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[Brokerage Focus] China International Capital Corporation pointed out that the active changes on the Cement supply side may drive a significant improvement in prices.
Jinwu Finance | China International Capital Corporation stated that positive changes on the supply side of Cement may lead to a significant improvement in prices. In November, the national Cement production was 0.169 billion tons, a year-on-year decrease of 10.7% and a month-on-month decrease of 3.2%, mainly impacted by the cooling weather in the north; from January to November, the national Cement production accumulated a decline of 10.1%. The bank believes that debt reduction policies are expected to provide strong support for Cement demand expectations in 2025. In addition, the Industry is also looking forward to more supply-side reform policies, such as Carbon Trading, capacity replenishment and replacement, etc., which are expected to bring profound changes on the supply side in the long term. The dual positive policy expectations on both the supply and demand sides are being driven.
Ping An Securities' building materials strategy for 2025: Weak reality and strong expectations, focusing on supply-side changes in segmented tracks.
Looking ahead to 2025, it is expected that the sales area of Commodities will decrease by 6.5% year-on-year, and the market is still at the bottom, but the central government has clearly stated a policy direction to "stop the decline and stabilize." Support is still to be anticipated.
Hong Kong stock concept tracking | In November, cement manufacturing prices increased by 6.2% month-on-month. Institutions are bullish on the valuation repair at the cement inflection point (including concept stocks).
National Bureau of Statistics: In November, the manufacturing price of cement rose by 6.2% compared to the previous month.
Anhui Conch Cement Company Limited's (HKG:914) Largest Shareholders Are Retail Investors With 38% Ownership, Private Companies Own 37%
Morgan Stanley: Upgrades conch cement (00914) to a "shareholding" rating with the target price raised to 24.5 Hong Kong dollars.
Morgan Stanley has lowered its earnings per share forecast for conch cement to 1.66 yuan, 2.11 yuan, and 2.09 yuan for 2024 to 2026.
Anhui Conch Cement Reports Decline in Q3 Earnings
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