According to Zhitongcaijing APP, Tiangong Int'l (01735) rose nearly 6%, as of press time, up 5.70%, to HKD 1.67, with a turnover of HKD 9.01 million.

On the news front, Tiangong Int'l announced that on June 17, 2024, the company repurchased 250,000 shares for a total of HKD 394,000, with a repurchase price per share of HKD 1.56-1.58. According to statistics, as of June 17, Tiangong Int'l had repurchased 47.894 million shares, accounting for 1.726% of the company's total issued share capital.

According to a research report released by CICC, on May 29, the State Council issued the "2024-2025 Energy-saving and Carbon Reduction Action Plan", which requires sector-by-sector and industry-by-industry implementation of energy-saving and carbon-reduction special actions. The plan puts forward relatively clear requirements for strengthening the dual control of capacity and production in the steel industry, deepening the upgrading of industry product structure, and accelerating industry energy conservation and transformation. In this round of bottoming cycle, the erosion of steel profits by burden materials is obvious, and with the promotion of production capacity regulation, the distribution of profits in the industry chain may change, and the pressure on the raw material side is expected to ease. We are bullish on the gradual recovery of the manufacturing industry. Under the background of production control, the supply and demand of steel used in manufacturing industry is expected to gradually improve, and the profit cycle of steel enterprises corresponding to this is expected to gradually recover, with excess returns expected.