证券日报网讯上峰水泥（000672）10月29日在互动平台回答投资者提问时表示，公司出资2亿元作为有 限合伙人的中建材新材料(安徽)基金出资6.99亿元投资了西安奕材。 ...

Core Insights - The "National Carbon Market and Financial Training Exchange Conference" was successfully held in Wuhan, organized by the Hubei Securities and Futures Industry Association, with over 100 representatives from key emission enterprises and financial institutions participating to discuss carbon market policies, trading mechanisms, and financial innovations [1][3] Group 1: Conference Overview - The conference featured frontline experts from core institutions of the national carbon market, focusing on infrastructure and enterprise practices in the morning session [3] - Key presentations included an overview of the national carbon market by Xiao Liya, analysis of trading rules by Shi Jiangguangtai, and insights on carbon asset management from Xia Feng [3][5] - The afternoon session addressed policy interpretation and financial empowerment, with significant contributions from Yan Fei on "dual carbon" policy evolution and Qin Ke on supply-demand dynamics and price trends in the national carbon market [3][7] Group 2: Objectives and Impacts - This training exchange is a concrete measure for the Hubei securities and futures industry to implement "green finance" and enhance the effectiveness of the carbon market [9] - The event aims to inject new momentum into Hubei's carbon financial innovation and establish a market ecosystem where "emission reduction is valuable and green is rewarding" [9] - It further solidifies Hubei's pivotal role in the national carbon market construction, contributing to the region's economic green transformation [9]

证券之星消息，10月29日水泥板块较上一交易日下跌0.41%，国统股份领跌。当日上证指数报收于 4016.33，上涨0.7%。深证成指报收于13691.38，上涨1.95%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002596 | 烘脂肥炭 | 4.06 | 3.31% | 94.80万 | | 3.86亿 | | 600425 | 青松建化 | 4.68 | 0.65% | 33.89万 | | · 1.57亿 | | 002233 | 塔牌集团 | 8.37 | 0.48% | 18.39万 | | 1.53亿 | | 600678 | 四川金顶 | 9.45 | 0.43% | 13.70万 | | 1.28亿 | | 600802 | 福建水泥 | 7.12 | 0.28% | 137.91万 | | 10.33亿 | | 600585 | 海螺水泥 | 23.40 | 0.04% | 19.37万 | | 4.51亿 | | 60080 ...

"十五五"期间，全国碳排放权交易市场将逐步由强度控制转向总量控制 国家将扩大全国碳排放权交易市场的覆盖范围，到2027年基本覆盖工业领域的主要排放行业。 今年3月份，国务院批准将钢铁、水泥、铝冶炼三个行业纳入碳排放权交易市场。"钢铁、水泥、铝冶炼 三个行业纳入后，将通过配额总量和分配方案，有效压实企业的减排责任，为国家温室气体排放控制目 标实现提供有效的保障。"夏应显表示，"十五五"期间，全国碳排放权交易市场将逐步由强度控制转向 总量控制。到2027年，对碳排放总量相对稳定的行业优先实施配额总量控制。 10月29日，生态环境部10月例行新闻发布会现场。 夏应显介绍，自全国碳市场启动以来，发电行业重点排放单位都建立了碳排放管理的内部控制制度，将 碳资产管理纳入日常的生活经营活动。有的企业通过低碳技术改造，生产流程的优化实现了配额的扭亏 为盈。碳市场的收益还能反哺技术创新和绿色低碳转型。 据生态环境部统计，通过碳排放权交易，在前两个履约周期发电行业的总体减排成本降低约350亿元人 民币，钢铁、水泥、铝冶炼三个行业纳入之后，行业的主体进一步多元化，通过碳排放权交易市场推动 跨行业资源配置，有利于降低全社会的减排成本 ...

机构：西部证券 研究员：张欣劼 投资建议：公司作为华南地区水泥龙头，成本管控能力增强，期待供给端限超产、碳排放等"反内卷"相 关政策缓解产能过剩、促进水泥复价。我们预计25-27 年公司实现归母净利润4.47/6.34/9.46 亿元，对应 EPS 0.06/0.09/0.14 元，维持公司"买入"评级。 事件：2025 年前三季度实现营收150.70 亿元（人民币，下文同），同比-4.47%；归母净利润3.31 亿 元，同比+7.26%。其中Q3 单季实现营收48.64 元，同比-10.96%；归母净利润0.24 亿元，同比-82.97%。 Q3 单季水泥主业收入、毛利率下降导致业绩承压。25 年Q1-3 水泥产品/混凝土/骨料业务实现收入 91.35/31.02/20.34 亿元，同比-12.3%/+11.9%/+21.3%；毛利率17.1%/14.7%/25.4%，同比 风险提示：水泥需求不及预期，能源成本超预期上涨，国内宏观经济下行等风险。 3）骨料业务：销量高增，盈利下降。25Q1-3 销量5859.30 万吨，同比+26.6%；吨价格/吨成本/吨毛利 同比-2/+4/-5 元至35/26/9 元。 ...

Core Viewpoint - The China Securities Regulatory Commission has proposed measures to enhance investor returns by encouraging listed companies to adopt share buybacks and increase dividend distributions, marking a shift towards a return-focused capital market [2][3]. Group 1: Dividend Policies and Trends - The new guidelines advocate for listed companies to implement multiple dividend distributions annually, enhancing the stability and predictability of dividends [3]. - The current policy environment is favorable for dividend investments, with a significant number of companies showing high dividend yields, particularly in a context of declining risk-free interest rates [3][4]. Group 2: High Dividend Yield Stocks - As of October 28, there are 118 stocks with a dividend yield exceeding 5%, with 6 stocks surpassing 10%, including Dongfang Yuhong at 14.1% and Guanghui Energy at 11.87% [4]. - Dongfang Yuhong has distributed a total of 5.881 billion yuan in cash dividends over the past year, while Guanghui Energy has a cumulative dividend of over 16.3 billion yuan from 2021 to 2024 [4]. Group 3: Performance of High Dividend Stocks - Among high dividend yield stocks, 24 companies reported significant net profit growth in the first three quarters, with Xiantan Co. leading at a 72.48% increase [5]. - Other notable performers include Wo Le Home with a 70.92% increase and Tapai Group with a 54.23% increase in net profit [5]. Group 4: Valuation and Growth Potential - A total of 21 stocks with high dividend yields are identified as undervalued, showing potential for significant price appreciation, with some having a price-to-earnings ratio below 20 and a price-to-book ratio below 2 [6]. - Hongcheng Environment is highlighted for its substantial growth potential, with a projected price increase of 42.83% and a stable dividend yield [6][7].

据悉福建地区主要熟料线企业计划11月继续执行错峰停窑15天/窑。受此带动，加之企业经营压力较大，涨价意愿强 烈。10月28日起省内一些主导企业再次尝试推动上调各品种水泥价格30元/吨。但目前市场来看，水泥熟料库存普遍 高位运行，且需求仍未有明显起色，本轮价格上调落实情况尚待观望。 河北： （来源：水泥网APP） 近期，多地区持续实施错峰停窑，叠加水泥价格长期处于低位，水泥企业经营压力显著加大。为此，多地企业纷纷 通知上调水泥价格，但受需求端持续疲软影响，多次涨价落地效果不及预期。为进一步改善盈利状况，多地企业计 划继续推涨水泥价格。 当前全国水泥价格指数处于全年低位 川渝： 根据市场反馈，川渝地区错峰停窑执行情况整体良好，部分企业库存水平已降至中位区间，加之前期各地区水泥价 格持续上涨，落实情况欠佳，企业复价意愿强烈。为提升盈利，27-29日起，四川成都、乐山、眉山、雅安、甘孜以 及重庆主城地区一些主要厂家再次通知上调水泥价格20-30元/吨，后续执行情况待跟进观察。 福建： 主要受以下方面因素影响：一是季节性需求改善，第四季度为传统施工旺季，"十四五"项目进入收官阶段，部分"十 五五"项目开始启动，预计四季 ...

CEMEX (NYSE:CX) Q3 2025 Earnings Call October 28, 2025 11:00 AM ET Company ParticipantsLucy Rodriguez - Chief Communications OfficerJaime Muguiro - CEOYassine Touahri - Co-founder and Managing PartnerAnne Milne - Managing DirectorAdrian Huerta - Executive DirectorMaher Al-Haffar - CFOCarlos Peyrelongue - Managing Director and HeadGordon Lee - Head of ResearchFrancisco Suarez - Global Director of ResearchBen Theurer - Managing DirectorAdam Thalhimer - Director of ResearchConference Call ParticipantsJorel Gui ...

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with significant margin gains driven by cost savings and higher prices [5][6][8] - EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020 [7][11] - Free cash flow from operations improved significantly, reaching approximately $540 million, an increase of over $350 million year-over-year [25][26] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew by 11%, driven by a leaner cost base and higher prices despite lower volumes [16] - The U.S. operations achieved record third-quarter EBITDA and margins, supported by increased cost efficiencies and higher prices [18][19] - The EMEA region saw strong performance, with new records in EBITDA and margins, particularly in Eastern Europe and the Middle East [22][23] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, with average daily cement sales volume outperforming historical patterns [16] - In the U.S., infrastructure demand remains strong, while residential sector weakness persists [19][52] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% [24] Company Strategy and Development Direction - The company is focused on operational excellence and delivering industry-leading shareholder returns, with a strategic plan aimed at enhancing profitability and free cash flow conversion [4][13] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [11][12] - The company is prioritizing small to mid-size acquisitions in the U.S. and divesting non-core markets to strengthen its position [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico and the U.S., with expectations for volume growth in 2026 [18][39] - The company anticipates continued improvements in free cash flow conversion and operational efficiency as it progresses with its strategic initiatives [26][29] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while pursuing growth opportunities [13][66] Other Important Information - The company completed the divestment of its operations in Panama and consolidated Couch Aggregates into its U.S. business [2][3][14] - The company is committed to decarbonization efforts, having surpassed the European Cement Association's 2030 CO2 emissions target [6][23] Q&A Session Summary Question: What should we expect for cash conversion next year and 2027? - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [32] Question: Can we expect a recovery in Mexico's demand volumes? - Management is confident that demand volumes in Mexico should grow by at least 2.5% to 3% next year, driven by infrastructure projects [38] Question: What contributed to the EBITDA margin expansion in Mexico? - The 500 basis points improvement was driven by price increases, reductions in SG&A, and lower variable costs, including energy [42] Question: How does the company view CCUS initiatives? - Management emphasized that CCUS remains a mid-term priority, but will only be pursued if it is accretive to value creation [45][46] Question: What is the outlook for U.S. M&A? - The company is actively looking at family-owned aggregate targets in the U.S. and is strengthening its team for bolt-on acquisitions [73]

福建水泥(600802)今日涨停，全天换手率8.73%，成交额2.79亿元，振幅8.07%。龙虎榜数据显示，营业 部席位合计净买入592.86万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.29%上榜，营业部席位合计净买入592.86万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7284.51万元，其中，买入成交额为 3938.68万元，卖出成交额为3345.82万元，合计净买入592.86万元。 具体来看，今日上榜营业部中，第一大买入营业部为平安证券股份有限公司杭州曙光路证券营业部，买 入金额为1327.96万元，第一大卖出营业部为高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营 业部，卖出金额为1091.39万元。 资金流向方面，今日该股主力资金净流入2621.05万元，其中，特大单净流入3568.12万元，大单资金净 流出947.06万元。近5日主力资金净流入6046.00万元。 融资融券数据显示，该股最新（10月27日）两融余额为3.64亿元，其中，融资余额为3.64亿元，融券余 额为24.19万元。近5日融资余额合计减少216.57万元，降幅为0.59%。融券余额合 ...