[The clearance of low-end production capacity is accelerated, and market concentration in the cement industry further increases] On October 10, investment in real estate and infrastructure continued to weaken, causing the cement industry to enter a period of deep adjustment. At present, the industry's losses have reached 60%, and a large number of small and medium-sized cement companies are trapped in operating difficulties such as price inversion, high inventory, and poor payment collection. According to incomplete statistics, more than 20 cement and grinding companies have entered bankruptcy-related procedures this year, and the debt risks of small and medium-sized entities have been concentrated and transmitted to the upstream industry chain. Industry insiders judge that the short-term industry repayment and bad debt environment is difficult to fundamentally improve, and there is only some room for small repairs. Under the superposition of multiple policies such as peak-shifting production, ultra-low emission transformation, and carbon constraints, small and medium-sized backward production capacity is being cleared at an accelerated pace. Industry consolidation will be dominated by mergers and acquisitions, supplemented by bankruptcy liquidation, and market concentration continues to converge towards the leader. (Securities Times)