公 司 报 告 建材 2025年08月31日 华新水泥(600801.SH) 海外业务增长快速，尼日利亚项目顺利交割 推荐 ( 维持) 股价:15.74元 行情走势图 相关研究报告 公司发布2025年中报，实现营收160.5亿元，同比下滑1.2%，实现归母净利润 11.0亿元，同比增长51.05%，处于业绩预告中间值范围。2025Q2实现营收 88.8亿元，同比降2.9%，归母净利润为8.7亿元，同比增长57.2%。 平安观点： 点 评 证 券 究 报 告 S1060521120001 ZHENGNANHONG873@pingan.com.cn 【平安证券】华新水泥（600801.SH）*首次覆盖报 告*水泥国际化先行者，受益国内反内卷*推荐 20250806 证券分析师 郑南宏 投资咨询资格编号 事项： 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | ...

Investment Rating - The report suggests a positive outlook for the construction and decoration industry, particularly for undervalued large construction blue-chip stocks [3][10]. Core Insights - The construction industry showed signs of improvement in profitability and cash flow in Q2, despite continued pressure on revenue [1][2]. - The cement industry experienced a significant profit increase, with a notable rise in companies' willingness to raise prices since August [2][36]. - The construction index decreased by 1.27% in the week of August 25-29, while the building materials index increased by 0.53% [3][10]. Summary by Sections Market Review and Summary - The construction index fell by 1.27%, while the building materials index rose by 0.53% during the week of August 25-29 [3][10]. - Year-to-date, the construction index has increased by 7.09%, ranking 23rd out of 29 industries, while the building materials index has risen by 17.91%, ranking 15th [3][10]. Cement Industry Data - In H1 2025, the cement industry achieved a total revenue of 1334.96 billion yuan, a year-on-year decrease of 7.56%, but net profit surged by 901% [2][36]. - The gross profit margin improved by 6.10 percentage points to 22.20%, and the net profit margin increased by 4.86 percentage points to 4.99% [2][36]. Key Company Orders and Valuation - The report emphasizes the importance of focusing on low-growth, low-valuation, and low-holding construction and building materials sectors, particularly large-cap stocks [3][10]. - Recommended stocks include China Railway, China Communications Construction, and China State Construction Engineering [3][10]. Special Debt and Funding Situation - New local government special bond issuance amounted to 1879.79 billion yuan for the week of August 25-29, a decrease of 21.44% week-on-week [22][27]. - Cumulative issuance for 2025 reached 32641.36 billion yuan, an increase of 31.94% compared to the same period in 2024 [22][27]. High-Frequency Data Tracking - As of August 22, 2025, the cement dispatch rate decreased by 0.33 percentage points to 39.81%, while the asphalt plant operating rate fell by 1.40 percentage points to 29.30% [30][34]. - The report indicates a slight recovery in cement demand in southern regions due to reduced rainfall [48][49]. Cement Price Trends - As of August 29, 2025, the national cement market price increased by 0.5%, with notable price hikes in Ningxia and Gansu [36][38]. - The average cement price across the country was 344.3 yuan per ton, with a year-on-year decrease of 9.3% [38][40]. Inventory and Shipping Rates - The national cement industry inventory ratio was 63.6%, a decrease of 1.0 percentage points year-on-year [53][52]. - The average shipping rate for cement companies was 45.6%, with a slight decline of 0.1 percentage points [49][50].

(本文来自第一财经) 华新水泥公告，为进一步拓宽融资渠道、开放整合资源，提高公司经营能力，华新水泥拟将下属全部实 际开展生产经营的境外资产整合至拟由华新水泥或其附属公司设立的境外子公司旗下，并拟申请将拟分 拆子公司分拆至境外证券交易所上市。本次拟整合至拟分拆子公司旗下的境外资产的主营业务为水泥制 造和销售，水泥技术服务，商品混凝土、骨料的生产和销售，水泥窑协同处置废弃物的环保业务等相关 业务。 ...

本次分拆上市有利于进一步拓宽融资渠道、开放整合资源，提高华新水泥经营能力，有助于提升拟分拆 子公司在境外资本市场融资和并购交易中的竞争力和灵活性，对于增强华新水泥在全球水泥生产和销售 行业的影响力，以及践行华新水泥"建设全球领先的跨国建材企业"的长期战略目标，均具有重要的意 义。本次分拆上市有利于公司整体持续稳定发展。本次分拆上市不会影响华新水泥对相关境外资产的控 制权，拟分拆子公司仍为华新水泥合并报表范围内的控股子公司。 华新水泥（600801）(600801.SH)发布公告，为进一步拓宽融资渠道、开放整合资源，提高公司的经营 能力，华新水泥拟将下属全部实际开展生产经营的境外资产整合至拟由华新水泥或其附属公司设立的境 外子公司旗下，并拟申请将拟分拆子公司分拆至境外证券交易所上市。 ...

华新水泥公告，公司拟将下属全部实际开展生产经营的境外资产整合至拟由华新水泥或其附属公司设立 的境外子公司，并计划申请该子公司在境外证券交易所上市。此次分拆上市不会影响华新水泥对相关境 外资产的控制权，拟分拆子公司仍为华新水泥合并报表范围内的控股子公司。此次分拆上市旨在进一步 拓宽融资渠道、开放整合资源，提高经营能力，增强公司在全球水泥生产和销售行业的影响力，以及践 行公司"建设全球领先的跨国建材企业"的长期战略目标。具体方案仍在论证和推进过程中。 ...

Overall Business Performance - In the first half of 2025, the total revenue of listed companies in China reached 35.01 trillion yuan, a year-on-year increase of 0.16% [2] - The net profit for the same period was 3.00 trillion yuan, showing a year-on-year growth of 2.54%, with an increase of 4.76 percentage points compared to the previous year [2] - Nearly 60% of companies reported revenue growth, and over 75% were profitable, with 2,475 companies showing positive net profit growth [2] Industry Performance - Among 19 industry categories, 17 achieved profitability, with 7 industries showing revenue growth and 10 industries showing net profit growth [3] - The manufacturing sector showed a marginal improvement, with revenue and net profit growth rates of 4.73% and 7.75% respectively [4] - Advanced manufacturing fields such as military, new energy, and medical devices experienced strong demand, with revenue growth rates of 6.49% and 10.10% for non-ferrous metals and plastic products [4] Consumption and Market Trends - The consumption potential continued to be released, with the automotive sector, particularly in new energy vehicles, showing over 30% net profit growth [4] - The home appliance sector also saw revenue and net profit growth exceeding 9% [4] - Emerging consumption trends, such as pet economy and IP economy, showed significant growth, with net profit increases of 40.29% and 54.90% respectively [4] Overseas Business Growth - Despite challenges from U.S. tariffs, overseas revenue reached 4.90 trillion yuan, a year-on-year increase of 4.50% [5] - The shipbuilding industry led global exports with a delivery value increase of 38.6% [5] - The cross-border e-commerce sector saw investment growth exceeding 15% as domestic internet giants expanded overseas [5] R&D and Innovation - Total R&D investment across listed companies exceeded 810 billion yuan, a year-on-year increase of 3.27% [6] - The R&D intensity for the entire market was 2.33%, with higher intensities in the ChiNext and Sci-Tech Innovation Board [6] - The issuance of Sci-Tech bonds reached over 1.02 trillion yuan, significantly boosting funding for technology innovation [6] Capital Market Developments - As of August 31, 2025, there were 5,435 listed companies in the domestic stock market, with 67 new listings this year [8] - Cash dividends reached a total of 649.7 billion yuan, with a payout ratio of 31.97%, indicating a trend towards normalized and standardized profit distribution [8] - The number of companies announcing share buyback plans reached 1,321, with a completion rate of 49% [9]

相关报告：智研咨询发布的《2025-2031年中国水泥行业市场运行格局及发展策略分析报告》 根据中国海关数据显示：2025年6月中国水泥及水泥熟料出口数量为98万吨，同比增长131%，出口金额 为0.43亿美元，同比增长74.2%。 近一年中国水泥及水泥熟料出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

格隆汇8月29日丨四川双马(000935.SZ)公布2025年半年度报告，上半年公司实现营业收入6.29亿元，同 比增长30.42%；归属于上市公司股东的净利润1.29亿元，同比增长13.42%；归属于上市公司股东的扣除 非经常性损益的净利润1.62亿元，同比增长70.14%；基本每股收益0.17元。 ...

根据统计，四川金顶2025年3月31日至2025年6月30日，主力资金净流出8843.41万元，游资资金净流出 3.11亿元，散户资金净流入3.99亿元。期间龙虎榜该股共上榜2次。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 20.63% | 67677 -5910 | -8.03% | 4.37万 | 5156.7 | | 2025-03-31 | 7.49% | 73587 6807 | 10.19% | 3.33万 | 4742.55 | | 2024-12-31 | 9.92% | 66780 10023 | 17.66% | 3.42万 | 5225.97 | | 2024-09-30 | 14.20% | 56757 -7799 | -12.08% | 3.66万 | 6148.85 | 证券之星消息，近日四川金顶披露，截至2025年6月30日公司股东户数为6.77万户，较3月31日减少 5910.0户，减幅为8.0 ...

| | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值（元） | | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 33.87% | 32056 2322 | 7.81% | 15.19万 | 1.07万 | | 2025-03-31 | 4.14% | 29734 -318 | -1.06% | 12.23万 | 1.16万 | | 2024-12-31 | -0.49% | 30052 -3330 | -9.98% | 11.62万 | 1.14万 | | 2024-09-30 | 29.97% | 33382 -607 | -1.79% | 10.51万 | 1.03万 | 根据统计，尖峰集团2025年3月31日至2025年6月30日，主力资金净流出3.13亿元，游资资金净流入 3612.62万元，散户资金净流入2.77亿元。 证券之星消息，近日尖峰集团披露，截至2025年6月30日公司股东户数为3.21万户，较3月31日增加 2322.0户，增幅为7.81%。户均持股数量由上期的1.16万股减 ...