钢铁行业周报：期待“反内卷”政策落地

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Insights - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development [2][4]. - The report highlights an increase in daily molten iron production and a decrease in inventory levels, indicating a tightening supply situation [3][12]. - The demand for steel products has shown signs of recovery, although there are fluctuations in specific product categories [39][47]. - The report emphasizes the importance of structural changes in the economy, moving from investment-driven growth to consumption-driven growth [2][4]. Supply Analysis - Daily molten iron production increased by 4.4 thousand tons to 244.4 thousand tons, with a rise in the utilization rate of blast furnaces to 91.6%, up 1.5 percentage points from the previous week [3][18]. - Total steel inventory decreased by 3.2%, with significant reductions in both social and factory inventories [24][25]. - The report notes that the government is implementing policies to control crude steel production, which is expected to lead to a reduction in supply and support price stability [4][13]. Demand Analysis - Apparent consumption of the five major steel products decreased by 2.4% week-on-week, with rebar consumption showing a notable decline [39][47]. - The average weekly transaction volume for construction steel increased by 11.6%, indicating some recovery in demand [40][39]. Price and Profitability - Steel prices have shown strength, with the Myspic comprehensive steel price index rising by 0.7% week-on-week [66]. - The report indicates that the gross profit margins for steel products are improving, particularly for long-process steel [66][68]. - The report highlights that the current market conditions may lead to a stronger performance in steel prices in the near term [66][67]. Key Companies - The report recommends several companies for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - Xining Special Steel (Buy) - Jiuli Special Materials (Buy) - New Steel (Buy) - Changbao Steel (Buy) - Yongjin Steel (Buy) [9].