Everbright Securities released a research report stating that cement may have a relative advantage in the context of the overall demand downturn in infrastructure and real estate. In 2023, the newly started area of real estate will drop by 58% compared to the highest point in 2019, while infrastructure investment will still remain at a historical high; cement production in 2023 will drop by 12% compared to the high point in 2020. The overall downturn in demand for infrastructure and real estate is a common problem faced by various types of races in the real estate chain. By contrast, the cement industry is attempting to improve the supply-demand relationship and support prices by reducing production. If the price increase can be implemented, it is expected to offset the demand decline by improving single-ton profits. Cement leading enterprises are expected to become rare varieties of profitability trends in the building materials industry that tend to be stable, and "reducing quantity and increasing price" may give them a relative allocation advantage. Recommend paying attention to: Conch Cement(600585.SH), Huaxin Cement(600801.SH), Xinjiang Tianshan Cement(000877.SZ).