点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025H1公司钢坯材产量为427.48万吨，同比-13.93%；吨钢售价为3376.56元，同比-9.02%。其中热轧产量为 319.44万吨，同比-17.57%，吨钢售价为3228.72元，同比-10.02%；冷轧产量为108.04万吨，同比-1.02%，吨钢 售价为3814.20元，同比-7.41%。 高端产品销量全面提升，并构建了完善精品钢材产品体系 公司成立产销研专项攻关团队，高端品种材销量全面提升。2025H1热卷高端品种增幅97.6%，优钢、硅钢增幅 超20%，中厚板增幅18.4%，优棒品种率增至70%。公司构建了完善的精品钢材产品体系，其中船用钢板、压 力容器板市场占有率位列前茅，荣获"2021中国卓越钢铁企业 ...

Group 1 - New Steel Co. (600782.SH) reported a revenue of 17.51 billion yuan in H1 2025, a year-on-year decrease of 18.33%, but achieved a net profit attributable to shareholders of 111 million yuan, marking a turnaround from losses [5] - Keda Manufacturing (600499.SH) achieved a revenue of 8.19 billion yuan in H1 2025, with a year-on-year growth of 49.0%, and a net profit of 750 million yuan, up 63.9% [5] - Sungrow Power Supply (300274.SZ) reported a revenue of 43.53 billion yuan in H1 2025, a year-on-year increase of 40.34%, with a net profit of 7.735 billion yuan, up 55.97% [6] Group 2 - Yizumi Precision Machinery (300415.SZ) achieved a revenue of 2.75 billion yuan in H1 2025, a year-on-year increase of 15.9%, with a net profit of 340 million yuan, up 15.2% [7] - Anta Sports (2020.HK) reported a revenue of 38.54 billion yuan in H1 2025, a year-on-year increase of 14.3%, with a net profit of 7.03 billion yuan, up 14.5% [7] - Jiu Gui Jiu (000799.SZ) reported a total revenue of 561 million yuan in H1 2025, a year-on-year decline of 43.54%, with a net profit of 8.955 million yuan, down 92.6% [8] Group 3 - Rongchang Biopharmaceutical (688331.SH, 9995.HK) reported a revenue of 1.098 billion yuan in H1 2025, a year-on-year increase of 48.02%, but incurred a net loss of 450 million yuan [9]

2025 年 8 月 28 日 公司研究 Q2 扣非后归母净利润同环比均扭亏为盈 ——新钢股份（600782.SH）2025 年中报业绩点评 要点 事件： 2025H1 公司实现营业收入 175.12 亿元，同比-18.33%；实现归母净利润 1.11 亿元，同比实现扭亏为盈；实现扣非后归母净利润-0.61 亿元，同比亏损收 窄。2025Q2 公司实现营业收入 87.63 亿元，同比-13.66%，环比+0.17%；实现 归母净利润 0.99 亿元，同比+22.30%，环比+690.99%，实现扣非后归母净利润 0.11 亿元，同环比均实现扭亏为盈。 风险提示：原料价格大幅上涨；钢铁行业需求超预期回落；公司产品结构优化不 及预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71,143 | 41,804 | 37,990 | 39,084 | 40,377 | | 营业收入增长率 | -28.14% | -41.24% | -9.12% ...

上市公司：中信特钢（000708），河钢股份（000709），中南股份（000717），本钢板材（000761）， 三钢闽光（002110），久立特材（002318），金洲管道（002443），常宝股份（002478），盛德鑫泰 （300881），安阳钢铁（600569），八一钢铁（600581），新钢股份（600782），马钢股份（600808） 相关报告：智研咨询发布的《2025-2031年中国黑色金属矿采选业行业市场全景调查及投资前景预测报 告》 2025年上半年，黑色金属冶炼和压延加工业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为6265个，和上年同期相比，增加了56个，同比增长0.9%，占工业总企业的比重为1.2%。 2016-2025年上半年黑色金属冶炼和压延加工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、 ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-08-25 09:00——2025-08-26 15:00） 2 | | |  | 海外策略研究：《降息押注支撑全球股市上行》2025-08-25 2 | | |  | 海外策略研究：《一页纸精读行业比较数据：8 月》2025-08-25 2 | | |  | 行业双周报：家用电器业《多公司中报业绩亮眼，7 月家空产销好于排产》2025-08-26 3 | | |  | 行业跟踪报告：建筑工程业《财政地产等建筑产业链全景数据库 20250826》2025-08-26 4 | | |  | 行业跟踪报告：造纸业《废纸系盈利修复，木浆系浆价连续提涨》2025-08-26 5 | | |  | 行业跟踪报告：传播文化业《国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业》2025-08-26... 6 | | |  | 行业跟踪报告：建筑工程业《规范 PPP 存量项目建设运营，发挥重大工程引领作用》2025 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, indicating a potential recovery in the steel industry's fundamentals [3][4]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker upward trend in the industry [3]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products reached 8.5299 million tons, an increase of 2.64% week-on-week [24]. - The total steel inventory was 14.4104 million tons, with a week-on-week increase of 2.25% [11]. - The operating rate of blast furnaces in 247 steel mills was 83.36%, a decrease of 0.23 percentage points week-on-week [28]. Production and Profitability - The total steel production was 8.7806 million tons, an increase of 0.73% week-on-week [30]. - The average gross profit for rebar was 243.7 CNY/ton, down 13.4% week-on-week, while hot-rolled coil gross profit was 201.7 CNY/ton, down 13.5% week-on-week [35]. Demand and Supply Dynamics - The report notes a decline in real estate demand, but infrastructure and manufacturing sectors are expected to maintain stable growth [3]. - Steel exports from China maintained a year-on-year growth of 9.2% in the first half of the year [3]. Raw Material Prices - Iron ore prices decreased, with the spot price dropping to 765 CNY/ton, a decline of 1.54% [42]. - Coking coal prices remained stable at 1430 CNY/ton, while coking prices increased to 1660 CNY/ton, a rise of 3.11% [42]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel and Hesteel, as well as companies with low valuations and high dividends like CITIC Special Steel [3].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 钢铁 资本过剩推动资本市场繁荣 行情回顾（8.18-8.22）： 中信钢铁指数报收 1,818.55 点，上涨 1.89%，跑输沪深 300 指数 2.29pct，位列 30 个中信一级板块涨跌幅榜第 21 位。 重点领域分析： 投资策略：本周市场继续大涨，科技板块表现突出，而钢铁板块相对落后，商品价 格也在反弹冲高后调整。我们倾向于认为六月份商品价格是今年的低点，反弹冲 高回落后商品新低概率不大。上半年经济内外需双双发力，GDP 增速达到 5.3%。 其中上半年单季度中国经常项目顺差都在 1650 亿美元左右，去年上半年则在 550 亿美元左右，预估上半年出口对经济的贡献 2200 亿美元，即 1.6 万亿人民币，对 经济的贡献年化达到 2%左右。同时内需上财政政策靠前发力，总发债预算额中， 上半年完成 7.79 万亿，去年同期 3.4 万亿，财政前置进一步起到事半功倍的效果， 宽财政是上半年推动经济持续反弹，中期推动经济恢复正常的关键。但四月份市 场对于关税的不确定性缺少信心，产业链主动清理库存是造成商品价格超调的核 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company turned a profit in the first half of 2025, achieving a net profit of 111 million yuan, compared to a net loss of 75.47 million yuan in the same period last year [1] - The company's product structure continues to improve, focusing on high-value products, with significant increases in sales of premium steel varieties [3] - The company's profitability is expected to recover in the short term, supported by internal resource integration and a shift towards high-end product offerings [4] Financial Performance - In the first half of 2025, the company reported operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33% [1] - The net profit for Q2 2025 was 99 million yuan, a year-on-year increase of 22.3% and a quarter-on-quarter increase of 690.99% [2] - The company’s sales gross margin improved, with quarterly sales gross margins of -2.87%, 5.18%, 3.06%, and 3.42% from Q3 2024 to Q2 2025 [2] Production and Sales - The company produced 4.2748 million tons of steel in the first half of 2025, a year-on-year decrease of 13.93%, while sales reached 4.3433 million tons, down 12.04% year-on-year [3] - The sales volume of high-end products increased significantly, with hot-rolled high-end products up 97.6% and premium steel varieties increasing by over 20% [3] Future Projections - The company is projected to achieve net profits of 740 million yuan, 950 million yuan, and 1.19 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The estimated market capitalization corresponding to the mid-level valuation for the next three years is around 17.2 billion yuan [4]

Core Viewpoint - Xinyu Steel Co., Ltd. reported a decline in revenue and a return to profitability in the first half of 2025, driven by strategic adjustments in production and cost management [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33% [1]. - The net profit attributable to shareholders was 111 million yuan, compared to a loss of 75.4729 million yuan in the same period last year [1]. Industry Context - The steel industry continues to face weak downstream demand and high supply levels, leading to fluctuating steel prices and slow recovery in overall profitability [2]. - The company is responding to market pressures by reducing production scale to mitigate risks associated with price declines [2]. Operational Strategies - Xinyu Steel is focusing on enhancing efficiency rather than scale, optimizing production processes to improve operational metrics such as blast furnace utilization [2]. - The company has implemented cost reduction initiatives, including competitive procurement strategies and targeted cost control measures for raw materials [2][3]. Product Development - The steel industry is shifting towards high-end, intelligent, and green products, with Xinyu Steel actively promoting differentiation in its product offerings [4]. - In the first half of 2025, the company reported significant increases in sales of high-end products, with hot-rolled high-end varieties up by 97.6% and other premium products also showing substantial growth [4]. Future Outlook - Xinyu Steel aims to establish itself as a global leader in high-quality silicon steel and thick plates, planning to exit low-end trading businesses and focus on high-value-added products [5].