民生证券：钢铁产能优化将是未来主线

Core Viewpoint - Long-term optimization of steel production capacity will be a key focus, emphasizing the elimination of inefficiencies through differentiated management and classification [1] Group 1: General Steel Sector - The 2025 version of the steel industry standards establishes a comprehensive evaluation system for steel enterprises, which may serve as a crucial tool for differentiated management [1] - Attention is drawn to leading steel companies and those with elastic production capabilities, as they are expected to benefit from policy support aimed at capacity standardization, high-end production, and green initiatives [1] - Recommended companies include industry leaders such as Hualing Steel, Baosteel, and Nanjing Steel, along with companies like Fangda Special Steel, New Steel, Shandong Steel, and Sansteel Mingguang, which are expected to show performance recovery and production elasticity [1] Group 2: Special Steel Sector - The special steel sector is anticipated to benefit from the growth in downstream industries such as automotive, wind energy, and oil and gas extraction, indicating a promising consumption outlook for special steel [1] - Ongoing projects in certain special steel companies are progressing steadily, suggesting stable growth in performance [1] - Recommended companies in this sector include Xianglou New Materials and Jiuli Special Materials, which are expected to capitalize on these trends [1]