Group 1: Cement Industry - National cement production in December 2025 decreased by 6.6% year-on-year to 144 million tons, with an average national cement shipment rate of 41% [1] - December cement prices showed resilience, with a nationwide average price of 354 RMB per ton, up by 5 RMB month-on-month, leading to a recovery in industry profitability with a gross profit of 63 RMB per ton, an increase of 11 RMB [1] - The industry is expected to continue capacity replacement policies in 2026, which may lead to ongoing supply clearance; recommended companies include Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and China Resources Cement Technology (01313) [1] Group 2: Glass Industry - The glass price continued to decline, with the average price of float glass at 1124 RMB per box as of January 15, 2026; companies are facing profitability pressure, leading to an accelerated cold repair process [2] - The housing completion area in 2025 decreased by 18.1% year-on-year to 603 million square meters, and the processing days for glass in December decreased by 17% to 9 days [2] - Recommended companies in the glass sector include Qibin Group (601636.SH) and Xinyi Glass (00868) [2] Group 3: Steel Industry - In December, crude steel production was 68.18 million tons, down by 10.3% year-on-year, with apparent domestic crude steel consumption at approximately 61.15 million tons, a decrease of 8.5% [3] - The steel industry is experiencing weak supply and demand, with daily molten iron production dropping below 2.3 million tons, leading to fluctuations in black series spot prices [3] - The industry is expected to focus on structural opportunities in 2026, with recommendations for Hualing Steel (000932.SZ) for its differentiated production management and Tiangong International (00826) for its high-growth potential in specialty steel [3]