智通财经APP获悉，钢铁股涨幅居前，截至发稿，中国东方集团(00581)涨9.95%，报2.1港元；重庆钢铁 股份(01053)涨3.11%，报1.66港元；马鞍山钢铁股份(00323)涨1.75%，报2.33港元；鞍钢股份(00347)涨 0.41%，报2.47港元。 信达证券认为，继续关注反内卷政策下的钢铁板块配置机会。该行指出，未来钢铁行业产业格局有望稳 中趋好，叠加当前部分公司已经处于价值低估区域，现阶段仍具结构性投资机遇，尤其是拥有较高毛利 率水平的优特钢企业和成本管控力度强、具备规模效应的龙头钢企，未来存在估值修复的机会，维持行 业"看好"评级。 消息面上，中钢协近日在成都组织召开钢铁工业规划部长会，会议要求坚持严控增量与畅通退出，防范 钢铁行业产能过剩风险持续加剧，着力破除"内卷式"竞争。此外，7月29日-30日，中国钢铁工业协会六 届十一次理事（扩大）会议在河北唐山曹妃甸召开，中国钢铁工业协会会长赵民革表示，继续坚持"三 定三不要"原则，号召企业自律控产稳价格。 ...

受益的行业非常多，这个要分短期和中长期，因为时间跨度很长，预期是10-15年，但按照中国的速 度，只要资金到位，10年内就完工并非不可能。 短期来看，最开始就是水泥建材这些先行一步，考虑到水泥有个运输半径问题，因此最大龙头是本地水 泥厂的西藏天路(600326.SH)，被巨量封住一字，再是离基地项目400公里的港股华新水泥(06655)，大涨 超85%。本地产能肯定是不够的，需要从其它地区引进，其它有华润建材科技(01313)、中国建材 (03323)、金隅集团(02009)、中国建材(03323)、海螺水泥(00914)均涨超10%。 【解剖大盘】 周末没啥利空，市场主要担心的无非是日本的参议院选举，最新情况是由自民党和公明党组成的执政联 盟丧失参议院过半数议席。但靴子落地后日元并未出现明显波动，市场预期石破茂依旧可以继续履行职 责，从而稳定局面。因此港股继续跳空上行，今天涨0.68%。 扰动市场的巨头内卷也开始收敛，7月18日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三 家平台企业，号召理性参与竞争。美团-W(03690)、京东集团(09618)、阿里巴巴(09988)均涨幅超2%。 而爆炸性题材 ...

港股钢铁股短线走高，重庆钢铁股份(01053.HK)涨超14%，中国东方集团(00581.HK)涨超6%，马鞍山钢 铁股份(00323.HK)、鞍钢股份(00347.HK)涨超3%。 ...

Core Insights - The signing of the operational management service agreement between Beibu Gulf Port Qinzhou Terminal and COFCO Oils marks a significant step towards the integration and resource consolidation of the Qinzhou Port area, achieving a "zero" breakthrough in this initiative [1][3] Group 1: Operational Developments - COFCO Oils operates a 50,000-ton berth at the Qinzhou Port Le Gou operation area, with a 230-meter-long wharf, capable of accommodating 70,000-ton bulk carriers, a storage capacity of approximately 310,000 tons, and an annual throughput of about 2 million tons [1][3] - The collaboration aims to enhance operational efficiency by optimizing resource allocation, sharing loading and unloading services, and improving personnel configuration, ultimately leading to increased equipment utilization, reduced energy costs, and enhanced operational efficiency [3] Group 2: Future Projections - By the first half of 2025, the Qinzhou Port area is projected to achieve a throughput of 79.55 million tons, representing a year-on-year increase of 15.67%, with container throughput expected to reach 3.6278 million TEUs, up by 8.10%, and bulk cargo at 18.5027 million tons, increasing by 6.81% [3] - As a key outlet for the Pinglu Canal, Qinzhou Port is positioned to play a crucial role in establishing a modern intermodal transport hub, facilitating the transfer of goods for the Pinglu Canal's maritime operations [3]

Report Industry Investment Rating No information provided in the content. Core Views of the Report - The IMF has lowered the global economic growth rate forecast for 2025 to 2.8%, and trade policy uncertainty will disrupt the global supply chain. The Fed may be cautious about the timing of interest rate cuts, while the ECB may end the easing cycle. China will continue to implement an expansionary fiscal policy and a moderately loose monetary policy in the second half of the year [4]. - In terms of supply, the global copper concentrate supply growth rate is expected to be only 1.7% in 2025 and further decline to 1.4% in 2026. The global refined copper supply growth rate will drop to 2% in 2025. In the second half of the year, domestic small and medium - sized smelters may face production cut risks, and the release of new global refined copper production capacity will be significantly limited [4]. - In terms of demand, copper has become a key strategic reserve resource in the context of global AI and electrification transformation. The global refined copper consumption growth rate is expected to be 3.7% in 2025, and the domestic growth rate will be 3.4% [4]. - The copper price center is expected to continue to rise in the second half of this year, with the risk of periodic high - level corrections due to overseas macro disturbances. The medium - to - long - term upward trend of copper prices remains unchanged. The main operating range of SHFE copper is expected to be 77,000 - 85,000 yuan/ton, and that of LME copper is 9,500 - 10,500 US dollars/ton [4]. Summary According to the Table of Contents 1. Review of the First - Half Market in 2025 - In the first half of 2025, copper prices showed a trend of bottoming out and rebounding. In the first quarter, SHFE copper rose from a low of 73,000 to 83,000 due to supply concerns and macro - economic factors. In the second quarter, prices fluctuated due to trade policy uncertainties, and then rebounded after the Sino - US trade negotiation [11]. - Domestic copper inventory first increased and then decreased. The spot premium changed from discount to premium. In the second half of the year, domestic refined copper spot premium is expected to remain in the premium range, with the center of premium moving up [13]. 2. Macroeconomic Analysis 2.1 Global Trade Situation Eases, and the US Economy Faces Stagflation Risks - The IMF has lowered the economic growth forecasts of major economies in 2025. The Sino - US trade negotiation has reached a preliminary consensus, but the tariff measures after the 90 - day suspension period are uncertain. The US economy has the risk of stagflation, while the eurozone economy shows a weak recovery [15][16]. 2.2 The Fed's Interest Rate Cut Expectations Rise, and the ECB May Slow Down the Rate - Cutting Pace - The Fed may have 1 - 2 small interest rate cuts this year, possibly starting in September. The ECB cut interest rates in June. The future monetary policies of both central banks will be affected by trade policies and economic data [17][19]. 2.3 Strengthen the Domestic Circulation System, and the Central Bank's Monetary Policy Remains Moderately Loose - China's economy faced challenges in the first half of the year. The central bank implemented a series of measures to support the economy. China's economy showed resilience in the first half, and the economic structure is expected to continue to optimize in the second half [21][22]. 3. Copper Ore Supply Analysis 3.1 The Global Concentrate Shortage Exceeds Expectations, and Chinese Enterprises Actively Explore Copper Ore Resources - In the first half of 2025, both Chinese and foreign capital accelerated the development of copper resources. However, the output of major mines was affected by various factors, and the shortage of copper concentrates is expected to exceed market expectations in 2025 - 2026 [25][27]. 3.2 The Global Copper Concentrate Growth Rate in 2025 is Expected to Drop to 1.7% - The planned global copper ore supply increment in 2025 is 115.5 million tons, but the actual increment is expected to be 70 - 80 million tons, with a growth rate dropping to 3%. Considering major interference factors, the actual supply growth rate in 2025 is expected to be only 1.7% and further decline in 2026 [31][33]. 4. Refined Copper Supply Analysis 4.1 Domestic Refined Copper Production Will Slow Down in the Second Half of the Year, and the Annual Year - on - Year Growth Rate May Drop to 4.5% - In the first half of 2025, domestic refined copper output was high, but more than 30% of smelters cut production to some extent. The actual output increment may be significantly lower than expected, and the annual growth rate is expected to slow down to 4.5% [41][43]. 4.2 The Release of Overseas Refined Copper Production in 2025 is Very Slow - Overseas new refined copper smelting capacity in 2025 is only 62 million tons, and the actual output is quite limited. The actual increment is expected to be about 15 million tons [45][46]. 4.3 Refined Copper Imports Will Remain at a Low Level in the Second Half of the Year, and Copper Has Become a Strategic Resource in the Great - Power Game - From January to May 2025, China's refined copper imports decreased year - on - year. In the second half of the year, imports are expected to remain at 25 - 28 million tons per month, and the annual imports will drop significantly compared with last year [48][49]. 4.4 Domestic Scrap Copper Supply is Generally Stable, and Southeast Asia May Fill the Gap in US Scrap Copper Imports - From January to May 2025, China's scrap copper imports decreased slightly year - on - year. The supply of scrap copper is expected to remain stable in the second half of the year, with Southeast Asian imports filling the gap left by the US [66][69]. 4.5 LME Inventories Plummeted by More Than 70% in the First Half of the Year, and the Tight - Balance Reality Has Lowered the Global Inventory Center - As of June 27, global visible inventories decreased significantly. LME inventories are at a low level with a risk of squeezing, while COMEX inventories are rising. Domestic inventories are expected to remain low in the second half of the year [73][75]. 5. Refined Copper Demand Analysis 5.1 This Year's Grid Investment Scale is Expected to Exceed 800 Billion, and the New UHV Grid System is Upgrading at an Accelerated Pace - The planned grid investment in 2025 is expected to reach 825 billion, with an increase of 220 billion compared with 2024. The copper consumption growth rate in grid investment is expected to be 3 - 4% [77]. 5.2 The Real Estate Market is Bottoming Out, and the Real Estate Regulation Policies are Intensifying - The real estate market showed a decline in the first five months of 2025, but the price decline margin narrowed. The market is expected to gradually recover in the second half of the year, with a slight decline in copper consumption growth rate [78][80]. 5.3 The "Two New" Policies Drive the Accelerated Production and Sales of Air - Conditioners - From January to May 2025, air - conditioner production and sales increased year - on - year. However, due to various factors, the production scale may be adjusted in the third quarter, and the export may decline [81][82].

Group 1 - The Hang Seng Index closed up 0.62%, while the Hang Seng Tech Index fell by 0.64% [1] - The total market turnover reached 240.225 billion HKD [1] - Steel sector stocks saw significant gains, with Chongqing Steel (01053.HK) rising over 90%, Ansteel (00347.HK) up over 12%, and China Oriental Group (00581.HK) increasing over 11% [1] Group 2 - Technology stocks generally declined, with Kingsoft (03888.HK) down 9.66%, Li Auto (02015.HK) and Hua Hong Semiconductor (01347.HK) both falling over 3% [1] - Major tech companies like Tencent (00700.HK), NetEase (09999.HK), and Kuaishou (01024.HK) also closed in the red [1]

Market Overview - The Hang Seng Index closed up by 0.62% [1] - The Hang Seng Tech Index closed down by 0.64% [1] Steel Sector Performance - The steel sector saw significant gains in the afternoon session [1] - Chongqing Steel (01053.HK) surged over 90% [1] - Ansteel (00347.HK) and China Oriental Group (00581.HK) both rose over 10% [1]

Individual Company News - Li Auto (02015.HK) reported a total revenue of 25.9 billion yuan for Q1 2025, representing a year-on-year increase of 1.1%. Adjusted net profit was 1 billion yuan, down 20.5% year-on-year [1] - Sihuan Pharmaceutical (01093.HK) is in discussions with potential partners regarding licensing and collaboration in drug development, production, and commercialization [1] - SANY International (00631.HK) achieved a net profit of 636 million yuan in Q1, a year-on-year increase of 30.6%, driven by significant revenue growth in large port machinery, oil and gas equipment, silicon energy products, and overseas mining vehicle sales [1] - Minxin Group (00222.HK) has jointly established a partnership to invest in a national-level specialized and innovative technology enterprise [1] - China Orient Group (00581.HK) reported an operating profit of approximately 199 million yuan for Q1 after deducting financial costs [1] Pharmaceutical Sector News - Jiahe Biotech (06998.HK) received approval from the Chinese National Medical Products Administration for the market launch of the new drug GB491 [2] - Fosun Pharma (02196.HK) had its registration application for the drug Luwomeitini approved by the National Medical Products Administration [2] - Yum China (09987.HK) entered into a share repurchase agreement for a total buyback amount of approximately 510 million USD for the second half of the year [2]

Financial Performance - Revenue decreased from RMB 48,620 million in 2022 to RMB 46,260 million in 2023, and is projected to decline further to RMB 42,957 million in 2024, representing a year-over-year decrease of 4.7% in 2023 and 2.8% in 2024[6]. - Profit attributable to owners of the Company fell from RMB 808 million in 2022 to a loss of RMB 160 million in 2023, with a projected recovery to RMB 149 million in 2024[6]. - EBITDA decreased from RMB 2,357 million in 2022 to RMB 1,279 million in 2023, with an expected increase to RMB 1,500 million in 2024[6]. - The adjusted profit for the year (a non-HKFRS measure) dropped from RMB 513 million in 2022 to RMB 4 million in 2023, with an expected recovery to RMB 266 million in 2024[6]. - The Company reported a loss before income tax of RMB 315 million in 2023, compared to a profit of RMB 756 million in 2022, with a projected profit of RMB 228 million in 2024[6]. - The overall gross profit increased by approximately 147.1% to approximately RMB 1.77 billion, marking a significant turnaround from a net loss to a net profit[48]. - The net profit for 2024 was approximately RMB 225 million, an increase of approximately 214.5% compared to the net loss of approximately RMB 196 million in 2023[48]. - The consolidated gross profit for 2024 was RMB 1,027 million, an increase of approximately 165.4% compared to RMB 387 million in 2023[117]. - The gross profit per tonne of steel products increased from RMB 50 in 2023 to RMB 143 in 2024, reflecting an increase of 186.0%[120]. Sales and Production - The average selling price per tonne of self-manufactured steel products decreased from RMB 3,974 in 2022 to RMB 3,557 in 2023, and is projected to decline further to RMB 3,432 in 2024[18]. - Total sales volume of self-manufactured steel products increased from 7,102,000 tonnes in 2022 to 7,733,000 tonnes in 2023, but is expected to decrease to 7,169,000 tonnes in 2024[13]. - H-section steel products accounted for 46.1% of total sales volume in 2024, with a sales volume of 3,302,000 tonnes, down 8.3% from 3,600,000 tonnes in 2023[109]. - Strips and strip products represented 40.5% of total sales volume in 2024, with a sales volume of 2,900,000 tonnes, down 3.8% from 3,014,000 tonnes in 2023[109]. - The total sales volume for 2024 was 7,169,000 tonnes, a decrease of approximately 7.3% from 2023's 7,733,000 tonnes[107]. - The Group's annual production output capability of steel products was more than 10 million tonnes in 2024[110]. Market and Industry Trends - In 2024, the total profit of the iron and steel industry in China was approximately RMB 29.19 billion, representing a year-on-year decrease of approximately 54.6%[40]. - The national production volume of pig iron, crude steel, and steel products in 2024 was approximately 852 million tonnes, 1.005 billion tonnes, and 1.400 billion tonnes respectively, with decreases of approximately 2.3% and 1.7% for pig iron and crude steel, while steel products saw an increase of approximately 1.1% compared to 2023[40]. - The global economy is expected to continue a slow recovery in 2025, benefiting from declining inflation and easing monetary policies, but faces challenges such as trade protectionism and geopolitical tensions[79]. - The iron and steel industry anticipates improved downstream demand and rising product prices, with no significant decline in annual steel consumption expected in 2025[80]. Strategic Initiatives - The Company plans to focus on improving operational efficiency and exploring new market opportunities to enhance profitability in the upcoming years[6]. - The Group aims to enter the Fortune Global 500, focusing on specialization, industry chain extension, and high-tech development[33]. - The Group aims to enhance core competitiveness through digitalization, lean management, and the development of high-value-added products, with several green and low-carbon factory projects expected to launch in 2025[83]. - The Group plans to diversify its business by expanding into trading steel products, precast components, and recycling solid waste residues[88]. - The Group is committed to achieving carbon neutrality by 2050, investing in emission-reduction technologies and environmental protection projects[92]. Environmental and Sustainability Efforts - Jinxi Limited achieved an annual emission reduction of approximately 1.10 million tonnes of carbon dioxide, 53 tonnes of nitrogen oxide, and 26 tonnes of sulfur dioxide in 2024[45]. - The self-generated electricity rate for Jinxi Limited increased to approximately 52.4%, while externally purchased electricity was reduced by approximately 260 million kWh per year[45]. - Policies in the iron and steel industry are focusing on energy efficiency improvement, green and low-carbon transformation, and achieving carbon peak by 2027[43]. - Jinxi Limited was rated as a "Grade A in Environmental Protection Performance Rating" enterprise, being the second enterprise in Tangshan City to achieve this[60]. - The Group has implemented various green energy projects, resulting in a reduction of approximately 1.1 million tonnes of CO2 emissions annually[61]. Financial Position and Investments - As of December 31, 2024, the Group had unutilized banking facilities of approximately RMB 14.5 billion, an increase from RMB 13.9 billion in 2023[136][138]. - The current ratio of the Group was 1.3 times as of December 31, 2024, compared to 1.2 times in 2023, while the gearing ratio was 50.2%, slightly up from 50.1% in 2023[139][144]. - Cash and cash equivalents amounted to approximately RMB 3,516 million as of December 31, 2024, down from RMB 3,618 million in 2023[140][144]. - The debt-to-capital ratio of the Group increased to 65.8% in 2024 from 63.0% in 2023[142][145]. - The Group reported investment gains from steel products, iron ore, and related raw materials derivative financial instruments of approximately RMB22 million for the year ended 31 December 2024, compared to losses of approximately RMB40 million in 2023[156][159]. Dividends and Shareholder Returns - The Group proposed a final dividend of HK$0.01 per ordinary share and a special dividend of HK$0.05 per ordinary share for 2024[75]. - The Group aims to assess the possibility of increasing dividend distribution to reward shareholders for their support[96]. - The Board proposed a final dividend of approximately HK$37 million (approximately RMB34 million) and a special dividend of approximately HK$186 million (approximately RMB172 million) for the year ended 31 December 2024[157][160].

钢铁股集体重挫，截至发稿，马鞍山钢铁股份(00323)跌19.44%，报1.45港元；鞍钢股份（000898） (00347)跌17.96%，报1.37港元；中国东方集团(00581)跌17.19%，报1.06港元；重庆钢铁（601005）股份 (01053)跌16.09%，报0.73港元。 民生证券指出，贸易摩擦担忧升级，钢材价格承压。4月2日，特朗普宣布对贸易伙伴征收所谓的"对等 关税"措施，4月9日将实施34%所谓的"对等关税"。钢铁产品不受本次关税约束，但其下游制成品将受 到关税影响。根据钢联测算，2024年钢铁间接对美出口约1000万吨，其他国家对美出口的钢材也有部分 来自于中国，整体影响量预计不低于2000万吨，约占总需求的2%。长期来看，粗钢仍有产量调控预 期，原料端铁矿、焦煤供给趋于宽松，若限产幅度超过2000万吨，钢企盈利能力有望修复。 信达证券（601059）表示，虽然钢铁行业现阶段面临供需矛盾突出等困扰，行业利润整体下行，但伴随 系列"稳增长"政策纵深推进，钢铁需求总量有望在房地产筑底企稳、基建投资稳中有增、制造业持续发 展、钢铁出口高位等支撑下保持平稳或甚至边际略增，反观平控政策预期下 ...