Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Core Viewpoint - Several companies are significantly increasing their investments in securities, with at least seven companies planning to invest over 1 billion RMB, indicating a trend of reliance on financial investments to bolster financial performance [1][2]. Group 1: Company Investment Plans - Seven companies, including Liou Co., Fangda Carbon, and Qipilang, are planning to invest over 1 billion RMB in securities, with Liou Co. leading at 3 billion RMB [1]. - Tapa Group plans to invest up to 1.2 billion RMB in securities, despite experiencing a decline in main business revenue for three consecutive years [1]. Group 2: Financial Performance Analysis - Tapa Group's revenue decreased by 21.76%, 8.29%, and 22.71% from 2022 to 2024, while its net profit showed fluctuations, with a significant drop of 85.50% in 2022, a rise of 178.55% in 2023, and a decline of 27.46% in 2024 [1]. - In the first half of 2025, Tapa Group reported a revenue of 2.056 billion RMB, a year-on-year increase of 4.05%, and a net profit of 435 million RMB, up 92.47% [1]. Group 3: Impact of Financial Investments - Tapa Group's fair value change income from trading financial assets reached 141 million RMB in the first half of 2025, a 546.17% increase year-on-year, indicating a strong impact from stock trading on net profit [2]. - The company faced significant losses from its investments in funds and stocks in 2022, and while losses decreased in 2023, they still persisted, highlighting the risks associated with high-stakes trading [2]. Group 4: Regulatory and Strategic Recommendations - To maximize the benefits of stock trading, regulatory bodies should establish clear investment limits and require companies to disclose their investment strategies and risk management practices [3]. - Companies should focus on their core business and treat investments as a supplementary strategy, establishing robust decision-making and risk control systems to avoid speculative behaviors [3].

Group 1 - The core viewpoint of the articles highlights the recent movements of social security funds in the stock market, with 16 new stocks being added to their portfolio in the second quarter [1] - A total of 384 companies have disclosed their semi-annual reports, revealing the actions of institutional investors through the top ten circulating shareholders [1] - Social security funds appeared in 57 stocks, with 16 new positions, 15 increased holdings, 15 reduced holdings, and 11 stocks where the holding amount remained unchanged [1] Group 2 - Among the newly established stocks, the highest number of social security fund appearances in the top ten circulating shareholders is in Su Shi Testing, with three funds holding a total of 14.86 million shares, accounting for 2.94% of circulating shares [1] - The stock with the highest holding ratio among the new positions is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] - The stock with the largest holding amount among the new positions is Satellite Chemical, with 20.17 million shares held, followed by Su Shi Testing and Zhongyuan Expressway with 14.86 million shares and 13 million shares, respectively [1] Group 3 - In terms of performance, 15 of the newly established stocks reported year-on-year net profit growth, with the highest increase being 496.60% for Xin Qiang Lian, which achieved a net profit of 399.61 million yuan [2] - Other companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2] - A detailed list of newly established stocks by social security funds includes various companies across different industries, such as Zhong Chumei in basic chemicals and Beiding Co., Ltd. in home appliances [2]

Group 1 - Cement companies are actively responding to the national "dual carbon" strategy by implementing ultra-low emissions and energy-saving carbon reduction modifications, utilizing distributed photovoltaic power generation and waste heat power generation technologies as effective means for energy conservation and emission reduction [1][2][3] - Waste heat power generation technology recovers medium and low-temperature waste heat from kiln emissions to generate electricity, converting thermal energy produced during clinker production into electrical energy, thus achieving resource recycling and reducing carbon emissions [1] - In 2024, Taipai Group reported a waste heat power generation output of 34.374 million kilowatt-hours, resulting in a reduction of approximately 330,000 tons of carbon dioxide emissions [1] - Shengfeng Cement utilized waste heat power generation to produce 473 million kilowatt-hours in 2024, leading to a reduction of 389,800 tons of carbon dioxide emissions [2] - Yatai Group implemented pure low-temperature waste heat power generation measures, reducing carbon dioxide emissions by 115,600 tons in 2024 [3] - Wanyanqing has ten operational waste heat power generation units with a total installed capacity of 80.30 MW, which can meet about 50% of the electricity demand for the company's kiln system [3] - A waste heat power generation project by Xinjiang Tianshan Cement, contracted by China National Materials Group, has a capacity of 10 MW and is expected to generate 44.08 million kilowatt-hours annually, reducing carbon emissions by an average of 3,700 tons per year [3] Group 2 - Analysts indicate that waste heat power generation has become an important factor for downstream concrete and construction companies in "green procurement" and ESG ratings, enhancing the image of cement companies and increasing their social responsibility [3]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 15 new stocks were added to their portfolio in the second quarter [1] - A total of 286 companies have released their semi-annual reports, and the top ten circulating shareholders' data indicates the actions of institutional investors [1] Summary by Category Social Security Fund Holdings - Social security funds appeared in 43 stocks, with 15 new entries, 10 increased holdings, 11 reduced holdings, and 7 stocks with unchanged holdings [1] - The stock with the highest number of social security fund entries is Su Shi Testing, with three funds listed among the top ten shareholders, holding a total of 14.86 million shares, accounting for 2.94% of circulating shares [1] New Stocks and Holdings - Among the newly added stocks, the highest holding percentage by social security funds is in Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] - The stock with the largest number of shares held by social security funds is Satellite Chemical, with 20.17 million shares, followed by Su Shi Testing and Zhongyuan Expressway with 14.86 million shares and 13 million shares, respectively [1] Performance of New Stocks - In terms of performance, 14 out of the new stocks reported year-on-year net profit growth, with the highest increase seen in Xin Qiang Lian, achieving a net profit of 399.61 million yuan, a year-on-year increase of 496.60% [2] - Other notable companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2] New Stock List - A detailed list of new stocks includes: - Zhong Chumei: 320,000 shares, 3.45% [2] - Beiding Co., Ltd.: 1,000,000 shares, 3.16% [2] - Su Shi Testing: 1,486,200 shares, 2.94% [2] - Xin Qiang Lian: 555,560 shares, 2.08% [2] - Other companies include Chunfeng Power, Guo Mai Culture, Ta Pai Group, and more, with varying shareholdings and industry classifications [2]

塔牌集团最新股价报8.68元，较前一交易日上涨0.13元。盘中最高触及8.73元，最低下探8.55元，全天成 交1.65亿元。 该公司主营业务为水泥及水泥制品的生产和销售，是广东省重点水泥生产企业之一。公司产品广泛应用 于基础设施建设、房地产开发等领域。 根据最新公告，塔牌集团决定以自有资金回购部分股份，回购资金总额不超过1亿元且不少于5000万 元，回购价格不超过10元/股，回购期限为6个月，回购股份将用于员工持股计划。 风险提示：投资有风险，入市需谨慎。 ...

跟踪1000价值稳健的公募基金包括：华夏中证智选1000价值稳健策略联接A、华夏中证智选1000价值稳 健策略联接C、华夏中证智选1000价值稳健策略ETF。 从指数持仓来看，中证智选1000价值稳健策略指数十大权重分别为：方大特钢（1.22%）、金田股份 （1.16%）、奥士康（1.08%）、申通快递（1.08%）、吉比特（1.03%）、康缘药业（1.01%）、骆驼股 份（0.99%）、宁波华翔（0.98%）、柳药集团（0.98%）、塔牌集团（0.97%）。 从中证智选1000价值稳健策略指数持仓的市场板块来看，深圳证券交易所占比51.69%、上海证券交易 所占比48.31%。 从中证智选1000价值稳健策略指数持仓样本的行业来看，工业占比26.06%、原材料占比17.88%、医药 卫生占比14.26%、可选消费占比12.33%、信息技术占比8.56%、公用事业占比5.08%、通信服务占比 4.50%、主要消费占比4.42%、金融占比3.78%、能源占比1.61%、房地产占比1.54%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因 ...

证券之星消息，8月13日水泥板块较上一交易日下跌0.73%，西部建设领跌。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。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) | | --- | --- | --- | --- | --- | --- | | 002233 | 塔牌集团 | 8.68 | 1.52% | 19.05万 | 1.65亿 | | 600326 | 西藏天路 | 16.03 | 1.52% | 196.95万 | 31.58亿 | | 600449 | 宁夏建材 | 13.93 | 0.14% | 6.89万 | 9583.11万 | | 600801 | 华新水泥 | 15.59 | 0.00% | 24.18万 | 3.76亿 | | 600585 | 海螺水泥 | 24.28 | 0.00% | 33.22万 | 8.06亿 | | 003037 | 三和营桩 | 8.93 | -0.11% | 13.89万 | 1.24亿 | | 002671 | 龙泉股份 | 4.94 ...

证券研究报告 | 公司动态点评 2025 年 08 月 13 日 塔牌集团（002233.SZ） 量增本降助力业绩高增，回购+高股息展现投资价值 作者 分析师 花 江月 执业证书编号：S1070522100002 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,535 | 4,278 | 4,413 | 4,532 | 4,769 | | 增长率 yoy（%） | -8.3 | -22.7 | 3.2 | 2.7 | 5.2 | | 归母净利润（百万元） | 742 | 538 | 676 | 742 | 802 | | 增长率 yoy（%） | 178.5 | -27.5 | 25.7 | 9.7 | 8.1 | | ROE（%） | 6.2 | 4.6 | 5.7 | 6.0 | 6.4 | | EPS 最新摊薄（元） | 0.62 | 0.45 | 0.57 | 0.62 | 0.67 | | P/E（倍） | 13.7 | 18.8 | 15.0 ...

3、公司已在中国证券登记结算有限责任公司深圳分公司开立了回购专用证券账户。 4、风险提示：如果回购期限内股票价格持续超出回购方案披露的回购价格上限，将可能导致本次回购 无法实施或只能部分实施的风险。本次回购方案不代表公司将在二级市场回购公司股份的承诺，公司将 在回购期限内根据市场情况择机做出回购决策并予以实施，敬请投资者注意投资风险。 一、回购方案的主要内容 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002233 证券简称：塔牌集团 公告编号：2025-038 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、广东塔牌集团股份有限公司（以下简称"公司"）决定使用自有资金以集中竞价的方式回购公司部分 股份，本次回购股份资金总额为不超过10,000万元（含）且不少于5,000万元（含），回购价格不超过10 元/股，回购的期限为自董事会审议通过回购方案之日起6个月内。回购的股份拟用于公司实施员工持股 计划。 2、本次回购股份相关事项已经2025年8月6日召开的第六届董事会第十九次会议审议通过，本次回购方 案在董事会审批权限内，无需提交 ...