Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, and over 21% of secretaries earning more than 1 million yuan [1] Industry Overview - The construction materials sector saw a total revenue of 708.449 billion yuan in 2024, reflecting a year-on-year decline of 12.3%. The net profit attributable to shareholders was recorded at 18.836 billion yuan, which is less than half of the previous year's figure [1] - Approximately 53.4% of secretaries in the construction materials sector are aged between 40-50 years, while 24.7% are aged 30-40 years, and 21.9% are over 50 years old [1] Age and Tenure of Secretaries - The oldest company secretary is 75-year-old Miao Zhen from Jiuding New Materials, while the youngest is 32-year-old Yu Junle from Sanhe Pile [3][4] - The majority of secretaries (32.9%) have a tenure of less than one year, followed by those with 5-10 years (23.3%). Only 12.3% have served for 1-3 years, and 20.6% for 3-5 years, with 8 secretaries having over 10 years of service [5] Educational Background - Among the 71 disclosed educational backgrounds of secretaries, over half hold a bachelor's degree, while master's and doctoral degrees account for 40.8% and 1.4%, respectively. Only 7% have an associate degree [7] Engagement and Activity - In 2024, 61.6% of secretaries conducted fewer than 10 investor meetings, with 19 secretaries having zero meetings. The most active secretary, Tan Mei from Weixing New Materials, held 713 meetings throughout the year, averaging 2-3 meetings per working day [9]

商报讯(记者周坚洪)7月29日，杭州成功出让了3宗涉宅地块，分别位于西湖三墩、临平星桥和拱墅华 丰，一共揽金50.346亿元。 从结果来看，板块之间的冷热分化仍旧在持续。虽然华丰地块刷出了28.13%的高溢价，但是星桥和三 墩地块都是低价成交，延续了此前郊区地块无人竞争的情况。 与此同时，分化从板块之间开始蔓延到了板块内部。就算是同一个板块，由于地段、配套、条件的差 异，地块热度也大有不同。 华丰短时间内地价出现回涨 这次华丰推出的杭政储出[2025]94号地块，位于整个板块的中心区域，就在华丰路与华中路交界处的西 侧，距离地铁3号线华丰路站仅300米，步行可达。到东面的拱墅吾悦广场约900米，到北面的西子丁兰 广场约1公里，到丁桥天街约1.7公里，都非常方便。 94号地块占地面积51304平方米，容积率1.9，地上可建面积97478平方米。整宗地块地形方正，体量庞 大，容积率低，西面又有河道，非常适合打造大型改善型小区，因此吸引了不少房企的关注。 该地块起拍楼面价15318元/平方米，整个出价过程持续了90分钟，最终经过43轮报价，由伟星以191317 万元的总价竞得，折合楼面价19626元/平方米，溢价率 ...

7月29日，伟星集团旗下房地产全资子公司伟星地产以28.13%溢价率竞得杭州市拱墅区一宗宅地，总价 19.13亿元，楼面价1.96万元/平方米。 今年以来，伟星房产拿地不多。3月，伟星房产以5.25亿元，溢价7.1%竞得台州市临海区一宗地，楼面 价7393元/平方米。4月，再以2.58亿元竞得一宗临海宅地，楼面价5626元/平方米。加上2024年在临海区 所拿其他宅地，目前伟星房产在这一区域已经形成联动开发态势。 21世纪经济报道记者唐韶葵 台州临海是伟星集团房地产业务发展初期的重要基地之一，台州伟星房产注册地就在此。此次杭州拿 地，可以说是伟星房产重返公众视线的重要事件。过去三年，伟星房产以"黑马"之姿在安徽合肥、芜湖 等多个城市及武汉等城市持续拿地。 不过，伟星地产今年以来几次拿地均集中于浙江省内，"折返"浙江楼市趋势明显。 重返浙江拿地 2023年-2024年是伟星房产业绩最好的两年，这两年时间里，伟星房产深耕安徽芜湖、马鞍山、合肥等 城市。 2023年3月，在南京首批集中供地土拍现场，伟星房产更是以31亿元的成交价摘得南京史上第二贵地 块。 不过，伟星房产今年以来几次拿地均集中于浙江省内。 伟星房产投 ...

本报记者 陈潇 "市场热度延续此前分化态势。"上海易居房地产研究院副院长严跃进对《证券日报》记者表示，当前房企拿地更注重地块 的综合开发难度与产品溢价空间，对核心区、交通便利、开发条件明确的地块更为青睐，而对非核心区或开发条件复杂地块则 持相对谨慎态度。 另一个值得关注的现象是，浙江本土企业在近期的土拍中表现活跃，伟星房产等地方房企抓住窗口期补仓；同时，不少外 地房企联合拿地，例如华润置地与本地企业组成联合体，依托本地企业的TOD（以公共交通为导向的发展模式）开发能力拿下 相应地块，反映出房企联动的拿地模式逐渐成为趋势。 中指研究院数据显示，7月份，杭州土拍市场累计揽金102亿元。高院生认为，杭州核心区优质地块仍受追捧，非核心区持 续低溢价成交；呈现出头部房企深耕核心区，中小房企转向非核心区甚至远郊的现状。 与此同时，杭州新房市场入局者众多，也使得项目产品力竞争显著加剧，倒逼房企在外立面设计、绿建标准、提高得房率 方面持续发力，以实现差异化突围。 整体来看，杭州土地市场已进入相对稳定的阶段，但分化格局愈发清晰。房企拿地逻辑正在从规模扩张转向价值精耕。 7月29日，杭州迎来本月土地出让收官战，共三宗涉宅地块出让 ...

从成交情况来看，拱墅区石桥单元地块成为本次拍卖焦点。该地块起拍价14.9亿元，起始楼面价为 15318元/平方米，最终由杭州伟星星辰置业有限公司(以下简称"伟星房产")以19.13亿元斩获，楼面价升 至19627元/平方米，溢价率高达28.13%。克而瑞地产研究数据显示，2025年上半年，伟星房产全口径销 售额为71.6亿元，位列百强房企第58位。近年来，伟星房产扎根杭州、南京、宁波、合肥等长三角核心 城市的核心土地。 "该宗地块紧邻地铁3号线华丰路站，周边配套较为成熟，且容积率仅1.9，有利于打造差异化高端改善 产品。在当前整体市场背景下，出现高轮次激烈竞拍，反映出房企对区域价值与未来溢价能力的乐观预 期。"中指研究院华东大区常务副总高院生对《证券日报》记者表示。 相比之下，另外两宗地块则表现相对平淡。西湖区三墩单元地块因地铁下穿、绿建标准较高且周边竞品 去化压力大，最终由华润置地有限公司与多家本地企业联合体底价摘得；临平区星桥单元地块虽容积率 仅1.1，但由于板块整体库存较高、需求释放缓慢，仅溢价1.16%成交。 7月29日，杭州迎来本月土地出让收官战，共三宗涉宅地块出让，分别为拱墅区石桥单元地块、西湖区 ...

7月29日，杭州举行7月第四批次土拍活动，3宗地块分别位于西湖区三墩单元、拱墅区石桥单元和临平 区星桥单元，总出让面积267亩，总建筑面积34.4万平方米，总起价46.1亿元。其中，拱墅区石桥单元 GS130201-56地块，由杭州伟星星辰置业有限公司(伟星房产)以总价19.13亿元竞得，楼面价1.96万元/平 方米，溢价28.13%。同批次中的西湖区三墩单元XH010101-14地块、临平区星桥单元LP070103-2地块分 别由华润&杭州交投&杭州地铁、杭州广大房地产竞得，成交价分别为26.85亿元和4.37亿元。至此，杭 州7月第四批次土拍中的3幅地块全部成交，共收金50.35亿元。(银柿财经) ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The construction materials index increased by 8.20% in the week from July 21 to July 25, 2025, outperforming the CSI 300 index by 6.51 percentage points [4][13] - The construction materials sector has shown strong performance over the past three months, with an increase of 16.12%, and over the past year, it has risen by 28.09%, both outperforming the CSI 300 index [4][13] - The report highlights significant investment opportunities in the construction materials sector, particularly due to the commencement of major projects like the Yarlung Tsangpo River downstream hydropower project, which is expected to boost demand for related construction materials [3] Summary by Sections Market Overview - The construction materials index has outperformed the CSI 300 index by 6.51 percentage points this week, with a year-to-date increase of 28.09% compared to the CSI 300's 21.06% [4][13] - The average PE ratio for the construction materials sector is 29.88 times, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.28 times, ranking it 7th lowest [20][23] Cement Sector - As of July 25, 2025, the average price of P.O 42.5 bulk cement is 275.19 RMB per ton, reflecting a 2.02% decrease from the previous period [25][27] - The clinker inventory ratio has increased to 69.07%, up by 1.83 percentage points [26] Glass Sector - The spot price of float glass has risen to 1255.79 RMB per ton, an increase of 3.41% [78] - The inventory of float glass has decreased by 4.05%, with a total of 53.34 million weight boxes as of July 25, 2025 [80][81] - The price of photovoltaic glass has slightly decreased to 115.63 RMB per weight box, down by 0.34% [85]

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Building Materials - **Quarter**: 2Q25 - **General Outlook**: The demand backdrop remains tough, with expectations of double-digit year-over-year (yoy) declines in net profit for most companies in the sector, except for Skshu Paint due to favorable raw material conditions and headcount optimization [1][11] Core Insights - **Demand Trends**: Underlying demand has slowed across almost all companies and distributors, with a slight narrowing in yoy decline for new builds. Secondary property transactions and infrastructure fixed asset investment (FAI) growth have also decelerated [5][11] - **Pricing Environment**: Pricing has stabilized sequentially, with 4Q24 confirmed as the pricing bottom for most companies. However, price restoration efforts for certain products have not been effective, leading to skepticism about the execution of recent price hikes [5][11] - **Earnings Expectations**: Most companies are expected to see a double-digit decline in earnings, with Skshu Paint being the exception. The focus will be on the execution of price hikes and the potential for earnings growth in 3Q25 if these hikes are successful [1][11] Company-Specific Insights - **Skshu Paint**: EPS forecasts have been raised by 12-41% for 2025E-27E due to raw material tailwinds. However, concerns remain about the sustainability of margin recovery and competition from larger brands [6][8][55] - **Oriental Yuhong**: The company is positioned to expand market share in a fragmented waterproofing market, despite challenges in the property sector. It is expected to pay an interim dividend of approximately RMB 2 billion [42][11] - **Beijing New Building Materials (BNBM)**: The company is optimistic about its gypsum board business and new product expansions, including waterproofing and coatings, which are expected to drive earnings growth [48][11] - **Vasen**: The company faces earnings downgrade potential due to the property market downturn and competition. It is rated as a sell due to unfavorable risk-reward dynamics [8][52] - **Yuhong and BNBM**: Both companies are rated as buy due to expected earnings recovery and attractive dividend yields [8][11] Financial Metrics and Estimates - **Revenue and Profit Estimates**: Most companies are expected to see a yoy decline in revenue due to negative pricing impacts and sluggish demand. Skshu Paint is expected to maintain flat revenue due to its exposure to the secondary property market [11] - **Margin Expectations**: Margins are expected to compress yoy for most companies, with Skshu benefiting from raw material tailwinds. Seasonal improvements and lower SG&A expenses are anticipated for some companies [11] - **Target Prices**: Target prices for companies have been revised, with changes ranging from -5% to +32% based on updated earnings estimates and valuation adjustments [7][11] Risks and Considerations - **Market Risks**: Key risks include weaker-than-expected construction activities, unexpected increases in raw material costs, and potential impairment losses related to receivables from developers [45][50] - **Competition Risks**: Intensified competition in certain product categories may negatively impact volumes and margins for companies like Vasen and Skshu Paint [7][8] Conclusion - The Chinese building materials sector is facing significant challenges with demand and pricing pressures. However, select companies like Skshu Paint, Oriental Yuhong, and BNBM are positioned to navigate these challenges effectively, with potential for recovery in the latter half of 2025 if recent price hikes are successfully implemented [1][11][48]

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The cement industry is expected to achieve a total profit of 15-16 billion yuan in the first half of 2025, recovering from a loss of 1.1 billion yuan in the same period last year. Several cement companies have announced significant profit increases, with Tianshan Co. and Jidong Cement reducing losses by 2.5 billion and 660 million yuan respectively. Other companies like Tapai, China Resources, and Wan Nian Qing have seen profit growth exceeding 80%, while Huaxin Cement's profit increased by 50-55% [2][18] - The substantial improvement in performance is attributed to several factors: 1) Major companies have enhanced their price stability awareness since Q4 last year, leading to a price increase of approximately 20 yuan/ton in the average cement price year-on-year; 2) Cement production decreased by 4.3% year-on-year, with the decline narrowing significantly; 3) The average coal price fell by about 200 yuan/ton year-on-year [2][18] - Short-term cement prices are still slightly declining due to seasonal factors, but the downward space is limited. Prices are expected to rise as demand enters the peak season in August. Current cement valuations are relatively low, with a price-to-book ratio of only 0.7, which is at the 17th percentile over the past three years. The Ministry of Industry and Information Technology has announced a new round of growth stabilization plans for the building materials industry, which is expected to catalyze further valuation recovery [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the building materials sector (CITIC) fell by 0.02%. Notable stock performances included Lifan Shuke (+26.9%), Shiming Technology (+15%), and Hainan Ruize (+13.9%). The recommended stocks from the previous week showed mixed results, with China National Materials (+8.8%) and Huaxin Cement (+0.9%) performing well, while Sanhe Pile (-4.5%) and International Composite (-1.4%) declined [1][12] Recent Real Estate Fundamentals - In the week of July 4-10, the sales area of commercial housing in 30 major cities was 1.3391 million square meters, a year-on-year decrease of 22.55% [14] Key Sub-industry Tracking - Cement: National cement market prices continued to decline, with a drop of 1%. The price drop was mainly concentrated in East and Southwest China, with a range of 10-30 yuan/ton. However, demand is expected to improve slightly with better weather conditions [16] - Glass: The domestic photovoltaic glass market remained stable, with prices holding steady. The average price of float glass increased slightly to 1211.96 yuan/ton, with production costs varying based on fuel types [17] - Fiberglass: The market for non-alkali yarn showed a downward trend, with prices declining slightly. The overall demand remains weak, although there is some support from wind power orders [17]