此外，按照水泥产品全口径计算，25年Q1-3公司吨期间费用同比+12元至60元，其中吨销售/管理/财务 费用同比+0.2/+12/-1元。Q3单季吨期间费用同比+3元至50元，其中吨销售/管理/财务费用同比+0.1/+5/-2 元。 西部证券（002673）发布研报称，华润建材科技(01313)作为华南地区水泥龙头，成本管控能力增强， 期待供给端限超产、碳排放等"反内卷"相关政策缓解产能过剩、促进水泥复价。该行预计25-27年公司 实现归母净利润4.47/6.34/9.46亿元，对应EPS0.06/0.09/0.14元，维持公司"买入"评级。 报告中称，公司2025年前三季度实现营收150.70亿元(人民币，下文同)，同比-4.47%;归母净利润3.31亿 元，同比+7.26%。其中Q3单季实现营收48.64元，同比-10.96%;归母净利润0.24亿元，同比-82.97%。 该行指出，25年Q1-3水泥产品/混凝土/骨料业务实现收入91.35/31.02/20.34亿元，同 比-12.3%/+11.9%/+21.3%;毛利率17.1%/14.7%/25.4%，同比+4.5/+2.3/-13.2pct;Q3单 ...

此外，按照水泥产品全口径计算，25年Q1-3公司吨期间费用同比+12元至60元，其中吨销售/管理/财务 费用同比+0.2/+12/-1元。Q3单季吨期间费用同比+3元至50元，其中吨销售/管理/财务费用同比+0.1/+5/-2 元。 智通财经APP获悉，西部证券发布研报称，华润建材科技(01313)作为华南地区水泥龙头，成本管控能力 增强，期待供给端限超产、碳排放等"反内卷"相关政策缓解产能过剩、促进水泥复价。该行预计25-27 年公司实现归母净利润4.47/6.34/9.46亿元，对应EPS 0.06/0.09/0.14元，维持公司"买入"评级。 报告中称，公司2025年前三季度实现营收150.70亿元(人民币，下文同)，同比-4.47%;归母净利润3.31亿 元，同比+7.26%。其中Q3单季实现营收48.64元，同比-10.96%;归母净利润0.24亿元，同比-82.97%。 该行指出，25年Q1-3水泥产品/混凝土/骨料业务实现收入91.35/31.02/20.34亿元，同 比-12.3%/+11.9%/+21.3%;毛利率17.1%/14.7%/25.4%，同比+4.5/+2.3/-13.2pct; ...

Investment Rating - The report maintains a "Buy" rating for China Resources Cement Technology (01313.HK) [3][6] Core Views - The company experienced a decline in both volume and price in the cement sector, leading to performance pressure, while cost control measures continue to be effective [3][4] - The company is expected to benefit from policies aimed at reducing overcapacity and promoting price recovery in the cement market [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, while net profit attributable to shareholders was 331 million yuan, an increase of 7.26% [1][6] - In Q3 alone, revenue was 4.864 billion yuan, down 10.96% year-on-year, and net profit was 24 million yuan, down 82.97% year-on-year [1][6] Business Segments 1. **Cement Business**: - Revenue for the first three quarters was 9.135 billion yuan, down 12.3% year-on-year, with a gross margin of 17.1%, up 4.5 percentage points [1] - In Q3, revenue was 2.886 billion yuan, down 18.2% year-on-year, with a gross margin of 10.6%, down 3 percentage points [1] 2. **Concrete Business**: - Revenue for the first three quarters was 3.102 billion yuan, up 11.9% year-on-year, with a gross margin of 14.7%, up 2.3 percentage points [2] - In Q3, revenue was 1.020 billion yuan, down 1.4% year-on-year, with a gross margin of 16.1%, up 4.1 percentage points [2] 3. **Aggregate Business**: - Revenue for the first three quarters was 2.034 billion yuan, up 21.3% year-on-year, with a gross margin of 25.4%, down 13.2 percentage points [2] - In Q3, revenue was 719 million yuan, up 21.7% year-on-year, with a gross margin of 25.6%, down 11.5 percentage points [2] Cost Management - The company has seen an increase in management expenses, with per-ton expenses rising by 12 yuan to 60 yuan for the first three quarters of 2025 [2] - In Q3, per-ton expenses increased by 3 yuan to 50 yuan [2] Future Outlook - The company is projected to achieve net profits of 447 million yuan, 634 million yuan, and 946 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.06, 0.09, and 0.14 yuan [3][4]

记者丨曾静娇 见习记者张嘉钰 10月28日，A股早盘集体走强，迎来历史性时刻——上证指数盘中突破4000点整数关口，这是自2015年8月 19日以来，沪指时隔十年重回4000点之上。 【 详情 】 截至午盘，沪指涨0.21%，报4005.44点，深成指涨0.52%，创业板指拉升涨1.35%。全场超3000股上涨，半 日成交量1.36万亿。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4005.44 | 8.50 | 0.21% | 5884亿 | | 399001 | 深证成指 | 13559.57 | 70.17 | 0.52% | 7611亿 | | 899050 | 北证50 | 1465.24 | -3.92 | -0.27% | 101亿 | | 881001 | 万得全A | 6415.82 | 20.10 | 0.31% | 13595亿 | | 000688 | 科创50 | 1492.56 | 8.35 | 0.56% | 543亿 | | 399006 | ...

主业降本和科创投资齐头并进 证券研究报告 上峰水泥 (000672 CH) 2025 年 10 月 28 日│中国内地 水泥 上峰水泥发布三季报：Q3 实现营收 13.3 亿元（yoy-6.8%，qoq+0.4%）， 归母净利 2.8 亿元（yoy+20.3%，qoq+68.4%），归母净利同环比实现高增 主要是公司推进成本管控，以及股权投资收益及公允价值变动实现净收益 1.6 亿元。公司 25 年 Q1-Q3 累计实现营收 36.0 亿元（yoy-5.7%），实现 归母净利 5.3 亿元（yoy+30.6%），扣非归母净利 5.0 亿元（yoy+35.3%）。 公司延续改善资产负债表和现金流，继续聚焦"一主两翼"发展战略，并积 极实施分红，维持"买入"评级。 水泥成本管控带动盈利提升，骨料销量延续高增 受水泥行业需求下行和错峰生产影响，公司今年前三季度销售水泥及熟料 1415 万吨，同比-6.2%，高于全国同期的降幅 5.2%。尽管前三季度公司水 泥 ASP 同比-3.5%，但因煤炭价格下跌及公司持续推进降本增效，营业成本 同比降 9.7%，其中水泥可控成本同比下降 2.97 元/吨，熟料可控成本同比 下降 ...

证券之星消息，10月27日，华新水泥（600801）融资买入5745.95万元，融资偿还5436.56万元，融资净 买入309.38万元，融资余额3.35亿元，近3个交易日已连续净买入累计3160.14万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-10-27 | 309.38万 | 3.35亿 | 1.12% | | 2025-10-24 | 1536.55万 | 3.32亿 | 1.20% | | 2025-10-23 | 1314.20万 | 3.17亿 | 1.16% | | 2025-10-22 | -138.88万 | 3.04亿 | 1.10% | | 2025-10-21 | -848.07万 | 3.05亿 | 1.12% | 融券方面，当日融券卖出15.89万股，融券偿还1.07万股，融券净卖出14.82万股，融券余量23.98万股。 融资融券余额3.41亿元，较昨日上涨1.96%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- ...

Group 1 - The core viewpoint of the news is that the institutional ownership of Shangfeng Cement has seen a slight decrease in the third quarter of 2025, with a total of 11 institutional investors holding 607 million shares, representing 62.65% of the total share capital [1] - The top ten institutional investors include Zhejiang Shangfeng Holding Group Co., Ltd., Southern Cement Co., Ltd., and others, with their combined holding ratio decreasing by 0.52 percentage points compared to the previous quarter [1] - In the public fund sector, one fund, the招商华证价值优选50指数发起式A, increased its holdings, while another fund, the广发中证智选高股息策略ETF, saw a slight decrease in holdings [2] Group 2 - One new social security fund disclosed its holdings in Shangfeng Cement, namely the全国社保基金一一三组合, while one pension fund, the基本养老保险基金八零二组合, increased its holdings by 0.3% [3] - Foreign investment sentiment showed a decrease, with the Hong Kong Central Clearing Limited reducing its holdings by 0.10% compared to the previous quarter [3]

Core Viewpoint - The article highlights the overall improvement in industrial production, with specific sectors showing varying performance, particularly in steel and construction industries [1][11][21]. Industrial Production - The blast furnace operating rate increased by 0.5% week-on-week to 84.7%, remaining stable year-on-year [1][4]. - Apparent steel consumption rose by 2% week-on-week, with a narrowing year-on-year decline of 3.8 percentage points to -0.1% [1][6]. - Social inventory continued to decline, down 2.3% week-on-week [1]. Chemical and Textile Industries - The soda ash operating rate remained stable at 84.9%, with a year-on-year decline narrowing to -2.2% [11][12]. - PTA operating rate increased by 0.4% week-on-week to 76.0%, with a year-on-year improvement of 1.3 percentage points to -4.8% [11][14]. - The operating rate for polyester filament remained stable at 91%, with a year-on-year increase of 1.7% [11]. Construction Industry - Cement production and demand were below last year's levels, with the nationwide grinding operating rate increasing by 1.6% week-on-week to 45.4% [21][22]. - Cement shipment rates remained stable at 44.8%, with a year-on-year decline of 9.3% [21][24]. - Cement inventory ratio slightly increased, up 1.2% week-on-week [21]. Glass and Asphalt Production - Glass production remained stable week-on-week, with a year-on-year decline of 0.6% [31]. - Asphalt operating rate increased by 1.5% week-on-week [31]. Demand Tracking - National commodity housing transactions decreased, primarily due to significant declines in second-tier cities, with a daily average transaction area down 5.7% week-on-week [40]. - National road freight volume increased year-on-year, with rail freight volume up 1.8 percentage points to 1.5% [44][49]. - Passenger car retail sales decreased by 0.5% week-on-week, with a year-on-year decline of 0.7% to 25.4% [59]. Price Tracking - Agricultural product prices generally fell, with vegetable prices rising by 4.3% week-on-week [74]. - Industrial product prices showed an overall upward trend, with the South China Industrial Price Index increasing by 0.4% week-on-week [82][83].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.25%。本期较上一季未再披露的外资机构包括HOLCHIN B.V.、香港中央结算有限公司。 对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金四一三组合，，持股减 少占比达0.19%。本期较上一季未再披露的社保基金共计1个，即全国社保基金一零七组合。 2025年10月25日，华新水泥(600801.SH)发布2025年第三季报。截至2025年10月27日，共有17个机构投 资者披露持有华新水泥A股股份，合计持股量达9.06亿股，占华新水泥总股本的43.57%。其中，前十大 机构投资者包括HOLCHIN B.V.、华新集团有限公司、香港中央结算有限公司、全国社保基金四一三组 合、中国铁路武汉局集团有限公司、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基 金、中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF)、中银收益混合A、国泰 中证全指建筑材料ETF、中银优选混合A，前十大机构投资者合计持股比例达43.45%。相较于上一季 度，前十大机构持股比例合计下跌了1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002233 证券简称：塔牌集团 公告编号：2025-047 本公司及董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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 R否 （二） 非经常性损益项目和金额 R适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况： 2025年1-9月公司总体经营情况 2025年1-9月，公司实现营业收入29.16亿元，较上年同期下降了0.49%；实现归属于上市公司股东的净 利润5.88亿元，较上年同期上升了54.23 ...