1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - On September 24, the silicon ferroalloy 2511 contract was reported at 5742, up 0.88%. For the silicon ferroalloy, the macro - level sees the joint issuance of the "Steel Industry Steady - Growth Work Plan (2025 - 2026)" by relevant departments. Supply has increased after profit improvement, with neutral inventory and short - term cost support. The market has a lower tender price. Technically, the daily K - line is between the 20 and 60 - day moving averages, and it should be treated as a volatile operation [2]. - On September 24, the manganese silicon 2601 contract was reported at 5916, up 0.44%. For manganese silicon, macro - level includes diplomatic activities. Fundamentally, production has been rising since mid - May, inventory has increased significantly, and the port inventory of imported manganese ore has decreased. The iron - water demand has recovered. The market has a lower final pricing. Technically, the daily K - line is between the 20 and 60 - day moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - SM (Manganese Silicon)主力合约收盘价 was 5,916.00 yuan/ton, up 34.00 yuan; SF (Silicon Ferroalloy)主力合约收盘价 was 5,742.00 yuan/ton, up 44.00 yuan [2]. - SM期货合约持仓量 was 529,129.00 hands, down 9,301.00 hands; SF期货合约持仓量 was 369,202.00 hands, down 1,439.00 hands [2]. - Manganese silicon's top 20 net positions were - 69,893.00 hands, down 842.00 hands; Silicon ferroalloy's top 20 net positions were - 32,705.00 hands, down 680.00 hands [2]. - SM 5 - 1 month contract spread was 42.00 yuan/ton, up 2.00 yuan; SF 5 - 1 month contract spread was 102.00 yuan/ton, down 8.00 yuan [2]. - SM仓单 was 60,014.00 sheets, up 517.00 sheets; SF仓单 was 17,779.00 sheets, up 547.00 sheets [2]. 3.2 Spot Market - In Inner Mongolia, the price of manganese silicon FeMn68Si18 was 5,720.00 yuan/ton, up 20.00 yuan; in Guizhou, it was 5,750.00 yuan/ton, up 70.00 yuan; in Yunnan, it was 5,680.00 yuan/ton, down 80.00 yuan. The manganese silicon index average was 5,717.00 yuan/ton, up 59.00 yuan [2]. - In Inner Mongolia, the price of silicon ferroalloy FeSi75 - B was 5,560.00 yuan/ton, unchanged; in Qinghai, it was 5,370.00 yuan/ton, unchanged; in Ningxia, it was 5,480.00 yuan/ton, unchanged. The SF主力合约基差 was - 262.00 yuan/ton, down 44.00 yuan; the SM主力合约基差 was - 196.00 yuan/ton, down 14.00 yuan [2]. 3.3 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% in the Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 1,100.00 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 760.00 yuan/ton, up 70.00 yuan [2]. - The manganese ore port inventory was 452.50 million tons, unchanged [2]. 3.4 Industry Situation - The manganese silicon enterprise operating rate was 45.68%, down 1.70%; the silicon ferroalloy enterprise operating rate was 34.84%, unchanged [2]. - 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 [2]. - 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 [2]. - 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]. 3.5 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 [2]. - 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% [2]. - The crude steel output was 7,736.86 million tons, down 228.96 million tons [2]. 3.6 Industry News - Guangdong issued an emergency notice on typhoon "Huajiaisha" prevention, implementing "five - stop" measures in key affected areas [2]. - US President Trump made statements on Russia - related issues, including tariff threats and NATO's response to Russian aircraft [2]. - Russia's energy ministry deputy said it might further restrict fuel exports and extended the gasoline export ban to the end of September, with possible extension to October [2]. - Central Bank Governor Pan Gongshang met with Ray Dalio, and they exchanged views on the international economic situation and financial market dynamics [2]. 3.7 Viewpoint Summary - For silicon ferroalloy on September 24, the 2511 contract was at 5,742, up 0.88%. The macro - level has a steel industry plan. Supply has increased, inventory is neutral, and costs are supported. Profits are negative in Inner Mongolia and Ningxia. The 9 - month Hebei Iron and Steel 75B silicon ferroalloy tender price decreased. Technically, it should be treated as a volatile operation [2]. - For manganese silicon on September 24, the 2601 contract was at 5,916, up 0.44%. The macro - level has diplomatic activities. Production has been rising, inventory has increased, and the port inventory of imported manganese ore has decreased. Profits are negative in Inner Mongolia and Ningxia. The Hebei Iron and Steel Group's 9 - month silicon manganese final price decreased. Technically, it should be treated as a volatile operation [2].

Core Viewpoint - The Ministry of Industry and Information Technology, along with other departments, has issued a "Steel Industry Growth Stabilization Work Plan (2025-2026)" aimed at promoting the stable operation and structural optimization of the steel industry, targeting an average annual growth of around 4% in value-added output from 2025 to 2026 [1][2]. Group 1: Industry Challenges and Goals - The steel industry is currently facing significant challenges, including excessive supply and insufficient effective demand, leading to a supply-demand imbalance that restricts development quality and efficiency [1]. - The plan aims for an average annual growth of approximately 4% in the steel industry's value-added output from 2025 to 2026, with a focus on stabilizing economic benefits and optimizing industry structure [1][2]. Group 2: Implementation Measures - The plan includes specific measures such as capacity reduction and replacement, production regulation, and graded management of the steel industry to optimize supply and demand balance [2][3]. - It emphasizes the need for continuous structural optimization on the supply side and matching with demand-side changes to achieve growth targets [2]. Group 3: Classification and Management - The plan proposes a graded classification management system for steel enterprises, which will provide policy support to compliant enterprises while imposing restrictions on non-compliant ones, ultimately leading to the exit of inefficient capacities [3]. - This classification is expected to enhance the overall competitiveness and standardization of the steel industry, aligning it with high-quality development requirements [3]. Group 4: Innovation and Investment - The plan outlines initiatives to strengthen technological innovation in the industry, enhance high-end product supply capabilities, and improve the resilience and safety of the supply chain [3]. - It also encourages effective investment in upgrading processes and equipment, digital transformation, and green low-carbon modifications [3]. Group 5: Market Expansion and Cooperation - The plan aims to expand the application of steel structures in construction, transportation, and infrastructure to stimulate consumption potential [3]. - It highlights the importance of strengthening collaboration with upstream and downstream enterprises and research institutions to meet the demand for high-strength steel and other specialized products [4].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillating". Specific varieties are rated as follows: steel, iron ore, scrap steel, coke, glass, manganese silicon, and silicon iron are rated as "oscillating"; coking coal is rated as "oscillating on the strong side"; and soda ash is expected to have a wide - range oscillating operation in the short term with a long - term downward price center [5][7][8][9][11][12][13][16][17][18][19]. 2. Core Viewpoints of the Report - The "anti - involution" sentiment has cooled down, but the industry's fundamentals continue to support the prices of furnace materials, which in turn support steel prices. The downward pressure before the festival is limited. In the fourth quarter, the macro and policy aspects are expected to provide upward impetus for the prices of the black building materials sector [1][5]. 3. Summary by Related Catalogs 3.1 Iron Element - **Iron Ore**: The demand for iron ore is at a high level, and the increase in factory inventory reflects pre - festival restocking. After the spot price weakens, port transactions increase, and the fundamentals are healthy. However, the poor demand for building materials during the peak season limits the upward space. It is expected that the price will oscillate in the short term [1][7][8]. - **Scrap Steel**: The fundamentals of scrap steel are marginally weakening, but it is expected that it is difficult to form an independent market, and the price will mainly follow the fluctuations of finished products [1]. 3.2 Carbon Element - **Coke**: Currently, both coke and steel enterprises have certain production profits. Supported by the peak - season restocking demand, the short - term supply and demand are strong. The spot has started a new round of price increases, and the support is relatively strong under the stable rebound of coal prices at the cost end. It is expected that the futures market will remain oscillating in the short term [2]. - **Coking Coal**: Under the current over - speed inspection, coal mine production remains cautious, and the supply recovery is slow. The upward height is limited. At the same time, the restocking demand of the middle and lower reaches before the National Day is good, and the market still has positive expectations for the end - of - month meeting. It is expected that the price will oscillate on the strong side in the short term [2]. 3.3 Alloys - **Manganese Silicon**: The expected downstream procurement demand during the peak season still supports the price of manganese silicon, but the market supply - demand expectation for the future is rather pessimistic. After the peak season, there is still downward space for the price center of manganese silicon. Attention should be paid to the downward range of raw material costs [2]. - **Silicon Iron**: The peak - season expectation and strong cost support the price performance of silicon iron, but the supply - demand relationship of silicon iron tends to be loose, and there is still downward pressure on the price after the peak season [2]. 3.4 Glass and Soda Ash - **Glass**: The actual demand is weak, but there are peak - season and policy expectations. There may still be a wave of oscillations after the middle - stream inventory reduction. In the long - term, market - oriented capacity reduction is still needed. If the price returns to fundamental trading, it is expected to oscillate downward [2][13]. - **Soda Ash**: The pattern of oversupply has not changed. After the downward movement of the futures market, the spot - futures trading volume has increased slightly. It is expected to have a wide - range oscillating operation in the future. In the long - term, the price center will still decline to promote capacity reduction [2][16]. 3.5 Specific Variety Analysis - **Steel**: The spot market transactions are generally weak, and the speculative sentiment is poor. The peak - season demand recovery is limited, and the pre - festival restocking sentiment of the middle and lower reaches has cooled down. The supply is high, and the inventory is at a moderately high level. The fundamentals are contradictory, and the futures market is under pressure. However, the cost end still has certain support, and the downward space is limited [7]. - **Iron Ore**: The spot price has declined, and port transactions have increased. The overall supply is stable, and the short - term demand is still supported. The inventory level is moderate. The high - level demand supports, but the poor demand for building materials during the peak season limits the upward space, and the short - term price is expected to oscillate [7][8]. - **Scrap Steel**: The supply has increased slightly this week, and the demand has decreased slightly. The factory inventory has increased slightly, and the inventory available days have rebounded slightly. The fundamentals are marginally weakening, and the price mainly follows the finished products [9]. - **Coke**: Some coke enterprises have started to raise prices, and the short - term supply and demand are strong. The raw material cost support is strong, but the coking profit is under pressure. The futures market is expected to remain oscillating in the short term [9][11][12]. - **Coking Coal**: The spot price has continued to rebound, and coal mines have many pre - sales orders. The supply recovery is slow, and the restocking demand before the festival is good. The price is expected to oscillate on the strong side in the short term [12]. - **Glass**: The actual demand is weak, and the fundamentals are still weak. The peak - season demand needs to be verified. After the middle - stream inventory reduction, there may be oscillations. In the long - term, it needs market - oriented capacity reduction and is expected to oscillate downward [13]. - **Soda Ash**: The supply is stable at a high level, and the oversupply expectation suppresses the price. The futures market is expected to have a wide - range oscillating operation, and the long - term price center will decline [14][16]. - **Manganese Silicon**: The market is in a wait - and - see mood, and the price is stable. The downstream procurement demand during the peak season supports the price, but the future supply - demand expectation is pessimistic, and there is downward space for the price center after the peak season [17]. - **Silicon Iron**: The peak - season expectation and cost support the price, but the supply - demand relationship tends to be loose, and there is downward pressure on the price after the peak season [18][19].

Group 1 - The core viewpoint from Ruida Futures indicates that silicon iron is expected to operate in a volatile manner, with a focus on risk control due to the current market conditions [1] - Guoxin Futures emphasizes that the trend of silicon iron is dependent on changes in energy prices, suggesting a cautious approach to trading [2] Group 2 - The macroeconomic context includes the issuance of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology, which focuses on stabilizing growth and preventing excessive competition [1] - Supply and demand dynamics show that after a period of profit improvement, production has quickly rebounded, with a neutral inventory level and short-term cost support [1] - Current market pricing for silicon iron is reflected in the recent tender by Hebei Steel, which set the price at 5800 yuan/ton, a decrease of 230 yuan/ton from the previous round [1] - The operational data from Mysteel indicates that the national operating rate for silicon iron enterprises is at 34.84%, remaining stable week-on-week, with a daily average production of 16,150 tons [2]

Core Viewpoint - The Ministry of Industry and Information Technology and four other departments have jointly issued the "Steel Industry Stabilization and Growth Work Plan (2025-2026)", aiming for an average annual growth of around 4% in the steel industry's added value during this period [1] Group 1: Industry Growth and Economic Impact - The steel industry is a fundamental and pillar industry of the national economy, crucial for stabilizing industrial growth and supporting smooth economic operation [1] - The plan aims for economic benefits to stabilize and recover, with market supply and demand becoming more balanced and the industrial structure further optimized [1] Group 2: Specific Measures and Goals - The plan outlines five key areas and ten specific measures, including enhancing the supply capacity of high-end products and focusing on key steel materials needed for high-end equipment and core components [1] - It emphasizes collaboration among steel enterprises, upstream and downstream companies, universities, and research institutions to tackle challenges in the industrial chain [1] - The overall goal is to achieve qualitative improvements and reasonable quantitative growth in the industry [1]

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]