钢铁行业11月8日全国人大常委会会议点评：政策促进内需，钢铁板块有望受益

Investment Rating - The report maintains a "Recommended" rating for the steel industry [4] Core Viewpoints - The steel sector is expected to benefit from policies promoting domestic demand, particularly through the issuance of special bonds aimed at supporting major projects and manufacturing upgrades [1][2] - The issuance of long-term special bonds has reached 752 billion yuan in the first three quarters, with an additional 100 billion yuan planned for the fourth quarter to support key projects [1] - The government's push for large-scale equipment updates and the promotion of consumption upgrades are anticipated to enhance steel demand in the short term, while also facilitating supply-side structural reforms in the long term [2] Summary by Sections Policy Impact - The recent decision by the National People's Congress to increase local government debt limits is aimed at enhancing counter-cyclical adjustments, which will positively impact the steel industry through increased investment in manufacturing upgrades [1] - The focus on major technology upgrades and equipment renewal is expected to stimulate effective demand in the steel market [1] Demand and Supply Dynamics - The demand for steel is projected to improve due to policies supporting equipment updates and consumption upgrades, with significant potential for recovery in the steel market [2] - The supply-side structural reforms are being accelerated, with measures in place to phase out outdated production capacity [2] Investment Recommendations - The report suggests focusing on leading steel companies such as Baosteel, Hualing Steel, and Nanjing Steel in the ordinary steel sector, and on CITIC Special Steel and Jiuli Special Materials in the special steel sector [3]