Market Overview - The Shanghai Composite Index rose by 0.13% on August 21, with 17 out of the 28 sectors experiencing gains, led by Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.50%, and Oil and Petrochemicals, which rose by 1.39% [1] - The Steel sector saw an increase of 0.54% [1] - The sectors that declined included Machinery Equipment and Electric Equipment, with decreases of 1.08% and 0.98%, respectively [1] Capital Flow - The main capital flow showed a net outflow of 66.42 billion yuan across the two markets, with five sectors experiencing net inflows [1] - The Retail sector had the highest net inflow, amounting to 750 million yuan, and increased by 0.70% [1] - The Utilities sector followed with a net inflow of 557 million yuan and a daily increase of 0.89% [1] - A total of 26 sectors experienced net outflows, with the Electronics sector leading with a net outflow of 14.99 billion yuan, followed by Electric Equipment with an outflow of 8.38 billion yuan [1] Steel Industry Analysis - The Steel sector had a net inflow of 423 million yuan, with 27 out of 44 stocks rising [2] - Among the stocks, Baogang Co. had the highest net inflow of 405 million yuan, followed by Hangang Co. and Baosteel Co. with inflows of 135 million yuan and 29.43 million yuan, respectively [2] - Eight stocks in the Steel sector experienced net outflows exceeding 10 million yuan, with the largest outflows from Nanjing Steel, Shagang Group, and Vanadium Titanium Co., amounting to 51.68 million yuan, 40.75 million yuan, and 35.31 million yuan, respectively [2] Steel Stock Performance - The top-performing stocks in the Steel sector based on capital flow included: - Baogang Co. with a daily increase of 1.52% and a turnover rate of 6.09%, net inflow of 404.81 million yuan [2] - Hangang Co. with a daily increase of 3.48% and a turnover rate of 6.43%, net inflow of 135.09 million yuan [2] - Baosteel Co. with a daily increase of 0.42% and a turnover rate of 0.27%, net inflow of 29.43 million yuan [2] - Conversely, stocks with significant net outflows included: - Nanjing Steel with a net outflow of 51.68 million yuan [3] - Shagang Group with a net outflow of 40.75 million yuan [3] - Vanadium Titanium Co. with a net outflow of 35.31 million yuan [3]

Group 1 - Baosteel Co., Ltd. closed at 7.16 yuan on August 20, with an increase of 0.70% compared to the previous trading day [1] - The trading volume for the day was 676,378 hands, with a transaction amount of 482 million yuan [1] - Baosteel is a leading steel manufacturing company in China, primarily engaged in the production and sales of steel products [1] Group 2 - The company's products are widely used in various industries, including automotive, home appliances, machinery manufacturing, and energy transportation [1] - Baosteel announced that it will hold a 2025 semi-annual performance briefing on August 29 from 15:00 to 17:00 [1] - Market participants expect the briefing to disclose the company's operating conditions for the first half of the year and future development plans [1]

证券日报网讯8月20日晚间，宝钢股份（600019）发布公告称，公司计划于2025年8月29日15：00-17： 00举行2025年半年度业绩说明会。 ...

重要内容提示： 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-047 宝山钢铁股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 网址： https://roadshow.eastmoney.com/luyan/4848932 会议召开方式：全景投资者关系互动平台视频直播、万得 3C 会 议与东方财富视频转播（15:00-16:30），上证路演中心视频转播和网 络互动（15:00-17:00）。 投资者可于 2025 年 08 月 22 日(星期五) 至 08 月 28 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@baosteel.com 进行提问。公司将在说明会上对投资者普 1 会议召开时间：2025 年 08 月 29 日(星期五) 下午 15:00-17:00 会议召开地点： 上海证券交易所上证路演中心 网址：https://roadshow.sseinfo.com/ 全景投资者关系互动平台 ...

Group 1: Core Insights - Hebei Steel Group has signed a large-scale hydrogen metallurgy green steel export order to the EU, setting a record for China's single export of green steel, achieving a 50% carbon reduction per ton of steel [1][2] - The steel industry is under increasing pressure to transition to greener practices, with the national carbon market expanding to include the steel sector, accelerating the industry's low-carbon transformation [1][3] Group 2: Industry Developments - China's steel industry is experiencing rapid green transformation, with companies like Jiuquan Steel Group and Baosteel launching significant projects aimed at increasing renewable energy usage and reducing carbon emissions [2][3] - By the end of this year, it is expected that 80% of steel production capacity will undergo ultra-low emission transformation, with over 300 billion yuan invested in such upgrades [3][4] Group 3: Market Dynamics - The inventory of key steel enterprises has decreased, indicating a shift in market dynamics as companies adjust strategies to focus on high-quality, green steel production [4][5] - The competitiveness of green steel products is increasing, with the successful export of hydrogen metallurgy green steel validating the potential for large-scale application of green steel production technologies [4][7] Group 4: Challenges and Opportunities - The green steel technology is still in the industrialization phase, facing challenges such as high production costs and the need for infrastructure adaptation [5][6] - The next five to ten years are critical for the transformation of China's green steel industry, with significant breakthroughs expected in hydrogen metallurgy and the establishment of a comprehensive green steel standard system [7][8]

Industry Overview - The stainless steel composite plate is formed by metallurgical bonding of carbon steel base and stainless steel cladding, combining the mechanical strength of carbon steel and the corrosion resistance of stainless steel, widely used in petroleum, chemical, coking, and power equipment manufacturing [3][11] - The industry has seen significant growth, with the market size in China expected to increase from 9.5 billion yuan in 2019 to 17.95 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 13.57% [17][20] Industry Development History - The development of the stainless steel composite plate industry in China began in the 1960s, initially dominated by explosive composite technology, with production scale and application range limited by technology and equipment conditions [8] - The industry entered a rapid development phase after 2015, with over 40 domestic companies capable of production, and products widely used in chemical, energy, and marine engineering sectors [8][20] Industry Chain - The upstream of the stainless steel composite plate industry includes raw materials and equipment, such as carbon steel and stainless steel, while the midstream involves the production and manufacturing processes [10] - The downstream applications encompass various sectors, including petroleum and chemical, food processing, construction, and transportation [10] Market Demand and Supply - The demand for stainless steel composite plates in China is projected to grow from 520,000 tons in 2019 to 840,000 tons in 2024, with a CAGR of 10.07% [16] - The stainless steel crude steel output in China is expected to reach 39.44 million tons in 2024, a year-on-year increase of 7.54% [11][14] Key Companies - Major players in the industry include Nanjing Steel, Taiyuan Iron and Steel, and specialized companies like Tianli Composite and Baotai Group, which focus on high-end applications and technological innovation [20][21][24] - The competitive landscape is characterized by a mix of large state-owned enterprises and specialized composite material companies, with a focus on technology and product differentiation [20] Industry Trends - The industry is moving towards high performance, with advancements in material composition and composite technology to meet the stringent demands of high-end manufacturing [26] - Efficiency improvements are a core focus, with the adoption of advanced processes like continuous rolling and automated production lines to reduce costs and production cycles [27] - Environmental trends are pushing the industry towards green manufacturing, with a shift to low-energy consumption processes and recyclable materials [28]

Group 1 - The Shanghai government is establishing a new model for marine waste management, focusing on collaboration between government, enterprises, and society to create a sustainable system for marine plastic pollution [1] - The "Shanghai Marine Alliance" has been launched to facilitate dialogue and cooperation among various stakeholders in the marine waste industry chain [1][2] - Companies like Baosteel, China Agricultural Development Bank, Unilever, and PepsiCo are among the first members of the "Shanghai Marine Alliance," playing key roles in transforming marine waste into valuable resources [2] Group 2 - The use of blockchain technology by Zhejiang Blue View Technology Co., Ltd. is highlighted for tracking marine waste from collection to recycling, ensuring data integrity and preventing fraudulent environmental claims [2] - The Shanghai Carbon Benefit Platform has introduced a system where citizens can earn carbon credits for participating in green activities, which can be redeemed for various benefits [2] - Research is being conducted to link marine waste management with carbon benefits, potentially allowing citizens participating in beach clean-up activities to earn carbon credits [2]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][4]. Core Viewpoints - The expectation of environmental production restrictions has cooled, leading to a focus on demand recovery. Despite high production levels, the steel demand has dropped to seasonal lows, and the market is advised to monitor the transition between peak and off-peak seasons for signs of demand recovery [3][4]. - Long-term capacity management remains a key theme, with a combination of market-oriented and administrative measures expected to optimize crude steel supply, potentially improving profitability for steel companies [3][4]. Summary by Sections Price Trends - As of August 15, 2025, steel prices showed mixed trends, with rebar prices at 3,300 CNY/ton (down 30 CNY), high wire at 3,470 CNY/ton (down 30 CNY), hot-rolled at 3,460 CNY/ton (down 10 CNY), cold-rolled at 3,880 CNY/ton (up 10 CNY), and medium plate at 3,520 CNY/ton (up 30 CNY) [1][10]. Production and Inventory - The total production of five major steel varieties reached 8.72 million tons, an increase of 24,200 tons week-on-week. However, rebar production decreased by 7,300 tons to 2.2045 million tons. Total social inventory rose by 282,900 tons to 9.8978 million tons [2][3]. Profitability - The report indicates a decline in long product profitability, with rebar, hot-rolled, and cold-rolled margins changing by -24 CNY/ton, +3 CNY/ton, and -3 CNY/ton respectively. Electric arc furnace steel margins also decreased by 18 CNY/ton [1][3]. Investment Recommendations - The report recommends focusing on companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, and others, while also suggesting attention to high-temperature alloy stocks like Fushun Special Steel [3][4].

Investment Rating - The industry investment rating is maintained as "Buy" for key stocks in the steel sector [6]. Core Insights - The steel industry is entering a golden period in the capital market, characterized by capital surplus during the industrialization maturity phase. This phase is expected to enhance market valuations and profitability for leading companies [2][4]. - The report highlights a significant increase in profits for the black metal smelting and rolling industry, reaching 46.28 billion yuan, a year-on-year increase of 1370%, marking the highest growth rate among all industrial categories [2]. - The report emphasizes the importance of supply-side policies, particularly the "anti-involution" policy, which is expected to accelerate the reduction of excess supply and improve industry profitability [2][4]. Supply Analysis - Daily average pig iron production slightly increased to 2.407 million tons, with a marginal rise in long-process production [12]. - The capacity utilization rate for 247 sample steel mills is reported at 90.2%, reflecting a 0.2 percentage point increase from the previous period [18]. - The total inventory of five major steel products continues to accumulate, with a week-on-week increase of 3.0% [25]. Demand Analysis - Apparent consumption of five major steel products decreased by 1.7% week-on-week, indicating a seasonal decline in rebar demand, while hot-rolled demand showed improvement [41][52]. - The average weekly transaction volume for construction steel was 102,000 tons, down 1.1% from the previous week [43]. Price and Profit Analysis - The comprehensive steel price index increased slightly by 0.1% week-on-week, with the current index at 126.2 [72]. - The immediate gross profit margins for long-process rebar and hot-rolled products are reported as negative, indicating cost pressures despite slight price increases [72][74]. Key Stocks - Recommended stocks include: - Xinguang Steel (600782.SH) - Buy - Nanjing Steel (600282.SH) - Buy - Hualing Steel (000932.SZ) - Buy - Baosteel (600019.SH) - Buy - Jiuli Special Materials (002318.SZ) - Buy - Liugang (601003.SH) - Buy - Yongjin (603995.SH) - Buy - Changbao (002478.SZ) - Buy [9].

Investment Rating - The report maintains a recommendation for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel market is currently experiencing a seasonal downturn, with demand showing weakness due to high temperatures and rainfall affecting consumption [3]. - Despite stable production levels, there is potential for supply contraction in the coming week due to environmental regulations impacting steel production in certain regions [3]. - The report highlights a significant improvement in industry profitability in the first half of the year, driven by lower raw material prices and enhancements in production processes [4]. - The concept of "anti-involution" is expected to reshape the industry landscape, providing both short-term and long-term investment logic [4]. Industry Key Data Tracking Production Data - As of August 15, the total production of five major steel products reached 8.7163 million tons, with a week-on-week increase of 24,000 tons [2]. - The average daily pig iron output from 247 steel enterprises was 2.4066 million tons, reflecting a slight increase of 3,400 tons week-on-week [2]. Consumption Data - The total consumption of the five major steel products was 8.3102 million tons, showing a week-on-week decrease of 147,200 tons [2]. - The apparent consumption of rebar, wire rod, hot-rolled, cold-rolled, and medium plate experienced varied changes, with rebar consumption decreasing by 208,500 tons [2]. Inventory Situation - Total steel inventory reached 14.1597 million tons, with a week-on-week increase of 406,100 tons [2]. - Social inventory rose by 283,400 tons to 9.9084 million tons, while steel mill inventory increased by 122,700 tons to 4.2513 million tons [2]. Profitability Situation - The average pig iron cost for 114 steel mills was reported at 2,321 yuan per ton, with a week-on-week increase of 3 yuan [2]. - As of August 15, the gross profit per ton for rebar, hot-rolled, and cold-rolled products was +121 yuan, +151 yuan, and +59 yuan respectively, indicating a week-on-week decrease for rebar and hot-rolled products [2]. - Approximately 65.8% of the sampled steel enterprises were profitable, reflecting a week-on-week decline of 2.6 percentage points [2].