英国央行行长贝利：经济活动和劳动力市场状况正在影响第二轮效应。

Zhongtai Securities says China’s cement sector is at a short-term profitability trough as demand is weakened by slower new property starts; sector capacity utilization fell below 50% in 2025. Supply-side players are accelerating capacity replacement to meet production targets and prepare to run at design capacity. The sector posted 2025 net profit of 29.0 bln yuan (vs 26.0 bln yuan in 2024) but prices and margins softened again in 2026 Q1; insufficient demand and weak enforcement of staggered production in core markets such as the Yangtze River Delta and Hubei have kept prices rangebound at low levels. Market leaders are diverging: Anhui Conch’s share rose to 15.65% (from 12.79% in 2021–25), while Huaxin, supported by overseas business, was the only firm to register revenue and pre-impairment net-profit growth in 2025 and 2026 Q1. Outlook: Zhongtai sees current profitability at the bottom and strong industry intent to raise prices, with a likely low-to-high price/profit trend this year; longer term, production curbs and China’s dual‑carbon constraints should accelerate supply clearance and materially improve sector margins as supply and demand rebalance.

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