中信证券：预计2025年是中国钢铁行业的拐点年份

Core Viewpoint - CITIC Securities predicts that 2025 will be a turning point for China's steel industry, with Q1 2025 expected to mark a long-term performance inflection point for the sector [1] Industry Summary - Continuous reduction in capacity and output is anticipated as industry reforms deepen, leading to a significant contraction in production that may exceed expectations [1] - The ongoing efforts to promote consolidation and eliminate inefficient production capacity are expected to benefit the steel industry through profit redistribution within the supply chain [1] - The current phase, characterized by low valuations and impending profit redistribution, is viewed as a golden opportunity for investment in the steel sector [1] - The steel industry is rated as "outperforming the market" by CITIC Securities [1]