October, the three quarterly reports of the eight major construction central enterprises in 2026 were disclosed. In the first three quarters, the total revenue of eight companies was about 4.3 trillion yuan, of which seven had negative growth, and only China Chemistry had a slight increase of 0.98%. The net profit also dropped by 7 and increased by 1, and the decline of China Electric Power Construction was close to 40%. The report card of the "national team" of infrastructure reflects the chill of the whole construction market.
Specifically, the 13357 of revenue in the first three quarters of CSCEC was 1.12 billion yuan, down 14.29% year on year; that of China Railway dropped 7.58%, and that of China Railway Construction dropped 12.21%. On the net profit side, the decline was even greater, with China Electric Power Construction falling by 37.68%, and China Railway Construction's net profit in the third quarter was only 658 million yuan, shrinking by nearly 84% year-on-year. The reasons given by each company are similar: the construction market continues to shrink, the investment in fixed assets declines, and the provision for impairment of receivables increases. The "national team" of
infrastructure construction is having a hard time, and the pressure is first transmitted to the cement. Infrastructure is an important pillar of cement demand, railway, highway, water conservancy, municipal, behind each site is a solid amount of cement. The decline in revenue of seven central enterprises means that new construction and construction projects are shrinking, and the demand for cement is shrinking. Statistics from
the National Bureau of Statistics show that in the first three quarters of 2026, the national cement output was 1.131 billion tons, down 8.6% from the same period last year, the lowest in the past 18 years. On the demand side, in the first three quarters, China's fixed asset investment fell by 7.2% year-on-year, infrastructure investment by 4.2%, and real estate development investment by 20.6%. The two major demands for infrastructure and real estate are shrinking at the same time, and the decline in cement production is almost an inevitable result.
Prices are also under pressure. In the first three quarters of 2026, the national cement price dropped as a whole, and the price center dropped to the lowest level in recent years. By the end of September, the national cement price index recorded 300.31 points, down 3.6% from the beginning of the year and 6.2% year-on-year. Since
September, enterprises around the country have frequently pushed up, but there is a general lack of demand support, rising slowly, unable to hold on, the transaction side concessions continue, "bright rise and dark fall" has become the industry norm. Prices are
now supported more by the supply side than by the demand side. Many places stagger peak and stop kilns, superimpose overproduction rectification , clinker inventory falls, coupled with high coal prices, enterprises have a strong willingness to repair profits. In October, the national cement price index stopped falling and rebounded, rising by 3.63% annually. The average price of P.O42.5 bulk cement in October was 305.35 yuan/ton, up 18 yuan from September. But the background of this round of rise is "cost support, production restriction and price support", rather than strong demand.
The fourth quarter is the traditional construction peak season, and also the key window for cement enterprises to sprint annual sales. But this year, the window is not easy: the temperature in the north turns cold, and the construction is gradually ending; although there is room for rush work in the south, the shortage of funds is obvious. The trend of infrastructure contraction is difficult to reverse in the short term, and demand will continue to endure. Looking
further away, the pressure will not disappear automatically. China Cement Network Cement Big Data Research Institute predicts that the national cement consumption will decrease year by year from 2026 to 2030, and will drop to 1 billion to 1.26 billion tons by 2030, taking the output of 1.693 billion tons in 2025 as a reference. It is equivalent to another 430 million to 690 million tons less in five years. In the first three quarters of this year, the whole industry has lost about 7-9 billion yuan. For enterprises, it may be more realistic to hold the bottom line of price than to wait for demand to pick up.
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