2024, affected by the continuous bottoming of real estate investment and the slowdown of infrastructure investment, the demand for cement continued to decline, the contradiction between supply and demand continued to intensify, and the price of cement fluctuated and rebounded at a low level. In the first quarter, the downstream resumption of work was poor, and the price went down all the way. After entering the second quarter, the peak season was not strong, and the demand continued to weaken. However, the industry's awareness of self-help was strengthened, self-discipline and peak staggering were strengthened, and the cement price stabilized and rebounded. In the third quarter, the off-season was weaker and the market weakened again. In the first three quarters, cement production hit a new low since 2010, with both volume and price falling and industry profits falling sharply. Looking forward to the fourth quarter, we believe that the demand for cement will continue to weaken, but under the background of the rising voice of "anti-involution" and the increasing awareness of self-help in the industry, enterprises will intensify their efforts to limit production, cement prices are expected to rise, and industry benefits will continue to be restored. Throughout the year, cement demand will face greater downward pressure, and the industry's profit decline is still large.