Core Points - The company announced on July 31 that it received a written resignation letter from Vice President Hong Yihua due to reaching retirement age [1] - The resignation will take effect from the date it is delivered to the company's board of directors [1] - After retirement, Hong Yihua will no longer hold any positions in the company or its subsidiaries [1]

截至本公告日，洪义华先生未持有公司股份，不存在应当履行而未履行的其他承诺事项。 公司对洪义华先生在担任副总经理期间为公司所作出的贡献表示衷心感谢！ 特此公告。 浙江伟星新型建材股份有限公司 董 事 会 证券代码：002372 证券简称：伟星新材 公告编号：2025-021 浙江伟星新型建材股份有限公司 关于公司副总经理退休离任的公告 浙江伟星新型建材股份有限公司（以下简称"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。 公司于近日收到公司副总经理洪义华先生提交的书面辞职报告，因其已到退休年龄，申 请辞去公司副总经理一职，辞职报告自送达公司董事会之日起生效。洪义华先生退休后，不 再担任公司以及控股子公司任何职务。洪义华先生的离任不会影响公司正常的生产经营。 2025 年 8 月 1 日 ...

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 ...

Core Insights - Weixing Real Estate, a subsidiary of Weixing Group, acquired a residential land parcel in Hangzhou at a premium of 28.13%, totaling 1.913 billion yuan, with a floor price of 19,626.68 yuan per square meter [1][4] - The company has been focusing its land acquisitions in Zhejiang province this year, indicating a strategic shift back to the local market after previously expanding into cities like Hefei and Wuhan [3][4] - Weixing Real Estate's performance in the real estate market has been strong, ranking 33rd in total sales with 31.27 billion yuan in 2024, and second in Anhui province with 6.3 billion yuan in equity sales [4][9] Land Acquisition Strategy - The recent land acquisition in Hangzhou marks Weixing Real Estate's return to the spotlight, as it had not purchased land in the city since August 2024 [4][9] - The land parcel in Hangzhou is strategically located near a metro station and has a lower floor area ratio compared to a nearby parcel acquired by another developer, indicating a competitive edge [5][6] - The company has been actively acquiring land in the Yangtze River Delta region, with a notable focus on cities like Taizhou, where it has established a development synergy [1][3] Market Dynamics - The real estate market in the Yangtze River Delta is experiencing a divergence, with cities like Hefei showing declining new construction and sales, while Hangzhou remains attractive for land investment due to high land transaction volumes and rising property prices [3][4] - In the first half of 2025, Hangzhou's new residential sales prices increased by 0.2% month-on-month and 2.1% year-on-year, reflecting a sustained demand for housing [3][4] - Weixing Real Estate's cautious approach to land acquisition reflects a broader trend among companies with industrial backgrounds, which are better positioned to manage financial pressures in the current market environment [7][10] Financial Performance - Weixing Real Estate's sales figures have shown fluctuations, with 22.93 billion yuan in 2023 and 31.27 billion yuan in 2024, but a significant drop in the first half of 2025, completing only 7.16 billion yuan [9][10] - The company aims to achieve sales targets of 50 billion to 90 billion yuan over the next 3-5 years, although achieving this goal appears challenging based on recent performance trends [9][10]

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 ...

Core Insights - The land auction in Hangzhou on July 29 concluded with three residential plots sold for a total of 50.35 billion yuan, highlighting a continued trend of "core area hot, non-core area cold" in the market [1][2] - The Shiqiao plot in Gongshu District attracted significant attention, sold for 19.13 billion yuan with a premium rate of 28.13%, indicating optimism among developers regarding regional value and future appreciation potential [1][2] - The overall land market in Hangzhou has entered a relatively stable phase, with a clearer differentiation in market dynamics, as developers shift their focus from scale expansion to value cultivation [3] Land Auction Details - The Shiqiao plot had a starting price of 14.9 billion yuan and a starting floor price of 15,318 yuan per square meter, ultimately sold at a floor price of 19,627 yuan per square meter [1] - The other two plots, located in Xihu District and Linping District, saw subdued performance, with the Xihu plot sold at the base price and the Linping plot achieving only a 1.16% premium [2] Developer Behavior - Developers are increasingly selective, favoring plots with clear development conditions and strong transportation links, while exercising caution towards non-core areas or complex development sites [2] - Local companies, such as Weixing Real Estate, are actively participating in land auctions, while external firms are forming joint ventures with local entities to leverage local development capabilities [2] Market Trends - In July, the total revenue from land auctions in Hangzhou reached 10.2 billion yuan, with a trend of major developers focusing on core areas while smaller firms are shifting towards non-core or suburban regions [2]

Core Viewpoint - The recent land auction in Hangzhou generated a total revenue of 50.35 billion yuan from the sale of three plots, indicating strong demand in the real estate market despite economic fluctuations [1] Group 1: Auction Details - The land auction took place on July 29, featuring three plots located in Xihu District, Gongshu District, and Linping District, with a total area of 267 acres and a total construction area of 344,000 square meters [1] - The starting price for the auction was set at 46.1 billion yuan [1] Group 2: Winning Bids - The plot in Gongshu District (GS130201-56) was won by Hangzhou Weixing Xingchen Real Estate Co., Ltd. for a total price of 19.13 billion yuan, with a floor price of 19,600 yuan per square meter and a premium of 28.13% [1] - The plot in Xihu District (XH010101-14) was acquired by a consortium including China Resources, Hangzhou Investment, and Hangzhou Metro for 26.85 billion yuan [1] - The plot in Linping District (LP070103-2) was won by Hangzhou Guoda Real Estate for 4.37 billion yuan [1]

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]