Core Viewpoint - Foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][2][5]. Investment Trends - As of December 20, 2025, global investment in Chinese assets through ETFs has seen a net inflow of $83.1 billion, with the technology sector receiving the most inflow at $9.5 billion [1][9]. - Active foreign capital is expected to return to the Chinese stock market, with some institutions already increasing their positions in preparation for 2026 [10][12]. Earnings Forecasts - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [3]. - UBS forecasts an increase in the Hang Seng Tech Index target to 7,100 points and the MSCI China Index target to 100 points by the end of 2026, indicating significant upside potential [3]. Valuation Insights - Morgan Stanley and Goldman Sachs believe there is still about a 10% potential for valuation repair in the Chinese stock market, which will support market growth [4][5]. - JPMorgan has upgraded its rating on the Chinese market to "overweight," citing reasonable valuations and light positions among international investors [4]. Sector-Specific Opportunities - The technology sector is highlighted as a core focus for profit growth, with opportunities in artificial intelligence, semiconductors, and high-end manufacturing [6]. - Traditional industries are also attracting foreign investment, with improvements in state-owned enterprise profitability and dividend increases acting as a dual engine for market growth [7][8]. Market Dynamics - The report indicates that the Chinese stock market will enter a new phase dominated by fundamentals, with a focus on structural investment opportunities [2][5]. - The anticipated return of active foreign capital is expected to be driven by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [12].

Investment Rating - The report assigns an "Accumulate" rating for the first time [2]. Core Insights - The company is driven by dual engines of "building materials" and "new economic investments," indicating a promising future [4][36]. - The cement business remains robust, with industry-leading profitability metrics, providing a solid performance foundation [4][13]. - The company has entered a harvest phase for its equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks and foster new growth engines [30][36]. - The company has shown a significant recovery in performance, with net profit for the first three quarters of 2025 reaching 5.51 billion, a year-on-year increase of 45.9% [37]. - The company maintains a generous dividend policy, with a commitment to distribute at least 35% of net profit as cash dividends, translating to a dividend yield of approximately 3.47% based on current market capitalization [42]. Summary by Sections Company Overview - Gansu Shafeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into related industries [11]. Cement Business Stability and Profitability - The traditional cement business, despite facing industry cycles, has maintained high gross margins and return on equity (ROE), positioning the company favorably within the industry [4][13]. - In 2024, cement and related materials accounted for 96.72% of total revenue, with cement alone contributing 70.55% [13]. Equity Investment Harvest Phase - The company has strategically invested over 1.7 billion in key technology sectors, with equity investments contributing approximately 31% to net profit in the first three quarters of 2025 [30][36]. Performance Recovery - The company reported a net profit of 5.51 billion for the first three quarters of 2025, marking a significant recovery from previous years [37]. Generous Dividend Policy - The company has a history of consistent dividend payouts, with a planned minimum cash dividend of 4 billion annually for 2025-2026, reflecting a strong commitment to shareholder returns [42]. Investment Outlook - The report forecasts earnings per share (EPS) of 0.72, 0.87, and 0.92 for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [43].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is driven by dual engines of "building materials" and "new economy investments," showing promising growth potential [4][36]. - The cement business remains robust with industry-leading profitability, supported by optimized regional layouts and refined operations [4][13]. - The company has entered a harvest period for equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks of the main business [4][30]. - The company has a strong commitment to dividends, with a planned cash dividend of no less than 35% of net profit for 2025-2026, translating to a dividend yield of approximately 3.47% based on current market capitalization [4][42]. Summary by Sections Company Overview - Gansu Shangfeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into new economic sectors [11]. Cement Business Stability and Profitability - The cement business accounts for 96.72% of revenue, with cement sales contributing 70.55% and clinker sales 16.88% [13]. - The company maintains a leading position in key profitability metrics such as gross margin and return on equity (ROE) [23][29]. - Despite a decline in cement production and sales, the company achieved a net profit of 5.51 billion and a net profit attributable to shareholders of 5.28 billion for the first three quarters of 2025, reflecting year-on-year increases of 45.9% and 30.56% respectively [4][37]. Equity Investment Harvest Period - The company has invested over 1.7 billion in equity investments, contributing approximately 31% to net profit in the first three quarters of 2025 [30][35]. - The strategic focus on sectors supported by national policies is expected to create new growth engines [30]. Performance Recovery - The company reported a total revenue of 54.48 billion for 2024, a decrease of 14.83% year-on-year, but the decline has narrowed in 2025 [37]. - The operating cash flow reached 7.55 billion, indicating a 2.34% year-on-year increase, with a low debt ratio of 42.65% [38]. Generous Dividends and Investor Returns - The company has consistently returned value to shareholders, with a dividend payout ratio of 95.73% in 2024 [42]. - Future dividend plans include a minimum of 4 billion in cash dividends annually, reinforcing the company's commitment to shareholder returns [42]. Summary and Investment Recommendations - The company is well-positioned for sustainable growth, with a strong foundation in its cement business and promising prospects in new economic sectors [43]. - Earnings per share (EPS) are projected to be 0.72, 0.87, and 0.92 for 2025-2027, with corresponding price-to-earnings (PE) ratios of 16.56, 13.8, and 13 [43].

12月29日，海螺水泥大宗交易成交10万股，成交额222.1万元，占当日总成交额的0.31%，成交价22.21 元，较市场收盘价22.21元持平。 | 交易日期 -- 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-12-29 海螺水泥 | 600585 | 去筒至菱劈绞有限 22.21 222.1 | - 10 | 有限公司送發股份 | | KO | ...

证券之星消息，12月29日水泥板块较上一交易日下跌0.49%，海南瑞泽领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605122 | 四方新材 | 14.78 | 6.56% | 23.46万 | 3.47 Z | | 002205 | 国统股份 | 14.49 | 4.09% | 12.14万 | · 1.73亿 | | 601992 | 金隅集团 | 1.72 | 2.38% | 164.35万 | 2.85亿 | | 003037 | 三和营桩 | 8.07 | 0.88% | 12.78万 | 1.03亿 | | 600585 | 海螺水泥 | 22.21 | 0.05% | 31.79万 | 7.09亿 | | 000401 | 金偶草矢 | 4.45 | -0.22% | 7.38万 | 3304.95万 | | 600425 | 育松建化 | 4.22 ...

Core Viewpoint - Hubei Province is committed to enhancing environmental protection efforts, focusing on pollution prevention and control, and ensuring compliance with the "14th Five-Year Plan" for carbon emissions and energy consumption reduction. Group 1: Air Quality Improvement - Hubei aims to control PM2.5 and O3 levels while promoting the construction of projects for reducing volatile organic compounds (VOCs) and nitrogen oxides emissions [1] - The province will continue to implement ultra-low emissions transformations in the thermal power and steel industries, as well as comprehensive rectification of industrial furnaces and kilns [1] - Focus will be placed on deep governance in industries such as cement, coking, glass, ceramics, and petrochemicals, emphasizing source reduction, process control, and end-of-pipe treatment for VOCs pollution [1] Group 2: Water Pollution Control - Hubei will strengthen actions against water pollution, focusing on the treatment of inferior water bodies and the remediation of black and odorous water bodies [1] - The province will conduct inspections and rectifications of key lake pollutant discharge outlets and promote comprehensive governance pilot projects for lake sedimentation [1] - Efforts will be made to ensure stable water quality in the Three Gorges and Danjiangkou reservoir areas through comprehensive management [1] Group 3: Soil and Waste Management - Hubei will continue to advance soil pollution prevention actions and enhance comprehensive solid waste management [2] - The province plans to initiate groundwater pollution prevention pilot projects and conduct environmental assessments of groundwater conditions around pollution sources [2] - There is an effort to include cities like Wuhan and Xiangyang in the national "waste-free city" pilot program [2]

Core Viewpoint - The article emphasizes the necessity of developing disruptive carbon-neutral technologies to achieve significant reductions in carbon emissions in high-carbon industries such as electricity, steel, cement, and aluminum smelting, which currently rely on traditional processes that do not meet carbon neutrality standards [1][2]. Group 1: Disruptive Carbon-Neutral Technologies - Approximately half of carbon-neutral technologies have not yet reached commercial scale, particularly in "hard tech" and "deep tech," which are crucial for significant carbon emission reductions [2]. - Disruptive technologies related to "hard tech" include efficient photovoltaic cells, green hydrogen, and new energy storage systems, while "deep tech" encompasses electrochemical ironmaking, silicon-magnesium cement, and inert anode aluminum smelting [2]. - These technologies face market investment challenges due to high capital intensity and long investment cycles, often requiring decades to scale from prototypes to commercial viability [2][3]. Group 2: Public Capital to Leverage Market Capital - Public capital is essential for supporting the development of disruptive carbon-neutral technologies, as it can alleviate some financial constraints, but its scale is limited [4]. - The main challenge for market capital is obtaining risk-adjusted returns, which can be addressed by using public capital to reduce field risks and attract diverse investors [4]. - Public capital can catalyze market capital by improving the risk-return profile through donations, guarantees, and other financial structures, thereby accelerating the development of tech startups [5][4]. Group 3: Case Studies of Public Capital Leveraging Market Capital - Boston Metal and Sublime Systems are examples where public capital provided grants for prototype validation and technology scaling, successfully attracting market investments for further development [8][11]. - Elysis and Zhongchu Guoneng are cases where public capital was used to co-invest with market capital during the demonstration and early commercialization stages, effectively filling funding gaps [11][12]. - The article outlines various international and domestic cases where public capital has successfully attracted market capital, demonstrating effective mechanisms for leveraging investments in disruptive carbon-neutral technologies [10][12]. Group 4: Future Outlook - To further promote the innovation and development of disruptive carbon-neutral technologies, public capital should focus on supporting tech startups, establishing clear financing policies, and exploring financing mechanisms suitable for carbon-neutral tech [13][14]. - The transition from merely providing funds to achieving tangible outcomes for enterprises is crucial for unlocking economic potential and achieving climate goals [14].

新华社北京12月26日电 题：强化节约优先战略 持续提升能源利用效率——来自全国人大常委会专题询 问现场的声音 据郑栅洁介绍，当前，"绿水青山就是金山银山"的理念已经深入人心，节能从意识到行动形成良好生 态。 聚焦重点领域精准施策 "十四五"时期，算力设施用电量增长每年近20%，年用电量超过2500亿千瓦时，成为快速增长的重点用 能领域。孙泽洲委员询问，如何推进算力设施节能降碳？ 郑栅洁表示，加强新建项目源头把关，强化新上项目节能降碳审查评价，从源头提升算力设施绿色低碳 水平；加大存量设施改造力度，优化算力设施结构；强化余热资源回收利用，推动"应收尽收、能用尽 用"。 新华社记者王悦阳 十四届全国人大常委会第十九次会议24日举行联组会议，就节约能源法执法检查报告进行专题询问。 我国节能工作取得哪些成效？如何推进重点领域节能？怎样增强居民节能意识？……全国人大常委会委 员、专门委员会委员和全国人大代表等与会人员现场提出询问，国务院相关部门负责人予以坦诚回应。 节能降碳成效显著 我国是能源使用大国，节能非常重要。赵海英委员询问，我国在节能方面主要开展了哪些工作？ 国家发展改革委主任郑栅洁说，我国节能工作成效显著， ...

Industrial Sector - Raw material production continues seasonal adjustments, with steel and building materials output declining this week[1] - Cement clinker capacity utilization rate decreased, while asphalt production increased[1] - Polyester and weaving industry operating rates weakened seasonally, while semi-steel tire production increased[1] Real Estate - New home sales in 30 major cities decreased by 25.2% year-on-year as of December 26, with a slight improvement of 3.0 percentage points compared to last month[1] - The second-hand housing listing price index fell by 0.62% month-on-month, with the decline narrowing[1] Domestic Demand - Movie box office revenue remains high, with a year-on-year increase of 108.5% as of December 25[1] - Retail sales of automobiles decreased by 19% year-on-year from December 1-21, compared to a 7% decline in November[1] - Major home appliance retail sales fell by 34.4% year-on-year as of December 19, a decline of 11.3 percentage points from the end of November[1] External Demand - Port cargo throughput increased by 3.1% year-on-year as of December 21, with container throughput up by 9.1%[1] - Export container freight rates rose by 2.0% this week, marking three consecutive weeks of increase[1] Price Trends - The Nanhua Industrial Index rose by 2.8%, while the Nanhua Non-ferrous Metals Index increased by 5.0% this week[1] - Agricultural product wholesale price index fell by 0.4% week-on-week, showing a stronger performance compared to the same period last year[1]

证券研究报告：建筑材料|行业周报 行业相对指数表现 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 建筑材料 沪深300 发布时间：2025-12-29 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5449.43 | | 52 周最高 | 5449.43 | | 52 周最低 | 4167.51 | 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《关注内需低位品种，有望迎来估值与 业绩双重修复》 - 2025.12.22 建材行业报告 （2025.12.22-2025.12.26） 地产政策托底需求，关注反内卷落地情况 投资要点 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行 北京市分行、北京住房公积金管理中心等 4 部门联合印发《关于进一 步优化调整本市房地产相关政策的通知》，放宽非 ...