Core Viewpoint - The cement sector in China is showing strong performance, with several companies experiencing significant stock price increases, driven by expectations of demand growth and price support from rising coal prices [1] Group 1: Stock Performance - China National Building Material (03323) increased by 6.32% - Huaxin Cement (06655) rose by 4.80% - Anhui Conch Cement (00914) saw a 3.63% increase - China Resources Cement Technology (01313) grew by 3.33% - Jinyu Group (02009) climbed by 2.35% - Asia Cement (China) (00743) went up by 1.61% - Western Cement (02233) decreased by 1.54% [1] Group 2: Market Outlook - China Galaxy Securities anticipates continued demand growth during the "Golden September and Silver October" period, although the increase may be limited due to weak terminal market conditions [1] - The expectation of a prolonged peak-off kiln shutdown in winter, combined with marginal improvements in demand, suggests that cement companies will actively push for price increases [1] - Rising coal prices are expected to further support cement prices, and the acceleration of "anti-involution" is likely to optimize industry supply, easing supply-demand conflicts [1] - Regional leading enterprises are expected to see a recovery in profitability [1]

Core Viewpoint - Western Cement (02233) has signed a strategic cooperation agreement with the Water and Electricity Third Bureau, focusing on local supply chain construction, overseas project synergy, and collaborative platforms in specific African projects [1] Group 1: Strategic Cooperation - The cooperation will focus on three main areas: building a localized supply chain to support projects like the Shaanxi pumped storage power station, promoting synergy between overseas projects and local production capacities, and jointly developing platforms for collaboration in Angola, Congo (DRC), and Mozambique [1] - The partnership aims to contribute to high-quality development in the energy construction and building materials sectors [1] Group 2: Market Potential - Longjiang Securities has highlighted the potential for continued overseas expansion to provide greater mid-term flexibility for the company [1] - The African cement market is characterized by significant space and high profitability, making it a new blue ocean market for domestic companies [1] - The company currently has multiple ongoing and planned projects in Africa, which are expected to contribute substantial performance increments once operational [1]

Core Viewpoint - Western Cement (02233) has signed a strategic cooperation agreement with the Water and Electricity Third Bureau, focusing on local supply chain construction, overseas project collaboration, and joint platform development for energy and building materials industry growth [1] Group 1: Strategic Cooperation - The cooperation will focus on three main areas: building a localized supply chain to support projects like the Shaanxi pumped storage power station, promoting synergy between overseas projects and local production capacity, and co-developing projects in Angola, Congo (Kinshasa), and Mozambique [1] - The partnership aims to leverage the Water and Electricity Third Bureau's engineering advantages in regions such as Guinea, the Philippines, and Central Asia, aligning with Western Cement's production capabilities in Africa and Central Asia [1] Group 2: Market Potential - Longjiang Securities has highlighted the potential for continued overseas expansion to provide greater mid-term flexibility for the company [1] - The African cement market is characterized by significant space and high profitability, making it a new blue ocean market for domestic companies [1] - Western Cement currently has multiple ongoing and planned projects in the African market, with expectations for these projects to contribute significantly to the company's performance once operational [1]

Core Viewpoint - Cement stocks have shown significant gains, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - China National Building Material (03323.HK) increased by 6.84%, reaching HKD 6.09 [1] - Anhui Conch Cement (00914.HK) rose by 4.21%, trading at HKD 25.26 [1] - Huaxin Cement (06655.HK) saw a 3.66% increase, priced at HKD 17.26 [1] - China Resources Cement Technology (01313.HK) gained 3.3%, with a price of HKD 1.86 [1] - Western Cement (02233.HK) experienced a 2.47% rise, now at HKD 3.32 [1]

Group 1 - The core viewpoint of the news is the significant rise in Hong Kong's building materials and cement stocks, with China National Building Material Corporation (CNBM) reaching a new high since April 2023, driven by improved profit forecasts and cost reductions in cement and concrete sales [1] - CNBM expects a net profit of 2.95 billion yuan for the first three quarters, marking a turnaround from losses, primarily due to decreased sales costs and increased profits from joint ventures [1] - The cement industry is experiencing a traditional off-season in Q3, with expectations of fluctuating cement prices in 2025, while companies like Huaxin Cement and Western Cement continue to expand production capacity [1] Group 2 - Statistics from the China Cement Network indicate that there are currently over 100 announced projects for capacity replacement, adding a total of 34.97 million tons, while 55.82 million tons have been withdrawn, resulting in a net reduction of 20.85 million tons [1] - The net reduction in production capacity is significantly lower than the decline in demand, leading to an exacerbated supply-demand imbalance and indicating poor policy effectiveness [1] - The stock performance of major companies includes CNBM rising by 6.67%, Huaxin Cement by 4.62%, and Conch Cement by 3.63%, reflecting positive market sentiment [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material (03323) up 6.84% to HKD 6.09, Anhui Conch Cement (00914) up 4.21% to HKD 25.26, and Huaxin Cement (06655) up 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a slight increase of 2 CNY/ton month-on-month, and the gross profit per ton for cement companies was 58 CNY/ton, up 3 CNY/ton [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production restrictions and demand-side infrastructure support [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material rising 6.84% to HKD 6.09, Anhui Conch Cement up 4.21% to HKD 25.26, and Huaxin Cement increasing by 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a month-on-month increase of 2 CNY/ton, and the gross profit per ton for cement companies was 58 CNY, reflecting a month-on-month increase of 3 CNY [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production controls and demand-side infrastructure support [2]

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's building materials and cement stocks, with China National Building Material (CNBM) reaching a new high since April 2023, increasing by 7% [1] - CNBM is expected to report a net profit of 2.95 billion yuan for the first three quarters, marking a turnaround from losses, primarily due to a decrease in sales costs for cement and ready-mixed concrete [1] - The report from Shenwan Hongyuan indicates that the third quarter is traditionally a slow season for the cement industry, with cement prices expected to peak in 2025 before declining [1] Group 2 - The cement industry is experiencing a supply-demand imbalance, with only about 100 capacity replacement projects announced, adding a total of 34.969 million tons while exiting 55.82 million tons, resulting in a net reduction of 20.851 million tons [1] - The ongoing expansion of production capacity by Huaxin Cement and Western Cement is noted, with profitability in African cement operations expected to improve [1] - The article mentions that the policy effects on the cement supply-demand situation have been poor, exacerbating the existing contradictions in the market [1]

中国银河（601881）证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 水泥股全线回落，截至发稿，金隅集团（601992）(02009)跌5.49%，报0.86港元；西部水泥(02233)跌 4.12%，报3.26港元；海螺水泥（600585）(00914)跌3.92%，报24港元；中国建材(03323)跌3.85%，报 5.5港元；华新水泥（600801）(06655)跌1.59%，报16.73港元。 申万宏源研报指出，三季度是水泥行业传统淡季，2025年水泥价格前高后低。根据数字水泥网，25Q3 水泥均价353.1元/吨，环比下降27.6元/吨，同比下降33.5元/吨，7-8月水泥产量分别同比下降5.5%、 7.0%。水泥行业三季度盈利预计整体承压。9月24日，六部委联合发布《建材行业稳增长工作方案(2 ...

Group 1 - Cement stocks have experienced a significant decline, with major companies like Jinyu Group down 5.49%, Western Cement down 4.12%, and Conch Cement down 3.92% as of the report [1] - The third quarter is traditionally a slow season for the cement industry, with expectations of fluctuating prices in 2025, where the average cement price in Q3 2025 is projected to be 353.1 yuan/ton, a decrease of 27.6 yuan/ton quarter-on-quarter and 33.5% year-on-year [1] - Cement production in July and August saw year-on-year declines of 5.5% and 7.0%, respectively, indicating pressure on overall profitability for the cement industry in Q3 [1] Group 2 - Demand is expected to continue growing during the "Golden September and Silver October" period, but the increase is anticipated to be limited due to weak terminal market conditions [2] - The upcoming winter is expected to bring extended periods of staggered kiln shutdowns, which, combined with marginal improvements in demand, may lead cement companies to actively raise prices [2] - Rising coal prices are expected to further support cement prices, and the acceleration of "anti-involution" measures is likely to optimize industry supply, easing supply-demand conflicts and potentially restoring profitability for regional leading enterprises [2]