Executive Summary 3
Two themes in a boring year 5
Growth of demand and supply matches in 10E 8
Regional diversification is reversing 11
Policies benefit big players, SD &GD 15
Anhui Conch Cement (0914.HK) 18
Fully Priced 19
Asia Cement China (0743.HK) 23
Ideal Acquisition Target 24
China National Building Material (3323.HK) 28
High Exposure To Property Recovery 29
SINOMA (1893.HK) 33
Policy Beneficiary and recovering exporter 34
Appendix A-1 40