证券代码：000877 证券简称：天山股份 公告编号：2025-070 天山材料股份有限公司 关于增加 2025 年日常关联交易预计的公告 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。 一、日常关联交易基本情况 2、甘肃上峰水泥股份有限公司（简称"上峰水泥"）主要从事 生产水泥熟料，并提供优质的骨料、商品混凝土及其他建材产品和服 务。公司高级管理人员刘宗虎于 2025 年 5 月 16 日起担任上峰水泥董 事，按照《股票上市规则》的相关规定，上峰水泥及其所属公司为本 公司关联法人，本次预计与其发生的交易构成关联交易，无关联董事。 3、北京金隅集团股份有限公司（简称"金隅集团"）是一家以 建筑材料制造为主业的大型国有控股产业集团。金隅集团于 2025 年 10 月 31 日公告，拟选举公司董事长赵新军担任金隅集团董事，并将 于 2025 年 11 月 25 日经股东会审议。按照《股票上市规则》的相关 规定，公司董事长赵新军担任金隅集团董事之日起，金隅集团及其所 属公司为本公司关联法人，本次预计与其发生的交易构成关联交易， 关联董事赵新军已回避表决。 基于上述情 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-073 天山材料股份有限公司 关于召开 2025 年第六次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第六次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定。 4、会议时间： （1）截止股权登记日下午收市后在中国证券登记结算有限责任公司深圳 分公司登记在册的本公司全体普通股股东均有权出席股东会，并可以以书面 形式委托代理人出席会议和参加表决，该股东代理人不必是本公司股东； （2）公司董事及高级管理人员； （3）公司聘请的律师； （4）根据相关法规应当出席股东会的其他人员。 8、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）现场会议时间：2025 年 12 月 10 日 14:30 （2）网络 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-069 天山材料股份有限公司 第九届董事会第九次会议决议公告 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。 一、董事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2025 年 11 月 18 日 以书面、邮件的方式发出召开第九届董事会第九次会议的通知。 2、公司第九届董事会第九次会议于 2025 年 11 月 24 日以通讯方 式召开。 3、本次会议应出席董事 9 人，实际出席董事 9 人。 4、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《关于增加 2025 年日常关联交易预计的议案》 本议案已经公司独立董事专门会议审议通过。 该项表决情况：9 票同意，0 票反对，0 票弃权。 根据《深圳证券交易所股票上市规则》的相关规定，本次增加预 计交易构成关联交易，无关联董事。 3、北京金隅集团股份有限公司及其所属公司增加 2025 年日常关 联交易预计 该项表决情况：8 票同意，0 票反对，0 票弃权。 根据《深圳证券 ...

Investment Rating - The report maintains a positive outlook on overseas growth and technology sectors, emphasizing the importance of identifying companies capable of navigating overseas cycles and accelerating domestic technology development [2][12]. Core Insights - The report highlights the impact of changes in the US interest rate stance on market sentiment, particularly affecting high-valuation sectors linked to overseas economies. It underscores the significance of finding resilient companies in overseas markets and the opportunity for domestic technology supply chain development [2][12]. - The report expresses optimism for the overseas and AI new materials sectors, citing the recent listing of "Le Shushi," a leading fast-moving consumer goods company in East and West Africa, as a notable addition to the overseas sector [2][12]. - In the traditional building materials and construction sectors, the focus has shifted to low-valuation or less-followed segments, with dividend policies becoming a key consideration. Companies are adapting to industry challenges by reducing capital expenditures and increasing dividends [3][13]. Summary by Sections Weekly Market Performance - The building materials index decreased by 6.46% during the week, with specific declines in glass manufacturing (-9.93%), fiberglass (-11.18%), and cement manufacturing (-6.06%) [17]. Price Changes in Building Materials - National cement prices slightly decreased by 0.4% week-on-week, with regional variations in price movements. Southern regions showed a slight increase in demand, while northern regions faced a decline due to weather conditions [26]. - The average price of float glass was reported at 1168.37 RMB/ton, reflecting a decrease of 2.26% week-on-week, with inventory levels increasing [38][52]. Sector Analysis - In the cement sector, the average price was 351 RMB/ton, down 78 RMB/ton year-on-year, with an average shipment rate of 45.7% [14]. - The fiberglass market showed stability in pricing, with the average price for 2400tex direct yarn at 3531.75 RMB/ton, a slight increase of 0.2% week-on-week [57]. - The report notes that the demand for construction materials remains weak, particularly in the completion phase, while retail segments show stable growth [16].

Market Overview - The cement sector experienced a decline of 2.3% on November 21, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable stock performances include: - Hainan Ruize (002596) increased by 5.92% to a closing price of 5.19 [1] - Sichuan Jinding (600678) decreased by 6.90% to a closing price of 9.58, with a trading volume of 427,700 shares and a turnover of 420 million yuan [2] - Fujian Cement (600802) fell by 6.80% to 6.44, with a trading volume of 400,400 shares and a turnover of 268 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 312 million yuan from main funds, while retail investors contributed a net inflow of 319 million yuan [2] - Specific stock capital flows indicate: - Western Construction (002302) had a net inflow of 24.90 million yuan from main funds, while retail investors contributed 8.14 million yuan [3] - Sichuan Jinding (600678) experienced a significant net outflow of 54.21 million yuan from main funds [3]

Core Viewpoint - Tianshan Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of only 2.12% and a significant drop of 10.53% over the past 20 days [2][3]. Group 1: Stock Performance - As of November 19, Tianshan's stock price was 5.78 CNY per share, with a market capitalization of 41.099 billion CNY [1]. - The stock has seen a net outflow of 17.2575 million CNY in principal funds, with large orders showing a buy of 12.1992 million CNY and a sell of 15.0601 million CNY [1]. - Year-to-date, the stock has been on the leaderboard once, with a net buy of -295 million CNY on July 23 [2]. Group 2: Financial Performance - For the period from January to September 2025, Tianshan reported a revenue of 54.938 billion CNY, a year-on-year decrease of 10.61%, while the net profit attributable to shareholders was -1.181 billion CNY, an increase of 68.50% year-on-year [3]. - The company has distributed a total of 8.718 billion CNY in dividends since its A-share listing, with 3.327 billion CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of September 30, 2025, Tianshan had 103,500 shareholders, an increase of 32.95%, with an average of 68,681 circulating shares per shareholder, a decrease of 24.78% [3]. - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.2177 million shares, an increase of 10.3299 million shares from the previous period [4]. Group 4: Business Overview - Tianshan Co., Ltd. is primarily engaged in the production and sale of cement, clinker, ready-mixed concrete, and aggregates, with revenue composition being 63.16% from cement and clinker, 28.24% from ready-mixed concrete, 5.55% from aggregates, and 3.05% from other sources [2]. - The company is classified under the building materials industry, specifically in cement manufacturing [2].

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） ...