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].

证券代码：000877 证券简称：天山股份 公告编号：2025-066 天山材料股份有限公司 关于向专业投资者公开发行科技创新公司债券 获中国证监会注册批复的公告 二、本次发行科技创新公司债券应严格按照报送深圳证券交易所 的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注册有 效期内可以分期发行科技创新公司债券。 四、自同意注册之日起至本次科技创新公司债券发行结束前，你 公司如发生重大事项，应及时报告并按有关规定处理。 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 行科技创新公司债券，并根据实际进展情况，按照有关法律法规和上 述批复文件要求及公司股东会的授权办理本次科技创新公司债券发 行的相关事宜，并及时履行信息披露义务。 天山材料股份有限公司董事会 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。 天山材料股份有限公司（简称"公司"）于 2025 年 3 月 25 日召 开第九届董事会第二次会议审议通过了《关于公司拟注册及发行公司 债券的议案》，同意公司向中国证券监督管理委员会（简称"证监会"） 申请注册总规模不超过人民币 ...

Core Viewpoint - Tianshan Co., Ltd. emphasizes its commitment to implementing staggered production plans in response to local regulatory requirements, aiming to combat "involution" within the industry and foster confidence in industry recovery [1] Group 1: Company Actions - The company is actively responding to inquiries from researchers regarding its adherence to staggered production plans [1] - Tianshan Co., Ltd. is dedicated to executing the staggered production strategies mandated by local regulatory bodies and industry associations [1] Group 2: Industry Context - There is a growing consensus within the industry against "involution" competition, indicating a shift towards more sustainable practices [1] - Mechanisms and methods for staggered production are becoming increasingly mature, contributing to a more robust industry ecosystem [1]

Core Viewpoint - Tianshan Co., Ltd. (000877) emphasizes its commitment to capacity management and reduction in line with national policies, aiming to enhance its core competitiveness while aligning with industry supply-side structural reforms [1] Group 1 - The company strictly adheres to national capacity management policies and is determined to promote capacity reduction [1] - Tianshan Co. is advancing its capacity management work in an orderly manner, taking into account production line conditions, layout, and market demand [1] - The company leverages its advantage of having a wide layout of production lines to optimize its capacity structure primarily through internal capacity utilization [1]

Group 1 - The company, Tianshan Co., Ltd. (000877), announced on October 27 that it will accelerate structural adjustments and transformation upgrades in response to new trends in the domestic cement industry [1] - The company aims to actively respond to the national "going out" initiative and expedite its international development efforts [1]