本次调整于2025年12月15日正式实施。 深圳证券交易所及深圳证券信息有限公司此前曾发布公告称，根据指数编制规则，将对深证成指、创业 板指、深证100、创业板50等深市指数实施样本定期调整。 本次调整，于今日起正式实施。 具体来看，深证成指更换了17只样本股，调出了10家主板公司和7家创业板公司，如国药一致 （000028.SZ）、中国天楹（000035.SZ）、海德股份（000567.SZ）、西藏矿业（000762.SZ）等；调入 主板公司7家，创业板公司10家，如深深房Ａ（000029.SZ）、德明利（001309.SZ）、四方精创 （300468.SZ）、长芯博创（300548.SZ）等。 创业板指更换8只样本股，调出了碧水源（300070.SZ）、易华录（300212.SZ）等；调入大族数控 （301200.SZ）、常山药业（300255.SZ）等。 深证100更换7只样本股，天山股份（000877.SZ）、山西焦煤（000983.SZ）等被调出；调入了主板公司 4家，创业板公司3家，如藏格矿业（000408.SZ）、胜宏科技（300476.SZ）、安克创新（300866.SZ） 等； 创业板50更 ...

东吴证券晨会纪要 东吴证券晨会纪要 2025-12-15 宏观策略 [Table_MacroStrategy] 宏观点评 20251211：苦练内功，挖掘经济潜能——学习中央经济工作精 神 中央经济工作会议 12 月 10 日至 11 日在北京举行。 1、形势判断：外 部挑战常态化，内部更注重"供强需弱"矛盾。对比去年提到的困难和问 题，今年会议提出了外部挑战、供强需弱、风险隐患等三个问题。相比之 下，对外部压力的判断与去年保持一致，均强调"加深"，说明外部环境 的恶化（如经贸摩擦）已成常态化挑战。在国内经济方面，去年更强调"需 求不足"的一面，今年则提出"供强需弱矛盾突出"，更注重供需平衡关 系。尽管存在上述问题，但我们发展的信心没有变，"这些大多是发展中、 转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和 基本趋势没有改变"。 风险提示：政策落地节奏不及预期；关税事件反复 和出口下行风险；经济基本面发生变化。 宏观点评 20251211： 12 月 FOMC：轻量扩表启动，发布会信号偏鸽— —2025 年 12 月 FOMC 会议点评 证券研究报告 核心观点：12 月 FOMC 如期降息 ...

Group 1 - The company, Tianshan Co., Ltd. (000877.SZ), announced plans to transfer production capacity indicators of seven clinker production lines through public bidding to maximize the value of existing capacity [1] - The total capacity indicators to be transferred amount to 17,850 tons per day, equivalent to 5.355 million tons [1] - The total transfer amount is approximately 297.5265 million yuan [1]

Core Viewpoint - Tianshan Co., Ltd. is transferring its cement clinker production capacity indicators through a public listing to maximize the value of its existing capacity [1] Group 1: Company Actions - The company is transferring a total of 4,500 tons per day of cement clinker production capacity indicators, equivalent to 1.35 million tons, for a total transfer amount of 80.4 million yuan [1] - Gansu Qilianshan Cement Group Co., Ltd.'s subsidiary is the sole interested buyer and has registered to participate in the transfer, paying the required deposit [1] Group 2: Transaction Details - The transfer of capacity indicators is being conducted through a public listing process [1] - The buyer intends to acquire the capacity indicators at the listed base price [1]

Core Viewpoint - Tianshan Co., Ltd. announced the transfer of production capacity indicators for two clinker production lines, totaling 4,500 tons per day, equivalent to 1.35 million tons, for a total transfer amount of 80.4 million yuan [1] Group 1: Transaction Details - The production capacity indicators were transferred through a public listing process [1] - Gansu Qilian Mountain Cement Group Co., Ltd.'s subsidiary was the only interested buyer and has paid the deposit to participate in the bidding [1] - The buyer intends to acquire the capacity indicators at the listing price [1] Group 2: Financial Impact - The transaction is expected to impact the company's net profit by approximately 65.24 million yuan [1]

Group 1 - The core point of the article is that Tianshan Co., Ltd. announced a board meeting to discuss the public transfer of subsidiary capacity indicators and related transactions [1] - For the first half of 2025, Tianshan's revenue composition is 96.95% from cement and 3.05% from other businesses [1] - As of the report date, Tianshan's market capitalization is 38.6 billion yuan [1]

天山股份(000877.SZ)公告，公司所属子公司2条水泥熟料生产线的产能指标以公开挂牌方式转让，产能 指标合计4500t/d，折合135万吨，公开挂牌转让金额合计8040万元。 经产权交易所确认，甘肃祁连山水泥集团有限公司("祁连山水泥")的子公司作为唯一意向受让方报名参 与并根据挂牌条件缴纳了保证金，成为本次挂牌的受让方，其拟以挂牌底价受让上述产能指标。本次交 易预计影响公司当期净利润约6524万元。 ...

Core Viewpoint - Tianshan Co. announced the public transfer of production capacity for 7 clinker production lines, totaling 17,850 t/d (equivalent to 5.355 million tons), with a transfer amount of approximately 297.5265 million yuan [1] Group 1 - The board of directors approved the proposal on December 12, 2025 [1] - The transaction does not constitute a major asset restructuring and does not require shareholder approval [1] - The final price will be determined based on the results of the public bidding process, and the counterparties are currently uncertain [1] Group 2 - There is uncertainty regarding the impact of the capacity transfer and whether the transaction can be completed [1]

Core Viewpoint - Tianshan Co. announced the public transfer of production capacity indicators for two clinker production lines, totaling 4,500 tons per day, equivalent to 1.35 million tons, for a price of 80.4 million yuan [1] Group 1 - The buyer of the production capacity indicators is a subsidiary of Gansu Qilian Mountain Cement Group [1] - The transaction is classified as a related party transaction due to the former executive Wang Luyan being the chairman of Qilian Mountain Cement [1] - The board of directors approved the transaction on December 12 [1] Group 2 - The expected impact on the current net profit is approximately 65.24 million yuan, accounting for 10.90% of the total [1] - From early 2025 to the disclosure date, the cumulative related party transactions between the company and Qilian Mountain Cement amount to approximately 810 million yuan [1]

天山材料股份有限公司 2025 年第四次独立董事专门会议审核意见 2025 年 12 月 11 日 本议案表决情况：3 票同意，0 票反对，0 票弃权。 我们认为，本次子公司公开挂牌转让产能指标已取得相关部门备 案批复，本次交易价格是以国有资产监督管理有权部门备案的评估结 果为定价基础，不存在损害公司及全体股东，特别是中小股东利益的 情形。公司董事会对该事项进行表决时，关联董事应回避表决。关联 交易的审议程序符合有关法律法规及规范性文件的规定。我们同意 《关于公开挂牌转让子公司产能指标暨关联交易的议案》，并提交公 司董事会审议。 独立董事:陆正飞、孔伟平、李琛 根据《上市公司独立董事管理办法》《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》等行政法规、规范性文件的规定，天山材料股份有限 公司(简称"公司")于 2025 年 12 月 10 日以书面、邮件的方式发出 召开 2025 年第四次独立董事专门会议的通知，经全体独立董事同意 豁免会议通知时间要求，并于 2025 年 12 月 11 日以通讯方式召开。 本次会议应出席独立董事 3 人，实际出席独立 ...