HK Stock Market Move | Cement stocks lead the decline, cement market demand recovery slows down, and subsequent prices may remain in a slight fluctuation.

Cement stocks led the decline, as of press time, CNBM (03323) fell by 6.53% to 4.87 Hong Kong dollars; Anhui Conch Cement (00914) fell by 6.03% to 20.9 Hong Kong dollars; WESTCHINACEMENT (02233) fell by 5.05% to 2.07 Hong Kong dollars; CR BLDG MAT TEC (01313) fell by 4.29% to 1.56 Hong Kong dollars. On the news front, in late March, due to the widespread rainy weather, the domestic cement market demand recovery slowed down. According to digital cement network, on March 20, the national cement terminal tax-inclusive average price was 339 yuan per ton, an increase of 2.33 yuan per ton compared to the previous month, and a decrease of 56.50 yuan per ton year-on-year; the national cement shipment rate was 31.53%, an increase of 6.87 percentage points compared to the previous month, and a decrease of 13.20 percentage points year-on-year. With the cement prices in some regions rebounding to the bottom range, it is expected that prices will continue to undergo minor fluctuations in the later period. Guosheng pointed out that the structural characteristics of the cement market this week still highlight the "strong infrastructure, weak real estate" structure. In terms of infrastructure, this week, the direct supply quantity for infrastructure increased nearly doubled compared to the previous month, becoming the core support for the recovery of the cement market; the real estate market and the closely related mixing station segment still performed weakly, becoming the core factor dragging down the overall outflow volume on a year-on-year basis, fund constraints remain the core bottleneck; the demand in the civilian market continues to show differentiation, with some actively stocking up in anticipation of price increases, while others are adopting a wait-and-see approach due to weather and slow demand reality.