智通财经APP获悉，国泰海通发布研报称，维持建材行业"增持"评级。该行假设建材实物需求量在2025 年迎来本轮下滑的尾声，核心依据在于产业链已经先后转入缩表周期。该行对于建材板块的关键词 是："龟兔赛跑"，该行将供给改善比喻成龟，需求收缩比喻成兔，供给优化追上需求收缩的盈利改善契 机正在到来。大宗行业或迎来单位盈利中枢的底部反弹，消费建材价格竞争和费用有望同步改善。建材 板块估值和机构配置处于低位，龙头公司投资价值持续凸显。 国泰海通主要观点如下： 水泥行业：协同共识增强，盈利修复高确定性 2024年水泥需求在地产调整与基建托底减弱下承压，25年地产拖累减弱叠加基建资金改善下，需求压力 收窄企稳预期增强，25Q1降幅显著收窄正在兑现。24年行业重返协同，24Q4首次旺季错峰提价实质落 地盈利显著改善，25年观察行业保利润共识继续增强，25Q1价格及盈利同比明显改善，奠定全年良好 基础，25Q2观察在高基数下以稳为主，全年展望盈利中枢修复具备高确定性。长期供需格局的改善政 策预期亦在逐步落地。推荐水泥板块龙头公司海螺水泥，华新水泥，天山股份，上峰水泥，塔牌集团， 华润建材科技等。 消费建材：格局走向固化，行业盈 ...

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report indicates that the real estate market is gradually stabilizing, supported by policies aimed at boosting housing demand and improving purchasing power. This is expected to enhance the overall market sentiment and reduce credit risks for companies in the construction materials sector [5][12] - Short-term pressures for growth have led to renewed emphasis on stabilizing the real estate sector, while medium to long-term monetary and fiscal policy adjustments are anticipated to further support the market [12] - The report highlights that the construction materials sector has limited room for further deterioration compared to the end of 2022, with expectations for both fundamental recovery and valuation improvement [5] Summary by Sections 1. Weekly Insights - As of Q1 2025, the balance of real estate loans in RMB reached 53.54 trillion, with a year-on-year increase of 0.04%. Personal housing loans decreased by 0.8% year-on-year, but the growth rate improved by 0.5 percentage points compared to the end of the previous year [12] - Various local governments have introduced measures to stimulate housing consumption and support the real estate market, including tax adjustments and incentives for home purchases [12] 2. Weekly High-Frequency Data - The average price of bulk P.O 42.5 cement nationwide is 375 RMB/ton, down 0.6% week-on-week and down 5.7% year-on-year [3][13] - The factory price of glass (5.00mm) is 1230 RMB/ton, down 0.3% week-on-week and down 25.9% year-on-year [3][22] 3. Sector Review - The construction materials index increased by 0.18% this week, while the overall market indices saw slight declines [4][54] - Among sub-sectors, other building materials and cement products showed positive performance, while cement manufacturing and glass manufacturing experienced slight declines [4][54] 4. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from inventory upgrades, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [5]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The construction materials sector is experiencing fluctuations at the bottom of the PMI range, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report highlights the potential for recovery in the home decoration materials sector, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The building materials sector has shown a slight increase of 0.18% in the past week, outperforming the CSI 300 and the Wind All A indices, which decreased by -1.08% and -0.02% respectively, resulting in excess returns of 1.26% and 0.20% [4] - The construction industry PMI has shown signs of improvement, indicating a potential recovery in new orders due to eased tariffs [4][16] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 367.8 RMB/ton, down by 3.0 RMB/ton from last week and 6.3 RMB/ton from the same period last year [20][21] - The average cement inventory among sample enterprises is 65.7%, with an average shipment rate of 47.8%, reflecting a slight increase in demand [25][19] - The report anticipates a stabilization or slight rebound in cement prices due to improved supply discipline among leading companies [12][19] 2.2 Glass Fiber - The report notes that the profitability of mid-range glass fiber remains resilient, with demand in domestic wind power and thermoplastics continuing to grow [13] - The industry is expected to see a gradual recovery in supply-demand balance, supported by the growth in high-end products [13] 2.3 Glass - The glass sector is facing weak terminal demand, with prices under pressure as the industry enters a seasonal downturn [14][15] - The report suggests monitoring production line adjustments to gauge future price recovery potential [14][15] 3. Industry Dynamics Tracking - The report emphasizes the importance of government policies aimed at stimulating domestic demand and stabilizing the real estate market, which are expected to positively impact the building materials sector [16] - The anticipated recovery in consumer confidence and the ongoing implementation of national subsidies are expected to drive demand for home decoration materials [16] 4. Weekly Market Review - The report provides a detailed analysis of price changes and inventory levels across various regions, indicating a mixed performance in the cement market with some areas experiencing price increases while others see declines [19][20][21]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Core Viewpoint - The company, Northern Heavy Industries Group Co., Ltd. (北方股份), is experiencing growth in its stock price and aims to achieve significant revenue targets in the coming years, driven by its expanding international market presence and improved product competitiveness. Group 1: Stock Performance and Market Position - As of May 30, 2025, the stock price of Northern Heavy Industries closed at 22.33 yuan, up 7.1% from the previous week [1] - The stock reached a nearly one-year high of 24.99 yuan on May 28, 2025, with a market capitalization of 3.796 billion yuan, ranking 95th in the specialized equipment sector [1] - The company ranks 3593rd out of 5146 in the A-share market [1] Group 2: Business Operations and Market Strategy - The company's primary business includes the research, production, sales, and service of mining vehicles, with a marketing network that spans across China and extends globally to 67 countries and regions [1] - Northern Heavy Industries has seen rapid growth in its overseas market, leveraging direct sales and partnerships, supported by the "going out" policy of Chinese enterprises [1] - The company is narrowing the performance gap with world-class mining vehicle manufacturers like Caterpillar and Komatsu [1][6] Group 3: Financial Performance and Projections - In 2024, the company achieved consolidated revenue of 2.918 billion yuan, a year-on-year increase of 21.43%, with a net profit attributable to shareholders of 178.91 million yuan, up 26.25% [6] - For the first quarter of 2025, the company reported consolidated revenue of 881 million yuan, a 6.41% increase year-on-year, and a net profit of 63.46 million yuan, up 22.19% [6] - The company aims to achieve consolidated revenue of no less than 3 billion yuan in 2025 [2][5] Group 4: Product Development and Innovation - The company is focusing on increasing the localization rate of its mining vehicle components, which are currently primarily sourced from abroad [1] - The TR50E and TR100E models have been successfully implemented in the cement industry, significantly reducing costs and achieving zero emissions [6] - The company is actively following national policies promoting equipment upgrades and replacements [6]

"水泥市场需求下滑严重，供需矛盾加剧，市场信心缺失，企业生产经营困难，纷纷通过低价恶性竞争抢占市场份额，导 致水泥价格持续下降至成本线附近，行业效益大幅下降。"数字水泥网总裁陈柏林表示。 本报记者 刘欢 近期，安徽海螺水泥股份有限公司（以下简称"海螺水泥"）、天山材料股份有限公司（以下简称"天山股份"）、甘肃上峰 水泥股份有限公司（以下简称"上峰水泥"）等多家水泥上市公司陆续召开业绩说明会，各公司高管围绕公司2024年、2025年一 季度的业绩表现和经营情况等，与投资者展开了深入交流。 从上述公司业绩说明会释放的信号来看，各企业围绕产业链延伸、绿色低碳转型等方向谋篇布局，试图在需求下行等多重 压力下，寻找突围与转型的新路径。 企业积极探索应对之策 2024年，全国及各主要消费区域水泥需求均出现接近两位数的降幅，全国规模以上企业的累计水泥产量18.25亿吨，同比下 降9.5%（按可比口径），水泥产量创下十五年以来的最低值。 从企业层面来看，Wind数据显示，2024年，A股市场18家水泥上市公司中，有10家净利润同比下滑。 "展望2025年全年，水泥行业整体盈利水平有望比2024年出现明显改善。"中国水泥协会会 ...

第一条 安徽海螺水泥股份有限公司（以下简称"本公司"或 "公司"）为保障董事会依法独立、规范、有效地行使职权，以确 保董事会的工作效率和科学决策，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》《上市 公司治理准则》《上海证券交易所股票上市规则》（以下简称 "《上交所上市规则》"）、《香港联合交易所有限公司证券上市 规则》（以下简称"《港交所上市规则》"）（统称"《上市规 则》"）以及本公司章程及其他有关法律法规及规范性文件的规定， 结合本公司实际情况，制定本议事规则。 第二条 董事会是本公司经营决策的常设机构，对股东会负责。 董事会遵照《公司法》、本公司章程及其他有关法律法规及规范性 文件的规定，履行职责。 董事会下设董事会秘书室，处理董事会日常事务。 安徽海螺水泥股份有限公司 董事会议事规则 (二〇〇七年八月十七日制订试行） (二〇一九年五月第一次修订) (二〇二三年五月第二次修订) (二〇二五年五月第三次修订) 第一章 总则 第二章 董事会的组成和职权 公司董事会成员中设职工董事 1 名，由公司职工通过职工代表 大会、职工大会或者其他形式民主选举产生，无需提交股东会审议 ...

安徽海螺水泥股份有限公司 股东会议事规则 （二〇〇七年八月十七日制订试行） （二〇一九年五月第一次修订） （二〇二〇年五月第二次修订） （二〇二二年五月第三次修订） （二〇二五年五月第四次修订） 第一章 总 则 第一条 安徽海螺水泥股份有限公司（以下简称"本公司"或 "公司"）为维护本公司及股东的合法权益，规范本公司股东会的 组织和行为，提高股东会议事效率，保证股东会能够依法行使职权、 以及决策程序和内容合法、有效，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》《上市公 司章程指引》等法律、法规、规范性文件、以及本公司章程的有关 规定，结合公司实际情况，特制定本议事规则。 第二章 股东会的一般规定 第二条 股东会是公司的权力机构，依法行使职权。 第三条 股东会行使下列职权： (一)选举和更换董事，决定有关董事的报酬事项； (二)审议批准董事会的报告； (三)审议批准公司的利润分配方案和弥补亏损方案； (四)对公司增加或者减少注册资本作出决议； (五)对公司合并、分立、解散、清算或者变更公司形式作出决 议； 1 (九)审议公司在一年内购买、出售重大资产超过公司最近一期 经审计总 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 安徽海螺水泥股份有限公司 | | 股份代號 | 00914 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度的末期股息 | | 公告日期 | 2025年5月29日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 補充派息金額及公司預設派發貨幣及匯率信息 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.71 RMB | | 股東批准日期 | 2025年5月29日 | | 香港過戶登記處相關信息 | | | 派息金額 ...

執行董事 獨立非執行董事 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號： 00914） 董事會名單及其角色及職能 安徽海螺水泥股份有限公司（「本公司」）董事（「董事」）會（「董事會」）成員載 列如下： 董事會設立三個委員會，即審核委員會、薪酬及提名委員會及環境、社會及管治 （ESG）管理委員會。該等委員會的成員載列如下： | 委員會 董事 | 審核委員會 | 薪酬及提名委員會 | 環境、社會及管治 （ESG）管理委員會 | | --- | --- | --- | --- | | 屈文洲先生 | 主席 | 委員 | - | | 何淑懿女士 | 委員 | 主席 | - | | 韓 旭女士 | 委員 | 委員 | - | | 李群峰先生 | - | - | 主席 | | 吳鐵軍先生 | - | - | 委員 | | 虞 水先生 | - | - | 委員 | 楊 軍先生（董事長） 屈文洲先生 朱勝利先生（副董事長） 何淑懿女士 李群峰先生 韓 旭女士 吳鐵軍先生 虞 水先生 職工董事 凡展先生 中國安徽省蕪湖市 ...