Demand Tracker – August 7: Greater China Materials | Asia Pacific

Research evidence excerpt

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M

Update

August 7, 2026 02:02 PM GMT

Morgan Stanley Asia Limited+

Greater China Materials | Asia Pacific

Rachel L Zhang

Equity Analyst

Demand Tracker – August 7

Chris Jiang

Equity Analyst

Key Takeaways

Hannah Yang, CFA

Equity Analyst

PBoC bought 640k oz of gold in July, increasing gold holdings for the 21th

consecutive month.

Cynthia Tang

Research Associate

Industrial goods production/sales: Per CISA, average daily output of crude steel by

key steel enterprises in late-July was 2.051mnt, down 7.5% vs. mid-July and down

5.9% YoY. Per CPCA, the retail NEV sales totaled 970k units in July 1-31, down 2%

YoY and down 4% MoM; national PV retail sales reached 1.506 million units during

the same period, down 18% YoY and down 6% MoM.

According to estimates by relevant institutions, China's computing power networks

are expected to see Rmb4 trillion in new direct investment during 2026-2030, an

Greater China Materials

Asia Pacific

Industry View

Attractive

NDRC spokesperson stated. Xinhua stated that China maintains global shipbuilding

Exhibit 2 : LGSB issuance: YTD 2026 vs.

leadership as H1 new orders surge 105.2% YoY.

same period in 2025 (by province)

China approved eight new nuclear power units with investment exceeding Rmb170

400

Unit: Rmb bn

350

billion.

300

250

Building materials activity: Cement prices in east China were stable, with no

demand recovery as sustained high temperatures and rainy weather continued to

200

150

100

producers to implement off-peak production to prevent further price declines.

Exhibit 1:

Tibet

Qinghai

Inner…

Ningxia

Shaanxi

Jilin

Tianjin

Guizhou

Hainan

Gansu

Jiangxi

Guangxi

Liaoning

Beijing

Shanxi

2025

Heilongjiang

2026

Xinjiang

Chongqing

Henan

Shanghai

Hunan

Yunnan

Hebei

Fujian

Anhui

Hubei

Jiangsu

Sichuan

0

Zhejiang

leading to a weak recovery. In Guangxi, demand remained weak, leading cement

50

Shandong

down. Despite easing rainfall, high temperatures continued to weigh on demand,

Guangdong

disrupt downstream construction activities. Cement prices in south China trended

Source: Wind , Morgan Stanley Research

Summary of key demand data

WoW

Building materials activity

…