Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [1] Core Insights - The building materials industry is experiencing a mixed performance, with traditional materials weakening while high-demand electronic yarns support the resilience of fiberglass [1][3] - The industry is expected to see a recovery in 2025, driven by urban renewal strategies and a shift towards high-quality green materials [5][6] Summary by Sections 1. Industry Overview - The building materials sector is crucial for infrastructure and strategic emerging industries, with China leading in the production of various materials [6][7] - The industry is undergoing a transformation towards high-end, green, and digital solutions, supported by government initiatives [6][8] 2. Traditional Materials and Electronic Yarn - Cement demand remains weak, with high kiln shutdown rates and stable prices in December; a rebound is expected post-Spring Festival [10][14] - Fiberglass shows a mixed demand; traditional yarns face price stabilization while high-end electronic yarns continue to see price increases due to supply constraints [40][42] - Consumer building materials show slight improvement in retail sales, driven by year-end demand, but overall demand remains below previous years [38] 3. Market Dynamics - The building materials industry maintained a stable operation in December, with a business climate index of 102.9, indicating steady demand and production [9] - The industry is witnessing a gradual recovery in confidence, with a 3.66% increase in December, outperforming the Shanghai and Shenzhen 300 index [48][49] 4. Investment Recommendations - Cement companies like Huaxin Cement, Shangfeng Cement, and Conch Cement are recommended due to expected improvements in supply-demand dynamics and profitability [4] - For fiberglass, companies like China Jushi and China National Materials are highlighted for their strong positioning in high-demand segments [4] - Consumer building materials firms such as Oriental Yuhong and Beixin Building Materials are expected to benefit from urban renewal and quality upgrades [4]

Core Viewpoint - The company has entered into two procurement framework agreements with Conch Reagents, involving the purchase of combustion and melting aids, as well as desulfurization and water treatment agents, with a total estimated transaction amount for 2026 not exceeding RMB 3 billion [1] Group 1: Procurement Agreements - The company signed a procurement framework agreement for combustion and melting aids with Conch Reagents, with a total estimated transaction amount for 2026 not exceeding RMB 151 million [1] - The company also signed a procurement framework agreement for desulfurization and water treatment agents with Conch Reagents, with a total estimated transaction amount for 2026 not exceeding RMB 149 million [1]

Core Viewpoint - The company has entered into two procurement framework agreements with Conch Reagents, involving the purchase of combustion and melting aids, as well as desulfurization and water treatment agents, with a total estimated transaction amount for 2026 not exceeding RMB 3 billion [1] Group 1: Procurement Agreements - The company signed a procurement framework agreement for combustion and melting aids with Conch Reagents, with a total estimated transaction amount for 2026 not exceeding RMB 151 million [1] - The company also signed a procurement framework agreement for desulfurization and water treatment agents with Conch Reagents, with a total estimated transaction amount for 2026 not exceeding RMB 149 million [1]

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之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就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。 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） 持續關連交易: 採購燃燒促進劑、熔解促進劑、脫硫劑及水處理劑 《燃燒促進劑、熔解促進劑採購框架協議》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海螺製 劑簽訂了《燃燒促進劑、熔解促進劑採購框架協議》。根據該協議，本集團擬在二零 二六年一月一日至二零二六年十二月三十一日期間，向海螺製劑採購燃燒促進劑、熔 解促進劑。《燃燒促進劑、熔解促進劑採購框架協議》項下預計總交易金額（即二零 二六年度上限）為不超過人民幣 1.51 億元。 《脫硫劑、水處理劑採購框架協議》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海螺製 劑簽訂了《脫硫劑、水處理劑採購框架協議》。根據該協議，本集團擬在二零二六年 一月一日 ...

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。 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） 持續關連交易：接受供應鏈物流運輸服務；及 提供充（換）電站設備及供電 《供應鏈物流運輸服務合同》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海慧公 司簽署了《供應鏈物流運輸服務合同》。根據該合同，海慧公司將為本集團之水泥、 熟料、骨料、商品混凝土及煤炭等產品提供供應鏈物流運輸服務，合同有效期自二零 二六年一月一日至二零二六年十二月三十一日，《供應鏈物流運輸服務合同》項下的 交易總金額（即二零二六年度上限）為不超過人民幣 30 億元。 《充（換）電站設備使用合同》 《供應鏈物流運輸服務合同》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海慧公 司簽署了《供應鏈物流運輸服務合同》。根據該合同，海 ...

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） 持續關連交易: 採購燃燒促進劑、熔解促進劑、脫硫劑及水處理劑 《燃燒促進劑、熔解促進劑採購框架協議》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海螺製 劑簽訂了《燃燒促進劑、熔解促進劑採購框架協議》。根據該協議，本集團擬在二零 二六年一月一日至二零二六年十二月三十一日期間，向海螺製劑採購燃燒促進劑、熔 解促進劑。《燃燒促進劑、熔解促進劑採購框架協議》項下預計總交易金額（即二零 二六年度上限）為不超過人民幣 1.51 億元。 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之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就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。 《脫硫劑、水處理劑採購框架協議》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海螺製 劑簽訂了《脫硫劑、水處理劑採購框架協議》。根據該協議，本集團擬在二零二六年 一月一日 ...

Core Viewpoint - The company has signed two significant contracts with Haihui Company, focusing on logistics and equipment usage for the year 2026, with a total transaction cap of RMB 31.5 billion [1] Group 1: Supply Chain Logistics Contract - The company signed a Supply Chain Logistics Transportation Service Contract with Haihui Company, effective from January 1, 2026, to December 31, 2026 [1] - The total transaction amount for this contract is capped at RMB 3 billion for the year 2026 [1] Group 2: Charging Station Equipment Contract - The company also signed a Charging Station Equipment Usage Contract with Haihui Company, effective from January 1, 2026, to December 31, 2026 [1] - The total transaction amount for this contract is capped at RMB 150 million for the year 2026 [1]

Core Viewpoint - The company has signed two significant contracts with Haihui Company, focusing on logistics and equipment usage for the year 2026, with a total transaction value of up to RMB 31.5 billion [1] Group 1: Supply Chain Logistics Contract - The company signed a Supply Chain Logistics Transportation Service Contract with Haihui Company, effective from January 1, 2026, to December 31, 2026 [1] - The total transaction amount under this contract is capped at RMB 30 billion for the year 2026 [1] Group 2: Charging Station Equipment Contract - The company also signed a Charging Station Equipment Usage Contract with Haihui Company, effective from January 1, 2026, to December 31, 2026 [1] - The total transaction amount under this contract is capped at RMB 1.5 billion for the year 2026 [1]

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。 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） 持續關連交易：接受供應鏈物流運輸服務；及 提供充（換）電站設備及供電 《供應鏈物流運輸服務合同》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海慧公 司簽署了《供應鏈物流運輸服務合同》。根據該合同，海慧公司將為本集團之水泥、 熟料、骨料、商品混凝土及煤炭等產品提供供應鏈物流運輸服務，合同有效期自二零 二六年一月一日至二零二六年十二月三十一日，《供應鏈物流運輸服務合同》項下的 交易總金額（即二零二六年度上限）為不超過人民幣 30 億元。 《充（換）電站設備使用合同》 於二零二五年十二月三十一日，本公司（為其自身及代表本集團相關成員）與海慧公 司簽署了《充（換）電站設備使用合同》。根據該合同，海慧公司將使用並實際對外 經 ...

Group 1 - The total market value increase of A-share listed companies in Anhui Province in 2025 is 670.3 billion yuan, representing a growth of 34.02% compared to the beginning of the year [1][2] - Sunshine Power is the core driver of market value growth, with an increase of 201.5 billion yuan, a growth rate of 131.67%, contributing 30.07% to the total market value increase in the province [1][2] - The remaining four companies in the top five, namely Xiangnong Chip, Tongling Nonferrous Metals, Guoxuan High-Tech, and Guodun Quantum, each had a market value increase of less than 60 billion yuan, with their contribution to the province's market value growth not exceeding 9% [1][2] Group 2 - The companies with the most significant market value shrinkage in Anhui Province include Gujing Gongjiu, Yingjia Gongjiu, Conch Cement, Huaibei Mining, and Kouzi Jiao, but their market value decline did not exceed 25 billion yuan [1][2]