天山材料股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步规范天山材料股份有限公司（简称"公司"） 独立董事议事程序，依据《中华人民共和国公司法》（简称"《公司 法》"）、《中华人民共和国证券法》《上市公司治理准则》《上市 公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 （"简称《主板上市公司规范运作》"）等相关法律、行政法规、规 范性文件及《天山材料股份有限公司章程》（简称"《公司章程》"） 的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与 公司及公司主要股东、实际控制人不存在直接或者间接利害关系，或 者其他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制 人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，并应 当按照相关法律、行政法规、中国证券监督管理委员会（简称"中国 证监会"）规定、深圳证券交易所业务规则和《公司章程》的规定， 认真履行职责，在董事会中发挥参与决策、监督制衡、专业咨询作用， （三）具有 ...

Group 1: Special Electronic Fabrics - The demand for M8/M9 and second-generation/Q fabrics is expected to increase significantly, with high barriers to entry and few players in the market, leading to a prolonged period of prosperity [1] - The supply-demand dynamics for first-generation fabrics are anticipated to be better than market expectations [1] - Low CTE electronic fabrics continue to face shortages, with recommendations for Zhongcai Technology and attention to Honghe Technology [1] Group 2: Cement Industry - Cement stock configurations are becoming increasingly cost-effective, with negative factors already fully priced in; the industry is expected to maintain a bottom line [1] - Recommendations include Huaxin Cement and Conch Cement, with attention to China National Building Material and other companies [1][4] - National cement market prices have shown a slight decline of 0.4%, with regional price drops of 10-20 yuan/ton [4] Group 3: Glass Fiber Industry - The industry is entering a new normal, with stable prices for electronic yarn and a gradual recovery in profitability [5] - The main transaction price for 2400tex non-alkali yarn is between 3300-3700 yuan/ton, while electronic yarn prices remain stable at 8800-9200 yuan/ton [5] - Recommendations include leading companies such as China Jushi, Zhongcai Technology, and Changhai Co., with attention to International Composite Materials and Shandong Glass Fiber [5] Group 4: Pharmaceutical Glass - The upgrade of borosilicate glass is accelerating, with a favorable competitive landscape for molded bottles [6] - Recommendations focus on Shandong Pharmaceutical Glass, which is expected to see significant growth due to product upgrades and cost reductions [6] Group 5: Safety Building Materials - Qingniao Fire Protection is highlighted as a leading player with strong growth potential due to its comprehensive competitive advantages [10] - Zhenan Technology is expected to benefit from legislation opening up a significant market space for building isolation [10] - Zhizhi New Materials is positioned to increase its market share domestically and expand overseas, particularly in the Middle East and Southeast Asia [10]

Group 1: Non-Bank Financial Sector - The Ministry of Finance issued a notice on July 11 to strengthen the long-term assessment of state-owned commercial insurance companies, adjusting the evaluation method for "return on net assets" and "capital preservation and appreciation rate" to a combination of current year, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [2][6][21] - The new assessment method aims to encourage insurance funds to focus on long-term stable investments, which is expected to enhance the long-term investment returns of insurance companies and alleviate investment pressures [2][9][21] - The insurance sector is anticipated to see an increase in equity asset allocation, while maintaining a generally stable asset allocation style due to the pressure on liability costs and the need for quality assets to achieve incremental investment returns [8][9][21] Group 2: Market Strategy and Performance - The A-share market continued to rise, with the ChiNext index and the CSI 1000 index both increasing by approximately 2.4%, driven by the ongoing "anti-involution" trend and positive changes in domestic policies [3][12] - The report suggests focusing on three main lines: technology growth sectors benefiting from both domestic and external demand, industries likely to improve due to the "anti-involution" trend, and financial sectors with high dividend advantages [3][13] - The real estate sector saw a significant increase of 6.12%, indicating a potential recovery as market sentiment improves ahead of important meetings [18][19] Group 3: AI and Office Software Industry - The AI + office software industry is at a turning point, transitioning from tool intelligence to workflow reconstruction, driven by breakthroughs in large model technology [3][15] - Major players like Microsoft dominate the high-end market, while domestic companies leverage localized data advantages and policy support to rapidly rise in the market [15][16] - Investment opportunities are recommended in companies such as Kingsoft Office, Foxit Software, and others, as the industry is expected to continue expanding due to the deepening of digital transformation and the demand for domestic alternatives [15][16] Group 4: Oil and Petrochemical Sector - The oil and petrochemical sector is supported by seasonal demand for refined oil, with WTI crude oil prices rising by 3.05% recently [24][26] - Geopolitical risks in the Middle East continue to provide short-term support for oil prices, while OPEC+ plans to increase production may lead to downward pressure on prices in the medium term [24][26] - The report suggests focusing on domestic oil companies with strong earnings resilience, such as China National Petroleum, China Petroleum & Chemical, and China National Offshore Oil [26] Group 5: Precious and Industrial Metals - The gold market is expected to perform well in the medium to long term due to ongoing macroeconomic uncertainties and a weakening dollar [28][30] - Copper prices may face short-term volatility due to impending tariffs, but medium-term demand is expected to remain strong due to industrialization in emerging markets [28][30] - The aluminum market is anticipated to see upward price movement due to a strong supply-demand imbalance, with recommendations for companies like Tianshan Aluminum [28][30]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][59]. Core Views - Precious Metals - Gold: The expectation of interest rate cuts by the Federal Reserve has diminished, leading to a positive outlook for gold in the medium to long term. As of July 11, the COMEX gold futures contract decreased by 1.61% to $3,370.3 per ounce. The SPDR Gold ETF remained stable at 947.6 tons. The World Gold Council reported an increase of $38 billion in global gold ETFs in the first half of the year, with total holdings rising by 397 tons to 3,616 tons. In the medium to long term, ongoing macroeconomic uncertainties and concerns over the U.S. fiscal deficit support a bullish outlook for gold [4][7]. - Industrial Metals: The imminent imposition of tariffs on copper by the U.S. is expected to increase short-term volatility. As of July 11, the LME copper futures contract fell by 1.9% to $9,663 per ton. Domestic copper social inventory reached 143,700 tons, with a week-on-week increase of 11,900 tons. The LME copper inventory stood at 108,700 tons. The announcement of a 50% tariff on all imported copper by Trump, effective August 1, has led to a widening price gap between COMEX and LME copper [5][6][58]. Summary by Sections Precious Metals - Gold: The medium to long-term outlook for gold remains positive due to diminishing pressure from interest rate cut expectations and ongoing macroeconomic uncertainties. The total holdings in gold ETFs have increased significantly, indicating strong demand [4][7]. Industrial Metals - Copper: The upcoming tariffs are likely to lead to increased volatility in the copper market. Despite short-term challenges, the medium-term outlook remains positive due to supply constraints and low inventory levels [5][6][58]. - Aluminum: As of July 11, LME aluminum futures rose by 0.2% to $2,602 per ton. Domestic aluminum social inventory decreased slightly, and the global inventory remains low. The supply-demand dynamics suggest a bullish outlook for aluminum prices in the medium term [6][58]. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Zijin Mining, and for aluminum, Tianshan Aluminum is highlighted as a potential investment [7][58].

Group 1 - The company expects a net loss of 800 million to 1 billion yuan for the current reporting period, compared to a loss of approximately 341.37 million yuan in the same period last year [1] - The net loss after deducting non-recurring gains and losses is projected to be between 900 million and 1.2 billion yuan, compared to a loss of about 368.64 million yuan in the previous year [1] - The basic earnings per share are expected to be a loss of 0.1125 to 0.1406 yuan per share, compared to a loss of 0.3940 yuan per share in the same period last year [1] Group 2 - The main reason for the performance change is attributed to the increase in cement sales prices and the decrease in costs of cement and ready-mixed concrete, leading to improved operational efficiency compared to the previous year [1] - The company has focused on precise management, cost reduction, and optimizing both pricing and costs, resulting in a significant reduction in net loss attributable to shareholders compared to the previous year [1] - National statistics indicate that from January to May 2025, the cumulative cement production in the country was 659 million tons, a year-on-year decrease of 4%, with the decline rate widening by 1.2 percentage points compared to January to April, and a 5.8 percentage point decrease compared to the same period last year [1]

Group 1 - The core viewpoint of the article is that Tianshan Co. (000877) is expected to significantly reduce its losses in the first half of 2025, with a projected net loss of 800 million to 1 billion yuan, compared to the same period last year [1] - Tianshan Co. attributes this improvement to meticulous management, cost control, and a dual focus on price recovery and cost optimization, resulting in a year-on-year increase in cement sales prices and a decrease in sales costs [1] - National statistics indicate that from January to May 2025, the total cement production in the country was 659 million tons, a year-on-year decrease of 4%, with the decline rate widening by 1.2 percentage points compared to the previous month [1] Group 2 - The cement industry is experiencing a narrowing of demand decline, with prices showing a trend of high initially and low later, leading to improved industry efficiency [1] - The China Cement Association has issued guidelines to promote high-quality development in the cement industry, emphasizing the importance of capacity replacement policies for structural optimization and transformation [1] - The industry is expected to see a normalization of market competition and a return of cement prices to reasonable levels, which will enhance sales prices and gross margins for cement products [2]

证券代码：000877 证券简称：天山股份 公告编号：2025-050 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况：预计净利润为负值 | 项目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 亏损：80,000 | 万元-100,000 | 万元 | 亏损：341,368.90 | 万元 | | 扣除非经常性损益后 的净利润 | 亏损：90,000 | 万元-120,000 | 万元 | 亏损：368,639.54 | 万元 | | 基本每股收益 | 亏损：0.1125 | 元/股-0.1406 | 元/股 | 亏损：0.3940 | 元/股 | 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会 计师事务所预审计。 天山材料股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载，误导性陈述或重大遗漏。 一、本期业绩预计情况 公司不存在其他影响本次 ...

Group 1 - The "Xiaomiao" industrial model, developed by the Smart Building Materials Research Institute funded by China National Building Material Group, has been publicly launched, focusing on the cement sector as a testing ground [1] - The model integrates three core technologies: the fusion of time-series data with industrial mechanisms, multi-modal scenario collaboration, and decision-making fault tolerance, achieving over 1% reduction in cement batching costs [1] - After over two years of application, the model has established a mature engineering delivery capability, successfully implemented in nearly 100 cement enterprises, with data governance cycles reduced to as short as 14 days and model deployment within 7 days [1] Group 2 - China National Building Material Group's chairman believes AI will act as a "super accelerator" for new material research, significantly shortening development cycles and reducing trial-and-error costs [2] - The group is currently promoting AI's integration into strategic emerging industries for new materials, having built 231 scenario models covering the entire chain from core manufacturing to R&D and supply chain management [2] - In 2024, the State-owned Assets Supervision and Administration Commission will launch the "AI+" initiative for central enterprises, with several enterprises releasing industrial models, including China National Petroleum and State Grid [2]

Group 1 - The core viewpoint of the articles is the successful development and application of the "Xiaomiao" industrial model by China National Building Material Group, which enhances decision-making and operational efficiency in the cement industry through AI technology [1][2] - The "Xiaomiao" model integrates various data and AI architectures, enabling real-time control of production processes and end-to-end optimization of business decisions, resulting in over 1% reduction in cement mixing costs [1] - The model has been successfully implemented in nearly 100 cement enterprises, demonstrating a standardized and replicable implementation plan that compresses data governance cycles to as short as 14 days and model deployment to 7 days [2] Group 2 - The application of AI technology is expected to drive a deep transformation in the building materials industry towards smarter, greener, and higher-end operations, significantly improving overall operational efficiency across key processes such as R&D, manufacturing, supply chain management, and sales services [2] - The average investment return period for the "Xiaomiao" model is approximately 1 year, indicating a favorable economic impact for enterprises adopting this technology [2]

Investment Rating - The report maintains a recommendation for the building materials sector, indicating a positive outlook for profitability recovery in the industry [2]. Core Insights - The building materials industry is experiencing a "de-involution" campaign aimed at improving overall profitability, particularly in the cement sector, where demand is currently suppressed due to high temperatures and rainy weather [1][10]. - The report highlights a significant increase in land acquisition by the top 100 real estate companies, with a year-on-year growth of 33.3%, reflecting a recovery in investment confidence among real estate enterprises [6][13]. - Price adjustments in the waterproofing materials sector are noted, with leading companies implementing price increases of 1% to 13% across various product categories, indicating a shift towards healthier competition in the consumer building materials market [6][13]. Summary by Sections Cement Industry - The national average cement price has continued to decline, with a drop of 10-15 CNY/ton in certain regions, while some areas like Jilin and Chongqing have seen price increases of 30-50 CNY/ton [10][22]. - The cement market is under pressure with a current inventory ratio of 76.00%, indicating a continued accumulation of stock [10][22]. - The China Cement Association has initiated measures to address supply-demand imbalances, which are expected to enhance overall industry profitability [10][11]. Float Glass Industry - The float glass market is experiencing weak price performance, with a national average price of 1174 CNY/ton, down 3.27 CNY/ton from the previous period [11]. - Inventory levels have decreased slightly, with a total of 6.9085 million heavy boxes reported, and production has increased to 110.34 million tons [11][12]. - Despite some replenishment activities in the downstream market, overall demand remains limited, leading to expectations of continued price weakness [11][12]. Fiberglass Industry - The market for non-alkali fiberglass remains stable, with prices around 3700 CNY/ton for high-end products, while electronic fiberglass prices are expected to rise due to tight supply [12]. - The main product G75 in the electronic fiberglass market is priced between 8800-9200 CNY/ton, showing stability compared to the previous week [12]. Consumer Building Materials - The report emphasizes the trend of price increases among leading companies in the waterproofing sector, which is seen as a positive sign for the industry's competitive landscape [6][13]. - Recommendations for investment include companies like Weixing New Materials, Keda Manufacturing, and Mona Lisa, which are positioned well for growth in the current market environment [14][15][16].