Looking ahead to the fourth quarter of 2026, we believe that demand will improve slightly on a seasonal basis, but will still decline year-on-year; The cement price is expected to rise, but the overall weakness of demand has not changed, the surplus pattern is difficult to solve, the increase of cement is limited, the industry profit repair space is not large, 2026 may become the first industry-wide loss year since the 21st century.

Staggered production in heating season is from November 15, 2026 to March 15, 2027. In the non-heating season, the cement industry in the whole province is encouraged to independently carry out peak staggering production through self-discipline. Where the state has other provisions, such provisions shall prevail.