四川双马公告，第三季度营收为2.88亿元，同比增长9.91%；净利润为1.65亿元，同比增长25.74%。前 三季度营收为9.17亿元，同比增长23.21%；净利润为2.94亿元，同比增长20.03%。 ...

对此，生态环境部应对气候变化司司长夏应显回答《每日经济新闻》记者提问时表示，中国作为全球南方的一员，为全球应对气候变化工作作出的重大贡献 有目共睹，得到国际社会的高度评价。 10月29日，生态环境部召开10月例行新闻发布会。聚焦中国在推动应对气候变化南南合作等方面的最新进展，《每日经济新闻》记者在发布会现场提问。 此前，COP30（第30届联合国气候变化大会）首席执行官安娜·托尼提出全球南方国家正成为推动气候议程的重要力量，巴西环境部长玛丽娜·席尔瓦表示中 国在全球气候治理中做出了巨大贡献。那么，中国在推动应对气候变化南南合作方面下一步有哪些计划？ 夏应显介绍，下一步，将持续落实气候变化南南合作十百千倡议和"一带一路"应对气候变化南南合作计划，结合发展中国家应对气候变化及绿色低碳发展的 现实需求，尽己所能做好项目实施与开发，持续推动低碳示范区项目建设，重点推进"非洲光带""清洁炉灶"等旗舰项目的开发实施，打造气候援外新品牌。 生态环境部召开10月例行新闻发布会图片来源：每经记者张怀水摄 中国累计实施300多期发展中国家应对气候变化能力建设项目 "气候变化是人类面临的共同挑战，需要世界各国共同携手应对，全球南方 ...

Core Insights - The report by Zhiyan Consulting highlights significant growth in China's cement and clinker exports, with a notable increase in both volume and value in August 2025 compared to the previous year [1] Export Data Summary - In August 2025, China's cement and clinker exports reached 1.28 million tons, representing a year-on-year increase of 224.9% [1] - The export value for the same period was $0.53 million, which reflects a year-on-year growth of 132.9% [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has a strong focus on delivering tailored industry solutions to empower investment decisions through professional insights and market analysis [1]

华新水泥 20251029 摘要 华新水泥三季度业绩超预期，主要得益于尼日利亚资产并表、税率恢复 正常以及现金分红。尼日利亚技改项目预计将水泥产能从 1,060 万吨提 升至 1,400 万吨，为未来增长提供动力。 公司具备显著的技改和管理优势，包括投资策略、并购整合和跨文化管 理能力。技术研究院和装备工程能力能够支持海外工厂的设备改造升级， 实现供应链和成本自给自足，提升生产效率并降低运营成本。 华新水泥的中长期产能目标是到 2027-2028 年达到 5,000 万吨，中期 目标为 7,500 万吨。短期内，通过技改增加产能，其余通过收并购实现。 海外产能预计 2025 年销量可达 2000 万吨，投资策略分散以确保全球 增长。 国内骨料业务销量增速良好，但吨价格面临压力。华新水泥凭借规模优 势、全品种服务和技术支持，提高客户粘性与销量，并开拓精品机制砂 市场。预计骨料价格已触底，后续将逐步回升。 三季度国内水泥业务表现优异，归母净利润同比增长明显，优于行业平 均水平。这得益于有效的管理策略、运营效率优化以及税率恢复正常， 技术升级和设备优化也提高了生产效益。 Q&A 华新水泥三季度吨毛利显著改善，接近 ...

Core Viewpoint - The report emphasizes the importance of advancing carbon peak and carbon neutrality goals, suggesting the implementation of a dual control system for total carbon emissions and intensity, alongside various policies to enhance energy efficiency and carbon reduction [1][3][4]. Group 1: Carbon Emission Control - The report advocates for a dual control system for carbon emissions, focusing on both total emissions and intensity [1][3]. - It highlights the need for deep implementation of energy-saving and carbon reduction transformations, particularly in high-energy-consuming industries such as steel, cement, and chemicals [3][4]. - The establishment of a comprehensive carbon emission statistical accounting system is recommended, along with local carbon assessments and industry carbon management [1][3]. Group 2: New Energy System Development - The report calls for an increase in the proportion of renewable energy supply and a systematic transition from fossil fuels to cleaner energy sources [4]. - It emphasizes the construction of a new power system that integrates various energy sources, including wind, solar, and nuclear [4]. - The development of energy storage systems and smart grids is highlighted as crucial for enhancing the resilience and efficiency of the power system [4]. Group 3: Market Regulation and Competition - The report stresses the need to eliminate barriers to the establishment of a unified national market, addressing issues of local protectionism and market segmentation [5]. - It advocates for comprehensive regulation to combat "involution" competition, promoting a healthy market order [5]. - The ongoing efforts to regulate the market are expected to benefit industries such as solar and lithium batteries by facilitating supply-side reforms [5]. Group 4: Future Industry Trends - The report identifies hydrogen energy and nuclear fusion as potential new growth points for the economy, with a focus on green hydrogen production and safety in storage and transportation [5]. - It suggests that advancements in nuclear fusion technology could support future infrastructure developments, including AI and quantum technology [5]. - The report anticipates significant market opportunities in new materials and high-end equipment driven by these emerging industries [5]. Group 5: Investment Strategy - The report outlines four main investment themes: energy infrastructure upgrades, energy-saving and carbon reduction initiatives, anti-involution measures, and forward-looking industries [6]. - It highlights the rapid development potential of energy storage as a key component of the new power system [6]. - The report suggests that traditional industry energy-saving transformations will benefit related service providers and technology equipment manufacturers [6].

华新水泥披露3 季报财报：实现收入250.3 亿，同比增长1.27%；归属净利润20.04 亿，同比增长76%； 其中25Q3 单季度收入89.9 亿，同比增长5.9%；归属净利润9 亿元，同比增长121%；环比增长3.5%。 此外，公司披露三季报分红，拟向全体股东分配前三季度现金红利0.34 元/股（含税）。 预计2025-2026 年业绩31、42 亿，对应PE 为14、10 倍，推荐评级。 风险提示 1、需求持续偏弱； 2、骨料价格持续走低。 国内需求整体仍承压。2025 年前3 季度基础设施投资同比增长1.1%，制造业投资增长4.0%，房地产开 发投资下降13.9%。从水泥行业层面来看，2025 年前3 季度，全国水泥产量12.59 亿吨，同比下降 5.2%。9 月份，全国单月水泥产量1.54 亿吨，同比下降8.6%。 公司有别于同行，在海外市场多年前展开了较大力度的布局，当前进入收获期，也是当下业绩超预期的 核心支撑。公司是出海的领跑者，随着海外版图的持续扩张，目前也是业绩释放的窗口期。2025 年海 外表现突出，也是25Q3 业绩超预期的核心支撑：1、尼日利亚项目9 月开始进入并表，提供边际增量； ...

Core Viewpoint - The "dual carbon" goals of carbon peak and carbon neutrality are not only China's commitment to global climate challenges but also a crucial strategy for high-quality development and green low-carbon transformation. Over the past five years, China has established a preliminary policy system and market mechanism to support these goals, influencing both domestic and global carbon neutrality efforts [1][2]. Group 1: Policy Framework and System Construction - Since the introduction of the "dual carbon" goals, China has built a comprehensive and coordinated policy system, characterized by clear top-level planning, diverse policy tools, and collaborative execution mechanisms [2][3]. - The "1+N" policy framework serves as the core of the carbon peak and neutrality system, with various departments and regions developing implementation plans across key sectors, creating a robust policy matrix [3]. Group 2: Green Finance Development - The establishment of green finance has accelerated, forming a matrix of policy tools that includes green credit, green bonds, carbon finance, and green insurance, among others [4][5]. - By 2024, China's green loan balance exceeded 36 trillion yuan, accounting for about 14% of total loans, while green bond issuance reached over 2.5 trillion yuan, positioning China as a global leader in these areas [13]. Group 3: Carbon Market Enhancement - The national carbon market has been continuously improved since its launch in 2021, with the coverage expanding to include high-emission industries such as steel and cement, making it the largest carbon market globally [8][9]. - The establishment of a voluntary carbon trading market is underway, aiming to enhance market participation and support green finance product innovation [9]. Group 4: International Cooperation and Standards - China is actively deepening international cooperation in green finance, participating in global governance and contributing to the establishment of international standards [10][11]. - The introduction of mandatory environmental information disclosure regulations is a significant step towards aligning with international practices [11]. Group 5: Achievements and Challenges in Green Finance - Green finance has significantly contributed to resource allocation, fostering green momentum, and optimizing economic structure, but challenges remain in data disclosure, support for high-carbon industries, and the balance of financial products [12][17]. - The carbon emission data disclosure system is not yet robust, limiting the efficiency of resource allocation and the ability of financial institutions to assess carbon asset risks accurately [17]. Group 6: Future Directions for Green Finance - To further support the "dual carbon" goals, China needs to enhance the carbon information disclosure system, expand the application of carbon reduction support tools, and optimize the structure of green financial products [22][23][25]. - The carbon market requires reforms to improve price discovery and resource allocation functions, while green funding should be promoted internationally to support global green transitions [27][28].

Core Points - Asian Cement announced changes in its independent non-executive director and board committee composition [1][3] Group 1: Board Changes - Dr. Wang Guoming resigned from his position as independent non-executive director, chairman of the remuneration committee, chairman of the corporate sustainability committee, and member of the independent committee due to personal career planning [3] - Lin Meixue has been appointed as the new independent non-executive director and member of the independent committee, nomination committee, remuneration committee, and corporate sustainability committee [3] - Executive director Xu Xuping has been appointed as the chairman of the corporate sustainability committee, while independent non-executive director Zhan Delong has been appointed as the chairman of the remuneration committee [3] - These personnel changes will take effect from October 28, 2025 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a revenue of 25Q3 at 89.9 billion, a year-on-year increase of 5.9%, and a net profit of 9 billion, reflecting a year-on-year growth of 121% [2][4]. - The overall revenue for the first three quarters reached 250.3 billion, with a year-on-year growth of 1.27%, and a net profit of 20.04 billion, up 76% year-on-year [2][4]. - The company plans to distribute a cash dividend of 0.34 yuan per share (tax included) for the first three quarters [4]. Financial Performance Summary - The projected earnings for 2025 and 2026 are 31 billion and 42 billion respectively, corresponding to price-to-earnings ratios of 14 and 10 [4]. - The current stock price is 20.66 yuan, with a total share capital of 207.9 million shares and a net asset value per share of 15.19 yuan [5]. Market and Operational Insights - The company has strategically expanded its overseas operations, which are now a core contributor to its performance, particularly with projects in Nigeria and other African nations [4][7]. - The company is expected to continue outperforming in Q4 2025, driven by the full quarter contribution from the Nigerian project and the commencement of operations in Malawi [7].

丨证券研究报告丨 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_Title] 底部信号明确，期待反内卷下的修复弹性 报告要点 [Table_Summary] 公司披露 2025 年 3 季度报告：实现营业收入 549 亿元，同比下降 10.6%；归母净利润-11.8 亿 元，同比上升 68.5%。 分析师及联系人 [Table_scodeMsg1] 公司研究丨点评报告丨天山股份（000877.SZ） %% %% research.95579.com 1 [Table_scodeMsg2] 天山股份（000877.SZ） cjzqdt11111 [Table_Title2] 底部信号明确，期待反内卷下的修复弹性 [Table_Summary2] 事件描述 公司披露 2025 年 3 季度报告：实现营业收入 549 亿元，同比下降 10.6%；归母净利润-11.8 亿元，同比上升 68.5%。 事件评论 请阅读最后评级说明和重要声明 %% %% ⚫ 预计 2025-2026 年业绩 ...