上市企业：青松建化（600425）,金隅集团（601992）,四川金顶（600678）,福建水泥（600802）,上峰水 泥（000672）,祁连山（600720）,冀东水泥（000401）,华新水泥（600801）,天山股份（000877）,海螺 水泥（600585） 2020-2025年1-7月中国水泥产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国水泥行业市场运行格局及发展策略分析报告》 根据国家统计局数据显示：2025年7月中国水泥产量为1.5亿吨，同比下降5.6%；2025年1-7月中国水泥 累计产量为9.6亿吨，累计下降4.5%。 ...

人民财讯9月6日电，据《中国水泥》杂志，为了落实党中央"反内卷、治理企业低价无序竞争"一系列指 示精神，推进全国协会组织建设，加强地方协会之间的交流合作，有效治理低价无序竞争，维护水泥行 业健康生态，加强区域协同治理，促进行业健康发展。9月5日，由中国水泥协会主办、西藏自治区建材 工业协会承办的2025年全国各省区市水泥(建材)协会会长、秘书长联席会在西藏林芝召开。在交流环 节，西藏、广西、河南、广东、新疆、北京、上海、云南、重庆、福建、四川、湖北、山西、江西、甘 肃、辽宁、宁夏、江苏、内蒙古、安徽、陕西、浙江、黑龙江、青海、山东、吉林、贵州、湖南共计28 个省区市协会会长、秘书长毫无保留地介绍了各地区行业发展情况、工作经验及存在的问题和建议。 ...

Group 1 - The core viewpoint of the article highlights the significant advancements in the technology sector of China's listed companies, driven by effective policy tools and a focus on innovation [1][2]. - In the first half of 2025, the total R&D investment across the market exceeded 810 billion yuan, reflecting a year-on-year increase of 3.27%, with an acceleration of nearly 2 percentage points compared to the same period last year [1]. - The R&D intensity for the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange was reported at 4.89%, 11.78%, and 4.63% respectively, indicating a strong emphasis on innovation within these segments [1]. Group 2 - A total of 113 companies in the market invested over 1 billion yuan in R&D, while 926 companies demonstrated an R&D intensity exceeding 10% [2]. - Policies aimed at "anti-involution" in key sectors have been introduced, leading to initial successes in comprehensive governance efforts, particularly in the photovoltaic industry, which is undergoing a reshaping of its competitive landscape [2]. - The capital expenditure of listed companies in the photovoltaic equipment sector has decreased by 49.52%, reflecting a significant shift in investment strategies [2].

2019-2025年8月中旬普通硅酸盐水泥（P.O 42.5袋装）市场价格变动统计图 相关报告：智研咨询发布的《2025-2031年中国水泥行业市场运行格局及发展策略分析报告》 根据国家统计局公布的数据，非金属建材类别下的普通硅酸盐水泥（P.O 42.5袋装）2025年8月中旬市 场价格为348.6元/吨，同比下滑4.05%，环比下滑1.53%，纵观近5年同时期其价格，2021年8月中旬达到 最大值，有438.2元/吨。 数据来源：国家统计局 ...

相关报告：智研咨询发布的《2025-2031年中国水泥行业市场运行格局及发展策略分析报告》 2019-2025年8月中旬普通硅酸盐水泥（P.O 42.5散装）市场价格变动统计图 数据来源：国家统计局 根据国家统计局公布的数据，非金属建材类别下的普通硅酸盐水泥（P.O 42.5散装）2025年8月中旬市 场价格为272.4元/吨，同比下滑15.98%，环比上涨0.96%，纵观近5年同时期其价格，2019年8月中旬达 到最大值，有421.3元/吨。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600585 海螺水泥 | | -5274.41万 | 8.70% | -2753.37万 | -4.54% | -2521.05万 | -4.16% | | 000877 天山股份 | | 4149.20万 | 9.45% | 566.17万 | 1.29% | -4715.37万 | -10.74% | | 600425 青松建化 | | 3111.32万 | 8.21% | -975.70万 | -2.58% | -2135.61万 | -5.64% | | 600801 华新水泥 | | 2902.73万 | 10.77% | -775.71万 | -2.88% | -2127.02万 | -7.89% | | 002233 塔牌集团 | | 788.74万 | 5.78% | 96.11万 | 0.70% | -884.84万 | -6.48% | | 0023 ...

Economic Indicators - The official manufacturing PMI for August is 49.4%, a slight increase of 0.1 percentage points from July[4] - Industrial value-added growth for August is projected at approximately 5.2% year-on-year[9] - Retail sales growth is expected to be around 4% year-on-year for August[9] Production and Investment - The production index rose to 50.8%, while new orders improved slightly to 49.5%[4] - Fixed asset investment growth is estimated at 2% year-on-year for August, with manufacturing investment at 6.4%[5] - The top 100 real estate companies' sales in August amounted to approximately 207.04 billion yuan, down 1.9% month-on-month and 17.6% year-on-year[8] Price Trends - CPI for August is expected to remain at 0.0% year-on-year, while PPI is projected to decline by 2.9% year-on-year[9][20] - The purchasing price index increased significantly to 53.3%, indicating rising costs in the manufacturing sector[4] Consumption and Services - August saw a strong performance in service consumption, with cinema box office revenues around 5.987 billion yuan and over 150 million attendees[7] - Passenger transport volumes in civil aviation and railways reached record highs for the same period, driven by summer travel[7] Risks and Outlook - The overall economic outlook remains stable compared to July, but the manufacturing sector has been in contraction for five consecutive months, indicating weak market demand[8] - Continued adjustments in the real estate market are expected to impact overall domestic demand significantly[8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 16.047 billion yuan in H1 2025, a year-on-year decrease of 1.17%, while the net profit attributable to shareholders was 1.103 billion yuan, showing a significant year-on-year increase of 51.05% [2][4] - In Q2 2025, the revenue was 8.885 billion yuan, down 2.94% year-on-year, but the net profit increased by 57.22% to 870 million yuan [2][4] - The cement gross margin improved, while aggregate sales declined. H1 2025 cement and clinker sales were 27.737 million tons, down 2.6% year-on-year, with overseas sales increasing by 10.4% to 8.388 million tons [5][6] - The company expects the Nigerian project to bring high elasticity to its performance, with anticipated earnings of 3 billion yuan and 3.6 billion yuan for 2025 and 2026, respectively, corresponding to a PE ratio of 11 and 9 times [11] Financial Performance Summary - H1 2025 cement revenue was 9.15 billion yuan, up 5.6% year-on-year, with domestic cement revenue at 5.02 billion yuan, down 1.26%, and overseas cement revenue at 4.128 billion yuan, up 15.37% [5][6] - The overall gross margin increased by 5.3 percentage points to 23.65% compared to the same period last year, driven by higher domestic cement prices and lower costs [6] - The company’s EBITDA from non-cement businesses accounted for 44% of total profits, indicating diversification in revenue streams [6] Regional Performance - Revenue from the African region was 2.136 billion yuan, up 21.51% year-on-year, while the Asian region's revenue was 2.204 billion yuan, up 12.14% year-on-year [11] - The company has initiated several overseas technical transformation projects, including upgrades in Zimbabwe, Zambia, and South Africa, enhancing production capacity [11]

中青报·中青网记者 耿学清 刘胤衡 刘静 邓朝霞 "从技术路径看，忠县的'零碳'探索很扎实。"日前，在重庆参加"活力中国调研行"时，中国环境科学研 究院高级工程师关潇站在重庆海螺水泥生产车间外说。在这座长江边的工厂里，忠县的城乡生活垃圾被 集中运送至此，通过资源化发电产生能量，剩余飞灰作为水泥原料实现全量利用，"真正朝着零排放、 零碳工厂的目标在走。" 低碳，在重庆从未被视为经济社会发展的"包袱"，反而成为撬动高质量发展的新引擎。重庆市发展改革 委有关负责人提供的一组数据，直观展现了这份转型成效："十四五"以来，重庆以年均2.4%的能源消费 增速，支撑了年均5.6%的经济增长，单位GDP能耗降至0.310吨标准煤/万元，这一指标优于全国平均水 平约30%。 低碳发展中的绿色县域 "现在看到的绿意不算啥，每年三四月份才叫热闹！"重庆海螺水泥有限责任公司副总经理汪庆民指向厂 区深处，"至少三四千只白鹭会飞来这儿，在树上筑巢、草坪上觅食，厂区就像成了它们的天然栖息 地。"他说，建厂以来企业在环保和环境治理上持续投入，是想打破工业与生态对立的刻板印象，如今 这份努力正被自然悄悄"回应"。 海螺水泥 厂区。忠县嫌我宣传 ...

同时，金隅冀东已在唐山市行政审批局完成公司名称变更登记手续和《公司章程》的备案，并取得换发 的《营业执照》。金隅冀东的公司名称、证券简称的申请已经深圳证券交易所审核无异议，自2025年9 月4日起生效。金隅冀东的深圳证券交易所公司证券代码"000401"保持不变。 金隅集团发布公告，公司于深圳证券交易所上市的控股子公司"唐山冀东水泥股份有限公司"近日已获批 准变更其公司名称为"金隅冀东水泥集团股份有限公司"。 责任编辑：栎树 ...