消息面上，国家统计局数据显示，2025年，全国累计水泥产量16.93亿吨，同比下降6.9%，降幅与1-11 月持平，较去年同期收窄2.6个百分点，产量为2010年以来同期最低水平。12月份，全国单月水泥产量 1.44亿吨，环比和同比均下降6.6%。 水泥股涨幅居前，截至发稿，中国建材(03323)涨5.82%，报5.27港元；金隅集团（601992）(02009)涨 5%，报0.84港元；海螺水泥（600585）(00914)涨4.6%，报24.1港元；华润建材科技(01313)涨4.35%，报 1.68港元。 东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持。该行判断2026年在龙头引领下供给 自律共识强化，行业错峰力度不断增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁 再平衡，制约行业盈利弹性。若实物需求企稳改善，水泥旺季价格弹性可观。该行认为2026年行业盈利 环比2025年下半年有望呈现震荡中改善的态势，部分基建重点项目需求增量较大的省份景气有望明显领 先全国整体水平。 ...

消息面上，国家统计局数据显示，2025年，全国累计水泥产量16.93亿吨，同比下降6.9%，降幅与1-11 月持平，较去年同期收窄2.6个百分点，产量为2010年以来同期最低水平。12月份，全国单月水泥产量 1.44亿吨，环比和同比均下降6.6%。 东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持。该行判断2026年在龙头引领下供给 自律共识强化，行业错峰力度不断增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁 再平衡，制约行业盈利弹性。若实物需求企稳改善，水泥旺季价格弹性可观。该行认为2026年行业盈利 环比2025年下半年有望呈现震荡中改善的态势，部分基建重点项目需求增量较大的省份景气有望明显领 先全国整体水平。 智通财经APP获悉，水泥股涨幅居前，截至发稿，中国建材(03323)涨5.82%，报5.27港元；金隅集团 (02009)涨5%，报0.84港元；海螺水泥(00914)涨4.6%，报24.1港元；华润建材科技(01313)涨4.35%，报 1.68港元。 ...

Group 1 - Cement stocks are experiencing significant gains, with Huaxin Cement rising by 4.02% to HKD 13.99, Conch Cement up by 3.47% to HKD 23.86, Dongwu Cement increasing by 3.07% to HKD 4.03, and China Resources Cement Technology rising by 1.6% to HKD 1.91 [1] - The China Cement Association released a document on July 1 responding to the anti-involution policy, which is expected to enhance the enforcement of production limitation policies [1] - Mid-term outlook suggests that cement industry capacity is likely to continue declining under the production limitation policies, leading to a significant increase in capacity utilization [1] Group 2 - The cement industry is currently in a low demand and price season, but it is anticipated that demand will recover in August, resulting in gradual price increases [1] - Dongwu Securities indicates that the consensus on supply self-discipline in the cement industry is expected to strengthen, with the annual profit center likely to be better than last year [1] - Despite fluctuations in demand and price declines in Q2, the willingness to maintain profits among leading enterprises has significantly increased, suggesting that the rebalancing of supply and demand will occur sooner than last year [1]