摘要 高频跟踪：工业生产分化，基建开工持续回暖，地产成交偏弱。 【工业生产】工业生产分化。 本周，高炉开工率同比上行0.9pct至6.8%。化工链生产表现偏弱，纯碱、 PTA开工同比分别-4.1pct至1.7%、-5.5pct至-12.1%。汽车半钢胎开工也有回落，同比-0.3pct至-6.2%。 【建筑业开工】基建开工持续回暖。 本周，反映地产投资的全国粉磨开工率、水泥出货率延续低位，同 比分别-3.3pct至-9%、-1.3pct至-4.2%。反映基建投资的沥青开工率同比延续上行，较前周+0.1pct至 9.2%。 【下游需求】地产成交磨底，人流出行强度边际回落。 本周，全国新房日均成交面积仍较弱，同比 +9.6pct至0%；其中，一线、三线成交明显不及往年同期。人流出行强度也有回落，全国迁徙规模指数同 比-7.6pct至12.8%。 【物价】农产品价格回落、工业品价格回升。 本周，农产品方面，猪肉、鸡蛋、水果价格回落，环比分 别-0.2%、-0.2%、-0.5%。工业品方面，南华工业品价格指数环比0.2%。其中，金属价格指数环比 0.2%。 风险提示 贸易形势超预期变化、政策应对模式不确定性、政策传导机 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 特种电子布需求蓝海，国内龙头积极扩张 ——建材周专题 2025W34 报告要点 [Table_Summary] 特种电子布需求蓝海，国内龙头积极扩张 基本面：水泥价格延续上涨，玻璃库存由升转降 推荐特种布和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 特种电子布需求蓝海，国内龙头积极扩张 2] ——建材周专题 2025W34 [Table_Summary2] 特种电子布需求蓝海，国内龙头积极扩张 中材科技发布新扩产公告，彰显决心。泰山玻纤拟在山东济宁投资 18.1 亿元建设年产 3500 万 米特种纤维布项目，拟在山东泰安投资 1 ...

丨证券研究报告丨 公司研究丨点评报告丨海螺水泥（600585.SH） [Table_Title] 25H1 经营符合预期，关注反内卷下的供给修 复 报告要点 [Table_Summary] 公司发布半年报：2025H1 营业收入 412.92 亿元，同比减少 9.38%；归属净利润 43.68 亿元， 同比增长 31.34%；25Q2 营业收入 222.4 亿元，同比减少 8.24%；归属净利润 25.57 亿元，同 比增长 40.26%。此外，2025 年度中期利润分配方案为派发中期股息每股 0.24 元（含税），派 发总额为 12.6 亿元（含税）。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% 1 海螺水泥（600585.SH） cjzqdt11111 [Table_Title2] 25H1 经营符合预期，关注反内卷下的供给修复 [Table_Summary2] 事件描述 公司发布半年报：2025H1 营业收入 412.92 亿元 ...

丨证券研究报告丨 港股研究丨公司点评丨西部水泥（2233.HK） [Table_Title] 海外市场放量，弹性逐步兑现 报告要点 [Table_Summary] 公司发布半年报：2025H1 实现收入 54 亿，同比增长 46%；实现净利润 7.5 亿，同比增长 93%。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ⚫ 海外扩张，整体销量大幅增长。上半年公司实现销量 1082 万吨，同比增长 23.6%；骨料 销量 223 万吨，同比增长 39.4%；商混销量 63 万方，同比下降 4.6%。分区域来看，海 外是核心增量。 1、经营拆分来看：国内市场销量下降 8.3%至 665 万吨，国内销售均价同比上升 4.1%至 每吨 280 元，实现吨毛利 64 元（2024H1 同期为 38 元）。2、海外市场销量则增加 178% 至 417 万吨；海外销售均价为每吨 486 元（202 ...

Investment Rating - The report maintains an "Accumulate" rating for Huaxin Cement (600801) [1][4]. Core Views - The company's profitability has significantly improved, with a net profit of 1.103 billion yuan in the first half of 2025, representing a year-on-year increase of 51.05% [1][3]. - The cement business revenue increased, while concrete and aggregate business revenues declined [1][3]. - The company is accelerating its internationalization strategy, having completed the acquisition of assets in Nigeria and expanded its presence in Africa [3][4]. - The overall profitability of the industry is expected to rise due to the implementation of self-discipline and staggered production policies in 2025 [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 16.047 billion yuan, a year-on-year decrease of 1.17%, while total profit increased by 50.74% to 2.025 billion yuan [1][3]. - The gross profit margin improved to 31.13% for cement, 13.12% for concrete, and 47.91% for aggregates, with a comprehensive gross margin rising from 23.65% to 28.92% [3]. Business Segments - Cement sales generated revenue of 8.755 billion yuan, up 4.62% year-on-year, accounting for 54.56% of total revenue [1]. - Concrete sales revenue decreased by 12.33% to 3.457 billion yuan, while aggregate sales revenue fell by 6.72% to 2.763 billion yuan [1]. Future Outlook - The company forecasts earnings per share (EPS) of 1.24 yuan and 1.43 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 13.2 and 11.4 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's profitability has significantly improved, with the successful implementation of the Nigeria project [1] - The company has achieved a notable increase in overseas business, with cement and clinker revenue rising by 15.37% year-on-year [4] - The completion of the acquisition of 83.81% equity in the Nigeria project for USD 774 million is expected to enhance the company's overall performance [4] Financial Performance Summary - For the first half of 2025, the company reported revenue of CNY 16.047 billion, a decrease of 1.17% year-on-year, while net profit attributable to shareholders increased by 51.05% to CNY 1.103 billion [4] - The second quarter of 2025 saw revenue of CNY 8.885 billion, down 2.94% year-on-year, but net profit rose by 57.22% to CNY 870 million [4] - The company's overseas cement and clinker business achieved revenue of CNY 4.128 billion, with sales volume increasing by 10.41% year-on-year [4] Profitability and Growth Forecast - The company's net profit forecasts for 2025-2027 have been adjusted to CNY 2.673 billion, CNY 3.253 billion, and CNY 3.550 billion respectively [4] - The projected P/E ratios for 2025-2027 are 12.7, 10.4, and 9.5, while the P/B ratios are 1.1, 1.0, and 0.9 respectively [4] - The company is expected to maintain a steady growth trajectory, with domestic cement business profitability gradually recovering and overseas capacity continuing to expand [4]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600801 | 华新水泥 | 15.62 | -4.05% | 31.43万 | 4.94亿 | | 600326 | 西藏天路 | 14.03 | -3.44% | 97.43万 | 13.77 亿 | | 600668 | 尖峰集团 | 11.98 | -2.76% | 14.49万 | 1.75亿 | | 002233 | 塔牌集团 | 8.96 | -2.29% | 19.22万 | 1.72亿 | | 003037 | 三和营桩 | 8.55 | -2.29% | 12.26万 | 1.05亿 | | 600449 | 宁夏建材 | 13.55 | -1.88% | 9.69万 | 1.32亿 | | 000877 | 天山股份 | 6.50 | -1.66% | 63.76万 | 4.11亿 | | 002302 | 西哥维设 | 6.77 | -1.60% | 18.15万 | 1.23亿 | | 002596 | 烘脂屋與 | 3 ...

公司报告 | 半年报点评 海螺水泥（600585） 证券研究报告 H1 业绩明显改善，中期分红提升信心 公司上半年实现归母净利润 43.7 亿元，同比增长 31.3% 公司发布 25 年中报，上半年实现收入/归母净利润 412.9/43.7 亿元，同比 -9.4%/+31.3%，扣非归母净利润 42 亿元，同比+31.8%，其中 Q2 单季度实 现收入/归母净利润 222.4/25.6 亿元，同比-8.2%/+40.3%，扣非归母净利润 25.4 亿元，同比+39.6%。 水泥吨毛利同比提升，继续推进项目建设 公司上半年实现自产水泥熟料收入 306.6 亿元，同比小幅增长 1.5%，主要 受到价格增长驱动，25H1 公司自产水泥熟料销量 1.26 亿吨，同比下降 0.35%，我们测算吨均价 243 元/吨，同比提升 3.6 元，吨成本 174 元，同 比下降 14 元，主要受益于燃料及动力成本下降，最终实现吨毛利 70 元， 同比增长 18 元/吨。上半年骨料业务实现收入 21.1 亿元，同比下降 3.6%， 毛利率 43.87%，同比下降 3.97pct。上半年公司继续推进项目建设发展，水 泥主业方面进一步 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating a potential recovery in profitability despite challenging market conditions [1][2]. Group 1: Financial Performance - The company achieved revenue of 41.292 billion yuan in the first half of 2025, a year-on-year decrease of 9.38%, while net profit attributable to shareholders was 4.368 billion yuan, an increase of 31.34% [1]. - In Q2 2025, the company generated revenue of 22.240 billion yuan, down 8.24% year-on-year, but net profit rose by 40.26% to 2.557 billion yuan [1]. - The overall gross margin for the first half of 2025 was 25.20%, an increase of 6.27 percentage points year-on-year, driven by price recovery and lower coal costs [1]. Group 2: Segment Performance - The company's self-produced cement and clinker sales volume was 12.6 million tons in the first half of 2025, a slight decline of 0.35% year-on-year, while the national cement production fell by 4.3% to 815 million tons [1]. - The aggregate and manufactured sand business saw revenue of 2.112 billion yuan, a decrease of 3.63%, with a gross margin of 43.87%, down 3.97 percentage points [1]. - The ready-mixed concrete segment experienced revenue growth of 28.86% to 1.519 billion yuan, with a gross margin of 11.40%, up 2.98 percentage points [1]. Group 3: Cost and Profitability Metrics - The company reported a comprehensive revenue per ton of cement and clinker products at 243 yuan, an increase of 4 yuan year-on-year, while the cost per ton was 174 yuan, a decrease of 14 yuan [1]. - The gross profit per ton was 70 yuan, up 18 yuan year-on-year, and the net profit per ton was 35 yuan, an increase of 8 yuan [1]. - The company's expense ratio for the first half of 2025 was 10.69%, up 1.16 percentage points year-on-year, with specific increases in sales and management expenses [2]. Group 4: Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 9.328 billion, 10.503 billion, and 11.765 billion yuan, respectively, with corresponding PE ratios of 14, 12, and 11 times based on the stock price as of August 29 [2]. - The cement industry has seen a continuous decline in prices since Q2, but there is an expectation for stabilization due to improved collaboration among major companies in the current "anti-involution" environment [2].

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]