证券代码：600724 证券简称：宁波富达 公告编号：2025-026 宁波富达股份有限公司 关于为控股子公司提供担保的进展公告 特 别 提 示 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 担个别及连带责任。 ●被担保人名称：宁波富达股份有限公司（以下简称"公司"或"宁波富达"） 控股子公司蒙自瀛洲水泥有限责任公司（以下简称"蒙自公司"）、新平瀛洲水泥 有限公司(以下简称"新平公司") ●本次担保金额及已实际为其提供的担保余额:公司本次为蒙自公司提供担保 次担保前实际担保余额 10,000 万元。 公司本次为新平公司提供担保 5,000 万元。截至本公告日，公司累计为新平公 司提供担保额度为 12,000 万元，本次担保前实际担保余额 7,000 万元。 ●本次是否有反担保：是。 ●对外担保累计数量：截至本公告日，公司及控股子公司实际对外担保情况如 下：公司为控股子公司担保的余额 2.50 亿元，控股子公司为公司担保的余额 0.00 亿元，控股子公司之间担保的余额 3.09 亿元。 ●对外担保逾期的累计数量：零。 重要内容提示: 一、 ...

上峰水泥（000672）公告，公司控股股东上峰控股将其所持有的1200万股解除质押，占其所持股份比例 3.73%，占公司总股本比例1.24%。截至本公告披露日，上峰控股及其一致行动人累计被质押数量为 8110万股，占其所持股份比例25.23%，占公司总股本比例8.37%。 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

港股午评：恒指收涨0.28% 大市一度涨至近四个月高位 金十数据7月16日讯，隔夜美股三大股指走势分化，中国金龙指数大涨。港股过去4日累涨697点，恒指 今早再度高开113点报24704点，之后反复向上，最多升277点高见24867点，创3月19日后近4个月高位， 但抛盘随即涌现，大市升幅收窄。截至收盘，恒指早盘收涨0.28%，科指早盘收涨0.61%，恒指大市成 交额1579.4亿港元。盘面上，影视娱乐、国内零售、稀土概念股走强，体育用品股反弹，稀土概念、加 密货币概念股再度拉升；建材水泥、消费电子、汽车经销商股走低，中资券商及内险股回调，纸业股连 跌两日。个股方面，三三传媒(08087.HK)涨近49%，同程旅行(00780.HK)、腾讯音乐(01698.HK)均涨超 3%，阿里巴巴(09988.HK)、百度(09888.HK)均涨1.6%。 ...

Core Viewpoint - Ningbo Fuda has experienced significant growth since its listing in 1996, with a market capitalization increase from 4.76 billion yuan to 67.64 billion yuan, but recent years have shown a decline in both revenue and profit [1][3]. Business Overview - The main business segments of Ningbo Fuda include commercial real estate, real estate development, and cement manufacturing, with cement sales contributing the highest revenue share at 52.03%, followed by leasing at 20.18% [3]. - Since its listing, Ningbo Fuda has achieved a cumulative profit growth of 857.99%, with a net profit of 2.10 billion yuan in the latest fiscal year compared to 0.22 billion yuan in 1996 [3]. Financial Performance - Revenue has declined from 23.40 billion yuan in 2020 to 17.01 billion yuan in 2024, representing a year-on-year decrease of 46.31% [3]. - Net profit has also decreased from 4.22 billion yuan in 2020 to 2.10 billion yuan in 2024, indicating a continuous decline in profitability over the past five years [3]. Market Capitalization - The market capitalization of Ningbo Fuda has increased 13.20 times since its listing, reaching a peak of 220.40 billion yuan in June 2015, but has since decreased by 152.76 billion yuan, or 69.31%, to 67.64 billion yuan as of July 15 [5].

Summary of Conference Call Records Industry Overview: Cement Industry Key Points on Industry Dynamics - The cement industry is experiencing a phase of "anti-involution," where leading companies have a competitive advantage. Despite a profit bottoming out in Q1 2024, the industry did not face overall losses, indicating strong risk resilience among leading firms like Conch Cement, whose gross profit per ton is comparable to that of Q3 2015 [1][3]. - Since Q3 2024, cement prices have increased due to enhanced staggered production and stricter capacity reduction policies, leading to multiple price hikes. The performance in H1 2025 is expected to be positive, with mid-year reports indicating an overall improvement in the sector [1][3]. - Market expectations for cement demand remain optimistic, driven by anticipated policy announcements in July and infrastructure investments. However, demand is expected to remain under pressure in the coming years, necessitating a collaborative supply-side approach to manage demand fluctuations [1][4][5]. Financial Projections and Market Valuation - Conch Cement's future balanced profit is projected to be between 10 billion to 15 billion CNY, with an estimated performance range for this year between 9 billion to 10 billion CNY, corresponding to a market capitalization range of 110 billion to 140 billion CNY, indicating that the current market valuation is relatively low [1][7]. - The Hong Kong stock market has reacted more positively to the anti-involution measures and interim performance compared to the A-share market, suggesting that investors in Hong Kong place greater emphasis on supply-side logic [1][8]. Production and Pricing Trends - Domestic cement production is expected to decline by approximately 4% year-on-year in H1 2025, with operating rates dropping to the lowest levels since 2020. Cement prices have fallen below last year's lows, indicating significant price pressure [1][19]. - The industry’s operating rate has fallen below 40%, marking the lowest level since 2020, with prices dropping from 400 CNY per ton to around 350 CNY since April 2025, indicating ongoing price pressures [1][19]. Company-Specific Insights: Huaxin Cement Growth and Market Position - Huaxin Cement has rapidly expanded its overseas business, with profits from international operations exceeding 40%. The company has significantly increased its production capacity in Africa through acquisitions, enhancing its pricing and gross profit per ton [2][22]. - The company has established a strong market presence in 13 countries, primarily in Africa, which helps mitigate risks associated with regional competition and currency fluctuations [23]. Competitive Advantages - Huaxin Cement benefits from a mixed ownership structure, allowing it to leverage both foreign and state-owned resources, particularly in overseas markets [23]. - The company has adopted a strategy of acquiring existing production capacities rather than building new ones, which accelerates market entry and enhances profitability through technological upgrades [23]. Future Outlook - The company is expected to continue its growth trajectory, with profits projected to increase by approximately 20% in 2026, driven by ongoing expansion in Nigeria and other markets [27][28]. - Huaxin Cement's focus on integrating its supply chain and enhancing operational efficiency positions it favorably in the current market environment, making it a recommended investment opportunity [28]. Conclusion - The cement industry is navigating a complex landscape characterized by price pressures and fluctuating demand, with leading companies like Conch Cement and Huaxin Cement demonstrating resilience and growth potential. The focus on supply-side reforms and strategic expansions, particularly in overseas markets, will be critical for sustaining profitability and market position in the coming years [1][28].

Investment Rating - The investment rating for Huaxin Cement is "Buy-A" with a target price of 15.2 CNY, while the current stock price is 13.25 CNY [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.096 to 1.132 billion CNY in H1 2025, representing a year-on-year increase of 50% to 55% [1]. - The second quarter of 2025 is projected to see a net profit of 862 to 898 million CNY, reflecting a year-on-year increase of 55.84% to 62.44% [1]. - Despite a decline in domestic cement demand, the company is likely to benefit from increased overseas sales and improved profitability due to falling coal prices [2][3]. - The China Cement Association's initiatives to optimize supply-side conditions are expected to support price and profitability recovery in the cement industry [3][9]. Summary by Sections Financial Performance - The company anticipates a significant increase in net profit for H1 2025, with a rise of approximately 365 to 402 million CNY compared to the previous year [1]. - The expected net profit for Q2 2025 is between 862 to 898 million CNY, marking a substantial year-on-year growth [1]. Market Conditions - From January to May 2025, national cement production decreased by 4% year-on-year, with regional variations in production across key areas [2]. - Despite a general decline in domestic demand, cement prices in key sales regions remained high, contributing to improved profitability for the company [2]. Overseas Expansion - The company has made significant strides in international markets, with expected increases in overseas cement sales and profitability due to recent technological upgrades and new production capacities in South Africa, Nigeria, and Brazil [3][9]. - The company is set to benefit from a new cement production line in Mozambique, which will contribute to output in 2025 [3]. Industry Outlook - The cement industry is undergoing supply-side reforms aimed at curbing excessive production and low-price competition, which is expected to gradually improve the supply-demand balance and support price recovery [8][9]. - The company's integrated strategy and high-margin aggregate business are anticipated to enhance overall performance in the coming years [9].

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

根据统计局数据，二季度我国GDP同比增长5.2%，基本符合市场预期。三驾马车中，出口保持较强韧 性，上半年按美元计出口同比增长5.9%，高于一季度的5.7%。消费在"以旧换新"政策拉动下平稳向 好，上半年累计同比增长5.0%，高于一季度的4.6%。但固定资产投资增速出现了较为明显的下滑，上 半年同比增长2.8%，明显低于一季度的4.2%。 正如统计局指出，生产资料价格尤其是建筑材料价格下降幅度较大对投资形成拖累。实际上，二季度物 价始终运行在偏低水平，PPI降幅有所扩大。具体到6月来看，除了出口受关税大幅下调的迟滞效应得以 提振之外，国内需求不足、物价低位运行的状况仍然存在。 温彬(中国民生银行（600016）首席经济学家兼研究院院长) 王静文(中国民生银行研究院宏观研究中心主任) 回顾上半年，在外部冲击持续累积的环境下，国民经济顶住压力、迎难而上，经济运行总体平稳、稳中 向好，5.3%的增速为实现全年目标打下良好基础。展望下半年，外需大概率继续放缓，预计政策将围 绕扩内需、"反内卷"展开。 二是实施金融手段引导。如央行运用差别化的信贷管理和宏观审慎政策，适度收敛银行对深陷"内卷"式 不良竞争、产能过剩行业的 ...

上半年，全国居民消费价格（CPI）比去年同期下降0.1%。其中，食品价格同比下降0.9%，能源价格同 比下降3.2%，两者合计下拉CPI约0.4个百分点。 ◎记者 陈芳 在7月15日举行的国新办新闻发布会上，国家统计局回应了物价、房地产市场走势等热点问题。 "近期价格低位运行具有结构性和阶段性特点。"国家统计局副局长盛来运表示，价格的低位运行，既与 国内外宏观形势变化有关，也与我国发展阶段有关。由于新动能成长还难以对冲传统动能调整的压力， 总体上价格仍在调整。 关于下半年物价走势，国家统计局表示，在系列支撑因素下，下半年价格会低位温和回升。 他认为，下半年，技术性因素也有利于CPI低位温和回升。无论是CPI还是PPI，翘尾因素均会减弱，对 CPI、PPI下拉影响作用会递减。 受益于"白名单"政策以及房地产市场销售回暖，房地产企业化债持续推进，房地产市场资金来源有所改 善。数据显示，上半年，房地产开发企业到位资金降幅比去年同期收窄16.4个百分点，比去年全年收窄 10.8个百分点。 盛来运分析称，经济保持稳定向好态势，总需求持续扩张，将为价格稳定运行奠定宏观面上的基础；扩 内需政策继续显效，将有力推动消费品价格 ...