建筑材料行业周报 11 月投资数据仍处筑底过程，关注政策 加码空间及重点工程需求释放 2025 年 12 月 22 日 【投资要点】 【配置建议】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -10% -2% 6% 14% 22% 30% 2024/12 2025/6 2025/12 建筑材料 沪深300 相关研究 《中央经济会议定调积极，继续关注地产 链底部反弹机会》 2025.12.15 《万科债务有望逐渐出清，继续看好消费 建材白马价值回归》 2025.12.01 《地产链有望筑底企稳，关注板块弹性及 出海机会》 2025.11.24 《前十月基建投资同比-0.1%，稳增长背景 下看好战略重点工程推进》 2025.11.20 《克而瑞十月百强销售数据环比持稳，继 续看好消费建材白马价值回归》 2025.11.10 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 市场行情回顾：上周建材板块上涨 0.92%，跑赢沪深 300 指数 1.2pct。 ...

Group 1 - The core point of the article is the establishment of Guotou Chuanghe Yangtze River Delta (Shanghai) Venture Capital Management Co., Ltd. with a registered capital of 560 million yuan [1] - The company's business scope includes private equity investment fund management and venture capital fund management services [1] - The company is jointly held by Anhui Conch Group Co., Ltd. through Anhui Conch Capital Management Co., Ltd. and China National Development Investment Corporation [1]

（编辑 丛可心） 证券日报网讯 12月19日，海螺水泥在互动平台回答投资者提问时表示，公司将围绕已制定的《市值管 理制度》及《2025年估值提升计划》，积极推动落实市值管理的各项举措，持续提升经营发展质量，不 断增强公司的内在投资价值。后续公司如有股份回购注销计划，将严格按照规定履行信息披露义务。 ...

Core Viewpoint - The company emphasizes its commitment to effective investment, focusing on strengthening its core cement business while expanding into emerging industries such as environmental protection, renewable energy, and digital sectors to enhance its main operations [1] Group 1: Company Strategy - The company aims to optimize its cement business and extend its industrial chain while accelerating international development [1] - The company plans to reasonably determine capital expenditure based on its operational realities and strategic development plans in response to challenges such as overcapacity and declining demand in the cement industry [1] Group 2: Financial Management - The company will balance its development strategy, industry trends, and shareholder returns to ensure rational allocation of funds [1] - The company is focused on ensuring sustainable development while providing stable and sustainable returns to shareholders [1]

证券日报网讯12月19日，海螺水泥（600585）在互动平台回答投资者提问时表示，公司生产经营一切正 常。 ...

Group 1: Industry Overview - The construction materials industry is experiencing a weak recovery in cement demand, with a significant year-on-year decline in national cement production from January to November, and a notable decrease in monthly cement production compared to the previous year, although there is a month-on-month increase [1][3] - The Central Economic Work Conference held in November emphasized stabilizing the real estate market and implementing policies to encourage the acquisition of existing properties for affordable housing, which lays a policy foundation for long-term healthy development in the market [2] Group 2: Cement Industry - In November, the southern market entered a peak construction season, but due to tight funding for engineering projects, the expected demand was not realized, leading to a continued decline in cement demand [3] - The average cement price in November was reported at 351.13 yuan/ton, reflecting a slight increase of 2.17 yuan/ton from October, while the overall demand remains weak [3] - The market demand is diverging between northern and southern regions, with northern areas experiencing a decline due to colder temperatures, while southern regions see some recovery in demand [3] Group 3: Glass Industry - The float glass market is expected to maintain a low-level fluctuation, with increased production line releases but potential cold repairs leading to a decrease in supply [4] - Demand is weakening in northern regions as the year-end approaches, while central and southern regions still have some support from essential needs, but overall supply-demand pressure persists [4] - Price movements are expected to be limited, with a narrow fluctuation pattern anticipated for December [4] Group 4: Fiberglass Industry - In November, prices for high-end electronic yarns and fabrics showed an upward trend, with G75 yarn rising to 9,200 yuan/ton, an increase of 100 yuan/ton from October [5] - The demand for special electronic fabrics in the AI sector is particularly strong, leading to notable price increases [5] - The continuous rise in mid-to-high-end fiberglass product prices is expected to enhance industry profitability, with key companies to watch including China Jushi and Zhongcai Technology [5] Group 5: Consumer Building Materials - Ongoing real estate policies are expected to drive industry valuation recovery and improve fundamentals, with recommended companies including Weixing New Materials, Beixin Building Materials, and others [5]

立足水泥产业链，盈利能力行业领先 公司主业以华东市场为核心，依托长江水运便捷的物流通道和当 地稳定优质的石灰石资源布局江、浙、皖、赣等省，较低的成本形 成水泥主业的先发优势。公司具备水泥熟料年产能约 1800 万吨， 水泥年产能约 2000 万吨，骨料年产能 1800 万吨。 （1）T 型战略奠定公司成本优势：公司在沿江石灰石多的地方建 立水泥熟料基地，在经济较为发达的沿海地区收购、改造小水泥厂 为水泥研磨站，既能利用安徽当地优质石灰石矿山，又能凭借长江 水运实现熟料低成本输送。2025 年上半年公司吨成本仅为 154.46 元（同期海螺水泥吨成本为 173.55 元），处于行业领先水平。 （2）"区域+产业链"布局双延伸：公司稳步向西部、南部延伸， 多区域布局有助于降低公司单一市场依赖。公司 2014 年切入骨料 业务，骨料往往价格以成本为底线，市场竞争弱于水泥，有助于缓 解需求下行对公司整体业绩的冲击；公司同时利用水泥窑协同处 置危废、固废，年处置能力约 86.8 万吨，该业务是符合国家产业 政策的创新型环保业务。 前瞻布局半导体投资 战略层面，公司 2020 年提出"一主两翼"规划，在夯实水泥建材 主业 ...

证券之星消息，12月18日水泥板块较上一交易日上涨0.03%，四方新材领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605122 | 四方新材 | 13.01 | 2.44% | 5.95万 | 7759.90万 | | 002671 | 龙泉股份 | 5.07 | 1.40% | 18.92万 | 9590.68万 | | 003037 | 三和营桩 | 7.41 | 1.23% | 3.68万 | 2720.97万 | | 600802 | 福建水泥 | 6.65 | 1.22% | 1 35.67万 | 2.37亿 | | 002205 | 国统股份 | 13.40 | 0.98% | 3.84万 | 5168.28万 | | 000789 | 万年青 | 5.33 | 0.95% | 3.48万 | 1850.79万 | | 600668 | 尖峰集团 | ...

吴华清任安徽财经大学党委副书记、校长。 据安徽财经大学官网"现任领导"一栏最新信息显示， 吴华清已任安徽财经大学党委副书记、校长 。 吴华清， 20 00年6月本科毕业于江汉石油学院（现长江大学） ，获经济学学士学位。20 00年7月起就职于安徽海螺水泥股份有限公 司。2 00 2年9月至200 7年6月就读于中国科学技术大学，获管理学博士学位。 2007年7月起，吴华清就职于合肥工业大学，20 16年2月至2020年5月任经济学院院长，20 20年6月任合肥工业大学财务处处长，2021 年6月任合肥工业大学校长助理，2 023年6月任合肥工业大学副校长。 来源：安徽财经大学、澎湃新闻 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 人民服系社主管主办 能 源 领 域 最 大 的 原 创 内 容 基 地 发行热线 010-6536 9497 中国航标报 真 010-6536 9481 传 � 人民- Dast 践行央媒使命 守望能源变革 2026年《中国能源报》 ■ O 全年定价480元|份 每周一出版 lip toil 21/ 国内邮发代号1-6 国内统一刊号为C ...

Core Insights - The article highlights the significant advancements in Anhui's digital transformation, showcasing the integration of digital technology with traditional industries, particularly through Huawei's initiatives [3][12]. Group 1: Digital Transformation Initiatives - The "Digital Anhui" initiative, in collaboration with Huawei since 2017, has led to the establishment of a robust ecosystem supporting innovation in various sectors such as government services and emergency management [3]. - The "DeepSeek" model enables low-cost training of industry-specific large models across sectors like education, healthcare, and manufacturing, promoting AI equity [5]. - Huawei's revenue is projected to reach 860 billion yuan in 2024, with a 22% year-on-year growth, and R&D investment of 179.7 billion yuan, accounting for 20.8% of revenue, reflecting strong financial backing for digital initiatives [5]. Group 2: Technological Innovations - Huawei focuses on three strategic directions: technological innovation, industry scenario implementation, and ecological collaboration [5][6]. - The company has developed a comprehensive computing infrastructure, including the Kunpeng and Ascend chips, to support AI and general computing needs [5]. - In collaboration with Conch Cement, Huawei has implemented predictive models that significantly enhance production efficiency, achieving over 90% accuracy in strength predictions [6]. Group 3: Methodology and Framework - Huawei's "Three Layers, Five Stages, Eight Steps" methodology provides a structured approach to digital transformation, emphasizing the importance of process reform and organizational restructuring [9][10]. - This methodology has been successfully applied in various sectors, including the establishment of a unified data platform for government services, breaking down data silos [10]. Group 4: Future Prospects - The recent summit in Ma'anshan marked a new phase in Huawei's collaboration with Anhui, focusing on expanding traditional industry transformations and enhancing talent development [12]. - Future plans include replicating successful models across more enterprises and deepening cooperation with local educational institutions to foster talent in digital technologies [12].