本报北京9月23日电 （记者王政、刘温馨）近日，工业和信息化部等五部门联合印发《钢铁行业稳增长 工作方案（2025—2026年）》。方案提出，2025—2026年钢铁行业增加值年均增长4%左右，经济效益 企稳回升，市场供需更趋平衡，产业结构更加优化，有效供给能力不断增强，绿色低碳、数字化发展水 平显著提升。 （文章来源：人民日报） 钢铁行业是国民经济的基础性、支柱型产业，对稳定工业增长，支撑经济平稳运行至关重要。为促进钢 铁行业平稳运行和结构优化升级，方案聚焦强治理、优供给、促转型、扩消费、增合作等提出5个方面 10条具体举措，例如增强高端产品供给能力，聚焦高端装备、核心基础零部件等领域所需关键钢材，组 织钢铁企业联合上下游企业、高校、科研院所等开展产业链协同攻关；推进工艺设备更新；加快数字化 转型等，总体目标是推动行业实现质的有效提升和量的合理增长。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The "Steel Industry Stable Growth Work Plan (2025 - 2026)" has an overall suppressive effect on raw material varieties and supports steel prices, but it falls short of previous expectations [2]. - The anti - involution policy for iron ore has been implemented, which is also below expectations and has a negative impact on raw materials [4]. 3. Summaries Based on Relevant Catalogs 3.1 Threaded Steel and Hot - Rolled Coils - **News**: The "Steel Industry Stable Growth Work Plan (2025 - 2026)" was jointly issued by relevant departments, affecting the market [2]. - **Supply and Demand**: Threaded steel production has declined for four consecutive weeks, with a rebound in apparent demand and a decrease in total inventory. The total production of five major varieties decreased by 1.8 tons week - on - week, factory inventory decreased by 1.1 tons, social inventory increased by 6.3 tons, and total inventory increased by 5.2 tons. Apparent demand increased by 7.0 tons week - on - week, but the overall apparent demand in the peak consumption season is lower than expected, and total inventory is still increasing [2]. - **Technical Analysis**: On the daily K - line chart, the futures prices of threaded steel and hot - rolled coils rose and then fell, indicating significant resistance above [2]. - **Operation Suggestion**: Close long positions on rallies and then maintain a wait - and - see stance [2]. 3.2 Iron Ore - **Policy Impact**: The anti - involution policy has been implemented, which is below expectations and has a negative impact on raw materials [4]. - **Supply and Demand**: Last week, the profitability of sample steel mills declined due to the sharp increase in coke prices and the decrease in steel prices. The iron ore supply is at a high level globally, and port inventories have not changed significantly, but there is a possibility of inventory increase during the peak consumption season. Before the holiday, the replenishment demand of steel mills supports iron ore demand [4]. - **Technical Analysis**: After the 01 contract broke through upwards, it oscillated upwards but then fell after reaching a high. Whether the upward trend can continue remains to be seen [4]. - **Strategy and Operation Suggestions**: Maintain a wait - and - see stance, patiently wait for a pull - back to go long, and be cautious about chasing high prices [4]. 3.3 Industry News - The "Steel Industry Stable Growth Work Plan (2025 - 2026)" aims for an average annual growth of about 4% in the added value of the steel industry in the next two years, with measures such as precise regulation of production capacity and output, and promotion of the transformation of steel enterprises [6]. - From September 15th to 21st, 2025, the global iron ore shipment volume decreased, and the iron ore arrival volume in Chinese ports increased [6][7].

Report Overview - Report Date: September 23, 2025 [1] - Report Type: Daily Report on the Rebar Industry Chain 1. Report Industry Investment Rating No information provided. 2. Report's Core View - On Tuesday, the RB2601 contract decreased with increased positions. The five - department joint plan aims for a 4% annual growth in the steel industry's added - value in the next two years. Rebar weekly production declined, while terminal demand recovered, inventory dropped, and apparent demand continued to rise. Short - term demand in South China may decrease due to the typhoon, and pre - holiday market fluctuations are large. Technically, the 1 - hour MACD of the RB2601 contract shows a downward adjustment. Short - term trading is recommended with attention to rhythm and risk control [2] 3. Summary by Related Catalogs 3.1 Futures Market - RB main contract closing price: 3,155 yuan/ton, down 30 yuan; position: 1,881,412 lots, up 20,270 lots; top 20 net positions: - 221,058 lots, down 51,645 lots; RB1 - 5 contract spread: - 57 yuan/ton, up 2 yuan; RB SHFE warehouse receipt: 273,090 tons, up 32,859 tons; HC2601 - RB2601 contract spread: 185 yuan/ton, down 10 yuan [2] 3.2现货市场 - Hangzhou HRB400E 20MM (theoretical weight): 3,320 yuan/ton, down 20 yuan; (actual weight): 3,405 yuan/ton, down 21 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,350 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,230 yuan/ton, down 10 yuan; RB main contract basis: 165 yuan/ton, up 10 yuan; Hangzhou hot - rolled coil - rebar spot spread: 90 yuan/ton, down 20 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 797 yuan/wet ton, down 9 yuan; Hebei quasi - first - grade metallurgical coke: 1,490 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel (tax - free): 2,290 yuan/ton, unchanged; Hebei Q235 billet: 3,030 yuan/ton, down 20 yuan; 45 - port iron ore inventory: 138.0422 million tons, down 489,100 tons; sample coking plant coke inventory: 422,100 tons, down 15,500 tons [2] 3.4 Industry Situation - Sample steel mill coke inventory: 6.449 million tons, up 112,900 tons; Tangshan billet inventory: 1.2173 million tons, down 72,200 tons; 247 steel mill blast furnace operating rate: 84%, up 0.15%; 247 steel mill blast furnace capacity utilization: 90.38%, up 0.18%; sample steel mill rebar production: 2.0645 million tons, down 54,800 tons; sample steel mill rebar capacity utilization: 45.26%, down 1.2%; sample steel mill rebar inventory: 1.6507 million tons, down 15,600 tons; 35 - city rebar social inventory: 4.8521 million tons, down 20,200 tons; independent electric arc furnace steel mill operating rate: 67.71%, down 2.08%; domestic crude steel production: 77.37 million tons, down 2.29 million tons; Chinese rebar monthly production: 1.518 million tons, down 23,000 tons; steel net export volume: 9.01 million tons, down 380,000 tons [2] 3.5 Downstream Situation - National Real Estate Climate Index: 93.05, down 0.28; cumulative year - on - year growth of fixed asset investment: 0.5%, down 1.1%; cumulative year - on - year growth of real estate development investment: - 12.9%, down 0.9%; cumulative year - on - year growth of infrastructure construction investment: 2%, down 1.2%; cumulative value of housing construction area: 6.43109 billion square meters, down 43.78 million square meters; cumulative value of new housing construction area: 398.01 million square meters, down 45.95 million square meters; commercial housing unsold area: 402.29 million square meters, up 3.07 million square meters [2] 3.6 Industry News - Typhoon "Huajiacha" is expected to land on the coast of western and central Guangdong on the 24th, bringing severe wind, rain, and waves from the 23rd to the 25th. Vice - Premier He Lifeng met with a delegation of US House of Representatives members and called for promoting stable, healthy, and sustainable development of Sino - US economic and trade relations [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On September 23, the silicon ferroalloy 2511 contract was reported at 5698, up 0.11%. The spot price of silicon ferroalloy in Ningxia was reported at 5480. With the "steady growth and anti - involution" core of the steel industry's steady - growth work plan, considering supply - demand, profit, and market aspects, the market is expected to move in a volatile manner. For manganese silicon, on September 23, the 2601 contract was reported at 5882, down 0.03%. The spot price of manganese silicon in Inner Mongolia was reported at 5700. Based on the macro - situation, fundamentals, profit, and market conditions, it is also expected to move in a volatile manner. Investors should pay attention to risk control [2] Group 3: Summary by Relevant Catalogs 1. Futures Market - SM (manganese silicon)主力合约收盘价 was 5,882.00 yuan/ton, up 12.00 yuan; SF (silicon ferroalloy)主力合约收盘价 was 5,698.00 yuan/ton, up 50.00 yuan. SM期货合约持仓量 was 538,430.00 hands, down 10,244.00 hands; SF期货合约持仓量 was 370,641.00 hands, down 19,135.00 hands. The net positions of the top 20 in SM were - 69,051.00 hands, down 3,157.00 hands; for SF, it was - 32,025.00 hands, up 735.00 hands. The SM 5 - 1 month contract spread was 40.00 yuan/ton, down 8.00 yuan; the SF 5 - 1 month contract spread was 110.00 yuan/ton, down 10.00 yuan. The SM warehouse receipts were 59,497.00 sheets, down 629.00 sheets; the SF warehouse receipts were 17,232.00 sheets, down 243.00 sheets [2] 2. Spot Market - In Inner Mongolia, the price of FeMn68Si18 was 5,700.00 yuan/ton, down 50.00 yuan; in Guizhou, it was 5,790.00 yuan/ton, up 90.00 yuan; in Yunnan, it was 5,700.00 yuan/ton, up 20.00 yuan. The manganese silicon index average was 5,717.00 yuan/ton, up 59.00 yuan. The SM主力合约基差 was - 182.00 yuan/ton, down 62.00 yuan. In Inner Mongolia, the price of FeSi75 - B was 5,560.00 yuan/ton, unchanged; in Qinghai, it was 5,370.00 yuan/ton, up 80.00 yuan; in Ningxia, it was 5,480.00 yuan/ton, unchanged. The SF主力合约基差 was - 218.00 yuan/ton, down 50.00 yuan [2] 3. Upstream Situation - The price of South African ore (Mn38 block) at Tianjin Port was 24.00 yuan/ton - degree, unchanged. The price of silica (98%, Northwest) was 210.00 yuan/ton, unchanged. The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 1,100.00 yuan/ton, unchanged. The price of semi - coke (medium material, Shenmu) was 760.00 yuan/ton, up 70.00 yuan. The manganese ore port inventory was 452.50 million tons, unchanged [2] 4. Industry Situation - The manganese silicon enterprise operating rate was 45.68%, down 1.70%; the silicon ferroalloy enterprise operating rate was 34.84%, unchanged. The manganese silicon supply was 208,775.00 tons, down 5,355.00 tons; the silicon ferroalloy supply was 113,100.00 tons, up 100.00 tons. The manganese silicon manufacturer inventory was 198,900.00 tons, up 32,100.00 tons; the silicon ferroalloy manufacturer inventory was 63,390.00 tons, down 6,550.00 tons. The national steel mill inventory of manganese silicon was 14.98 days, up 0.74 days; the national steel mill inventory of silicon ferroalloy was 14.67 days, up 0.42 days [2] 5. Downstream Situation - The demand for manganese silicon from the five major steel types was 121,426.00 tons, down 888.00 tons; the demand for silicon ferroalloy from the five major steel types was 19,588.60 tons, down 148.80 tons. The blast furnace operating rate of 247 steel mills was 84.00%, up 0.15%; the blast furnace capacity utilization rate of 247 steel mills was 90.38%, up 0.18%. The crude steel output was 7,736.86 million tons, down 228.96 million tons [2] 6. Industry News - During the "14th Five - Year Plan" period, the Financial Regulatory Administration led the establishment of the urban real estate financing coordination mechanism, with white - list project loans exceeding 7 trillion yuan, supporting the construction and delivery of nearly 20 million housing units. The Ministry of Industry and Information Technology and other five departments issued the "Notice on the Work Plan for Steady Growth of the Iron and Steel Industry (2025 - 2026)". From 2025 to 2026, the added value of the iron and steel industry will grow at an average annual rate of about 4%. Precise regulation of production capacity and output will be implemented, classification management of steel enterprises will be promoted, and new production capacity will be strictly prohibited. Efforts will be made to ensure the supply and price stability of raw materials such as iron ore and coking coal. Berkshire began to gradually reduce its holdings of BYD stocks purchased in 2008 in August 2022, and its shareholding was below 5% in June last year [2]

Core Viewpoint - The "Steel Industry Growth Stabilization Work Plan (2025-2026)" aims for an average annual growth of around 4% in the steel industry's added value, with a focus on optimizing structure and enhancing green, low-carbon, and digital development levels [1][2]. Group 1: Goals and Objectives - The plan sets a target for the steel industry to achieve an average annual growth of approximately 4% in added value from 2025 to 2026 [1]. - It emphasizes the need for economic benefits to stabilize and recover, with a more balanced market supply and demand [1]. - The plan aims to enhance effective supply capacity and significantly improve green, low-carbon, and digital development levels [1]. Group 2: Key Measures - Five key measures are outlined in the plan: 1. Strengthening industry management through capacity reduction and classification management to optimize supply and demand [2]. 2. Enhancing technological innovation in the industry to improve high-end product supply capabilities and stabilize raw material supply [2]. 3. Expanding effective investment by accelerating equipment upgrades and promoting digital and green transformations [2]. 4. Expanding market demand by increasing the application of steel structures in various sectors [2]. 5. Deepening open cooperation to stabilize foreign trade markets and enhance international development levels [2]. Group 3: Implementation and Support - The plan calls for strengthened organizational support, policy backing, and monitoring to ensure high-quality implementation [1]. - It highlights the importance of guiding financial institutions to provide quality financial services tailored to the steel industry's characteristics [1]. - There is a focus on talent development to meet the needs of new materials, processes, and digital transformation [1].

Core Viewpoint - The steel sector in Hong Kong is experiencing a decline, with major companies like Maanshan Iron & Steel and Angang Steel seeing significant drops in stock prices following the release of a new growth plan by the Ministry of Industry and Information Technology, which sets a target for average annual growth in the industry at around 4% for the next two years [1][1][1] Group 1: Market Reaction - Major steel stocks have seen substantial declines, with Maanshan Iron & Steel down 5.41% to HKD 2.45, Angang Steel down 5.48% to HKD 2.07, and Chongqing Steel down 5.04% to HKD 1.32 [1][1][1] - The market's reaction is attributed to the new growth plan emphasizing a controlled growth rate and a prohibition on new capacity, which contrasts with current industry growth rates and market expectations [1][1][1] Group 2: Policy Implications - The "Steel Industry Stabilization and Growth Work Plan (2025-2026)" aims for an average annual growth of around 4% and focuses on "stabilizing growth and preventing internal competition," providing a clear path for structural adjustment and high-quality development in the steel industry [1][1][1] - Analysts from CITIC Futures noted that the emphasis on maintaining a 4% growth rate and the ban on new capacity has led to a cooling of "anti-involution" sentiment, resulting in a slight price correction in the sector [1][1][1] - Galaxy Securities highlighted that under the ongoing supply-side reforms, steel production capacity is increasingly concentrating among high-quality leading companies [1][1][1]

Group 1 - Steel stocks experienced significant declines, with Maanshan Iron & Steel Co. down 5.41% to HKD 2.45, Angang Steel Co. down 5.48% to HKD 2.07, and Chongqing Iron & Steel down 5.04% to HKD 1.32 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)", setting an average annual growth target of around 4% for the industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition", providing a clear implementation path for structural adjustment and high-quality development in the Chinese steel industry [1] Group 2 - CITIC Futures noted that the introduction of the "Steel Industry Growth Stabilization Work Plan" emphasizes a 4% average annual growth in industry added value and prohibits new production capacity, leading to a cooling of "anti-internal competition" sentiment and a slight price adjustment in the sector [1] - Galaxy Securities believes that under the ongoing supply-side anti-internal competition, steel industry capacity continues to concentrate towards high-quality leading companies [1]

Group 1 - Steel stocks experienced significant declines, with Maanshan Iron & Steel Co. down 5.41% to HKD 2.45, Angang Steel Co. down 5.48% to HKD 2.07, and Chongqing Iron & Steel Co. down 5.04% to HKD 1.32 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Stabilization and Growth Work Plan (2025-2026)", setting an average annual growth target of around 4% for the industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition", providing a clear implementation path for structural adjustments and high-quality development in the Chinese steel industry [1] Group 2 - CITIC Futures noted that the introduction of the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" aligns with current industry growth rates and market expectations, leading to a cooling of "anti-internal competition" sentiment and a slight price correction in the sector [1] - Galaxy Securities believes that under the ongoing supply-side anti-internal competition, steel industry capacity will continue to concentrate on high-quality leading companies [1]

Group 1: Report Industry Investment Rating - The report's view on the industry is that it is operating at a low level [3] Group 2: Core View of the Report - The Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Steady Growth Work Plan (2025 - 2026)", setting the average annual growth target of the steel industry's added value at about 4% in the next two years, aiming at "steady growth and preventing involution" and guiding the structural adjustment and high - quality development of the Chinese steel industry [2] - On September 22, the average cost of 76 independent electric arc furnace construction steel mills was 3,337 yuan/ton, with an average profit loss of 123 yuan/ton and a valley - electricity profit loss of 25 yuan/ton [2] - From September 15 to 21, 2025, global shipyards received 35 + 2 new ship orders, with Chinese shipyards getting 16 + 2 and South Korean shipyards getting 11 [2] - Benefiting from the "Steel Industry Steady Growth Work Plan" of the Ministry of Industry and Information Technology, finished products fluctuated strongly. The market has returned to the fundamentals of varieties. Last week, rebar and hot - rolled coil showed differentiation. Rebar production and inventory decreased slightly while apparent demand increased; hot - rolled coil production and inventory increased slightly while performance decreased, resulting in rebar being stronger than hot - rolled coil in price trends. Currently, the weak downstream situation has not improved, and prices are consolidating at low levels [2] Group 3: Later Focus - Later, attention should be paid to macro - policies and downstream demand [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - On September 22, steel futures such as rebar and hot-rolled coil showed rebounds with narrowed gains. The steel spot market prices generally rose, and the futures technical indicators showed different trends. Considering policies and production - consumption situations, the steel market is expected to rebound again after consolidation from late September to early October [6][9] - The steel industry is facing challenges such as declining demand, low profitability, and strict environmental protection requirements. However, there are also opportunities in green transformation and policy support [11] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook 3.1.1 Futures Market - On September 22, the rebar futures main contract 2601 hit a new high since early September with a 0.85% increase, and the hot - rolled coil futures main contract 2601 rebounded for two consecutive days with a 0.54% increase. The stainless - steel futures main contract 2511 rose 0.31%. The trading volume and position changes varied among different contracts, and there was capital outflow in general [5] - The long - short position comparison and deviation degree of black - series futures showed different situations. For example, the long - short deviation degree of RB2601 was 1.40%, and that of HC2601 was - 1.21% [7] 3.1.2 Spot Market - On September 22, the prices of rebar and hot - rolled coil in the spot market generally rose. Rebar prices in most markets increased by 10 - 40 yuan/ton, and hot - rolled coil prices in most markets increased by 10 - 20 yuan/ton [8] 3.1.3 Technical Indicators - The daily KDJ indicators of the rebar 2601 contract showed a differentiated trend, with the J - value turning down and the K - value and D - value continuing to rise. For the hot - rolled coil 2601 contract, the J - value and K - value turned up, and the D - value continued to fall. The daily MACD red column of the rebar 2601 contract enlarged for four consecutive days, and the daily MACD green column of the hot - rolled coil 2601 contract turned to a slight enlargement [8] 3.1.4 Outlook - The blast furnace capacity utilization rate has rebounded significantly, but the weekly output of the five major steel products has declined for three consecutive weeks. The demand has only slightly recovered recently, and the social inventory of the five major steel products has reached a new high since late April. In the raw material market, steel mills have replenished stocks, and the iron ore shipping volume from Australia and Brazil has dropped significantly [9] - Considering policies and production - consumption situations, the steel market is expected to rebound again after consolidation from late September to early October. Attention should be paid to the recovery rhythm of finished product profits and the willingness of steel mills and coking plants to replenish raw material inventories [9] 3.2 Industry News - The People's Bank of China issued the 7th central bank bill in 2025 on September 22, with a issuance volume of 60 billion yuan, a term of 6 months, and a winning bid rate of 1.72% [10] - The Minister of Ecology and Environment emphasized the implementation of the autumn - winter air pollution prevention and control action and the scientific planning of air pollution prevention work in the 14th Five - Year Plan and the 15th Five - Year Plan [10] - Multiple ministries issued the "Steel Industry Stable Growth Work Plan (2025 - 2026)", which aims to promote green and low - carbon transformation in the steel industry, including ultra - low emission transformation, energy - efficiency improvement, and low - carbon technology research [11] - From September 15 to 21, the transportation volume of national railways, highway trucks, ports, civil aviation, and postal express delivery all showed growth to varying degrees [11] - The preliminary construction section of the Yining - Aksu Railway started on September 20, with a total investment of about 37.7 billion yuan, aiming to shorten the railway transportation distance and time between southern and northern Xinjiang [11] - A 120MW/240MWh user - side energy storage project in the steel industry in Jiangsu was officially put into operation, which can increase green power consumption and reduce carbon dioxide emissions [12] - Ningxia issued a plan for the winter - spring air pollution prevention and control action, requiring steel and coking enterprises to complete ultra - low emission transformation tasks [12] - India imposed anti - dumping duties on Chinese cold - rolled non - oriented electrical steel, and postponed the plan to increase the export tariff on low - grade iron ore and pellets [12] 3.3 Data Overview - The report provides multiple data charts, including the spot prices of rebar and hot - rolled coil in major markets, the weekly output and inventory of the five major steel products, the blast furnace and electric furnace operating rates, the daily average pig iron output, and the apparent consumption of the five major steel products, etc. All data sources are from Mysteel and the Research and Development Department of CCB Futures [14][20][24]