智通财经APP获悉，水泥股涨幅居前，截至发稿，山水水泥(00691)涨4.23%，报0.74港元；中国建材(03323)涨3.55%，报5.54港元；海螺水泥(00914)涨2.9%，报23.4港元；华润建材科技(01313)涨2.44%，报1.68港元。
中泰证券发布研报称，前三季度水泥板块全年实现营业收入1811亿元，同比下滑8.5%，实现归母净利95亿元，同比增长159.1%，得益于去年同期的低基数以及今年行业价格相对坚挺且煤炭价格较低。展望后市，反内卷预期下，26年行业盈利能力有望持续提升。
华泰证券则表示，实现水泥去产能的核心是控制熟料生产线产能与产量的有效压降。展望2026年，一方面，政策约束下熟料生产线的超产产能指标补齐有望提速，推动水泥去产能于2026年进入实操阶段；另一方面，25Q3行业盈利的再度回落有望加快部分区域水泥产能的整合，除冀东在东北市场的主动整合外，我们预计华南区域有望加快市场整合进程。
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