Cement Net Report: Comprehensive Review of the Interim Report of Listed Companies in the Cement Industry in the First Half of 2026

of 2026, the cement industry faced the most severe test in the current downward cycle. In the first half of the year, GDP grew by 4.7% year-on-year, but investment in fixed assets fell by 5.7% year-on-year, investment in infrastructure fell by 2.4% year-on-year, and investment in real estate development fell by 18.0% year-on-year, the largest decline in history. In the first half of the year, the national cement output was only 736 million tons, down 8.0% from the same period last year, a new low since the same period in 2010. In terms of price, in the first half of the year, the national cement price index fell 15.4% year-on-year and 7.9% from the beginning of the year. In the first half of the year, the average spot price of thermal coal was 777.17 yuan/ton, up 13.25% year-on-year. The three directions of demand, price and cost are squeezed at the same time, and the benefits of the industry turn from profit to loss again. Cement Big Data Research Institute estimates that the total profit loss of the whole industry in the first half of the year is about 4 billion yuan, the loss area is about 60%, and the pressure of industry operation is unprecedented. Zhongbao of

listed companies is the most direct footnote of this round of adjustment. According to the statistics of Cement Big Data Research Institute, there are 21 listed cement companies in Shanghai, Shenzhen and Hong Kong, including 15 in Shanghai and Shenzhen and 6 in Hong Kong. Of the 21 companies, only one has achieved growth in business income, 8 have made profits and 13 have suffered losses. The "compass" of scale and profit is still turning, but the new structural division has been clear: the increment brought by going to sea and mergers and acquisitions, and the stock loss caused by the contraction of domestic demand, are pushing enterprises to two completely different performance tracks.