2025, affected by the continuous bottoming of real estate investment and the slowdown of infrastructure investment, the demand for cement continued to decline, and the contradiction between supply and demand was further intensified. In addition, the market competition was still fierce, and the overall price of cement fluctuated downward. Looking forward to the second half of 2025, we believe that the demand for cement will improve slightly compared with the first half of the year, but the supply side lacks strong binding force, and the repair of cement prices is expected to be limited. Throughout the year, cement demand will face greater downward pressure, and the benefits of the industry will further shrink.
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