港股异动 | 水泥股集体回落，华新水泥跌超9%
7月23日，港股水泥股集体回落，山水水泥跌超11%，华新水泥跌超9%，海螺水泥跌超4%，西部水泥超跌3%。
消息面上，7月19日，雅鲁藏布江下游水电工程正式破土动工，总投资1.2万亿元人民币。瑞银发表报告称，按15年建设期估算，首十年的场地准备及主体建设阶段将集中消耗水泥与钢材，后五年设备安装与测试阶段材料需求将显著降低。参照三峡大坝并按2.7倍装机容量推算，预计该项目总水泥需求达4,300万吨，年均约430万吨。增量需求仅占中国年产能的0.2%，但将推升西藏地区水泥需求约33%。
该行指出，尽管市场情绪高涨，但该项目属长期规划，对覆盖公司盈利的实质影响有限。假设水泥订单按市场占有率分配且吨毛利150元人民币/吨，预计西藏天路年均获利约1.6亿元(相较2024年亏损1.04亿元)，华新水泥、中国建材及海螺水泥净利润增幅分别约5%、2%及0.4%。
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