Daiwa Research reduced its target price for Anhui Conch to HK$23 from HK$29.5, and downgraded the stock to "hold" from "outperform".

The house said cement demand and selling prices in eastern China and along the Yangtze River, the key market for Conch, have been weaker than expected year-to-date. But Daiwa expects the situation to improve in 2H on the back of the central government's loosening policies.