钢铁2026年展望：新变革新驱动新均衡

中金公司01-07

观点聚焦投资建议我们认为2026 年行业仍处于需求减量调结构的趋势中，供需及盈利难见大幅改善，但反内卷下格局变革带来的结构性行情值得重视，聚焦两条主线：1）差异化产量管控有望推进，绿色转型领先、被低估的优质现金流资产有望迎来盈利复苏与价值重估，重点推荐华菱钢铁。2）高端钢铁材料迎来国产替代加速拐点，利好具备高成长确定性的特钢龙头，重点推荐工模具钢龙头天工国际。理由黑色系价格向下探寻新均衡。2026...

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钢铁2026年展望：新变革 新驱动 新均衡

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钢铁2026年展望：新变革新驱动新均衡