2024, affected by the continuous bottoming of real estate investment and insufficient start-up of infrastructure projects, the recovery of downstream demand was slow, cement production continued to decline, the contradiction between supply and demand was further intensified, and the market competition was still fierce, cement prices fell all the way. The industry as a whole shows the characteristics of "shrinking demand, fierce competition, high inventory and low price". Looking forward to the second quarter, with the gradual stabilization of real estate and the accelerated issuance of special bonds, demand is expected to continue to release, but we should also be alert to the adverse factors such as insufficient funds, the arrival of rainy season and busy farming season, the amount of project start-up may be variable, the overall demand may still be less than the same period, and the space for cement price to rise under high inventory pressure. It is expected that the profit level may be at a low level in recent years.