1. Cement Production In the first quarter of 2026, national cement production totaled 301 million tons, a year-on-year decrease of 7.1%. In March, single-month cement output reached 123 million tons, down 21% compared to the same period last year.

2. Fixed Asset Investment Fixed asset investment (excluding rural households) in the first quarter of 2026 amounted to 10.2708 trillion yuan, reflecting a year-on-year increase of 1.7% (calculated on a comparable basis). Private fixed asset investment fell by 2.2% year-on-year. On a month-over-month basis, fixed asset investment (excluding rural households) rose by 0.52% in March. By region, investment in eastern China grew by 0.7%, central China by 1.9%, and western China by 1.0%, while investment in northeastern China declined by 10.0%.

3. Real Estate Development Investment In the first quarter of 2026, national real estate development investment reached 1.772 trillion yuan, down 11.2% year-on-year (on a comparable basis), with the decline widening by 0.1 percentage points compared to January-February. Residential investment stood at 1.3531 trillion yuan, falling 11.0%, with the drop widening by 0.3 percentage points. The floor space under construction by real estate developers totaled 5.41737 billion square meters, a decrease of 11.7% year-on-year. Residential construction area amounted to 3.75465 billion square meters, down 12.1%. New construction starts reached 103.73 million square meters, declining 20.3%, with residential new starts falling 22.0% to 74.20 million square meters. Completed construction area totaled 97.89 million square meters, dropping 25.0%, while completed residential area fell 26.5% to 69.83 million square meters.