近期，上市公司及公募基金三季报披露了多位知名基金经理的调仓路径。三季度，结构化行情充分演 绎，多位基金经理积极出手捕获牛股。如傅鹏博管理的睿远成长价值、谢治宇管理的兴全合润集体加仓 PCB龙头东山精密，朱少醒管理的富国天惠大举增持华新水泥。展望四季度，部分基金经理表示，中国 权益市场长期稳健向好的态势日渐明朗，美元流动性有望迎来拐点，这将对中国股票市场的流动性带来 更大提升。不过，四季度宏观事件的影响将会增多，成长板块仍将表现出较大的波动性。（中国证券 报） ...

从资金流向上来看，当日水泥板块主力资金净流入577.39万元，游资资金净流出5224.2万元，散户资金净 流入4646.82万元。水泥板块个股资金流向见下表： 证券之星消息，10月22日水泥板块较上一交易日上涨0.46%，国统股份领涨。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002205 | 国统股份 | 15.16 | 10.01% | 15.81万 | 2.33 乙 | | 000672 | 上峰水泥 | 11.11 | 2.40% | 42.98万 | 4.79亿 | | 603616 | 韩建河山 | 5.52 | 2.22% | 16.59万 | 9123.01万 | | 000877 | 天山股份 | 6.46 | 1.10% | 58.69万 | 3.82亿 | | 600801 | 华新水泥 | 20.57 | 1.08% | 14.65万 | 3 ...

证券之星消息，10月21日水泥板块较上一交易日上涨0.68%，青松建化领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。水泥板块个股涨跌见下表： 从资金流向上来看，当日水泥板块主力资金净流入2712.59万元，游资资金净流出6954.45万元，散户资金 净流入4241.85万元。水泥板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600585 海螺水泥 | | 3997.22万 | 6.91% | -37.37万 | -0.06% | -3959.86万 | -6.85% | | 600425 青松建化 | | 3233.74万 | 6.56% | -337.10万 | -0.68% | -2896.64万 | -5.87% | | 000877 | 天山股份 | 1224.23万 | 5.11% | -190.04万 | -0.79 ...

来源：新浪港股 据香港联交所最新数据显示，10月15日，Conch International Holdings（HK）Limited减持华新水泥 （06655）838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约为 6351.53万股，持股比例为8.64%。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [3] Core Views - Since October, domestic demand for building materials has shown weakness, with cement affected by cooling, rainfall, and funding issues, resulting in a year-on-year shipment rate still 10 percentage points lower as of last Friday. Glass prices are hindered by insufficient replenishment sentiment post-holiday, leading to increased producer inventory and price stagnation. Currently, the profitability of major building materials like cement and glass remains at relatively low levels. A previously released plan for stable growth in the building materials industry suggests potential continued policy support for supply-side optimization in the fourth quarter. As the year-end performance sprint approaches, companies may increasingly seek to optimize supply and raise prices through market mechanisms. Recent market performance indicates a relative advantage for cyclical stocks, suggesting a possible style shift in the fourth quarter. The building materials sector currently possesses both low valuation defensive attributes and valuation recovery momentum under anti-involution catalysts, continuing to recommend high-demand African cement and glass fiber with price increase expectations [2][17]. Summary by Sections Market Review - Last week (October 13-17, 2025), the CSI 300 index fell by 2.22%, while the building materials sector (CITIC) dropped by 3.48%. Among sub-sectors, ceramics and glass performed relatively well, while fiberglass saw a significant decline. Notable individual stock performances included Fashilong (up 18.1%), Huali Shares (up 14.5%), Hainan Development (up 10.9%), Saitex New Materials (up 7.7%), and Tubao (up 6.9%) [1][9]. Recommended Stocks - The report recommends the following stocks: Western Cement, Huaxin Cement, Qingsong Construction, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings. The current building materials industry is nearing a cyclical bottom, with high-demand new materials expected to continue demonstrating growth potential. Cement is anticipated to benefit from improving infrastructure and real estate demand, with long-term supply dynamics expected to optimize. Recommended stocks include Huaxin Cement, Western Cement, and Qingsong Construction, with a focus on companies like Sankeshu and Dongpeng Holdings that are likely to improve their balance sheets as real estate policies become more favorable [3][17].

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责 任公司、芜湖海创实业有限责任公司。 智通财经APP获悉，据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减 持华新水泥(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

证券之星消息，10月20日水泥板块较上一交易日上涨0.24%，韩建河山领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。水泥板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600585 | 海螺水泥 | 1834.58万 | 3.12% | -1287.17万 | -2.19% | -547.41万 | -0.93% | | 000401 | 金隅莫东 | 1041.68万 | 18.27% | 286.47万 | 5.03% | -1328.15万 | -23.30% | | 600425 | 青松建化 | 889.99万 | 5.27% | 404.62万 | 2.39% | -1294.61万 | -7.66% | | 600801 | 华新水泥 | 397.24万 | 1.12% | 180.93万 | 0.51% | -578. ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥（600585）股份有限公司、安徽海螺 集团有限责任公司、芜湖海创实业有限责任公司。 据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减持华新水泥 （600801）(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

本次交易涉及关联方：中国海螺创业控股有限公司、安徽海螺水泥股份有限公司、安徽海螺集团有限责 任公司、芜湖海创实业有限责任公司。 智通财经APP获悉，据香港联交所最新数据显示，10月15日，Conch International Holdings(HK)Limited减 持华新水泥(06655)838.06万股，每股作价17.3102港元，总金额约为1.45亿港元。减持后最新持股数目约 为6351.53万股，持股比例为8.64%。 ...

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2025.10.19 投资评级:看好(维持) 最近 12 月市场表现 -9% -3% 4% 10% 16% 23% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 | 1. 《建筑材料 3Q2025 年季报前瞻》 | | --- | | 2025-10-13 | | 2. 《建材行业策略周报》 2025-10-07 | | 3. 《建材行业策略周报》 2025-09-29 | 资金高切低+格局优化，推荐消费建材板块 核心观点 请阅读最后一页的重要声明！ ❖ 资金"高低切换"叠加细分行业格局优化，消费建材板块值得关注。资 金端，近期资金流向防御板块，中美关税摩擦后续或为常态，市场资金向与国 内经济周期深度绑定的内需型板块转移。建材板块以内需为主导，或为资金 避险选择的方向之一。基本面端，消费建材细分行业竞争格局正在改善，龙头 集中度有望提升。在涂料龙头企业发布提 ...