二零二六年票据于二零二一年七月八日发行，并于香港联交所上市。二零二六年票据的ISIN编码为 XS2346524783，而二零二六年票据的通用编码则为234652478。 截至本公告日期，本金总额为200,000,000美元的二零二六年票据仍未偿还。 提交要约概要 于二零二六年二月二日，本公司就提交要约根据日期为二零二六年二月二日的购买要约（「购买要 约」）所载的条款及条件，向美国境外属非美籍人士的二零二六年票据持有人（「合资格持有人」）开 始进行购买要约，以现金购买其任何及所有尚未偿还的二零二六年票据（「提交要约」）。就提交要约 而言，本公司已委任中国国际金融香港证券有限公司、香港上海汇丰银行有限公司及J.P.Morgan Securities (Asia Pacific) Limited担任交易经办人（「交易经办人」）以及Sodali & CoLimited担任信息及 提交代理（「信息及提交代理」）。 预期获接纳购买的二零二六年票据接纳金额将由本公司于届满期限（定义见下文）后在合理可行的情况 下或本公司全权酌情厘定的其他日期尽快公布，且本公司保留权利，可全权酌情就中国西部水泥有限公 司根据提交要约进行的购买 ...

Group 1 - The cement sector experienced a decline of 4.27% on February 2, with Tianshan Shares leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key individual stock performances in the cement sector included: - Tianshan Shares (code: 000877) down 9.89% to 5.10 [2] - Huaxin Cement (code: 600801) down 7.92% to 23.02 [2] - Conch Cement (code: 600585) down 4.20% to 23.49 [2] Group 2 - The net capital outflow from the cement sector was 152 million yuan, while retail investors saw a net inflow of 106 million yuan [2] - Major capital flows included: - Huaxin Cement had a net inflow of 61.97 million yuan from main capital [3] - Tianshan Shares had a net inflow of 23.90 million yuan from main capital [3] - Hainan Ruize (code: 002596) saw a net inflow of 57.67 million yuan from main capital [3]

Core Insights - The article discusses the product quality supervision and inspection results for cement in Binzhou City for the year 2025, as released by the Binzhou Market Supervision Administration [2]. Group 1: Product Quality Inspection Results - The inspection covered various cement products from different manufacturers, with a focus on compliance with quality standards [3][4]. - Several companies, including Binzhou Mountain Water Cement and Zibo Luzhong Cement, were involved in the inspection, with most products meeting the required standards [3][4]. - Specific products such as P.C 42.5 and P.SS 42.5 were tested, with results indicating compliance for the majority of samples [3][4]. Group 2: Companies Involved - Binzhou Mountain Water Cement Company and Zibo Luzhong Cement Company were among the key manufacturers whose products were inspected [3][4]. - The inspection results highlighted both compliant and non-compliant products, with details on the specific issues found in non-compliant samples [3][4]. - The report serves as a regulatory measure to ensure product quality in the cement industry within the region [2].

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 ◼ 风险提示：地产信用风险失控、政策定力超预期。 东吴证券研究所 2 / 19 请务必阅读正文之后的免责声明部分 ◼ 1、玻纤：（1）2025 年以来较强内需支撑下新增产能逐步消化，供给冲 击最大的阶段已经过去。行业盈利仍处历史低位，资本开支持续放缓， 中期新增产能有限。我们 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.1.23–2026.1.30，下同）：本周建筑材料板块（SW）涨跌幅 0.73%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.08%、-1.59%，超 额收益分别为 0.65%、2.32%。 ◼ 大宗建材基本面与高 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The Financial Street Securities Research Institute constructs a strategy portfolio based on industry and thematic ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] - From 20260126 - 20260130, the cumulative net return of the strategy was approximately - 0.24%, and the excess return relative to the CSI 300 ETF was approximately - 0.39%. From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was approximately 44.34%, and the cumulative excess return relative to the CSI 300 ETF was approximately 19.78% [3] - In the week of February 2, 2026, the model recommends allocating sectors such as refining and trading, cement, and industrial metals. In the next week, the strategy will newly hold products such as Building Materials ETF, Non - Ferrous Metals ETF, and Real Estate ETF, and continue to hold products such as Petrochemical ETF, Chemical ETF, and Gold Stocks ETF [12] 3. Summary by Relevant Catalog 3.1 Strategy Portfolio Information - The strategy portfolio includes ETFs such as Petrochemical ETF (159731), Building Materials ETF (159745), Non - Ferrous Metals ETF (512400), etc. Each ETF has information such as market value, holding status, heavy - held Shenwan industries and their weights, as well as weekly and daily timing signals. For example, the Petrochemical ETF has a market value of 16.60 billion yuan, and the heavy - held industry is refining and trading with a weight of 27.28%, and both the weekly and daily timing signals are 1 [3] 3.2 Performance Tracking - During 20260126 - 20260130, the cumulative net return of the strategy was about - 0.24%, and the excess return relative to the CSI 300 ETF was about - 0.39%. From October 14, 2024 to now, the cumulative out - of - sample return of the strategy was about 44.34%, and the cumulative excess return relative to the CSI 300 ETF was about 19.78% [3] 3.3 Portfolio Adjustment - In the week of February 2, 2026, the strategy will add holdings of Building Materials ETF, Non - Ferrous Metals ETF, Real Estate ETF, etc., and continue to hold Petrochemical ETF, Chemical ETF, Gold Stocks ETF, etc. Some previously held ETFs such as Mining ETF, Communication ETF, etc. will be removed from the portfolio [3][11][12]

Group 1 - The core point of the article is that Western Cement (02233) experienced a significant drop of over 11%, trading at HKD 3.33 with a transaction volume of HKD 208 million [1] - The company announced the issuance of USD 300 million senior notes due in 2029 with an interest rate of 10.5% [1] - The net proceeds from the issuance are intended to be used for repurchasing, redeeming, or repaying existing debts, including the 2026 notes, and for working capital [1] Group 2 - The company plans to seek listing of the notes on the Hong Kong Stock Exchange [1] - Standard & Poor's and Fitch Ratings have temporarily rated the notes as "B" [1]

Core Viewpoint - Western Cement (02233) experienced a decline of over 11%, currently trading at HKD 3.33 with a transaction volume of HKD 208 million [1] Group 1: Company Announcement - Western Cement announced the issuance of USD 300 million senior notes due in 2029 with an interest rate of 10.5% [1] - The net proceeds from the issuance are intended to be used for the repurchase, redemption, or repayment of existing debts, including the 2026 notes, as well as for working capital [1] - The company plans to seek listing of the notes on the Hong Kong Stock Exchange [1] Group 2: Credit Ratings - Standard & Poor's and Fitch Ratings have both temporarily rated the notes as "B" [1]

Group 1 - Huanxin Building Materials experienced a 5% decline in stock price, trading at 23.75 yuan per share with a total market capitalization of 49.376 billion yuan [1] - The company, established on November 30, 1993, specializes in cement manufacturing and sales, cement technology services, and related construction materials [1] - The revenue composition of Huanxin Building Materials includes 54.56% from cement sales, 21.54% from concrete sales, 17.22% from aggregate sales, 4.21% from other products, and 2.47% from clinker sales [1] Group 2 - Qianhai Kaiyuan Fund holds 135,000 shares of Huanxin Building Materials, representing 1.19% of the fund's net value, making it the fifth-largest holding [2] - The fund has reported a floating loss of approximately 168,700 yuan due to the stock's performance [2] - The fund manager, Liu Hong, has been in charge for 4 years and 329 days, with the fund's total asset size at 1.646 billion yuan [2]

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the cyclical sector, including commodities like precious metals, chemicals, oil shipping, and aviation [1][2][12]. Core Insights and Arguments Monetary Policy and Market Impact - **Federal Reserve's Stance**: Kevin Walsh's hawkish position as the new Fed Chair has temporarily alleviated concerns about the Fed's independence, but his proposed policies of balance sheet reduction and interest rate cuts may not effectively address issues like deficit monetization and government debt financing costs [1][27]. - **Liquidity Environment**: Both domestic and international liquidity conditions are currently loose, supporting price increases in precious and non-ferrous metals. Geopolitical instability and de-dollarization trends provide long-term support for these assets [1][4]. Commodity Performance - **Cyclical Sector Performance**: The cyclical sector in the A-share market has shown strong performance since early 2026, with significant gains in non-ferrous metals, particularly a 60% increase in precious metals in January [2][23]. - **Chemical Sector**: Despite recent price increases, the chemical sector is in a seasonal demand lull, and valuations are no longer attractive. The long-term outlook indicates a decrease in global chemical capacity growth due to reduced capital expenditure in China [5][6]. Oil Shipping Market - **High Demand and Pricing**: The oil shipping market is experiencing high demand due to OPEC+ production increases, with the VLOC freight index showing significant price increases. The market is characterized by limited supply and high demand, indicating a strong bullish outlook [1][13][14]. Aviation Sector - **Valuation and Recovery**: The aviation sector is currently facing short-term losses, but valuations have reached reasonable levels. Ticket prices are expected to recover and potentially exceed 2019 levels, with profit peaks possibly reaching 15 billion to 20 billion yuan [1][15][16]. Highway Sector - **Investment Attractiveness**: The highway sector has become more attractive relative to the broader market, with specific stocks like Sichuan Chengyu and Shenzhen International offering high dividend yields [1][17]. Additional Important Insights - **Geopolitical Factors**: The significant rise in non-ferrous metals prices in January 2026 was driven by geopolitical factors rather than traditional supply-demand dynamics, including U.S. interventions in various regions and military demand [23][25]. - **Future Trends in Chemical Industry**: The chemical industry is expected to face challenges due to stricter carbon emission regulations and reduced capital expenditure, leading to a decline in capacity growth [7][8][9]. - **Investment Opportunities**: Despite short-term price corrections, the long-term outlook for various commodities remains positive, with potential for price recovery as supply constraints and demand growth align [11][30][31]. Conclusion The cyclical sector is currently navigating a complex landscape influenced by monetary policy, geopolitical factors, and sector-specific dynamics. Investment opportunities exist, particularly in oil shipping, aviation, and select highway stocks, while caution is advised in the chemical sector due to valuation concerns and regulatory pressures.