安徽海螺水泥股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 5 月 29 日 | | | | | | 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED 二〇二四年度股东大会会议议程 主持人：杨军 一、会议开始 主持人介绍出席会议人员。 二、宣读议案 1 时 间：2025 年 5 月 29 日下午 2:30 地 点：芜湖海螺国际大酒店 3 楼会议室 1、2024 年度董事会报告 2、2024 年度监事会报告 3、2024 年度经审计的财务报告 4、2024 年度利润分配方案 5、未来三年股东分红回报规划（2025-2027 年度） 6、关于提请股东大会授权董事会制定并实施 2025 年度中期 利润分配方案的议案 7、关于续聘财务和内控审计师并决定其酬金的议案 8、关于本公司及其附属公司为 20 家附属公司提供担保额度 预计的议案 9、关于修订《股东大会议事规则》的议案 10、关于修订《董事会议事规则》的议案 11、关于修订《公司章程》的议案 三、独立董事述职 由独立董事作 2024 年度述职报告。 四、审议和表决 股东对议案进行审议和投票表决， ...

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，概不對因本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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2024年年度股東 大會會議資料》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年五月二十一日 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） 於其他市場發佈的公告 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及張雲 燕女士。 安徽海螺水泥股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 5 月 29 日 | | | | | | 安徽海螺水泥股份有限公司 ANHUI C ...

Group 1 - The 300 Dividend Low Volatility ETF has a trading turnover of 1.01% with a transaction volume of 56.25 million yuan on May 19, and an average daily transaction volume of 105 million yuan over the past week [3] - The latest scale of the 300 Dividend Low Volatility ETF reached 5.539 billion yuan, with net inflows of 15.85 million yuan over 6 out of the last 10 trading days [3] - As of April 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index account for 37.43% of the index, including China Shenhua, Gree Electric, and China Petroleum [3] Group 2 - Huatai Securities reports that the A-share market is in a weak stabilization phase of the inventory cycle, with continued capacity clearance, and upward elasticity is expected to improve [4] - The market is supported by policies aimed at stabilizing expectations, indicating a state of "top and bottom" [4] - The recommended investment strategy includes a "barbell" configuration focusing on dividends, domestic demand, and technology, with an emphasis on AI and military electronics for mid-term positioning [4]

2025 年 05 月 20 日 开源晨会 0520 ——晨会纪要 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-05 2024-09 2025-01 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 1.987 | | 环保 | 1.873 | | 房地产 | 1.751 | | 国防军工 | 1.051 | | 社会服务 | 1.024 | | 数据来源：聚源 | | 沪深300 及创业板指数近1年走势 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 【地产建筑】新房上海同环比领涨，一线新房价格环比持平——行业点评报告 -20250519 【地产建筑】销售面积降幅持续收窄，国内贷款增速转正——行业点评报告 -20250519 【机械】特斯拉机器人"丝滑"起舞，智能化大幅提升，硬件趋向定型——行业 周报-20250518 【建材】城市更新行动进度加速，关注建材投资机会——行业周报-20250518 【传媒】多模态 AI 继续迭代，IP 产业资本化或加快— ...

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report highlights the importance of urban renewal actions initiated by the government, emphasizing the need for existing building renovations and infrastructure improvements, with significant progress expected by 2030 [3][13] - Short-term factors include the pressure for stable growth, the emphasis on stabilizing the real estate market, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13] - Long-term perspectives suggest that the opening of the interest rate reduction channel in Europe and the U.S. will provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize the real estate market and improve housing loan conditions [3][13] Summary by Sections Recent Developments - The report discusses various local government initiatives aimed at improving housing quality and supporting home purchases, including policies in Shenzhen, Nanjing, Wuhan, and other cities [3][13] - The report notes a 28.7% year-on-year increase in residential transactions in Shenzhen in April, indicating a potential recovery in the housing market [3][13] High-Frequency Data - As of May 16, 2025, the average price of bulk P.O 42.5 cement in China is 386.2 CNY/ton, showing a 0.8% decrease from the previous week but a 10.2% increase year-on-year [4][14] - The average price of glass (5.00mm) is 1260.0 CNY/ton, reflecting a 0.8% decrease from the previous week and a 25.6% decrease year-on-year [4][21] Sector Review - The report indicates that the Shanghai Composite Index rose by 0.76%, while the building materials sector index fell by 0.24% [5][53] - Among sub-sectors, fiberglass manufacturing saw a 3.07% increase, while cement manufacturing experienced a 1.21% decline [5][53] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [6][68]

Core Viewpoint - The performance of the CSI 300 Dividend Low Volatility Index shows positive trends, with significant gains in constituent stocks, indicating a favorable investment environment for dividend assets [1][3]. Group 1: Index Performance - As of May 19, 2025, the CSI 300 Dividend Low Volatility Index increased by 0.22%, with notable gains from constituent stocks such as Ninghu Expressway (+3.28%) and Huaneng Hydropower (+2.06%) [1]. - The CSI 300 Dividend Low Volatility ETF (515300) showed resilience in the market, closing in the green despite broader market conditions [1]. Group 2: Liquidity and Fund Flow - The CSI 300 Dividend Low Volatility ETF recorded a turnover of 1.02% during the trading session, with a total transaction value of 57.13 million yuan [3]. - Over the past week, the ETF averaged daily transactions of 105 million yuan, indicating strong liquidity [3]. - The latest fund size of the ETF reached 5.566 billion yuan, with a net inflow of 2.0793 million yuan recently, and a total of 47.8321 million yuan net inflow over the past nine trading days [3]. Group 3: Top Holdings and Market Characteristics - As of April 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index accounted for 37.43% of the index, including major companies like China Shenhua and Gree Electric [3]. - Dividend assets are characterized by stable cash flow returns, lower volatility, and long-term compounding effects, making them attractive for long-term investment strategies [3]. Group 4: Market Outlook and Investment Strategy - Current market focus is on sectors such as new consumption, dividend defensive stocks, and traditional versus emerging consumption [4]. - The political signals from the recent Politburo meeting are unclear, but there is a preference for high-dividend defensive stocks, particularly in the white goods sector [4]. - Investors without stock accounts can access investment opportunities through corresponding CSI 300 Dividend Low Volatility ETF linked funds [4].

Core Viewpoint - The cement industry in China is experiencing a slowdown in demand, but the decline is easing, with prices stabilizing and profitability improving in the first quarter of the year [1][2][3] Group 1: Production and Demand - In the first quarter, national cement production reached 331 million tons, a year-on-year decrease of 1.4%, which is a narrowing decline compared to earlier months [1] - March saw a single-month cement production of 158 million tons, reflecting a year-on-year growth of 2.5% [1] - The demand decline has significantly eased, supported by infrastructure investment, which has buffered some of the downward pressure on the market [1][2] Group 2: Supply and Pricing - The national cement inventory capacity ratio stood at 58%, down 7 percentage points from the previous year, indicating a reasonable inventory level [2] - The average market price for cement in the first quarter was 397 yuan per ton, marking a 9.3% increase year-on-year [2] - The Northeast region had the highest cement prices at 486 yuan per ton, up 119 yuan per ton from the previous year [2] Group 3: Profitability and Future Outlook - The cement industry is expected to turn from a loss in the previous year to a profit of 1.5 billion to 2 billion yuan in the first quarter, driven by improved operational quality and reduced costs [2] - Major companies like Conch Cement reported a net profit of 1.808 billion yuan, a year-on-year increase of approximately 20% [2] - Looking ahead to the second quarter, demand is expected to rise, supported by continued infrastructure investment, while prices are likely to stabilize [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the Chinese stock market and various sectors including finance, technology, basic materials, real estate, steel, and construction materials [1][3][4][21][23]. Core Insights and Arguments - **Stock Market Dynamics**: The core driver for the rise in the Chinese stock market is the reduction in discount rates, with the risk-free rate (domestic long-term bond yield below 2%) and risk premium levels decreasing, enhancing the attractiveness of equity products [1][6][10]. - **Economic Outlook**: Although the economic situation in China is improving slowly, investor sentiment has shifted from overly pessimistic to a more balanced view, leading to a diminishing impact of valuation contraction [5][9]. - **Policy Support**: Fiscal policies are expected to be introduced around mid-year, with financial policies taking precedence as the main strategy [1][4][5]. - **Sector Recommendations**: The financial, technology, and certain basic materials sectors are favored due to their potential for growth and innovation, benefiting from lower funding costs due to reduced discount rates [1][7][8]. - **Real Estate Recovery**: The real estate market is anticipated to undergo a comprehensive recovery, with new home prices in first-tier cities beginning to rise. Developer financial recovery is expected to become evident by Q4 2025 [1][12][13]. - **Construction Materials**: The construction materials sector is showing signs of stabilization in volume and profitability, with improved corporate governance. Key companies to watch include Conch Cement, Huaxin Cement, and Oriental Yuhong [1][16]. - **Basic Chemicals**: Recommendations include domestic demand products (compound fertilizers, civil explosives), price-increasing products (refrigerants), and leading companies in technical chemicals [1][17][18]. Additional Important Insights - **Steel Sector**: The steel sector is experiencing a demand cycle bottoming out, with a supply contraction phase beginning and raw material prices declining. Recommended companies include Baosteel and Hualin Steel [2][21][22]. - **Investor Behavior**: New investors in the Chinese stock market are adopting different investment logic, focusing on companies with perpetual growth and monopoly positions, as well as emerging technology leaders [11]. - **Market Sentiment**: The overall sentiment in the market is shifting towards a more optimistic outlook, with expectations of policy support and economic recovery driving interest in equities [4][10][19]. - **Construction Sector Recovery**: The construction sector is rebounding due to improved expectations for project financing and seasonal construction activity [20][23]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of various sectors within the Chinese market.

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the potential for increased demand in the construction materials sector, driven by various factors including government projects and rising prices in carbon fiber [1][6] - The report emphasizes the importance of companies with strong operational resilience and high dividends, particularly in the consumer building materials segment [6] - The report suggests that domestic investment expectations are strengthening, with a focus on infrastructure and construction companies benefiting from increased demand [6][9] Summary by Sections Construction Materials - Beneficiaries include companies like Guangdong Hongda, Xuefeng Technology, and Guotai Group due to high demand in civil explosives and major projects like the Yarlung project entering the construction phase [1] - Carbon fiber price increases are noted, with companies such as Zhongfu Shenying and Jilin Chemical Fiber expected to benefit from emerging demand [1] - Companies with strong operational resilience and high dividends, such as Dongfang Yuhong and Weixing New Materials, are recommended for their potential to benefit from domestic consumption stimulus [1][6] Cement Market - The national average cement price is reported at 378.67 RMB/ton, with a decline of 1.1% week-on-week, particularly in regions like North China and East China [3][27] - Cement demand has shown slight recovery but remains 6-7% lower year-on-year, with supply pressures continuing to affect pricing [3][27] - Recommendations include leading cement companies like Conch Cement and Huaxin Cement, which are expected to benefit from domestic demand and industry self-discipline measures [6] Real Estate Market - The report indicates a short-term low overall market sentiment in the new and second-hand housing markets, with new housing transaction area down 12% year-on-year [2][22] - The report tracks transaction data across major cities, highlighting a mixed performance in the real estate sector [2][22] Emerging Opportunities - The report identifies opportunities in the domestic ship coating market, with companies like Maijia Xincai and Songji Co. expected to benefit from rising demand and domestic substitution trends [6][9] - The "Belt and Road" initiative is seen as a catalyst for international engineering projects, with companies like China State Construction and China Metallurgical Group recommended for potential benefits [6][9]

今年前4个月，水泥行业出现"量减、价增、利润改善"的走势，水泥行业利润改善。 "2025年全年，水泥行业整体盈利水平有望比2024年明显改善。"中国水泥协会会长、中国建材集团董事长周育先16日在中材国际第三届水泥绿色智能发展大 会上表示。 周育先表示，今年前4个月，水泥行业出现"量减、价增、利润改善"的走势，水泥行业利润改善，需要持续推进政策落地。同时，希望行业业内要自律，避 免内卷和恶性竞争。 今年以来，全行业的盈利水平比去年同期改善明显。从已经公布季报的水泥行业上市公司来看，水泥业务普遍呈现产量下降、价格推动盈利水平提高的情 况。 周育先认为，当前国家已经出台了水泥常态化错峰生产的政策和产能置换新政。这些政策如果能够扎实落地，将非常有利于改善供给侧的量，从而使得产品 价格维持在社会平均利润率水平。 国家统计局数据显示，2025年一季度，全国水泥产量达3.31亿吨，同比下降1.4%。降幅较1-2月收窄4.3个百分点，较去年一季度大幅收窄10.4个百分点。 全国大部分地区2025年一季度错峰生产计划天数同比增加5%-10%，企业已经通过包括错峰生产在内的动态调节生产，减少供应量，有效避免恶性竞争，促 进市场稳 ...