Core Viewpoint - The company has set a net profit target of 530 million yuan and a cement production and sales target of 16 million tons for 2026, while also planning to cancel part of its repurchased shares [1][2]. Performance Strategy - At the annual work mobilization meeting held on February 7, 2026, the company confirmed its net profit target of 530 million yuan and cement production and sales target of 16 million tons, emphasizing a focus on intelligent transformation, extreme cost reduction, and diversified business development [2]. Company Status - The company plans to cancel 18,124,508 repurchased shares, reducing the total share capital from approximately 1.192 billion shares to about 1.174 billion shares, with a corresponding decrease in registered capital. This matter was approved at the shareholders' meeting in December 2025 [3]. Regulatory Situation - On December 12, 2025, some shareholders and their managers received warning letters from the Guangdong Securities Regulatory Bureau and the Shenzhen Stock Exchange due to violations, which may impact market sentiment [4]. Strategic Advancement - The company aims to focus on intelligent production as a core strategy, accelerating the expansion of its "Cement+" business while addressing industry demand decline and challenges related to green transformation. Continuous monitoring of related developments is necessary [5].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Value ETF (562530), which rose by 0.64% to 1.410 yuan with a trading volume of 808,100 yuan as of the midday close [1] - The top-performing stocks within the CSI 1000 Value ETF include Jiahu Energy, which increased by 3.45%, and Zhejiang Medicine, which rose by 3.87% [1] - The fund's performance benchmark is the CSI Smart Select 1000 Value Steady Strategy Index, managed by Huaxia Fund Management Co., Ltd., with a return of 40.54% since its inception on July 28, 2022, and a return of 5.51% over the past month [1] Group 2 - Notable stock movements include Shengfeng Cement increasing by 2.28%, while Jiufeng Energy decreased by 0.80%, and Changjiang Media fell by 0.65% [1] - The fund manager is Zhang Jinzhi, indicating a specific leadership in the management of the ETF [1] - The article emphasizes the importance of cautious investment due to market risks, although it does not provide specific risk details [1]

Core Viewpoint - The company has successfully completed a share repurchase program aimed at implementing an employee stock ownership plan, with a total repurchase amount of approximately 54.09 million yuan for 611.77 thousand shares, representing 0.5131% of the total share capital [1][2][3]. Share Repurchase Details - The company approved a share repurchase plan on August 6, 2025, with a total fund allocation between 50 million yuan and 100 million yuan, at a maximum price of 10 yuan per share, within a six-month period [1]. - The repurchase was executed through a centralized bidding method, with the first repurchase occurring on September 15, 2025, totaling 56.38 thousand shares [1][2]. - By February 5, 2026, the company had repurchased a total of 611.77 thousand shares, with a maximum price of 8.96 yuan and a minimum price of 8.65 yuan per share [2]. Impact on Company - The share repurchase will not significantly affect the company's financial status, operations, research and development, debt obligations, or future development [3]. - The completion of the repurchase will not alter the company's control or its status as a listed company [3]. Stock Trading by Related Parties - There were no stock trading activities by the company's directors, senior management, controlling shareholders, or actual controllers during the period from the announcement of the repurchase plan to the announcement of the results [4]. Shareholding Changes - The repurchased shares are currently held in a dedicated repurchase account, and if fully utilized for the employee stock ownership plan, the total share capital will remain unchanged [5][6]. Compliance with Regulations - The share repurchase process complied with relevant regulations from the Shenzhen Stock Exchange, including restrictions on trading during significant events and adherence to price limits [7][8].

证券日报网讯 2月5日，塔牌集团发布公告称，公司于2025年9月15日以集中竞价方式首次实施回购股 份。截至2026年2月5日，公司本次回购股份方案已实施完毕。在回购期内，公司通过股票回购专用证券 账户以集中竞价交易方式累计回购股份611.77万股，占公司总股本0.5131%。 （文章来源：证券日报） ...

格隆汇2月5日丨塔牌集团(002233.SZ)公布，截至2026年2月5日，本次股份回购期限届满，在回购期 内，公司通过股票回购专用证券账户以集中竞价交易方式累计回购股份611.77万股，占公司总股本 0.5131%，最高成交价为8.96元/股，最低成交价为8.65元/股，支付的总金额为5408.58万元（不含交易费 用）。 ...

塔牌集团公告，截至2026年2月5日，公司通过股票回购专用 证券账户以集中竞价交易方式累计回购股 份611.77万股，占公司总股本0.5131%，最高成交价为8.96元/股，最低成交价为8.65元/股，支付的总金 额为5408.58万元（不含交易费用）。 ...

格隆汇2月5日｜塔牌集团公告称，截至2026年2月5日，公司股份回购期限届满，回购方案实施完毕。此 次以集中竞价交易方式累计回购股份611.77万股，占总股本0.5131%，最高成交价8.96元/股，最低成交 价8.65元/股，支付总金额5408.58万元（不含交易费用）。回购股份拟用于实施员工持股计划，若未按 计划使用，未使用部分将依法注销，总股本相应减少。回购期间，董高、控股股东等无买卖公司股份情 况。 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2026-006 广东塔牌集团股份有限公司 关于回购公司股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 广东塔牌集团股份有限公司（以下简称"公司"）于 2025 年 8 月 6 日召开的第六届董事 会第十九次会议逐项审议通过了《关于回购公司股份的议案》，同意公司使用自有资金以集中 竞价方式从二级市场回购公司股份用于实施员工持股计划，本次回购股份资金总额为不超过 10,000 万元（含）且不少于 5,000 万元（含），回购价格不超过 10 元/股，回购的期限为自董 事会审议通过回购方案之日起 6 个月内。截至 2026 年 2 月 5 日，公司本次股份回购期限届满， 本次回购股份方案已实施完毕，现将本次回购实施结果有关事项公告如下： 一、回购股份情况 1、公司于 2025 年 8 月 13 日披露了《回购报告书》（公告编号：2025-038），于 2025 年 9 月 16 日披露了《关于首次回购股份的公告》（公告编号：2025-040），公司于 2025 年 9 月 15 日 ...