Industry Research - The steel sector is expected to see a recovery in profitability to historical average levels due to the emphasis on regulating low-price competition and promoting the orderly exit of backward production capacity by the Central Financial Committee [1] - The price-to-book (PB) ratio of steel stocks is anticipated to recover alongside profitability, with key recommendations including Liugang Co., Sansteel Minguang, New Steel Co., Shougang Group, Hualing Steel, and Baosteel [1] Company Research - The report on Megmeet Smart (002881.SZ) indicates that AI applications are likely to drive rapid growth in product demand, while the continuous iteration of smart modules and high-performance computing modules is expected to significantly boost the company's performance [2] - The forecast for the company's net profit attributable to shareholders for 2025 and 2026 has been raised to CNY 182 million and CNY 267 million, representing increases of 19% and 41% respectively, with a new forecast for 2027 set at CNY 357 million [2] - The current stock price corresponds to price-to-earnings (PE) ratios of 66, 45, and 34 for the years 2025, 2026, and 2027 respectively, indicating a positive long-term growth outlook [2]