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華泰證券:水泥企業半年報業績回暖 “反內卷”加速
華泰證券研報稱,7月1日,中央財經委員會第六次會議強調“依法依規治理企業低價無序競爭,引導企業提升產品品質,推動落後產能有序退出”,同日中國水泥協會發布《關於進一步推動水泥行業“反內卷”“穩增長”高質量發展工作的意見》,水泥行業反內卷有望加速推進。7月以來多家水泥企業發佈2025年上半年業績預告,同比均明顯改善,華泰證券認爲“反內卷”有望推動行業供需再平衡及盈利改善,而中長期一體化和全球化仍是水泥企業對抗週期波動、實現增長的關鍵,重點推薦國內水泥能耗領先、海外併購擴張加速的相關企業,規模及成本優勢顯著的相關企業,以及2025年上半年業績改善明顯的相關企業。
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