2023, affected by the macroeconomic downturn and insufficient market demand, the cement industry continued its downturn since 2022. In the first quarter, the downstream resumption of work was better, and the overall demand was better than same period. After entering the second quarter, the peak season was not strong, and the demand weakened significantly. In addition, the market competition was fierce, and the cement price continued to fall. In the first half of the year, cement production hit a new low since 2012, and despite lower coal prices, the profits of the cement industry still shrank sharply. Looking forward to the second half of 2023, we believe that the demand of the cement industry will improve to a certain extent compared with the first half of the year, and the price will rebound seasonally. Due to the limited recovery of demand and the high inventory of enterprises, the strength of the price rebound may be limited. Throughout the year, cement demand will face downward pressure, and the decline in industry efficiency is still large.
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