钢铁板块迎估值修复，钢铁ETF（515210）盘中涨超1%，上一交易日净流入超8000万元

Group 1 - The steel sector is experiencing a valuation recovery, with the steel ETF (515210) rising over 1% during intraday trading on February 26, and a net inflow exceeding 80 million yuan on the previous trading day [1] - Everbright Securities indicates that the probability of supply-side adjustments in the steel industry has increased in the short to medium term, with losses for listed steel companies approaching levels seen in Q3/Q4 of 2024 by Q4 of 2025 [1] - The tightening of steel export policies since early 2026, including the implementation of export license management for certain steel products starting January 1, 2026, poses a risk to the profitability of the steel industry, which heavily relies on direct and indirect exports [1] Group 2 - The Central Economic Work Conference in December 2025 reiterated the need to address "involution" competition and promote energy-saving and carbon reduction transformations in key industries, emphasizing continued control over crude steel production [1] - The steel ETF (515210) tracks the CSI Steel Industry Index (930606), which selects listed companies from the Shanghai and Shenzhen markets involved in various steel sectors, reflecting the overall performance of the steel industry [1] - The index constituents cover major areas within the industry, with ordinary steel holding a dominant position, and the sample is regularly adjusted to maintain industry representation [1]