中邮证券：化债政策持续加码关注内需预期加强的防水、水泥等行业

智通财经网2025-09-16

智通财经APP获悉，中邮证券发布研报称，内需预期加强，关注防水、水泥等行业：在化债政策加码、以及海外降息背景下，内需发力的预期正在持续加强，关注显著受益于回款改善逻辑、以及行业仍处于景气度底部的防水、水泥、浮法玻璃行业。中邮证券主要观点如下：事件：本周财务部长蓝佛安在国新办发布会上表示：“十五五”将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化债中发展，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2568109438?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-16 11:02","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2568109438","market":"hk","top_or_hot":-1,"title":"中邮证券：化债政策持续加码 关注内需预期加强的防水、水泥等行业","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，中邮证券发布研报称，内需预期加强，关注防水、水泥等行业：在化债政策加码、以及海外降息背景下，内需发力的预期正在持续加强，关注显著受益于回款改善逻辑、以及行业仍处于景气度底部的防水、水泥、浮法玻璃行业。中邮证券主要观点如下：事件：本周财务部长蓝佛安在国新办发布会上表示：“十五五”将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化债中发展，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250916111309a723639d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中邮证券：化债政策持续加码 关注内需预期加强的防水、水泥等行业</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中邮证券：化债政策持续加码 关注内需预期加强的防水、水泥等行业\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-16 11:02 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250916111309a723639d&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中邮证券发布研报称，内需预期加强，关注防水、水泥等行业：在化债政策加码、以及海外降息背景下，内需发力的预期正在持续加强，关注显著受益于回款改善逻辑、以及行业仍处于景气度底部的防水、水泥、浮法玻璃行业。中邮证券主要观点如下：事件：本周财务部长蓝佛安在国新办发布会上表示：“十五五”将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化债中发展，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250916111309a723639d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1507","symbol_name":"粤港澳大湾区","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250916111309a723639d&s=b","article_id":"2568109438","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250916111309a723639d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2568109438","pubTimestamp":1757991746,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"智通财经APP获悉，中邮证券发布研报称，内需预期加强，关注防水、水泥等行业：在化债政策加码、以及海外降息背景下，内需发力的预期正在持续加强，关注显著受益于回款改善逻辑、以及行业仍处于景气度底部的防水、水泥、浮法玻璃行业。供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，判断反内卷政策不会产生一刀切式产能出清，但仍会提升环保要求及成本，加速行业的冷修进度。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1507":"粤港澳大湾区","BK1135":"建筑材料","00914":"海螺水泥","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","BK1594":"碳中和概念股","BK1563":"建材水泥股","BK1505":"一带一路","BK1583":"高瓴概念"},"translate_title":"China Post Securities: The debt policy continues to increase, focusing on waterproofing, cement and other industries where domestic demand is expected to strengthen","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00914":0.9},"content_text":"智通财经APP获悉，中邮证券发布研报称，内需预期加强，关注防水、水泥等行业：在化债政策加码、以及海外降息背景下，内需发力的预期正在持续加强，关注显著受益于回款改善逻辑、以及行业仍处于景气度底部的防水、水泥、浮法玻璃行业。中邮证券主要观点如下：事件：本周财务部长蓝佛安在国新办发布会上表示：“十五五”将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化债中发展，为经济行稳致远提供有力支撑。其中，在存量上做减法，将继续落实好一揽子化债举措，提前下达部分2026年新增地方政府债务限额，靠前使用化债额度，多措并举化解存量隐性债务。水泥：7月1日水泥协会发布响应反内卷政策文件，该行判断会推动限制超产政策更好的执行。短期来看，9月份逐步进入旺季，整体需求呈现有所恢复但增长有限的特点，基建端，由于受到天气干扰、需求释放节奏等因素影响，其对需求并未完全显现，房建端，需求端仍然处于弱复苏态势。从中期维度来看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升，目前水泥行业处于淡季需求低点及价格低点。关注：海螺水泥、华新水泥。玻璃：基本面暂缺乏支撑，需求端尚未表现出传统旺季特点，目前行业供需矛盾仍存，下游终端需求改善有限，预计现货价格延续底部震荡态势。行业需求端在地产影响下25年呈现持续下行态势，6-8月淡季需求表现尚可，但供需仍有矛盾。供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，判断反内卷政策不会产生一刀切式产能出清，但仍会提升环保要求及成本，加速行业的冷修进度。关注：旗滨集团。玻纤：传统无碱粗砂需求表现平淡，细分领域表现景气。行业今年受AI产业链需求景气驱动，行业低介电产品迎来量价齐升，目前一代、二代、及三代(Q布)产品结构升级明确，行业需求有望伴随AI呈现爆发式增长，看好行业需求持续的量价齐升趋势。关注：中国巨石、中材科技。消费建材：行业目前盈利已触底，价格经历多年竞争目前已无向下空间，此次借助反内卷政策行业对提价及盈利改善诉求强烈，今年以来防水、涂料、石膏板等多品类持续发布提价函，行业盈利有望触底改善，下半年可期待龙头企业的盈利改善。关注：东方雨虹、三棵树、北新建材、兔宝宝。风险提示：反内卷政策落地不及预期，地产需求超预期下行风险，基建需求低于预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.4","shortVersion":"4.42.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2568109438","isCrawlerRequest":true}

中邮证券：化债政策持续加码 关注内需预期加强的防水、水泥等行业

精彩评论

中邮证券：化债政策持续加码关注内需预期加强的防水、水泥等行业