华润建材科技(1313.HK):华南水泥翘楚 坐拥反转弹性

长江证券
Sep 26, 2024

华南区域:封闭+高集中度,全国最优的区域需求:短期承压,中期大湾区建设提供新动能。广东省经济总量常年稳居全国前列。过往多年广东固定资产投资增速和地产开发投资增速往往高于全国,但2022-2024 年,整体投资环境承压,广东固投增速跑输全国。不过,中期大湾区建设逐步推进,区域交通建设有望打头阵,进而为相关材料需求带来边际支撑。从水泥复盘看,两广需求见顶时间点晚于全国,意味着中周期需求动能更充沛。...

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