| ○ 基金经理：柳军 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：16年又3天 任职起始日期：2009-06-04 现任基金公司：华泰柏瑞基金管理有限公司 | | | 基金经理简介:柳军先生:中国国籍。监事.复旦大学财务管理硕士.2000-2001年任上海汽车集 团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金核算员,2004年7月加入 华泰柏瑞基金管理有限公司,历任基金率务部总监、上证红利ETF基金经理助理。2009年6月 | | | | | | | 现任基金资产 在管基金最佳 | | | 起任上证红利交易型开放式指数证券投资基金的基金经理。2010年10月起担任指数投资部副 总监。2011年1月至2020年2月任华泰柏瑞上证中小盘ETF基金、华泰柏瑞上证中小盘ETF联 | | | | | | | 总规模 | 任期回报 | | 接基金基金经理。2012年5月起任华泰和瑞沪深300交易型开放式指数证券投资基金、华泰柏 | | | | | | | 4232.91亿 ...

Asia Pacific Equity Research 28 May 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Basic Materials 2025 Global China Summit and Basic Materials Tour takeaways: What else apart from consensus positive on gold? We hosted a basic materials tour and ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Raw material costs are easing, leading to a continuous recovery in steel mill profits. The report indicates that the price decline of steel is less than that of raw materials, which supports profit recovery for steel mills [3][4]. - The steel demand is transitioning between peak and off-peak seasons, with ongoing uncertainties regarding overseas tariff policies. Future attention should be paid to the developments in overseas tariffs and seasonal demand [3][4]. - The report highlights the potential for improved profitability for steel companies due to increased control over crude steel production and a more relaxed supply of raw materials like iron ore and coking coal [3][4]. Summary by Sections Price Trends - As of May 30, steel prices have decreased, with HRB400 rebar priced at 3,130 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price declines [1][8]. Production and Inventory - The total production of five major steel varieties reached 8.81 million tons, an increase of 84,100 tons week-on-week. Total inventory decreased by 280,700 tons to 9.31 million tons [2][3]. Profitability - Long-process steel profits have risen, with rebar, hot-rolled, and cold-rolled margins increasing by 21 CNY/ton, 4 CNY/ton, and 22 CNY/ton respectively. Short-process electric furnace steel margins decreased by 20 CNY/ton [1][3]. Investment Recommendations - The report recommends several companies for investment: - General steel sector: Baosteel, Hualing Steel, Nanjing Steel - Special steel sector: CITIC Special Steel, Yongjin Co., Xianglou New Materials - Pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - High-temperature alloy: Fushun Special Steel [3][4].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Raw material costs are easing, leading to a continuous recovery in steel mill profits. The report notes that the price decline of steel is less than that of raw materials, indicating a potential for profit recovery in the steel industry [3][4]. - The report highlights the seasonal shift in steel demand and the uncertainty surrounding overseas tariff policies, suggesting that attention should be paid to these developments [3][4]. Price Trends - As of May 30, 2025, steel prices have decreased, with specific prices for various steel products: - HRB400 rebar at 3,130 CNY/ton, down 30 CNY/ton from the previous week - High-line 8.0mm at 3,350 CNY/ton, down 40 CNY/ton - Hot-rolled 3.0mm at 3,200 CNY/ton, down 70 CNY/ton - Cold-rolled 1.0mm at 3,580 CNY/ton, down 70 CNY/ton - Common medium plate 20mm at 3,420 CNY/ton, down 40 CNY/ton [1][8][9]. Production and Inventory - As of May 30, 2025, the production of the five major steel varieties increased to 8.81 million tons, with a decrease in total inventory by 280,700 tons to 9.31 million tons. Notably, rebar production decreased by 59,700 tons to 2.2551 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.4868 million tons, reflecting a week-on-week increase of 15,500 tons [2][3]. Profitability - The report indicates that long-process steel profits have risen, with estimated gross margins for rebar, hot-rolled, and cold-rolled steel increasing by 21 CNY/ton, 4 CNY/ton, and 22 CNY/ton, respectively. In contrast, short-process electric furnace steel margins decreased by 20 CNY/ton [1][3]. Investment Recommendations - The report recommends several companies for investment: - For the flat steel sector: Baosteel, Hualing Steel, Nanjing Steel - For the special steel sector: CITIC Special Steel, Yongjin Co., Ltd., Xianglou New Materials - For pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3][4].

Group 1 - The core index, the China Securities National New Central Enterprises Modern Industry Leading Index, rose by 1.33% to 1166.46 points with a trading volume of 20.746 billion yuan [1] - Over the past month, the index has increased by 0.43%, but it has decreased by 4.56% over the past three months and by 5.29% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 representative listed companies in fields such as new mobile technology, new energy, new materials, and high-end equipment from state-owned enterprises [1] Group 2 - The top ten weighted stocks in the index include China Telecom (9.94%), Hikvision (9.38%), China Mobile (9.3%), CRRC (7.34%), China Unicom (6.6%), China Shipbuilding (5.97%), Three Gorges Energy (5.35%), China Heavy Industry (3.59%), Baosteel (3.43%), and SMIC (2.99%) [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (68.55%) and the Shenzhen Stock Exchange (31.45%) [1] Group 3 - The industry composition of the index shows that information technology accounts for 30.35%, communication services for 29.67%, industrials for 24.19%, materials for 7.73%, utilities for 5.54%, healthcare for 2.03%, and consumer staples for 0.49% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in line with sample changes, and temporary adjustments may occur under special circumstances [2]

钢铁行业在经历了 2024 年上半年的深度亏损后，虽在 9 月底因政策驱 动出现反弹，但年底再次面临供需双弱的局面。2025 年前四个月，行 业利润有所修复，但二季度后半段受需求不足和贸易战关税影响，钢价 面临下行压力。 宝钢股份 2024 年全年利润总额为 93 亿元，2025 年一季度利润总额为 32.9 亿元，同比增长 18%，主要得益于原材料成本下降对利润的积极 贡献，显示出公司在严峻行业环境下的盈利能力。 宝钢股份通过大比例参股马钢有限，战略从 1+1+n 迭代到 2+2+m， 旨在通过协同效应打造汽车板、硅钢、精品长材和厚板等产品，提升马 钢有限高端长材产品的竞争优势，并利用现有销售网络提升其销售能力。 宝武集团通过参股马鞍山（1,600 万吨）和山东日照（900 万吨）以及 海外沙特合资厚板项目（计划形成 250 万吨 DRI 产能），新增产能接近 3,000 万吨，旨在满足沙特当地对海工、造船等厚板产品的需求。 宝钢股份在达到 8,000 万吨产能目标后，将重点放在优化和强化现有产 能上，通过协同效应提升效益。例如，山钢日照 2024 年实现 13.6 亿元 宝钢股份 20250527 摘要 ...

Group 1 - The core index, the CN Materials Composite Index, reported at 3281.67 points, with a 2.51% increase over the past month, 1.68% over the past three months, and a 6.63% year-to-date increase [1] - The index is designed to reflect the overall performance of different industry securities from Chinese mainland enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings of the CN Materials Composite Index include Zijin Mining (6.39%), Wanhua Chemical (2.21%), and others, indicating a concentration in specific companies [1] Group 2 - The market distribution of the CN Materials Composite Index shows that the Shanghai Stock Exchange accounts for 49.23%, Shenzhen Stock Exchange for 42.38%, and Hong Kong Stock Exchange for 7.82% [2] - In terms of industry composition, non-ferrous metals represent 41.47%, chemicals 37.94%, and other sectors such as non-metallic materials and steel also contribute to the index [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted under special circumstances [3] - Adjustments to the index samples occur when there are changes in industry classification due to special events or when companies are delisted [3]

长江商报消息 ●长江商报记者 沈右荣 重大技术突破！宝钢股份（600019.SH）实现了。 Wind数据显示，2000年上市以来，宝钢股份累计盈利约2526亿元，累计派发现金红利1239亿元，平均分红率 49.07%。 宝钢股份的财务运营相对稳健。截至2024年底，公司资产负债率为39.66%。 四年投732亿聚焦研发攻关 坚持对标找差，聚焦科技攻关，宝钢股份不断取得突破。 5月22日消息，宝钢股份首发4款无取向硅钢产品，其中型号为B10AHV900M的产品，薄至0.1毫米，铁损值突破了 行业长期无法打破的9瓦/千克大关，导磁性能也是全球最高。这是高端硅钢材料领域的又一次重大技术突破，将 成为人形机器人、低空飞行器等产业的关键材料。 无取向硅钢是一种用量最大的软磁合金，是发电机和电动机的核心材料，其电磁性能对电机效率起到关键性作 用。 5月22日，宝钢股份官微披露，当日，宝钢股份首发4款无取向硅钢产品，这是高端硅钢材料领域的又一次重大技 术突破，将成为人形机器人、低空飞行器等产业的关键材料。 宝钢股份是全球领先的现代化钢铁联合企业，是中国竞争力最强的钢铁企业。公司高度重视研发，2024年，公司 研发投入250 ...

高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究——周报 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 本期内容提 ...

钢铁周报 20250525 铁水逐步下行，钢材利润小幅回暖 2025 年 05 月 25 日 ➢ 价格：本周钢材价格下跌。截至 5 月 23 日，上海 20mm HRB400 材质螺 纹价格为 3160 元/吨，较上周降 40 元/吨。高线 8.0mm 价格为 3390 元/吨， 较上周降 30 元/吨。热轧 3.0mm 价格为 3270 元/吨，较上周降 40 元/吨。冷轧 1.0mm 价格为 3650 元/吨，较上周降 20 元/吨。普中板 20mm 价格为 3460 元 /吨，较上周降 10 元/吨。本周原材料中，国产矿市场价格震荡，进口矿市场价 格下跌，废钢价格下跌。 ➢ 利润：本周板材利润上升。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 0 元/吨，+23 元/吨和+69 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化-20 元/吨。 ➢ 产量与库存：截至 5 月 23 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 872 万吨，环比升 4.09 万吨，其中建筑钢材产量 周环比增 9.71 万吨，板材产量周环比降 5.62 万吨，螺纹钢本周增 ...