香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2025 年半年度報 告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年八月二十六日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生 安徽海螺水泥股份有限公司 Anhui Conch Cement CompanyLimited （A股：600585 H股：00914） 2025 ...

[Table_Reportdate] 2025年08月24日 [美联储主席偏鸽言论 Table_NewTitle] 或强化降息预期， 资产方向的持续性更重要 ——资产配置周报（2025/08/18-2025/08/22） [table_main] 投资要点 策 略 研 究 [证券分析师 Table_Authors] 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾。8月22日当周，全球股市多数收涨，A股领跑；主要商品期货原油、黄 金、铜、铝均上涨；美元指数下跌，非美货币升值。1）权益方面：科创50>创业板指>深 证成指>沪深300指数>上证指数>英国富时100>恒生科技指数>道指>法国CAC40>恒生指 数>标普500>德国DAX30>纳指>日经225。2）俄乌谈判仍存不确定性，美国8月标普全球 制造业PMI超预期，油价当周上涨；美联储降息预期影响黄金价格上涨。3）工业品期货： 南华工业品价格指数下跌，水泥、炼焦煤上涨，螺纹钢、混凝土下跌；高炉开工率环比下 跌；乘用车日均零售5.09万辆，环比12.62%，同比2.00%；BDI环比下跌4.9 %。4）国内 债券收益率上行。全周中债1Y国债收 ...

Investment Rating - The investment rating for China Resources Cement Technology (1313.HK) is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.206 billion yuan for the first half of 2025, a year-on-year decrease of 1.0%, while the net profit attributable to shareholders was 307 million yuan, reflecting an increase of 85% year-on-year [2][4]. - The overall industry demand is under pressure, but the Guangdong and Guangxi regions are performing relatively better than the national average. National cement production decreased by 4.3% year-on-year to 820 million tons in the first half of 2025 [5]. - The company’s cement sales volume decreased by 13% year-on-year to 25.31 million tons, while concrete sales volume increased by 36% year-on-year to 68.77 million tons, and aggregate sales volume increased by 23% year-on-year to 36.34 million tons [5]. - The average price of cement products was 247 yuan per ton, an increase of 9 yuan per ton year-on-year, while the average price of commercial concrete was 303 yuan per ton, a decrease of 41 yuan per ton year-on-year [5]. Summary by Sections Company Overview - The company is primarily located in the Guangdong and Guangxi regions, which are expected to see better demand growth compared to the national average. The production line utilization rates for cement, concrete, and aggregates were 56.8%, 32.0%, and 80.2%, respectively, compared to 64.2%, 27.1%, and 75.1% in the same period of 2024 [5][7]. Market Dynamics - The mid-term outlook for the South China market is positive due to the construction momentum from the Greater Bay Area. The regional supply has stabilized, and the market is entering a rebalancing phase. The company, as a regional leader, has comprehensive advantages in scale and distribution [7]. Financial Projections - The industry is expected to gradually optimize its structure, with the company projected to achieve net profits of 700 million yuan and 1 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [7].

证券研究报告 | 公司动态点评 2025 年 08 月 13 日 塔牌集团（002233.SZ） 量增本降助力业绩高增，回购+高股息展现投资价值 作者 分析师 花 江月 执业证书编号：S1070522100002 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,535 | 4,278 | 4,413 | 4,532 | 4,769 | | 增长率 yoy（%） | -8.3 | -22.7 | 3.2 | 2.7 | 5.2 | | 归母净利润（百万元） | 742 | 538 | 676 | 742 | 802 | | 增长率 yoy（%） | 178.5 | -27.5 | 25.7 | 9.7 | 8.1 | | ROE（%） | 6.2 | 4.6 | 5.7 | 6.0 | 6.4 | | EPS 最新摊薄（元） | 0.62 | 0.45 | 0.57 | 0.62 | 0.67 | | P/E（倍） | 13.7 | 18.8 | 15.0 ...

Summary of Huaxin Cement Conference Call Company Overview - Huaxin Cement is a long-established cement company founded in 1907, transitioning to a joint-stock system in 1993. The company began expanding into concrete, aggregates, and environmental businesses in 2005, and initiated its first overseas cement project in 2012, evolving into a global building materials group. As of the end of 2024, Huaxin Cement has a cement capacity of 126 million tons, a concrete capacity of 50,000 cubic meters per hour, and an aggregate capacity of 285 million tons [3][4][5]. Financial Performance - For the first half of 2025, Huaxin Cement expects a net profit attributable to shareholders of approximately 1 billion yuan, representing a year-on-year growth of 50% to 55%, driven by improved domestic cement profitability, increased overseas earnings, and reduced foreign exchange losses [2][4]. - The company forecasts net profits of 2.7 billion yuan, 3 billion yuan, and 3.3 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13%, 11.5%, and 7.6% [4][16]. - The valuation is currently around 11 times, 10 times, and 9 times for the respective years, indicating attractiveness and maintaining a recommendation rating [4][16]. Business Segments Contribution - The cement business contributes approximately 50% to gross profit, the aggregate business about 30%, and the concrete business around 12% [2][5]. - The aggregate business has a gross profit margin of approximately 48%, with sales expected to reach 140 million tons in 2024, contributing 2.7 billion yuan in gross profit [2][15]. Domestic Market Dynamics - The domestic cement market is expected to improve due to policy-driven competition reduction and the Ministry of Industry and Information Technology's efforts to address overproduction, which may enhance supply-demand balance and boost prices [2][6]. - Despite weak demand leading to price fluctuations in the first half of the year, the construction peak season and policy support in the second half are anticipated to drive price recovery [6][8]. Overseas Market Expansion - Huaxin Cement is actively expanding in Southeast Asia and Africa, leveraging technical expertise and shareholder advantages. The overseas revenue share has increased from 10% in 2015 to 24% in 2024, with significantly higher gross margins compared to domestic operations [2][11][13]. - In 2024, overseas revenue is expected to grow by 40% to 8 billion yuan, with sales increasing by 37% to 16 million tons. The company plans to expand overseas capacity from 20 million tons to 50 million tons and is pursuing acquisitions, such as a project in Nigeria [2][13]. Challenges and Opportunities - The domestic market faces challenges from weak demand and price declines, but policy measures are expected to support recovery. The international market, particularly in Africa, presents growth opportunities due to economic and population growth potential [6][9][11]. - The cement industry must address overproduction and improve capacity utilization to restore supply-demand balance, with mergers and acquisitions suggested to enhance market concentration and maintain reasonable pricing [10][12]. Aggregate Industry Insights - The aggregate sector is closely tied to construction demand, which has seen a decline due to insufficient building starts. However, the high gross margin of approximately 40% and the ability to source aggregates from tailings without mining costs make it an attractive area for investment [12][15]. Shareholder Structure - Huaxin Cement has a dual background of state-owned and foreign investment, with its controlling shareholder being the globally renowned building materials group, Holcim Group, and another major shareholder being the Huangshi State-owned Assets Supervision and Administration Commission [7].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report focuses on price fluctuations in the energy and black upstream sectors, as well as policy implementation in high - tech and transportation infrastructure industries [1][2]. - It also provides an overview of the current situation in the upstream, mid - stream, and downstream of different industries, including price changes,开工率, and sales volume [3]. 3. Summary by Related Catalogs 3.1. Mid - level Event Overview - **Production Industry**: High - temperature and high - humidity weather has led to a continuous increase in the national power consumption level. From August 4th to 6th, the power load in the operating area of the State Grid Corporation reached a record high of 1.233 billion kilowatts, an increase of 53 million kilowatts compared to last year's peak of 1.18 billion kilowatts. Shanghai has issued a development plan for the embodied intelligence industry, aiming to achieve more than 20 core algorithm and technology breakthroughs by 2027, with the core industry scale exceeding 50 billion yuan [1]. - **Service Industry**: Three departments including the Ministry of Transport have issued a plan for the new round of rural road improvement, aiming to complete 300,000 kilometers of new and reconstructed rural roads by 2027 [2]. 3.2. Industry Overview - **Upstream**: International oil prices have dropped significantly recently. Egg prices and glass prices have also declined [3]. - **Mid - stream**: The operating rate of PTA has decreased, while that of pig products has increased slightly [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a three - year low. Domestic film box office has increased during the summer vacation [3]. 3.3. Industry Credit Spread Tracking - The report provides credit spread data for various industries as of August 7th, showing different trends in each industry's credit spreads compared to the previous year, the first quarter, one month ago, and last week [46]. 3.4. Key Industry Price Index Tracking - The report presents price data for multiple industries as of August 6th, including agriculture, non - ferrous metals, black metals, non - metals, energy, chemicals, and real estate. Most prices have shown a downward trend, with some exceptions such as coal prices [47].

Core Viewpoint - Jiangsu Tongtai Green Building Materials Technology Co., Ltd. was fined for illegal over-limit transportation, highlighting regulatory scrutiny in the transportation sector [1][3]. Company Overview - Jiangsu Tongtai Green Building Materials Technology Co., Ltd. is a wholly-owned subsidiary of Suqian Jiaojian, established in 2020 with a registered capital of 100 million RMB [5][7]. - The company is primarily engaged in the construction of highways, national and provincial trunk roads, large and medium-sized bridges, and green building materials [5]. Regulatory Action - On August 5, 2025, the Suqian City Transportation Bureau issued an administrative penalty against Jiangsu Tongtai for illegal over-limit transportation, resulting in a fine of 7,000 RMB [2][3]. - The violation occurred on July 18, 2025, when a driver from Jiangsu Tongtai was caught transporting concrete over the legal limit on S325 line [2][3].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a pioneer in international cement, benefiting from domestic market dynamics and the trend of reducing excessive competition [1][6]. - The company has shown resilience in its operational performance, with significant contributions from its aggregate business and a growing share of overseas revenue [6][15]. - The domestic cement market is expected to stabilize and improve profitability due to government policies aimed at reducing overcapacity and promoting orderly competition [6][27]. - The overseas market presents substantial growth opportunities, particularly in Africa, where demand for cement is expected to remain strong [6][33]. Summary by Sections Company Overview - The company has evolved from a domestic cement manufacturer to a global building materials group, covering a full industry chain including cement, concrete, and aggregates [11]. - It ranks fourth globally in clinker production capacity among Chinese cement companies, with a significant increase in overseas revenue share from 10% in 2015 to 24% in 2024 [6][17]. Domestic Market Dynamics - The domestic cement market is experiencing price fluctuations due to weak demand and challenges in coordinated production [6][27]. - Government initiatives to curb "involution" in the industry are expected to lead to a more orderly market and potential price recovery [6][27]. - The company anticipates a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 50%-55% [15]. Overseas Market Expansion - The company is accelerating its overseas market layout, with plans to significantly increase its cement grinding capacity and pursue acquisitions, such as an $800 million project in Nigeria [6][33]. - The overseas business is expected to be a major growth driver, with higher profit margins compared to domestic operations [6][34]. Aggregate Business Performance - The aggregate business has shown a notable increase in both revenue and profit contribution, with a gross margin of 48% expected in 2024 [6][39]. - Despite short-term price pressures in the aggregate market, the company maintains a positive outlook for profitability due to its competitive advantages [6][39]. Financial Projections - The company forecasts net profits of 27.3 billion, 30.4 billion, and 32.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 13.0%, 11.5%, and 7.6% [6][15]. - The current market valuation reflects a price-to-earnings ratio of 10.7, 9.6, and 8.9 for the next three years, indicating a favorable investment opportunity [6][15].

Group 1 - The core viewpoint of the article highlights that Huaxin Cement's stock price increased slightly on August 5, 2025, closing at 15.28 yuan, with a market capitalization of 31.767 billion yuan and a price-to-earnings ratio of 33.95 times [1] - Huaxin Cement's main business includes the production and sales of cement, concrete, and aggregates, positioning the company within the cement and building materials industry [1] - The company expects its net profit attributable to shareholders for the first half of 2025 to be between 1.096 billion yuan and 1.132 billion yuan, representing a year-on-year growth of 50% to 55% [1] Group 2 - On August 5, 2025, the net outflow of main funds was 13.7303 million yuan, with a cumulative net outflow of 225 million yuan over the past five trading days [1]

Group 1 - The construction materials industry is in a critical period of accelerating green and low-carbon transformation, with heavy tasks in energy conservation, emission reduction, and carbon reduction [1] - The industry is committed to high-quality green and low-carbon development, continuously exploring carbon reduction paths and achieving significant results, such as establishing national standards for carbon emission accounting in cement, flat glass, and ceramic industries [1][2] - The cement industry has achieved its carbon peak on schedule and was formally included in the national carbon emission trading market in March this year, which will help promote the exit of inefficient capacity and guide companies to improve production processes and develop low-carbon technologies [1] Group 2 - There is a focus on strengthening energy-saving and carbon reduction policies and foundational research, with departments guiding the implementation of carbon reduction technology guidelines for key sectors like cement and glass [2] - The industry is encouraged to deepen research on carbon emission factors and parameters, and to develop a carbon label system for typical construction materials to enhance carbon accounting [2] - Efforts are being made to build a robust carbon emission trading market for cement, including monitoring, reporting, and verification systems, as well as training to improve corporate carbon management [2][3] Group 3 - The construction materials industry is urged to enhance collaboration across the supply chain to promote low-carbon technologies and energy-saving techniques, including the development of alternative raw materials and renewable energy applications [3] - The "Six Zero" factory initiative is being promoted as a catalyst for innovation and a model for providing internationally influential solutions, contributing to the industry's deep transformation [3] - The industry is expected to achieve more technological innovations in green and low-carbon development, benefiting the nation and its people [3]