Group 1 - The company announced that its 11th Board of Directors held its 11th meeting on January 14, 2026, where two resolutions were approved [1] - The first resolution elected Wang Zhi as the Vice Chairman of the 11th Board of Directors, with a term ending on May 15, 2028 [1] - The second resolution re-elected Wang Zhi as a member of the Board's Strategy and Investment Committee and the Compensation and Assessment Committee, with both resolutions receiving unanimous approval of 9 votes in favor, 0 against, and 0 abstentions [1]

Market Overview - The cement sector experienced a decline of 0.45% on January 13, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Notable gainers included: - Qianou Group (601992) with a closing price of 2.13, up 9.79% and a trading volume of 1.84 million shares, totaling 392 million yuan [1] - Jinyu Cement (000401) closed at 4.62, up 1.09% with a trading volume of 170,600 shares, totaling 78.55 million yuan [1] - Major decliners included: - Sichuan Jinding (600678) with a closing price of 13.72, down 9.97% and a trading volume of 914,500 shares, totaling 1.274 billion yuan [2] - Shangfeng Cement (000672) closed at 12.73, down 5.56% with a trading volume of 289,300 shares, totaling 375 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 384 million yuan from institutional investors, while retail investors contributed a net inflow of 365 million yuan [2] - The table of capital flow indicates that: - Qianou Group had a net inflow of 604.26 million yuan from retail investors, but a net outflow of 8.67 million yuan from institutional investors [3] - Sichuan Jinding experienced a significant net outflow of 866.87 million yuan from institutional investors [3]

证券时报记者 孙宪超 在市场需求持续萎缩、供需矛盾凸显的背景下，水泥行业正迎来以产能置换为核心的深度变革。近期， 多省份密集公示水泥企业的补充产能置换方案，既是对国家层面产能管控政策的落地响应，也是行业告 别无序超产、迈向合规化高质量发展的重要信号。 从产能置换的区域流动与企业分化，到价格走势的阶段性调整，国内水泥行业正处于增量市场向存量市 场过渡的深度调整期，政策引导与市场竞争的双重力量，正重塑行业格局与发展路径。 水泥行业产能置换政策持续收紧，不仅加速了行业优胜劣汰，更进一步加剧了区域发展分化。侯林林表 示，结合各区域置换指标流转数据来看，本次合规化补充产能进程中，区域间产能指标转移呈现出清晰 的"由北向南、由西向东"特征，资源向优势区域集聚的态势显著。 不过，业界认为，考虑到水泥行业正处于深度调整期，对于2026年水泥价格、企业盈利水平仍然不能过 于乐观。 多地公示水泥产能置换方案 近期，水泥行业产能置换进程加速推进，多省份密集发布辖区内水泥企业补充产能置换方案公示及公 告。 1月8日，浙江省经济和信息化厅公布常山南方水泥有限公司水泥熟料生产线补充产能置换方案。 1月7日，山东省工业和信息化厅公布了冀东 ...

消息面上，据水泥网报道，近日，河北省工信厅发布2026年省重点建设项目名单的通知。其中，名单中 包含邯郸金隅太行2×4500t/d水泥窑协同处置固废生产线搬迁项目(峰峰矿区)。河北省工信厅此前公告， 邯郸金隅迁建项目将原规划的2×4500t/d水泥熟料生产线整合升级为1条9000t/d生产线。置换方案显示， 该项目退出产能来自同公司一条2000t/d、一条2500t/d、一条4500t/d，置换比例1：1。计划开工建设时 间2026年1月1日，计划点火投产时间2027年6月30日。 智通财经APP获悉，金隅集团(02009)涨超6%，截至发稿，涨4.88%，报0.87港元，成交额4666.26万港 元。 ...

消息面上，据水泥网报道，近日，河北省工信厅发布2026年省重点建设项目名单的通知。其中，名单中 包含邯郸金隅太行2×4500t/d水泥窑协同处置固废生产线搬迁项目(峰峰矿区)。河北省工信厅此前公告， 邯郸金隅迁建项目将原规划的2×4500t/d水泥熟料生产线整合升级为1条9000t/d生产线。置换方案显示， 该项目退出产能来自同公司一条2000t/d、一条2500t/d、一条4500t/d，置换比例1：1。计划开工建设时 间2026年1月1日，计划点火投产时间2027年6月30日。 金隅集团（601992）(02009)涨超6%，截至发稿，涨4.88%，报0.87港元，成交额4666.26万港元。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1]. Core Insights - The report indicates that the CPI and PPI are better than expected, reflecting a gradual recovery in the real estate chain prices, suggesting that 2026 may mark a turning point for the industry's performance [2]. - Short-term market conditions remain volatile, with a focus on high-dividend stocks and sectors such as exports and home improvement [2]. - The report highlights the importance of technological self-reliance during the 14th Five-Year Plan, particularly in the semiconductor sector, which is expected to benefit cleanroom engineering and related companies [2]. - The real estate sector continues to face challenges, but signs of recovery are emerging as companies reduce personnel and expenses [2]. - The report emphasizes the potential for structural growth in the glass fiber and cement sectors, driven by demand from wind power and new applications [2]. Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - Cement prices have shown a slight decline, with the national average at 352.5 RMB/ton, down 0.3 RMB/ton from the previous week and down 51.7 RMB/ton year-on-year [7][18]. - The average cement inventory ratio is 60.3%, a decrease of 0.1 percentage points from the previous week but an increase of 2.8 percentage points year-on-year [25]. - The average daily cement shipment rate is 38.7%, down 1.6 percentage points from the previous week but up 0.5 percentage points year-on-year [25]. 2. Industry Dynamics Tracking - The report notes that the glass fiber industry is expected to see stable growth in demand, with effective production capacity projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [11]. - The cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity, which is expected to support profitability in 2026 [11]. - The glass market is experiencing a supply contraction, which may provide price elasticity in 2026, although current demand remains weak [11]. 3. Weekly Market Review and Sector Valuation - The construction materials sector saw a weekly increase of 3.68%, outperforming the Shanghai and Shenzhen 300 index by 0.90% [7]. - The report suggests that the valuation of leading companies in the construction materials sector is at historical lows, indicating potential for recovery as industry dynamics improve [11]. - Recommendations include companies like China National Building Material and Conch Cement, which are expected to benefit from the ongoing industry consolidation and recovery [11].

Core Insights - The cement industry is undergoing a deep transformation centered on capacity replacement due to shrinking market demand and pronounced supply-demand contradictions [1] - Recent announcements of capacity replacement plans by multiple provinces signal a response to national capacity control policies and indicate a shift towards compliant, high-quality development in the industry [1][3] - The industry is transitioning from an incremental market to a stock market, with dual forces of policy guidance and market competition reshaping the industry landscape [1] Capacity Replacement Plans - Several provinces, including Zhejiang and Shandong, have recently published capacity replacement plans for cement companies [2] - Other regions such as Yunnan, Guangdong, and Hubei have also issued similar announcements, indicating a widespread push for capacity replacement [3] Industry Challenges - The cement and building materials sector faces multiple pressures, including declining market demand and structural supply-demand contradictions, exacerbated by a sluggish real estate market and slowing infrastructure investment [3] - Many leading cement companies reported losses in the first half of 2025, highlighting the economic strain on the industry [3] Policy Changes - The Ministry of Industry and Information Technology, along with other departments, has introduced a plan for the cement industry that emphasizes capacity control as a core measure for stabilizing growth [3] - The policy shift from encouraging technological upgrades to strictly regulating registered capacity marks a new phase of high-quality development in the cement industry [4] Market Dynamics - The tightening of capacity replacement policies is accelerating the elimination of inefficient production capacity and intensifying regional disparities in development [5] - The capacity replacement process shows a clear trend of resource concentration from northern to southern regions, indicating a shift towards more advantageous areas [5] Long-term Outlook - The cement industry is expected to gradually transition towards a more intensive and low-carbon model, with leading companies likely to achieve high-quality development through regional capacity integration and expansion into green building materials [6] - Despite ongoing policy efforts, the industry is projected to maintain a surplus capacity of around 30% due to persistent demand decline, with a forecasted 5% decrease in national cement demand in 2026 [6][9] Price Trends - In 2025, cement prices are expected to experience a downward trend, reaching the lowest levels in recent years due to reduced demand from real estate and infrastructure investments [8] - However, as capacity replacement progresses and compliance in production strengthens, a rebound in cement prices is anticipated, particularly in the latter half of 2026 [8] Profitability Projections - The industry's profit margin is expected to remain around 3% in 2026, with limited recovery potential due to ongoing demand decline and constrained price increases [9] - The low-price cycle from 2026 to 2027 may drive inefficient capacity out of the market, leading to increased industry concentration and potential price recovery by 2028 [9]

站在"十四五"圆满收官的历史坐标回望，五载春秋镌刻着大国首都能级跃升的非凡印记——首都功能布 局加快优化，民生温度浸润街巷，高质量发展蹄疾步稳。在金隅集团的发展历程中，2021年到2025年是 极不平凡的五年。高站位服务首都发展、京津冀协同和重大区域发展战略、高质量融入城市更新、高标 准履行国企责任……五年来，金隅集团深耕主责主业，融入这场波澜壮阔的城市进阶中，以刀刃向内的 深度改革筑牢发展根基，迎难而上、奋楫争先，为七十载矢志奋斗书写了坚定的时代注脚。 当实干的基因融入血脉，金隅集团将这份写满奋斗与荣光的时代答卷化作催征的鼓点。今年，是中国共 产党成立105周年，是实施"十五五"规划的开局之年，也是金隅集团聚力提质增效、加速转型升级的关 键之年。面对新开局，金隅集团将牢记"造好材料 建好房子 筑美好生活"核心使命，传承践行金隅"干事 文化"，以昂扬奋斗之姿，厚积面向"十五五"的磅礴力量。 金隅冀东水泥铜川万吨线 北京隅·东序 住博会金隅集团展厅 国企担当践使命 服务首都显作为 对于金隅集团而言，服务首都发展不只是企业责任，更是流淌了七十余载的红色血脉与使命基因。这份 国企担当，在"十四五"的宏大画卷中，被诠 ...

从产能置换的区域流动与企业分化，到价格走势的阶段性调整，国内水泥行业正处于增量市场向存量市 场过渡的深度调整期，政策引导与市场竞争的双重力量，正重塑行业格局与发展路径。 在市场需求持续萎缩、供需矛盾凸显的背景下，水泥行业正迎来以产能置换为核心的深度变革。近期， 多省份密集公示水泥企业的补充产能置换方案，既是对国家层面产能管控政策的落地响应，也是行业告 别无序超产、迈向合规化高质量发展的重要信号。 多地公示水泥产能置换方案 近期，水泥行业产能置换进程加速推进，多省份密集发布辖区内水泥企业补充产能置换方案公示及公 告。 不过，业界认为，考虑到水泥行业正处于深度调整期，对于2026年水泥价格、企业盈利水平仍然不能过 于乐观。 1月8日，浙江省经济和信息化厅公布常山南方水泥有限公司水泥熟料生产线补充产能置换方案。 1月7日，山东省工业和信息化厅公布了冀东水泥（烟台）有限责任公司及新泰中联泰丰水泥有限公司、 平邑中联水泥有限公司等多家企业的水泥熟料生产线补充产能置换方案。 除浙、鲁两省外，云南、广东、湖北等多地也相继出台辖区内水泥企业的补充产能置换方案公告。 卓创资讯水泥分析师侯林林介绍，近年来建材行业发展面临多重压力 ...

Group 1: Industrial Production - The operating rate of blast furnaces has improved slightly, with a week-on-week increase of 0.4% and a year-on-year rise of 1.3 percentage points to 2.2% [1][4] - Apparent steel consumption has decreased, with a week-on-week decline of 0.6% and a year-on-year drop of 1.5 percentage points to 0.6% [1][6] - Steel social inventory continues to decline, with a week-on-week decrease of 2.5% [1] Group 2: Chemical and Automotive Industries - In the chemical sector, the operating rate of soda ash has significantly increased, with a week-on-week rise of 4.4% and a year-on-year increase of 0.2 percentage points to -2.2% [10][11] - The operating rate of PTA has also improved, with a week-on-week increase of 3.2% and a year-on-year rise of 4.1 percentage points to -4.2% [10][14] - The automotive sector shows weaker performance, with the operating rate of semi-steel tires declining by 2.4% week-on-week and a year-on-year drop of 2.8 percentage points to -13% [10] Group 3: Construction Industry - The cement production and demand have marginally improved, with a week-on-week increase in grinding operating rate of 2.1% and a year-on-year rise of 5.2 percentage points to 9.9% [22][23] - Cement shipment rates have slightly decreased, with a week-on-week decline of 1.5% and a year-on-year increase of 1.9 percentage points to 0.5% [22][26] - Cement inventory continues to decline, with a week-on-week decrease of 0.5% and a year-on-year increase of 0.9 percentage points to 1.3% [22][29] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities has decreased by 47.4% week-on-week and a year-on-year drop of 13.6 percentage points to 38.4% [44][45] - The transaction volume in first-tier and second-tier cities remains weak, with week-on-week declines of 30.8% and 61.9% respectively [44][48][51] - Port cargo throughput has also declined, with a year-on-year decrease of 3.6 percentage points to -0.4% [56][63] Group 5: Price Tracking - Agricultural product prices show differentiation, with vegetable and fruit prices decreasing by 0.9% and 0.2% respectively, while egg prices increased by 1.4% [98][99] - The industrial product price index has risen by 1.7% week-on-week, with the energy and chemical price index increasing by 0.7% and the metal price index rising by 3.9% [110][111]