Group 1: Cement Industry - The average national cement shipment rate in August 2025 was 45.2%, down from 48.8% in the same period last year, with a year-on-year decrease in cement production of 6.2% to 148 million tons [1][2] - The average price of cement from July to September 2025 was 338 yuan/ton, showing a slight rebound from the low point in August, with a month-on-month increase of 2 yuan/ton [2] - Companies to watch include Conch Cement (600585), Shangfeng Cement (000672), and China Resources Cement Technology (01313) due to potential marginal improvements in demand as the peak season approaches [2] Group 2: Glass Industry - From January to August 2025, the area of completed housing decreased by 17% year-on-year to 27.7 million square meters, indicating significant pressure on glass demand due to ongoing real estate downturn [3] - The daily melting capacity of float glass was 15.9 million tons as of September 2025, remaining stable compared to the end of last year, with high inventory levels of 55 million boxes [3] - Companies to focus on include Xinyi Glass (00868) and Qibin Group (601636) as the industry may see improvements in structure due to supply contraction [3] Group 3: Steel Industry - In August, both supply and demand in the steel sector weakened, with crude steel production at 77.37 million tons, a year-on-year decrease of 0.7%, and apparent domestic consumption at 68.39 million tons, down 0.8% year-on-year [4] - Anticipated production adjustments in the fourth quarter may improve industry supply and demand dynamics, leading to a potential recovery in the profitability cycle [4] - Key companies to monitor include Hualing Steel (000932) as the industry’s core assets are currently undervalued [4]

Group 1 - The domestic futures market for light chemical sector showed mixed results, with fiber board futures experiencing high volatility, closing at 1276.50 yuan/ton, a slight increase of 0.12% [1] Group 2 - In Tangshan, steel mills are implementing production restrictions, resulting in low operating rates and capacity utilization, alongside transportation controls for National VI standard and new energy vehicles [2] - The mainstream prices for Tangshan section steel remained stable, with I-beam at 3390 yuan/ton, angle steel at 3400 yuan/ton, and channel steel between 3350-3400 yuan/ton, with weak transaction volumes [2] - As of mid-August 2025, the inventory of key steel enterprises was reported at 15.67 million tons, an increase of 600,000 tons or 4.0% from the previous period [2] - The total urban inventory for the week was 8.54 million tons, up by 340,100 tons (+4.15%) from the previous week, while the total inventory of construction steel was 4.64 million tons, increasing by 216,000 tons (+4.88%) [2] - The vice president of the China Iron and Steel Association, Xia Nong, indicated that the steel industry is expected to maintain a stable and positive trend due to continued national support for production regulation and the gradual implementation of comprehensive rectification policies [2]

中国钢铁工业协会会长赵民革表示，得益于国家为实现供需动态平衡所采取的产量调控措施显效，20家 千万吨以上钢铁企业粗钢产量同比下降3.7%，保持了钢材库存低位、供需基本平衡、钢价相对平稳， 同时原燃料需求下降、成本重心下移。 来源：央视网 央视网消息：从中国钢铁工业协会了解到，今年上半年钢铁行业利润总额同比增长63.26%，行业总体 运行情况好于预期。 上半年，全国粗钢产量5.15亿吨，同比下降3.0%，符合国家产业调控政策预期和要求；钢协重点统计钢 铁企业利润总额为592亿元，同比增长63.26%。 ...

"今年初以来，钢材库存保持低位，为钢材价格稳运行奠定了基础。"赵民革补充说，但值得注意的是， 6月份，重点统计企业钢材库存有上升趋势，6月下旬同比增长5.2%，同期钢材价格下降，6月末CSPI跌 至89.51点，创近8年多新低。他表示，稳市场工作仍是重中之重，绝不能放松。 （文章来源：新华财经） 据赵民革介绍，钢铁产量同比下降，库存保持近年低位。据国家统计局数据，上半年，全国粗钢产量 5.15亿吨，同比下降3.0%，符合国家产业调控政策预期和要求；折合粗钢表观消费量4.52亿吨，同比下 降5.6%。其中，热轧板带材、涂镀板产量同比增长较快，钢材品种因主动适应国家产业结构调整而不 断优化。据钢协监测，上半年，重点统计钢铁企业平均月末钢材库存为1891万吨，2022年、2023年、 2024年同期分别为2033万吨、2088万吨、2056万吨。"今年初以来，企业产销衔接顺畅，钢材库存处于 近4年的最低水平。但总体看，钢铁供给仍强于需求。" 反映在价格方面，上半年，中国钢材价格指数（CSPI）平均值为93.75点，同比下降13.35%。但价格整 体走势相对平稳。据介绍，上半年，钢材价格震荡下行，振幅最大为7.47点 ...