Galaxy Securities: Improvement in the steel supply and demand situation, policy catalyzing expectations gradually strengthening.

Galaxy Securities research report indicates that the supply and demand situation in the steel industry is improving, with growing expectations of policy catalysis. The steel industry is gradually deepening its "anti-internecine competition," with orderly clearance and steady increase in industry concentration. At the same time, the steel industry emphasizes green, intelligent, and technological innovation for stable growth, highlighting the scarcity of high-quality special steel and special alloy steel for high-end equipment. It is recommended to focus on: 1. Actively engage in mergers and acquisitions to improve synergy and strengthen the leading position; 2. Continuously optimize product structure and maintain stable high dividends; 3. High technological barriers to combat "internecine competition," with significant potential for performance and valuation recovery.