Group 1 - The core viewpoint of the article emphasizes the significance of the supply-side reform 2.0, which aims to eliminate backward production capacity and effectively address chaotic competition in the industry [1] - The supply-side reform initiated in 2015 led to substantial price increases in commodities, with rebar futures soaring from 843 yuan/ton to 3147 yuan/ton, a 273% increase, and coking coal prices rising from 203 yuan to 719 yuan, a 3.5-fold increase [1] - The recent performance of the steel industry, particularly the China Steel Index, has mirrored past trends, with a notable increase of over 3.5% in a single day, indicating a potential revival similar to the previous supply-side reform [1][4] Group 2 - The current supply-side reform is characterized by unprecedented policy strength, focusing on eliminating low-price competition and orderly phasing out of backward production capacity, suggesting a potential for significant market recovery [6] - The valuation of steel stocks should consider the cyclical nature of the industry, with many steel companies currently valued below their replacement cost by 0.35 times, indicating a sufficient margin of safety [6] - The comparison between the China Steel Index and the National Steel Industry Index shows a high degree of overlap, with both indices focusing on the steel industry, although the China Steel Index includes some coal companies [7] Group 3 - The performance of funds tracking the China Steel Index and the National Steel Industry Index has been similar, with differences in returns being minimal, generally within 0.1% [12] - Specific funds, such as the Guolian National Steel A and Penghua National Steel Industry A, have shown significant returns of 8.10% and 7.66% respectively, outperforming the CSI 300 index [14] - The article suggests that as the economy develops, steel consumption will stabilize, with a shift from rebar consumption in construction to sheet metal consumption in manufacturing, indicating a potential improvement in profitability for the steel sector [14]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【有色】从重置成本角度再看锂矿板块投资价值——碳酸锂产业链研究报告之八 点击注册小程序 查看完整报告 参考上轮周期，出清阶段股价整体呈上涨趋势。锂矿缺乏估值的"锚"，重置成本法或可更公允地反映企业 的资产价值。锂矿重置成本测算包括以矿业权为主的无形资产以及锂盐冶炼厂、矿山采选厂为主的固定资 产等。从重置成本计算结果看，即使只考虑锂矿业务部分公司也已经处于折价。 （王招华/马俊） 2025- 03-13 您可点击今日推送内容的第1条查看 【石化化工交运】商业航天产业带动需求，铬产业链有望打开成长空间——行业日报第33期 （20250312） 2013年起国家逐步引导、鼓励社会资本参与我国航天事业，政府工作报告明确提出"推动商业航天、低空 经济等新兴产业 ...