Changes in Hong Kong stocks | The decline in cement stocks widened, and China Building Materials (03323) fell nearly 5%. Later cement prices may maintain a volatile adjustment trend

The Zhitong Finance App learned that the decline in cement stocks increased in the afternoon. As of press release, China Building Materials (03323) fell 4.62% to HK$4.96; Conch Cement (00914) fell 3.46% to HK$22.88; Western Cement (02233) fell 3.26% to HK$2.97; and China Resources Building Materials Technology (01313) fell 1.89% to HK$1.56.

Dongwu Securities released a research report saying that in late November, demand for cement continued to rise slightly in the southern region, but demand continued to weaken due to cooling weather, causing the shipment rate of cement companies in key regions of the country to drop by about 0.5 percentage points month-on-month. On the price side, due to price increases in many provinces not stabilizing in the early period, prices in some regions showed a correction, driving overall market prices to fluctuate and decline. Given that cement companies in the southern region are still willing to continue to push up, we expect cement prices to maintain a volatile adjustment trend in the later stages.

Ping An Securities, on the other hand, said that in 2025, the cement industry's prosperity weakened, prices were high and low, and the cumulative year-on-year decline in cement production in January-October was 6.7%. Looking ahead to 2026, considering the current weak corporate profits, which limit the supply and demand relationship or improvement in the post-delivery industry, cement profits are expected to improve slightly compared to 2025H2. If daily overproduction is strictly limited, price increases during the peak cement season or are smoother, while keeping an eye on the progress of industry integration.