中国基础材料-2026 年展望：供应将成差异化关键-China basic materials_ 2026 outlook - supply to set the path apart

5 January 2026 | 8:20PM HKT Equity Research CHINA BASIC MATERIALS 2026 outlook - supply to set the path apart 2) Anti-involution (on oversupplied segments) remains a multi-year strategic policy effort. Potential changes in capacity management that drive the next 10% improvement in industry capacity utilization could lead to highly leveraged earnings revisions from where we are. We see meaningful progress in the capacity work in cement and coal, but slower than expected in steel. We expect a more stable year ...