严控产能！建材行业稳增长进行时

Core Viewpoint - The construction materials industry is facing significant challenges due to declining prices and increased losses, prompting the government to implement a "Stabilization Growth Work Plan" for 2025-2026 aimed at improving profitability and promoting green and digital development [1][3]. Industry Overview - The construction materials sector is crucial for national economic growth, but it has been impacted by falling prices in cement and glass, leading to an expanded loss margin and structural market issues [1]. - The Ministry of Industry and Information Technology and five other departments have issued a plan to enhance profitability and promote green materials, targeting over 300 billion yuan in revenue from green construction materials by 2026 [1]. Market Conditions - In 2024, the domestic cement industry's profit is projected to be 26.6 billion yuan, a nearly 90% decline from the historical peak of 186.7 billion yuan in 2019 [3]. - Cement production from January to September 2025 was 1.259 billion tons, a year-on-year decrease of 5.2% [3]. - The price of P.O 42.5 bulk cement hit a yearly low of 267.11 yuan per ton in mid-August 2025, reflecting a downward trend in cement prices [3]. Capacity Control Measures - The industry is actively responding to the "anti-involution" policy by increasing the number of shutdown days for production lines and eliminating inefficient capacity [4]. - As of September 2025, the total capacity of suspended cement clinker was approximately 118,000 tons per day, an increase from 99,600 tons per day in the same period of 2024 [4]. - The cement industry has seen a significant increase in concentration, with the top ten companies' clinker capacity concentration rising from 56.5% to over 65% [5]. Diversification and Innovation - Companies are diversifying by expanding into related industries such as aggregates and concrete, and through investments in new sectors to mitigate risks and foster growth [8]. - Conch Cement is actively investing in the photovoltaic industry and has established a distributed photovoltaic power station with a capacity of approximately 38 megawatts [11]. Green and Low-Carbon Development - The industry is increasingly adopting energy-saving and carbon-reducing technologies, with 65% of the glass production capacity now using natural gas as an energy source [11]. - The cement sector is implementing carbon capture and utilization technologies, optimizing energy consumption, and enhancing digital management to reduce carbon emissions [11]. - The government is supporting green production through subsidies, tax reductions, and green finance, encouraging companies to innovate and reduce resource consumption [12].