钢铁行业周报：财政政策调节力度持续加强，有望支持房地产市场止跌回稳

Investment Rating - The report maintains a "Positive" investment rating for the steel industry [2][3]. Core Viewpoints - The report highlights that the ongoing strengthening of fiscal policy is expected to support the stabilization of the real estate market, which in turn may benefit the steel industry [3]. - Despite facing supply-demand imbalances and declining overall industry profits, the steel demand is anticipated to remain stable or slightly increase due to supportive policies in real estate, infrastructure investment, manufacturing development, and high steel exports [3]. - The report suggests that the overall supply-demand situation in the steel industry is likely to remain stable, with a focus on high-end steel products benefiting from macro trends such as energy cycles and domestic substitution [3]. Summary by Sections 1. Market Performance - The steel sector experienced a decline of 4.97% this week, underperforming the broader market, with specific declines in sub-sectors: special steel down 5.12%, long products down 3.88%, and flat products down 4.83% [8][10]. 2. Key Data - Daily molten iron production as of October 11 was 2.3308 million tons, a week-on-week increase of 5.06 tons, but a year-on-year decrease of 12.87 tons [11]. - The capacity utilization rate for blast furnaces was 87.5%, up 1.90 percentage points week-on-week [11]. - The production of five major steel products reached 7.644 million tons, a week-on-week increase of 1.16% [11]. 3. Inventory Levels - Social inventory of five major steel products was 9.147 million tons, a week-on-week decrease of 20.51 thousand tons, or 2.19% [20]. - Factory inventory of five major steel products was 3.954 million tons, a week-on-week decrease of 8.50 thousand tons, or 2.10% [20]. 4. Price Trends - The comprehensive index for ordinary steel as of October 12 was 3,891.6 yuan/ton, a week-on-week decrease of 12.81 yuan/ton [3]. - The comprehensive index for special steel increased by 151.62 yuan/ton week-on-week, reaching 6,875.7 yuan/ton [3]. 5. Investment Suggestions - The report recommends focusing on high-margin special steel companies and leading steel enterprises with strong cost control and scale effects, as they are expected to benefit from valuation recovery [3]. - Specific companies to watch include Jiu Li Special Materials, CITIC Special Steel, and Shougang Resources, among others [3].