China Galaxy Securities: Looking ahead, with the positive impact of policies, the fundamentals of the steel industry are expected to gradually improve.

China Galaxy Securities stated, "In the year of the layout of the development plan for the '15th Five-Year Plan', the structure of major national projects is expected to be further optimized. Currently, as the demand for steel transitions from real estate to high-end manufacturing, the domestic manufacturing industry is expected to continue to transform and upgrade, steel mills are expected to continue production, and the manufacturing industry has rigid support for steel demand. Infrastructure demand is expected to be concentrated and released, and overall demand is expected to stabilize and rebound in the future. With the acceleration of the transformation and upgrading of the manufacturing industry, the demand for steel in the high-end manufacturing industry is expected to marginally improve. In addition, benefiting from the continuous development of downstream industries such as aerospace, automotive manufacturing, and the replacement of old household appliances, the consumption prospects for special steel are good, and special steel enterprises are expected to grow steadily. Looking ahead, under the positive influence of policies, the supply side of the steel industry is expected to continue to be optimized, downstream manufacturing demand is expected to grow, and the fundamentals of the steel industry are expected to marginally improve."