Group 1 - The new order index for China National Building Material rose by 8.7 points to 57.5 in April 2025, indicating expansion [1][2] - Market sentiment deteriorated to 34.3, a decrease of 12.1 points, reflecting weaker demand from the construction sector [2] - Real estate new starts saw a reduced decline, with a year-on-year drop of 24.6% in the first quarter of 2025, improving from a 29.9% decline in the previous two months [3] Group 2 - Infrastructure investment grew by 5.8% in the first quarter of 2025, with significant improvements in water, railway, and highway investments [3] - Cement demand increased by 2.5% in March 2025, reversing a previous decline of 5.7% in the first two months of the year [3] - The company remains optimistic about Anhui Conch Cement and China Resources Cement as primary beneficiaries of rising cement prices [4]
麦格理：中国建材订单增加 市场情绪转弱 看好海螺水泥(00914)等