关联董事印志松、朱兵、王益民、刘习德回避对本议案的表决。 证券代码：600970 证券简称：中材国际 公告编号：临 2025-075 债券代码：241560 债券简称：24 国工 K1 中国中材国际工程股份有限公司 第八届董事会第二十次会议（临时）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国中材国际工程股份有限公司（以下简称"公司"）第八届董事会第二十 次会议（临时）于2025年12月5日以书面形式发出会议通知，2025年12月10日在 公司会议室以现场结合通讯方式召开。本次会议应到董事8人，实到董事8人，公 司部分高管列席会议，符合《公司法》和《公司章程》的有关规定。会议由董事 长印志松先生主持，与会董事经过认真审议，经记名投票表决，形成如下决议： 一、审议通过了《关于公司与中国建材集团财务有限公司续签<金融服务协 议>暨关联交易的议案》，同意将本议案提请公司2025年第六次临时股东会审议。 该议案已经第八届董事会审计与风险管理委员会第二十一次会议及第八届 董事会独立董事专门会议2025年第四次会议审议通过 ...

Macro Strategy - The report indicates a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," reflecting a more proactive approach to external economic conditions [1][2] - The emphasis has moved from stabilizing asset prices to stabilizing microeconomic entities, highlighting the importance of employment, enterprises, markets, and expectations [2] - The terminology has evolved from "extraordinary counter-cyclical adjustment" to "increasing counter-cyclical and cross-cyclical adjustment efforts," indicating a balance between short-term stimulus and long-term economic structure considerations [2] Financial Products - The A-share market is expected to continue a bottoming process, with a macro timing model scoring -2 points, suggesting a potential adjustment but limited space for decline [7] - The report notes that the overall market sentiment may remain subdued without significant catalysts or inflows of new capital, leading to a narrow fluctuation pattern [7] Fixed Income - The report highlights a decrease in the issuance of green bonds, with 24 new issues totaling approximately 20.737 billion yuan, a reduction of 12.902 billion yuan from the previous week [8] - The secondary market for green bonds saw a total transaction volume of 66.1 billion yuan, an increase of 2.6 billion yuan from the previous week [8] Industry Insights - The environmental protection industry is highlighted as having undervalued assets, with specific recommendations for companies like Huanlan Environment and Longjing Environmental Protection, which are expected to benefit from early budget allocations for environmental special funds [11][32] - The engineering machinery sector is projected to experience a profit growth rate of over 20% in the next 2-3 years, with a focus on overseas industry recovery [12] Gas Industry - The gas industry report emphasizes cost optimization for gas companies and the importance of price mechanism adjustments, with recommendations for companies like Xin'ao Energy and China Gas [14] Electric Power Equipment - The report anticipates a significant growth in energy storage demand, projecting a 60%+ increase next year, driven by various market factors [16] Automotive Industry - The automotive sector is undergoing a transition with a focus on AI and smart vehicles, with significant developments in Robotaxi strategies and partnerships [21][22] - The report suggests that the automotive industry is at a crossroads, with opportunities in AI smart vehicles and the need for innovation in supply chains [22] Non-Bank Financials - The non-bank financial sector is characterized by low average valuations, with a focus on insurance and securities industries benefiting from economic recovery and favorable policy environments [23][29] Computer Industry - The computer industry is experiencing a shift towards GPU-centric architectures, with significant implications for database technologies and related companies [24] Coal Mining - The coal mining sector is facing weak supply and demand dynamics, with a recommendation to focus on undervalued stocks like Haohua Energy and Guanghui Energy [27] Aluminum Industry - The aluminum industry is expected to see a shift from cyclical stocks to dividend assets, with a projected increase in aluminum prices due to structural changes in supply and demand [28]

Investment Rating - The report maintains an "Overweight" rating for both the construction and building materials sectors [10]. Core Viewpoints - The construction and building materials sector is expected to experience a spring rally in 2026, driven by improvements in construction PMI, order volume, and favorable market conditions such as a later Spring Festival and strong domestic excavator sales [13][19]. - The report emphasizes the importance of high dividend and price-increasing stocks, recommending companies with stable performance and high dividend yields, as well as traditional building materials with price increase potential [13][19]. - The report identifies three main investment themes: sustainable growth in renovation, thorough industry clearing in construction materials, and opportunities in high-quality leading companies in various segments [14][21]. Summary by Sections Industry Overview - The report highlights a potential spring rally for the building materials sector, supported by fiscal improvements and strong domestic machinery sales [19]. - Historical data shows that the building materials index has a high probability of outperforming the market in Q1, with a 57% chance of rising based on past performance [15]. Key Companies and Recommendations - The report recommends several companies, including China Chemical, China National Materials, and Xinyi Glass, with target prices and buy ratings [10][38]. - Specific recommendations include: - China Chemical (601117 CH) - Target Price: 12.05 - China National Materials (600970 CH) - Target Price: 14.23 - Xinyi Glass (868 HK) - Target Price: 9.54 - Others include China United Plastic, Jinggong Steel Structure, and Dongfang Yuhong [10][38]. Market Dynamics - Recent data indicates a 1.2% week-on-week increase in national cement prices, while the average price of float glass has risen by 2.3% [2][28]. - The report notes that the domestic float glass market is stabilizing, with some regions experiencing price increases due to supply constraints [28][30]. - The electronic fabric market is also showing signs of price increases, driven by demand from PCB clients [25][33]. Future Outlook - The report anticipates continued demand in the cleanroom engineering and special electronic fabric sectors, with a focus on companies that can adapt to new production capabilities and traditional industry upgrades [14][19]. - The construction sector is expected to benefit from urban renewal initiatives and the ongoing recovery of the real estate market, with a focus on renovation and construction materials [21][22].

Core Viewpoint - The report highlights that Tongguan Copper Foil is a leader in domestic AI copper foil, with its self-developed technology recognized by overseas supply chains and achieving bulk supply, emphasizing that technological strength and cost will be key in the future for domestic substitution and market share expansion [1][2]. Group 1: Industry Trends - Since the beginning of the fourth quarter, three directions—overseas expansion, AI new materials, and domestic demand in the real estate chain—have shown a characteristic of "rationality and restraint," indicating short-term fluctuations rather than trend changes [1]. - The trend of upgrading AI materials has led to accelerated entry of domestic and foreign manufacturers into the industry, with many participants and high-frequency feedback, suggesting a strategy of "responding steadily" [2]. Group 2: Company Insights - Tongguan Copper Foil's technological accumulation and low debt ratio will continue to support its position as a "leader" in the market [2]. - The copper foil upgrade direction is clearer compared to electronic fabrics, with no significant disputes over product dominance, indicating a more straightforward upgrade path to fourth-generation copper foil [2]. Group 3: Market Data - The national average price of high-standard cement is 355 RMB/ton, down 70 RMB/ton year-on-year, and up 5 RMB/ton month-on-month, with an average shipment rate of 44.6% [3]. - The average price of float glass is 1163.86 RMB/ton, an increase of 16.02 RMB/ton, with a 1.40% rise [3]. - The capacity utilization rate of concrete mixing stations is 8.15%, up 0.46 percentage points month-on-month [3].

Core Viewpoint - China National Materials Group Corporation (中材国际) has secured a significant contract worth 2.7 billion yuan for a molybdenum mining project, continuing its trend of large orders since 2025, with a total new contract amount of 59.882 billion yuan in the first three quarters of 2025, representing a 13% year-on-year increase [2][3][4]. Group 1: Contract and Project Details - The company signed a PC general contracting agreement for the Dashi River Molybdenum Mining Project in Jilin Province, with a total contract value of 2.7 billion yuan [3]. - The project has a comprehensive processing capacity of 15,000 tons per day and includes procurement of equipment and materials, construction, and management, with an estimated construction period of 15 months and trial production of 3 months, totaling 18 months [3][4]. - The successful completion of this project is expected to positively impact the company's operating performance [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's operating revenue reached 33 billion yuan, a year-on-year increase of 3.99%, while the net profit attributable to shareholders was 2.074 billion yuan, up 0.68% [2][6]. - The total new contracts signed in the first three quarters of 2025 amounted to 59.882 billion yuan, with the engineering services segment contributing 38.887 billion yuan, a 16% increase year-on-year [4]. - The company's contract liabilities reached 8.843 billion yuan, reflecting a 17.12% year-on-year increase [4]. Group 3: Research and Development - The company has invested a total of 7.553 billion yuan in research and development over the past five years, with an annual investment exceeding 1 billion yuan since 2021 [5]. - As of mid-2025, the company holds 3,063 valid patents, including 975 invention patents and 42 international patents, covering the entire process of cement manufacturing [5]. - The company has maintained a strong focus on R&D, with annual expenditures of 1.183 billion yuan, 1.627 billion yuan, 1.842 billion yuan, and 1.763 billion yuan from 2021 to 2024, and 1.138 billion yuan in the first three quarters of 2025 [5]. Group 4: Market Position and Competitiveness - China National Materials Group Corporation is recognized as the only company in the global cement technology and engineering service market with a complete industrial chain [5]. - The company has maintained the largest market share in the cement engineering service market for 17 consecutive years, having undertaken 364 production lines in 91 countries and regions [5]. - The company's financial health has improved, with a decreasing debt-to-asset ratio from 66.93% in 2021 to 60.73% by the third quarter of 2025 [7].

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 07 年 月 日 建筑装饰 明年预计有多少保险资金增配建筑板块？ 政策持续推动中长期资金入市，下调险企风险因子，二级市场有望持续迎 保险机构增量资金。今年初中央金融办、中国证监会等六部委联合印发《关 于推动中长期资金入市工作的实施方案》，提出力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股（对应每每年少少千亿新新增 长期资金）。本周金管局发布《关于调整保险公司相关业务风险因子的通 知》，应长期持仓的沪深 300 指数成分股、中证红利低波动 100 指数成分 股、科创板股票下调风险因子，同时降低出口信用与海外投资保险的保费 和准备金风险因子。长期持仓风险因子下调，一方面有助于减少险资投资 股票的资本消耗，腾出增持股票空间；另一方面有望提升险资长期持股意 愿，增强资本市场稳定性。2025 年 1-10 月我国实现保费收入 5.48 万新 元，同增 8.0%，2022 年以来我国保费收入持续增长。截少 2025Q3 末， 我国保险资金运用余额 37.5 万新元，同增 16.5%；其中投入少股票/基金 的资金分别为 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [4][25]. Core Insights - The report highlights the expansion of REITs (Real Estate Investment Trusts) projects, which is expected to support the revitalization of existing assets [4]. - The construction industry experienced a slight decline of -0.07% last week, underperforming compared to major indices such as the Shanghai Composite Index (+0.37%) and the CSI 300 Index (+1.28%) [5][4]. - Key sectors showing positive performance include international engineering (+2.08%), central state-owned enterprises (+2.05%), and professional engineering (+0.47%) [4][7]. - The report emphasizes that investment opportunities are anticipated in emerging sectors as national strategic initiatives are implemented, particularly in the central and western regions [4]. Industry Performance - The construction industry saw a weekly decline of -0.07%, lagging behind the performance of major indices [5][4]. - The best-performing sub-sectors for the week were international engineering (+2.08%), central state-owned enterprises (+2.05%), and professional engineering (+0.47%) [4][7]. - Year-to-date, the highest gains were observed in private infrastructure (+59.52%), ecological landscaping (+52.35%), and decorative curtain walls (+45.77%) [4][7]. Key Company Developments - China Aluminum International won a joint bid for a new electrolytic aluminum project with a total value of 3.03 billion yuan, representing 31.24% of its projected 2024 revenue [14]. - Dongzhu Ecology secured a bid for an environmental project valued at 397 million yuan, which exceeds its projected 2024 revenue by 105.59% [14]. - The report notes significant contract wins for several companies, including China Railway and China Communications Construction Company, indicating robust activity in the sector [16].

Group 1 - Meilixin plans to raise no more than 1.2 billion yuan for semiconductor equipment precision components, communication and automotive parts projects, and to supplement working capital [2] - Olin Bio has prepaid corporate income tax totaling 4.2001 million yuan, with no penalties from tax authorities [3] - Haisen Pharmaceutical's directors and executives plan to reduce their holdings by no more than 124,300 shares, accounting for 0.0816% of the total share capital [4] Group 2 - Aibulu intends to sell 47.4% and 31.6% stakes in its subsidiary Jinque Agriculture for a total of 12.3914 million yuan [5] - Chaoying Electronics plans to increase its Thai subsidiary's capital by 100 million USD for AI high-end PCB expansion [6] - Bona Film Group states that the box office revenue for "Avatar 3" is difficult to predict and the investment return rights are low [7] Group 3 - Junya Technology's PCB products for humanoid robots contribute less than 0.05% to its revenue [9] - Aerospace Electromechanical confirms that its main business does not involve commercial aerospace [10] - Deyi Culture's major shareholder plans to reduce holdings by no more than 2% of shares [11] Group 4 - China National Materials International signed a 2.7 billion yuan engineering contract for a molybdenum mining project [12] - Weiguang Bio plans to sign a 1.13 billion yuan technology cooperation contract for blood products [13] - Suhao Huihong intends to swap assets with its controlling shareholder for a 2.33% stake in Zijin Property Insurance [14] Group 5 - Haike Xinyuan's employee strategic placement plan intends to reduce holdings by no more than 2.5% of shares [15][16] - Taihao Technology's vice president resigns for personal reasons [17] - Huazhu Gaoke plans to establish a joint venture for 3D printing services with a total investment of 100 million yuan [18] Group 6 - Hubei Energy's November power generation was 2.617 billion kWh, a decrease of 17.94% year-on-year [19] - Dong'a Ejiao plans to repurchase shares worth 100 million to 200 million yuan for capital reduction [20] - Longjiang Transportation's shareholder reduced holdings by 1.2% [21] Group 7 - Feilu Co. plans to reduce holdings by no more than 1.02% of shares [22] - Zhongwei Electronics is planning a change in control, leading to a temporary stock suspension [23] - Zhongheng Group's subsidiary received approval for clinical trials of a new cancer drug [24] Group 8 - Guanzhong Ecology's controlling shareholder changed to Deep Blue Financial Whale [25] - Shennong Seed Industry is transferring a 3.8% stake in a subsidiary for 31.9827 million yuan [26] - Sun Cable's major shareholder plans to reduce holdings by no more than 3% of shares [27] Group 9 - Aiwei Electronics' application for issuing convertible bonds has been approved by the Shanghai Stock Exchange [28] - Chongqing Water intends to acquire wastewater treatment projects for 255 million yuan [29] - Boyun New Materials plans to increase its subsidiary's capital by 285 million yuan through debt-to-equity conversion [30] Group 10 - Zhongbai Group is closing unprofitable stores, expecting a loss of approximately 180 million yuan [31] - Changyuan Power's November power generation decreased by 17.88% year-on-year [32]

盘前要闻 1、证监会主席吴清人民日报撰文：提高资本市场制度的包容性适应性 类型：行业 情绪影响：正面 证监会主席吴清在人民日报发表署名文章指出，全面推进新一轮资本市场改革；要以深化科创板、创业 板改革为抓手，积极发展多元股权融资；督促和引导上市公司强化回报投资者的意识；推动建立健全对 各类中长期资金的长周期考核机制；稳步扩大资本市场高水平制度型开放。 2、摩尔线程今日登陆A股！中一签有望超15万元，沐曦股份正式启动申购 类型：公司 情绪影响：正面 摩尔线程将于12月5日登陆科创板，发行价114.28元/股，为A股近一年来上市新股最高。今年共12只新 股登陆科创板，平均涨幅270.39%。摩尔线程若能达到平均涨幅，中一签将赚超15万元。另一只国产 GPU龙头沐曦股份今日也正式启动申购，发行价定为104.66元/股。 3、央行今日开展10000亿元买断式逆回购操作，精准呵护年末银行体系流动性 类型：宏观 情绪影响：正面 为保持银行体系流动性充裕，央行今日将以固定数量、利率招标、多重价位中标方式开展10000亿买断 式逆回购操作，期限为3个月。专家表示，此举是近期货币政策"收短放长"策略的延续，旨在精准呵护 年末银 ...

Key Points - Junya Technology's PCB products can be used in humanoid robots, but these products account for a very small proportion of the company's revenue [1] - Aerospace Machinery's main business does not involve commercial aerospace [1] - Xinhua Co. plans to invest 153 million yuan in the second phase of its synthetic flavor product base [1] - China National Petroleum plans to acquire 100% equity of three gas storage companies for 40 billion yuan [1] - Dong'e Ejiao intends to repurchase shares worth 100 million to 200 million yuan [1] - Haike New Source Asset Management plans to reduce its holdings by no more than 2.5% [2] - Meilixin plans to raise no more than 1.2 billion yuan for the construction of precision structural components for semiconductor equipment [2] - Huazhong Xinchuang received project designation notification from Beiqi Foton [2]