Investment Rating - The report maintains a positive outlook on the construction materials sector, highlighting opportunities in AI materials, overseas expansion, and transformation strategies [4]. Core Insights - The cement industry is experiencing profit recovery through price increases and cost reductions, with strong overseas performance and ongoing supply-side checks on overproduction [4]. - Consumer building materials remain at a low point in terms of market conditions, but leading companies are showing signs of recovery; balance sheet improvements are gradual and vary by company [4]. - The fiberglass sector is benefiting from high demand for specialty fiberglass driven by AI, while traditional fiberglass margins continue to improve [4]. - The glass industry is in a bottoming phase, with ongoing monitoring of supply-side changes [4]. - Investment suggestions include focusing on AI PCB upstream new materials, leading companies with high technical barriers, and products that are rapidly upgraded, as well as opportunities in the "Belt and Road" initiative [4]. Cement Industry Analysis - The report provides a profit forecast and valuation for the cement sector, indicating a slight decline in sales volume for major players like Conch Cement and Huaxin Cement in H1 2025, with overall national cement production down 4.3% [14][13]. - The report notes that the cement industry's profit recovery is expected as supply-side checks on overproduction are implemented [14]. - The overseas expansion of companies like Huaxin and Conch Cement is highlighted as a significant growth area, with Huaxin establishing bases in 12 countries and Conch increasing its overseas clinker capacity [14]. Consumer Building Materials Overview - The consumer building materials sector is currently facing challenges, with a significant decline in construction activity and a focus on finding demand bottoms [17]. - Companies like Keda Manufacturing and Sanke Tree are showing resilience through overseas expansion and strong performance in non-real estate sectors [17]. - The report emphasizes the importance of business transformation and the progress of companies adapting to new market conditions, such as Keda's acquisition of new technology and partnerships [17]. Financial Performance Metrics - The report includes detailed financial metrics for various companies, indicating trends in revenue, profit margins, and market valuations [13][24]. - Notable improvements in gross margins for companies like Sanke Tree and Keda Manufacturing are reported, reflecting successful cost management and pricing strategies [23][24]. - The report also highlights the cash flow and receivables situation for consumer building materials companies, indicating varying levels of financial health and operational efficiency [19][21].

Core Viewpoint - Tianjin Port's stock price has experienced fluctuations, with a recent decline of 2.13% on September 1, 2023, and a total market capitalization of 14.615 billion yuan [1][2]. Financial Performance - Year-to-date, Tianjin Port's stock price has increased by 5.96%, but it has seen a decline of 8.51% over the last five trading days. In the last 20 days, the stock rose by 8.84%, and over the last 60 days, it increased by 13.84% [2]. - For the first half of 2025, Tianjin Port reported operating revenue of 6.178 billion yuan, reflecting a year-on-year growth of 4.33%. However, the net profit attributable to shareholders decreased by 18.33% to 503 million yuan [2]. Business Overview - Tianjin Port, established on September 29, 1982, and listed on June 14, 1996, is located in the Binhai New Area of Tianjin. Its main business activities include commodity storage, intermodal transport, automobile transportation, loading and unloading, container handling, freight forwarding, and economic information consulting [2]. - The revenue composition of Tianjin Port is as follows: loading and unloading services account for 59.05%, sales business for 21.59%, port logistics for 19.66%, and port services and other businesses for 4.48% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tianjin Port was 78,300, an increase of 2.37% from the previous period. The average circulating shares per person decreased by 2.32% to 36,959 shares [2]. - The cumulative cash distribution since the A-share listing amounts to 5.133 billion yuan, with 819 million yuan distributed over the last three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 60.3341 million shares, a decrease of 1.8046 million shares from the previous period [3].

Core Viewpoint - Hangyang Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and net profit year-on-year for the first half of 2025 [1][2]. Group 1: Stock Performance - As of September 1, Hangyang's stock price decreased by 2.04%, trading at 24.03 CNY per share, with a total market capitalization of 23.51 billion CNY [1]. - Year-to-date, Hangyang's stock price has increased by 11.77%, with a 0.33% rise over the last five trading days, 7.56% over the last 20 days, and 24.06% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to June 2025, Hangyang achieved a revenue of 7.33 billion CNY, representing a year-on-year growth of 8.92%, and a net profit attributable to shareholders of 479 million CNY, up by 9.61% [2]. - Since its A-share listing, Hangyang has distributed a total of 3.72 billion CNY in dividends, with 2.07 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Hangyang was 29,900, an increase of 1.89% from the previous period, with an average of 32,697 circulating shares per shareholder, a decrease of 1.86% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 28.21 million shares, a decrease of 12.42 million shares from the previous period [3].

中新网银川9月1日电 题：中阿博览会搭建中阿合作创新、绿色、繁荣之桥 中新网记者 李佩珊 客商了解宁夏特色产品。主办方供图 展区里，绿色农业、人工智能、氢能储能、节水灌溉等"黑科技"被装进一个个二维码，扫一扫就能"连 人带技术"一键直达需求方，让参展客商充满惊喜。博览会开幕当天，13个技术项目当场签约。其中， 宁夏大学的"草方格"治沙技术将在埃及再扩3万公顷"绿洲"，中国企业带来的5G+AI矿山远程驾驶系统 也找到了沙特合作伙伴。 在博览会现场，一个智能蔬菜种植集装箱被搬到展馆里，瞬间成为焦点。该展区负责人黎梦晨表示，集 装箱采用全封闭式内循环水培系统，不需要任何土壤，还配有一套智能化、全自动的调控系统。"这样 的集装箱放到沙漠里种植也没有任何问题，一亩地可以放11个集装箱。"她说。 中阿农业具有广阔的合作空间。中阿产业投资基金董事长马学忠表示，农业合作是共建"一带一路"中最 接地气、最惠民生的领域。2015年，宁夏牵头建设中国-阿拉伯国家农业技术转移中心，在毛里塔尼 亚、摩洛哥等多个阿拉伯国家示范运营，推广畜牧养殖、牧草种植、蔬菜制种、节水灌溉等农业技术的 本土化应用。从椰枣林到枸杞田，从沙漠市场到草原牧场 ...

Group 1 - The Eressay Hydropower Station, developed by China Huadian Corporation, has a total installed capacity of 338,000 kW and an average annual power generation of approximately 1 billion kWh, significantly alleviating Cambodia's electricity supply issues [1][3] - The hydropower station accounts for over 10% of Cambodia's total electricity generation, which was previously reliant on high-cost and polluting oil power and electricity imports [3][5] - The project has led to a reduction in electricity costs and improved reliability of power supply, contributing to local economic development and enhancing the quality of life for residents [3][6] Group 2 - The hydropower station has implemented advanced monitoring systems for operational parameters, ensuring safety and reliability in power generation [5][6] - A testing center established at the station adheres to Chinese standards, providing essential equipment testing services and enhancing the safety of electrical equipment in Cambodia [6][9] - The project has initiated various training programs, including Chinese language and hydropower vocational skills, fostering local talent and improving employment opportunities [8][9]

智通财经APP获悉，东吴证券发布研报称，8月建筑PMI较上月下降，基建投资端增速有所放缓，稳增 长政策仍有加力的潜在空间，继续关注财政政策的加力节奏。基建合作仍是中外合作的重要形式，海外 工程需求景气度有望保持，海外工程业务有望受益，近期建议关注俄乌局势进展及重建预期变化。部分 专业制造工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较高，有相关转型布局的企业 有望受益。建议关注中国核建(601611.SH)、中国化学(601117.SH)、鸿路钢构(002541.SZ)、华阳国际 (002949.SZ)等。 东吴证券主要观点如下： (1)8月建筑业商务活动指数较上月下降了1.5pct，商务活动指数下降至收缩区间，建筑业施工有所放 缓，业务活动预期指数相对平稳，但新订单指数仍然低迷，结合上半年和7月数据来看，基建投资端增 速有所放缓，稳增长政策仍有加力的潜在空间，继续关注财政政策的加力节奏。 近期城市更新、重大基建投资项目进展的关注度持续提升，中央财政发力和资金支持的落地有望加快重 点工程实施进度和实物工作量形成，对城市更新推动和区域需求拉动值得关注，建议关注新疆、西藏、 川渝等中西部区域的重大项目进 ...

1. Report Industry Investment Rating - The investment view is "oscillating" [3] 2. Core View of the Report - The market's supply is increasing, and the overall expectation is bearish, with the market expected to oscillate [3] 3. Summary by Relevant Catalogs PART ONE: Main Views and Strategy Overview - **Supply**: Domestic PTA device supply is gradually recovering, with increased supply from Huizhou, and the PTA basis is weakening. The spread between PX and naphtha is expanding, and the spread between PX and MX is rising [3] - **Demand**: The downstream load of polyester remains at around 88%, and the inventory of polyester factories is optimistic. The bottle - chip device maintenance is also recovering. With the recent improvement in sales and inventory reduction, polyester prices are performing well, especially for filaments. However, FDY production cuts are imminent [3] - **Inventory**: PTA port inventory is declining, entering a destocking cycle, with a reduction of 20,000 tons this week [3] - **Basis**: The PTA basis is rapidly weakening, and the liquidity in the PTA market is becoming looser due to the return of South China devices [3] - **Profit**: The spread between PX and naphtha is at $260, and the spread between PX and MX is expanding. The PTA processing fee remains at around 200 yuan and is contracting [3] - **Valuation**: PTA prices are at a moderately low level. As the reforming devices gradually recover, the supply of aromatics is increasing [3] - **Macro - policy**: Positive influence from relevant political meetings [3] - **Investment view**: Market is expected to oscillate due to bearish market expectations and increased supply [3] - **Trading strategy**: For unilateral trading, it is recommended to wait and see, and pay attention to geopolitical risks [3] PART TWO: Overview of Oil Product Fundamentals - **Oil market news**: On August 29, the Political Bureau of the CPC Central Committee held a meeting. Indian refineries' September imports of Russian oil are expected to increase by 10% - 20% (150,000 - 300,000 barrels per day) compared to August. Ukrainian attacks on Russian refineries have affected up to 17% of its refining capacity [7] - **Gasoline market**: In the peak season, gasoline inventory is decreasing. North American refinery loads are continuously rising. However, as the driving season is about to end, gasoline demand will enter the off - season, and it is difficult to form strong market expectations. The demand for reformate in gasoline blending is still much better than that for chemicals, and the demand for benzene, toluene, and MX at the terminal remains weak [24] PART THREE: Overview of Aromatics Fundamentals - **Aromatics supply**: The supply of PX is expected to recover. North American and Asian naphtha prices are weakening, and the spread between naphtha and Brent crude oil is narrowing. The premium between Asian 97RON premium gasoline and regular gasoline continues to rise, and the lower naphtha price has increased the profit margin of reforming devices [48] - **Aromatics profit**: The profit from selective disproportionation is declining. The spread between PX and mixed xylene has increased to $127/ton, still generating positive returns. The consumption in the gasoline blending industry remains low, while the output of traditional derivative industries remains stable [54] - **Reforming device**: Although the supply of naphtha has eased, the demand is expected to decline due to planned maintenance in the third quarter. The demand for PX remains healthy, and the spread between PX and naphtha has risen to $265. After the completion of planned maintenance, the supply of PX has increased [61] - **Korean market**: There are expectations of production cuts in Korean naphtha cracking devices, and the market is in a period of sentiment fermentation and waiting for news verification [70] PART FOUR: Overview of Polyester Fundamentals - **Ethylene glycol**: There are rumors of major reforms in the domestic petrochemical and refining industries. Korean naphtha cracking devices plan to cut production, causing a significant increase in olefin varieties. Overseas ethylene glycol device maintenance has been postponed, and the supply is expected to shrink, with a decrease in expected arrivals [82] - **Gasoline**: Gasoline profits are recovering, and the load of major refineries is rising [84] - **Polyester**: The supply side of bottle - chips is gradually recovering. Raw material prices are stable, and terminal demand is optimistic [90][100]

Company Overview - Guangzhou Metro Design Research Institute Co., Ltd. is located in Baiyun District, Guangzhou, Guangdong Province, and was established on August 6, 1993. The company was listed on October 22, 2020 [2] - The main business areas include urban rail transit, municipal engineering, and construction, focusing on surveying and design, planning consulting, and general contracting [2] - The revenue composition is as follows: surveying and design 81.97%, general contracting 16.07%, planning consulting 1.90%, and others 0.06% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.317 billion yuan, representing a year-on-year growth of 5.31% [2] - The net profit attributable to the parent company was 221 million yuan, with a year-on-year increase of 6.58% [2] - Since its A-share listing, the company has distributed a total of 996 million yuan in dividends, with 572 million yuan distributed over the past three years [2] Stock Performance - As of September 1, the stock price of the company increased by 2.05%, reaching 15.93 yuan per share, with a total market capitalization of 6.505 billion yuan [1] - Year-to-date, the stock price has risen by 8.81%, with a 2.15% decline over the last five trading days, a 7.56% increase over the last 20 days, and a 10.70% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on February 20, where it recorded a net buy of -30.4394 million yuan [1] Shareholder Information - As of August 20, the number of shareholders was 13,500, a decrease of 0.41% from the previous period, while the average circulating shares per person increased by 0.41% to 29,638 shares [2]

Company Overview - FalanTech is primarily engaged in the research, manufacturing, and sales of mid-to-high-end bridges, gantry cranes, electric hoists, and construction machinery components, with 93.72% of its revenue coming from material handling equipment and services [1][2] - The company was established on June 19, 2007, and went public on January 25, 2017 [1] Financial Performance - For the first half of 2025, FalanTech reported a revenue of 1.182 billion yuan, representing a year-on-year growth of 46.63%, and a net profit attributable to shareholders of 122 million yuan, up 41.05% year-on-year [2] - The company has distributed a total of 449 million yuan in dividends since its A-share listing, with 252 million yuan distributed over the past three years [3] Stock Performance - As of September 1, FalanTech's stock price increased by 2.35% to 11.75 yuan per share, with a total market capitalization of 4.685 billion yuan [1] - The stock has seen a year-to-date increase of 56.88%, with a 2.09% rise over the last five trading days, 9.00% over the last 20 days, and 24.21% over the last 60 days [1] Shareholder Structure - As of June 30, 2025, FalanTech had 17,900 shareholders, a decrease of 1.22% from the previous period, with an average of 22,265 circulating shares per shareholder, an increase of 12.25% [2][3] - New institutional shareholders include Hua'an Ankang Flexible Allocation Mixed A and Huaxia Double Bond Bond A, among others, which have entered the top ten circulating shareholders [3] Market Position - FalanTech operates within the machinery equipment sector, specifically in specialized equipment for energy and heavy machinery, and is involved in various concept sectors including hydropower, western development, and the Belt and Road Initiative [2]

Company Overview - Hengyin Technology's stock price increased by 2.32% on September 1, reaching 11.93 CNY per share, with a trading volume of 163 million CNY and a turnover rate of 2.68%, resulting in a total market capitalization of 6.21 billion CNY [1] - The company has seen a year-to-date stock price increase of 52.17%, with a recent decline of 5.02% over the last five trading days, a 16.28% increase over the last 20 days, and a 22.48% increase over the last 60 days [1] - Hengyin Technology has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on June 25, where it recorded a net purchase of 11.19 million CNY [1] Financial Performance - For the first half of 2025, Hengyin Technology reported a revenue of 191 million CNY, representing a year-on-year growth of 6.29%, and a net profit attributable to shareholders of 14.31 million CNY, which is a significant increase of 139.05% [2] - The company has distributed a total of 65.12 million CNY in dividends since its A-share listing, with 15.62 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Hengyin Technology had 58,200 shareholders, an increase of 4.80% from the previous period, with an average of 8,937 circulating shares per shareholder, a decrease of 4.58% [2] - The top ten circulating shareholders include notable funds such as Huabao Zhongzheng Financial Technology Theme ETF and Dacheng Zhongzheng 360 Internet+ Index A, with changes in their holdings noted [3] Business Segments - Hengyin Technology's main business involves providing smart banking solutions centered around financial self-service equipment, with revenue breakdown as follows: cash-related equipment and services (64.30%), non-cash-related equipment and services (18.01%), equipment parts (14.24%), and technical services and others (3.46%) [1]