机构：钢铁行业需求有望逐步触底

Group 1 - The World Steel Association's latest short-term demand forecast predicts global steel demand will remain stable at approximately 1.75 billion tons in 2025, with a mild rebound of 1.3% to 1.772 billion tons in 2026 [1] - Guotai Junan Securities believes that the steel industry demand is expected to gradually bottom out, with market-driven supply adjustments beginning to appear, indicating a potential recovery in the industry's fundamentals [1] - If supply policies are implemented, the contraction of supply may accelerate, leading to a quicker upward trend in the industry [1] Group 2 - Xinda Securities notes that despite the current supply-demand contradictions and overall profit decline in the steel industry, demand is expected to remain stable or slightly increase due to supportive factors such as real estate stabilization, steady infrastructure investment, and high steel exports [2] - The tightening of steel supply under price control policies and the increasing industry concentration are expected to maintain a stable overall supply-demand situation [2] - The steel industry is anticipated to improve gradually, with structural investment opportunities present, particularly in high-margin special steel companies and leading steel enterprises with strong cost control and scale effects [2]