行业主要上市公司：海螺水泥(600585.SH);华新水泥(600801.SH);金隅集团(601992.SH);冀东水泥(000401.SZ); 塔牌集团(002233.SZ)等 本文核心数据：水泥行业规模;中国水泥产量;水泥表观消费量;下游应用结构 行业概况 1、 定义 转自：前瞻产业研究院 水泥是粉状水硬性无机胶凝材料。加水搅拌后成浆体，能在空气中硬化或者在水中硬化，并能把砂、石等材 料牢固地胶结在一起。 2、 产业链剖析：中游是水泥行业的核心制备环节，但很大程度依赖下游领域需求 水泥产业链涵盖上游原材料供应、中游水泥生产制造、下游水泥制品应用三个阶段，这也是水泥产业的上、 中、下游三个环节。上游主要是石灰石、粘土等原材料的开采与供应;中游是水泥的生产制造过程，包括熟 料生产和水泥粉磨;下游则是水泥制品在建筑、基础设施建设等领域的广泛应用。 其中，产业中游是水泥制造的核心环节，主要通过原材料加工为生料到熟料再到水泥的过程。 我国水泥制造业中参与企业十分广泛。上游主要是水泥原材料供应商，其中石灰石上市的企业包括四川金 顶、三友化工和祁连山等，黏土质上市的企业包括漳州发展、君正集团和淮北矿业等;中游主要是水 ...

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].

Financial Performance - The company reported a basic earnings per share of -0.0262 yuan for Q1 2025, a decrease of 77.03% compared to -0.0148 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 1.78 billion yuan, representing a 35.88% increase from 1.31 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.15 billion yuan, which is an 87.5% decline from -0.08 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 was -0.89%, down 71.15% from -0.52% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 24,475.4 million shares, accounting for 44.53% of the circulating shares, with a change of 709,100 shares from the previous period [2] - Guangdong Jianhua Enterprise Management Consulting Co., Ltd. remains the largest shareholder with 13,003.37 million shares, representing 23.66% of total share capital [3] - New entrant XU Shiming holds 266.00 million shares, accounting for 0.48% of total share capital [3] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

金隅集团（601992）公告，2025年第一季度营收为168.67亿元，同比增长31.42%；净亏损12.35亿元， 去年同期净亏损13.09亿元。 ...

Core Viewpoint - The announcement by Shangfeng Cement regarding the public solicitation of voting rights by the China Securities Investor Services Center marks a significant step in enhancing the participation of minority shareholders in corporate governance through the nomination of independent directors [1][2]. Group 1: Independent Director Nomination - The China Securities Investor Services Center has nominated Du Jian as an independent director candidate for Shangfeng Cement, following a successful nomination for another company in June 2024 [1]. - This initiative aims to provide a systematic approach for minority shareholders to participate in corporate governance, addressing the traditional concentration of nomination rights among major shareholders [2][3]. Group 2: Role of the China Securities Investor Services Center - The center acts as a legal investor protection agency, facilitating the delegation of nomination rights to enhance the voice of minority shareholders and improve the independent director selection mechanism [2]. - The center conducts independent due diligence on independent director candidates, ensuring their qualifications and independence, which alleviates concerns regarding the candidates' capabilities [3]. Group 3: Encouragement for Minority Shareholders - The center urges minority shareholders to actively participate in the voting process by delegating their voting rights to ensure the successful election of the nominated independent director [4]. - This model of "institutional professional agency + simplified shareholder authorization" aims to empower minority shareholders and effectively convey their demands through professional channels [4][5]. Group 4: Important Dates and Participation Guidelines - Investors are advised to pay attention to key dates such as the shareholder meeting registration date (May 7, 2025) and the deadline for the solicitation (May 12, 18:00) to ensure their participation [5]. - The center encourages investors to utilize various methods for expressing support for the independent director candidate, including attending the meeting, online voting, or delegating to the center [5].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

建筑材料 2025 年 04 月 27 日 政治局会议巩固地产稳定态势，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 建筑材料 沪深300 相关研究报告 《提振内需预期加强，关注建材投资 机会—行业周报》-2025.4.20 《对等关税利空落地，内需刺激值得 期待—行业周报》-2025.4.13 《建材出口区域多元化，"对等关 税"实际影响有限 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政治局会议巩固地产稳定态势，关注建材投资机会 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作，会议强 调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层 "三保"底线。会议并指出，继续实施地方政府一揽子化债政策，加快解决地方政 府拖欠企业账款问题。加力实施城市更新行动，有力有序推进 ...

以下文章来源于e公司 ，作者证券时报 聂英好 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 过去一周（3月17日—3月21日），机构调研热情不减，截至3月21日收盘，共有137家上市公司披露机构调研纪要，塔牌集团、盛美上海两家公 司接受超百家机构调研。 从赚钱效应来看，上周机构调研个股跌多涨少，仅有超三成公司实现正收益。天海防务以25.23%涨幅位居榜首，聚杰微纤、海油工程、恒辉安防、科兴制药 等七家公司涨超10%。 从热门调研标的来看，塔牌集团为当之无愧的机构调研"香饽饽"，周内共接受6次机构"叩门"，参与调研的机构达154家。塔牌集团是一家以水泥为主业的集 团公司，主要从事各类硅酸盐水泥、预拌混凝土的生产和销售。 市场近期较为关注工业和信息化部出台的超产管控政策，在调研中，机构问及塔牌集团7条4500t/d以上新型干法旋窑水泥熟料生产线是否能符合产能管控要 求，以及该公司是否有补产能计划。 塔牌集团介绍，该公司2 ...