钢铁行业呈现供需双降、结构优化、盈利边际改善态势。供给端:总量收缩+结构分化,资本开支延续弱增态势。受“反内卷”政策导向、房地产行业下行及基建支撑力度有限等多重因素叠加影响,钢铁行业资本开支已连续四年放缓,2025年进一步陷入负增长区间。产量层面,1-10月,全国粗钢产量达8.2亿吨,同比减少3.9%,月度产量呈现明确的前高后低走势。结构分化特征显著,制造业用钢与建筑业用钢产量呈现反向变动,冷轧...
Source Link钢铁行业呈现供需双降、结构优化、盈利边际改善态势。供给端:总量收缩+结构分化,资本开支延续弱增态势。受“反内卷”政策导向、房地产行业下行及基建支撑力度有限等多重因素叠加影响,钢铁行业资本开支已连续四年放缓,2025年进一步陷入负增长区间。产量层面,1-10月,全国粗钢产量达8.2亿吨,同比减少3.9%,月度产量呈现明确的前高后低走势。结构分化特征显著,制造业用钢与建筑业用钢产量呈现反向变动,冷轧...
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