摩根士丹利：中国建材_2025 年第二季度展望_在不确定性中寻找确定性

2Q25 Outlook: Finding Certainty In Uncertainty We expect tariff impact to weigh on the materials space in 2Q25. We prefer gold, cement, building materials and steel for 2Q25, and in 2H25 metals-related stocks may outperform when further stimulus comes through. April 22, 2025 09:00 PM GMT China Materials | Asia Pacific Demand showed signs of recovery in 1Q, outlook for 2Q is uncertain due to tariff concerns: Multiple signs show demand seems to have bottomed in China in 2024. 3M 2025 domestic excavator sales ...