钢铁行业未来存在估值修复的机会

Core Viewpoint - The steel industry is undergoing structural changes due to the implementation of export license management and a series of measures aimed at reducing "involution" competition, with a shift in demand from construction to manufacturing, particularly in the new energy vehicle sector [1][2] Group 1: Industry Dynamics - The steel industry is currently facing significant supply-demand contradictions, leading to an overall decline in industry profits [1] - Despite challenges, the total demand for steel is expected to remain stable or slightly increase, supported by a bottoming out of the real estate sector, steady infrastructure investment, ongoing manufacturing development, and high levels of steel exports [1] - Supply-side policies are tightening overall steel supply, while industry concentration is expected to continue increasing, leading to a stable supply-demand situation [1] Group 2: Investment Opportunities - The macro trend of high-quality economic development and new productive forces is expected to benefit high-end steel products, particularly those with high barriers to entry and high added value, such as high-end steel used in advanced equipment manufacturing [1] - The industry structure is anticipated to improve steadily, with some companies currently undervalued, presenting structural investment opportunities, especially for high-margin special steel enterprises and leading steel companies with strong cost control and economies of scale [1] - Under the ongoing supply-side "anti-involution" efforts, steel production capacity is increasingly concentrating among quality leading enterprises, while demand for special steel is expected to benefit from manufacturing upgrades and AI transformation [2]