Core Viewpoint - The Ministry of Industry and Information Technology and other departments have released a plan to promote stable growth in the steel industry, targeting an average annual growth of around 4% in value added from 2025 to 2026, with a focus on economic recovery, balanced supply and demand, optimized industrial structure, enhanced effective supply capacity, and significant improvements in green, low-carbon, and digital development levels [1][7][25]. Summary by Sections Overall Requirements - The plan emphasizes the integration of quality and efficiency, focusing on technological and industrial innovation, and enhancing supply-demand adaptability while prohibiting new capacity and implementing production reductions [6][24]. Main Goals - The steel industry aims for an average annual growth of approximately 4% in value added from 2025 to 2026, with economic benefits stabilizing and improving, a more balanced market supply and demand, an optimized industrial structure, and significant advancements in green, low-carbon, and digital development [7][25]. Work Measures - **Strengthening Industry Management**: Implement precise capacity and production control, promote the exit of inefficient capacity, and support leading enterprises to achieve dynamic balance in supply and demand [8][29]. - **Enhancing Technological Innovation**: Focus on improving the supply capacity of high-end products and upgrading the quality of bulk products while stabilizing raw material supply [9][36]. - **Expanding Effective Investment**: Accelerate the update of processes and equipment, promote digital transformation, and advance green and low-carbon modifications [10][42]. - **Expanding Market Demand**: Explore steel application needs and deepen cooperation in key steel usage sectors [12][49]. - **Deepening Open Cooperation**: Enhance international development and optimize the export structure of steel products [13][53]. Implementation Guarantees - **Organizational Support**: Local governments should prioritize stable growth in the steel industry and refine work measures for task implementation [14][56]. - **Policy Support**: Utilize existing financial policies to support the steel industry's transformation and innovation [14][56]. - **Monitoring and Scheduling**: Conduct regular monitoring and establish early warning mechanisms for capacity to ensure stable industry operations [15][56].

Group 1 - The world's first bio-based composite refrigerated container has been officially delivered, marking a breakthrough in the application of bio-based materials in the refrigerated container sector in China [1] - The bio-based composite material, developed by Shanghai Kasei Biotechnology Co., Ltd., has lower carbon emissions, lighter weight, and recyclable properties compared to traditional metal materials [1] - The material can reduce carbon emissions by 50% compared to traditional petroleum-based products, with a density of only 1/4 that of steel and 2/3 that of aluminum [1] Group 2 - The material exhibits excellent chemical stability and corrosion resistance, eliminating the need for additional rust-proof treatment, thus reducing production costs and environmental pollution [1] - The design flexibility of the material allows for precise engineering of mechanical properties by adjusting fiber layering, akin to "cutting fabric" [1] - As the application market expands and production scales increase, the manufacturing efficiency of key monomers will improve, leading to a continuous decrease in costs [2]

Growth Target - The steel industry aims for an average annual increase of approximately 4% in added value over the next two years (2025-2026) [1] Capacity and Output Control - Implementation of precise regulation of production capacity and output, along with hierarchical and categorized management of steel enterprises [1] - Strict prohibition of new production capacity, guiding resource elements towards superior enterprises, and promoting the survival of the fittest through output regulation to achieve dynamic supply-demand balance [1] Transformation and Upgrading - "Equipment renewal" and "low-carbon transformation" are identified as the two core competitive themes for the future [1] - Steel enterprises must accelerate the elimination of outdated equipment, especially restricted production equipment such as old blast furnaces and converters [1] - By the end of 2025, over 80% of steel production capacity should complete ultra-low emission transformation [1]

Group 1 - Steel stocks experienced a broad increase in early trading, with Chongqing Steel rising by 2.92% to HKD 1.41, Maanshan Steel up by 1.61% to HKD 2.52, and China Hanking increasing by 1.1% to HKD 3.67 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition" as its core, guiding structural adjustments and high-quality development in China's steel industry [1] Group 2 - The work plan proposes precise control of capacity and output, promotes graded management of steel enterprises, prohibits new capacity, and guides resource allocation towards competitive enterprises to achieve dynamic balance between supply and demand [1] - Experts indicate that "equipment upgrading" and "low-carbon transformation" will be the two core competitive issues in the future, with a requirement for steel companies to accelerate the elimination of outdated equipment [1] - By the end of 2025, over 80% of steel production capacity is expected to complete ultra-low emission transformations [1] Group 3 - CICC anticipates that in the second half of 2025, production control is likely to be implemented against the backdrop of preventing internal competition, with an expected recovery in market sentiment leading to improved supply and demand in the industry [2] - The current steel industry is at the left side of a major cycle bottom reversal, with the bottom of the cycle becoming increasingly clear, indicating a potential upward resonance in the industry cycle [2]

Core Viewpoint - The Ministry of Industry and Information Technology, along with other departments, has issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)", setting an average annual growth target of around 4% for the steel industry's added value over the next two years [1] Group 1 - The plan emphasizes "stabilizing growth and preventing internal competition" as its core focus, guiding the structural adjustment and high-quality development of the Chinese steel industry [1] - It proposes precise control of capacity and output, promotes graded and classified management of steel enterprises, prohibits new capacity additions, and encourages resource allocation towards advantageous enterprises [1] - The plan aims to achieve dynamic balance between supply and demand through output regulation, facilitating the survival of the fittest [1] Group 2 - Experts indicate that "equipment upgrading" and "low-carbon transformation" will be the two core competitive issues in the future [1] - The plan mandates that steel enterprises must accelerate the elimination of outdated equipment, particularly old blast furnaces and converters that restrict production [1] - By the end of 2025, the plan requires that over 80% of steel production capacity must complete ultra-low emission transformation [1]

Group 1 - Steel stocks experienced a broad increase, with Chongqing Steel rising by 2.92% to HKD 1.41, Maanshan Steel up by 1.61% to HKD 2.52, and China Hanking increasing by 1.1% to HKD 3.67 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," guiding structural adjustments and high-quality development in China's steel industry [1] Group 2 - The work plan proposes precise control of capacity and output, prohibits new capacity additions, and encourages resource allocation towards leading enterprises to achieve dynamic balance between supply and demand [1] - Experts highlight that "equipment upgrading" and "low-carbon transformation" will be the two core competitive issues for the future, with a requirement for steel enterprises to accelerate the elimination of outdated equipment [1] - By the end of 2025, over 80% of steel production capacity is expected to complete ultra-low emission transformations [1] Group 3 - CICC anticipates that in the second half of 2025, production control is likely to be implemented against the backdrop of preventing internal competition, with an expected recovery in market sentiment and improvement in industry supply and demand [2] - The steel industry is currently at the left side of a major cycle bottom reversal, with the bottom of the cycle becoming increasingly clear, indicating a potential upward trend in the industry cycle [2] - The deteriorating raw material landscape is expected to enhance the certainty and elasticity of profit cycle recovery [2]

Core Insights - The Ministry of Industry and Information Technology, along with other departments, has issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)", setting an average annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition" as its core focus, providing a clear implementation path for structural adjustments and high-quality development in China's steel industry [1] Summary by Sections - **Production Control and Management** - The plan proposes precise control of production capacity and output, promotes graded and classified management of steel enterprises, prohibits the addition of new production capacity, and guides resource allocation towards competitive enterprises [1] - It aims to achieve dynamic balance between supply and demand through output regulation, facilitating the survival of the fittest [1] - **Core Competitive Issues** - Experts indicate that "equipment upgrading" and "low-carbon transformation" will be the two main competitive issues in the future [1] - Steel enterprises are required to accelerate the elimination of outdated equipment, particularly old blast furnaces and converters, which are considered restrictive production equipment [1] - **Environmental Standards** - The plan specifies that by the end of 2025, over 80% of steel production capacity must complete ultra-low emission transformations [1]

Group 1 - The article highlights the significant role of financial institutions, particularly Postal Savings Bank of China, in supporting green development and low-carbon transformation in Hebei province [1][3] - The Yixian Pumped Storage Power Station is a major infrastructure project that will save 89,800 tons of standard coal and reduce carbon dioxide emissions by 213,000 tons annually, contributing to the energy structure optimization in the Beijing-Tianjin-Hebei region [1][2] - Postal Savings Bank of China has provided comprehensive financial support to the Yixian Pumped Storage Power Station, including customized financing solutions and various banking services [1] Group 2 - The article emphasizes the necessity of developing green low-carbon buildings to reduce carbon emissions from construction materials [3] - A window manufacturing group in Hebei, supported by Postal Savings Bank, meets the demand for nearly 100 million square meters of green smart buildings annually, showcasing the impact of financial support on industry growth [3] - Postal Savings Bank plans to deepen its green financial services and enhance collaboration with enterprises to promote the adoption of green technologies and practices [3]

Core Insights - The report by iGDP and the Guangzhou Institute of Energy Research outlines the pathways for Guangdong's low-carbon transition, emphasizing the province's potential to achieve its "dual carbon" goals on time or even ahead of schedule [1][2] Group 1: Current Status and Challenges - Guangdong, as a leading economic province, has significant energy consumption and carbon emissions, with CO2 emissions reaching 560 million tons in 2022, accounting for about 5% of the national total [2] - The province's non-CO2 greenhouse gas emissions were notable, with 13% of total greenhouse gas emissions in 2020 coming from methane, nitrous oxide, and fluorinated gases [2] - Guangdong's electricity demand is the highest in the country, with a peak load of 165 million kilowatts since July 2025, and about one-third of its electricity comes from external sources, indicating a low green electricity self-sufficiency rate [2] Group 2: Advantages for Transition - Guangdong has a relatively low-carbon industrial structure and advanced industrial energy efficiency, maintaining the second-lowest energy consumption per GDP in the country [3] - The province has experienced steady economic growth since 2005, with a decoupling trend between economic growth and emissions, laying a foundation for low-carbon transition [3] Group 3: Energy Consumption and Emission Projections - The report predicts that under current policies, Guangdong's CO2 emissions could peak at approximately 670 million tons by 2030, necessitating an increase in non-fossil energy generation to about 40% [4] - In a dual carbon scenario, the share of non-fossil energy in primary energy consumption is expected to rise from around 28% in 2020 to 36% by 2030, and further to over 74% by 2060 [4] - The electrification rate in various sectors is projected to increase significantly, with industrial electrification expected to rise from 39% in 2020 to 54% by 2030, and transportation electrification from 1% to 20% by 2060 [4] Group 4: Key Transition Strategies - The successful transition of the power sector is crucial for achieving Guangdong's dual carbon goals, with non-fossil power generation expected to surpass coal power around 2030 [5] - By 2060, renewable energy is projected to account for about 30% of total generation, with non-fossil sources making up 75%, while coal and gas plants will be equipped with carbon capture, utilization, and storage (CCUS) technologies [5] Group 5: Key Periods for Transition - The report identifies two critical periods for achieving the dual carbon goals, with specific tasks outlined for each period [6] - From now until 2030, Guangdong should focus on developing offshore wind and distributed solar power, enhancing green electricity self-sufficiency, and promoting energy efficiency in buildings and transportation [7] - From 2030 to 2060, the focus should shift to hydrogen energy substitution, controlling fluorinated gases, and implementing CCUS technologies, which could contribute 42% to emission reductions [7]

《越通社》9月16日报道，当日上午，越南与新加坡正式签署了《关于落实<巴黎协定>第六条的协 议》，两国将合作推动减少温室气体排放，推动吸引国际资本流入越南，为越南创造更多就业机会，改 善清洁水源供应，帮助越南提高能源安全，减少环境污染，实现可持续发展。该协议的签署标志着两国 合作迈向新的重要领域，为经济发展向低碳转型开辟了新的机遇。 ...