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【出版时间及名称】：2009年11月中国水泥行业研究报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：35
【目录或简介】：
Table of Contents
Slowing FAI growth ≠ weaker cement demand ............................. 3
Yes, the recent underperformances..........................................................................................3
Slowing FAI growth ≠ weaker cement demand........................................................................4
Overcapacity overstated................................................................... 6
True, we have overcapacity, but not as bad as the NDRC states .............................................6
FY10: Better supply/demand............................................................ 7
2010: Supply/demand will only get better, not worse ..............................................................7
We expect cement prices to rise 5% in FY10...........................................................................8
Costs rising, but manageable ........................................................... 9
Rising coal prices to be offset by cement price rise .................................................................9
Cost savings from cogeneration more than offset a potential power tariff hike .......................9
Regional analysis ............................................................................. 11
Location is the key factor........................................................................................................11
Regional analysis.....................................................................................................................11
Regional cement prices................................................................... 14
Regional cement prices – 42.5 grade......................................................................................14
Anhui Conch Cement ...................................................................... 16
CNBM ............................................................................................... 20
Sinoma.............................................................................................. 24
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