Group 1 - Conch Cement (0914.HK) experienced a significant drop in trading volume, falling over 7% to HKD 24.66, with a trading volume reaching HKD 2.5 billion [1] - TCC International Limited, a subsidiary of Taiwan Cement, handled the sale of 76.875 million shares of Conch Cement, aiming for financial planning [1] - Following the sale, TCC International's holdings in Conch Cement will decrease to 38.325 million shares [1] Group 2 - The shares were sold through UBS at a price range of HKD 25.43 to HKD 25.7 per share, totaling approximately 76.9 million shares [1]

Core Viewpoint - Conch Cement (00914) experienced a significant decline in stock price, dropping over 7% in intraday trading, attributed to the sale of shares by a subsidiary of Taiwan Cement [1] Group 1: Stock Performance - Conch Cement opened lower and fell by 7.04%, trading at HKD 24.82 with a transaction volume of HKD 2.514 billion [1] Group 2: Share Sale Details - Taiwan Cement announced that its subsidiary, TCC International Limited, sold 76.875 million shares of Conch Cement at an average price of approximately HKD 25.43 per share, totaling around HKD 1.955 billion [1] - Following the sale, Taiwan Cement's holdings in Conch Cement will decrease to 38.325 million shares [1] Group 3: Market Activity - The market observed multiple large transactions involving approximately 76.875 million shares of Conch Cement, indicating significant trading activity related to the placement [1]

昨日走强的建材水泥股走低，其中，海螺水泥跌近7%，华润建材科技跌4%，中国建材跌3.5%，华新建 材、亚洲水泥跌2%，西部水泥、金隅集团跌超1%。 分析指出，去年行业效益回升得益于年初价格起点高以及煤炭成本下降，这种利润改善更多是"成本红 利"而非"需求红利"，其基础极为脆弱。国家统计局数据显示，2025年全国水泥产量同比下滑6.9%至 16.93亿吨。真正影响行业走向的供需矛盾仍在加剧，错峰生产效果减弱、市场竞争格局变化等挑战持 续存在。 中国水泥网水泥大数据研究院分析师李坤明预计，2026年水泥均价仍将下移，行业利润仍处于低位水 平。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 へ | | --- | --- | --- | --- | | 00914 | 海螺水泥 | 24.900 | -6.74% | | 01313 | 华润建材科技 | 1.910 | -4.02% | | 03323 | 中国建材 | 6.820 | -3.54% | | 06652 | 华新建材 | 18.240 | -2.04% | | 00743 | 亚洲水泥(中国) | 2.440 | -2.01% | | 02 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The production side shows mixed trends, with some indicators like power plant daily consumption falling during the holiday, while the blast furnace operating rate rising against the trend; the demand side has a weak rebound in the property market and strong growth in the auto market, but prices of steel, cement, glass and other products are weak or fluctuating; inflation shows different trends in CPI and PPI, with post - holiday pig prices weakening and oil prices rising [4] Summary of Each Section According to the Directory 1. Economic Growth: Weak Rebound in the Property Market During the Holiday 1.1 Production: Rising Blast Furnace Operating Rate Against the Trend - **Power plant daily consumption decline during the holiday**: On February 24, the average daily consumption of 6 large power generation groups was 58.4 tons, a 0.7% decrease from February 17; on February 13, the daily consumption of power plants in eight southern provinces was 240.1 tons, a 22.9% decrease from February 9 [4][11] - **Rising blast furnace operating rate against the trend**: On February 13, the national blast furnace operating rate was 80.2%, a 0.6 - percentage - point increase from February 6; the capacity utilization rate was 86.4%, a 0.7 - percentage - point increase from February 6. The operating rate of blast furnaces in Tangshan steel mills was 96.8% on February 13, a 4.5 - percentage - point increase from February 6 [4][15] - **Tire operating rate dropping to the same - period low last year during the holiday**: On February 19, the operating rate of truck all - steel tires was 14.2%, a 28.2 - percentage - point decrease from February 12; the operating rate of car semi - steel tires was 14.2%, a 45.2 - percentage - point decrease from February 12. The operating rate of looms in Jiangsu and Zhejiang regions also had a seasonal decline [4][17] 1.2 Demand: Weak Rebound in the Property Market During the Holiday - **Weak rebound in the property market during the holiday**: From the first day to the seventh day of the Lunar New Year, the average daily sales area of commercial housing in 30 large and medium - sized cities was 75,000 square meters, a 15.9% increase from the same period last year, a 44.6% increase from the same period in 2024, and a 54.0% decrease from the same period in 2023. The rebound strength in first - tier cities was stronger than that in second - and third - tier cities [21] - **Stronger growth in auto market retail sales**: In February, retail sales increased by 54% year - on - year, and wholesale sales increased by 46% year - on - year [4][25] - **Weak and fluctuating steel prices**: On February 24, the prices of rebar, wire rod, hot - rolled coil and cold - rolled coil decreased by 0.3%, 0.3%, 0.9% and remained flat respectively compared with February 14. The inventory of steel products also increased rapidly [29] - **Continued weakness in cement prices**: On February 24, the national cement price index decreased by 0.2% compared with February 12. The prices in East China and the Yangtze River regions decreased by 0.3% and 0.4% respectively, slightly weaker than the national average [30] - **Narrow - range fluctuations in glass prices**: On February 24, the active futures contract price of glass was 1048 yuan/ton, a 0.8% decrease from February 13 [36] - **Unstoppable decline in container shipping freight rate index**: On February 13, the CCFI index decreased by 3.0% compared with February 6, and the SCFI index decreased by 1.2% during the same period [40] 2. Inflation: Weakening Pig Prices After the Holiday 2.1 CPI: Weakening Pig Prices After the Holiday - **Weakening pig prices after the holiday**: On February 24, the average wholesale price of pork was 18.3 yuan/kg, a 0.2% decrease from February 14 [45] - **Seasonal decline in the agricultural product price index**: On February 24, the agricultural product wholesale price index decreased by 0.8% compared with February 14. Different agricultural products showed different price trends [50] 2.2 PPI: Rising Oil Prices - **Rising oil prices**: On February 24, the spot prices of Brent and WTI crude oil were 71.4 and 65.6 US dollars/barrel respectively, a 1.8% and 5.3% increase from February 17 [53] - **Falling copper and aluminum prices**: On February 24, the prices of LME 3 - month copper and aluminum increased by 3.4% and 1.8% respectively compared with February 17. The domestic commodity index also had a decline in the month - on - month comparison [58] - **Most industrial product prices falling month - on - month**: Since February, most industrial product prices have fallen, with power coal prices rising month - on - month and other products falling, mainly rebar and cement [61]

香港联交所最新资料显示，2月20日，摩根大通增持海螺水泥（00914）210.3733万股，每股作价24.8358 港元，总金额约为5224.79万港元。增持后最新持股数目约为1.44亿股，最新持股比例为11.09%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 香港联交所最新资料显示，2月20日，摩根大通增持海螺水泥（00914）210.3733万股，每股作价24.8358 港元，总金额约为5224.79万港元。增持后最新持股数目约为1.44亿股，最新持股比例为11.09%。 责任编辑：卢昱君 客户端 ...

" 水泥 茅" 海螺水泥 （600585.SH、00914.HK）将获控股股东大手笔增持。 2月24日晚间，海螺水泥发布公告称，公司控股股东海螺集团计划自公告披露之日起6个月内增持公司A 股股份，增持金额不低于7亿元且不高于14亿元。本次增持不设定价格区间。 长江商报记者注意到，目前，海螺水泥的股价处于自2020年以来的低位，不过2026年以来，尤其是最近 一个多月，公司股价涨幅明显，1月20日至今，公司股价累计涨幅超19%，期间，成交量较此前也有明 显放大。 业绩方面，海螺水泥的归母净利润连续四年下滑后，在2025年明显企稳。 数据显示，2025年前三季 度，公司的归母净利润为63.05亿元，同比增长21.28%。此外，海螺水泥的资产质量较好，截至2025年 三季度末，公司的资产负债率仅20.59%。 获控股股东大手笔增持 海螺水泥获控股股东增持。 2月24日，海螺水泥发布公告，控股股东海螺集团拟未来6个月内增持公司A股股份，增持金额不低于7 亿元、不高于14亿元，将通过上交所集中竞价方式实施，且不设价格区间。 截至公告日，海螺集团持有公司36.4%股份，此次增持资金来自自有资金及专项贷款。海螺集团承诺增 ...

国际上顺差数字看着亮眼，2025年前11个月破了1万亿美元大关，可欧美那边反倾销和关税壁垒来得越 来越密。国内不少行业供大于求的矛盾摆在那，低价倾销等于拿自家资源去贴补别人消费，长此以往谁 也扛不住。 破除低价恶性竞争 这几年制造业里价格战打得挺凶，企业一个劲往下压价抢订单，东西卖得便宜是便宜了，可问题也跟着 冒出来。利润越来越薄，研发投入跟不上，产品质量有时就出点岔子。 2025年7月1日中央财经委员会第六次会议开得及时。会议直接点明要依法依规治理企业低价无序竞争， 引导品质提升，落后产能有序退出。这话一落地，信号就传开了。 光伏玻璃行业头部企业很快达成一致，从7月起集体减产30%，供应量降到45GW左右。钢铁产区唐山那 边烧结机按30%限产执行，水泥协会发文强调自律反对低价倾销。 汽车行业推出价格行为合规指南，明确全链条管理要求。生猪养殖领域农业农村部多次约谈大型集团， 11月在广东开会商量产能调控，能繁母猪存栏往合理区间靠。这些动作连在一起，不是简单喊停加班， 而是从根子上规范竞争秩序。 2026年开年，监管部门行动密集，市场监管总局1月约谈光伏行业协会和部分企业，通报垄断风险并要 求整改。 全国统一大 ...

Core Viewpoint - The company, Shangfeng Cement, announced that its wholly-owned subsidiary, Ningbo Shangrong Logistics Co., Ltd., is investing in Jiangsu Xinhua Semiconductor Technology Co., Ltd., which has received approval for its initial public offering and listing on the Sci-Tech Innovation Board from the Shanghai Stock Exchange on February 25, 2026 [1] Group 1 - Shangfeng Cement is utilizing its subsidiary, Ningbo Shangrong, as the investment vehicle for this transaction [1] - The investment is made through Hefei Guocai No. 3 Enterprise Management Partnership (Limited Partnership) [1] - Jiangsu Xinhua Semiconductor is preparing for its initial public offering [1]

宏观专题 "双碳"政策有望提力加速 2026 年 02 月 25 日 【宏观观点】 2026 年，"双碳"政策有哪些抓手？ 从近期政策总结后续"双碳"政策的主要抓手，我们认为主要有三方 面：零碳工厂的全国推行、碳排放权市场的扩围、以及产品碳足迹因 子数据库的建设。 挖掘价值 投资成长 东方财富证券研究所 证券分析师：王笑笑 证书编号：S1160525020006 证券分析师：方诗超 证书编号：S1160525070005 相关研究 《地方两会系列（一）——经济增长目标》 2026.02.13 2026.02.02 《纵深推进全国统一大市场建设的方向、 举措、效果推演——挖掘经济潜能系列一》 2026.01.25 《2026 年经济会有开门红吗》 2026.01.05 《延续稳中有进发展态势——11 月经济 数据解读》 2025.12.30 宏 观 研 究 / 宏 观 专 题 / 证 券 研 究 报 告 《特&马"将相和"，马斯克链王者归来》 2026 年，"双碳"政策有何不同？ 二十届四中全会以来，"双碳"政策相关部署加速推出，助力"十五五" 冲刺实现碳达峰。我们认为，2026 年"双碳"政策主要可能有两方面 ...

新春开工首日，A股市场迎来开门红，周期板块表现尤为亮眼。截至收盘，石油石化板块以5.53%的涨 幅位居申万一级行业榜首，基础化工板块以3.45%的涨幅排名第三。在此背景下，鹏华基金旗下石油 ETF鹏华(159697)、化工ETF(159870)精准贴合板块趋势，成为普通投资者把握周期类资产配置机遇、分 享板块上涨红利的优质工具。 梳理各大券商最新策略报告，可见机构对年后周期类资产的配置价值达成高度共识。如银河证券指出， 节后A股走势，结合过往十年的行情规律来看，在政策预期、流动性加持与产业趋势催化下，市场震荡 上行概率较大，同时需密切关注海外不确定性对于市场情绪的短期扰动。具体到配置机会上，重点关注 的主线以一，就是供需格局改善与行业盈利修复带动的"反内卷"概念，以及估值具备安全边际的红利资 产，建议关注受益于价格上涨的有色金属(贵金属)、石油石化行业，以及基础化工、钢铁、水泥、建筑 材料、金融等板块。国泰海通也表示，全球来看，地缘摩擦与关税政策反复推高宏观风险，短期大类资 产波动加剧，重点关注贵金属、有色及油气、新兴市场权益等"弱美元资产"。 面对周期板块的良好配置机遇，鹏华基金旗下石油ETF鹏华(1596 ...