2024, affected by the continuous bottoming of real estate investment, the decline of infrastructure highway and municipal investment, the demand for cement continued to decline last year, the contradiction between supply and demand continued to intensify, and the focus of cement price continued to move down. 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 prosperous, but the industry's awareness of self-help was strengthened, self-discipline and peak staggering were strengthened, and cement prices rebounded steadily. In the third quarter, the off-season was weaker and the market weakened again. In the fourth quarter, the intensity of peak staggering increased, and cement prices continued to rise. Cement production hit a new low since 2010, with both volume and price falling, and industry profits falling sharply. Looking forward to 2025, we believe that the demand for cement will continue to decline under the background that the real estate has not yet stabilized and the infrastructure is limited, but the industry's awareness of "anti-involution" will continue to increase, coupled with the current good start, it is expected that the average price of cement will rise slightly, and the industry's profits will be restored to a certain extent.
