天山材料股份有限公司 金融衍生业务管理办法 第一章 总 则 第四条 公司金融衍生业务管理遵循"严格管控、规范操作、风险 可控"的总体原则。 第五条 严格控制金融衍生交易的种类及规模。各级公司从事的金 融衍生交易应与主营业务密切相关，交易工具应当结构简单、流动性 强、风险可控，不得超越规定经营范围，不得从事风险及定价难以认知 的复杂业务，不得影响公司正常经营。 第六条 公司只能以自有资金从事金融衍生业务，不得将募集资金 通过直接或间接安排用于金融衍生业务。 第七条 金融衍生业务的规模、期限等应当在资金需求合同范围内， 原则上应当与资金需求合同一一对应，产品持仓时间一般不得超过 12 个月，不得盲目从事长期业务或展期。 第八条 公司不得开展商品类金融衍生业务。 第三章 业务审批权限 第一条 为规范天山材料股份有限公司（简称"公司"）金融衍生 业务管理相关信息披露工作，加强交易业务管理，规范交易行为，防范 金融风险，根据《中华人民共和国公司法》《中华人民共和国证券法》 《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》《深圳证券交易所上市公司 自律监管指引第 7 ...

传真号码：021-68989042 证券代码：000877 证券简称：天山股份 公告编号：2025-048 天山材料股份有限公司 关于聘任证券事务代表的公告 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。 天山材料股份有限公司(简称"公司"）于 2025 年 6 月 26 日召 开公司第九届董事会第五次会议，审议通过了《关于聘任证券事务代 表的议案》，同意聘任秦启慧女士为公司证券事务代表(简历后附)， 协助董事会秘书开展工作，任期自董事会审议通过之日起至第九届董 事会任期届满之日止。 秦启慧女士已取得深圳证券交易所颁发的董事会秘书资格证书， 具备相关的专业能力，任职资格符合《深圳证券交易所股票上市规则》 等相关法律法规的要求。 证券事务代表秦启慧女士联系方式如下： 联系电话：021-68989176 电子邮箱：tsgfqinqh@126.com 秦启慧女士目前未持有本公司股份，与持有公司百分之五以上股 份的股东、实际控制人及公司其他董事、监事、高级管理人员之间不 存在关联关系；不存在《公司法》《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 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-047 天山材料股份有限公司 关于子公司放弃优先购买权的公告 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、放弃权利事项概述 1、天山材料股份有限公司(简称"公司"）控股子公司河南天山 材料有限公司（简称"河南天山"）之控股子公司泌阳中联新材料有 限公司（简称"泌阳中联"）收到股东河南中泓实业有限公司（简称 "河南中泓"，持有泌阳中联 49%股权）送达的《股权转让通知书》， 河南中泓拟将其持有泌阳中联 49%的股权全部对外转让，转让价格拟 定为 70,560 万元。基于公司目前的经营规划及财务状况等，根据《中 华人民共和国公司法》的规定，公司本次拟在同等条件下放弃上述股 权的优先购买权。公司控股子公司河南天山持有泌阳中联 51%股权， 上述 49%股权向第三方转让后，不会导致公司所拥有该主体权益的比 例下降和合并报表范围变更。 2、董事会审议情况：2025 年 6 月 26 日，公司第九届董事会第 五次会议审议通过了《关于子公司放弃优先购买权的议案》，表决结 果：9 票同意，0 票反对，0 ...

天山材料股份有限公司 未来三年（2025 年-2027 年）股东分红回报规划 为进一步增强天山材料股份有限公司（简称"公司"）利润分配 政策的透明度，完善和健全公司利润分配决策和监督机制，保证利润 分配的连续性和稳定性，切实保护中小股东的合法权益，引导投资者 树立长期投资和理性投资理念，根据《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》《上市公司监管指引第 3 号——上市公司现金分红》等相关法律、行政法规及《天山材料股份 有限公司章程》（简称"《公司章程》"）的有关规定，公司制定了 《未来三年（2025 年-2027 年）股东分红回报规划》（简称"本规划"）， 具体内容如下： 一、本规划的制定原则 公司应积极实施连续、稳定、科学的利润分配政策，综合考虑和 听取股东特别是中小股东、独立董事的意见，重视对股东的合理投资 回报，兼顾公司的可持续发展需要，在保证公司正常经营发展的前提 下，为公司建立持续、稳定和积极的分红政策。公司未来三年（2025 年-2027 年）将坚持以现金分红为主，在符合相关法律、行政法规及 《公司章程》有关利润分配的规定下，保持利润分配政策的连续性和 稳定性。 二、制定 ...

证券代码：000877 证券简称：天山股份 公告编号:2025-049 天山材料股份有限公司 关于召开 2025 年第三次临时股东会的通知 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、召开会议的基本情况 （一）股东会届次：2025 年第三次临时股东会。 （二）股东会的召集人：本次股东会的召开经公司第九届董事会第五 次会议审议通过，由公司董事会召集。 （三）会议召开的合法、合规性：本次股东会的召集程序符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （四）会议召开的日期、时间 1、现场会议时间：2025 年 7 月 14 日 14:30 书面形式委托代理人出席会议和参加表决，该股东代理人不必是本公司股 东； 2、公司董事、监事及高级管理人员； 3、公司聘请的律师； 2、网络投票时间为：2025 年 7 月 14 日，其中，通过深圳证券交易所 交易系统投票的具体时间为：2025 年 7 月 14 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互联网投票的具体时 间为：202 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-046 天山材料股份有限公司 第九届董事会第五次会议决议公告 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、董事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2025 年 6 月 20 日 以书面、邮件的方式发出召开第九届董事会第五次会议的通知。 2、公司第九届董事会第五次会议于 2025 年 6 月 26 日以现场结 合视频方式召开。 3、本次会议应出席董事 9 人，实际出席董事 9 人，董事赵新军、 满高鹏、薄克刚、范丽婷、张继武、沈军、陆正飞、孔伟平、李琛亲 自出席了会议。 4、会议主持人为董事长赵新军，公司监事和部分高级管理人员 列席了本次会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《关于修订<公司章程>的议案》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 为进一步规范公司治理，根据最新《中华人民共和国公司法》《上 市公司章程指引》等法律、行政法规的相关规定，结合公司自身实际 情 ...

Group 1: Non-Bank Financial Sector - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," aiming to optimize the classification and regulatory system for securities companies, enhancing their functional roles and professional capabilities [6][7][8] - The revised regulations will integrate business scoring indicators to support the differentiated development of small and medium-sized institutions, promoting a more efficient operational direction [7][8] - Investment recommendations focus on leading securities firms such as CITIC Securities, Huatai Securities, China Galaxy, and CICC, which are expected to benefit from the ongoing reforms in the capital market and securities industry [6][8] Group 2: Bond Market - The new special bond uses include addressing local government arrears to enterprises, with an estimated scale of 760 billion yuan for this year, indicating a shift in the focus of special bonds towards debt repayment [9][11] - The total issuance of special bonds for stabilizing growth is expected to be 5.08 trillion yuan in the second half of the year, reflecting a year-on-year decrease of 0.7 trillion yuan [9][11] Group 3: Medical Equipment Sector - The medical equipment update is deepening, with county-level medical communities actively engaging in procurement projects, leading to significant orders for various medical devices [12][13] - The procurement scale for new medical equipment has shown a month-on-month improvement, with January to May 2025 procurement amounts reaching 174 billion yuan, 113 billion yuan, 140 billion yuan, 153 billion yuan, and 134 billion yuan, respectively, indicating a strong recovery trend [13][14] - Investment suggestions include focusing on leading domestic companies in high-end and intelligent medical equipment, such as Mindray Medical, United Imaging, and others [15] Group 4: Real Estate Sector - The real estate sector is expected to maintain a volatile trend, with a recent decline of 1.69% in the sector, underperforming the CSI 300 index [17][18] - Recommendations emphasize focusing on companies with strong inventory structures, land acquisition capabilities, and product strength, which are likely to benefit from market stabilization [18] Group 5: Commodities Sector - Gold prices are expected to maintain a strong trend due to ongoing geopolitical issues, with the COMEX gold futures price recently at 3384.4 USD/oz [20] - Copper and aluminum inventories are at low levels, suggesting potential price increases, with LME copper and aluminum prices at 9660.5 USD/ton and 2561.5 USD/ton, respectively [21][22] - Investment recommendations include focusing on gold, copper, and aluminum sectors, with specific companies highlighted for their strong market positions [22][24]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][72]. Core Views - Precious Metals - Gold: Geopolitical issues abroad are escalating, and gold is expected to maintain a strong trend. As of June 20, the COMEX gold futures contract fell by 1.98% to $3,384.4 per ounce. The SPDR Gold ETF increased by 1.0% to 950.2 tons. The Federal Reserve kept the benchmark interest rate unchanged at 4.25%-4.50% in June, aligning with market expectations. Short-term fluctuations in gold prices are anticipated due to U.S. policies, trade negotiations, and geopolitical uncertainties, but the demand for safe-haven assets will continue to support gold prices. In the medium to long term, macroeconomic uncertainties abroad will amplify gold's safe-haven attributes, and the weakening of the dollar's credibility is becoming increasingly evident, leading to a positive outlook for gold in the long term [3][6]. - Industrial Metals: Both copper and aluminum inventories are at low levels, and price centers are expected to rise. As of June 20, the LME copper futures contract rose by 0.1% to $9,660.5 per ton. Domestic copper social inventory reached 145,900 tons as of June 19, with a slight increase of 100 tons. LME copper inventory stood at 99,200 tons, nearing historical lows. Despite being in the traditional off-season for downstream demand, the accumulation of inventory has been slow since June. Global visible inventory has further decreased since May, and the available days of global electrolytic copper continue to decline. Supply tightness is expected to become more pronounced, and the macroeconomic environment suggests that copper prices may gradually rise [4][5]. - Aluminum: As of June 20, the LME aluminum futures contract increased by 2.3% to $2,561.5 per ton. Domestic aluminum social inventory reached 449,000 tons as of June 19, with a decrease of 11,000 tons. LME aluminum inventory continued to decline, and global electrolytic aluminum inventory levels are decreasing. Domestic electrolytic aluminum production capacity remains high, with no immediate expectations for new projects. The rising aluminum water ratio may significantly impact the electrolytic aluminum spot market, leading to a downward trend in aluminum ingot inventory. In the medium term, the supply-demand gap is expected to widen, supporting a positive outlook for aluminum prices [5][6]. Summary by Sections 1. Nonferrous Metal Index Trends - As of June 20, 2025, the nonferrous metal index closed at 5,262.3 points, down 3.0% from the previous period. The precious metal index closed at 18,255.64 points, down 5.3%, while the industrial metal index closed at 1,925.73 points, down 3.2%. The energy metal index closed at 1,521.54 points, down 2.9%. During the same period, the CSI 300 index fell by 0.45% [9]. 2. Precious Metals - Gold is expected to maintain a strong trend due to ongoing geopolitical uncertainties and macroeconomic factors [3][6]. 3. Industrial Metals - Copper and aluminum inventories are low, with expectations for price increases due to supply-demand dynamics [4][5][6]. 4. Investment Recommendations - The report suggests focusing on 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. For aluminum, the recommendation is to consider Tianshan Aluminum [6][70].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the building materials industry [4] Core Insights - The building materials industry is facing significant downward pressure due to a continued contraction in downstream demand, particularly in the real estate sector, leading to a substantial year-on-year decline in revenue and profit for 2024. However, there are signs of improvement in Q1 2025, with a notable recovery in profitability [1][19][20] Summary by Sections 1. Building Materials Industry Overview - In 2024, the building materials industry achieved revenue of 587.88 billion yuan, a year-on-year decrease of 15.10%, and a net profit attributable to shareholders of 19.51 billion yuan, down 47.94% year-on-year. The decline in net profit was more pronounced than the revenue drop, primarily due to an increase in expense ratios and credit impairment losses [1][19] - The overall gross margin for the building materials sector in 2024 was 19.93%, a slight decrease of 0.03 percentage points year-on-year, while the expense ratio increased to 14.10%, up 1.87 percentage points year-on-year [1][28] 2. Consumer Building Materials - The consumer building materials segment experienced a revenue of 127.64 billion yuan in 2024, down 7.01% year-on-year, with a net profit of 4.89 billion yuan, a decline of 45.08%. The drop in net profit was greater than the revenue decline due to a decrease in gross margin and an increase in expense ratios [2][45] - In 2025 Q1, the consumer building materials sector showed signs of recovery, with a notable improvement in operating cash flow and gross margins for certain sub-segments, such as boards and coatings [2][12] 3. Fiberglass Sector - The fiberglass sector reported revenue of 55.60 billion yuan in 2024, a decrease of 2.06% year-on-year, with a net profit of 3.30 billion yuan, down 46.99%. However, the decline in profit was less severe than in previous years, indicating a gradual recovery [3][13] - In 2025 Q1, the fiberglass sector saw a revenue increase of 25.24% year-on-year, with net profit soaring by 165.66%, attributed to price adjustments and improved demand [9][12] 4. Cement Sector - The cement sector faced a revenue drop of 21.81% in 2024, totaling 308.27 billion yuan, with a net profit of 9.83 billion yuan, down 40.49%. However, by 2025 Q1, the sector's revenue decline narrowed to 6.93%, and net profit increased by 119.22% [10][14] - The gross margin for the cement sector improved in 2025 Q1, reaching 15.75%, an increase of 4.49 percentage points year-on-year [10][54] 5. Glass Sector - The glass sector's revenue in 2024 was 51.15 billion yuan, a decrease of 11.59%, with a net profit of 0.29 billion yuan, down 93.22%. The sector continued to struggle with high inventory levels and declining prices [11][12] - In 2025 Q1, the glass sector's revenue was 10.52 billion yuan, down 19.51% year-on-year, but net profit improved to 0.45 billion yuan, a decrease of 56.16% [11][12] 6. Investment Recommendations - The report suggests focusing on leading companies in the consumer building materials sector, which are expected to see improvements in demand and profitability. Key companies to watch include Sanhe Tree, Rabbit Baby, Weixing New Materials, Beixin Building Materials, and Oriental Yuhong [12][14] - For the fiberglass sector, the report highlights the potential for significant earnings growth in 2025, particularly for companies with overseas production lines [13][14] - In the cement sector, the report notes that prices are still at historical lows, but improvements in supply-side policies could alleviate industry supply-demand imbalances [14]

其 他 报 告 2025年06月09日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3385 | 0.04 | 1.13 | | 深证成份指数 | 10184 | -0.19 | 1.42 | | 沪深300指数 | 3874 | -0.09 | 0.88 | | 创业板指数 | 2039 | -0.45 | 2.32 | | 上证国债指数 | 225 | 0.03 | 0.08 | | 上证基金指数 | 6915 | 0.00 | 0.17 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23793 | -0.48 | 2.16 | | 中国香港国企指数 | 8630 | -0.63 | 2.34 | | 中国台湾加权指数 | 21661 | -0.06 | 1.47 | | 道琼斯指数 | 42763 | 1.0 ...