Summary of Cement Industry Conference Call Industry Overview - The cement industry achieved profitability in the first half of 2025, generating a profit of 16 billion due to staggered production and industry self-discipline, avoiding overall losses in the sector [1][2] - The long-term strategy focuses on capacity governance, with the Ministry of Industry and Information Technology (MIIT) confirming a total capacity of 1.6 billion tons, having eliminated 45 million tons of clinker capacity, expected to raise capacity utilization to 65%-70% [1][3] Key Points and Arguments - **Profitability Improvement**: The cement industry was in a loss of 1.2 billion in the first half of 2024, but turned around to a profit of 16 billion in the same period of 2025, indicating significant short-term effects from staggered production and self-discipline [2] - **Capacity Governance**: The MIIT's focus on capacity governance aims to reduce actual capacity and eliminate inefficient production. The confirmed capacity is 1.6 billion tons, down from 1.8 billion tons previously [3] - **Progress in Capacity Elimination**: As of the end of July, 45 million tons of clinker capacity have been eliminated, with expectations of a 15% increase in capacity utilization from 50% to 65% [4][5] - **Regional Disparities**: Some regions, particularly in the northwest, northeast, and north China, will still rely on staggered production and self-discipline due to low utilization rates [6] - **Future Market Stability**: By 2027, after the completion of capacity governance, market prices are expected to stabilize, although 2026 may see some market chaos [8][9] - **Carbon Emission Regulations**: The industry will enter a deep phase of carbon trading by 2027, with strict production line operation days set at 330 for A-grade and 270 for C/D-grade lines, significantly impacting the industry [12] Additional Important Insights - **Online Monitoring Systems**: The implementation of online monitoring systems aims to control clinker production errors to within 5%, with a goal of integrating carbon emission monitoring by 2027 [7][11] - **Long-term Price and Profitability Outlook**: The completion of capacity governance is expected to improve price and profitability, with a projected increase in gross profit per ton to a reasonable level rather than hovering around cost lines [10][19] - **Rural Infrastructure Demand**: Demand from rural road and farmland construction is expected to be between 10 million to 20 million tons, benefiting small and medium enterprises more than large corporations [26] - **Current Price Trends**: Cement prices are currently weak due to insufficient market demand, with expectations of a seasonal rebound in mid-August [27] Conclusion The cement industry is undergoing significant changes aimed at improving profitability and stabilizing the market through capacity governance and self-discipline measures. The introduction of carbon emission regulations and online monitoring systems will further shape the industry's future dynamics.

Group 1 - The stock price of Youlide closed at 34.50 yuan on July 31, 2025, down by 0.86 yuan, representing a decline of 2.43% [1] - The trading volume on that day was 17,023 lots, with a transaction amount of 0.59 billion yuan [1] - Youlide specializes in the instrument and meter sector, with products widely used in industrial, electric, and electronic fields [1] Group 2 - The company is categorized under the instrument and meter sector and has attributes related to specialized and innovative enterprises, nuclear pollution prevention, and carbon trading [1] - On July 31, the net outflow of main funds was 10.39 million yuan, accounting for 0.27% of the circulating market value [1] - The current price-to-earnings ratio of the company is 17.49 times, and the price-to-book ratio is 3.25 times [1]

公司公告显示，将于7月31日下午召开2025年第一次临时股东大会，会议将审议董事会换届选举相关议 案。股东可通过现场或网络方式参与投票。 开尔新材7月30日股价报收5.47元，较前一交易日下跌0.11元，跌幅1.97%。当日成交量为36.23万手，成 交金额达1.99亿元。 开尔新材主营业务为新型功能性搪瓷材料的研发、生产和销售，产品主要应用于建筑装饰、轨道交通等 领域。公司属于装修建材板块，同时涉及碳交易、氢能源等概念。 7月30日主力资金净流入219.23万元，占流通市值的0.12%。 风险提示：投资有风险，入市需谨慎。 ...

Group 1 - The stock price of YanHua Intelligent closed at 7.40 yuan on July 30, down 5.01% from the previous trading day [1] - The opening price was 7.55 yuan, with a high of 7.77 yuan and a low of 7.21 yuan, and the trading volume reached 7.54 billion yuan [1] - A rapid rebound occurred at 13:06, with a price increase of over 2% within 5 minutes, bringing the stock price back to 7.53 yuan [1] Group 2 - YanHua Intelligent operates in the software development industry, focusing on smart buildings, smart healthcare, and smart cities [1] - The company is registered in Shanghai and is involved in various sectors including robotics, carbon trading, and Hongmeng [1] - On July 30, the net outflow of main funds was 348.05 million yuan, with a trading volume of 706,700 hands during the rebound period, totaling 5.19 billion yuan and a turnover rate of 9.93% [1]

Group 1 - The stock price of Longyuan Power as of July 29, 2025, is 16.86 yuan, down 0.41% from the previous trading day [1] - The opening price on the same day was 16.93 yuan, with a highest price of 16.98 yuan and a lowest price of 16.79 yuan [1] - The trading volume for the day was 0.39 billion yuan, with a turnover rate of 0.05% [1] Group 2 - Longyuan Power operates in the power industry, focusing on renewable energy sectors such as wind and solar power [1] - The company is headquartered in Beijing and is included in the Shenzhen Stock Connect [1] - As of July 29, 2025, the company has a total market capitalization of 1409.47 billion yuan and a circulating market value of 850.07 billion yuan [1] Group 3 - On July 29, 2025, the net outflow of main funds for Longyuan Power was 492.60 million yuan, accounting for 0.01% of the circulating market value [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The exhaustion of mandatory circulation quotas may support a carbon price reversal, with expected trading potentially causing signs of a reversal in Q3, though the actual exhaustion is expected in mid - early October [4] - Before August, carbon prices may fluctuate due to slow release of mandatory circulation quotas and low trading willingness. From September, as compliance pressure mounts, prices may rise [4] 3. Summary by Related Catalogs Market Conditions - CEA (National Carbon Emission Allowance) main targets remain weak, with 11000 tons listed and 20000 tons in bulk deals [2] - CCER (China Certified Emission Reduction) has a listed volume of 5700 tons at an average price of 82.29 yuan/ton, a 0.39% increase [2][8] Price Forecast - Carbon prices may remain volatile before August and trend upward from September [4] Investment Strategy - Enterprises with a quota gap are advised to make phased purchases at low prices before August [2] Data Tables - CEA (2019 - 2024) closing prices range from 71.34 to 74.50 yuan/ton, with CEA23 and CEA24 down 0.20% and 0.01% respectively [6] - CCER has a trading volume of 5700 tons, an average price of 82.29 yuan/ton, and an accumulated volume of 2399000 tons [8]

人民财讯7月29日电，据建投能源（000600），近日，雄安绿碳科技服务有限公司(简称"雄安绿碳")与 北京绿色交易所有限公司(简称"北京绿交所")签署《战略合作框架协议》，标志着京雄共建国家温室气 体自愿减排交易(CCER)服务场所的正式确立。 ...

Summary of Cement Industry Conference Call Industry Overview - The cement industry has shown an overall performance exceeding expectations in the mid-year reports, with companies like China National Building Material, Huaxin Cement, and Tapai Group forecasting growth of over 50% [3][1][8] - The second quarter saw a significant increase in profitability, offsetting the adverse impacts from the first quarter, supported by fiscal pre-positioning and expectations of price increases in the second half of the year [1][5] Key Companies and Performance - **China National Building Material**: Benefited from a turnaround in its core cement business, strong performance in its fiberglass segment, and reduced investment losses in the secondary market, leading to an overall performance that exceeded expectations [11][8] - **Huaxin Cement**: Achieved a year-on-year net profit increase of approximately 300 million yuan in the second quarter, driven by good performance in domestic and international markets and foreign exchange gains [12][4] - **Tapai Group**: Reported over 20% growth in shipment volume in the second quarter, with a year-on-year increase in gross profit per ton of about 15 yuan [15][8] - **Tianshan Shares**: Showed significant recovery in second-quarter profitability, with a year-on-year increase of over 20 yuan per ton [11][8] Market Dynamics - The Hong Kong stock market has shown a stronger performance in the cement sector compared to the A-share market, with several cement companies reaching new highs for the year [2][6] - The price of cement in the Yangtze River Delta region significantly increased in the second quarter, with gross profit per ton rising by 20-30 yuan year-on-year [1][8] - Despite a decline in sales data since May, the overall outlook remains positive due to fiscal pre-positioning and the potential for price increases after mid-August [5][7] Challenges and Opportunities - The cement industry faces challenges such as price volatility and seasonal adjustments, but the speed of price adjustments this year is faster than last year, reducing the likelihood of consecutive quarterly losses [9][8] - Opportunities include improved consensus within the industry, which may help elevate price levels, and enhanced profitability among key companies like China National Building Material and Tianshan Shares [9][10] Future Outlook - The industry is expected to improve post-August as the off-season adjustments conclude and the likelihood of price increases rises, supported by strong mid-year performance and policy catalysts [7][1] - The overseas cement business is anticipated to perform better than last year due to reduced foreign exchange losses from small currencies [13][10] Regulatory Measures - The industry is implementing measures to combat overproduction, with current overproduction accounting for 20-30% of total capacity. Successful enforcement could raise capacity utilization to around 70% [16][17] - These measures aim to reduce excess supply, improve production efficiency, and prepare for carbon trading by establishing daily production limits for each production line [17][18]

Core Viewpoint - The carbon-inclusive mechanism is becoming an essential tool for public participation in carbon reduction, integrating into daily life and promoting a nationwide low-carbon lifestyle in China [1][2][6]. Group 1: Policy and Implementation - 27 provinces in China are actively promoting the carbon-inclusive mechanism as a key strategy for public carbon reduction, with related policies being issued [2][6]. - The carbon-inclusive mechanism quantifies the carbon reduction efforts of individuals, communities, and small enterprises, allowing them to offset their carbon emissions or participate in carbon trading [2][3]. - The mechanism is part of the broader "dual carbon" action and Beautiful China policy, with significant engagement from local governments [2][4]. Group 2: Innovative Practices - Various innovative practices are being implemented to enhance public participation, such as linking carbon credits to public transport and tourism in Harbin, which has achieved a daily carbon reduction of 764 tons [2][3]. - The "I donate 1kg of carbon for the Winter Olympics" initiative has successfully raised nearly 100,000 tons of carbon reduction through inter-city recognition of reduction efforts [2][3]. - Alipay's carbon-inclusive business has engaged 200 million participants in green travel and cultural consumption activities, demonstrating the potential for large-scale public involvement [3][4]. Group 3: Market Potential and Challenges - The carbon-inclusive mechanism shows significant market potential, but challenges remain in enhancing public awareness and participation in low-carbon behaviors [5][6]. - A report highlights the need for a well-structured policy framework to support the carbon-inclusive mechanism, emphasizing the importance of cross-departmental collaboration [6][7]. - The report suggests establishing an independent "carbon-inclusive market" to better facilitate the connection and economic benefits of the carbon-inclusive mechanism [8]. Group 4: Impact on Public Behavior - The carbon-inclusive platform has significantly increased the frequency and volume of carbon reduction actions among users, with "intervened users" reducing carbon emissions 2.58 times more than non-intervened users [7]. - Survey results indicate that 100% of respondents find the measurement features of the carbon-inclusive platform important for their low-carbon lifestyle [7]. - There is a positive correlation between income levels and participation in carbon reduction activities, with each 1 yuan increase in income leading to an increase in the number of participants and reduction actions [7].

Core Viewpoint - The transportation sector aims to increase the proportion of electric energy in terminal energy consumption to 10%, marking a significant push towards energy transition, particularly for new energy heavy trucks [2] Policy and Government Initiatives - Multiple government departments have emphasized the development of new energy heavy trucks in recent policy documents, indicating a strong policy drive to enhance market penetration [2] - The introduction of the "Coal Green Transport Pass" in Shanxi Province aims to incentivize new energy heavy truck users by providing road rights priority and toll exemptions, increasing daily operating hours from 8 to 14 [4] - The "Green Power Transport Certification" system in Inner Mongolia integrates new energy vehicle transport volume into the carbon trading market, allowing companies to earn carbon credits [4] Industry Progress and Applications - Significant progress has been made in special application scenarios for new energy heavy trucks, particularly in coal transportation, where fixed routes and lower mileage requirements align with the capabilities of these vehicles [3] - The steel industry is also pushing for the adoption of new energy heavy trucks through stringent environmental policies, with a target of 80% clean transport for major material products by 2024 [5] Challenges and Areas for Improvement - Despite achievements, there are still challenges in increasing the ownership of new energy heavy trucks, requiring a multi-faceted approach that includes policy, technology, and market development [6] - The current limitations include insufficient road rights and operational incentives for new energy heavy trucks, as many cities lack supportive policies [6] - The vehicles face challenges such as limited driving range, low operational efficiency, and short battery life, particularly in winter conditions where range can drop by 30% to 40% [7] - The lack of a robust resale value system for new energy heavy trucks is a significant barrier to user adoption, necessitating a focus on lifecycle costs from the manufacturing end [7] Future Outlook - The transition to new energy heavy trucks is seen as an inevitable trend, with the need for the commercial vehicle industry to integrate various factors such as policy, technology, safety, and profitability to accelerate adoption [7]