近日，由市质监站组织、市建设工程质量检测协会承办的预拌混凝土及预制构件生产企业试验员岗 位培训落幕。全市相关企业的270余名试验室管理人员、试验技术骨干参训，为夯实本地建设工程质量 安全根基注入强劲动力。 下一步，市质监站将持续聚焦建设工程质量提升核心目标，常态化开展针对性强、覆盖面广的岗位 培训，不断夯实行业人才基础，为镇江住建事业高质量发展提供坚实保障。（方骏 记者 朱秋霞） 本次培训紧扣行业发展需求与岗位实操要点，课程设置兼具专业性与实用性。授课师资均为深耕行 业多年的专家，既具备扎实的理论功底，又拥有丰富的实践经验。培训中，专家团队结合最新行业规 范、典型工程案例，系统解读混凝土与预制构件试验的核心技术标准、关键操作流程及数据处理规范， 针对试验过程中的常见问题、难点问题进行重点剖析，为参训人员提供了"靶向性"极强的专业指导。通 过标准化培训，进一步规范了试验操作流程，助力企业强化试验检测质量管控，提升检测数据的准确性 与可靠性，从源头为预拌混凝土及预制构件产品质量保驾护航，切实筑牢建设工程质量安全的"第一道 防线"。 ...

本报讯 （记者丁蓉）12月9日，广东塔牌集团股份有限公司（以下简称"塔牌集团"）发布《关于变更部 分回购股份用途并注销减少注册资本的公告》。 公告显示，基于回购专用证券账户部分回购股份存续时间即将期满3年，为提高公司长期投资价值，提 升每股收益水平，进一步增强投资者信心，塔牌集团拟将存放于回购专用证券账户中的1812.45万股回 购股份的用途由"用于公司实施员工持股计划"变更为"用于注销并减少公司注册资本"，并按规定办理股 份注销、工商变更登记等相关手续。 2025年前三季度，得益于所处市场区域气候好转及受上年同期销量基数较低的影响，塔牌集团产品销量 实现同比上升，水泥销量同比上升6.37%，"水泥+熟料"销量同比上升5.05%；得益于煤炭价格的下降和 公司采取的瘦身强体、降本增效措施的累积效应，该公司水泥平均销售成本同比下降了7.03%，大于水 泥销售价格的同比降幅4.34%，管理费用亦实现同比下降，水泥主业盈利水平同比有所改善。同时，得 益于资本市场的持续回暖，该公司投资收益（含浮盈）同比大幅增长，叠加处置关停企业的收益增加， 公司非经常性损益同比增加1.41亿元。在上述因素叠加影响下，公司实现归属于上市 ...

Core Insights - Mexico is positioned as a significant trade partner for the USA and an attractive alternative for investment, with experts suggesting that 2025 is an exceptional year for Mexican assets [2][3] - The nearshoring trend is enhancing Mexico's role as a key manufacturing hub in North America, benefiting various sectors including petrochemicals, energy, pharmaceuticals, medical devices, semiconductors, and automotive [2][3] Investment Methodology - The list of the 10 Best Mexican Stocks was created using the Finviz stock screener and other platforms, focusing on companies with positive upside potential and substantial institutional backing as of November 21 [5][6] Stock Highlights - **CEMEX, S.A.B. de C.V. (NYSE:CX)**: - Hedge Fund Holders: 18 - Stock Upside Potential: 3.82% - Q3 2025 net sales reached $4.25 billion, a 2% increase from Q3 2024, with consolidated EBITDA rising by 19% year-over-year to $882 million [7][8][9] - **Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC)**: - Hedge Fund Holders: 8 - Stock Upside Potential: 7.25% - Reported 4.87 million passengers in October 2025, a 0.8% decrease from October 2024, but a 3.2% year-to-date increase for January–October 2025 [10][11][12]

Core Viewpoint - The stock price of Tower Group has shown a significant increase this year, with a year-to-date rise of 23.56% and a recent uptick of 2.06% in intraday trading, indicating positive market sentiment towards the company [1][2]. Company Overview - Tower Group, established on June 29, 1995, and listed on May 16, 2008, is located in Meizhou, Guangdong Province. The company primarily engages in the production and sale of various types of silicate cement and ready-mixed concrete [2]. - The revenue composition of Tower Group includes: Cement (90.95%), Environmental Disposal (2.61%), Ready-Mixed Concrete (2.28%), Clinker (2.20%), Limestone and Waste (0.85%), Others (0.80%), Mechanized Sand and Stone (0.20%), and Photovoltaic Power Generation (0.10%) [2]. Financial Performance - For the period from January to September 2025, Tower Group reported a revenue of 2.916 billion yuan, a year-on-year decrease of 0.49%. However, the net profit attributable to shareholders increased by 54.23% to 588 million yuan [2]. - Cumulatively, since its A-share listing, Tower Group has distributed a total of 6.393 billion yuan in dividends, with 1.254 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders in Tower Group decreased by 12.41% to 37,300, while the average circulating shares per person increased by 14.16% to 31,964 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 128 million shares, an increase of 114 million shares from the previous period [3].

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with EBITDA margin expanding by 2.5 percentage points, reaching its highest level for a third quarter since 2020 [6][9][12] - Free cash flow from operations was close to $540 million, an improvement of more than $350 million versus the third quarter of last year, with a free cash flow conversion rate reaching 41% on a trailing 12-month basis [27][29] - Net income performance in the quarter grew by 8% when adjusting for discontinued operations, with record net income of $1.3 billion for the first nine months of the year [9][30] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew 11%, marking an expected inflection point in quarterly performance, with a 33.1% EBITDA margin achieved, the highest level since 2021 [18][20] - The U.S. operations reached record third-quarter EBITDA and EBITDA margin, driven by increased cost efficiencies and higher prices, although volumes for core products declined by 1% [20][21] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% and margin expanding by 6.8 percentage points [25][26] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, with average daily cement sales volume outperforming historical sequential seasonality patterns [18] - In Europe, high single-digit growth in cement volumes was driven by infrastructure throughout Eastern Europe, with housing activity boosting demand in Spain [24] - The EMEA region continued strong performance, reaching new records in EBITDA and margins, with ready-mix and aggregate volumes expanding by 13% and 1% respectively [24][25] Company Strategy and Development Direction - The company is focused on attaining best-in-class operational excellence and delivering industry-leading shareholder returns, with a strategic framework aimed at enhancing profitability and increasing free cash flow conversion [5][15] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [12][14] - The company is prioritizing small to mid-size acquisitions, reallocating capital to opportunities that are immediately accretive, while divesting non-core markets [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico and the U.S., with expectations of low single-digit growth in U.S. demand next year [20][63] - The company anticipates a pickup in infrastructure spending as the government enters its second year in office, which should support profitability in Mexico [20][42] - Management remains cautious about the residential sector in the U.S., expecting continued weakness but potential recovery in 2027 [63] Other Important Information - The company completed the divestment of its operations in Panama at an attractive multiple of about 12x, reallocating part of the proceeds to acquire a majority stake in Couch Aggregates [16] - The company is advancing its decarbonization agenda, having already surpassed the European Cement Association's 2030 consolidated net CO2 emissions target [25] Q&A Session Summary Question: Cash conversion expectations for next year and 2027 - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [33][34] Question: Outlook for Mexico's demand volumes in 2026 - Management expects demand volumes in Mexico to grow by no less than 2.5%-3% in 2026, driven by infrastructure projects [40][41] Question: Breakdown of EBITDA margin expansion in Mexico - The 500 basis points improvement in EBITDA margin was driven by prices, SG&A reductions, and lower variable costs, including a significant decrease in unitary fuel costs [46][47] Question: Industry's approach to CCUS - Management emphasized that while CCUS is important for net zero, it will only be deployed if it is accretive to value creation, focusing on traditional levers for decarbonization first [51][52] Question: Price increase plans for 2026 - Management has not yet sent price increase letters but is optimistic about pricing strategies that will offset input cost inflation in both the U.S. and Europe [54][56] Question: Regional performance differences in the U.S. - Weaker volumes were noted in Florida, California, and Arizona, while growth was seen in Texas, Colorado, and the Mid-South, with strong infrastructure demand expected to continue [60][63] Question: Optimization plans at Balcones in Texas - The use of artificial intelligence at Balcones is expected to lead to significant yield increases and further cement margin improvements [65][66] Question: Urbanization solutions business performance - The decline in revenue and EBITDA is attributed to weakness in residential and infrastructure activity, but core businesses remain integral to the company's strategy [67][68]

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with a margin expansion of 2.5 percentage points, reaching its highest level for a third quarter since 2020 [6][9][12] - Free cash flow from operations was close to $540 million, an improvement of more than $350 million versus the third quarter of last year, with a conversion rate reaching 41% on a trailing 12-month basis [27][29] - Net income performance in the quarter grew by 8% when adjusting for discontinued operations, with record net income of $1.3 billion for the first nine months of the year [9][30] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew 11%, driven by a leaner cost base and higher prices, despite lower volumes [18] - The U.S. operations reached record third-quarter EBITDA and EBITDA margin, driven by increased cost efficiencies and higher prices [20] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% and margin expanding by 6.8 percentage points [25] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, while Europe continues with its volume growth trend [8][10] - In the EMEA region, cement volumes grew high single digits, driven by infrastructure throughout Eastern Europe, with ready-mix and aggregate volumes expanding by 13% and 1% respectively in the Middle East and Africa [24][25] - The U.S. market continues to reflect strengths in infrastructure, offset by persistent softness in the residential sector [22] Company Strategy and Development Direction - The company is focused on operational excellence, free cash flow conversion, and return on capital, with a strategic shift towards small to mid-size acquisitions [15][31] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [12][14] - The company is prioritizing growth in the U.S., Mexico, and Europe, while maintaining a disciplined approach to capital allocation [15][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico, with expectations of 2.5% to 3% growth in demand volumes next year [41] - The company anticipates continued improvements in free cash flow generation and conversion rates as strategic priorities are advanced [9][31] - Management highlighted the importance of infrastructure spending and potential benefits from the upcoming renegotiation of the USMCA trade agreement [20] Other Important Information - The company completed the divestment of its operations in Panama at an attractive multiple and reinvested in Couch Aggregates to strengthen its position in the U.S. [16] - The company is advancing its decarbonization agenda, having already surpassed the European Cement Association's 2030 consolidated net CO2 emissions target [25] Q&A Session Summary Question: Cash conversion expectations for next year and 2027 - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [34] Question: Outlook for Mexico's demand recovery - Management expects demand volumes in Mexico to grow by no less than 2.5% to 3% next year, supported by infrastructure projects [41] Question: Breakdown of EBITDA margin expansion in Mexico - The 500 basis points improvement in EBITDA margin was driven by prices, SG&A reductions, and lower variable costs, including a significant decrease in unitary fuel costs [47] Question: Urbanization solutions business performance - The decline in revenue and EBITDA is mainly due to weakness in residential and infrastructure activity, not project completions [67] Question: Debt profile and maturities - Management is considering extending maturities and is comfortable with a leverage range between 1.5 to 2 times, focusing on maintaining an investment-grade rating [75][79]

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with significant margin gains driven by cost savings and higher prices [5][6][8] - EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020 [7][11] - Free cash flow from operations improved significantly, reaching approximately $540 million, an increase of over $350 million year-over-year [25][26] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew by 11%, driven by a leaner cost base and higher prices despite lower volumes [16] - The U.S. operations achieved record third-quarter EBITDA and margins, supported by increased cost efficiencies and higher prices [18][19] - The EMEA region saw strong performance, with new records in EBITDA and margins, particularly in Eastern Europe and the Middle East [22][23] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, with average daily cement sales volume outperforming historical patterns [16] - In the U.S., infrastructure demand remains strong, while residential sector weakness persists [19][52] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% [24] Company Strategy and Development Direction - The company is focused on operational excellence and delivering industry-leading shareholder returns, with a strategic plan aimed at enhancing profitability and free cash flow conversion [4][13] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [11][12] - The company is prioritizing small to mid-size acquisitions in the U.S. and divesting non-core markets to strengthen its position [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico and the U.S., with expectations for volume growth in 2026 [18][39] - The company anticipates continued improvements in free cash flow conversion and operational efficiency as it progresses with its strategic initiatives [26][29] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while pursuing growth opportunities [13][66] Other Important Information - The company completed the divestment of its operations in Panama and consolidated Couch Aggregates into its U.S. business [2][3][14] - The company is committed to decarbonization efforts, having surpassed the European Cement Association's 2030 CO2 emissions target [6][23] Q&A Session Summary Question: What should we expect for cash conversion next year and 2027? - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [32] Question: Can we expect a recovery in Mexico's demand volumes? - Management is confident that demand volumes in Mexico should grow by at least 2.5% to 3% next year, driven by infrastructure projects [38] Question: What contributed to the EBITDA margin expansion in Mexico? - The 500 basis points improvement was driven by price increases, reductions in SG&A, and lower variable costs, including energy [42] Question: How does the company view CCUS initiatives? - Management emphasized that CCUS remains a mid-term priority, but will only be pursued if it is accretive to value creation [45][46] Question: What is the outlook for U.S. M&A? - The company is actively looking at family-owned aggregate targets in the U.S. and is strengthening its team for bolt-on acquisitions [73]

Core Points - Zhejiang Provincial Building Materials Group Co., Ltd. was fined for illegal over-limit transportation on October 17, 2025, by the Hangzhou Yuhang District Transportation Bureau [1][3] - The fine amounted to 8,220 RMB (approximately 0.822 million RMB) [2][3] - The violation was identified during an inspection on October 12, 2025, where the company was found to be in breach of transportation regulations [2][3] Company Information - Zhejiang Provincial Building Materials Group was established on October 4, 1990, with a registered capital of 35 million RMB [5] - The company is a core member of Zhejiang Construction Investment Group Co., Ltd. and operates in the prefabricated construction components sector [5] - The major shareholder is Zhejiang Construction Group Co., Ltd., holding 77.04% of the shares, while Zhejiang Jiantou (002761.SZ) holds 22.96% [5] Business Operations - The company has five production and supply bases in cities including Hangzhou, Jiaxing, Taizhou, and Nanchang, with a capacity to produce 500,000 cubic meters of concrete [4] - It specializes in various concrete products, including C15-C80 strength grades, high-performance concrete, and special concrete [4] - The company has expanded its business reach to over 20 provinces in China and several countries, including Algeria, Sri Lanka, Malaysia, and Saudi Arabia [5]

Core Viewpoint - The stock price of Tapai Group has experienced fluctuations, with a recent decline of 2.03% on October 16, 2023, while the company has shown a year-to-date increase of 26.75% in stock price [1][2]. Financial Performance - For the first half of 2025, Tapai Group achieved a revenue of 2.056 billion yuan, representing a year-on-year growth of 4.05%. The net profit attributable to shareholders was 435 million yuan, marking a significant increase of 92.47% [2]. - Cumulatively, Tapai Group has distributed 6.393 billion yuan in dividends since its A-share listing, with 1.254 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Tapai Group had 42,600 shareholders, a decrease of 1.57% from the previous period. The average number of circulating shares per shareholder increased by 1.60% to 27,999 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Fortune China Securities Dividend Index Enhanced A/B, with both reducing their holdings compared to the previous period [3]. Market Activity - On October 16, 2023, Tapai Group's stock traded at 9.16 yuan per share, with a total market capitalization of 10.921 billion yuan. The trading volume was 70.6216 million yuan, with a turnover rate of 0.64% [1]. - The net outflow of main funds was 12.6746 million yuan, with large orders accounting for 5.94% of purchases and 23.89% of sales [1]. Business Overview - Tapai Group, established on June 29, 1995, and listed on May 16, 2008, primarily engages in the production and sale of various types of silicate cement and ready-mixed concrete. The revenue composition includes 90.95% from cement, 2.61% from environmental disposal, and smaller percentages from other products [2]. - The company is categorized under the building materials industry, specifically in cement manufacturing, and is associated with concepts such as social security heavy positions and solid waste treatment [2].

Core Points - The article discusses the implementation of a new plan by the municipal construction committee and eight other departments to enhance the utilization of recycled construction waste products, mandating that government-funded projects use at least 15% recycled materials [1][2] Group 1: Implementation Plan - The plan, titled "Implementation Plan for Further Strengthening the Promotion and Application of Recycled Products from Construction Waste," aims to manage construction waste comprehensively [1] - It specifies that government investment projects, which include various types of construction such as housing, municipal infrastructure, and urban renewal, must prioritize the use of recycled products [1] - The plan outlines seven key tasks, including the establishment of a registration and publication system for recycled products and encouraging manufacturers to certify their products as green building materials [1] Group 2: Monitoring and Compliance - During the construction phase, supervision agencies are required to focus on the usage of recycled products and ensure compliance with the new regulations [2] - Quality supervision institutions will incorporate the use of recycled materials as a criterion for project completion evaluations [2] - The city has 16 facilities for recycling construction waste, with a total processing capacity of approximately 4.8 million tons [2]