作为宝钢股份"绿色制造、制造绿色"战略的先行示范基地，宝钢股份湛江钢铁于2023年12月建成投运国 内首套百万吨级氢基竖炉，以"氢"代"碳"作为还原剂进行冶炼，为我国钢铁行业摆脱传统化石能源的深 度依赖提供了全新路径。目前已成功验证高氢冶炼条件，产出的直接还原铁(DRI)金属化率达到预期。 "这不仅标志着中国宝武以勇当新型低碳冶金现代（300830）产业链链长的战略主动，再次走在绿色低 碳冶金技术发展的前列，也彰显了中国钢铁积极践行世界钢铁行业绿色低碳发展的务实行动和创新示 范。"宝武集团相关负责人表示。 具体来看，宝钢股份湛江钢铁近零碳产线由已建成投运的国内首套百万吨级氢基竖炉及新建的电炉、连 铸生产线组成。新建项目于2024年4月11日开工，在中国宝武集团绿色低碳发展战略的顶层设计与全力 推动下，和宝钢股份的统一规划和资源保障下，创新采用数字化建造模式，不断攻克难点、瓶颈点，确 保了项目安全、质量和进度全面受控。 证券时报记者获悉，12月23日，国内首条百万吨级近零碳钢铁产线(以下简称"近零碳产线")在宝钢股份 （600019）湛江钢铁全线贯通。 据介绍，该项目是宝钢股份作为中国宝武低碳转型先锋，践行国家 ...

Core Viewpoint - The establishment of China's first million-ton near-zero carbon steel production line in Zhanjiang marks a significant breakthrough in the green and low-carbon development of the steel industry [1]. Group 1: Technological Advancements - The production line utilizes advanced hydrogen metallurgy and electric melting technology, replacing traditional coke with hydrogen, which significantly reduces carbon emissions [3]. - The core hydrogen-based vertical furnace achieves a metalization rate that meets expected targets, while efficient green electric furnace facilities enhance energy utilization [3]. - Compared to traditional processes, this production line can reduce carbon emissions by 50% to 80% [3]. Group 2: Environmental Impact - The million-ton near-zero carbon steel production line is expected to reduce carbon emissions by over 3.14 million tons annually, equivalent to creating 2,000 square kilometers of forest [5]. - This project serves as a model for low-carbon transformation in steel enterprises and contributes to the high-quality development of the steel industry [5].

Investment Rating - The report maintains a "Buy" rating for all key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The report highlights a disturbance in raw material supply, leading to differentiated performance in rebar and wire rod prices. The recent policy changes regarding coal export tariffs and the implementation of export licenses for steel products are expected to impact supply dynamics and pricing [9][12]. - Steel prices have shown an upward trend, with specific increases noted in various steel products as of December 19, 2025. For instance, the price of 20mm HRB400 rebar rose to 3,320 CNY/ton, a 2.2% increase from the previous week [9][16]. - The report indicates a rise in steel profits, with margins for rebar, hot-rolled, and cold-rolled steel increasing by 32 CNY/ton, 23 CNY/ton, and 9 CNY/ton respectively [9][33]. - Inventory levels for major steel products have decreased, with total social inventory dropping by 351,800 tons to 9,054,600 tons as of December 19, 2025 [9][33]. Summary by Sections Domestic Steel Market - As of December 19, 2025, domestic steel prices have increased, with notable price changes across various products, including rebar and hot-rolled steel [9][16]. - The report details specific price movements, such as a 70 CNY/ton increase for rebar and a 50 CNY/ton increase for high-speed wire [9][17]. Profit Situation - The report estimates an increase in steel profits, with significant improvements in margins for both long and short process steel production [9][33]. Production and Inventory - Total production of major steel products decreased to 7.98 million tons, with a notable drop in inventory levels, indicating a tightening supply situation [9][33]. Key Companies and Valuation - The report provides a detailed valuation and earnings forecast for key companies, all of which are rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.29 CNY in 2024, with a PE ratio of 19 [2][3].

Group 1 - The company aims to enhance its core competitiveness in response to the industry's phase of reducing and restructuring development, focusing on "high-end, intelligent, green, efficient, and international" directions [2] - The company will implement a "1+6" development strategy to strengthen and optimize its operations, with the goal of becoming a world-class enterprise [2] - The company is committed to deeply understanding and implementing the "14th Five-Year Plan" [2]

证券日报网讯12月19日，宝钢股份（600019）在互动平台回答投资者提问时表示，作为宝信软件 （600845）的股东，宝钢股份将充分尊重其作为上市公司的独立性，秉持市场化原则推进双方业务合 作，并严格在资本市场相关法律法规的框架内，切实履行股东的权利、义务与责任，支持宝信软件稳健 经营与长远发展。 ...

Group 1 - The report by the Metallurgical Industry Planning and Research Institute indicates that 16 Chinese steel enterprises achieved an A+ rating for competitiveness and development quality, nearing world-class standards [1] - A total of 109 steel enterprises were evaluated, with a combined crude steel output of 930 million tons, representing 92.6% of the national total [1] - The 16 A+ rated enterprises, including China Baowu Steel Group and Ansteel Group, accounted for 50.2% of the national crude steel output [1] Group 2 - There are 34 steel enterprises rated A (strong), making up 31.2% of the total evaluated, with a combined crude steel output of 24.2% of the national total [2] - 41 enterprises received a B+ (strong) rating, representing 37.6% of the evaluated total, with a crude steel output of 12.9% of the national total [2] - The domestic steel industry is facing challenges in profit margins compared to international leaders, attributed to lower proportions of high-value-added products, innovation capabilities, raw material cost control, and brand services [2] Group 3 - The Chinese steel industry is entering a phase of reduction in growth, emphasizing the need for enterprises to focus on high-end, green, intelligent, and integrated development to enhance overall competitiveness [2]

Group 1 - The report by the Metallurgical Industry Planning and Research Institute indicates that by 2025, 16 Chinese steel enterprises will achieve an A+ competitiveness rating, nearing world-class standards [1] - A total of 109 steel enterprises were evaluated, with a combined crude steel output of 930 million tons, representing 92.6% of the national total [1] - The 16 A+ rated enterprises, including China Baowu Steel Group and Ansteel Group, account for 50.2% of the national crude steel output [1] Group 2 - There are 34 steel enterprises rated A (strong), making up 31.2% of the total evaluated, with a combined crude steel output of 24.2% of the national total [2] - 41 enterprises received a B+ (strong) rating, representing 37.6% of the total evaluated, with a crude steel output of 12.9% of the national total [2] - The domestic steel enterprises still lag behind international leaders in profit margins and other metrics due to lower proportions of high-value, high-tech products, innovation capabilities, raw material cost control, and brand services [2] Group 3 - The Chinese steel industry is entering a phase of reduced growth, emphasizing the need for enterprises to focus on high-end, green, intelligent, and integrated development to enhance overall competitiveness [2]

Core Viewpoint - The company believes that the recent policy marks a new phase in China's steel export management, addressing the need for adaptation to changes in the international trade environment and promoting a green and low-carbon transition in the steel industry [1] Group 1: Industry Collaboration and Self-Regulation - The company is actively promoting collaboration and self-regulation within the steel industry to ensure healthy and stable development [1] Group 2: Strategic Response to Policy Changes - The company views the new policy as a strategic choice to optimize export structure and respond to the realities of the international trade environment [1] Group 3: Preparation for Compliance - The company plans to prepare and operate according to relevant regulations once the authorities clarify the application processes for the products included in the new export product catalog [1]

证券日报网讯12月19日，宝钢股份（600019）在互动平台回答投资者提问时表示，公司高度重视市值管 理工作，已制定系统化举措推动价值回归，包括制定市值管理制度、将中期分红正式纳入公司章程，承 诺2024~2026年每年分红不低于每股0.2元、开展资本市场交流、推进ESG管治提升等。公司认为最重要 的市值管理工作还是经营好一个公司，高质量的基本面是一切市值管理工具发挥作用的前提和基础。公 司将根据监管要求，结合公司实际情况，制定相应的贯彻落实措施，持续优化市值管理策略，加强与资 本市场的沟通，提升公司透明度，力争公司市值能够合理反映其内在价值。 ...

Core Viewpoint - Baosteel Co., Ltd. has successfully maintained stable order volumes despite a decline in total demand for oil well pipes by enhancing its bidding strategies and marketing efforts, while also expanding into other pipe markets and overseas markets [1] Group 1 - Baosteel has increased its market share among the three major domestic oil companies [1] - The company has achieved a balance between production and sales, along with continuous optimization of its product structure [1] - Baosteel is actively pursuing expansion in other types of pipe markets and international markets [1]