Certain steel stocks continued their upward trend in Hong Kong trading. At the time of writing, MAANSHAN IRON (00323) rose 4.74% to HK$2.87, CHINA HANKING (03788) increased 2.92% to HK$4.23, and APAC RESOURCES (01104) climbed 2.79% to HK$3.68. The gains follow reports that some steel producers in northern China have received notifications regarding temporary voluntary emission reduction measures during a key national conference in 2026. Companies are required to implement phased emission control measures between March 4 and March 11, with blast furnace operations to be reduced by no less than 30%. Additionally, the first batch of announcements under the 2025 steel industry regulations has been released, marking the initial implementation of a two-tier classification system for steel enterprises. Analysts note that this classification system will serve as a crucial basis for differentiated supply-side regulation, with subsequent production controls and fiscal policies to be aligned accordingly. The period surrounding the National People's Congress is expected to be a critical window for policy validation. With anticipated constraints on steel supply, steel producers' profits are projected to recover from current lows. Under the differentiated regulatory framework, leading enterprises are positioned to benefit most significantly.