智通财经APP获悉，申万宏源发布研报称，我国未来钢铁消费结构将从建筑业向制造业转移，行业转型过程中建议关注下游以制造业为主、需求较为稳定的低估值高分红板材标的。同时中长期来看，能源、新基建、航空航天、国防等领域消费的特种钢材也成为钢铁消费的重要力量，故建议关注高端不锈钢管材标的。
自2024年下半年钢铁行业触底以来，三重因素推动下，钢铁行业盈利预期改善。
1)成本端，原料价格中枢下行，产业链利润分配趋于合理。西芒杜铁矿于2025年11月投产，铁矿供给有较大增长，同时钢铁供给端承压制约铁矿需求，预计后续铁矿石价格中枢回落，推动钢企利润修复。
2)供给端，政策限产+部分企业现金流压力推动行业供给加快出清。政策端提出“反内卷”的背景下，钢铁去产量为中长期基调，节能降碳要求有望加快落后产能出清，且行业兼并重组也有望推动未来集中度的提升，预计供给格局整体将有所优化。
3)需求端，制造业需求有韧性，支撑板材和特钢景气度。建筑领域需求整体企稳，同时制造业需求有较强韧性，行业内部需求结构分化，未来仍然看好板材与特钢板块的盈利能力。
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