总而言之，A股钢铁板块本轮大反弹，表面看是股价与现货的“大劈叉”，实则是市场对行业未来预期的提前反应。需求端的变革与供给端的“反内卷”，正在重塑行业格局。而在变革中，那些技术领先、专注高价值产品、积极开拓海外市场的特种钢企业，更有可能成为穿越周期的黑马。
The Citrini essay offered a more harrowing preview of the same deflationary transition. If and when AI agents begin operating 24/7 to optimize consumer decisions, businesses built on “habitual intermediation”—from food delivery apps to credit card interchange fees—will face a relentless race to the bottom. Travel booking platforms will fall first, Citrini predicted, with agents able to assemble a complete itinerary faster and cheaper than any platform by late 2026. “Their moats were made of friction,” the essay reads. “And friction is going to zero.”
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