The Zhitong Finance App learned that China Oriental Group (00581) rose by more than 10% and rose 10.58% at press time to HK$1.15, with a turnover of HK$7.37 million.
According to the news, the reporter learned from the Ministry of Industry and Information Technology that the Raw Materials Industry Department of the Ministry of Industry and Information Technology plans to convene a meeting this morning with more than 10 leading steel enterprise groups including Baowu Group and Angang Steel Group. The conference will comprehensively understand the production and operation situation of the steel industry, thoroughly analyze the difficulties and deep-seated reasons facing the current development of the industry, and better promote the smooth operation and healthy development of the steel industry to facilitate subsequent formulation of relevant policies.
CICC said that the steel industry is currently at its bottom in history, and market expectations are pessimistic. The bank believes this means that the industry has a high margin of safety and a high risk-to-benefit ratio, so it should not be pessimistic. Looking ahead, if demand during the peak season is fulfilled, negative feedback will be unsustainable, commodities are expected to rebound, and sector valuations may be further repaired. Furthermore, as the fundamentals of the furnace material side weaken, compounded by seasonal restoration of demand during peak seasons, supply and demand for finished materials have improved markedly, and industry profits are expected to gradually recover.