财通证券：水泥价格推涨后企业利润有望环比修复

Group 1 - The core viewpoint is that after the increase in cement prices, corporate profits are expected to recover on a month-on-month basis [1] - On the demand side, infrastructure debt management is progressing orderly, and future infrastructure projects may gradually start, while the sales data in the real estate sector has improved during the National Day holiday [1] - The recovery in land auctions in major cities and the gradual bottoming out of new construction data support the medium to long-term demand for cement [1] Group 2 - The continuous strengthening of supply in the industry this year has significantly boosted cement prices [1] - Current profit levels, as indicated by the cement-coal price difference, show that corporate profits have reached historical average levels [1] - Supply-side control is expected to continue, leading to an accelerated improvement in corporate profitability on a month-on-month basis [1] Group 3 - High dividends and low valuations provide a sufficient margin of safety for investments [2] - Companies to focus on include Conch Cement, Huaxin Cement, and Shangfeng Cement [3]