智通财经APP获悉，水泥股集体下跌，截至发稿，中国建材(03323)跌7.1%，报5.23%；华润建材科技(01313)跌4.35%，报1.32港元；东吴水泥(00695)跌4.26%，报7.42港元；华新建材(06655)跌3.8%，报15.18港元；海螺水泥(00914)跌2.95%，报19.74港元；西部水泥(02233)跌2.05%，报2.39港元。
消息面上，西部证券指出，25年及26Q1水泥行业景气度探底，全国水泥吨均价分别为367/343元，分别同比-4.4%/-13.5%；水泥上市公司营收分别为2758/463亿元，分别同比-10%/-10%；归母净利润分别为69/-2亿元，分别同比-40%/-148%，26Q1行业普亏。
中泰证券认为，水泥作为典型的高碳排放产业，在下游需求走弱背景下，一方面内部落后产能在碳约束下成本走高，竞争力进一步被削弱，有望加速退出；另一方面各地政府为在有限的碳额下发展更高附加值产业，可能会削减水泥行业碳指标，从而加速行业产能出清。该行认为，当前水泥行业处于盈利底部；供给出清加快行业供需再平衡，水泥行业盈利能力有望逐步修复。
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