Infrastructure Investment from January to September 2023, Xizang Autonomous's investment in fixed assets (excluding the investment in the Ya 'an-nyingchi section of the sichuan-Xizang Railway in Xizang) increased by 57.5% year-on-year. The growth rate increased by 81.8 percentage points compared with the same period last year, showing a high-speed growth state. Among them, 450 construction projects (excluding real estate development investment) with a single project investment scale of more than 100 million yuan were completed, with an investment of 47.293 billion yuan, an increase of 38.0% over the previous year, and an increase of 22.0 percentage points in the investment of the whole region. According to the data of the Ministry of Transport, from January to September, the investment in highway construction in Xizang reached 16.877 billion yuan, an increase of 59.5% over the previous year, accounting for 0.79% of the national investment in highway construction, an increase of 0.27 percentage points over the previous year. Figure 1: Year-on-year fixed asset investment of Xizang Autonomous over the years (%) Data source: Cement Big Data (https://data.ccement.com/) In 2023, the Xizang Autonomous arranged 191 key construction projects. Major infrastructure, development of characteristic industries, construction of ecological civilization, strengthening border defense, safeguarding and improving people's livelihood. Among them, major infrastructure projects are planned to invest 54.704 billion yuan, an increase of 18.7% over the previous year, mainly including the Linzhi-Ya'an section of the Sichuan-Xizang Railway (Xizang section), the T1/T2 terminal renovation of Lhasa Gongga Airport, urban road and bridge projects, and the promotion and utilization of clean energy in agricultural and pastoral areas; The planned investment in border defense projects is 7.002 billion yuan, an increase of 16.7% over the previous year, mainly including emergency rescue projects; the planned investment in ensuring and improving people's livelihood projects is 8.215 billion yuan, an increase of 22.6% over the previous year, mainly including kindergartens, compulsory education schools, public health service infrastructure, Xizang planetarium and so on. Generally speaking, the scale of major infrastructure investment in Xizang Autonomous increased significantly in 2023, and the implementation in the first three quarters was good. The funds were concentrated on traditional infrastructure projects such as highways and railways, and the downstream entered the stage of comprehensive construction, which had a more obvious pulling effect on cement demand. 2. Investment in real estate From January to September 2023, the cumulative value of investment in real estate development in Xizang Autonomous was 6.708 billion yuan, an increase of 42.1% over the previous year, an increase of 99.1 percentage points over the previous year. From the point of view of construction, the construction area of real estate development enterprises in Xizang from January to September 2023 was 6.3483 million square meters, a decrease of 6.0% compared with the same period last year, a decrease of 17.9 percentage points. Among them, the new construction area of real estate was 331300 square meters, a decrease of 44.5% over the previous year, a decrease of 19.9 percentage points over the previous year. At the same time, the completion of real estate projects in Xizang increased significantly, with the completed housing area increasing by 17.4% from January to September 2023, an increase of 30.3 percentage points over the same period last year. Figure 2: New real estate construction continues to fall deeply. Data source: Cement Big Data (https://data.ccement.com/) Although the investment in real estate development in Xizang Autonomous from January to September 2023 showed an increasing trend, the construction and new construction area showed a year-on-year downward trend. The actual demand for cement on the real estate side is weak. However, due to the small scale of the real estate industry in the Xizang, the proportion of cement demand on the real estate side is not high, and the drag on the total demand is relatively limited. Overall, under the background of centralized construction of large infrastructure projects, the total demand for cement in Xizang Autonomous increased from January to September 2023 compared with the same period last year. 
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