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On April 14th, CITIC Securities' research report pointed out that the market's pricing of liquidity tightening is expected to weaken. CITIC Securities still expects the Federal Reserve to cut interest rates by 25bps in the second half of this year, which is more dovish than the market consensus. As the conflict in Iran enters a de-escalation phase, U.S. stock valuations may still have room for recovery; however, the outlook remains unclear, and it is necessary to observe the extent and intensity of disruptions to the global supply chain and demand caused by shipping blockages in the Strait of Hormuz. Currently, the resilience of the U.S. economic fundamentals may support real yields on U.S. Treasuries, making it difficult for long-term Treasury yields to sustain a significant decline. Gold prices may have opportunities for a liquidity-driven rebound, while the U.S. dollar may weaken and fluctuate as market sentiment improves.
CITIC Securities pointed out that with the release of enterprise classifications under new industry regulatory conditions, the high-quality development of the steel industry has begun to enter the practical stage of &#34;graded evaluation - list announcement - factor aggregation.&#34; The management logic of the industry has shifted from merely emphasizing compliance with production capacity to a comprehensive evaluation of high-end, intelligent, green, and efficiency capabilities. Especially for leading enterprises in the industry, their environmental protection and energy efficiency are at the forefront. As the clearance of excess production capacity continues, the industry landscape will further improve. The rating for the steel industry is maintained at &#34;outperforming the market.&#34;

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CITIC Securities research report points out that the Federal Reserve is expected to cut interest rates by 25bps in the second half of the year, and the market's pricing for liquidity tightening will weaken. With the de-escalation of the conflict in Iran, there is room for recovery in U.S. stock valuations, but the outlook remains uncertain. The steel industry has entered a stage of high-quality development, with management logic shifting towards comprehensive evaluation, which will improve the industry landscape, maintaining a "stronger than the market" rating for the steel industry

腾讯新闻 - 财经

CITIC SEC

CITIC Securities Co., Ltd.

ANSTEEL

MAANSHAN IRON

Valin Steel

Baosteel

HEBEI STEEL CORP.

MAS C.L.

Guotai CSI Iron & Steel ETF

CITIC Securities latest assessment: The Federal Reserve may cut interest rates by 25bps, and the steel industry landscape is set to improve