[China Securities: Demand for high-end and mid-range special steel is expected to grow rapidly, and the valuations of related enterprises are expected to increase] China Securities stated that special steel is an industry strongly supported by policies. China's high-end and mid-range special steel new materials are experiencing "import substitution" domestically and "global market share expansion" internationally. Currently, the proportion of high-end and mid-range special steel in China is approximately 4%. With the rapid development of China's high-end and mid-range manufacturing industries, the demand for high-end and mid-range special steel is expected to grow rapidly, and the valuations of high-end and mid-range special steel enterprises are expected to increase. From the perspective of the valuations of special steel companies in developed countries, most are at a level of 15-25 times. The rapid development stages of special steel in Japan, Europe, and the United States have passed, while China's high-end and mid-range special steel is still in its growth phase. The new energy, shipbuilding, and aerospace industries, which apply special steel, are in a period of vigorous development and should enjoy a certain valuation premium.