钢铁行业周报：证监会发布上市公司市值管理指引，板块估值水平有望修复

Investment Rating - The report maintains a "Recommendation" rating for the steel industry, indicating a potential recovery in valuation levels due to recent regulatory guidance from the China Securities Regulatory Commission [1]. Core Views - The steel industry is experiencing seasonal demand weakness, leading to short-term pressure on steel prices. As of November 15, prices for five major steel products have decreased week-on-week, with rebar at 3,480 CNY/ton, down 3.42% [1]. - Production levels remain stable, with a slight increase in blast furnace capacity utilization, while demand shows a slight decline. The report anticipates that steel prices may continue to fluctuate weakly in the short term [1][2]. - The report highlights a potential recovery in profitability for leading steel companies as local fiscal conditions improve and infrastructure investment increases, alongside a stabilization in the real estate sector [2]. Summary by Sections 1. Market Review - As of November 15, the steel (Shenwan) index closed at 2,137.56 points, down 6.29% for the week, while the broader A-share index fell 3.94% [2]. - The overall price levels for five major steel products have shown a week-on-week decline, with rebar prices decreasing by 3.42% [1][21]. 2. Key Industry Data Tracking (a) Production - The total production of five major steel products reached 8.6158 million tons, with a slight week-on-week increase of 0.09 million tons [1]. - Daily average pig iron production from 247 steel companies was 2.3594 million tons, up 1.88% week-on-week [1]. (b) Consumption of Major Steel Products - Total consumption of the five major steel products was 8.7658 million tons, down 0.12% week-on-week [1]. - Specific changes in apparent consumption for rebar, wire rod, hot-rolled, cold-rolled, and medium plate were +0.98%, -1.74%, -0.47%, -0.89%, and +0.47% respectively [1]. (c) Inventory Situation - Total steel inventory decreased by 150,000 tons week-on-week, with social inventory down 72,600 tons to 8.1266 million tons [1]. - Steel mill inventory also saw a decline, down 77,400 tons to 3.9113 million tons [1]. (d) Profitability - The average pig iron cost for 114 steel mills was 2,571 CNY/ton, down 36 CNY/ton from the previous week [1]. - As of November 15, the gross profit per ton for high furnace rebar, hot-rolled, and cold-rolled steel was -183 CNY/ton, -160 CNY/ton, and +124 CNY/ton respectively [1]. 3. Stock Insights - The report suggests focusing on high-quality steel companies for valuation recovery opportunities, particularly those with low price-to-book ratios [2]. - The recent regulatory guidance from the CSRC is expected to enhance the operational efficiency and profitability of listed companies, potentially leading to improved valuations [2][7].