钢铁行业行业周报：政策持续显效，行业存量优化加速

Investment Rating - The report maintains a "Recommended" rating for the steel industry [5] Core Viewpoints - The ongoing effectiveness of stock policies, combined with the successful implementation of incremental policies, is expected to enhance market expectations for black metals. Multiple policies are likely to improve the concentration of the steel industry and rectify the long-standing imbalance in supply and demand, benefiting leading steel enterprises. Additionally, the development of downstream sectors such as aerospace and automotive manufacturing is anticipated to drive stable growth in special steel companies [4][115] Summary by Sections Market Performance - The steel sector index declined by 1.31% this week, while the Shanghai Composite Index fell by 1.91%, the Shenzhen Component Index by 2.89%, and the ChiNext Index by 3.03% [2][33] - Among the three major sub-sectors, plate, special steel, and pipe materials saw declines of 0.18%, 3.71%, and 5.28% respectively. Year-to-date, the plate sector has increased by 6.38% [2][37] Price Analysis - Domestic steel prices showed slight weakness this week. The average price of rebar was 3,305.8 CNY/ton, down 198.4 CNY/ton (5.66%) from last week. Wire rod averaged 3,703.4 CNY/ton, down 52.0 CNY/ton (1.38%). Hot-rolled sheet averaged 3,607.4 CNY/ton, down 12.8 CNY/ton (0.35%) [2][56] - The Platts iron ore price index averaged 101.21 USD/ton, up 1.67 USD/ton (1.67%) from last week, while the domestic iron ore import price averaged 705.0 CNY/ton, up 1.4 CNY/ton (0.20%) [2][69] Industry Developments - The "14th Five-Year" development planning research for the steel industry has commenced, focusing on optimizing stock development and achieving high-quality growth. Key points include prohibiting new capacity, optimizing existing stock, and enhancing the application of steel products [3][43] - The report highlights the importance of technological innovation and the development of new production capabilities, emphasizing the need for high-end, intelligent, and green development in the steel industry [3][44] Investment Recommendations - The report suggests focusing on leading companies in the special steel sector with favorable fundamentals and those in the general steel sector that may benefit from policy-driven demand improvements [4][115]