钢铁周报 20250720 稳增长方案即将出台，钢铁产能有望优化 2025 年 07 月 20 日 ➢ 价格：本周钢材价格上涨。截至 7 月 18 日，上海 20mm HRB400 材质螺 纹价格为 3270 元/吨，较上周升 30 元/吨。高线 8.0mm 价格为 3430 元/吨， 较上周升 20 元/吨。热轧 3.0mm 价格为 3380 元/吨，较上周升 30 元/吨。冷轧 1.0mm 价格为 3730 元/吨，较上周升 50 元/吨。普中板 20mm 价格为 3360 元 /吨，较上周升 30 元/吨。本周原材料中，国产矿市场价格稳中有升，进口矿市 场价格上涨，废钢价格上涨。 ➢ 利润：本周钢材利润震荡。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-19 元/吨，-7 元/吨和+7 元/吨。短流程方面，本 周电炉钢毛利环比前一周变化+11 元/吨。 ➢ 产量与库存：截至 7 月 18 日，五大钢材产量下降，总库存环比下降。产量 方面，本周五大钢材品种产量 868 万吨，环比降 4.53 万吨，其中建筑钢材产量 周环比减 4.45 万吨，板材产量周环比降 0.08 万吨，螺纹 ...

钢铁周报 20250713 "反内卷"持续发酵，钢价偏强运行 2025 年 07 月 13 日 ➢ 价格：本周钢材价格上涨。截至 7 月 11 日，上海 20mm HRB400 材质螺 纹价格为 3240 元/吨，较上周升 60 元/吨。高线 8.0mm 价格为 3410 元/吨， 较上周升 50 元/吨。热轧 3.0mm 价格为 3350 元/吨，较上周升 60 元/吨。冷轧 1.0mm 价格为 3680 元/吨，较上周升 70 元/吨。普中板 20mm 价格为 3330 元 /吨，较上周升 10 元/吨。本周原材料中，国产矿市场价格稳中有升，进口矿市 场价格上涨，废钢价格下跌。 ➢ 利润：本周钢材利润震荡。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-14 元/吨，-13 元/吨和+33 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化+13 元/吨。 ➢ 产量与库存：截至 7 月 11 日，五大钢材产量下降，总库存环比下降。产量 方面，本周五大钢材品种产量 873 万吨，环比降 12.44 万吨，其中建筑钢材产量 周环比减 6.69 万吨，板材产量周环比降 5.75 万吨，螺 ...

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The "anti-involution" policy has driven an increase in steel prices, leading to a positive outlook for value recovery in the steel sector [3][4]. - The steel sector outperformed the broader market, with a weekly increase of 5.27%, compared to a 1.54% rise in the CSI 300 index [11]. - The report highlights that while the steel industry faces supply-demand imbalances, the implementation of "stability growth" policies is expected to support steel demand, particularly in real estate and infrastructure [4]. Summary by Sections Market Performance - The steel sector saw a weekly increase of 5.27%, outperforming the market, with specific segments like long products rising by 8.32% and flat products by 6.95% [3][11]. - The average daily pig iron production was 2.4085 million tons, showing a week-on-week decrease of 1.44 tons but a year-on-year increase of 1.41 tons [3][26]. Supply Data - As of July 4, the capacity utilization rate for blast furnaces was 90.3%, down 0.54 percentage points week-on-week, while electric furnace utilization was at 51.1%, down 3.45 percentage points [3][26]. - The total production of five major steel products reached 7.734 million tons, a week-on-week increase of 3.06 thousand tons [3][26]. Demand Data - The consumption of five major steel products increased to 8.853 million tons, a week-on-week rise of 5.41 thousand tons [3][35]. - The transaction volume of construction steel by mainstream traders was 107 thousand tons, up 0.81 thousand tons week-on-week, reflecting an increase of 8.23% [3][35]. Inventory Levels - Social inventory of five major steel products rose to 9.161 million tons, an increase of 9.62 thousand tons week-on-week, but down 29.01% year-on-year [3][42]. - Factory inventory decreased to 4.238 million tons, down 9.72 thousand tons week-on-week, and down 13.43% year-on-year [3][42]. Price Trends - The comprehensive index for ordinary steel increased to 3,390.0 CNY/ton, a week-on-week rise of 45.42 CNY/ton [3][49]. - The comprehensive index for special steel decreased to 6,576.5 CNY/ton, down 14.61 CNY/ton week-on-week [3][49]. Profitability - The profit per ton for rebar was 187 CNY, an increase of 42.0 CNY/ton week-on-week [3][58]. - The average iron water cost was 2,148 CNY/ton, with a week-on-week increase of 10.0 CNY/ton [3][58]. Investment Recommendations - The report suggests focusing on regional leaders with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and high-margin special steel producers [4].

Core Viewpoint - The company Jiangsu Wujin Stainless Steel Co., Ltd. has shown fluctuations in stock price and financial performance, with a notable decline in revenue from the petrochemical sector, while maintaining a stable credit rating of AA for its bonds [2][6]. Group 1: Stock Performance - As of July 4, 2025, the stock price of Wujin Stainless Steel closed at 5.52 yuan, up 1.85% from the previous week [1] - The stock reached a high of 5.98 yuan on July 2, 2025, and a low of 5.37 yuan on July 1, 2025 [1] - The company's total market capitalization is 3.097 billion yuan, ranking 23rd in the flat steel sector and 4200th in the A-share market [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of 2.652 billion yuan and a net profit of 126 million yuan, with a net cash flow from operating activities of 583 million yuan [2] - The company reported a 56.82% year-on-year increase in export revenue due to certifications from major foreign companies, but overall revenue decreased by 24.57% due to weakened demand in the petrochemical sector [2] - In Q1 2025, the revenue continued to decline by 33.90% year-on-year, with no signs of recovery in the petrochemical industry [6] Group 3: Credit Rating and Debt - The company maintains a stable credit rating of AA for its main entity and its convertible bonds, with a low leverage level and manageable debt pressure [2][6] - The company issued 310 million yuan of convertible bonds in July 2023, with a maturity of six years and a gradually increasing coupon rate [3][4] - As of June 30, 2025, only 57,000 yuan of the convertible bonds had been converted into A-shares, indicating a low conversion rate [3]

Core Points - The company announced the interest payment schedule for its convertible bonds, "Wujin Convertible Bonds," which will start on July 10, 2025 [1][2] - The bonds were issued on July 10, 2023, with a total of 3.1 million bonds at a face value of 31 million yuan, and they are set to be traded on the Shanghai Stock Exchange [1][2] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate of 0.30% for the first year and 0.50% for the second year [2][3] Bond Issuance Overview - The bonds were approved by the China Securities Regulatory Commission and began trading on August 3, 2023 [1][2] - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan due to the company's equity distribution plans [2] Interest Payment Details - The interest payment method is annual, with the first payment scheduled for July 10, 2025, covering the period from July 10, 2024, to July 9, 2025 [3][4] - The interest amount for each bond is calculated based on the face value and the applicable interest rate, resulting in a payment of 0.50 yuan per bond (before tax) for the second year [4][5] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.40 yuan per bond after tax [5][6] - Non-resident enterprises are exempt from corporate income tax on the interest earned from these bonds [6]

Summary of Key Points Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. has issued convertible bonds, with limited conversion activity reported as of June 30, 2025, indicating a low uptake of the conversion option by bondholders [1][2][3]. Convertible Bond Issuance Overview - The company issued 3.1 million convertible bonds on July 10, 2023, with a face value of 310 million yuan, and a maturity period of six years [1]. - The coupon rates for the bonds are structured to increase from 0.30% in the first year to 2.00% in the sixth year [1]. Listing and Conversion Price - The bonds were listed on the Shanghai Stock Exchange on August 3, 2023, under the name "Wujin Convertible Bonds" with the code "113671" [2]. - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan per share as of the latest report [2]. Conversion Activity - As of June 30, 2025, only 57,000 yuan worth of bonds had been converted into 6,778 shares, representing 0.0012% of the total shares before conversion [3][4]. - The remaining unconverted bonds amount to 309,943,000 yuan, which is 99.9816% of the total issuance [3][4]. Share Capital Changes - There has been no change in the total share capital of the company as no bonds were converted during the reporting period [5]. - The total share capital remains at 561,069,165 shares, with no changes in shareholder proportions due to the lack of conversion [5].

Core Viewpoint - The solar thermal power generation sector has shown a positive performance with a 1.86% increase, ranking 7th among concept sectors, driven by significant gains in several stocks [1] Group 1: Market Performance - As of July 2, the solar thermal power concept saw 23 stocks rise, with notable performers including Shuangliang Energy and Kaisheng New Energy reaching their daily limit up [1] - The top gainers in the sector included Shuangliang Energy (+17.00%), Wujin Stainless Steel (+8.09%), and Baose Co. (+5.95%) [1] - Conversely, the biggest decliners were New Fengguang (-3.16%), Chuanrun Co. (-2.19%), and Aerospace Chuangguang (-1.90%) [1] Group 2: Capital Flow - The solar thermal power sector experienced a net inflow of 405 million yuan, with 18 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [1] - Shuangliang Energy led the net inflow with 279 million yuan, followed by Kaisheng New Energy (49.93 million yuan), China Energy Construction (35.12 million yuan), and Wujin Stainless Steel (34.78 million yuan) [1][2] - The net inflow ratios for leading stocks were Shuangliang Energy (34.46%), Xizi Clean Energy (16.51%), and Kaisheng New Energy (15.17%) [2][3]

| | | 江苏武进不锈股份有限公司 关于"武进转债"2025 年付息的公告 可转债付息债券登记日：2025 年 7 月 9 日 可转债除息日：2025 年 7 月 10 日 可转债兑息日：2025 年 7 月 10 日 根据《募集说明书》的约定，"武进转债"存续期限为自发行之日起六年， 即 2023 年 7 月 10 日至 2029 年 7 月 9 日。债券票面利率第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。可转换公 司债券转股期限为 2024 年 1 月 15 日至 2029 年 7 月 9 日，初始转股价格为 8.55 元/股。 因公司实施 2023 年度权益分派方案和 2024 年度权益分派方案，"武进转 债"的最新转股价格为 7.93 元/股。具体内容详见公司于 2024 年 6 月 7 日在指定 信息披露媒体媒体披露的《关于实施 2023 年度权益分派调整"武进转债"转股 价格的公告》（公告编号：2024-037）和 2025 年 6 月 13 日在指定信息披露媒体 媒体披露的《关于实施 2024 年度权益分派调整"武进转 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 经中国证券监督管理委员会《关于同意江苏武进不锈股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]1353 号）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 100 元，发行总额 31,000 万元。 根据《江苏武进不锈股份有限公司向不特定对象发行可转换公司债券募集说 明书》的约定，"武进转债"存续期限为自发行之日起六年，即 2023 年 7 月 10 日至 2029 年 7 月 9 日。债券票面利率第一年 0.30%、第二年 0.50%、第三年 1.00%、 累计转股情况：截至 2025 年 6 月 30 日，累计有人民币 57,000 元"武进 转债"转为江苏武进不锈股份有限公司（以下简称"公司"）A 股普通 股，累计转股股数 6,778 股，累计转股股数占"武进转债"转股前公司 已发行股份总额的 0.0012 ...

Group 1 - The steel sector experienced a significant afternoon rally, with Wujin Stainless Steel (603878) hitting the daily limit up, indicating strong investor interest [1] - Shougang Corporation (000959) saw an increase of over 4%, reflecting positive market sentiment towards the company [1] - Other companies in the sector, including Liugang Co., Ltd. (601003), Hualing Steel (000932), and New Steel Co., Ltd. (600782), also experienced upward movement in their stock prices, suggesting a broader trend in the industry [1] Group 2 - There is a notable influx of dark pool capital into these stocks, indicating increased trading activity and potential investment interest [1]