钢铁行业政策点评：《钢铁行业规范条件（2025年版）》解读

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent revision of the "Steel Industry Normative Conditions (2025 Edition)" aims to accelerate the transformation and high-quality development of the steel industry [5][6] - The new regulations establish a graded and classified management system, promoting the transformation of steel enterprises through a two-tier evaluation of "Standard Enterprises" and "Leading Standard Enterprises" [6] - Short-term benefits are expected from the new regulations, particularly for green steel companies with high energy efficiency and those with technological advantages in scrap utilization and electric furnace steel production [7] Summary by Sections Industry Performance - The steel industry has shown relative returns of 3% over one month, 2% over three months, and a negative 9% over twelve months compared to the CSI 300 index [4] Regulatory Changes - The new normative conditions replace the 2015 version and emphasize compliance with production activities, environmental protection, resource consumption, safety production, and quality management [6] - The new regulations include 6 primary indicators and 20 secondary indicators for "Standard Enterprises," while "Leading Standard Enterprises" are evaluated based on 6 primary and 32 secondary indicators focusing on high-end, intelligent, green, efficient, and safe production [6] Investment Recommendations - The report suggests that companies with high energy efficiency and technological advantages in scrap utilization are more valuable for investment in the short term [7] - Long-term investment value is expected to be higher for leading enterprises with scale advantages as the industry undergoes high-quality development and regional capacity consolidation [7]