Core Viewpoint - The steel sector is experiencing significant declines, with major companies like Ansteel, Maanshan Steel, and Chongqing Steel seeing drops in stock prices due to a weak balance of low inventory, low prices, low demand, and high supply elasticity [1] Group 1: Market Performance - Ansteel shares fell by 5.33% to HKD 2.13, Maanshan Steel by 5.28% to HKD 2.69, and Chongqing Steel by 4.23% to HKD 1.36 [1] - The current market is characterized by low inventory, low prices, low demand, and high supply elasticity, indicating a weak balance [1] Group 2: Industry Analysis - CITIC Construction Investment predicts a significant drop in steel prices by 2025, driven by supply-demand mismatches, weakened cost support, and delayed policy effects [1] - The industry is facing challenges in improving profitability, with the need to prevent internal competition and enhance prices being a key task for the upcoming year [1] Group 3: Profitability and Recovery - China Galaxy Securities reports that leading steel companies are showing high growth in net profits, with some turning losses into profits, indicating a recovery in the overall profitability of the steel industry [1] - The supply-side reforms are leading to a concentration of capacity among quality leading companies, suggesting a shift in the industry landscape [1] Group 4: Future Outlook - Guotai Junan anticipates that steel demand may gradually bottom out, and the prolonged period of industry losses is leading to market-driven supply adjustments [1] - If supply-side policies are implemented, the speed of supply contraction may accelerate, facilitating a quicker recovery in the industry [1]
港股异动 | 钢铁股跌幅居前 年内钢材价格经历显著下跌 关注行业供给侧变革