证券代码：000401 证券简称：冀东水泥 公告编号：2025-039 唐山冀东水泥股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 唐山冀东水泥股份有限公司（以下简称公司或本公司）第十届监事会 第八次会议于 2025 年 5 月 14 日在公司会议室召开。会议应到监事 3 名， 实际出席监事 3 名，会议由监事会主席田大春先生召集并主持。会议的召 集、召开程序及出席会议的监事人数符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。会议对所列议案进行了审议，经表决 形成如下决议： 经审核，监事会认为：《唐山冀东水泥股份有限公司2025年限制性股 票激励计划实施考核管理办法》符合相关法律法规的规定以及公司的实际 情况，能保证公司2025年限制性股票激励计划的顺利实施，建立利益共享 与约束机制，不会损害公司及全体股东的利益。 表决结果：三票同意 零票反对 零票弃权 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn） 发布的《唐山冀东水泥股份有限公司2025年限制性股票激励计划实施考核 管理办法》。 该议 ...

人民网迪拜5月13日电 （记者管克江）由中国电建承建的伊拉克首座现代化水泥厂、伊拉克DCCP水泥厂12日 在伊拉克库尔德斯坦地区埃尔比勒省举行竣工仪式。伊拉克库尔德斯坦地区政府总理马斯鲁尔·巴尔扎尼、中国水 电四局董事长兼总经理庞旭、中国电建中东北非区域总部总经理彭刚、伊拉克达宾集团主席阿拉兹-米尔汗等各界 代表百余人出席。 据介绍，伊拉克DCCP水泥厂位于埃尔比勒省，由伊拉克达宾集团和中国电建联合建设，年产水泥205万吨。 水泥厂采用中国技术、中国设备、中国资金，采用最高端设备和最先进工艺，实现了水泥生产的高度自动化控 制。项目将为当地提供优质的建筑材料，有效弥补伊拉克库区及周边地区水泥的供应缺口，为库区建材行业发展 注入崭新活力。 马斯鲁尔·巴尔扎尼致辞表示，在不到两年时间里，项目实现正式投产，充分彰显了项目执行团队的专业、高 效与卓越，也体现了本地力量与国际合作伙伴之间强有力的协同精神。这项成就令人倍感骄傲，也为库区未来的 发展奠定了坚实基础。 中伊部分代表合影。中国电建供图 工人行走在厂区。人民网 伊纳斯·易卜拉欣摄 图为伊拉克DCCP水泥厂一景。中国电建供图 中伊嘉宾摁下按钮，共同启动水泥厂运行。人 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The central theme of the report emphasizes that the recent reduction in the reserve requirement ratio and interest rates by the central bank is expected to stabilize the real estate market, thereby creating investment opportunities in the construction materials sector. The measures aim to support rigid housing demand and alleviate the financial burden on homebuyers, which could lead to a recovery in construction materials demand [3][4]. Summary by Sections Market Overview - The construction materials index increased by 2.55% during the week of May 5 to May 9, outperforming the CSI 300 index by 0.55 percentage points. Over the past three months, the construction materials index rose by 1.77%, while the CSI 300 index fell by 1.88%, indicating a 3.65 percentage point outperformance [5][14]. - In the past year, the CSI 300 index increased by 4.91%, whereas the construction materials index decreased by 4.27%, resulting in a 9.18 percentage point underperformance [5][14]. Cement Sector - As of May 9, the average price of P.O42.5 bulk cement nationwide was 323.68 yuan/ton, reflecting a 2.75% decrease from the previous period. The clinker inventory ratio was 63.24%, down by 0.56 percentage points [7][24]. - Regional price trends showed mixed results, with Northeast China experiencing a 5.83% increase, while other regions like East China saw a decrease of 6.84% [24]. Glass Sector - The average price of float glass as of May 9 was 1319.00 yuan/ton, down by 0.90%. The inventory of float glass increased by 199 million weight boxes, marking a 3.54% rise [7][84]. - The average price of photovoltaic glass was 135.16 yuan/weight box, reflecting a 2.81% decrease [87]. Fiberglass Sector - The report highlights that the fiberglass sector is gaining attention, particularly in relation to applications in 5G communication and AI, with companies like China Jushi being recommended [4]. Consumer Building Materials - The report recommends several companies in the consumer building materials sector, including Sankeshu (for channel expansion) and Dongfang Yuhong (for waterproofing) [4]. Valuation Metrics - As of May 9, the average price-to-earnings (PE) ratio for the construction materials sector was 26.28 times, ranking it 17th lowest among all A-share industries. The price-to-book (PB) ratio was 1.11 times, ranking it 5th lowest [20][23].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 公司将严格按照《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第7号一一回购 股份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项 进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 重要内容提示： ■ 一、回购股份的基本情况 浙江尖峰集团股份有限公司（以下简称"公司"）于2025年4月18日召开了第十二届董事会第7次会议，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金及自筹资金以 集中竞价交易方式回购公司股份，用于员工持股计划或股权激励，预计回购股份的资金总额为人民币 2,000万元（含）-4,000万元（含），回购价格不超过人民币15.00元/股（含），回购期限为自公司董事 会审议通过本次回购股份方案之日起12个月内。 具体内容详见公司于2025年4月22日在上海证券交易所网站（www.sse.com.cn）披露的《尖峰集团关 ...

Investment Rating - The industry rating is "Outperform the Market" [8][68] Core Viewpoints - In April, the real estate sales heat has declined, but there are expectations for stronger policies in the future. The central bank's vice governor disclosed that personal housing loans increased by 220 billion yuan in Q1, which is over 200 billion yuan more than the previous year. Various cities have introduced new housing policies to support home purchases, indicating a proactive approach to stabilize the real estate market [3][13]. - Short-term factors include the emphasis on stabilizing the real estate sector during the April Politburo meeting, the urgency to expand domestic demand and promote investment amid escalating global trade tensions, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13]. - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China. The Politburo meeting in September 2024 explicitly stated the need to stabilize the real estate market, with expectations for policies such as lowering existing mortgage rates and transaction taxes to support demand [3][13]. Summary by Sections Recent High-frequency Data - As of April 30, 2025, the national average price of bulk P.O 42.5 cement is 395.2 yuan/ton, a decrease of 0.8% from last week, but a year-on-year increase of 13.0%. The average price of glass (5.00mm) is 1275.7 yuan/ton, down 0.2% from last week and down 25.2% year-on-year [4][22]. Sector Review - The Shanghai Composite Index fell by 0.49%, while the Shenzhen Composite Index remained unchanged. The building materials index dropped by 2.14%. Among sub-sectors, refractory materials increased by 1.61%, while cement manufacturing decreased by 2.25% [5][54]. Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [6]. 2. Undervalued stocks benefiting from the alleviation of B-end credit risks, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [6]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [6].

Group 1: Real Estate Industry Analysis - In April 2025, the top 100 real estate companies in China experienced a 9.1% year-on-year decline in sales, indicating ongoing market pressure [2][20] - From January to April 2025, the top 100 real estate companies achieved a total sales amount of 1,018.16 billion yuan, with a year-on-year growth rate of -6.8% [3][21] - The sales performance of the top 10 companies showed a year-on-year decline of 11.1%, while the sales of companies ranked 21-30 increased by 3.5% [3][21] Group 2: Key Companies in Real Estate - The five largest real estate companies by sales from January to April 2025 were Poly, China Resources, China Overseas, China Merchants, and Greentown, with sales amounts of 87.61 billion, 68.5 billion, 66.52 billion, 49.78 billion, and 47.72 billion yuan respectively [4][22] - The highest average sales prices per square meter were recorded by Binjiang, Yuexiu, Greentown, Jinyu, and Poly Real Estate, with prices of 39,800, 39,400, 34,100, 30,500, and 27,300 yuan respectively [4][22] - The companies with the highest year-on-year sales growth were China Railway, Huafa, Electric Construction, Yuexiu, and Tie Jian, with growth rates of 55.4%, 49.1%, 49.1%, 37.1%, and 22.7% respectively [4][22] Group 3: Investment Recommendations - The report suggests focusing on short-term valuation recovery opportunities due to policy implementation and long-term investments in leading companies with quality product resources and real estate operation capabilities [5][23] - Recommended companies include Poly Development, New Town Holdings, China Resources Land, and Longfor Group, which are expected to benefit from market conditions [5][23] Group 4: Communication Industry Analysis - The report highlights the significant commercial success of Yiyuan Communication in the communication module sector, marking progress in China's communication module industry [9][25] - From 2015 to 2024, Yiyuan Communication's revenue grew from 303 million yuan to 18.594 billion yuan, with net profit increasing from 26 million yuan to 588 million yuan [9][25] - The company has expanded its workforce from under 200 to approximately 6,000 employees during the same period [9][25] Group 5: Market Trends and Opportunities - The global edge AI market is expected to grow explosively, with projections indicating a rise from 321.9 billion yuan in 2025 to 1,223 billion yuan by 2029, reflecting a compound annual growth rate of 39.6% [13][29] - The integration of AI and IoT is anticipated to provide new growth opportunities and innovation potential, transitioning from a connected world to an intelligent world [13][29] - Yiyuan Communication is well-positioned to capitalize on the development opportunities in the edge AI market [13][30]

Industry Overview - Cement is a powdery hydraulic inorganic binder material that hardens in air or water when mixed with water, binding materials like sand and stone together [1] - The cement industry consists of three stages: upstream raw material supply, midstream cement production, and downstream application in construction and infrastructure [2][5] - The midstream is the core of cement manufacturing, involving the processing of raw materials into clinker and then into cement [3] Industry Development History - The cement industry in China has evolved through several stages closely linked to national economic development, policy adjustments, and market demand changes [7] - Key stages include: 1. Initial exploration (1978-1984) 2. Transition from planned to market economy (1985-1995) 3. Elimination and upgrading (1996-2000) 4. Rapid development (2001-2010) 5. Supply-demand balance adjustment (2011-2021) 6. Seeking industrial upgrade breakthroughs (2022-present) [9] Industry Policy Background - Recent policies aim to address overcapacity and promote orderly development through measures like banning new capacity, eliminating outdated capacity, and promoting peak production [10] Current Industry Status - The cement industry in China has seen fluctuating revenue, with a peak of 1.01 trillion yuan in 2019, followed by a decline to 888.51 billion yuan in 2022 due to the pandemic [11] - Cement production has also declined, dropping to 21.18 billion tons in 2022 and projected to fall to 18.25 billion tons in 2024 [12] - Apparent cement consumption has decreased for three consecutive years, with a forecast of 18.2 billion tons in 2024, the lowest in a decade [15] - The downstream application structure shows that infrastructure construction accounts for the largest share of cement demand at 63%, followed by real estate at 22% and civil use at 15% [17] Competitive Landscape - The cement industry is characterized by regional concentration, with significant numbers of enterprises in central provinces like Hebei, Henan, and Hubei [19] - The overall concentration in the cement sector is low, with China National Building Material (CNBM) leading in production capacity at 518 million tons, followed by Anhui Conch at 395 million tons [20] Future Development Outlook - The cement industry faces a shrinking market due to weakened downstream demand linked to the real estate market and slowing infrastructure investment [24] - Future trends include capacity replacement and the adoption of smart technologies, with a focus on green mining practices [26]

Mergers and Acquisitions - Shuangjie Electric plans to exchange 21,188,300 shares of Jinli Co., accounting for 3.86% of its total share capital, for shares of Foslok Technology [1] - Quan Chai Power's indirect acquisition of 90% of its controlling shareholder Quan Chai Group through a non-compensatory transfer of state-owned equity [2] - Hainan Airport intends to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, equivalent to 9.85 yuan per share [3] Performance Disclosure - Jidong Cement reported a first-quarter revenue of 3.903 billion yuan, a year-on-year increase of 16.82%, with a net loss of 873 million yuan, narrowing from a loss of 1.099 billion yuan in the same period last year [4] Share Buybacks - XGIMI Technology has repurchased 2.6292 million shares, accounting for 3.76% of its total share capital, with a total expenditure of 228 million yuan [5] - Jiangnan High Fiber has repurchased 15.2001 million shares, representing 0.88% of its total share capital, with a total expenditure of 22.2527 million yuan [6] - Binhua Co. has repurchased 17.6922 million shares, accounting for 0.86% of its total share capital, with a total expenditure of 68.5071 million yuan [7] Risk Matters - ST Xinchao's stock will be suspended from trading starting May 6 due to the inability to disclose audited annual and quarterly reports [8] - Jiawei New Energy's controlling shareholder received a warning letter from the Shenzhen Securities Regulatory Commission for failing to fulfill a commitment to increase shareholding [9] - Ruida Futures and related responsible persons received an administrative regulatory decision due to inadequate internal control management [10] - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related proposals [11]

Core Viewpoint - The company has demonstrated strong financial performance and strategic growth through its "one main and two wings" development strategy, focusing on cement production while expanding into emerging industries like semiconductors and renewable energy [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with a net profit excluding non-recurring items of 474 million yuan [1]. - As of the end of 2024, the total assets reached 17.578 billion yuan, and the net assets attributable to shareholders were 8.949 billion yuan [1]. - The weighted average return on net assets was 7.09%, with a comprehensive gross profit margin of 26.16% and a net profit margin of 10.86% [2]. Strategic Development - The company has successfully implemented its "one main and two wings" strategy, which has provided clear direction and focus amid a complex environment, leading to significant achievements [2]. - The "two wings" business, which includes investments in new economic sectors, contributed over one-third of the company's profits, focusing on sectors like semiconductors, new energy, and new materials [2]. Cash Flow and Dividend Policy - The company reported a net operating cash flow of 1.039 billion yuan, supporting its sustainable dividend policy [2]. - Since 2019, the company has maintained a high dividend policy, proposing a distribution of 6.30 yuan per 10 shares (including tax) for 2024, significantly above the industry average [2]. Investor Engagement - During the 2024 annual performance briefing, the company actively addressed investor inquiries on various topics, achieving a 100% response rate to questions regarding resource reserves, regional advantages, market expansion, technological innovation, and financial metrics [1].

Core Viewpoint - The company reported a revenue increase of 10.76% year-on-year for the first quarter of 2025, but also experienced a net loss that worsened compared to the previous year, primarily due to investment losses and challenges in the building materials sector [3][4][7]. Financial Performance - The company's operating revenue for the first quarter was 338.63 million yuan, up from 305.73 million yuan in the same period last year, an increase of 32.91 million yuan [3]. - The construction segment contributed to the revenue increase, with a rise of 15.41 million yuan, driven by several ongoing projects [3]. - The building materials segment saw an increase of 16.78 million yuan in revenue, attributed to higher sales volumes of cement [3]. Profitability Analysis - The net profit attributable to shareholders was -124.04 million yuan, worsening from -73.52 million yuan in the previous year, an increase in loss of 50.53 million yuan [4][7]. - The construction segment's net profit improved by 14.13 million yuan, while the building materials segment's net profit decreased by 42.96 million yuan, reflecting challenges in sales and cost pressures [4][5]. Non-Recurring Gains and Losses - The company reported significant non-recurring losses primarily from investments, with a loss of 44.74 million yuan due to declines in the fair value of shares held in other listed companies [6]. New Contracts - In the first quarter of 2025, the company signed two construction contracts exceeding 20 million yuan, with a total contract value of 194.80 million yuan [14]. Legal Matters - The company faced a legal ruling where its claims regarding environmental infringement were dismissed, which may impact its future operations and financial outlook [11]. Future Developments - The company is in the process of establishing a new cement production line in Linzhi City, which is currently in the public announcement phase [10].