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]

Core Viewpoint - The "Steel Industry Growth Stabilization Work Plan (2025-2026)" aims to promote effective quality improvement and reasonable quantity growth in the steel industry, focusing on structural adjustment and high-quality development [1] Group 1: Overall Goals - The plan sets an annual growth target of approximately 4% for the industry's added value, emphasizing the role of the steel industry as a stabilizing pillar [1] - It encourages the industry to move away from extensive capacity and scale expansion, promoting market supply-demand balance, optimizing industrial structure, and enhancing supply quality and efficiency [1] Group 2: Key Measures - The plan outlines five areas of action with ten specific measures, including strengthening industry management, enhancing technological innovation, expanding effective investment, broadening market demand, and deepening open cooperation [1] - In terms of industry management, the plan emphasizes precise control of capacity and output, revising capacity replacement implementation methods, and supporting low-carbon steelmaking processes [1] Group 3: High-End Product Supply - The plan focuses on enhancing the supply capacity of high-end products, particularly in high-performance bearing steel, gear steel, and high-temperature alloys, through collaboration among steel enterprises, upstream and downstream companies, universities, and research institutions [2] - It aims to leverage key platforms in shipbuilding and ultra-supercritical materials to accelerate product application validation and iterative upgrades [2] Group 4: Market Demand Expansion - The plan encourages deepening cooperation between the steel industry and key sectors such as shipbuilding, promoting long-term stable cooperation agreements to maintain the stability of the industrial chain [2] Group 5: Open Cooperation - The plan emphasizes the need to strengthen the management of steel product exports to maintain competitive order in the export market [3]

Industry Developments - The "Guiding Opinions on Promoting High-Quality Development of Energy Equipment" was released, aiming for a self-controlled, high-end, intelligent, and green development of China's energy key equipment industry chain by 2030, with significant achievements in technology and industrial systems [2] - The "Steel Industry Stabilization Growth Work Plan (2025-2026)" was issued, projecting an average annual growth of about 4% in the steel industry's added value from 2025 to 2026, with improved economic benefits and a more balanced market supply and demand [2] - The Chongqing Zhaodu Reservoir project, part of national major water conservancy projects, has successfully completed its first water delivery tunnel, with a total reservoir capacity of 201 million cubic meters [2] Technological Innovations - The world's first megawatt-level commercial floating wind power system successfully completed testing in Gobi conditions, showcasing advancements in renewable energy technology [3] - The world's largest hoisting vertical ship lift, the Baise Ship Lift, was successfully delivered, marking a new peak in "Chinese manufacturing" in this field, with a total lifting weight of 1,070 tons and a height of 88.8 meters [3] Trade and Export Performance - Jiangsu's exports of "new three types" products, including new energy vehicles, reached 121.45 billion yuan in the first eight months of the year, reflecting a growth of 10.6% [3] Regulatory Updates - Beijing's market regulatory bureau issued a notice to standardize charging fees for electric bicycles, requiring clear pricing and separation of price and fee [4] Corporate Developments - China Petroleum & Chemical Corporation (Sinopec) has commenced the integrated refining and chemical project in Xinjiang, expected to generate an annual output value of approximately 20.2 billion yuan and tax revenue of about 3.5 billion yuan, while creating around 10,000 jobs [6]

当前，钢铁行业供给总量过大，有效需求不足，供需失衡是影响行业发展质量和效益的主要矛盾。方案 聚焦强治理、优供给、促转型、扩消费、增合作等，共提出5个方面10条具体举措。 中新社北京9月22日电 (记者 刘育英)中国工业和信息化部、自然资源部等五部门近日联合印发《钢铁行 业稳增长工作方案(2025—2026年)》，其中提出，2025—2026年，钢铁行业增加值年均增长4%左右。 据工信部官网22日信息，方案还明确了一系列2025年至2026年钢铁行业稳增长主要目标，即经济效益企 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。 在优供给方面，实施产能产量精准调控，推进钢铁企业分级分类管理；增强高端产品供给能力，促进大 宗产品质量升级，稳定原燃料供给。方案还提出，修订发布钢铁行业产能置换实施办法，加大产能减量 置换力度。 在扩消费方面，深化钢铁与船舶等重点用钢领域的上下游合作；积极推广钢结构在住宅、公共建筑、中 小跨径桥梁等领域应用；鼓励有条件的地区培育一批钢结构建筑产业园区和钢材、构件、部品部件数字 化供应链交易服务平台。 此外，方案还提出推进工艺设备更新、 ...

钢铁产业是国民经济的重要基础产业、支柱产业，是关乎工业稳定增长、经济平稳运行的重要领域。 近年来，受多重因素影响，钢材需求持续下降，使得钢铁行业总体处于微利状态，迫切需要改善行业现 状，稳定增长态势。 9月22日，工业和信息化部、自然资源部、生态环境部、商务部、市场监管总局等5部门联合发布《钢铁 行业稳增长工作方案（2025—2026年）》（以下简称《工作方案》）。 《工作方案》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的总目标。 另一方面，近年来，钢铁行业处于微利状态，企业经营压力不断加大。数据显示，2024年，钢铁行业利 润662.9亿元，同比减少42.6%，行业亏损面较大。今年1—7月，钢铁行业虽然实现利润830.3亿元，但 行业稳增长的基础并不牢固。 此外，伴随着环保和"双碳"约束进一步趋紧，钢铁行业的绿色低碳转型也更加紧迫。 在此背景下，《工作方案》的出台，非常精准地切中了当下钢铁行业发展的症结和难点。 加强行业管理，优化产能 《工作方案》部署了多项举措，包括加强行业管理、强 ...

Core Insights - The People's Bank of China announced that the one-year Loan Prime Rate (LPR) remains unchanged at 3.00% and the five-year LPR at 3.50%, maintaining stability for four months since the last adjustment in May 2023 [1] - The Ministry of Industry and Information Technology, along with other departments, released a "Steel Industry Growth Stabilization Work Plan (2025-2026)" aiming for an average annual growth target of around 4% for the steel industry over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," outlining a path for structural adjustment and high-quality development in the steel sector [1] Steel Industry Summary - The plan includes precise control of production capacity and output, promoting graded management of steel enterprises [1] - New production capacity is strictly prohibited, with a focus on guiding resources towards competitive enterprises and achieving dynamic balance between supply and demand through output regulation [1] - Since the beginning of the 14th Five-Year Plan, China's foreign exchange reserves have remained stable at over $3 trillion [1]

从总目标来看，既明确了"量"的增长要求，也包含了"质"的有效提升指标。《工作方案》明确，要引导钢铁行业和相关企业破除粗放的产能扩张、规模扩张 的惯性思维，更加注重促进市场供需平衡、优化产业结构、提高供给质效，因地制宜发展新质生产力。 直指产业供需失衡矛盾 9月22日，工业和信息化部、自然资源部、生态环境部、商务部、市场监管总局等5部门联合发布《钢铁行业稳增长工作方案（2025—2026年）》（以下简 称《工作方案》）。 《工作方案》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的总目标。 钢铁产业是国民经济的重要基础产业、支柱产业，是关乎工业稳定增长、经济平稳运行的重要领域。 近年来，受多重因素影响，钢材需求持续下降，使得钢铁行业总体处于微利状态，迫切需要改善行业现状，稳定增长态势。 《工作方案》还表明要强化产能置换、项目备案、环评、排污许可、工业产品生产许可、能评等政策协同。支持大气污染防治重点区域钢铁产能向区域外减 量转移。继续实施产量压减政策，按照支持先进企业发展、倒逼落后低效产能退 ...