华创证券指出，虽然近期行业盈利差，但受益于2016年供给侧改革成果，大部分钢铁企业资产负债率、可用现金、未分配利润等指标优良，股价明显低估；钢铁板块破净公司集中，多家破净公司主动维护市值，证监会发布上市公司市值管理指引，多家公司已发布或实施回购计划，主动发力维护市值；钢铁行业即将迎来反转拐点。史上最大规模化债以及地产扶持政策陆续出台，下游需求将明显改善。前三年行业盈利持续下滑，中小企业开始出清，行业格局持续优化。供需同时发力，拐点即将出现。Steel stocks increased in the afternoon. As of press release, Maanshan Iron & Steel (00323) rose 8.62% to HK$1.26; Chongqing Iron & Steel (01053) rose 5.26% to HK$1; Angang Steel (00347) rose 3.55% to HK$1.46; and China Oriental Group (00581) rose 2.63% to HK$1.17.
The Zhitong Finance App learned that the increase in steel stocks increased in the afternoon. As of press release, Maanshan Iron & Steel (00323) rose 8.62% to HK$1.26; Chongqing Iron & Steel (01053) rose 5.26% to HK$1; Angang Steel (00347) rose 3.55% to HK$1.46; and China Oriental Group (00581) rose 2.63% to HK$1.17.
According to the news, on November 15, the Securities Regulatory Commission issued market value management guidelines, making special requirements for formulating market value management systems for major index constituent stocks and disclosing valuation improvement plans for long-term broken companies. Caixin Securities believes that at present, A-share companies that have broken clean for a long time are mainly concentrated in six traditional industries, including banking, non-banking, real estate, steel, construction, and transportation. With the implementation of new market value management regulations, it is expected that these industries will have some room for valuation repair.
Huachuang Securities pointed out that although the industry's profits are poor recently, benefiting from the results of supply-side reforms in 2016, most steel companies have excellent indicators such as balance ratio, available cash, and undistributed profit, and stock prices are clearly undervalued; the steel sector is concentrated, and many broken companies actively maintain market value; the Securities Regulatory Commission has issued market value management guidelines for listed companies, and many companies have issued or implemented repurchase plans to actively maintain market value; the steel industry is about to usher in a reversal inflection point. The largest debt and real estate support policies in history have been introduced one after another, and downstream demand will improve markedly. In the first three years, industry profits continued to decline, small and medium-sized enterprises began to clear out, and the industry pattern continued to be optimized. Supply and demand are gaining strength at the same time, and an inflection point is about to appear.
