Shanghai Ganglian(SZ:300226) Zhong Zheng Wang·2025-07-13 07:29Group 1 - The steel market is expected to experience a turnaround in the second half of the year, with opportunities for price rebounds amid reasonable production control and improved market liquidity [1] - The key to judging the industry cycle is demand rather than production, with China's downstream industries significantly supporting the global supply chain [1] - From January to May 2025, China's exports of electromechanical products grew by 9.3% year-on-year, with automobile exports reaching 2.85 million units and engine exports at 2.28 million units [1] Group 2 - The steel industry is on a path of high-quality development, with total steel production having peaked and domestic crude steel consumption expected to remain around 800 million to 900 million tons [2] - The industry is experiencing a clear trend of reduction in production, with an increase in industry concentration and an optimization of product structure [2] - The overall industry is integrating into the carbon trading market, emphasizing green development and digital transformation [2]