据Wind数据统计，根据已披露的半年报，营收方面，从行业增速来看，2025年上半年，半导体、硬件 设备两大行业营收同比增速最快，分别为19.88%、17.08%，此外汽车与零部件、家电、非银行金融、 机械等行业增速都在5%以上。与2024年同期相比，半导体行业营收增速基本持平，硬件设备行业增速 有所上升。 净利润方面，2025年上半年，钢铁、软件与服务、建材三大行业归母净利润同比增速最快，分别为 263.77%、176.19%、75.49%，此外传媒、半导体、有色金属、技术硬件与设备、机械等行业增速也较 高，都在20%以上。与2024年同期相比，钢铁、软件与服务、建材等行业归母净利润增速大幅改善。 | 行业 | 21H1 | 22H1 | 23H1 | 24H1 | 25H4 | | --- | --- | --- | --- | --- | --- | | 钢铁 II | 225.3% | -55.4% | -72.6% | -66.1% | 263.8% | | 软件服务 | 18.8% | -75.5% | 19.2% | -104.3% | 176.2% | | 建材 II | 27.0% | -27 ...

天眼查App显示，近日，南通兮镁特建材有限公司成立，法定代表人为谢凯文，注册资本500万人民 币，经营范围为一般项目：建筑材料销售；建筑装饰材料销售；轻质建筑材料销售；建筑砌块销售；建 筑防水卷材产品销售；建筑物清洁服务；针纺织品销售；塑料制品销售；五金产品批发；地板销售；专 用设备修理；电力电子元器件销售；金属制品销售；信息安全设备销售；消防器材销售；机械电气设备 销售；电气设备销售；超导材料销售；化工产品销售（不含许可类化工产品）；电子专用设备销售；电 子专用材料销售；配电开关控制设备销售；电线、电缆经营；建筑工程用机械销售；机械设备租赁；办 公设备销售；木材销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The importance of ecological environment protection and the need for local enterprises to comply with environmental standards were emphasized, particularly in the case of a company in Pu Bei County that was ordered to halt production due to environmental risks [1] - The need for a comprehensive approach to livestock pollution prevention was highlighted, with a focus on tailored strategies for different types of farming operations to promote green transformation in the livestock industry [1] Group 2 - The necessity for companies to enhance technological innovation and leverage artificial intelligence for production management was discussed, with encouragement for businesses to increase production efficiency and market expansion [2] - The promotion of regional agricultural brands and the enhancement of the reputation of local products, such as lychee, were underscored to boost agricultural profitability and rural vitality [3] Group 3 - The integration of agriculture, industry, and services was advocated to foster comprehensive rural revitalization, with a call for the development of high-quality specialty brands and the application of new agricultural technologies [3] - The commitment to high-quality economic development and adherence to central government directives was reiterated, with a focus on achieving economic and social development goals [4]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of China Energy Engineering Corporation Limited for the first half of 2025, showcasing growth in revenue and profit while emphasizing the company's commitment to high-quality development and innovation in the energy sector [1][3]. Financial Performance - The company reported a revenue of RMB 212.09 billion for the first half of 2025, representing a 9.18% increase compared to the same period last year [7]. - The total profit amounted to RMB 6.56 billion, reflecting a 5.49% year-on-year growth [7]. - The net profit attributable to shareholders was RMB 2.80 billion, a slight increase of 0.72% from the previous year [7]. - The company's total assets reached RMB 938.74 billion, up 8.02% from the end of the previous year [7]. Industry Overview - The energy sector in China is experiencing significant growth, with a focus on renewable energy sources. As of June 2025, installed capacity for wind power reached 573 million kW, and solar power reached 1.1 billion kW, marking increases of 22.7% and 54.2% respectively [6][8]. - The traditional energy sector remains robust, with coal and hydropower continuing to play crucial roles in the energy mix. Hydropower capacity grew by 3% year-on-year [6][8]. - The government is investing heavily in infrastructure, with total investment in power engineering reaching RMB 363.5 billion, a 5.9% increase year-on-year [6][8]. Strategic Initiatives - The company is actively pursuing the "1466" strategy, focusing on innovation and high-quality development across its operations [15]. - It aims to enhance its core competencies in energy and infrastructure, participating in major national projects such as the Yarlung Tsangpo River hydropower project and the development of new energy bases [15]. - The company is also expanding its international presence and engaging in high-level forums to promote its integrated energy solutions [15]. Business Segments - The company operates across various sectors, including energy, water conservancy, green transportation, and ecological protection, demonstrating a comprehensive service capability [10][12]. - In the first half of 2025, the company secured new contracts worth RMB 775.36 billion, with significant contributions from its core energy and infrastructure projects [15]. - The industrial manufacturing segment, which includes construction materials and equipment manufacturing, is also a key focus area, with ongoing efforts to enhance sustainability and innovation [12][13].

Group 1: Macro Asset Tracking - The bond market shows narrow fluctuations with a slight increase, but the risk of further declines remains high after short-term stabilization [17] - The stock market is experiencing a "shrinking circle" phenomenon, with large-cap indices outperforming small-cap indices, indicating a decrease in market risk appetite [19] - The A-share market's long-term upward trend remains intact, supported by recent policy shifts towards increased fiscal spending targeting residents [19][6] Group 2: A-Share Market Insights - The A-share market saw a trading volume of 2.83 trillion, down nearly 170 billion from the previous trading day, with around 3,200 stocks declining [19] - The market is characterized by increased volatility, suggesting that buying on dips is a better strategy than chasing highs [19] - Recent policies indicate a shift from investment-driven growth to consumer-driven growth, which is expected to support economic recovery [19] Group 3: U.S. Market Overview - The U.S. stock market indices rose, with the Nasdaq up 0.53%, Dow Jones up 0.16%, and S&P 500 up 0.32%, driven by improved GDP and employment data [25] - The U.S. second-quarter GDP growth was revised up to 3.3%, with business investment growth significantly revised from 1.9% to 5.7% [25][40] - The dovish tone from the Federal Reserve Chairman at the Jackson Hole meeting opens the door for potential rate cuts, which may boost market risk appetite [25] Group 4: Currency Market Analysis - The onshore RMB against the USD was reported at 7.1299, down 86 basis points from the previous close, indicating a potential rebound in the dollar [29] - The outlook for the dollar is expected to be weak in the short term, but the cost-effectiveness of shorting the dollar is considered low [30] Group 5: Commodity Market Trends - The Wenhua Commodity Index increased by 0.16%, with construction materials and non-ferrous metals leading the gains, while oilseeds and ferroalloys lagged [34] - The current pricing of domestic commodities remains at historical lows, suggesting that shorting commodities lacks cost-effectiveness [34] Group 6: Important Policies and News - The Ministry of Finance reported that from January to July, state-owned enterprises' total profits were 24,786.4 billion, a year-on-year decrease of 3.3% [37] - The National Development and Reform Commission emphasized the need to avoid disorderly competition in the development of "Artificial Intelligence+" [39]

Core Viewpoint - Compliance management is essential for the survival and development of enterprises, providing tangible "integrity dividends" through enhanced tax credit management and support from tax authorities [1][2]. Group 1: Compliance and Internal Control - Companies are shifting from a mindset of "I have to strive for A" to "I want to strive for A," enhancing their internal control mechanisms to drive compliance [2]. - Internal audits and proactive measures, such as maintaining a "risk list + responsibility list," help companies like Liaoning Yufeng Chemical Co., Ltd. avoid tax risks and credit losses [1][2]. - The integration of tax compliance requirements into all business processes, including contract reviews and tax filings, is crucial for preventing tax-related risks [3]. Group 2: External Support and Services - Tax authorities in Liaoning have established a green channel service model for A-level taxpayers, expediting processes like tax refunds and enhancing companies' market competitiveness [4][5]. - Continuous guidance and support from tax departments help companies navigate tax compliance, ensuring timely and accurate submissions [5][6]. Group 3: Benefits of Good Tax Credit - A-level tax credit status provides companies with easier access to tax services and financial products, reducing funding costs significantly [6]. - Companies with strong tax credit ratings, such as Liaoning Tianyi Industrial Co., Ltd., benefit from enhanced market reputation and opportunities, including successful bids in competitive procurement processes [6][7]. - The positive impact of tax credit on supplier relationships and market expansion is evident in companies like Liaoning Tianan Biopharmaceutical Co., Ltd., which enjoys stable raw material supply due to its good credit standing [6]. Group 4: Future Directions - Liaoning tax authorities will continue to focus on building a tax credit system, guiding more enterprises to transition from passive compliance to proactive management [7][8].

天眼查App显示，近日，盐源县平发建材有限公司成立，法定代表人为李小平，注册资本100万人民 币，经营范围为一般项目：建筑材料销售；建筑装饰材料销售；建筑用石加工；建筑用金属配件销售； 建筑用钢筋产品销售；五金产品批发；水泥制品制造；水泥制品销售；非金属矿及制品销售；建筑防水 卷材产品销售；建筑物清洁服务；轻质建筑材料销售；建筑陶瓷制品销售；建筑用木料及木材组件加 工；园林绿化工程施工；密封用填料销售；金属结构销售；家具销售；机械设备租赁；农业机械租赁。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：建筑劳务分包。（依法须 经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）。 ...

Core Viewpoint - The report highlights how Postal Savings Bank of China (PSBC) in Hubei Province is leveraging inclusive finance to support the high-quality development of the real economy, particularly focusing on technology-driven small and medium-sized enterprises (SMEs) [1] Group 1: Economic Growth and Financial Support - Hubei Province's GDP grew by 6.2% year-on-year in the first half of the year, outperforming the national average by 0.9 percentage points, driven by technological innovation from numerous SMEs [1] - In the first seven months of the year, PSBC issued a total of 15.1 billion yuan in technology financial loans in Hubei, ranking first among financial institutions in the province [1][3] Group 2: Innovative Financing Solutions - PSBC introduced a "pure credit loan" policy that significantly streamlined the loan application process for SMEs, exemplified by a case where a company received 5 million yuan within a day [2] - As of July 31, PSBC had issued 5.535 billion yuan in knowledge value credit loans, with a total credit line exceeding 8 billion yuan, marking a leading growth rate among provincial financial institutions [3] Group 3: Tailored Financial Services - PSBC is providing customized financial solutions to support the growth of technology-driven enterprises, such as issuing 40 million yuan in "technology credit loans" to a packaging company to facilitate expansion and upgrades [4] - The bank's proactive approach includes direct engagement with SMEs to understand their unique challenges, leading to timely financial support [6] Group 4: Digital Transformation Support - PSBC is promoting a one-stop digital management platform, "Yiqiying 2.0," to help SMEs reduce costs and improve efficiency in various operational aspects, with over 4,000 new clients served in the first half of the year [7] - The bank aims to provide at least 200 billion yuan in loans to the real economy by 2025, focusing on sectors like new materials and artificial intelligence [7][8]

Investment Rating - The report maintains a "Positive" outlook for the building materials industry, particularly highlighting the recovery of leading companies in the paint sector [4][9]. Core Viewpoints - The report indicates that after several years of downturn in the real estate sector, the risks associated with corporate development and operations have been largely mitigated. Leading companies in the paint sector are showing signs of operational improvement and performance recovery, suggesting a favorable time for investment [4][9]. - The report emphasizes that the demand for building materials is expected to stabilize due to recent policy relaxations in first-tier cities, which are anticipated to boost consumer demand for building materials [9]. - The leading domestic paint company, SanKeShu (三棵树), has shown significant improvement in its operational performance, with a reported revenue of 5.82 billion yuan in the first half of 2025, reflecting a year-on-year growth of 1.0%, and a net profit of 440 million yuan, up 107.5% compared to the same period in 2024 [9]. Summary by Sections Market Outlook - The report notes that the overall demand for the paint industry is expected to see slight growth despite the ongoing downturn in the real estate sector. Urban renewal projects and renovation needs are driving demand [9]. Investment Recommendations - The report suggests focusing on leading companies in the paint sector, specifically recommending SanKeShu (三棵树) and Beixin Building Materials (北新建材), as they are well-positioned to benefit from the anticipated recovery in demand [4][9].

来源：市场资讯 （来源：水泥网APP） 8月28日，中国建材公布中期业绩，2025年上半年，经审核收入约为人民币832.80亿元，较2024年同期 下降0.2%。集团未经审核权益持有者应占利润约为人民币13.60亿元，而2024年同期的集团权益持有者 应占亏损约为人民币20.18亿元。 ...