他们还指出，坚定不移推进联合重组，坚决防止重组过程中将大量无效产能甚至“僵尸产能”复活。这项工作任务艰巨，需要政府、企业和行业共同推进。钢协已着手加快相关研究、开展专项调研，研究提出促进联合重组和完善退出机制的一揽子相关政策建议。How do institutions view the restructuring of the steel industry? How do institutions view the subsequent performance of the steel industry?
On August 28th, Caixin reported (Editor: Hu Jiarong) Benefiting from the bullish concept of restructuring stocks, most of the Hong Kong stock steel stocks have strengthened. Among them $CHONGQING IRON (01053.HK)$Please use your Futubull account to access the feature.$MAANSHAN IRON (00323.HK)$Please use your Futubull account to access the feature.$ANGANG STEEL (00347.HK)$Please use your Futubull account to access the feature.$IRC (01029.HK)$ Increased by 40.23%, 13.22%, 9.21%, 9.09% respectively.
In terms of news, the China Iron and Steel Industry Association stated that it will accelerate research and promote capacity governance and joint restructuring. The China Iron and Steel Association has begun to accelerate relevant research, conduct special investigations, and put forward a package of relevant policy recommendations to promote joint restructuring and improve the exit mechanism. The association stated that current joint restructuring and the exit channel for backward production capacity both require policy support. On one hand, in August, the Ministry of Industry and Information Technology suspended the announcement of new steel capacity replacement projects, closing the door to new capacity additions; on the other hand, it is necessary to establish existing capacity exit mechanisms as soon as possible, create conditions to guide the exit of backward production capacity, and promote the direction of steel production towards advantageous capacity.
They also emphasized the firm promotion of joint restructuring, resolutely preventing the revival of a large amount of inefficient capacity or even "zombie capacity" during the restructuring process. This task is arduous and requires joint efforts from the government, enterprises, and the industry. The association has started to accelerate relevant research, conduct special investigations, and put forward a package of related policy recommendations to promote joint restructuring and improve the exit mechanism.
It is worth noting that there is an overall undersupply of steel consumption currently. According to relevant data, total apparent consumption of the five major materials during January to November this year was 0.434 billion tons, a decrease of 2.57% year-on-year, but there are differences in price fluctuations among different types. From January to October this year, the steel price composite index was weakly fluctuating, and in November, the market confidence was boosted by the issuance of trillion-dollar government bonds, leading to a slight recovery in steel prices.
Some institutions point out that the steel industry is entering a phase of reducing development, with continued mergers and restructuring optimizing the industry's competitive landscape. Large state-owned enterprises and leading private enterprises that grow stronger through mergers and restructuring are better able to meet the competitive requirements of the new situation.
How do institutions view the subsequent performance of the steel industry?
China Galaxy Securities released research reports stating that the Central Conference has sent a strong signal to stabilize growth, and steel, as a low-level cyclical product, is expected to benefit fully, with excess returns expected. Currently, as steel demand transitions from real estate to high-end manufacturing, the domestic manufacturing industry is expected to continue to transform and upgrade, with steel mills expected to resume production and manufacturing demand providing rigid support for steel. Infrastructure demand is expected to be concentrated, export demand is resilient, and overall demand is expected to be better than the first half of the year.
He also pointed out that with the traditional "Golden September and Silver October" peak season for steel consumption approaching, the industry's supply and demand structure is expected to further improve, catalyzing a rebound in steel prices. Core assets of manufacturing industry with operational resilience and competitive advantages are expected to welcome profit recovery and value reassessment.
Editor/Somer
