Zheng Quan Shi Bao Wang·2024-12-13 00:36Industry Outlook - The steel industry is expected to stabilize and recover by 2025 due to a combination of demand-side stabilization and supply-side reductions, following a period of declining profits and widespread losses since 2021 [1] - Long-term trends in the steel industry include increased industry concentration and high-quality development, with steel companies that have superior product structures and cost advantages poised to benefit [1] Competitive Landscape - Leading companies are expected to see enhanced competitive advantages and profitability under stricter environmental regulations, ultra-low emission upgrades, and carbon neutrality initiatives [2] - Companies with advanced technology, upgraded product structures, low costs, and flexibility are recommended for attention [2] - Special steel leaders with low valuations, high dividends, and competitive advantages, as well as high-barrier material companies and high-temperature alloy leaders, are also highlighted [2] Investment Opportunities - Upstream resource companies with long-term structural advantages are favored in the context of demand recovery trends [2]