传统“反内卷”重塑格局 水泥去产能进程有望加速（附概念股）

Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the successful experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan aims to encourage advanced practices and penalize laggards, with local governments tasked to ensure timely compliance by enterprises to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that most northern provinces have begun staggered production during the heating season, with over 85% of clinker lines currently offline, and various provinces announcing December shutdown plans [2] - The cement sector is expected to see strong bottom-line profit support in the short term, with some enterprises starting to address excess production capacity, having replaced 52.5 million tons and exited 83.59 million tons of capacity as of November [2] - The policy environment in 2025 is designed to provide a window for enterprises with excess production to adjust their capacity, with the effects of actual production governance expected to become evident in 2026 [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement, China National Building Material, Conch Cement, China Resources Cement Technology, Shanshui Cement, Western Cement, Jinyu Group, and Asia Cement (China) [3]