格隆汇12月5日丨天山股份(000877.SZ)公布，子公司根据企业自查情况，需补缴税款及滞纳金共计约 6,185.58万元。截至本公告披露日，子公司已将上述税款及滞纳金缴纳完毕，本次涉税事项不涉及行政 处罚。 ...

惠誉预计，在发行4亿美元债券发行后，西部水泥在2028年之前不会面临重大债务到期，这支持了其财 务灵活性和预期评级。西部水泥于2025年6月以16.5亿元人民币将其新疆资产出售给安徽海螺水泥。惠 誉预计，出售所得和新的高级无抵押债券将用于偿还西部水泥2026年7月到期的6亿美元票据。此外，在 EBITDA改善、资本支出适度以及融资渠道增强的支持下，预计到2026年底，该公司可随时动用的现金 将超过20亿元人民币(2024年为13亿元)。 消息面上，近日，西部水泥发布公告，公司及附属公司担保人与中金公司、汇丰及J.P.Morgan就发行于 2028年到期本金总额4亿美元的9.90%优先票据订立购买协议。票据发售价将等于票据本金额的 99.115%。公司拟将票据发行的所得款项总额连同手头现金对公司现有债务(包括根据同步提交要约或透 过赎回对 2026年票据)进行回购、赎回或偿还及用作营运资金(包括流动负债)。 智通财经APP获悉，西部水泥(02233)涨近3%，截至发稿，涨2.64%，报3.11港元，成交额2281.21万港 元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000789 证券简称：万年青 公告编号：2025-86 债券代码：127017 债券简称：万青转债 一、关于修订《公司章程》及办理工商备案登记的情况 江西万年青水泥股份有限公司（以下简称"公司"）于2025年10月28日召开第十届董事会第十次临时会 议、第十届监事会第七次临时会议，于2025年11月14日召开2025年第二次临时股东会审议通过了《关于 修订公司章程的议案》。具体修订情况详见2025年10月30日在《中国证券报》《证券时报》及巨潮资讯 网披露的《关于修订〈公司章程〉的公告》（2025-74）；董事会决议、监事会决议及股东会决议详见 分别于2025年10月30日、2025年11月15日在《中国证券报》《证券时报》及巨潮资讯网披露的《第十届 董事会第十次临时会议决议公告》（2025-73）、《第十届监事会第七次临时会议决议公告》（2025- 82）和《2025年第二次临时股东会决议公告》（2025-84）。 近日，公司已完成了《公司章程》工商备案登记手续，并取得了由上饶市市场监督管理局下发的《备案 通知书》。 二 、备查文件 《备案通知书 ...

周期起舞，涨价背后的逻辑与空间 20251204 摘要 反内卷政策旨在遏制恶性竞争，通过政府干预和龙头企业引领推动供给 收缩，钢铁行业淘汰地条钢后显著改善，水泥和化工行业通过限产自律 和自发减产实现健康发展。 建材和钢铁行业目前处于周期底部摸底阶段，水泥企业发货量下滑甚至 亏损，钢铁行业虽盈利较去年改善但仍微薄，铁矿石价格高企和焦煤受 益于反内卷政策导致成本端压力较大。 住房新提法"好房子"强调设计和材料，将鼓励消费建材企业开发优质 产品，如抗菌涂料、防火石膏板等，以满足存量住房改造市场对舒适居 住环境的需求。 有色金属板块受全球经济复苏预期、供应链紧张和新能源产业需求增长 等多重因素影响，具有投资吸引力，但需关注全球经济和政策变化带来 的不确定性。 有色金属板块上涨由宏观需求、供给侧脆弱性和降息预期驱动，欧洲和 美国财政扩张、国内制造业升级及储能需求增长带动金属需求，但新增 产能和矿业资本开支仍然较少。 Q&A 反内卷政策对周期板块的影响如何？哪些行业的效果见效快且持续性好？ 反内卷政策虽然是一个新提法，但其实与 2016-2017 年的供给侧改革有相似 之处。供给侧改革通过打击不合规产能和环保约束，提升了 ...

江西万年青水泥股份有限公司（股票简称：万年青，股票代码：000789；债券简称：万青转债，债券代 码：127017；25江泥01，债券代码：524330）12月4日发布公告称，公司已完成《公司章程》修订的工 商备案登记手续，并取得上饶市市场监督管理局下发的《备案通知书》，标志着公司治理结构优化工作 正式落地。 公告显示，此次《公司章程》修订事项已履行完整内部决策程序。公司于2025年10月28日召开第十届董 事会第十次临时会议、第十届监事会第七次临时会议，审议通过了《关于修订公司章程的议案》，并于 2025年11月14日经2025年第二次临时股东会审议批准。相关会议决议及修订说明已分别于2025年10月30 日、11月15日在《中国证券报》《证券时报》及巨潮资讯网披露。 作为上市公司治理的核心制度文件，《公司章程》的修订与备案完成，有助于公司进一步完善法人治理 结构，提升规范运作水平，为公司长期稳健发展奠定制度基础。公司表示，后续将严格按照修订后的 《公司章程》开展经营管理活动。 本次工商备案的完成，是公司治理机制持续优化的重要举措。市场分析人士指出，规范的公司章程是上 市公司保护投资者权益、提升治理效率的关 ...

Core Points - The Ministry of Ecology and Environment has issued the "Quota Plan" for the national carbon emission trading market, focusing on the steel, cement, and aluminum smelting industries for the years 2024 and 2025 [1] - The plan emphasizes a dynamic linkage between enterprise quota and actual output, without setting an absolute cap on carbon emissions, ensuring necessary development space for industries [2] - The carbon quota distribution will target the most carbon-intensive production enterprises, which account for over 98% of emissions in their respective sectors [2] Group 1 - The "Quota Plan" outlines the allocation and management of carbon quotas for key emission units in the steel, cement, and aluminum industries, with the first quota compliance expected within the year [1] - Industries such as chemicals, petrochemicals, civil aviation, and paper-making are in the preparatory phase for inclusion in the carbon trading market, aiming for comprehensive coverage by 2027 [1][6] - The plan encourages companies to optimize production processes and adopt low-carbon technologies, such as electric arc furnaces and hydrogen reduction methods, to achieve deeper decarbonization [3] Group 2 - The Ministry of Ecology and Environment is enhancing the management of carbon emission data quality, which is crucial for the national carbon market's construction [4] - Measures include improving the accounting and reporting verification system, and encouraging companies to innovate data quality management techniques using technologies like blockchain and IoT [4][5] - Following the market expansion in 2025, it is expected that 1,500 new key emission units will be added, covering over 60% of national CO2 emissions [4] Group 3 - The expansion of the carbon trading market will be conducted in a phased manner, based on the maturity of each industry and the quality of data available [6][7] - The Ministry aims to gradually include additional sectors, with a target for the carbon trading market to cover major industrial emission sectors by 2027 [7]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: Outbound Supply Chain, E-commerce Logistics, Manufacturing, Home Appliances, Cement, Pet Food - **Companies**: Financial Securities, Jitu Express, Beibu Gulf Port, Xiaogoods City, Zhongchong Co., Ltd. Core Points and Arguments - **Outbound Supply Chain Growth**: Financial Securities recommends leading companies in the outbound supply chain due to benefits from U.S. fiscal expansion, capital inflow from emerging markets, and a shift in policy focus towards manufacturing, which will drive growth through increased industry concentration and global demand recovery [1][3][4] - **"Running Horse 50" Portfolio**: The portfolio is constructed using the RCA competitive advantage index to select export-advantaged products, resulting in an excess return of approximately 4% since its launch [1][5] - **Jitu Express Performance**: Jitu Express is experiencing significant growth in Southeast Asia and Latin America, particularly driven by e-commerce platforms like TikTok, with package growth rates reaching 79% in Q3 [1][6][7] - **Beibu Gulf Port Growth**: The port has seen a 22.7% increase in cargo throughput and double-digit growth in container throughput, benefiting from trade with ASEAN countries [1][7] - **Focus on Mechanical Products**: In the current interest rate cut cycle, attention is drawn to mechanical products with significant alpha attributes, particularly tools and pet sales, which are showing signs of recovery [1][8][9] - **Home Appliance Export Trends**: The home appliance export chain is expected to show a trend of internal stability and external strength by 2026, with emerging markets projected to achieve double-digit growth [1][13][14] - **Xiaogoods City Export Performance**: Xiaogoods City reported a 26% year-on-year increase in import and export scale, with exports reaching 550 billion yuan [1][19][21] - **Cement Industry Opportunities**: The cement industry is focusing on overseas expansion, particularly in Southeast Asia and Africa, where per capita cement demand is still low [1][16][17] - **Zhongchong Co., Ltd. Global Supply Chain**: The company has established factories in various countries, benefiting from tariff exemptions under trade agreements, and is expected to see significant production value growth in the coming years [1][22][23] Other Important but Possibly Overlooked Content - **Market Adjustment Factors**: The market is experiencing adjustments due to unresolved overseas liquidity issues and uncertainties regarding future monetary policy, with the Shanghai Composite Index seen as a potential bottoming point around 3,800 [2] - **Emerging Market Investment**: Emerging markets like Mexico are benefiting from capital outflows from the U.S., leading to increased local employment and consumption [1][4] - **Pet Food Market Growth**: The global pet food market is valued at $150 billion, with significant growth potential for Chinese brands in overseas markets [1][23]

Summary of Cement Industry Conference Call Industry Overview - The cement industry is experiencing significant price fluctuations, with the national average price for cement in the first three quarters of 2025 at 320 RMB/ton, a decrease of 48 RMB/ton from the beginning of the year, primarily due to a substantial decline in real estate investment and a slowdown in infrastructure investment [1][3][5]. Key Insights - **Regional Performance**: The Northeast cement market showed relative stability with a smaller decline compared to the national average, while regions such as Northwest, East China, Central China, Southwest, and North China experienced significant decreases [1][4]. - **Profit Growth**: Despite challenges, nearly all cement companies reported year-on-year profit growth in the first three quarters of 2025, indicating a notable improvement in industry profitability and a positive outlook for future development [1][6]. - **Supply Adjustments**: Increased staggered production stoppages were noted, with Guangdong experiencing an increase of 15 days and certain areas in Xinjiang halting production for up to 228 days, reducing reliance on imported cement [1][7]. - **Demand Challenges**: As of October 2025, real estate development investment fell by 14.7% year-on-year, leading to a slowdown in domestic cement demand and exacerbating supply-demand imbalances [1][8]. Additional Important Points - **Export Growth**: To mitigate excess domestic capacity, companies are increasingly focusing on overseas markets, with cement exports rising by 1.2924 million tons year-on-year, totaling 5.0378 million tons by October 2025 [1][9]. - **Cost Structure**: The cost of cement production is primarily driven by coal (35% of costs) and electricity (27% of costs). Although coal prices have decreased recently, the overall production costs remain high due to previous price levels [3]. - **Future Outlook**: Anticipated demand for cement is expected to increase by 20%-30% in December 2025 due to a surge in infrastructure project completions. However, the average price is projected to fluctuate between 322-326 RMB/ton due to low clinker capacity utilization throughout the year [1][10]. - **Seasonal Variations**: The fourth quarter is expected to show regional differences, with the North entering a seasonal slowdown and the South experiencing increased demand due to project deadlines, leading to an overall decline in national production [2][10].

水泥年末提价近况及 26 年供需展望 20251203 摘要 水泥需求总量预计在 2026 年将继续下行 5%-8%，总量可能降至 16- 16.2 亿吨，主要受房地产新开工面积下滑、基建投资结构变化以及农村 市场需求下降的影响，对水泥企业营收带来直接影响。 2026 年水泥行业利润存在不确定性，取决于超产管控政策的落实情况。 上半年市场可能出现混乱，下半年或通过行业自律和错峰生产稳定利润， 预计 2026 年盈利预期保持平稳，政策有效落实需待 2027 年才能显现 显著成效。 截至 2025 年 12 月 2 日，已公示退出熟料产能 1.08 亿吨，预计年底达 1.2-1.3 亿吨，主要集中在大型生产线。2026 年可能继续进行补产能， 但监管措施推进缓慢，熟料在线监测系统未有更新，影响政策执行效果。 华东地区今年四轮提价实际落实涨幅约 10-15 元，主要因煤炭成本上升。 头部企业吨毛利回升至 50 元左右，但对停产提价意愿不高，明年一季 度价格预计回落 20-30 元，龙头企业吨毛利接近 40 元或为底部水平。 2026 年日超产管控政策正式执行，但各地执行力度差异大，效果不确 定。大企业积极错峰生产和 ...

Group 1 - A-shares opened slightly higher with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.02%, and ChiNext Index up 0.01% [1] - Sectors such as robotics and non-ferrous metals showed strong performance [1] Group 2 - CITIC Securities highlighted strong investment enthusiasm in energy storage, with planned investment projects in Inner Mongolia expected to double compared to this year [2] - The demand for energy storage is expected to continue growing due to high load growth and the ongoing development of renewable energy [2] - Battery materials, including cathodes, anodes, electrolytes, and separators, are anticipated to see sustained price increases, with a positive outlook for battery and integration segments [2] Group 3 - Tianfeng Securities noted strong bottom-line support for the cement industry, with over 85% of clinker lines in northern provinces currently offline due to winter production restrictions [3] - The cement industry is expected to see a significant reduction in production capacity, with a total of 5,250 million tons of new capacity being added and 8,359 million tons of capacity being exited by November [3] - The effects of production capacity governance in the cement sector are expected to become evident by 2026 [3] Group 4 - Huatai Securities projected a steady recovery in domestic demand, driven by ongoing consumption policies and structural growth opportunities in the consumer sector [4] - The report emphasized four key investment themes for 2026: the rise of domestic brands, technology-driven consumption, emotional consumption, and undervalued high-dividend blue-chip leaders [4] - New consumer segments such as trendy toys, beauty and personal care, and ready-to-drink beverages are expected to emerge as strong growth areas [4]