Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]

Core Viewpoint - Fujian Cement announced the approval of the proposal regarding daily related party transactions with enterprises controlled by the actual controller at the first extraordinary general meeting of shareholders in 2026 [2] Group 1 - The company held its first extraordinary general meeting of shareholders in 2026 on January 8 [2] - The meeting approved the proposal concerning daily related party transactions [2]

Group 1 - The company Tianshan Co., Ltd. (stock code: 000877) confirmed on an interactive platform that it has not conducted any business in Venezuela [1]

Group 1 - The cement sector experienced a rise of 1.02% on January 8, with Sanhe Pile leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Key stocks in the cement sector showed varied performance, with Sanhe Pile increasing by 10.04% to a closing price of 66.8 [1] Group 2 - The cement sector saw a net inflow of 208 million yuan from main funds, while retail investors experienced a net outflow of 45.83 million yuan [2] - Major stocks like Sanhe Pile and Conch Cement attracted significant main fund inflows, with Sanhe Pile receiving 112.4 million yuan [3] - Retail investors showed a negative trend in several stocks, with Sanhe Pile and Conch Cement both experiencing outflows from retail investors [3]

Core Viewpoint - Dongwu Cement (00695) experienced a significant stock price increase, rising over 11% to reach a historical high of 9 HKD, with a current price of 8.9 HKD and a trading volume of 14.58 million HKD [1] Group 1: Shareholder Changes - The controlling shareholder Goldview sold part of its shares to Hong Kong Port and Fenyuan Capital, both of which have strong state-owned enterprise backgrounds [1] - Hong Kong Port, a wholly-owned subsidiary of Hong Kong Port Group, has its ultimate beneficial owner as the Suzhou State-owned Assets Supervision and Administration Commission [1] - Fenyuan Capital is a wholly-owned subsidiary of Fenhu Investment Group, which is a core platform under the management committee of Fenhu High-tech Industrial Development Zone, also part of Suzhou state assets [1] Group 2: Ownership Structure - After the transaction, Hong Kong Port became the single largest shareholder of Dongwu Cement with a 28% stake, while Fenyuan Capital holds 9% [1] - Goldview's actual controller, Jiang Xueming, retains a 16.89% stake in Dongwu Cement [1] Group 3: Related Company Developments - Jiang Xueming is also the chairman of East China Semiconductor Co., which recently reported that its first self-developed GPU chip, 7G100, is progressing well in terms of customer sampling, testing, production, software optimization, and sales expansion [1]

消息面上，东吴水泥去年8月曾发布公告称，公司控股股东Goldview向港航香港和汾源资本出售部分股 份。此次交易的接盘方均有深厚国资背景。资料显示，港航香港为港航集团的全资香港附属公司，其最 终实益拥有人为苏州市国资委。而汾源资本为汾湖投资集团的全资附属公司，后者为汾湖高新技术产业 开发区管理委员会旗下核心平台，同属苏州国资。 值得注意的是，蒋学明为现任东芯半导体股份有限公司董事长。东芯股份近日在投资者互动平台表示， 砺算科技目前经营状况良好，首款自研GPU芯片7G100的客户送样与测试、产品生产、软件配套与优 化、销售拓展等相关工作正在正常开展中。 智通财经APP获悉，东吴水泥(00695)早盘涨超11%，高见9港元，再创历史新高。截至发稿，涨9.88%， 报8.9港元，成交额1457.82万港元。 智通财经APP在《苏州国资入主港股上市企业首秀，与东吴水泥（00695）会擦出怎样的"火花"？》中 指出，Goldview的唯一实际控制人为蒋学明，在此次交易完成之后，港航香港以28%的持股成为东吴水 泥的单一最大股东，汾源资本持股9%，蒋学明仍将持有东吴水泥16.89%的股份。 ...

Group 1 - The State Council has emphasized the importance of energy conservation and carbon reduction, aiming for higher quality and level in these efforts, while promoting green transformation in economic development [1] - Energy conservation and carbon reduction are key to achieving carbon peak and carbon neutrality goals, with significant progress made since the 14th Five-Year Plan, including an average energy consumption growth rate of 3.3% supporting a 6.1% economic growth [1] - China has established the world's largest and most complete new energy industry chain, providing 80% of global photovoltaic components and 70% of wind power equipment, contributing significantly to global energy transition [1] Group 2 - The strategy focuses on both increasing new green low-carbon industries and phasing out inefficient capacities, particularly in high carbon emission sectors like steel, cement, and refining, with energy efficiency benchmarks improving by an average of 6 percentage points since the 14th Five-Year Plan [2] - Specific measures include enhancing energy conservation reviews for new projects, optimizing existing facilities, and improving the recovery and utilization of waste heat in rapidly growing energy-consuming sectors like computing facilities [2] Group 3 - The transition to energy conservation and carbon reduction requires participation from all sectors of society, with a need to strengthen the internal motivation for green low-carbon development and optimize the market mechanisms for carbon emissions and resource rights [3] - The approach to energy conservation and carbon reduction must be tailored to local conditions, ensuring a coordinated national strategy while allowing for local initiatives to drive progress [3]

Industry Standards and Regulations - The National Energy Administration has released key industry standards to regulate energy project planning, construction, and safety management, including guidelines for distributed energy sources [2] - Starting May 1, 2026, the National Energy Administration will implement the "Public Credit Information Management Measures for the Energy Industry," establishing a unified platform for credit information collection and sharing [2] - The International Energy Agency has issued important implementation details for the management of renewable energy green power certificates, with one certificate issued for every 1,000 kilowatt-hours of renewable energy generated [2] Industrial Developments - The Ministry of Industry and Information Technology has launched an action plan to integrate industrial internet and artificial intelligence, focusing on key industries such as steel, aviation, and power [3] - China's deepest offshore wind power project, the Huaneng Shandong Peninsula North Sea project, has successfully connected to the grid, marking a breakthrough in deep-sea offshore wind power operations [3] - A new low-carbon cement production system has been developed by Shandong University, utilizing green hydrogen in the limestone decomposition process, significantly reducing energy consumption and carbon emissions [3] Energy Projects - The construction of the Hunan Miluo Pumped Storage Power Station has made significant progress, with the successful completion of the spillway tunnel, marking a new phase in the project's flood control and structural construction [4] Company Performance - China Nuclear Power reported a cumulative commercial power generation of 244.43 billion kilowatt-hours for the year 2025, representing a year-on-year increase of 12.98%, with grid-connected power generation also increasing by 13.15% [7]

（文章来源：证券日报） 证券日报网讯 1月7日，上峰水泥发布公告称，公司2026年第一次临时股东会审议通过《关于补选公司 董事的议案》。 ...

Investment Rating - The report indicates a cautious outlook for the cement industry, reflecting ongoing challenges in demand and pricing dynamics [10][11]. Core Insights - The cement industry is experiencing persistent weak demand due to declining real estate development investment and slowing infrastructure investment, leading to a negative growth rate of -14.70% in real estate development investment from January to October 2025 [11][14]. - The industry faces an oversupply situation, exacerbated by policies aimed at achieving carbon neutrality, which restrict new capacity and promote capacity replacement [10][16]. - Despite the challenges, the industry shows signs of recovery in profitability, with a notable increase in operating profit margins due to a decrease in coal prices and a slight rebound in cement prices [41][44]. Summary by Sections 1. Industry Fundamentals - The cement demand is heavily influenced by fixed asset investment, particularly in real estate and traditional infrastructure projects, which have seen significant declines [11][13]. - From January to October 2025, the sales area of commercial housing decreased by 6.80%, and the new construction area dropped by 19.80%, contributing to a 14.70% decline in real estate development investment [11][14]. - Infrastructure investment, traditionally a stabilizer for cement demand, has also turned negative, further impacting the industry [13][14]. 2. Industry Policies and Regulatory Environment - Policies in the cement industry focus on controlling production, limiting new capacity, and promoting emissions reduction, with a strong emphasis on achieving carbon neutrality [16][20]. - The "Stabilization Growth Work Plan" aims to enhance profitability and promote green building materials, while also controlling total cement capacity [20][21]. - The implementation of peak production policies has intensified, but their effectiveness in stabilizing prices is diminishing due to severe supply-demand imbalances [21][22]. 3. Industry Operating Conditions - Cement production has continued to decline, with a reported 14.00 billion tons produced from January to October 2025, marking a 6.70% year-on-year decrease [25][31]. - The utilization rate of cement clinker capacity has fluctuated between 30% and 60%, indicating a worsening supply-demand imbalance [25][31]. - The report notes that the industry is facing a significant decline in new production capacity, with only five new clinker lines launched in 2025, totaling approximately 762 million tons per year [25][26]. 4. Industry Competitive Landscape - The cement industry exhibits characteristics of both perfect competition and oligopolistic competition, with a high degree of transparency in pricing and production information [37][38]. - The industry concentration has increased, with the top ten companies holding a CR10 of 60.44% by the end of 2024, indicating a stable competitive landscape [38][39]. 5. Industry Financial Performance - The operating income of sample enterprises in the cement industry has continued to decline, but the rate of decline has narrowed due to a rebound in cement prices and lower coal prices [41][42]. - The industry has shown a recovery in profitability, with operating profit margins improving despite ongoing challenges [44]. - Financial leverage has decreased, with a reduction in both interest-bearing debt to total capital and debt ratios, indicating a stronger cash flow position [48][51].