Core Viewpoint - The Ministry of Industry and Information Technology and five other departments have jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", which outlines five key initiatives to promote industry growth and transformation [1][2]. Group 1: Key Initiatives - The plan emphasizes strengthening industry management to promote survival of the fittest [1][2]. - It calls for enhanced technological innovation in the industry to improve effective supply capacity [1][2]. - The plan aims to expand effective investment to facilitate industry transformation and upgrading [1][2]. - It seeks to stimulate consumer demand to unleash market consumption potential [1][2]. - The initiative includes deepening open cooperation to enhance international development levels [1][2]. Group 2: Industry Specifics - Cement and glass production will be strictly controlled, with a ban on new cement clinker and flat glass capacity, and existing projects must develop capacity replacement plans [2]. - The cement industry is expected to see a decline in capacity under the anti-overproduction policy, with utilization rates significantly improving [3]. - The glass industry is facing a continuous decline in demand due to real estate impacts, but recent policy-driven price increases are leading to inventory replenishment [3]. - The fiberglass sector is experiencing growth driven by demand from the AI industry, with expectations for a significant increase in both volume and price [3]. - The consumer building materials sector has reached a profitability bottom, with strong price increase demands supported by anti-overproduction policies [4]. Group 3: Market Performance - In the past week (September 22-28), the construction materials sector index decreased by 2.11%, ranking 23rd among 31 sub-industry indices [5].

Core Viewpoint - The introduction of the "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)" aims to accelerate the elimination of inefficient cement production capacity, leading to a potential rebound in cement prices beyond expectations [1][4]. Industry Overview - The cement industry is currently facing a low capacity utilization rate of around 50%, attributed to declining demand in the real estate market and increased staggered production halts [1][2]. - The new policy prohibits the addition of new cement clinker capacity and requires companies to develop capacity replacement plans by the end of 2025 for any excess production [1][4]. Capacity Management - The implementation of the capacity replacement plan is expected to reduce clinker capacity by approximately 10%, which may accelerate price recovery in the industry [4][5]. - Major companies are expected to accelerate market consolidation, improving industry concentration, which currently stands at 56.5% for the top ten clinker producers [5][6]. Demand and Production Adjustments - Various regional cement associations are mandating staggered production halts, with the Sichuan Cement Association requiring each clinker production line to halt for at least 15 days per month in Q4 [2]. - The overall sentiment in the industry indicates a pessimistic outlook for Q4 demand, prompting increased production halts [2][3]. Financial Performance - In the first half of the year, 73 listed building materials companies reported revenues of 305.5 billion yuan, with net profits of only 11.8 billion yuan, indicating a challenging financial environment [3]. - Some leading cement companies have shifted from profit to loss, highlighting the impact of declining demand [3]. Strategic Responses - Companies are exploring cross-industry transformations to mitigate cyclical downturns, with some investing in sectors like semiconductors and renewable energy [6]. - The policy encourages leading companies to collaborate with social capital to establish green low-carbon transition funds, facilitating the exit of inefficient production capacity [5][6].

天山股份 20250925 摘要 天山股份作为全国性水泥龙头，受益于水泥行业反内卷趋势和供给侧改 革政策，尤其是在 2025 年底前需补齐超产部分的要求下，公司有望优 先受益于供给格局改善和价格协同机制的改善。 公司通过拓展水泥外产业链一体化业务（如商混和骨料）及海外业务， 构建新的增长曲线，有效分散单一区域市场波动带来的影响，增强整体 业务的稳定性和抗风险能力。 尽管 2021-2024 年水泥熟料销量随行业下行，但公司坚持"价本利" 策略，吨均价高于同业水平，且 2025 年二季度单季扭亏为盈，盈利能 力显著改善，显示出较强的经营韧性。 公司持续推进降本增效措施，包括提高石灰石自给率、增加替代燃料使 用和优化管理，使得单吨成本逆势下降，吨毛利大幅上升，进一步提升 盈利空间。 公司财务状况稳健，资产负债率稳中有降，融资成本较低，经营现金流 入健康，资本开支连续减少，同时承诺 2025-2027 年分红率不低于 50%，确保股东回报。 Q&A 天山股份作为国内水泥行业的龙头企业，其基本面和未来发展前景如何？ 天山股份是国内水泥熟料产能规模最大的企业，具有全国性布局和完整产业链。 从基本面来看，短期内公司在成本 ...

Group 1 - The stock price of Shangfeng Cement increased by 5.3% to 9.74 CNY per share, with a trading volume of 148 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 9.442 billion CNY [1] - Shangfeng Cement, established on March 6, 1997, and listed on December 18, 1996, is primarily engaged in the production and sales of cement products, including cement clinker, special cement, concrete, and aggregates [1] - The revenue composition of Shangfeng Cement is as follows: cement 69.85%, clinker 16.78%, sand and gravel aggregates 6.20%, concrete 2.76%, environmental disposal 2.25%, other businesses 1.96%, and real estate 0.21% [1] Group 2 - Hai Fu Tong Fund has a significant holding in Shangfeng Cement, with the Hai Fu Tong Style Advantage Mixed Fund (519013) holding 1.1662 million shares, accounting for 2.77% of the fund's net value, making it the seventh-largest holding [2] - The Hai Fu Tong Style Advantage Mixed Fund has achieved a year-to-date return of 28.1%, ranking 3502 out of 8171 in its category, and a one-year return of 48.87%, ranking 3063 out of 8004 [2] - The fund manager, Lu Yiwen, has been in charge for 5 years and 26 days, with the fund's total asset size at 3.32 billion CNY [3]

Company Overview - Gansu Shangfeng Cement Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on March 6, 1997, with its listing date on December 18, 1996 [2] - The company primarily engages in the production and sales of cement clinker, cement, special cement, concrete, and aggregates [2] - The revenue composition includes: Cement 69.85%, Clinker 16.78%, Aggregates 6.20%, Concrete 2.76%, Environmental disposal 2.25%, Other businesses 1.96%, Real estate 0.21% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.272 billion yuan, a year-on-year decrease of 5.02%, while the net profit attributable to shareholders increased by 44.53% to 247 million yuan [2] - The company has cumulatively distributed 3.95 billion yuan in dividends since its A-share listing, with 1.318 billion yuan distributed in the last three years [3] Stock Performance - On September 25, the stock price of Shangfeng Cement fell by 2.08%, trading at 9.41 yuan per share, with a total market capitalization of 9.122 billion yuan [1] - Year-to-date, the stock price has increased by 33.85%, with a 5-day increase of 8.91%, a 20-day increase of 5.38%, and a 60-day increase of 14.48% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the latest appearance on July 23, where it recorded a net purchase of 6.306 million yuan [1] Shareholder Information - As of August 31, the number of shareholders was 45,900, a decrease of 12.46% from the previous period, with an average of 21,115 circulating shares per shareholder, an increase of 14.23% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 10.2092 million shares, an increase of 2.4012 million shares from the previous period [3]

国金证券分析师曾在研报中表示，国内水泥熟料产能超产比例在14%以上，且水泥企业开关窑成本低， 自然出清速度较慢，如果行业完成实际产能与备案产能的统一，供给端将迎来实质性减量。相对短期错 峰，落后无效产能的有序退出更加关键。 9月24日，工业和信息化部会同自然资源部、生态环境部、住房城乡建设部、水利部、农业农村部等六 部门发布《建材行业稳增长工作方案（2025—2026年）》（以下简称《方案》）。 《方案》提出，注重供需两端协同发力，以严禁新增产能和开展风险预警控总量，以传统建筑材料升级 和先进无机非金属材料发展优供给，以数字化、绿色化改造促转型，以挖掘传统消费潜力和培育新兴应 用扩需求，加快培育新质生产力，进一步提高产业链韧性和安全水平，实现质的有效提升和量的合理增 长。 强化行业管理 此次最受市场关注的是控产能相关工作。《方案》提出，强化行业管理，促进优胜劣汰。 严格水泥玻璃产能调控。严禁新增水泥熟料、平板玻璃产能，新建改建项目须制定产能置换方案。上述 表述也被放在了相关工作举措的首位。 中泰证券研究所政策团队首席分析师杨畅对《证券日报》记者表示，从近期的数据看，全国水泥价格指 数整体处于2019年以来的低 ...

严禁新增水泥熟料、平板玻璃产能，新建改建项目须制定产能置换方案。 9月24日，据"工信微报"，工业和信息化部近日会同自然资源部、生态环境部、住房城乡建设部、水利 部、农业农村部等六部门印发《建材行业稳增长工作方案（2025—2026年）》（以下简称《工作方 案》）。 三是扩大有效投资。加快数字化绿色化改造，发布重点行业数字化转型系统解决方案，推动关键业务场 景适应性改造与规模化升级，开展水泥、平板玻璃等行业"六零"工厂培育；加强标准引领，制修订建筑 用安全玻璃、绝热材料燃烧性能等强制性国家标准，绿色建材评价等行业标准。 四是拓展消费需求。持续开展绿色建材下乡活动，落实政府采购支持绿色建材促进建筑品质提升政策； 支持建立无机非金属材料生产企业上下游合作机制，推动金刚石、先进陶瓷、低介电玻璃纤维制品等推 广应用。 五是深化开放合作。加强与共建"一带一路"国家及地区产业合作，引导建材产品、技术、标准等走出 去，推动高水平国际合作。 《工作方案》部署了五方面重点任务： 一是强化行业管理。严禁新增水泥熟料、平板玻璃产能，新建改建项目须制定产能置换方案，促进水泥 实际产能与备案产能统一，加快光伏压延玻璃产能风险预警由项目 ...

编辑：吴郑思 新华财经北京9月24日电 工业和信息化部、自然资源部、生态环境部、住房城乡建设部、水利部、农业 农村部日前联合印发《建材行业稳增长工作方案（2025—2026年）》。其中明确，严格水泥玻璃产能调 控。严禁新增水泥熟料、平板玻璃产能，新建改建项目须制定产能置换方案。严禁从非大气污染防治重 点区域向大气污染防治重点区域转移水泥熟料、平板玻璃产能。水泥企业要在2025年底前对超出项目备 案的产能制定产能置换方案，促进实际产能与备案产能统一。发挥质量、环保、能耗、安全等综合标准 作用，依法依规淘汰水泥、平板玻璃落后产能，推动环保绩效低的企业逐步退出。加快光伏压延玻璃产 能风险预警由项目管理向规划引导转变。鼓励骨干企业联合社会资本，探索设立绿色低碳转型基金，以 市场化运作方式加快低效产能退出。 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued the "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)", aiming for recovery and growth in the building materials sector, with a projected revenue of over 300 billion yuan from green building materials by 2026 [1][2]. Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new projects, and enhancing regulatory standards for cement and flat glass [2]. - Enhancing industrial technological innovation by expanding the advanced inorganic non-metallic materials industry and improving supply capabilities in key resource sectors such as graphite and magnesium [2]. - Expanding effective investment through digital and green transformation initiatives, including the development of digital transformation solutions and the establishment of "zero" factories in the cement and flat glass industries [2]. - Expanding consumer demand by promoting green building materials in rural areas and supporting the establishment of cooperation mechanisms between upstream and downstream enterprises in the inorganic non-metallic materials sector [2]. - Deepening open cooperation by strengthening industrial collaboration with countries along the Belt and Road Initiative and promoting the internationalization of building materials products, technologies, and standards [2].

人民财讯9月24日电，工信部等六部门印发《建材行业稳增长工作方案(2025—2026年)》，其中提出， 严格水泥玻璃产能调控。严禁新增水泥熟料、平板玻璃产能，新建改建项目须制定产能置换方案。严禁 从非大气污染防治重点区域向大气污染防治重点区域转移水泥熟料、平板玻璃产能。水泥企业要在2025 年底前对超出项目备案的产能制定产能置换方案，促进实际产能与备案产能统一。发挥质量、环保、能 耗、安全等综合标准作用，依法依规淘汰水泥、平板玻璃落后产能,推动环保绩效低的企业逐步退出。 加快光伏压延玻璃产能风险预警由项目管理向规划引导转变。鼓励骨干企业联合社会资本，探索设立绿 色低碳转型基金，以市场化运作方式加快低效产能退出。 ...