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Citic sec consumer building materials 2025 investment strategy: Profit margin and valuation level usher in mean reversion.
With the policy of "promoting the stabilization of the real estate market" as the core goal, achieving this goal is of great significance for the valuation repair of the consumer building materials sector.
Hong Kong stocks are moving differently | Cement stocks are among the top gainers as the cement prices continued to rise year-on-year and month-on-month in October. Institutions claim that there is still significant room for recovery in cement PB.
Cement stocks have increased significantly. As of the time of writing, cnbm (03323) rose by 7.96%, trading at 3.39 HKD; bbmg corporation (02009) increased by 6.33%, trading at 0.84 HKD; conch cement (00914) went up by 5.35%, trading at 21.65 HKD; huaxin cement (06655) increased by 3.31%, trading at 7.8 HKD; westchinacement (02233) rose by 3.13%, trading at 1.32 HKD.
Hong Kong stocks fluctuate | Cement stocks fell in the afternoon, cement production hit a new low again. Institutions expect more supply control policies to be introduced in the future.
Cement stocks fell across the board in the afternoon. As of the time of this report, cnbm (03323) fell 4.76%, trading at 3.2 HKD; westchinacement (02233) fell 3.01%, trading at 1.29 HKD; conch cement (00914) fell 2.8%, trading at 20.85 HKD; cr bldg mat tec (01313) fell 2.55%, trading at 1.91 HKD.
Guolian Securities: Cement "off-season not light" in 24Q3, price center may continue to rise
In the third quarter of 2024, in most regions, the staggered increase in cement intensity continues to increase, with the industry's supply and demand situation gradually improving. Cement prices continue to rise slightly, showing a certain "off-season not light" characteristic. Both industry profits on a month-on-month and year-on-year basis have improved.
cnbm (03323.HK): Zeng Xuan resigned as the workers' representative supervisor.
GrainCity November 6th, cnbm (03323.HK) announced that the company's supervisory board received a written resignation from Ms. Zeng Xuan on November 6, 2024. Ms. Zeng resigned as the employee representative supervisor due to work adjustment.
[Brokerage Focus] Citic Securities believes that the demand for the cement industry is expected to be in a downward phase in the medium to long term.
Jingu Financial News | Citic Securities stated that the cement industry's demand is expected to be in a downward phase in the medium to long term, with future industry changes focusing more on the supply side. In 2016, the supply-side reform of the cement industry led to a significant reduction in new cement clinker production capacity, but the speed of eliminating outdated capacity was slower than expected, and the industry still faces widespread overcapacity issues. Since 2024, cement demand has dropped significantly, leading to severe losses in the industry. The Ministry of Industry and Information Technology has revised and issued the "Implementation Measures for Capacity Replacement in the Cement and Glass Industries in 2024", which is expected to accelerate the elimination of more than 0.3 billion tons of outdated cement clinker production capacity, reducing actual capacity from 2.1 billion tons to the designed capacity of 1.
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