10万亿元政策出炉，钢铁行业有望受益钢铁

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [1]. Core Viewpoints - The steel industry is expected to benefit from a new policy that allocates 10 trillion yuan for local government debt management, which is anticipated to boost market confidence and support steel prices [2][3]. - Despite current supply-demand imbalances and declining industry profits, the overall steel demand is projected to remain stable or slightly increase due to factors such as real estate stabilization, steady infrastructure investment, and high steel exports [3]. - The report highlights that the steel industry's supply is tightening under controlled production policies, leading to a more concentrated industry structure [3]. Summary by Sections 1. Market Performance - The steel sector rose by 4.91% this week, underperforming the broader market, which increased by 5.50% [8]. - Specific segments showed varied performance: special steel up 6.14%, long products up 2.73%, and flat products up 5.44% [8]. 2. Key Data - Daily molten iron production as of November 8 was 2.3406 million tons, down 1.41% week-on-week [10]. - The capacity utilization rate for blast furnaces was 87.9%, a decrease of 0.53 percentage points [10]. - Total production of five major steel products was 7.648 million tons, down 0.67% week-on-week [10]. 3. Supply and Demand - Consumption of five major steel products was 8.776 million tons, down 1.58% week-on-week [13]. - The average daily transaction volume of construction steel was 124,000 tons, up 6.34% week-on-week [13]. - Social inventory of five major steel products was 8.199 million tons, down 0.97% week-on-week [18]. 4. Price Trends - The comprehensive index for ordinary steel was 3,720.4 yuan/ton, down 0.01% week-on-week [1]. - The comprehensive index for special steel was 6,836.3 yuan/ton, down 0.08% week-on-week [1]. 5. Investment Suggestions - The report suggests focusing on high-margin special steel companies and leading steel enterprises with strong cost control and scale advantages, which are expected to see valuation recovery [3]. - Key investment themes include companies benefiting from the new energy cycle and those involved in high-end equipment manufacturing and domestic substitution [3].