供强需弱局面未变，控产仍将成为钢铁行业发展主题

Core Viewpoint - The steel industry is facing a supply-demand imbalance, with a continued decline in both production and consumption, necessitating self-discipline among steel enterprises to control production and reduce inventory in the fourth quarter [1][2]. Group 1: Industry Performance - In the first three quarters of this year, crude steel production in China reached 746 million tons, a year-on-year decrease of 2.9%, with expectations for continued decline throughout the year [1]. - Apparent consumption of crude steel in the same period was 649 million tons, down 5.7% year-on-year, marking the fifth consecutive year of decline [1]. - Key steel enterprises reported cumulative operating revenue of 4.56 trillion yuan, a decrease of 2.36% year-on-year, while operating costs fell by 3.88%, leading to a profit total of 96 billion yuan, which is a 1.9-fold increase compared to the previous year [2]. Group 2: Future Outlook and Goals - The Ministry of Industry and Information Technology, along with other departments, has set a target for the steel industry to achieve an average annual growth of around 4% in added value from 2025 to 2026, emphasizing the need for balanced supply and demand [2]. - The new growth plan for the steel industry has simplified its quantitative goals, focusing solely on industrial added value, reflecting a shift towards efficiency and practicality in the context of declining demand [3].