Group 1 - The core viewpoint indicates that the steel industry is showing signs of improvement, with the PMI rising to 50.6% in April 2025, marking a 4.6 percentage point increase and entering the expansion zone for the first time in five months [1] - The steel supply and demand have both increased, with faster consumption of steel mill inventories, although steel prices are experiencing fluctuations and raw material prices are continuing to decline [1] - It is anticipated that steel market demand will continue to recover in May, with ongoing production increases in steel mills and a low rebound in raw material and steel prices [1] Group 2 - In the first quarter, the overall steel production remained stable, with crude steel output at 259 million tons (up 0.6% year-on-year), pig iron output at 216 million tons (up 0.8% year-on-year), and steel product output at 359 million tons (up 6.1% year-on-year) [1] - CITIC Securities predicts that 2025 will be a turning point for the Chinese steel industry, with the first quarter expected to mark a long-term performance inflection point [1] - The ongoing industry reforms are expected to lead to a necessary reduction in capacity and output, with the supply side likely to experience an unexpected contraction in production [1] Group 3 - The current phase of low valuations and ongoing profit redistribution in the steel industry is considered a golden allocation period [2] - Related companies in the Hong Kong stock market include Angang Steel (00347), Maanshan Iron & Steel (00323), Chongqing Iron & Steel (01053), and China Oriental Group (00581) [3]
港股概念追踪|钢市需求将继续回暖 机构看好行业复苏（附概念股）