According to the Huatai Securities Research Report, looking back at the operation and financial performance of the cement and glass sector in the first half of 2026, due to weak domestic demand for downstream infrastructure, real estate, and photovoltaic installations, the conflict between supply and demand for cement, float/photovoltaic glass is still prominent. The decline in domestic product prices reduces profit space, but the expansion of overseas business volume and income from equity investment partially hedged the decline in the main domestic business. Leading companies with a relatively large overseas share showed strong profitability resilience. As the supply of cement and float/photovoltaic glass continues to clear up, although the imbalance between supply and demand has been mitigated to a certain extent and the profit bottom has gradually consolidated, against the backdrop of increased supply self-regulation in the industry and production cuts, there is an opportunity for phased price restoration in the second half of the year. However, before the inflection point of demand is reached, the rebalancing process between supply and demand in the industry will continue to be repeated. The domestic economy may continue to fluctuate at a low level, and overseas layout and equity investment are key profit support and growth points.

According to the Huatai Securities Research Report, looking back at the operation and financial performance of the cement and glass sector in the first half of 2026, due to weak domestic demand for downstream infrastructure, real estate, and photovoltaic installations, the conflict between supply and demand for cement, float/photovoltaic glass is still prominent. The decline in domestic product prices reduces profit space, but the expansion of overseas business volume and income from equity investment partially hedged the decline in the main domestic business. Leading companies with a relatively large overseas share showed strong profitability resilience. As the supply of cement and float/photovoltaic glass continues to clear up, although the imbalance between supply and demand has been mitigated to a certain extent and the profit bottom has gradually consolidated, against the backdrop of increased supply self-regulation in the industry and production cuts, there is an opportunity for phased price restoration in the second half of the year. However, before the inflection point of demand is reached, the rebalancing process between supply and demand in the industry will continue to be repeated. The domestic economy may continue to fluctuate at a low level, and overseas layout and equity investment are key profit support and growth points.