Galaxy Securities pointed out that the cumulative national cement output from January to August in 2022 was 1.355 billion tons, down 14.20 percent from the same period last year, which was the same as the decline from January to July. Among them, monthly cement production in August was 188 million tons, down 13.10 percent from the same period last year, down 6.1 percent from July. The reasons for the significant decline in cement production in August compared with the same period last year are as follows: 1) the recovery of cement demand this year is not as expected, the inventory of cement clinker remains high, and the production power of cement enterprises is insufficient; 2) the time of off-peak kiln shutdown in summer in most areas has been prolonged, and off-peak production has become the norm. In the short term, the infrastructure side supports the subsequent cement market demand, and the infrastructure investment continues to accelerate, speeding up the formation of physical workload and providing an increase in the subsequent cement demand; in the long run, we believe that although the cement demand has continued, it has not disappeared. In the context of steady growth, infrastructure continues to develop, and real estate is still expected to recover.