Investment Rating - The report maintains a positive outlook on overseas expansion opportunities, particularly in Africa, and highlights the potential for significant contributions from companies like Huaxin Cement and China National Materials [3][12] Core Viewpoints - The report emphasizes the growing foreign direct investment (FDI) inflow in Africa, with notable increases in Zambia and Mozambique for 2024, and a consistent growth trend in Tanzania from 2021 to 2024 [3][12] - The report expresses optimism regarding AI-driven new materials, anticipating that leading companies will actively expand production to meet high demand [3][13] Summary by Sections Weekly Discussion - The report notes that the focus on overseas performance is expected to rise, particularly with the recent quarterly reports from Huaxin Cement and China National Materials, indicating strong overseas order performance [3][12] - It highlights positive currency exchange trends in Africa, with significant appreciation in currencies like the Tanzanian shilling and Nigerian naira during Q3 [3][12] Cyclical Linkage - Cement prices averaged 348 RMB/t this week, down 63 RMB/t year-on-year but up 1 RMB/t month-on-month, with an average national shipment rate of 45.1% [4][14] - The report indicates a decline in glass prices, with the average price for float glass at 1243.68 RMB/ton, down 4.40% from the previous week [4][14] Market Performance - The construction materials index decreased by 0.60% this week, with specific segments like glass manufacturing and cement manufacturing showing declines of 1.82% and 1.90%, respectively [17] - The report notes that the domestic concrete mixing station's capacity utilization rate was 7.23%, reflecting a slight decrease [4][14] Price Changes in Construction Materials - The report details that the national cement market price increased by 0.4% this week, with price adjustments in regions like Guizhou and Jiangsu [24][27] - Float glass prices have shown a downward trend, with the average price dropping significantly due to increased inventory levels [40][53] Fiber and Carbon Fiber Market - The report states that the domestic price for 2400tex alkali-free winding direct yarn remains stable at 3524.75 RMB/ton, with no significant changes observed [60] - The carbon fiber market price is reported to be stable at 83.75 RMB/kg, supported by low raw material prices [67][70]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The "14th Five-Year Plan" emphasizes urban renewal and underground pipeline renovation, with an expected investment demand exceeding 5 trillion yuan for over 700,000 kilometers of pipeline construction [6] - The report highlights the impact of renewed tariff conflicts and the acceleration of industry self-discipline, recommending companies with strong pricing power and cost advantages in the cement and waterproof sectors [6] - The report notes that the special electronic fabric sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [7] Summary by Sections Investment Suggestions - Recommended companies benefiting from urban pipeline renovation include Qinglong Pipe Industry, Donghong Co., and China Liansu [6] - In the cement sector, companies like Huaxin Cement and Conch Cement are recommended due to their cost and scale advantages amid tariff conflicts [6] - The waterproof industry is seeing frequent price increases, with recommendations for Oriental Yuhong and Keshun Co. [6] - In the photovoltaic glass sector, companies such as Qibin Group, Fuyao Glass, and Xinyi Solar are recommended due to price increases [6] - The report suggests strong resilience in operations for companies like Sanhe Tree and high dividend yield firms like Rabbit Baby and Weixing New Materials [6] - The fire alarm leader Qingniao Fire is recommended due to its upcoming commercialization of fire-fighting robots [7] - The report highlights the strong performance of special electronic fabrics, recommending China Jushi and China National Materials Technology [9] Market Trends - The national cement market price increased by 0.4% week-on-week, with price rises in regions like Guizhou and Jiangsu [22][23] - The average price of float glass decreased by 4.40% to 1243.68 yuan/ton, indicating a shift from an upward trend to a decline [64] - The photovoltaic glass market remains stable, with mainstream order prices for 2.0mm coated panels at around 13 yuan/square meter [72]

拟变更公司全称、证券简称，终止筹划境外子公司分拆上市，被誉为"中国水泥工业摇篮"的华新水泥股 份有限公司（以下简称"华新水泥"，600801.SH）近期动作不断。 10月25日，华新水泥发布的2025年三季报显示，今年第三季度，华新水泥实现营业收入89.86亿元，同 比增长5.95%；实现归母净利润9亿元，同比增长120.73%。今年前三季度，公司实现营业收入250.33亿 元，同比增长1.27%；归母净利润20.04亿元，同比增长76.01%。 对于今年前三季度归母净利润同比增长76.01%的原因，华新水泥方面解释称，主要系"国内水泥价格同 比上涨，叠加吨成本下降，以及海外业绩持续增长，共同推动盈利上升"。 据《中国经营报》记者了解，华新水泥近期还披露了更名计划。10月9日，华新水泥发布公告称，公司 名称拟变更为"华新建材集团股份有限公司"，证券简称拟由"华新水泥"变更为"华新建材"。 对于拟更名原因，华新水泥方面表示，公司现有名称中的"水泥"已不能完全涵盖公司业务类型，公司名 称及证券简称变更将实现经营范围与公司名称的相符，准确诠释本公司定位，更好呼应企业愿景，品牌 价值进一步赋能公司，符合公司及全体股东 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The construction materials sector has shown a 1.85% increase this week, underperforming the Shanghai Composite Index which rose by 3.24%, indicating a 1.4 percentage point lag [2][9] - The report highlights the significant potential for investment and consumption driven by urban renewal and underground pipeline construction, with an expected investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan period [2] - The report suggests that low-valued consumer building materials, particularly pipes and coatings, are likely to benefit from these initiatives, with a recommendation to focus on leading companies in this sector [2] - The report emphasizes the importance of urban renewal, which includes the renovation of old residential areas and the establishment of safety management systems for buildings, indicating a robust demand for construction materials [2] - The report also recommends monitoring high-end electronic fabrics, African cement, and fiberglass products with price increase expectations [2] Summary by Sections Market Review - The construction materials sector has underperformed the broader market, with notable gains in sub-sectors such as other structural materials and specialized materials [9] - Key stocks that performed well include Fashilong (30.6%), Sifangda (18.3%), and Ruitai Technology (16.3%) [9] Recommended Stocks - The report recommends a focus on the following stocks: Western Cement, Huaxin Cement, Keda Manufacturing, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings [3][15]

机构：中金公司 研究员：陈彦/刘嘉忱 业绩回顾 3Q25 业绩基本符合我们预期 风险 需求恢复不及预期，行业价格协同不及预期，行业竞争加剧。 发展趋势 11-12 月行业或仍酝酿提价，"反内卷"有望催化吨盈利修复。我们判断11-12 月企业仍较积极执行错峰停 窑，水泥有提价空间。展望明年，我们认为若行业严格执行限制超产，熟料产能利用率有望提升至60% 左右，叠加公司管理层强化利润导向、价格优先，华南市场吨利改善潜力较大。公司今年充分计提固定 资产减值等，后续聚焦主业经营，轻装上阵，在25 年低基数下，业绩弹性可期。 盈利预测与估值 考虑到①上半年公司有超过1 亿元固定资产减值计入管理费用，去年同期并无相应计提影响；②水泥 量、价表现或低于此前预期，我们下调公司25/26e EPS 66%/48%至0.06 元/0.11 元；当前股价对应25/26e 28x/14x P/E。我们维持跑赢行业评级，考虑到"反内卷"或带动板块估值提升，我们仅下调目标价12%至 2.2 港币，对应2025/26e 34x/17x P/E，隐含24%的上行空间。 淡季水泥需求疲软，公司水泥销量降幅略小于行业。3Q25 公司水泥熟料总销 ...

智通财经APP讯，华新水泥(600801.SH)发布2025年三季度报告，该公司前三季度营业收入为250.33亿 元，同比增长1.27%。归属于上市公司股东的净利润为20.04亿元，同比增长76.01%。归属于上市公司股 东的扣除非经常性损益的净利润为19.36亿元，同比增长82.03%。基本每股收益为0.97元。 ...

Core Viewpoint - Huanxin Cement (06655) announced a dividend of HKD 0.34 per share for the first three quarters, to be distributed on December 24, 2025 [2] Company Summary - Huanxin Cement will distribute a dividend of HKD 0.34 per share [2] - The dividend payment is scheduled for December 24, 2025 [2] Industry Summary - The announcement reflects the company's ongoing commitment to returning value to shareholders [2] - The dividend distribution may indicate the company's financial health and operational performance in the cement industry [2]

Core Insights - Huanxin Cement reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue reached 25.033 billion yuan, reflecting a year-on-year growth of 1.27% [1] - The net profit attributable to shareholders was 2.004 billion yuan, showing a substantial year-on-year increase of 76.01% [1] Market Factors - The increase in domestic cement prices, reduction in cost per ton, and growth in overseas performance contributed to the improvement in profitability [1]

智通财经APP讯，华新水泥(06655)公布，将于2025年12月24日派发前三季度股息每股0.34元。 ...

Group 1 - Huanxin Cement reported a revenue of approximately 25.033 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.27% [1] - The net profit attributable to shareholders of the listed company was approximately 2.004 billion yuan, showing a significant year-on-year increase of 76.01% [1] Group 2 - As of the report date, Huanxin Cement's market capitalization stood at 43 billion yuan [2]