Investment Rating - The report assigns an "Accumulate" rating for the first time [2]. Core Insights - The company is driven by dual engines of "building materials" and "new economic investments," indicating a promising future [4][36]. - The cement business remains robust, with industry-leading profitability metrics, providing a solid performance foundation [4][13]. - The company has entered a harvest phase for its equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks and foster new growth engines [30][36]. - The company has shown a significant recovery in performance, with net profit for the first three quarters of 2025 reaching 5.51 billion, a year-on-year increase of 45.9% [37]. - The company maintains a generous dividend policy, with a commitment to distribute at least 35% of net profit as cash dividends, translating to a dividend yield of approximately 3.47% based on current market capitalization [42]. Summary by Sections Company Overview - Gansu Shafeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into related industries [11]. Cement Business Stability and Profitability - The traditional cement business, despite facing industry cycles, has maintained high gross margins and return on equity (ROE), positioning the company favorably within the industry [4][13]. - In 2024, cement and related materials accounted for 96.72% of total revenue, with cement alone contributing 70.55% [13]. Equity Investment Harvest Phase - The company has strategically invested over 1.7 billion in key technology sectors, with equity investments contributing approximately 31% to net profit in the first three quarters of 2025 [30][36]. Performance Recovery - The company reported a net profit of 5.51 billion for the first three quarters of 2025, marking a significant recovery from previous years [37]. Generous Dividend Policy - The company has a history of consistent dividend payouts, with a planned minimum cash dividend of 4 billion annually for 2025-2026, reflecting a strong commitment to shareholder returns [42]. Investment Outlook - The report forecasts earnings per share (EPS) of 0.72, 0.87, and 0.92 for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [43].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is driven by dual engines of "building materials" and "new economy investments," showing promising growth potential [4][36]. - The cement business remains robust with industry-leading profitability, supported by optimized regional layouts and refined operations [4][13]. - The company has entered a harvest period for equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks of the main business [4][30]. - The company has a strong commitment to dividends, with a planned cash dividend of no less than 35% of net profit for 2025-2026, translating to a dividend yield of approximately 3.47% based on current market capitalization [4][42]. Summary by Sections Company Overview - Gansu Shangfeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into new economic sectors [11]. Cement Business Stability and Profitability - The cement business accounts for 96.72% of revenue, with cement sales contributing 70.55% and clinker sales 16.88% [13]. - The company maintains a leading position in key profitability metrics such as gross margin and return on equity (ROE) [23][29]. - Despite a decline in cement production and sales, the company achieved a net profit of 5.51 billion and a net profit attributable to shareholders of 5.28 billion for the first three quarters of 2025, reflecting year-on-year increases of 45.9% and 30.56% respectively [4][37]. Equity Investment Harvest Period - The company has invested over 1.7 billion in equity investments, contributing approximately 31% to net profit in the first three quarters of 2025 [30][35]. - The strategic focus on sectors supported by national policies is expected to create new growth engines [30]. Performance Recovery - The company reported a total revenue of 54.48 billion for 2024, a decrease of 14.83% year-on-year, but the decline has narrowed in 2025 [37]. - The operating cash flow reached 7.55 billion, indicating a 2.34% year-on-year increase, with a low debt ratio of 42.65% [38]. Generous Dividends and Investor Returns - The company has consistently returned value to shareholders, with a dividend payout ratio of 95.73% in 2024 [42]. - Future dividend plans include a minimum of 4 billion in cash dividends annually, reinforcing the company's commitment to shareholder returns [42]. Summary and Investment Recommendations - The company is well-positioned for sustainable growth, with a strong foundation in its cement business and promising prospects in new economic sectors [43]. - Earnings per share (EPS) are projected to be 0.72, 0.87, and 0.92 for 2025-2027, with corresponding price-to-earnings (PE) ratios of 16.56, 13.8, and 13 [43].

Industrial Sector - Raw material production continues seasonal adjustments, with steel and building materials output declining this week[1] - Cement clinker capacity utilization rate decreased, while asphalt production increased[1] - Polyester and weaving industry operating rates weakened seasonally, while semi-steel tire production increased[1] Real Estate - New home sales in 30 major cities decreased by 25.2% year-on-year as of December 26, with a slight improvement of 3.0 percentage points compared to last month[1] - The second-hand housing listing price index fell by 0.62% month-on-month, with the decline narrowing[1] Domestic Demand - Movie box office revenue remains high, with a year-on-year increase of 108.5% as of December 25[1] - Retail sales of automobiles decreased by 19% year-on-year from December 1-21, compared to a 7% decline in November[1] - Major home appliance retail sales fell by 34.4% year-on-year as of December 19, a decline of 11.3 percentage points from the end of November[1] External Demand - Port cargo throughput increased by 3.1% year-on-year as of December 21, with container throughput up by 9.1%[1] - Export container freight rates rose by 2.0% this week, marking three consecutive weeks of increase[1] Price Trends - The Nanhua Industrial Index rose by 2.8%, while the Nanhua Non-ferrous Metals Index increased by 5.0% this week[1] - Agricultural product wholesale price index fell by 0.4% week-on-week, showing a stronger performance compared to the same period last year[1]

项目聚焦水泥企业碳排放监测核心环节，系统梳理现有实践经验，开展关键技术研发与应用推广，着力 构建科学规范、可复制、可推广的碳排放监测标准体系。 人民财讯12月27日电，近日，国家市场监管总局联合国家发展改革委下达2025年国家碳排放标准化试点 项目。由海螺集团承担、芜湖市标准化研究院等单位参与的碳排放领域的国家标准化试点——"安徽芜 湖水泥熟料生产行业企业碳排放标准化试点"成功获批。 ...

（原标题：肯尼亚与中企合作新建水泥熟料生产线） 肯《星报》12月16日报道，肯总统鲁托16日在内罗毕见证了班布里水泥公 司与中材国际-中材建设有限公司（SINOMA–CBMI Construction Co. Ltd）位 于夸莱郡马图加的新建熟料生产线合同签署仪式。鲁托表示，对熟料生产的投 资是肯尼亚更广泛的转型议程的基础，水泥行业支撑着经济的关键部门，并指 出道路、发电厂、水坝、灌溉渠和工厂都严重依赖水泥。 ...

长江商报消息●长江商报记者 黄聪 主业业绩保持增长及领先竞争力的同时，上峰水泥（000672.SZ）新质投资业务业绩贡献比例上升。 12月21日晚间，上峰水泥发布公告称，公司投资的粤芯半导体技术股份有限公司（以下简称"粤芯半导 体"）首次公开发行股票并在创业板上市申请于2025年12月19日获深圳证券交易所受理。 据了解，粤芯半导体是广东省自主培养且首家进入量产的12英寸晶圆制造企业，为国家集成电路产业战 略布局提供重要的产能支撑。 业绩方面，2025年前三季度，上峰水泥实现营业收入35.98亿元，同比下降5.69%；归母净利润5.28亿 元，同比增长30.56%。 值得一提的是，前三季度，上峰水泥股权投资收益及各类资本类业务投资对净利润合计贡献约1.7亿 元，约占到净利润贡献比例的31%。 粤芯半导体预计2029年盈利 12月21日晚间，上峰水泥发布公告称，公司通过全资子公司宁波上融物流有限公司（以下简称"宁波上 融"）为出资主体分别与专业机构合资成立的私募股权投资基金——上海芯濮然创业投资合伙企业（有 限合伙）（以下简称"上海芯濮然"）、苏州晶璞创业投资合伙企业（有限合伙）（以下简称"苏州晶 璞"）及苏州 ...

Core Viewpoint - The cement industry is undergoing a transformation, with Shangfeng Cement emerging as a leading example of this shift, particularly through its investments in the semiconductor sector [1] Group 1: Company Performance - Shangfeng Cement ranks 3rd in comprehensive competitive strength among key cement enterprises [1] - The gross profit per ton of cement clinker for the company is 67 yuan in the first half of 2025, slightly lower than industry leader Conch Cement, excluding the higher overseas proportion of Huaxin Cement [1] Group 2: Investment Strategy - The company has increased its focus on equity investments in technology innovation projects, primarily in the semiconductor field, successfully creating a full industry chain investment covering "design-manufacturing-packaging-materials" [1] - This strategic shift positions the company to potentially reap benefits from its transformation in the near future [1] Group 3: Valuation Comparison - Comparable companies in the cement sector, including Conch Cement, Huaxin Building Materials, and Tapai Group, have an average PE ratio of 13X for 2026 [1] - Shangfeng Cement's PE ratio for 2026 is below the average of comparable companies, leading to a "buy" rating upon initial coverage [1]

Industrial Sector - Steel and building materials production has rebounded, while the operating rate of float glass has decreased[2] - The apparent demand for steel building materials has increased, while the operating rate for the textile polyester sector has shown seasonal weakness[2] - The operating rates for automotive tires have slightly declined this week[2] Real Estate - New home sales in 30 major cities decreased by 20.8% year-on-year, but the growth rate improved by 8.7 percentage points compared to last week[2] - The second-hand housing listing price index fell by 0.98% week-on-week, indicating a slight narrowing of the decline[2] Domestic Demand - Movie box office revenue increased by 74.7% year-on-year, with a daily average of 83.89 million yuan[2] - The volume of postal express deliveries has grown by 8.3% year-on-year, showing recovery in logistics[2] - Retail sales of major home appliances decreased by 34.6% year-on-year, a decline of 7.2 percentage points compared to the previous value[2] External Demand - Port cargo throughput increased by 3.4% year-on-year, while container throughput rose by 7.4%[2] - The export container freight index rose by 2.6% week-on-week, indicating a slight increase in shipping costs[2] Prices - The agricultural product wholesale price index fell by 0.1% week-on-week, reflecting seasonal trends[2] - The industrial product prices weakened, with the South China industrial product index dropping by 1.9%[2]

Core Viewpoint - Meiyan Jixiang (600868.SH) announced the transfer of 600,000 tons/year cement clinker production capacity from its subsidiary Meizhou Meiyan Rotary Kiln Cement Co., Ltd. This transfer requires the shutdown and dismantling of the main equipment, including the kiln [1] Group 1 - The company plans to dispose of certain assets from Meiyan Rotary Kiln through public bidding, which includes specified buildings and machinery that are to be scrapped [1] - The current trading counterpart for the asset disposal has not yet been determined [1]

Summary of Conference Call for Conch Cement Industry Overview - In the first three quarters of 2023, national cement production decreased by 5.2% year-on-year, with cement prices showing a trend of high at the beginning and low later on. The average market price for PO 42.5 cement was 372 RMB/ton, a decrease of 0.5% year-on-year, indicating a market environment characterized by declining demand and increasing supply-demand contradictions [2][3]. Company Performance - Conch Cement achieved a non-tax revenue of 61.3 billion RMB in the first three quarters, a decline of 10.1% year-on-year. However, the net profit attributable to shareholders was 6.304 billion RMB, an increase of 21.3%, primarily due to cost control and improved gross margin [2][5]. - Despite a 0.4% year-on-year decrease in net sales volume of self-produced cement clinker, Conch Cement managed to reduce the comprehensive cost of cement clinker by 18 RMB/ton (a decrease of 9.7%), leading to a gross margin increase of 5.8 percentage points [2][5]. Business Expansion and Strategy - Conch Cement is actively expanding its domestic and international business layout, including the successful delivery and consolidation of the Xinjiang Yaobo project, steady expansion of aggregate and ready-mixed concrete businesses, and advancement of new energy projects to enhance market layout and achieve industrial chain synergy [2][6]. - The company is focusing on digital industrial development to improve overall operational efficiency and competitiveness, while accelerating the implementation and expansion of overseas projects [4][6]. Market Challenges and Future Outlook - The demand for cement is expected to continue declining in the fourth quarter, although it is anticipated to be better than the third quarter, with an overall demand decrease projected at around 7% for the year. The industry faces challenges in profitability, necessitating measures such as staggered production to stabilize prices [2][7]. - Conch Cement plans to focus on policy guidance, leverage opportunities from industry self-discipline and capacity replacement, enhance market cultivation, and continue cost reduction efforts to strengthen competitiveness in response to market challenges [4][7].