官方定调！又一行业吹响“反内卷”号角，四季度产能收缩有望加速见效

Industry Overview - The Ministry of Industry and Information Technology held a meeting to address the prominent supply-demand imbalance in the cement industry, aiming for dynamic balance and industrial transformation [1] - The meeting emphasized the prohibition of new capacity, regulation of existing capacity, and elimination of outdated capacity [1] - Key enterprises are expected to lead by implementing capacity replacement policies and ensuring that actual capacity aligns with registered capacity by the end of 2025 [1] Capacity and Production Insights - According to Shenwan Hongyuan, the actual annual production capacity of cement clinker is expected to decrease from 2.2 billion tons to below 1.8 billion tons, resulting in a capacity reduction of over 400 million tons and an increase in capacity utilization by over 10% [2] - Since 2024, approximately 7.072 million tons of capacity have been removed through capacity replacement, indicating a significant gap to the 400 million tons target, with the fourth quarter expected to see a peak in capacity indicator replenishment [2] Company Specifics - Hainan Ruize focuses on the production and sales of ready-mixed concrete, new wall materials, and cement [3] - Shangfeng Cement is one of the leading companies in the domestic cement industry, with an annual production capacity of approximately 18 million tons of cement clinker and 20 million tons of cement [3]