Group 1 - Cement stocks experienced a significant decline in the afternoon, with China National Building Material (03323) down 4.62% to HKD 4.96, Anhui Conch Cement (600585) (00914) down 3.46% to HKD 22.88, Western Cement (02233) down 3.26% to HKD 2.97, and China Resources Cement Technology (01313) down 1.89% to HKD 1.56 [1] - Dongwu Securities reported a slight recovery in cement demand in southern regions in late November, while northern regions faced weakened demand due to colder weather, leading to a 0.5 percentage point decrease in the shipment rate of major cement companies nationwide [1] - Price adjustments were noted as previous price increases in several provinces failed to stabilize, resulting in price corrections in some areas and an overall downward trend in market prices [1] Group 2 - Ping An Securities indicated a weakening outlook for the cement industry in 2025, with prices expected to peak and then decline, and a cumulative year-on-year decrease of 6.7% in cement production from January to October [1] - Looking ahead to 2026, the industry may see slight improvements in profitability if strict production limits are enforced and seasonal price increases are more effective, alongside monitoring industry consolidation progress [1]