Investment Rating - Non-metallic building materials: Buy (Maintain) [3] - Construction and engineering: Overweight (Maintain) [3] Core Views - The funding side is intensifying efforts to support infrastructure investment growth, with a significant increase in fiscal spending expected in 2025. Infrastructure investment growth has shown a decline since Q2, with a year-on-year growth rate of 5.4% from January to August, down 2.5 percentage points from the same period last year. To expand effective investment and promote steady economic growth, China has increased funding efforts since the end of September [1][2] - Major projects are intensively starting across multiple regions, entering a construction sprint in Q4. For instance, in Xinjiang, 70 major projects commenced, and 56 were completed, while in Anhui, 587 projects with a total investment of 332.38 billion yuan were mobilized [2] - The report suggests focusing on new materials and infrastructure real estate chains, highlighting companies such as China Jushi, Guoen Co., Puyang Huicheng, and China State Construction [2] Summary by Sections Funding Initiatives - The National Development and Reform Commission is actively promoting new policy financial tools, with a total scale of 500 billion yuan aimed at supplementing project capital. This initiative is expected to drive 2.5 trillion yuan in investment [5] - The Ministry of Finance has allocated 500 billion yuan from local government debt limits to support local financial capacity and project construction [5] - The early issuance of new local government debt limits for 2026 is expected to support key projects and infrastructure investment [5] Market Dynamics - The report indicates that the construction sector is entering a peak period, with various regions ramping up project construction as weather conditions improve [2] - The investment outlook remains positive, with a focus on sectors that are expected to benefit from increased government spending and infrastructure development [2]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes that the market is entering a window of strengthened domestic demand logic, driven by factors such as heightened Sino-US trade tensions, the release of Q3 reports, and a pullback in the technology sector. This may lead to increased attention on low-position domestic demand sectors, particularly in the building materials sector, which includes cement, glass, and consumer building materials [4][5] - The report suggests that the cement industry is expected to see a gradual recovery in demand as it enters the peak season, although growth remains limited. The implementation of policies to restrict overproduction is anticipated to enhance capacity utilization in the medium term [5][10] - The glass industry is facing a downward trend in demand due to real estate impacts, with short-term demand remaining weak and prices showing signs of loosening. The report notes that while environmental policies may not lead to a drastic reduction in capacity, they will increase costs and accelerate industry adjustments [5][15] - The fiberglass sector is experiencing growth driven by demand from the AI industry, with expectations for a significant increase in both volume and price for low-dielectric products [5] - The consumer building materials sector is projected to see a bottoming out of profitability, with strong price increase demands supported by anti-involution policies, leading to potential improvements in profitability for leading companies [5] Summary by Sections Cement - The cement market is gradually entering the peak season, with overall demand showing limited recovery. In August 2025, cement production was 148 million tons, down 6.2% year-on-year [5][10] - The report highlights the need to monitor the impact of weather and demand release rhythms on infrastructure and housing construction [5] Glass - The glass industry is currently facing a decline in demand, with prices showing signs of loosening post-holiday. The report indicates that the supply-demand imbalance persists, and future demand improvements are uncertain [5][15] Fiberglass - The fiberglass sector is benefiting from the AI industry's demand, with expectations for a surge in both volume and price for specific products. The report expresses optimism about the ongoing growth trend in this sector [5] Consumer Building Materials - The report notes that the consumer building materials sector has reached a profitability low point, with strong price increase demands expected to lead to profitability improvements for leading companies in the second half of the year [5][18]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report emphasizes that the construction materials sector is expected to benefit from supply-side reforms and a potential turning point in the production capacity cycle. The easing of interest rates is likely to restore home-buying willingness, while policies related to urban renewal and storage will enhance purchasing power, increasing the probability of stabilization in the real estate market [3][5] - The report highlights that the real estate market has entered a bottoming phase after three consecutive years of decline in sales area, with heightened sensitivity to policy easing. The continuous negative growth in PPI for 35 months has led to a focus on reversing this trend, which is expected to benefit the construction materials sector [3][5] Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [5] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [5] 3. Leading cyclical construction material companies with bottoming fundamentals, including Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [5] Recent High-Frequency Data - As of October 17, 2025, the national average price of bulk P.O 42.5 cement is 343.2 CNY/ton, down 1.1% week-on-week and down 14.1% year-on-year. The average price of glass (5.00mm) is 1231.4 CNY/ton, down 2.7% week-on-week but up 5.8% year-on-year [4][20] Market Review - The report notes that the Shanghai Composite Index fell by 1.47%, and the Shenzhen Composite Index dropped by 4.34%. The construction materials index decreased by 4.11%, with sub-sectors such as refractory materials and fiberglass manufacturing experiencing declines of 9.42% and 10.78%, respectively [4][49][53]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report emphasizes the expected increase in domestic demand driven by the 14th Five-Year Plan and renewed tariff conflicts, suggesting a focus on sectors with strong price-driving capabilities and industry self-discipline [6] - Cement prices have shown a slight decline, while float glass prices continue to rise, indicating mixed market conditions [2] - The report highlights the resilience of companies like Sanke Tree and the potential for growth in new business areas such as fire safety technology and specialty electronic fabrics [6][7] Summary by Sections Cement Market - The national average cement price is 347 RMB/ton, down 0.7% from the previous week, with price increases observed in Hunan, Guangxi, and Shaanxi [2][24] - The report notes that the average shipment rate for key cement enterprises is 45.2%, indicating a slight increase [24] Float Glass and Photovoltaic Glass - The average price of float glass is 1300.97 RMB/ton, up 0.87% from the previous week, while photovoltaic glass prices remain stable [2] - The report mentions that the price of 2.0mm coated photovoltaic glass is around 13 RMB/sqm, unchanged from the previous week [2] Real Estate Transactions - In the 42nd week, new home transaction area in 30 major cities was 211.75 million sqm, down 20% year-on-year but up 107.52% month-on-month [3][19] - The report indicates that second-hand home transactions in 15 monitored cities also improved month-on-month, with a 14% year-on-year increase in cumulative transaction area [3][19] Recommended Companies - Companies recommended include Huaxin Cement and Conch Cement, benefiting from cost and scale advantages [6] - The report also highlights the strong performance of Sanke Tree, which achieved a revenue of 9.39 billion RMB, up 2.7% year-on-year, and a net profit increase of 81.2% [6][7] - Fire safety leader Qingniao Fire is recommended due to its upcoming commercialization of fire robots and compliance with new national standards [6][7] - The report suggests investment in China Jushi and China National Materials Technology, which are expected to benefit from high demand for specialty electronic fabrics [6][7]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with a focus on policy catalysts during the window period [1] - The government is expected to alleviate fiscal pressure through increased local government debt issuance, which may support effective investment and accelerate municipal projects [2] - The glass industry is facing supply-demand contradictions, but self-regulated production cuts in photovoltaic glass may ease these issues [2] - The cement industry is in a phase of weak recovery, with increased production cuts and a focus on supply-side improvements [2] - Structural opportunities are emerging in the fiberglass sector as prices stabilize and demand from wind power increases [2] Summary by Sections Market Overview - From October 13 to October 17, 2025, the construction materials sector (SW) declined by 2.17%, with cement down 1.23%, glass manufacturing down 1.65%, fiberglass down 3.43%, and renovation materials down 2.50% [1][11] - The net capital inflow for the construction materials sector was -2.252 billion yuan [1] Cement Industry Tracking - As of October 17, 2025, the national cement price index was 343.2 yuan/ton, up 0.23% week-on-week, with cement output at 2.5285 million tons, up 7.71% [3][16] - The capacity utilization rate for cement clinker kilns was 54.36%, down 2.87 percentage points from the previous week [16] Glass Industry Tracking - The average price of float glass as of October 16, 2025, was 1300.97 yuan/ton, with a week-on-week increase of 0.87% [6] - Inventory levels for float glass increased significantly, indicating a need for market adjustments [6] Fiberglass Industry Tracking - The fiberglass price war has ended, with prices stabilizing and demand from wind power projects expected to rise [2][7] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with significant potential for market share growth [2] Key Stocks - Recommended stocks include: - North New Materials (Buy) [8] - Weixing New Materials (Hold) [8] - Sankeshu (Buy) [8] - China Jushi (Buy) [8] - Yinlong Co. (Buy) [8] - Puren Co. (Buy) [8]

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。 聯席公司秘書 安徽海螺水泥股份有限公司 虞水 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） 中華人民共和國安徽省蕪湖市 二零二五年十月十七日 董事會會議通告 截至此公告日，本公司董事會成員包括(i)執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生；(ii)獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士；(iii)職工董事凡展先生。 安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」） 謹此宣佈於二零二五年十月三十日（星期四）就以下目的舉行董事會會議： 承董事會命 安徽海螺水泥股份有限公司 1. 審議及批准截至二零二五年九月三十日止九個月本公司及其附屬公司（「本集 團」）未經審核之業績； 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二五年九月 三十日止九 ...

格隆汇10月17日丨海螺水泥(00914.HK)宣布于2025年10月30日(星期四)就以下目的举行董事会会议：1. 审议及批准截至2025年9月30日止九个月集团未经审核之业绩；2.审议及批准根据香港联合交易所有限 公司证券上市规则刊载截至2025年9月30日止九个月集团未经审核之业绩公告；及3.处理其他事宜(如 有)。 ...

格隆汇10月17日丨海螺水泥(00914.HK)宣布于2025年10月30日(星期四)就以下目的举行董事会会议：1. 审议及批准截至2025年9月30日止九个月集团未经审核之业绩；2.审议及批准根据香港联合交易所有限 公司证券上市规则刊载截至2025年9月30日止九个月集团未经审核之业绩公告；及3.处理其他事宜(如 有)。 ...

承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 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） 董事會會議通告 安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」） 謹此宣佈於二零二五年十月三十日（星期四）就以下目的舉行董事會會議： 虞水 中華人民共和國安徽省蕪湖市 二零二五年十月十七日 截至此公告日，本公司董事會成員包括(i)執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生；(ii)獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士；(iii)職工董事凡展先生。 1. 審議及批准截至二零二五年九月三十日止九個月本公司及其附屬公司（「本集 團」）未經審核之業績； 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二五年九月 三十日止九 ...

Market Overview - On October 17, the cement sector declined by 1.36% compared to the previous trading day, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Shangfeng Cement (000672) closed at 10.70, down 4.21% with a trading volume of 401,800 shares and a turnover of 436 million yuan [2] - Fujian Cement (600802) closed at 5.65, up 1.44%, with a trading volume of 241,100 shares and a turnover of 137 million yuan [1] - Other notable stocks include Longquan Co. (002671) at 5.03, down 0.80%, and Sichuan Jinding (600678) at 9.08, down 2.16% [2] Capital Flow Analysis - The cement sector experienced a net outflow of 365 million yuan from institutional investors, while retail investors saw a net inflow of 328 million yuan [2][3] - Fujian Cement had a net inflow of 10.72 million yuan from institutional investors, but a net outflow of 14.03 million yuan from retail investors [3] - Tianshan Co. (000877) reported a net inflow of 7.88 million yuan from institutional investors, while retail investors had a slight outflow [3]