Tianfeng Securities·2025-07-16 02:48Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to support economic stability, with expectations for increased fiscal efforts in the second half of the year to drive high growth in infrastructure investment [1] - Real estate development investment has shown a decline of 11.2% year-on-year for the first half of 2025, while narrow and broad infrastructure investments have increased by 4.6% and 8.9% respectively [1] - Cement demand is stabilizing, with a production decline of 4.3% year-on-year in the first half of 2025, but a potential price rebound is anticipated due to local price increases in certain regions [3] - Flat glass production has decreased by 4.3% year-on-year in the first half of 2025, with market demand remaining stable despite seasonal impacts [4] Summary by Sections Infrastructure Investment - In June, infrastructure investment growth slowed, attributed to reduced fiscal spending and weather disruptions, but remains crucial for economic stability [1] - The issuance of long-term special government bonds is expected to further support infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3.5% year-on-year in the first half of 2025, with new construction area down by 20% [2] - Construction area saw a decline of 9.1% year-on-year, while completion area dropped by 14.8% [2] Cement Industry - Cement production in the first half of 2025 was 815 million tons, down 4.3% year-on-year, with a slight recovery in shipment rates observed in July [3] - The average cement price as of July 11 was 352 RMB per ton, down 43 RMB year-on-year [3] Glass Industry - Flat glass production in the first half of 2025 was 48.497 million weight cases, a decrease of 4.3% year-on-year, with inventory levels remaining high [4] - The price of 5mm float glass was 63.2 RMB per weight case as of July 10, showing a slight increase [4]