Galaxy Securities pointed out，2022 1-Cumulative output of cement in China in August 13.5.5 billion tons，Year-on-year decline of 14.20%，More than 1-The decline was flat in July，Monthly cement output in August: 1.8.8 billion tons，Year-on-year decline of 13.10%，Down 6% from July.1 percentage point，The decline has expanded。The significant year-on-year decrease in cement production in August was due to 1.)Cement demand has recovered less than expected this year.，Cement clinker inventory continues to be at a high level，The production power of cement enterprises is insufficient.；2)This year, in most areas, the time of off-peak kiln shutdown in summer has been extended.，Staggered production has become the norm。In the short term，The infrastructure side supports the follow-up cement market demand，Infrastructure investment continues to accelerate，Accelerate the formation of physical workload，Provide increment for subsequent cement demand；In the long run，We believe that the demand for cement has continued but not disappeared.，Under the background of steady growth，Infrastructure construction continues to develop，Real estate is still expected to recover.。