Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Insights - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development [2][4]. - The report highlights an increase in daily molten iron production and a decrease in inventory levels, indicating a tightening supply situation [3][12]. - The demand for steel products has shown signs of recovery, although there are fluctuations in specific product categories [39][47]. - The report emphasizes the importance of structural changes in the economy, moving from investment-driven growth to consumption-driven growth [2][4]. Supply Analysis - Daily molten iron production increased by 4.4 thousand tons to 244.4 thousand tons, with a rise in the utilization rate of blast furnaces to 91.6%, up 1.5 percentage points from the previous week [3][18]. - Total steel inventory decreased by 3.2%, with significant reductions in both social and factory inventories [24][25]. - The report notes that the government is implementing policies to control crude steel production, which is expected to lead to a reduction in supply and support price stability [4][13]. Demand Analysis - Apparent consumption of the five major steel products decreased by 2.4% week-on-week, with rebar consumption showing a notable decline [39][47]. - The average weekly transaction volume for construction steel increased by 11.6%, indicating some recovery in demand [40][39]. Price and Profitability - Steel prices have shown strength, with the Myspic comprehensive steel price index rising by 0.7% week-on-week [66]. - The report indicates that the gross profit margins for steel products are improving, particularly for long-process steel [66][68]. - The report highlights that the current market conditions may lead to a stronger performance in steel prices in the near term [66][67]. Key Companies - The report recommends several companies for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - Xining Special Steel (Buy) - Jiuli Special Materials (Buy) - New Steel (Buy) - Changbao Steel (Buy) - Yongjin Steel (Buy) [9].

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 钢铁 期待"反内卷"政策落地 行情回顾（4.21-4.25）： 中信钢铁指数报收 1,536.78 点，上涨 1.69%，跑赢沪深 300 指数 1.31pct，位列 30 个中信 一级板块涨跌幅榜第 11 位。 重点领域分析： 投资策略：本周市场表现不弱，钢铁板块也有一定的涨幅，金价创出历史新高后有所调整。 我们对贵金属依然保持乐观，康波萧条期主导国到了债务周期后期债务持有人希望出售持有 的货币债务，换成其他形式的的财富储存工具，一旦大家意识到货币和债务不是好的选择， 主导国长期债务周期就走到头了，货币体系贬值结构性重组会提高大宗商品的金融属性的作 用。随着时间的推移今年美国政府债务似乎将越来越难寻觅到大的承接主体，其旁氏的平衡 十分脆弱。每年两万亿的财政赤字如果不能保证能够及时融入更大的债务资金，则由央行买 单的概率和紧迫性增加。新一轮财政赤字货币化也许会超出市场的预期，实施后会加速美元 的贬值，带来全球资本大流动。同时货币周期的循环也将加速从信用货币向金属货币回归， 其中作为美元的对立面黄金会最受青睐。这一期间主导国 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 6.64 CNY per share [6][4]. Core Views - The company reported a revenue of 322.12 billion CNY in 2024, a decrease of 6.60% year-on-year, and a net profit attributable to shareholders of 7.36 billion CNY, down 38.36% year-on-year [1][4]. - In Q1 2025, the company achieved a revenue of 72.88 billion CNY, a decrease of 9.82% year-on-year, but the net profit increased by 26.37% year-on-year to 2.43 billion CNY [1][2]. Summary by Sections Financial Performance - In 2024, the company's steel sales volume was 51.59 million tons, a slight decline of 0.6% year-on-year, while the average product price was 4,507 CNY per ton, down 6.89% year-on-year [2][3]. - The gross profit margin for Q1 2025 improved to 7.22%, an increase of 2.09 percentage points year-on-year [2][3]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 CNY per share, totaling approximately 2.15 billion CNY, with an overall annual distribution of 4.52 billion CNY, resulting in a dividend payout ratio of 61.34% [2][3]. Future Outlook - The company is focused on optimizing its product structure, with a sales volume of high-end products increasing by 9.6% year-on-year [3]. - The company aims to achieve a sales target of 52.24 million tons of steel in 2025, representing a 1.3% increase year-on-year [2][3]. - The company has made significant progress in international expansion, with export sales reaching 6.07 million tons in 2024, up 3.9% year-on-year [3].

钢铁周报 20250427 关税政策有所缓和，钢价企稳回升 2025 年 04 月 27 日 ➢ 价格：本周钢材价格上涨。截至 4 月 25 日，上海 20mm HRB400 材质螺 纹价格为 3200 元/吨，较上周升 70 元/吨。高线 8.0mm 价格为 3410 元/吨， 较上周升 80 元/吨。热轧 3.0mm 价格为 3260 元/吨，较上周升 20 元/吨。冷轧 1.0mm 价格为 3710 元/吨，较上周降 80 元/吨。普中板 20mm 价格为 3490 元 /吨，较上周升 20 元/吨。本周原材料中，国产矿市场价格震荡，进口矿市场价 格上涨，废钢价格上涨。 ➢ 利润：本周钢材利润上升。长流程方面，我们测算本周行业螺纹钢、热轧和 冷轧毛利分别环比前一周变化+16 元/吨，+6 元/吨和-94 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化+11 元/吨。 ➢ 产量与库存：截至 4 月 25 日，五大钢材产量上升，总库存环比下降。产量 方面，本周五大钢材品种产量 876 万吨，环比升 3.13 万吨，其中建筑钢材产量 周环比减 1.79 万吨，板材产量周环比升 4.92 万吨，螺纹钢本周减 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][4]. Core Views - The company experienced a significant improvement in Q1 profitability, with a continuous optimization of product structure [1]. - Despite a decrease in revenue and net profit for 2024, the first quarter of 2025 showed a recovery in net profit [1][2]. - The company is focusing on high-end product development and international expansion, which are expected to drive future growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.60%. The net profit attributable to shareholders was 7.362 billion yuan, down 38.36% year-on-year [1]. - For Q1 2025, revenue was 72.880 billion yuan, a decrease of 9.82% year-on-year, while net profit increased by 26.37% year-on-year to 2.434 billion yuan [1][2]. Sales and Margins - Steel sales in 2024 were 51.59 million tons, a slight decline of 0.6% year-on-year. The company aims to sell 52.24 million tons in 2025, a 1.3% increase [2]. - The average product price in 2024 was 4,507 yuan/ton, down 6.89% year-on-year. The gross margin improved to 7.22% in Q1 2025, up 2.09 percentage points year-on-year [2]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 2.15 billion yuan, with an overall payout of 4.516 billion yuan for the year, resulting in a dividend payout ratio of 61.34% [2]. Future Outlook - The company is optimizing its product structure, with a focus on high-strength steel and silicon steel products, which are gaining market share [3]. - Key projects are progressing, including the establishment of high-end steel production capacities [3]. - The company is expanding its international presence, with a notable increase in export volumes [3]. Profit Forecast - The company is expected to achieve net profits of 9.830 billion yuan, 11.122 billion yuan, and 12.427 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 15, 13, and 12 [4][5].

April 21, 2025 02:52 PM GMT China Materials | Asia Pacific Weekly Monitor: Critical Minerals in the Focus More minerals under US tariff probe. Baosteel continues industry consolidation. Base metals: Shanghai copper prices were up 2.5% WoW, while inventories were down 6.2% WoW. Shanghai aluminum prices were up 1.3% WoW, while inventories were down 7.4% WoW. Key news of the week: Trump administration orders tariff probe on all US critical mineral imports. Battery metals: Domestic industrial-grade lithium hydr ...

2Q25 Outlook: Finding Certainty In Uncertainty We expect tariff impact to weigh on the materials space in 2Q25. We prefer gold, cement, building materials and steel for 2Q25, and in 2H25 metals-related stocks may outperform when further stimulus comes through. April 22, 2025 09:00 PM GMT China Materials | Asia Pacific Demand showed signs of recovery in 1Q, outlook for 2Q is uncertain due to tariff concerns: Multiple signs show demand seems to have bottomed in China in 2024. 3M 2025 domestic excavator sales ...

Core Viewpoint - The strategic investment of approximately 9 billion yuan by Baosteel Co., Ltd. in Maanshan Iron & Steel Co., Ltd. marks a significant step in the internal asset integration of China Baowu Steel Group, aimed at optimizing capacity layout and enhancing market influence in the steel industry [2][4][7]. Investment Details - Baosteel plans to acquire a 35.42% stake in Maanshan Iron & Steel for 5.139 billion yuan and simultaneously increase its capital by 3.861 billion yuan, resulting in a total investment of about 9 billion yuan [3][4]. - After the transaction, Baosteel will hold 49% of Maanshan Iron & Steel, becoming the second-largest shareholder, while Maanshan Iron & Steel will retain a controlling stake of 51% [4]. Industry Context - The steel industry has been facing challenges due to market supply-demand imbalances and fluctuating raw material prices, leading to a divergence in company performance [5][6]. - Baosteel has demonstrated strong resilience and profitability, with a reported revenue of 242.856 billion yuan in the first three quarters of 2024, a decrease of 4.77% year-on-year, and a net profit of 5.882 billion yuan, down 29.56% [5]. Strategic Implications - The investment is seen as a crucial part of China Baowu's internal asset integration strategy, which aims to address competition issues between Baosteel and Maanshan Iron & Steel and enhance overall industry consolidation [4][7]. - The collaboration is expected to optimize production capacity and improve product structure, as Baosteel's strengths in certain steel products complement Maanshan's capabilities in others [8]. Market Positioning - Baosteel's entry into Maanshan Iron & Steel is anticipated to strengthen its market presence in East China, enhancing its competitive edge and market share in the region [8]. - The investment aligns with Baosteel's strategic goals, allowing for better resource allocation and increased competitiveness in high-end steel products [8].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" recommendation for the sector [1]. Core Insights - The report highlights that despite recent adjustments in gold prices, the long-term trend remains intact, and the demand for base metals continues to show resilience [1]. - The report emphasizes the importance of monitoring macroeconomic indicators and central bank policies, particularly regarding gold purchases by the Chinese central bank, which are expected to support gold prices in the long term [21]. Weekly Market Review - The Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index increased by 1.38%, and the non-ferrous metals index outperformed the CSI 300 by 1.12 percentage points [4][5]. - Precious metals saw a decline of 2.52%, while aluminum, energy metals, and copper experienced increases of 3.26%, 2.93%, and 1.79%, respectively [9]. Price Changes - Industrial metals and precious metals showed varied price movements, with copper, aluminum, and zinc prices increasing by 2.02%, 2.64%, and 2.70%, respectively, while gold prices decreased by 0.33% [14]. - The report notes that the average price of aluminum reached 20,070 CNY/ton, reflecting a week-on-week increase of 1.2% [43]. Key Company Recommendations - The report suggests focusing on companies such as Zijin Mining, Luoyang Molybdenum, and Zhongjin Lingnan, which are expected to benefit from the stable supply-demand dynamics in the copper and aluminum markets [18][19]. - For the steel sector, companies like Baosteel and Hesteel are highlighted for their stable performance and dividend attributes [19]. Growth Cycle Investment Analysis - The report recommends investing in the new energy manufacturing sector, particularly in companies like Asia Pacific Technology and Baowu Magnesium Industry, which are expected to benefit from favorable supply-demand conditions [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant recovery in Q1 2025, with a net profit of 2.434 billion yuan, a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [2] - The company's 2024 net profit was 7.362 billion yuan, a decrease of 38.36% year-on-year, but the decline was less severe than the industry average, indicating resilience [2] - The company is focusing on optimizing its product structure and deepening its international strategy, with plans to invest approximately 7.23 billion yuan in a joint venture in Saudi Arabia [3] Financial Performance - In 2024, the company achieved an operating revenue of 322.116 billion yuan, a decrease of 6.5% year-on-year, and a basic earnings per share of 0.34 yuan, down 37.04% [1] - The sales gross margin for Q1 2025 was 7.22%, showing a recovery trend compared to previous quarters [2] - The company has successfully reduced costs by 7.43 billion yuan in the first three quarters of 2024, exceeding its annual target [4] Product and Market Strategy - The company produced 51.41 million tons of steel in 2024, a decrease of 1.0% year-on-year, but its high-value product sales increased by 9.6% [3] - The company is expanding its production capacity for high-value products, including non-oriented silicon steel and oriented silicon steel, which is expected to enhance its profitability [3] Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share for the second half of 2024, with a total cash dividend amounting to approximately 4.516 billion yuan, representing 61.34% of the net profit attributable to shareholders [4]