核心观点水泥 :关注出海、供给、高股息及转型。2025年行业销量继续探底,当前市场对需求继续下滑已有预期,短期回正的可能性较低,但考虑水泥产量基数已降至2010年以前水平,2026年降幅或将收窄。同时,当前水泥价格已处于历史较低水平(预计中小企业处于盈亏线左右),考虑到供给侧政策积极+企业复价意愿较强,2026年价格回暖可期。展望2026年,建议关注三个方向,一是出海,看好2026年国内水泥企业...
Source Link核心观点水泥 :关注出海、供给、高股息及转型。2025年行业销量继续探底,当前市场对需求继续下滑已有预期,短期回正的可能性较低,但考虑水泥产量基数已降至2010年以前水平,2026年降幅或将收窄。同时,当前水泥价格已处于历史较低水平(预计中小企业处于盈亏线左右),考虑到供给侧政策积极+企业复价意愿较强,2026年价格回暖可期。展望2026年,建议关注三个方向,一是出海,看好2026年国内水泥企业...
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