JPMorgan released a research report, stating that due to weaker-than-expected policy impact, it downgraded the rating of Angang Steel (00347.HK) H shares from "neutral" to "shareholding", and reduced the target price from 1.9 yuan to 1 yuan. The bank pointed out that in the short term, most real estate policies aim to restore confidence in buying a house rather than promoting construction activities and steel demand. In the medium term, the policy goal is also to reduce excess capacity, not to increase steel prices.

The bank lowered the company's profit forecast for the next two years to losses of 4.1 billion yuan and 2.5 billion yuan respectively, and expected the company's losses to continue until the 2026 fiscal year due to weak domestic demand. It is predicted that under the continuing disappointment of policy impact, with the widening discount of AH shares, the company's shares will be further sold off.