Cement stocks led gains in Hong Kong's market. As of press time, SHANSHUI CEMENT (00691) rose 4.23% to HK$0.74, CNBM (03323) gained 3.55% to HK$5.54, CONCH CEMENT (00914) climbed 2.9% to HK$23.4, and CR BLDG MAT TEC (01313) advanced 2.44% to HK$1.68.

Zhongtai Securities noted in a research report that the cement sector generated total revenue of RMB181.1 billion in the first three quarters, down 8.5% year-on-year, but achieved net profit attributable to shareholders of RMB9.5 billion, surging 159.1% year-on-year. This improvement was attributed to a low base in the same period last year and relatively stable industry prices coupled with lower coal costs this year. Looking ahead, under expectations of reduced internal competition, the sector's profitability is projected to continue rising by 2026.

Huatai Securities highlighted that the key to reducing cement capacity lies in effectively controlling clinker production line capacity and output. By 2026, on one hand, policy-driven measures are expected to accelerate the alignment of excess clinker production capacity, pushing cement capacity reduction into the implementation phase. On the other hand, the renewed decline in industry profits in Q3 2025 may expedite consolidation in certain regional cement markets. Apart from Jidong Cement's proactive consolidation in the Northeast, market integration in Southern China is also anticipated to accelerate.