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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2025 年半年度權 益分派實施公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞 水 中國安徽省蕪湖市 二零二五年九月二十二日 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、吳鐵軍先生及虞水先生； (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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 二〇二五年八月 致：安徽海螺水泥股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受安徽海螺水泥股份有限 公司（以下称"公司"或"海螺水泥"）的委托，根据《中华人民共和国公司法》 （以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上 市公司股份回购规则》（以下称"《回购规则》"）、《上海证券交易所上市公司自律 监管指引第 7 号--回购股份》（以下称"《回购股份指引》"）、《上海证券交易所交 易规则》（以下称"《交易规则》"）等有关法律、法规和规范性文件及《安徽海螺 水泥股份有限公司章程》（以下称"《公司章程》"）的相关规定，就公司 2025 年 度中期利润分配涉及的差异化权益分派特殊除权除息处理（以下称"本次差异化 权益分派"）相关事项出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的、本所律师认为出具本 法律意见书所需的文件进行了法律审查，并就公司本次差异化权益分派相关事项 向有关管理人员 ...

安徽海螺水泥股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.24元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | --- | --- | --- | | | | | | 发放日 | | Ａ股 | 2025/9/29 | － | 2025/9/30 | 2025/9/30 | 差异化分红送转： 是 证券代码：600585 证券简称：海螺水泥 公告编号：2025-28 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东大会授权，并经 公司 2025 年 8 月 26 日召开的第十届董事会第二次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本 ...

Investment Rating - The industry rating is "Outperform the Market" [8][75] Core Viewpoints - The real estate development investment in China from January to August reached 6 trillion yuan, a year-on-year decrease of 12.9%, indicating a significant decline in the sector [3] - The new construction area of residential buildings decreased by 19.5% year-on-year, while the completion area fell by 17.0% [3] - The average price of bulk P.O 42.5 cement nationwide is 344.5 yuan/ton, showing a slight increase of 0.9% week-on-week but a decrease of 9.0% year-on-year [4][14] - The report highlights that the supply-side reform in the building materials sector is expected to reach a turning point, with a recovery in housing purchase willingness due to declining interest rates and supportive policies [6][20] - The report anticipates that the real estate market will stabilize, driven by policies aimed at boosting housing consumption and improving purchasing power [3][6] Summary by Sections High-frequency Data - As of September 19, 2025, the average price of P.O 42.5 cement is 344.5 yuan/ton, with regional prices varying [4][14] - The glass (5.00mm) ex-factory price is 1165.7 yuan/ton, reflecting a year-on-year decline of 3.0% [21][24] Sector Review - The Shanghai Composite Index fell by 1.3%, while the building materials index rose by 0.43% [5][59] - Sub-sectors such as refractory materials and fiberglass manufacturing showed positive growth, while cement manufacturing and glass manufacturing experienced declines [5][59] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies [6]

Market Overview - The cement sector experienced a decline of 2.03% on September 22, with Tianshan Co. leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Notable gainers included Sanhe Pile with a closing price of 8.62, up 4.36%, and Huaxin Cement at 18.23, up 0.89% [1] - Tianshan Co. saw a significant decline of 5.49%, closing at 6.37, with a trading volume of 942,300 shares and a turnover of 602 million yuan [2] - Other notable decliners included Qingsong Jianhua down 3.97% and Xizang Tianlu down 3.41% [2] Capital Flow Analysis - The cement sector saw a net outflow of 306 million yuan from institutional investors, while retail investors contributed a net inflow of 215 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Detailed Capital Flow for Selected Stocks - Sanhe Pile had a net inflow of 26.86 million yuan from institutional investors, while it faced a net outflow from retail investors [3] - Other stocks like Conch Cement experienced a net inflow of 18.46 million yuan from institutional investors, but also saw significant outflows from retail investors [3] - The data reflects varying levels of investor confidence across different stocks within the cement sector [3]

Core Points - The 14th "Conch Cement" Cup Badminton Tournament organized by the Indonesian Chinese Chamber of Commerce successfully concluded in Jakarta, attracting nearly 300 participants from Chinese-funded enterprises in Indonesia [1][5] - The event serves as an important platform for communication and cooperation among member units, showcasing the spirit of unity and positivity among employees of Chinese enterprises in Indonesia [3][5] Summary by Sections - **Event Overview** - The tournament featured competitions in men's singles, women's singles, men's doubles, and mixed doubles [1] - The event lasted for two days and was marked by a vibrant atmosphere [3] - **Winners** - Men's Singles Champion: Cao Geng from MCC SAI DI, Runner-up: Wang Chongyu from China Railway Fourth Bureau, Third Place: Fan Jiajun from China Tianchen [3] - Women's Singles Champion: Xiang Baochuan from Zhejiang Dahua, Runner-up: Lei Xiaosha from KOKA, Third Place: Bai Lanfang from Hongshi Investment [3] - Men's Doubles Champions: Tao Mingming/Sun Jian from Haitian Plastic Machinery, Runner-up: Yi Xianliang/Hu Jixian from the Chinese Embassy in Indonesia, Third Place: Wang Bo/Li Yongpeng from Sanlin Wanye [3] - Mixed Doubles Champions: Chen Jie/Guo Xiaoyan from Xiamen Airlines, Runner-up: Li Jiakang/Zhuoyue Company’s Qu Wenting, Third Place: Zhang Digen/Amin Jaya Zhao Min from Fenghuo Company [3] - **Significance of the Event** - The tournament has been held successfully for 14 consecutive years, enriching the cultural life of overseas employees and enhancing communication and cooperation among enterprises [5]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the real estate policy continues to optimize, and expectations for domestic demand are strengthening. The focus is on sectors such as waterproofing, cement, and float glass, which are expected to benefit significantly from improved cash flow and are currently at the bottom of the industry cycle [4][5] Summary by Sections Industry Overview - The closing index for the construction materials sector is 5249.34, with a 52-week high of 5355.99 and a low of 3519.19 [1] Cement Sector - The cement industry is entering its peak season, with overall demand showing a slow recovery. In August 2025, the monthly cement production was 148 million tons, down 6.2% year-on-year. The industry is expected to see a decline in capacity under the anti-overproduction policy, leading to a significant increase in capacity utilization [5][10] Glass Sector - The glass industry is experiencing a downward trend in demand due to real estate impacts, with supply and demand still in conflict. The report anticipates that the anti-overproduction policy will not lead to a drastic capacity reduction but will raise environmental standards and costs, accelerating the industry's maintenance progress [5][15] Fiberglass Sector - The fiberglass sector is driven by demand from the AI industry, with low dielectric products experiencing a surge in both volume and price. The report expects a continued upward trend in demand alongside AI developments [5] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with no further downward price pressure. The industry is seeing a strong demand for price increases, particularly in waterproofing, coatings, and gypsum boards, with expectations for improved profitability in the second half of the year [6][7] Market Performance - In the past week (September 15-21), the construction materials sector index increased by 0.43%, while the Shanghai Composite Index decreased by 1.30%. The construction materials sector ranked 12th in performance among 31 first-level sub-industry indices [8]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **China Commodities** sector, covering various commodities including steel, coal, aluminum, copper, lithium, and cement [1][2][3]. Core Insights and Arguments - **Positive Supply Policy Direction**: There is a constructive outlook for supply policies across most commodities, with significant impacts expected in cement and steel if targets are met for 2026E [2][19]. - **Supply Vulnerability**: Current supply is vulnerable to disruptions, particularly in Shanxi bauxite, domestic copper scrap, and coal safety checks in 4Q25 [11][27][28]. - **New Mining Law Implications**: The new mining law effective from July 2025 requires comprehensive development of associated minerals, which may lead to increased production costs and operational disruptions in lithium and bauxite sectors [25][26][69]. - **Capacity Exit Planning**: There are considerations for capacity exit targets in steel and coal, with potential constraints on new expansions in alumina and copper smelting [19][66][71]. - **Demand Trends**: Construction demand remains weak, while manufacturing-related demand is stable. There is potential upside risk in energy/power and coal demand [14][34][57]. Additional Important Insights - **Infrastructure and Debt Issues**: Infrastructure demand in central China has deteriorated due to local government cash flow issues and a large-scale debt resolution program [13][35][36]. - **Local Government Participation**: Local governments are heavily involved in industrial investments, which may crowd out resources for infrastructure projects [13][35]. - **Aluminum Demand**: Demand for aluminum is stable, with growth driven by sectors like EVs and urban infrastructure, despite declines in construction and export demand [55][72]. - **Copper Demand**: Domestic copper demand growth is expected to slow down to 1% in 2H25E, influenced by the completion of rush exports in 1H25 [57][72]. - **Ex-China Expansion**: Chinese producers are accelerating ex-China expansions in alumina and aluminum, although execution is slow due to various constraints [29][74]. Conclusion - The conference highlighted a complex landscape for the commodities sector in China, with both opportunities and risks stemming from policy changes, supply vulnerabilities, and shifting demand dynamics. The focus on sustainable capacity management and the implications of the new mining law will be critical for future developments in the industry.

2025 年 09 月 22 日 开源晨会 0922 ——晨会纪要 | 沪深300 | 及创业板指数近1年走势 | 吴梦迪（分析师） | wumengdi@kysec.cn | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 创业板指 | 证书编号：S0790521070001 | 120% | | | | | | | | 观点精粹 | 90% | | | | | | | | | | 总量视角 | 60% | 【策略】坚持科技，高低切的时机尚未到来——投资策略周报-20250920 | 30% | | | | | | | | 【固定收益】8 | 月财政收支均放缓，政策加码预期升温——2025 | 年 | 月财政数据 | 8 | 0% | 2024-09 | 2025-01 | 2025-05 | 点评-20250919 | | 数据来源：聚源 | 【金融工程】商品择时及其在资产配置中的应用——大类资产配置研究系列（13） | | | | | | | | | | -20250919 | 昨日涨 ...