见面会现场，山东钢铁（600022）集团日照有限公司制造管理部副部长杨云、日照钢铁控股集团有限公 司技术中心主任郑旭涛、山东力山特智能科技股份有限公司副总经理张珍、日照市昱岚新材料有限公司 副总经理盛爱萍、日照市钢铁产业发展服务中心副主任赵晓丽、日照市发展改革委外经财金科负责人臧 伟围绕加大科创研发力度、加速优化产品结构、践行产业绿色低碳发展理念、做强延链补链文章等内容 先后发言，讲述企业创新驱动、绿色发展的技术竞争力优势，交流他们对钢铁产业发展的热忱与信心， 分享持续推动日照钢铁产业提质增效、扩能升级的未来规划。大家一致表示，将紧紧锚定发展新质生产 力方向，坚定信心在数字转型上迭代升级、技术创新上攻坚发力、链条价值上深度延伸、绿色低碳上筑 牢根基，持续做优钢铁产业生态圈，拉长钢铁产业链、提升价值链，为钢铁产业高质量发展注入强劲动 能。 齐鲁晚报·齐鲁壹点 邹慧 钢铁产业是日照市经济发展的"压舱石"。7月31日，日照市新闻办联合市工业和信息化局，举办"产业链 上的山东（日照）好品牌"——日照市推动钢铁产业绿色低碳高质量发展记者见面会，邀请来自钢铁制 造产业链重点企业以及相关政府部门的6位代表，介绍日照市钢铁产 ...

责任编辑：刘万里 SF014 7月30日，山钢股份干部会议召开。山钢集团党委副书记、董事、党委组织部部长迟明杰宣读了山钢集 团党委关于调整山钢股份领导班子的决定。经山钢集团党委研究决定：李洪建同志任山东钢铁股份有限 公司党委委员、副书记。 ...

7月30日，山钢股份干部会议召开。山钢集团党委副书记、董事、党委组织部部长迟明杰宣读了山钢集 团党委关于调整山钢股份领导班子的决定。经山钢集团党委研究决定：李洪建同志任山东钢铁股份有限 公司党委委员、副书记。 ...

Core Points - Shandong Steel reported a closing price of 1.57 yuan as of July 30, 2025, with a 0.64% increase and a turnover rate of 1.2% [1] - The company experienced a net outflow of 10.52 million yuan in main funds, accounting for 5.16% of the transaction amount [1] - The latest quarterly report showed total revenue of 19.255 billion yuan, a year-on-year decrease of 15.66%, while net profit attributable to shareholders was 14.4148 million yuan, a year-on-year increase of 97.74% [1] Financial Performance - Total revenue for Q1 2025 was 19.255 billion yuan, down 15.66% year-on-year [1] - Net profit attributable to shareholders was 14.4148 million yuan, up 97.74% year-on-year [1] - The company's current ratio is 0.445, quick ratio is 0.296, and debt-to-asset ratio is 58.53% [1] Company Overview - Shandong Steel was established in 2000 and is located in Jinan, primarily engaged in black metal smelting and rolling processing [2] - The company has a registered capital of approximately 1.069884 billion yuan and a paid-in capital of approximately 1.1008112 billion yuan [1] - The company has made investments in 35 enterprises and participated in 4,768 bidding projects [2]

Group 1 - The concept stocks related to the Yarlung Tsangpo River hydropower project continue to gain popularity, with over twenty stocks hitting the daily limit up, including Tiedao Heavy Industry and Deepwater Survey Institute, both reaching a 20% increase [4][6] - The total investment for the Yarlung Tsangpo River downstream hydropower project is approximately six times that of the Three Gorges Project, with an expected annual investment of 60 billion to 80 billion yuan over a construction period of 15 to 20 years [7] - Major players in the steel sector, such as China Electric Power Construction and China Energy Engineering, have seen their stock prices rise significantly, with total market values reaching 116.6 billion yuan and 128.8 billion yuan respectively [6][7] Group 2 - The steel sector experienced a sharp increase, with stocks like Shengde Xintai and Liugang Co. hitting the daily limit up, while the overall steel prices have risen week-on-week [8] - The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including steel, aimed at optimizing supply and eliminating outdated production capacity [8] - Meibang Co. saw a dramatic drop in stock price, falling from a limit up of 31.1 yuan to a limit down of 25.86 yuan, reflecting volatility in high-position stocks [9]

内容概要：双抗管线钢是管线钢系列中性能质量要求最为严格、生产难度最大的一类品种，作为具备优 异性能的双抗管线钢，在石油天然气输送领域广泛应用，近年来，随着我国油气管道建设不断推进，双 抗管线钢市场快速发展。据统计，2024年我国双抗管线钢行业市场规模达28.86亿元，同比增长 11.25%，未来，随着"一带一路"倡议的推进，众多沿线国家油气合作项目纷纷落地，我国双抗管线钢企 业凭借技术和成本优势，积极参与沿线国家油气管道建设，产品出口量有望不断增加，海外市场有望成 为我国双抗管线钢行业新的增长点。 上市企业：河钢股份（000709）、山东钢铁（600022）、宝钢股份（600019）、沙钢股份（002075） 关键词：双抗管线钢市场政策、双抗管线钢产业链、双抗管线钢发展现状、双抗管线钢竞争格局、双抗 管线钢发展趋势 一、概述 双抗管线钢是指同时具备抗硫化氢应力腐蚀开裂（SSCC）和抗硫化物应力腐蚀开裂（SCC）能力的钢 材，属于特种钢材，这类钢材主要用于输送含腐蚀性介质的油气管道系统，能在恶劣的腐蚀环境中保证 管道的安全性和耐久性，是油气长输管道建设中的关键材料。 | | 双抗钢管的优点及应用方向 | | - ...

Core Viewpoint - The steel sector is experiencing a significant rally, with several companies reaching their daily price limits, indicating strong market sentiment and potential investment opportunities [1] Industry Developments - The China Iron and Steel Association held a meeting on July 15 to discuss the "14th Five-Year Plan" for the steel industry, emphasizing the need to control capacity increases and facilitate exits from the market to prevent overcapacity risks [1] - The meeting highlighted the importance of establishing a new capacity governance mechanism to maintain a healthy competitive environment in the steel industry [1] Market Outlook - According to Minsheng Securities, policies aimed at stabilizing growth and reducing competition pressure on tail-end capacities are expected to optimize crude steel supply, leading to a potential recovery in steel companies' profitability [1] - Xinda Securities forecasts a stable improvement in the steel industry's structure, noting that some companies are currently undervalued, presenting structural investment opportunities, particularly for high-margin special steel firms and leading companies with strong cost control [1]

Investment Rating - The report maintains a "Buy" rating for Shandong Steel [5][10] Core Views - The company has successfully turned losses into profits in the first half of 2025, with a significant increase in gross margin and net profit compared to previous quarters [9] - The company is focusing on cost reduction and efficiency improvement, with a target to lower the cost per ton of steel by over 60 yuan in the first half of 2025 [9] - The report anticipates that the company will benefit from favorable industry conditions and cost reductions, leading to sustained profit growth [9] Financial Forecast and Investment Recommendations - The forecast for the company's earnings per share for 2025-2027 is adjusted to 1.77, 1.85, and 1.94 yuan respectively, with a target price of 1.77 yuan based on a 1X PB valuation [3][10] - The company is expected to achieve a net profit of 25 million yuan in 2025, recovering from losses in previous years [4][10] - The report highlights a projected increase in net profit to 845 million yuan in 2026 and 1.464 billion yuan in 2027, indicating strong growth potential [4][10]

Group 1 - Shandong Steel Group's two listed companies reported significant performance improvements for the first half of 2025, with Shandong Steel turning a profit and Jinling Mining's net profit increasing by over 66% year-on-year [1][5] - Shandong Steel's total profit in June saw a month-on-month increase of 44.45%, maintaining profitability for four consecutive months since March, with a cumulative year-on-year reduction in losses of 94.38% for the first half of the year [1][3] - The group aims to achieve its annual goals of "increasing salaries and turning losses into profits," supported by a strong operational performance [1][3] Group 2 - Following the entry of Baowu Group as a shareholder, Shandong Steel Group has entered a new development phase, with a leadership change in early 2024 that introduced clear strategic goals focused on profitability and operational efficiency [2] - The new leadership emphasizes the importance of supporting the listed companies, aiming to transform them into industry benchmarks through comprehensive reforms [2][3] - Key personnel adjustments have been made to enhance the strategic execution and management capabilities of the listed companies, providing strong organizational support for performance improvement [2] Group 3 - The non-steel diversified industries of Shandong Steel Group also performed well, achieving a profit increase of 37.24% year-on-year in the first half of 2025, contributing significantly to overall profitability [3] - Shandong Steel is expected to report a total profit of approximately 293 million yuan for the first half of 2025, a substantial increase of about 1.354 billion yuan year-on-year, successfully turning losses into profits [4] - The company has implemented a series of measures to improve operational efficiency, including enhancing procurement and marketing strategies, resulting in a significant increase in profit margins [4] Group 4 - Jinling Mining is projected to achieve a net profit of between 133 million and 169 million yuan for the first half of 2025, reflecting a year-on-year growth of 66.48% to 111.54% despite a decline in iron concentrate prices [5][6] - The company has adopted a strategic transformation approach, focusing on internal motivation and resource development, successfully obtaining exploration rights for a key iron ore project [6] - Both Shandong Steel and Jinling Mining have amended their articles of association to ensure that cash dividends distributed to shareholders will not be less than 50% of the remaining after-tax profits [6]

Core Viewpoint - The steel industry has seen a profit rebound in the first half of the year, driven by cost reductions, export boosts, and proactive cost-cutting measures by companies, with self-discipline in production being a key factor for profit improvement [1][4][6]. Group 1: Company Performance - Several listed steel companies have issued positive performance forecasts for the first half of the year, with notable increases in net profits: - Shougang Co. expects a net profit of 642 million to 672 million yuan, a year-on-year increase of 62.62%-70.22% [2] - Minmetals Development anticipates a net profit of 107 million yuan, up 111% [2] - Liugang Co. projects a net profit of 340 million to 400 million yuan, a staggering increase of 530%-641% [2] - Fangda Special Steel expects a net profit of 380 million to 430 million yuan, an increase of 133.33%-164.03% [2] - Other companies like Xinyu Steel, Shandong Steel, and others forecast a turnaround in profitability for the first half of 2025 [2]. Group 2: Industry Trends - The steel industry is experiencing a reduction in production and structural adjustments, with weak steel prices prevailing [2][4]. - The overall profit for the black metal smelting and rolling industry from January to May reached 31.69 billion yuan, better than the 29.19 billion yuan for the entire year of 2024 [4]. - The self-discipline in production among steel companies is seen as a core factor for profit improvement, despite ongoing supply-demand structural contradictions [4][5]. Group 3: Future Outlook - The outlook for steel prices in the second half of the year is uncertain, with expectations of limited upward movement due to weak domestic demand and potential challenges in maintaining high export levels [6][7]. - Analysts suggest that self-discipline in production will remain a critical variable influencing price trends, with a focus on quality and efficiency rather than merely high production volumes [7][8]. - The industry is urged to enhance integration, improve industry concentration, and phase out inefficient production capacities to achieve high-quality development [8].