水泥行业2024版产能置换实施办法点评：备案产能与实际产能统一，供给有望逐步改善

Investment Rating - The report rates the cement industry as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The implementation of the 2024 capacity replacement measures is expected to improve the alignment between registered and actual cement production capacities, thereby alleviating supply pressures in the industry [1][2]. - The new measures impose stricter requirements for capacity replacement, ensuring that inefficient production capacities cannot be used for replacement and that capacities for new projects cannot be split or transferred [1][2]. - The report highlights the importance of unifying registered and actual capacities to address the long-standing issue of excess capacity in the cement industry [1][2]. - The industry is expected to reach a new balance between supply and demand, leading to improved profitability for cement companies [1]. Summary by Sections Industry Overview - The Ministry of Industry and Information Technology issued the "Cement and Glass Industry Capacity Replacement Implementation Measures (2024 Edition)" on October 30, 2023, which took effect on November 1, 2023 [1]. - Key changes include stricter capacity replacement requirements, improved capacity verification methods, and regional management of capacity replacement [1][2]. Capacity Replacement Measures - The new measures eliminate the previous method of determining capacity based on the diameter of cement rotary kilns, promoting the unification of registered and actual capacities [2]. - Regions with low average capacity utilization rates are restricted from replacing capacities from outside their provinces [2]. Industry Self-Regulation - A recent meeting emphasized the need for self-regulation within the cement industry to prevent unhealthy competition and promote high-quality development [1]. Investment Recommendations - The report suggests focusing on companies such as Conch Cement, Huaxin Cement, and Tianshan Shares, among others, as they are expected to benefit from the new capacity replacement measures [1][4].