由于工业投资下滑可能超预期,而短期内水泥股涨幅过大,因此我们暂时下调水泥行业评级至“中性”。但从09年全年来看,行业依然有望获得相对稳定的收益。 We expect the cement industry to temporarily lower its rating to “Neutral” as the decline in industrial investment is likely to exceed expectations and the cement stocks rose excessively in the short term. However, from 2009 full year, the industry is still expected to obtain relatively stable earnings.