Jingwu Finance | China International Capital Corporation stated that positive changes in 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 affected by colder weather in the north; from January to November, the national cement production accumulated a decline of 10.1%. The corporation believes that debt reduction policies are expected to provide strong support for cement demand expectations in 2025. Furthermore, the Industry is also looking forward to more supply-side reform policies, such as Carbon Trading and capacity replacement, which are hoped to bring profound changes to the supply side in the long term. Under the dual positive policy expectations on supply and demand, the industry's self-rescue efforts have shown significant results, and the corporation expects that the price center in 2025 will continue to improve significantly compared to 2024. The corporation recommends focusing on CONCH CEMENT (00914), Huaxin Cement (06655), Gansu Shangfeng Cement, CR BLDG MAT TEC (01313), and Tangshan Jidong Cement.