长江商报消息 ●长江商报记者 徐佳 实习生 骆佳慧 东北证券股权出售尚未落定，亚泰集团（600881.SH）再次计划出售金融资产，全力"保壳"。 7月21日晚间，亚泰集团发布公告，公司拟公开挂牌转让持有的吉林银行股份共3亿股，挂牌底价合计不 低于12.57亿元。交易完成后，亚泰集团对吉林银行的合并持股比例将由6.88%降至4.6%。 长江商报记者注意到，除了出售吉林银行股权之外，亚泰集团还在推进对东北证券股权及酒店资产的出 售。亚泰集团密集实施资产出售的背后是，公司面临"保壳"压力。 数据显示，2021年至2025年上半年，亚泰集团连续四年半归属于上市公司股东的净利润（净利润，下 同）亏损，累计亏损金额将超123.49亿元。截至2025年3月末，亚泰集团资产负债率达93.64%。 本次交易中，吉林银行采用市场法评估的股东全部权益价值为506.44亿元，增值额为4247.61万元，增值 率为0.08%，按照评估基准日吉林银行总股本120.87亿股折算，折合每股4.19元。 对于此次挂牌转让吉林银行的目的，亚泰集团表示，此次交易有利于公司优化资产负债结构，补充流动 资金，且不会对公司主营业务和持续经营能力产生不利 ...

根据《广东塔牌集团股份有限公司第二期员工持股计划》的相关规定，第二期员工持股计 划锁定期为 12 个月，自公司公告标的股票登记至当期员工持股计划之日起计算，即自 2020 年 7 月 28 日起至 2021 年 7 月 27 日止；第二期员工持股计划基本存续期为 60 个月，自公司公 告标的股票登记至当期员工持股计划之日起计算，即自 2020 年 7 月 28 日起至 2025 年 7 月 27 日止。 广东塔牌集团股份有限公司（以下简称"公司"）于2025年7月22日召开了第六届董事会 第十八次会议，审议通过了《关于第二期员工持股计划延期的议案》，同意将公司第二期员工 持股计划的存续期延长6个月，即延长至2026年1月27日。现将相关情况公告如下： 一、第二期员工持股计划的基本情况 第二期员工持股计划股票来源于公司回购， 2020 年 7 月 22 日，中国证券登记结算有限 责任公司深圳分公司以非交易过户形式将公司回购专用证券账户所持有公司股票 1,900.49 万 股过户至 "广东塔牌集团股份有限公司－第二期员工持股计划"专户，占公司总股本的 1.59%， 过户价格为 5.38 元/股。具体情况详见公司于 ...

NO.1 广东三年审结超1.7万起证券虚假陈述责任纠纷案 7月22日，广东省高级人民法院发布《广东法院证券虚假陈述侵权案件审判白皮书（2022—2024年）》及证券纠纷典型案例。白皮书显 示，2022年至2024年，全省法院共审结证券虚假陈述责任纠纷案件17515件，2024年新收一审案件同比下降34.7%，调撤案件5357件、 调撤率超30%。 据"惠州发布"微信公众号7月22日消息，截至6月30日，惠州20家上市公司总市值为4466.62亿元，胜宏科技、亿纬锂能、TCL科技、德 赛西威分列前四，并成功跻身2025年上半年"中国上市企业市值500强"榜单。 点评：惠州在相关产业的集群效应显著，凸显了其作为大湾区先进制造业城市的战略价值。 NO.4广东发放转型金融贷款33.6亿元 7月21日，据2025年上半年广东省金融运行形势新闻发布会披露，截至目前，广东金融机构累计发放符合转型金融标准的转型贷款共39 笔，发放贷款金额33.6亿元，覆盖水泥、玻璃、陶瓷、钢铁、铝业、化工、水上运输等行业。 点评：这一实践标志着传统产业绿色转型进入"金融杠杆撬动"阶段，广东正探索出一条"高碳产业低碳化"的经济升级路径。 点评 ...

Cementos Pacasmayo (CPAC) Q2 2025 Earnings Call July 22, 2025 10:00 AM ET Company ParticipantsClaudia Bustamante - Sustainability & IR ManagerHumberto Nadal Del Caprio - GM, CEO & DirectorEly Adriana Hayashi Hirahoka - CFO and Director - Finance & CybersecurityConference Call ParticipantsMarcelo Furlan Palhares - Equity Research AnalystOperatorTwenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. And please note that this call is being recorded. At the conclusi ...

反内卷政策激发水泥、钢铁需求，西藏天路、华新水泥受益。7 月 19 日 新闻稿显示，截弯取直、隧洞引水方式使盾构机、TBM 掘进机成新主线， 并提出特高压需求。 总理出席开工仪式，项目定义为国家级别，金额达 1.2 万亿，超预期。 新成立的雅江集团是副部级央企，定位高，资产荒和流动性泛滥背景下， 该项目更显突出。 雅江电站价值量分布：枢纽工程占比约 47%，机电安装 10%-20%，拆 迁约 40%，工程量 30%-40%，机电设备 12%-17%，建材约 15%， 民爆爆破 3%-5%。 技术方案采用截弯取直、隧洞引水，盾构机和 TBM 掘进机成主线，以外 送消纳为主，对特高压提出新要求，包含五个发电机组，超预期。 资产荒与流动性泛滥背景下，雅江电站等重大基础设施项目受青睐，提 振市场信心，吸引资金涌入，推动相关公司股价上涨。 水泥和水电工程产业链保持强势，水泥、盾构机、爆破设备及岩土工程 等领域增长强劲，不包括特高压，因此表现更突出。 雅江项目采用截弯取直、隧洞引水方式，类似锦屏二级电站，将使用 TBM 掘进机和钻爆法，对盾构机及其零部件需求增加。 Q&A 雅江电站的行情为何超预期？ 雅江电站的行情超预期 ...

Summary of the Conference Call on the Motuo Hydropower Station Project Industry and Company Involved - **Industry**: Hydropower and Explosives Industry - **Company**: Various companies involved in the construction and supply for the Motuo Hydropower Station project, including China Electric Power Construction, China Energy Construction, and local explosive companies like Gaozheng Minbao, Yipuli, and Baoli United. Core Points and Arguments - **Project Overview**: The Motuo Hydropower Station has a total investment of 1.2 trillion yuan, with plans to construct five tiered power stations and a core 50 km water diversion tunnel, aiming for a total installed capacity of 6,000 to 7,000 kilowatts and an expected annual power generation of 300 billion kilowatt-hours, which can supply electricity for 300 million people [1][2]. - **Strategic Significance**: The project will replace 90 million tons of coal, reduce carbon dioxide emissions by 300 million tons, optimize the energy structure in Eastern China, create approximately 200,000 jobs, and enhance military response capabilities at the border. It may also facilitate electricity exports to Bangladesh and Myanmar, increasing China's influence in South Asia [2]. - **Investment Breakdown**: The construction period is approximately ten years, with infrastructure investment accounting for 50% of the total investment. The project will require 250,000 tons of industrial explosives and 360 million electronic detonators, significantly benefiting the explosives industry [1][4]. - **Comparison with the Three Gorges Project**: The Motuo project will use a larger quantity of explosives compared to the Three Gorges Project, with total investment being four to five times greater. The Three Gorges Project used over 50,000 tons of explosives, while Motuo's requirements are expected to be much higher due to its geological and construction challenges [5][10]. - **Current Progress**: As of 2023, preliminary work has focused on geological data collection, traffic tunnel construction, and surface blasting, with approximately 6,000 tons of explosives already used [6][7]. - **Peak Usage of Explosives**: The peak period for explosive usage is anticipated to be from the third to the eighth year of construction (around 2027-2028), after which the demand will decrease as the focus shifts to equipment installation [8]. - **Market Share and Revenue**: Gaozheng Minbao is expected to capture about 50% of the market share for explosives, generating approximately 30 billion yuan in revenue with a profit margin of around 10% [3][17]. - **Explosive Pricing**: Prices for explosives in Tibet vary by region, with costs around 13,000 yuan per ton in Lhasa and up to 20,000 yuan in remote areas. The overall service fees for blasting are relatively fixed, including monthly service fees and operational costs [13][14]. - **Profitability of Explosives**: The profit margin for explosives in the region is higher than in mainland China, positively impacting the overall profitability of the Motuo project. The estimated revenue from explosives could reach around 35 billion yuan based on projected usage [23][24]. Other Important but Possibly Overlooked Content - **Geological Challenges**: The complex geological conditions and transportation difficulties in the region significantly affect construction progress and the reliance on blasting rather than tunneling machines [26]. - **Supplier Involvement**: Various companies are involved in different aspects of the project, including cement supply from Huaxin Cement and road construction by Xizang Tianlu, which are included in the total investment [21][32]. - **Bidding and Contracting**: The bidding process for the project has been ongoing, with several companies already confirmed to participate in construction tasks [35]. - **Impact on Local Economy**: The project is expected to have a substantial impact on the local economy, providing jobs and boosting the demand for local materials and services [2][4].

宏 观 经 济 影 响 雅鲁藏布江 经济金融影响分析 稳 经 济 • 1.2万亿元投资 • 廉价电力推动电解铝、数据中心等高载能产业落地 • 项目按10年建设期估算，带动投资增速+0.23%、 GDP增速+0.09%，长期提升西藏GDP 20%以上 能 源 战 略 • 满足3亿家庭用电量 • 构建亚洲能源共同体 • 向巴基斯坦、孟加拉输电推动跨境电力人民币结算， 削弱美元能源定价权 市 • 降低对进口化石能源依赖 区 域 战 略 • 工程将解决西藏能源短缺，并贡献其财政收入2/3 结构性改变区域经济格局 • 投产后每年为西藏增加超200亿元财政收入 • 以工代赈（西藏就业） 雅下工程超越单一水电项目，成为集成能源革 命、边疆开发与生态治理的国家级系统工程。 爆破（高争民爆、保 利联合）、水泥（西 藏天路、华新水泥）、 隧道机械：TBM（铁 建重工、中铁工业、 徐工器械）率先受益、 施工（中国电建、能 建） 上游基建先行 水轮机组（2031-35 年招标）：东方机电、 哈电、东方电气、 特高压（配套5条直 流线路）进入中期放 量期：国电南瑞、许 继电气 中游设备高峰 电力运营与配套产业 （10年以上） ：国 投 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report highlights the continuous upgrade of special fabrics and the focus on the promotion of anti-involution policies in the construction materials sector [6] - The glass fiber industry is expected to perform well, with a focus on construction materials and anti-involution measures [2] - The report anticipates that the anti-involution policies will lead to structural adjustments and the elimination of backward production capacity in key industries, including construction materials [6][7] Summary by Sections Basic Situation - Cement prices continue to decline, with a national average shipment rate of approximately 45.5%, a 2.4 percentage point increase month-on-month but a 0.5 percentage point decrease year-on-year [8] - The average price of cement nationwide is 348.87 yuan/ton, down 3.87 yuan/ton month-on-month and down 46.29 yuan/ton year-on-year [24] - Glass prices are showing slight increases, with a national average price of 69.59 yuan per weight box, up 0.14 yuan per weight box month-on-month but down 11.89 yuan year-on-year [37] Recommendations - The report recommends focusing on special fabrics and the African supply chain, with key players such as China National Materials Technology benefiting from domestic substitution in special glass fiber fabrics [10] - It also suggests paying attention to companies like Huaxin Cement and Western Cement, which are expected to benefit from the structural optimization of demand in the construction materials sector [10] - The report emphasizes the importance of existing leading companies in the construction materials sector as a main line for investment throughout the year [2][10]

2Q25 Corporate Presentation MACRO OVERVIEW 1. About us Listed on the Lima Stock Exchange (BVL: CPACASC1-PE) since 1995 and on the New York Stock Exchange (NYSE: CPAC) since 2012 We are a leading Peruvian cement company, with over 67 years of operating history As of Jun-25 LTM, Pacasmayo's cement shipments reached 2.9 million MT Quarterly Highlights S/ 484.1 5.9% Compared to 2Q24 26.9% 0.8 p.p Compared to 2Q24 S/ 130.2 million 9.0% Compared to 2Q24 SALES VOLUME SALES OF GOODS EBITDA million EBITDA MARGIN Sha ...

Group 1: Market Performance - A-share market experienced dramatic closing performance on July 22, with multiple sectors suddenly surging, particularly the engineering machinery sector, which saw a closing increase of over 6% [1] - Major companies like Sany Heavy Industry reached the limit-up, while Zoomlion's stock rose nearly 8% [1] Group 2: Steel and Cement Sectors - The steel sector also showed strong performance, with companies like Xining Special Steel and Liugang Co. hitting the limit-up [3] - Cement stocks experienced a surge, with Anhui Conch Cement reaching the limit-up for two consecutive trading days, alongside other companies like Huaxin Cement and Tibet Tianlu [3] Group 3: Hydropower Project Impact - The Yarlung Tsangpo River downstream hydropower project commenced on July 19, with a total investment of approximately 1.2 trillion yuan, aiming to build five cascade power stations with an installed capacity of 60 to 81 million kilowatts and an annual power generation of 300 billion kilowatt-hours [4] - The project is expected to significantly boost demand for engineering machinery, particularly earth-moving, concrete, lifting, foundation construction, and tunnel excavation machinery [4] Group 4: Industry Chain Benefits - The steel industry is projected to benefit directly from the project, with an estimated steel consumption exceeding 2 million tons due to the massive earthworks and concrete pouring required [5] - The project is a national strategic initiative that will stimulate demand across various sectors, including hydropower construction, infrastructure, ultra-high voltage transmission, equipment manufacturing, and cement supply [5] - The implementation of the project is expected to enhance construction in hydropower infrastructure, driving demand for materials like cement, water-reducing agents, and explosives [5]