《钢铁行业节能降碳专项行动计划》点评：加快节能降碳改造，支撑完成“十四五”约束性指标

Investment Rating - The report does not explicitly provide an investment rating for the steel industry Core Insights - The steel industry is under pressure to accelerate energy conservation and carbon reduction efforts to meet the binding targets set for the 14th Five-Year Plan, with a goal to reduce energy consumption per unit of GDP by 13.5% and carbon emissions by 18% by 2025 [1] - The "Steel Industry Energy Conservation and Carbon Reduction Action Plan" aims to achieve energy savings of 20 million tons of standard coal and reduce carbon dioxide emissions by approximately 53 million tons during 2024-2025 [1][8] - The plan emphasizes energy conservation, production regulation, and equipment upgrades as key strategies to achieve these targets [1] Summary by Sections Energy Conservation and Emission Reduction - The action plan mandates a reduction of over 2% in comprehensive energy consumption per ton of steel by 2025, with the target set at 546 kg of standard coal per ton, down from 557.1 kg in 2023 [2][3] - Specific energy consumption targets for various processes are outlined, including a reduction of over 1% for blast furnaces and converters, and over 2% for electric arc furnaces by 2025 [3] Production Regulation - The action plan focuses on energy conservation and carbon reduction without imposing administrative production cuts, aiming for a gradual adjustment of crude steel production based on efficiency, energy consumption, and environmental standards [4][5] - It is projected that crude steel production may need to decrease by approximately 16 million to 24 million tons to meet the energy savings and emission reduction targets [5] Equipment Upgrades - The action plan encourages the upgrade of production equipment, particularly for blast furnaces with a volume of 1000m³ or less, and promotes the use of advanced energy-efficient equipment across the industry [6][7] - The plan also highlights the importance of improving auxiliary equipment efficiency and promoting the use of new energy vehicles in steel transportation [7] Policy Impact - The action plan is a response to the lagging progress in meeting the 14th Five-Year Plan's targets and aims to facilitate the green, low-carbon, and high-quality development of the steel industry [8] - While the plan's energy conservation and emission reduction requirements are expected to lead to a slight decline in domestic production, the overall supply-demand balance is not anticipated to change significantly in the short term due to ongoing weak demand in the real estate sector [8]