不过，虽然短期内市场疲软，但该行认为中国明年的钢铁需求然稳定。鞍钢股份的核心产品将受益于制 造业的强劲表现。在出口方面，由于鞍钢约有7%收入来自海外市场，预期公司的出口将受益于一带一 路国家强劲的需求和有利的价格差。其中预期今明两年分别亏损31.26亿及16.8亿元人民币，而2027年预 期亏转盈至8,800万元人民币，目标价相应由1.7港元上调至2.45港元。 瑞银发布研报称，上调鞍钢股份（000898）(00347)2025至2027年的盈测，维持"中性"评级，前九个月 净亏损同比收窄至20.4亿元人民币，第三季表现大幅逊色于预期,第四季的前景仍然疲弱，旺季需求已提 前在第三季释出，而供暖季可能会抑制11至12月的消费。该行相信，在缺乏明确催化剂的情况下，短期 盈利前景不太明朗。 ...

不过，虽然短期内市场疲软，但该行认为中国明年的钢铁需求然稳定。鞍钢股份的核心产品将受益于制 造业的强劲表现。在出口方面，由于鞍钢约有7%收入来自海外市场，预期公司的出口将受益于一带一 路国家强劲的需求和有利的价格差。其中预期今明两年分别亏损31.26亿及16.8亿元人民币，而2027年预 期亏转盈至8,800万元人民币，目标价相应由1.7港元上调至2.45港元。 瑞银发布研报称，上调鞍钢股份(00347)2025至2027年的盈测，维持"中性"评级，前九个月净亏损同比 收窄至20.4亿元人民币，第三季表现大幅逊色于预期,第四季的前景仍然疲弱，旺季需求已提前在第三季 释出，而供暖季可能会抑制11至12月的消费。该行相信，在缺乏明确催化剂的情况下，短期盈利前景不 太明朗。 ...

该行认为中国明年的钢铁需求然稳定，鞍钢股份的核心产品将受惠于制造业的强劲表现。在出口方面， 由于鞍钢约有7%收入来自海外市场，预期公司的出口将受惠于一带一路国家强劲的需求和有利的价格 差。该行上调鞍钢2025至2027年的盈测，当中料今明两年分别亏损31.26亿及16.8亿元，而2027年料亏转 盈至8800万元，目标价相应由1.7港元上调至2.45港元，维持"中性"评级。 瑞银发表研究报告指，鞍钢股份首九个月净亏损按年收窄至20.4亿元，惟第三季表现大幅逊于预期。另 第四季的前景仍然疲弱，旺季需求已提前在第三季释出，而供暖季可能会抑制11至12月的消费。该行相 信，在缺乏明确催化剂的情况下，短期盈利前景不太明朗。 ...

Core Viewpoint - Ansteel Co., Ltd. has shown a mixed performance in stock price and financial results, with a recent increase in stock price but a decline in revenue and a significant net loss for the year [1][2]. Financial Performance - As of September 30, 2025, Ansteel reported a revenue of 73.092 billion yuan, a year-on-year decrease of 7.78% [2]. - The company experienced a net loss attributable to shareholders of 2.04 billion yuan, which is a significant improvement with a year-on-year increase of 59.87% [2]. Stock Market Activity - On November 20, Ansteel's stock price increased by 2.26%, reaching 2.72 yuan per share, with a trading volume of 44.0353 million yuan and a turnover rate of 0.21% [1]. - The stock has seen a year-to-date increase of 13.33%, but has declined by 2.86% over the last five trading days and 1.81% over the last twenty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 0.45% to 95,700 [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]. Dividend Distribution - Ansteel has cumulatively distributed dividends of 21.437 billion yuan since its A-share listing, with a total of 6.39239 million yuan distributed over the last three years [3].

Core Viewpoint - The steel industry is experiencing a recovery in profits due to unexpected demand from manufacturing and direct exports, alongside the implementation of "anti-involution" policies, leading to an increase in supply optimization expectations [1][2]. Group 1: Industry Performance - In Q1-Q3 2025, the SW steel index rose by 24.00%, ranking 17th among Shenwan industries, driven by improved manufacturing and export demand [1][2]. - From October 2025 to present, the SW steel index has continued to rise by 14.19%, ranking 4th among Shenwan industries [1][2]. - In Q3 2025, the profitability of the rebar sector turned positive, with a 102.59% increase in special steel profits year-on-year, while the gross profit margin rose to 7.59% and net profit margin increased to 2.19% [3]. Group 2: Policy and Structural Changes - The steel industry is focusing on differentiated production restrictions and classified management to promote high-value, low-carbon, and intelligent transformations, enhancing industry concentration and optimizing structural layout [3]. - Policies such as ultra-low emission upgrades and dual control of energy consumption are expected to drive capacity optimization and accelerate the elimination of outdated production capacity [3]. Group 3: Demand Drivers - The manufacturing sector, particularly in machine tools, excavators, and commercial vehicles, remains resilient, with direct exports showing significant year-on-year growth, supporting steel demand [3]. - The construction sector is experiencing weak new starts, but forward-looking indicators like sales and land acquisition are showing reduced declines, stabilizing demand for construction steel [3]. Group 4: Investment Recommendations - Steel capacity optimization is expected to be a key focus moving forward, with a push for differentiated management to support competitive enterprises [4]. - Attention is recommended for leading steel companies such as Hualing Steel, Baosteel, and Nanjing Steel, as well as flexible stocks like Fangda Special Steel and New Steel [4]. - The special steel sector is projected to benefit from downstream demand in automotive, nuclear power, and oil and gas extraction, with companies like Xianglou New Materials and Jiuli Special Materials highlighted for stable growth [4]. - In the raw materials sector, companies with clear non-ferrous resource increments, such as Dazhong Mining and Hebei Steel Resources, are recommended for investment [4].

Core Viewpoint - Ansteel Co., Ltd. has experienced a decline in stock price and revenue, while showing a significant increase in net profit year-on-year despite a negative operating income trend [1][2]. Group 1: Stock Performance - On November 19, Ansteel's stock price fell by 2.21%, trading at 2.65 CNY per share with a total market capitalization of 24.828 billion CNY [1]. - Year-to-date, Ansteel's stock price has increased by 10.42%, but it has seen declines of 3.99% over the last five trading days, 3.28% over the last 20 days, and 1.49% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ansteel reported operating revenue of 73.092 billion CNY, a year-on-year decrease of 7.78% [2]. - The company recorded a net profit attributable to shareholders of -2.040 billion CNY, which represents a year-on-year increase of 59.87% [2]. Group 3: Shareholder Information - As of September 30, 2025, Ansteel had 95,700 shareholders, a decrease of 0.45% from the previous period [2]. - The company has distributed a total of 21.437 billion CNY in dividends since its A-share listing, with cumulative distributions of 6.392 million CNY over the past three years [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3].

Group 1: Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2025 was -20.4 billion, a decrease of 59.87% year-on-year, primarily due to pressures in the steel market [2] - Cost reduction measures achieved a decrease of 90 yuan per ton of steel compared to the previous year [2] Group 2: Future Development Plans - The company will focus on high-end, intelligent, and green development, aligning with national development strategies and market demands [2] - Plans to integrate new information technologies into production and management processes to create a new model of intelligent manufacturing [2] - Emphasis on ecological priority and green development, targeting carbon reduction and resource recycling [2] Group 3: Product Competitiveness - The company offers a comprehensive product range including hot-rolled sheets, cold-rolled sheets, galvanized sheets, and seamless steel pipes, widely used across various industries [3] - Leading position in shipbuilding steel certification and stable supply of high-tech ship steel [3] - Capability to produce high-strength automotive steel and a full range of silicon steel products for energy applications [3] Group 4: Raw Material Procurement - Iron ore procurement mainly comes from the Ansteel Group and imports, with domestic procurement being higher [3] - Coal procurement is primarily domestic, with strategic partnerships with major state-owned coal mines [3]

Group 1 - Steel stocks have seen significant declines, with Angang Steel falling 5.33% to HKD 2.13, Maanshan Iron & Steel down 5.28% to HKD 2.69, and Chongqing Steel decreasing 4.23% to HKD 1.36 [1] - CITIC Construction Investment reports that steel prices are expected to experience a notable decline in 2025 due to supply-demand mismatches, weakened cost support, and delayed policy effects [1] - The current market is characterized by "low inventory, low prices, low demand, and high supply elasticity," with future trends dependent on production cuts and the speed of policy implementation [1] Group 2 - China Galaxy Securities notes that leading steel companies have reported significant increases in net profit for the first three quarters of 2025, with some turning losses into profits, indicating a recovery in the overall profitability of the steel industry [2] - The supply-side anti-involution is continuing, leading to a concentration of production capacity among quality leading companies in the steel industry [2] - Guotai Junan anticipates that steel demand is likely to gradually bottom out, and even without considering supply policies, the prolonged period of industry losses has begun to see market-driven supply adjustments [2]

Group 1 - Steel stocks are experiencing significant declines, with Angang Steel (00347.HK) down by 5.33% to HKD 2.13 [1] - Maanshan Iron & Steel (00323.HK) has dropped by 5.28% to HKD 2.69 [1] - Chongqing Iron & Steel (01053.HK) is down by 4.23% to HKD 1.36 [1]

Core Viewpoint - The steel sector is experiencing significant declines, with major companies like Ansteel, Maanshan Steel, and Chongqing Steel seeing drops in stock prices due to a weak balance of low inventory, low prices, low demand, and high supply elasticity [1] Group 1: Market Performance - Ansteel shares fell by 5.33% to HKD 2.13, Maanshan Steel by 5.28% to HKD 2.69, and Chongqing Steel by 4.23% to HKD 1.36 [1] - The current market is characterized by low inventory, low prices, low demand, and high supply elasticity, indicating a weak balance [1] Group 2: Industry Analysis - CITIC Construction Investment predicts a significant drop in steel prices by 2025, driven by supply-demand mismatches, weakened cost support, and delayed policy effects [1] - The industry is facing challenges in improving profitability, with the need to prevent internal competition and enhance prices being a key task for the upcoming year [1] Group 3: Profitability and Recovery - China Galaxy Securities reports that leading steel companies are showing high growth in net profits, with some turning losses into profits, indicating a recovery in the overall profitability of the steel industry [1] - The supply-side reforms are leading to a concentration of capacity among quality leading companies, suggesting a shift in the industry landscape [1] Group 4: Future Outlook - Guotai Junan anticipates that steel demand may gradually bottom out, and the prolonged period of industry losses is leading to market-driven supply adjustments [1] - If supply-side policies are implemented, the speed of supply contraction may accelerate, facilitating a quicker recovery in the industry [1]