Core Viewpoint - The announcement by Shangfeng Cement regarding the public solicitation of voting rights by the China Securities Investor Services Center marks a significant step in enhancing the participation of minority shareholders in corporate governance through the nomination of independent directors [1][2]. Group 1: Independent Director Nomination - The China Securities Investor Services Center has nominated Du Jian as an independent director candidate for Shangfeng Cement, following a successful nomination for another company in June 2024 [1]. - This initiative aims to provide a systematic approach for minority shareholders to participate in corporate governance, addressing the traditional concentration of nomination rights among major shareholders [2][3]. Group 2: Role of the China Securities Investor Services Center - The center acts as a legal investor protection agency, facilitating the delegation of nomination rights to enhance the voice of minority shareholders and improve the independent director selection mechanism [2]. - The center conducts independent due diligence on independent director candidates, ensuring their qualifications and independence, which alleviates concerns regarding the candidates' capabilities [3]. Group 3: Encouragement for Minority Shareholders - The center urges minority shareholders to actively participate in the voting process by delegating their voting rights to ensure the successful election of the nominated independent director [4]. - This model of "institutional professional agency + simplified shareholder authorization" aims to empower minority shareholders and effectively convey their demands through professional channels [4][5]. Group 4: Important Dates and Participation Guidelines - Investors are advised to pay attention to key dates such as the shareholder meeting registration date (May 7, 2025) and the deadline for the solicitation (May 12, 18:00) to ensure their participation [5]. - The center encourages investors to utilize various methods for expressing support for the independent director candidate, including attending the meeting, online voting, or delegating to the center [5].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Insights - The Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has outperformed the CSI 300 index by 4.19%, while over the past year, it has underperformed by 3.63% [4][17] Market Performance - The building materials index has shown a 3.00% increase over the last three months, while the CSI 300 index has decreased by 1.20% [4][13] - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement is 332.84 CNY/ton, showing a slight decrease of 0.03% [26][28] - The clinker inventory ratio has increased to 63.80%, up by 2.46 percentage points [26][28] Glass Sector - The spot price of float glass remains stable at 1331.00 CNY/ton, while the futures price has decreased by 1.05% to 1128 CNY/ton [82][83] - The inventory of float glass has decreased by 0.11%, totaling 5,618 million weight boxes [84][85] Fiberglass Sector - The fiberglass market is seeing stable prices for alkali-free yarn, with various types priced between 3,800 to 6,700 CNY/ton [6][19] Consumer Building Materials - The price of asphalt is 4,390 CNY/ton, showing a week-on-week decrease of 1.13% [6] - The price of acrylic acid has increased by 5.26% week-on-week to 8,000 CNY/ton [6]

Financial Data and Indicators - The basic earnings per share for 2024 is -0.0550 yuan, showing a 53.47% improvement compared to -0.1182 yuan in 2023 [1] - The net profit for 2024 is -0.19 billion yuan, a 53.66% increase from -0.41 billion yuan in 2023 [1] - The return on equity for 2024 is -8.96%, which is a 46.79% improvement from -16.84% in 2023 [1] - Operating revenue for 2024 is 3.57 billion yuan, an 8.84% increase from 3.28 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 87.2261 million shares, accounting for 24.99% of the circulating shares, with a decrease of 478,800 shares compared to the previous period [1] - Shenzhen Pusu Zhichun Investment Enterprise holds 71.5535 million shares, representing 20.50% of the total share capital, with no change [2] - New entrants among the top shareholders include Zhu Dongsu, Liu Liqiang, Zhong Guiping, Tang Jiajun, Zhao Jigang, and Cheng Ting, while Zhao Jun Guo, Du Ling, Tong Zhang Ding, Goldman Sachs LLC, Cai Feng Yong, and Shan Zhong Yu have exited [2] Dividend Distribution - The company has announced no distribution or transfer of shares [3]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0200 | -0.0300 | 33.33 | 0.0100 | | 每股净资产（元） | 15.2 | 14.91 | 1.95 | 14.74 | | 每股公积金(元) | 4.15 | 4.15 | 0 | 4.15 | | 每股未分配利润(元) | 9.13 | 8.86 | 3.05 | 8.67 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.78 | 15.67 | -43.97 | 11.4 | | 净利润(亿元) | -0.08 | -0.15 | 46.67 | 0.06 | | 净资产收益率(%) | -0.12 | -0.22 | 45.45 | 0.09 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3600 | -0.7040 | 48.86 | -0.5294 | | 每股净资产（元） | 2.39 | 2.59 | -7.72 | 3.35 | | 每股公积金(元) | 0.43 | 0.43 | 0 | 0.43 | | 每股未分配利润(元) | -0.15 | 0.21 | -171.43 | 0.92 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 17.35 | 20.51 | -15.41 | 25.91 | | 净利润(亿元) | -1.67 | -3.23 | 48.3 | -2.43 | | 净资产收益率(%) | -14.65 | -23.69 | 38.16 | -14.24 | 不分配不转增 前十大流通股东累计持有： 16561.48万股，累计占流通股比： 36.14%，较上期变化： -444.28万股。 ...

公司于2025年1月25日在《中国证券报》《上海证券报》《证券日报》及上海证券交易所网站披露了 《公司2024年度业绩预亏公告》，详见临2025-009号公告，具体情况如下： 特别提示 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 重要内容提示： ● 业绩预告的具体适用情形：净利润为负值。 ● 预计2024年年度实现归属于母公司所有者的净利润约为-1,800万元至-2,050万元；归属于母公司所有 者的扣除非经常性损益事项后的净利润约为-1,750万元至-2,000万元。 ● 预计2024年年度实现营业收入约为35,000万元至38,000万元；扣除与主营业务无关的业务收入和不具 备商业实质的收入后的营业收入约为31,000万元到33,500万元。 一、本期业绩预告情况 （一）业绩预告期间 2024年1月1日至2024年12月31日。 （二）前次业绩预告情况 1、经公司财务部门初步测算，预计2024年年度实现归属于母公司所有者的净利润约为-800万元至-1,600 万元；归属于母公司所有者的扣除非经常性损益事项后的净利润约为- ...

证券代码：600585 证券简称：海螺水泥 公告编号：临2025-14 安徽海螺水泥股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 安徽海螺水泥股份有限公司（"本公司"或"公司"）董事会于2025年4月17日以通讯方式召开会议，应到 董事8人，实到董事8人，本次会议由公司董事长杨军先生主持。本次会议的召开符合《公司法》和本公 司《公司章程》的规定，会议程序及所作决议合法有效。本次会议审议的各议案表决结果均为：有效表 决票数8票，其中赞成票8票，占有效表决票数的100%；反对票0票；弃权票0票。本次会议通过如下决 议： 朱胜利先生：1972年8月出生，现担任本公司第九届董事会副董事长、执行董事。朱先生获中共安徽省 委党校研究生学历，于2024年加入本集团，在此之前，曾担任合肥市新站综合开发试验区管委会副主 任，合肥市招商局局长，合肥市投资促进局局长，合肥市发展和改革委员会主任，合肥市副市长，安徽 省人民政府国有资产监督管理委员会副主任等职务。朱先生熟悉经济与投资发展工作，并具有较强的组 织领导能力。 ...

Investment Rating - The industry rating is "Outperform the Market" [8][69] Core Viewpoints - The report highlights that the recent increase in tariffs on Chinese goods by the US and corresponding adjustments by China are expected to boost domestic demand for building materials. The urgency to expand domestic demand and promote investment has intensified due to the escalating global trade war [3][13]. - Short-term factors include the real estate policy window period before the April Politburo meeting, and the gradual alleviation of risks associated with major real estate companies, which is favorable for the building materials sector. In the medium to long term, the opening of the interest rate cut channel in Europe and the US is expected to provide more room for monetary and fiscal policies in China [3][6]. - The report anticipates that the real estate market will stabilize, driven by policies aimed at restoring homebuyer willingness and ability, which will also alleviate credit risks for companies in the industry [6][20]. Summary by Sections Recent Developments - On April 10, the US government announced an increase in tariffs on Chinese imports to 125%, prompting China to respond with similar measures. Additionally, various local governments are implementing policies to support urban renewal and housing market stability [3][13]. - In the first quarter, high-end residential transaction prices in Shanghai increased by 0.5% to 144,600 CNY per square meter, while Shenzhen saw a 67.7% year-on-year increase in new and second-hand residential transactions [3][13]. High-frequency Data - As of April 11, 2025, the national average price of bulk P.O 42.5 cement is 399.0 CNY per ton, showing a 1.2% decrease week-on-week but a 15.0% increase year-on-year. The average price of glass (5.00mm) is 1272.9 CNY per ton, reflecting a 0.3% increase week-on-week but a 26.5% decrease year-on-year [4][21]. Sector Review - From April 7 to April 11, the Shanghai Composite Index fell by 3.11%, while the building materials index decreased by 2.42%. Among sub-sectors, cement manufacturing saw a slight increase of 1.01%, while glass manufacturing declined by 6.21% [5][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock reform, undervalued stocks with long-term alpha attributes, and leading cyclical building material companies showing signs of bottoming out [6][60].

Summary of Conference Call Company/Industry Involved - The conference call primarily discusses the A-share market, focusing on various sectors including technology, real estate, construction materials, and chemicals. Core Points and Arguments 1. **Market Adjustment**: The A-share market experienced a noticeable adjustment last week, attributed to the exposure of domestic economic data and upcoming corporate earnings reports in April, marking a verification period for economic performance [2][3][8]. 2. **Performance Correlation**: There is a strong positive correlation between stock performance and earnings reports in April, indicating that investors should focus on fundamental data rather than optimistic narratives [3][10]. 3. **Market Sentiment Indicators**: Indicators of market sentiment, such as style differentiation and turnover rates, suggest an overheated market, particularly in technology stocks, which have yet to show earnings realization [4][5]. 4. **Overseas Risks**: The call emphasizes the importance of overseas risks, particularly the impact of U.S.-China trade investigations and tariffs, which could significantly affect A-share market sentiment [6][8]. 5. **Sector Opportunities**: Despite macroeconomic uncertainties, certain sectors like construction machinery, non-ferrous metals, chemicals, and military industries are expected to show strong performance in upcoming earnings reports [10][11]. 6. **Real Estate Market Dynamics**: The real estate sector is experiencing a unique year, with cash reserves increasing compared to last year, but the potential for a full cycle restart remains challenging due to limited tools available for expansion [12][13]. 7. **Building Materials Sector**: The building materials sector is seeing strong demand, particularly in northern regions, driven by large-scale infrastructure projects, with significant growth in cement sales [18][19]. 8. **Chemical Industry Outlook**: The chemical sector is expected to see price increases for certain products, driven by strong demand and improved supply dynamics, particularly in refrigerants and fertilizers [22][24]. 9. **Steel Industry Confidence**: The steel sector is witnessing a recovery in demand, with low inventory levels and a shift in the demand structure away from real estate, indicating a potential bottoming out of the cycle [34][35][36]. 10. **Coal Market Trends**: The coal market is expected to rebound as demand from construction and infrastructure projects increases, despite recent price declines due to seasonal factors [47][50][51]. Other Important but Possibly Overlooked Content 1. **Investment Strategy Shifts**: The focus of market speculation is shifting towards high dividend-yielding stocks as companies are required to disclose management plans and dividend strategies in their annual reports [28][29]. 2. **Technological and Industrial Innovations**: The call highlights the potential of deep-sea technology and marine engineering as significant growth areas, with companies like China Communications Construction Company being identified as undervalued [31][32]. 3. **Long-term Trends in Commodities**: The chemical and materials sectors are expected to benefit from long-term trends in pricing and demand, particularly in the context of global supply chain adjustments [24][25][46]. 4. **Regulatory Environment**: The impact of regulatory changes on the real estate and construction sectors is noted, with a focus on how these changes could influence market dynamics and investment opportunities [27][28]. This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of the current market landscape and future outlook across various sectors.