Investment Rating - The report rates the construction materials industry as "Outperform" [1] Core Insights - The cement industry is actively promoting anti-involution measures to stabilize growth and ensure high-quality development, with the China Cement Association urging member companies to align their actual production capacities with registered capacities [2] - In the first half of 2025, the average market price of P.O 42.5 bulk ordinary cement in China was 332 RMB/ton, showing a slight year-on-year increase of 14 RMB/ton [3] - Major domestic photovoltaic glass manufacturers have collectively decided to reduce production by 30% to address market supply-demand imbalances, which is expected to help recover prices and improve profitability [4] - Other building materials, such as waterproofing products, have seen price increases ranging from 1% to 13% as companies adjust to market conditions [5] Summary by Sections Cement Industry - The China Cement Association has issued guidelines to ensure that actual production capacities match registered capacities, aiming for compliance and stability in production [2] - Cement prices have shown a slight recovery, with significant price increases announced by companies in various regions [3] Photovoltaic Glass - Leading manufacturers in the photovoltaic glass sector are implementing a significant production cut of 30% to rectify supply-demand discrepancies, which is anticipated to support price recovery [4] Other Building Materials - Companies in the waterproofing sector are raising prices on various products, indicating a trend of price adjustments across the industry [5]