司 2025年第四次临时股东会的法律意见书 嘉源(2025)-04-671 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 年第四次临时股东会(以下简称"本次股东会")进行见证,并依法 出具本法律意见书。 北京市嘉源律师事务所 关于天山材料股份有限公司 2025 年第四次临时股东会的 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 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 ...

Group 1 - The company, Tianshan Co., has received a registration notice from the National Association of Financial Market Institutional Investors, allowing it to issue super short-term financing bonds [1] - The registered amount for the super short-term financing bonds is set at 15 billion yuan, with the registration validity period being two years from the date of the notice [1]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The construction materials sector has shown a 2.45% increase in the past week, outperforming the CSI 300 and Wind All A indices by 1.07% and 0.33%, respectively [3] - The report emphasizes the importance of domestic demand changes and anticipates a recovery in the construction materials market due to government policies aimed at boosting consumption [4][5] Summary by Sections 1. Industry Trends - The cement market price is currently at 344.0 CNY/ton, showing a week-on-week increase of 1.3 CNY/ton but a year-on-year decrease of 40.7 CNY/ton [3][18] - The average cement inventory level among sample enterprises is 65.0%, up 0.9 percentage points from the previous week [23] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The cement market is experiencing weak demand, but prices are expected to trend upwards due to companies' efforts to improve profitability [10] - The industry is expected to maintain a better profit level compared to last year, supported by a consensus on supply discipline among leading companies [10] 2.2 Glass - The glass market is currently facing a stalemate with high inventory levels and weak demand, but supply-side adjustments are anticipated to continue [13] - The report recommends focusing on leading companies like Qibin Group, which may benefit from industry capacity reductions [13] 2.3 Glass Fiber - The report suggests that the profitability of glass fiber products is expected to improve in the medium term, with a focus on high-end products [11] - The industry is seeing a gradual reduction in supply pressure, which may stabilize prices [11] 3. Industry Dynamics - The report highlights the government's commitment to boosting domestic demand and consumption, which is expected to positively impact the construction materials sector [14] - The anticipated recovery in the housing market, driven by government policies, is expected to enhance demand for home improvement materials [14] 4. Weekly Market Review - The construction materials sector has shown resilience, with key companies expected to benefit from ongoing policy support and market recovery [5] - The report identifies several companies as potential investment opportunities, including Conch Cement, China National Building Material, and others [5][15]

Core Insights - The cement sector experienced a slight increase of 0.49% on September 15, with Sichuan Jinding leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Cement Sector Performance - Sichuan Jinding (600678) closed at 10.24, up 3.33% with a trading volume of 404,000 shares and a transaction value of 411 million [1] - Guotong Co. (002205) and Huaxin Cement (600801) also showed strong performance, with increases of 3.19% and 3.16% respectively [1] - The overall trading volume and transaction values for various cement stocks indicate active market participation, with notable figures such as Huaxin Cement reaching 722 million in transaction value [1] Capital Flow Analysis - The cement sector saw a net outflow of 268 million from institutional investors, while retail investors contributed a net inflow of 242 million [2] - The data indicates a mixed sentiment among different investor types, with retail investors showing more confidence in the sector [2] Individual Stock Capital Flow - Sichuan Jinding had a net inflow of 38.69 million from institutional investors, while retail investors showed a net outflow of 30.35 million [3] - Other stocks like Shangfeng Cement (000672) and Guotong Co. (002205) also experienced varied capital flows, with institutional inflows and retail outflows [3]

Core Viewpoint - The cement sector experienced a slight increase of 0.61% on September 12, with Huaxin Cement leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up by 0.22% [1] - The Shenzhen Component Index closed at 12996.38, up by 0.13% [1] Group 2: Individual Stock Performance - Huaxin Cement (600801) closed at 17.70, with a rise of 3.69% and a trading volume of 371,100 shares, totaling a transaction value of 650 million yuan [1] - Tianshan Shares (000877) closed at 6.59, up by 3.13%, with a trading volume of 579,100 shares and a transaction value of 378 million yuan [1] - Quanjing Group (601992) closed at 1.68, increasing by 2.44%, with a trading volume of 1,248,200 shares and a transaction value of 209 million yuan [1] - Other notable performances include: - Shangfeng Cement (000672) at 8.87, up by 1.60% [1] - Qingsong Jianhua (600425) at 4.73, up by 1.50% [1] - Hongzhi House (002596) at 3.75, up by 1.35% [1] Group 3: Capital Flow - The cement sector saw a net outflow of 158 million yuan from main funds, while retail funds experienced a net inflow of 34.59 million yuan [1] - Speculative funds had a net inflow of 124 million yuan [1]

Group 1 - The core viewpoint of the news is that Tianshan Co., Ltd. has shown fluctuations in stock performance, with a year-to-date increase of 15.19% and a recent decline of 1.66% over the past five trading days [1][2] - As of September 12, Tianshan's stock price reached 6.52 yuan per share, with a total market capitalization of 46.36 billion yuan [1] - The company has a diverse revenue structure, with cement and clinker accounting for 63.16% of total revenue, followed by ready-mixed concrete at 28.24%, aggregates at 5.55%, and other sources at 3.05% [1] Group 2 - Tianshan Co., Ltd. operates in the building materials sector, specifically in cement manufacturing, and is associated with concepts such as Xinjiang revitalization and the Belt and Road Initiative [2] - As of June 30, the number of shareholders increased to 77,900, with an average of 91,309 circulating shares per shareholder [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% increase compared to the previous year [2] Group 3 - Tianshan Co., Ltd. has distributed a total of 8.718 billion yuan in dividends since its A-share listing, with 3.327 billion yuan distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 27.88 million shares, a decrease of 9.846 million shares from the previous period [3]

Core Points - Tianshan Co., Ltd. experienced a stock price decline of 2.02% on September 10, trading at 6.30 CNY per share with a market capitalization of 44.796 billion CNY [1] - The company has seen a year-to-date stock price increase of 11.31%, with a recent 5-day decline of 2.93% and a 60-day increase of 38.46% [1] - For the first half of 2025, Tianshan Co. reported a revenue of 35.980 billion CNY, a year-on-year decrease of 9.37%, and a net profit attributable to shareholders of -0.922 billion CNY, a 73.00% increase year-on-year [2] Financial Performance - The company has cumulatively distributed 8.718 billion CNY in dividends since its A-share listing, with 3.327 billion CNY distributed in the last three years [3] - As of June 30, 2025, Tianshan Co. had 77,900 shareholders, an increase of 6.08% from the previous period, with an average of 91,309 circulating shares per shareholder, up 267.85% [2] Shareholder Information - 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]