证券之星消息，9月4日水泥板块较上一交易日下跌0.27%，天山股份领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。水泥板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600326 西藏天路 | | 6437.91万 | 4.05% | -275.98万 | -0.17% | -6161.93万 | -3.87% | | 002596 海南瑞泽 | | 1481.50万 | 6.98% | 319.18万 | 1.50% | -1800.68万 | -8.49% | | 000877 天山股份 | | 1378.94万 | 2.99% | -305.34万 | -0.66% | -- - 1073.60万 | -2.33% | | 601992 | 金隅集团 | 211.12万 | 2.30% | -747.78万 | -8.16% | 5 ...

该行对金隅今年至2027年每股经常性盈利预沽，由盈利0.01至0.02元人民币，转为亏损0.142至0.19元人 民币，反映建筑材料利润降低，部分被水泥单位毛利上升抵销。该行料短期内地水泥利润率持续低迷， 明年行业对未经授权产能的控制执行力度可见度将提高，预计金隅将受益。该行亦预计建筑材料利润将 因需求疲软持续低迷，房地产开发业务利润趋势将在明年和后年稳定，较今年改善，受低基数影响。 高盛发布研报称，金隅集团（601992）(02009)上半年净亏损15亿元人民币，每股净亏损0.14元人民币， 对比去年同期净亏损8.1亿元人民币。经常性净亏损16.5亿元人民币。该行指，公司业绩差于该行及市场 预期，主要因为房地产开发利润低于预期。该行维持对金隅"中性"评级，目标价0.7港元。 ...

机构：长江证券 产能整合持续推进。1、公司报告期内宣布收购刚果120 万吨水泥产能；2、公司宣布出售新疆所有业务 给海螺水泥，合计350 万吨水泥产能（已经于2025 年8 月完成）。 截至2025H1，公司国内总水泥年产能为2850 万吨，共设有17 条水泥生产线，其中陕西产能为2170 万 吨、贵州省为180 万吨、四川省为150 万吨及新疆为350 吨（相关出售已于2025 年8 月完成）。在海外 市场，公司总水泥产能为1360 万吨，共设有7 条生产线，其中埃塞俄比亚水泥产能为630 万吨、乌兹别 克斯坦250 万吨、莫桑比克为200万吨及刚果为150 万吨，并于卢旺达及坦桑尼亚分别设有100 万吨及30 吨的水泥研磨产能。待完成收购位于刚果的CILU 水泥厂（年产120 万吨），公司在海外的总水泥产能 预计将增至1480 万吨。 期待海外持续扩张带来中期更大弹性。非洲水泥市场空间大，景气度较高，盈利能力远高于国内，是国 内企业出海的新蓝海市场。公司目前在非洲市场仍有多个在建/拟建项目，期待项目逐个落地投产后， 为公司贡献更大业绩增量。 预计2025-2026 年业绩14、19 亿，对应PE 为9、7 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, driven by overseas expansion and recovery in domestic pricing [1][2] Group 1: Financial Performance - The company achieved a revenue of 54.2 billion and a net profit of 7.5 billion in the first half of the year, representing year-on-year growth of 46% and 93% respectively [1] - The adjusted net profit attributable to the parent company reached 7.5 billion, marking a substantial increase of 233% year-on-year [1] - The company has revised its net profit forecasts for 2025-2027 down to 15.8 billion, 21.3 billion, and 29.0 billion respectively, from previous estimates of 17 billion, 29 billion, and 35 billion [1] Group 2: Overseas Operations - Overseas revenue reached 23.5 billion, a year-on-year increase of 77.6%, primarily driven by a significant rise in sales volume [1] - The overall overseas cement sales surged by 178% to 4.17 million tons, with an average price and gross profit per ton of 486 and 181 respectively, reflecting declines of 34.2% and 44.5% year-on-year [1] - In Africa, revenue from Ethiopia, Mozambique, Congo, and other countries grew by 141%, 32%, 24%, and 64% respectively, with sales volumes increasing significantly [1] Group 3: Domestic Operations - Domestic revenue amounted to 30.7 billion, up 29% year-on-year, driven by price increases despite an 8.3% decline in sales volume to 6.65 million tons [2] - The average price and gross profit per ton in the domestic market were 280 and 64 respectively, showing increases of 11 and 26 compared to the previous year [2] - The company’s capital expenditure for the first half was 22.95 billion, a 40% increase, with ongoing projects in Mozambique and Uganda [2] Group 4: Debt Management - The company sold its Xinjiang assets for a total consideration of 1.65 billion, with expected cash flow contributions from overseas projects anticipated to alleviate debt repayment pressures [2] - The company is expected to recover 1.551 billion from the sale agreements over the next 12 months [2]

未来，随着国家对绿色低碳产业支持力度不断加大，中国进出口银行北京分行将继续深化与金隅集团的 合作，共同推动水泥行业向高端化、智能化、绿色化迈进，为实现国家"双碳"目标提供坚实支撑。（阎 丽梅） 转自：新华财经 低碳水泥是水泥工业实现绿色建材体系低碳发展的关键一环，也是金隅集团践行"双碳"目标的重要抓 手。金隅集团依托自身技术积累和产业基础，加大科技研发投入，推动水泥产品向低能耗、低排放、高 性能方向升级。金隅集团作为京津冀地区最大的绿色建材供应商，其低碳水泥产品已支撑京雄高铁、北 京城市副中心等多个国家重大项目工程。为支持这一战略新兴产业的快速发展，中国进出口银行北京分 行精准发力，为金隅集团低碳水泥板块提供专项流动资金贷款支持，通过金融与产业的深度融合，助力 金隅集团跑出绿色转型"加速度"。 在国家"双碳"目标引领下，战略性新兴产业正成为推动经济高质量发展的核心引擎。北京金隅集团股份 有限公司作为国企改革先锋、建材行业的领军企业，立足国企使命，积极响应国家号召，聚焦低碳水泥 研发与产业化，以科技创新驱动产业升级，在新材料领域实现转型升级，展现了新时代中国传统制造业 的绿色担当。 ...

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy measures such as a 500 billion yuan financial tool and consumer incentives [21][22] - Key risks include the potential decline in exports, pressure on consumption growth, and a slowdown in real estate investment, which may have a greater impact on the economy in the latter half of the year [21][22] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned banks in financing key sectors [2][24] - The report emphasizes that the probability of a sector-wide balance sheet reduction is low, although some smaller banks may face pressure to do so [2][24] Industry Analysis - The report on FuChuang Precision (688409) maintains profit forecasts for 2025-2027 at 320 million, 480 million, and 650 million yuan, respectively, with a "buy" rating due to long-term growth potential despite short-term pressures [4] - LiBert (605167) experienced revenue pressure in the first half of the year, with a focus on expanding into new industries, leading to a revised profit forecast of 232 million and 264 million yuan for 2025-2026 [5] - JianLang Hardware (002791) is adjusting profit forecasts to 175 million, 272 million, and 328 million yuan for 2025-2027, maintaining a "buy" rating based on expected recovery and operational adjustments [6] - HuaFeng Measurement and Control (688200) maintains profit forecasts of 460 million, 540 million, and 600 million yuan for 2025-2027, with a "buy" rating due to strong demand in the high-end testing market [7] - FuBo Group (03738.HK) is positioned well in the AI-driven content industry, with profit forecasts of 230 million, 310 million, and 390 million HKD for 2025-2027, maintaining a "buy" rating [8] - YiXin Group (02858.HK) is expected to achieve net profits of 1.126 billion, 1.398 billion, and 1.701 billion yuan for 2025-2027, with a "buy" rating based on competitive advantages in automotive finance [9] - ZhongKe International (688981) is highlighted as a leading player in the semiconductor industry, with a focus on advanced process technology [9] - The report on Tianqi Lithium (002466) adjusts profit forecasts to 450 million, 860 million, and 1.44 billion yuan for 2025-2027, maintaining a "buy" rating based on resource advantages [16] - The report on Jidong Cement (000401) indicates a significant reduction in losses and improved profitability, with revised profit forecasts of 270 million and 590 million yuan for 2025-2026 [11][14]

每日市场观察 2025 年 9 月 4 日 【今日关注】 周三沪指与深成指早盘小幅高开后稍作整理即逐级震荡回落；创业板指 则横向整理。截至收盘，沪指跌 1.16%，深成指跌 0.65%，创业板指数 涨 0.95%。板块方面，四代半导体、光伏设备、游戏、贵金属、生物制 品等涨幅居前；航天航空、船舶制造、小金属、证券、通信服务、多元 金融等调整。两市涨少跌多，其中上涨股票 788 只，下跌股票数量 439 5 只；沪深两市总成交金额超 2.36 万亿，环比明显萎缩。 本轮强势行情如果从 4 月 7 日开始计算，沪指最大涨幅已接近 28%，创 业板指数涨幅最高超过 69%，科创板指数涨幅最高也超过了 55%。可以 说短线涨幅巨大，部分资金有获利了结意愿。另外，沪指近期高点 388 8.60 点临近 1849-5178 点之间黄金分割位，股指在这个位置进行整理从 技术上讲也十分正常。当下股指的强势整理一方面使部分资金获利离场， 一方面吸引之前踏空的资金流入，有利于市场均衡发展、行稳致远。技 术上看，虽然小时级别技术指标处于低位，但日线指标仍然较高，投资 者可待市场企稳后选择强势股介入。 大浪淘沙，股指高位整理过程恰恰 ...

证券研究报告 | 2025 年 09 月 04 日 晨会集萃 制作：产品中心 风险提示：经济景气度恢复偏慢、货币政策呵护力度不够、测算与现实情 况存在偏差。 《环保公用|皖能电力（000543）：煤价下行带动盈利能力提升，新投产机 组贡献增量》 公司披露2025 年中报。上半年公司实现营收131.85 亿元，同比下降5.83%； 实现归母净利润 10.82 亿元，同比增长 1.05%。1、新机组投产贡献增量， 部分对冲存量机组量价下滑影响。电价方面，安徽省 2025 年度双边协商 交易成交电量 1067.04 亿千瓦时，成交加权均价为 412.97 元/兆瓦时，同 比下降 5.35%。电量方面，安徽省上半年火电发电量为 1383.5 亿千瓦时， 同比下降 7.9%，公司存量机组发电量或有所下滑。2、煤价下行带动盈利 能力提升，H1 毛利率同比提高 4.06pct。燃料成本下降带动公司营业成本 降低，上半年公司营业成本为 110.43 亿元，同比下降 10.18%。上半年公 司实现毛利率 16.25%，同比提高 4.06 个百分点。综合来看，公司上半年 实现净利率 12.30%，同比提高 1.65 个百分点；实 ...

顺丰控股等公司同日实施回购；铁流股份：与长三角哈特机器人产业技术研究院签署框架协议；天普股 份：股价多次触及股票交易异常波动 4日起停牌核查；杭州高新：控股股东变更为巨融伟业实控人变更 为林融升…… 聚焦一：顺丰控股等公司同日实施回购 顺丰控股：2025年9月3日，公司通过股份回购专用证券账户以集中竞价方式首次回购公司A股股份118.5 万股，回购总金额为4978.25万元（不含交易费用），回购股数占公司目前总股本0.02%，平均成交价为 42.01元/股（最高成交价为42.23元/股，最低成交价为41.75元/股）。 公司此前披露，公司于2025年4月28日召开董事会会议审议通过了《关于2025年第1期A股回购股份方案 的议案》，本次回购的资金总额不低于5亿元且不超过10亿元，回购价格不超过60元/股（因公司实施 2024年末期A股权益分派，回购价格上限自2025年7月17日起调整为59.56元/股），回购期限为自公司董 事会审议通过回购方案之日起12个月内。 太极集团：2025年9月3日，公司通过集中竞价交易方式首次回购股份44.88万股，回购股份占公司总股 本的比例为0.08%，购买最高价为22.28元 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the current economic situation from the perspectives of economic growth and inflation. In terms of economic growth, the production side shows a mixed trend with high - level power plant consumption but declines in blast furnace and tire operating rates in some areas, while the demand side sees a marginal decline in building material prices. Regarding inflation, most industrial product prices are falling, with the CPI affected by the drop in pork prices and the PPI showing a complex situation of price changes in different industrial products [1][3]. 3. Summary According to the Directory 3.1 Economic Growth: Marginal Decline in Building Material Prices 3.1.1 Production: High - level Power Plant Consumption - Power plant consumption remains at a high level. On September 2, the average daily consumption of 6 major power - generating groups was 922,000 tons, a 2.6% decrease from August 26. On August 26, the daily consumption of power plants in eight southern provinces was 2.469 million tons, a 0.3% increase from August 19. With the end of the summer peak approaching, power plant consumption in eight coastal provinces is expected to remain high [4][11]. - The blast furnace operating rate has declined locally. On August 29, the national blast furnace operating rate was 83.2%, a 0.1 - percentage - point decrease from August 22, and the capacity utilization rate was 90.0%, a 0.3 - percentage - point decrease. In Tangshan, the blast furnace operating rate of steel mills was 88.6%, a 3.9 - percentage - point decrease from August 22, affected by environmental protection restrictions [4][17]. - The tire operating rate has declined slightly. On August 28, the operating rate of truck full - steel tires was 63.8%, a 0.9 - percentage - point decrease from August 21, and the operating rate of car semi - steel tires was 72.8%, a 0.4 - percentage - point decrease. However, the operating rate of looms in the Jiangsu and Zhejiang regions has continued to rise [4][19]. 3.1.2 Demand: Marginal Decline in Building Material Prices - At the beginning of the month, the sales volume of new houses in 30 cities has rebounded month - on - month. From September 1 - 2, the average daily sales area of commercial housing in 30 large and medium - sized cities was 189,000 square meters, a 19.0% increase from August, a 54.4% increase from September last year, but a 21.8% decrease from September 2023. The rebound trend needs further confirmation. Sales in first - tier, second - tier, and third - tier cities have increased year - on - year [4][24]. - The retail trend in the auto market is stable. In August, retail sales increased by 3% year - on - year, and wholesale sales increased by 12% year - on - year [4][24][25]. - Steel prices have generally fallen. On September 2, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 2.1%, 1.8%, 1.5%, and 0.9% respectively compared to August 26. Steel inventories are slowly accumulating [4][31]. - Cement prices have returned to a downward trend. On September 2, the national cement price index decreased by 1.3% compared to August 26, with prices in the East China and Yangtze River regions falling more than the national average. The year - on - year decline in cement prices has widened [4][32]. - The decline in glass prices has widened. On September 2, the active futures contract price of glass was 1,142 yuan per ton, a 3.5% decrease from August 26. The demand side is significantly affected by the real estate market, and the implementation effect of policies remains to be seen [4][38]. - The container shipping freight index has stabilized locally. On August 29, the CCFI index decreased by 1.6% from August 22, while the SCFI index increased by 2.1%. The freight rate of the US route has stopped falling and rebounded, mainly due to shipping companies' capacity control [4][40]. 3.2 Inflation: Most Industrial Product Prices are Falling 3.2.1 CPI: Pork Prices Fall Below 20 Yuan - Pork prices have fallen below 20 yuan. On September 2, the average wholesale price of pork was 19.8 yuan per kilogram, a 1.0% decrease from August 26. In September, the theoretical supply of live pigs is expected to increase [4][46]. - The agricultural product price index is the second - lowest in the same period in the past five years. On September 2, the agricultural product wholesale price index increased by 1.1% compared to August 26. Different agricultural products have different price trends [4][51]. 3.2.2 PPI: Most Industrial Product Prices are Falling - Oil prices have risen slightly. On September 2, the spot prices of Brent and WTI crude oil were $69.5 and $65.6 per barrel respectively, a 3.0% and 3.7% increase from August 26. The uncertainty of Russian oil supply supports oil prices [4][56]. - Copper and aluminum prices have rebounded. On September 2, the prices of LME 3 - month copper and aluminum increased by 0.7% and 0.2% respectively compared to August 26. However, the domestic commodity index has turned down month - on - month [4][59]. - Industrial product prices have turned down month - on - month. Since September, most industrial product prices have fallen, with coking coal and coke having relatively large declines. Most industrial product prices are also down year - on - year [4][63].