Investment Rating - The investment rating for the steel industry is Neutral, maintained [8] Core Insights - The current round of supply-side optimization in the steel industry emphasizes the "supporting the strong and eliminating the weak" approach, indicating that underperforming capacities should be limited while leading companies are expected to strengthen [2][6] - The market sentiment has significantly improved with the deepening of the "anti-involution" policy, leading to a positive signal of "volume and price linkage" in the steel market [4] - The report highlights that the execution of the "anti-involution" policy may be smoother compared to previous years due to the absence of large-scale stimulus measures, suggesting a gradual improvement in the industry's long-term trends despite short-term fluctuations [2][6] Summary by Sections Supply and Demand Dynamics - The apparent consumption of the five major steel products decreased by 1.03% year-on-year and 0.36% month-on-month, while the average daily transaction volume of construction steel increased by 2.10 thousand tons per day compared to the previous week [4] - The average daily pig iron output of sample steel companies decreased to 2.4223 million tons, a decline of 0.21 thousand tons per day [4] - Total steel inventory decreased by 0.14% month-on-month and 24.22% year-on-year, with long product inventory down by 27.40% year-on-year and plate inventory down by 17.74% year-on-year [4] Price and Profitability - Shanghai rebar prices rose to 3,450 RMB/ton, an increase of 180 RMB/ton, while hot-rolled prices reached 3,520 RMB/ton, up 160 RMB/ton [5] - The estimated profit for rebar is 238 RMB/ton, with a lagging cost profit of 495 RMB/ton [5] - The report suggests that with the support of the "anti-involution" policy and strong determination to curb deflation risks, steel prices may show an upward trend that is easier to rise than to fall [4] Elasticity and Valuation - The report calculates the elasticity of steel stocks based on the assumption that the average net profit per ton of listed steel companies could rise to 200/300/400 RMB/ton, compared to 56 RMB/ton in Q1 2025 [6] - Companies such as Hualing Steel, Nanjing Steel, Baosteel, and CITIC Special Steel are identified as having significant elasticity [6] - The report emphasizes that if the valuation of steel stocks returns to historical averages, it could indicate strong investment opportunities, particularly for companies with low price-to-book (PB) ratios [6][32] Investment Opportunities - The report identifies four main investment lines: 1. Companies benefiting from the release of new capacities in iron ore and coke, such as Nanjing Steel and Hualing Steel [32] 2. Steel stocks with low PB ratios that may experience significant performance and valuation recovery, such as New Steel and Fangda Special Steel [32] 3. Mergers and acquisitions under the state-owned enterprise reform theme, which could enhance asset quality and subsequent valuation recovery [33] 4. High-quality processing leaders and resource leaders, particularly in specialized fields, are also highlighted as worthy of attention [33]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [3]. Core Insights - The demand for special steel is expected to rise due to the commencement of the Yajiang Hydropower Station project, with an estimated special steel demand of approximately 4-6 million tons, significantly exceeding similar hydropower projects [3][7]. - Steel prices have increased, with notable weekly price rises across various steel products, indicating a strengthening market [1][10]. - The profitability of steel manufacturers is recovering, with significant increases in gross margins for rebar, hot-rolled, and cold-rolled steel [1][2]. Price Trends - As of July 25, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,450 CNY/ton, up 180 CNY/ton from the previous week, while hot-rolled and cold-rolled steel prices also saw increases of 170 CNY/ton [1][10]. - The report highlights a 5.5% weekly increase in rebar prices and a 4.6% increase in cold-rolled prices, reflecting a positive price trend in the steel market [11]. Production and Inventory - The total production of the five major steel products decreased to 8.67 million tons, with a slight weekly decline of 1.22 million tons, while total inventory also saw a decrease [2]. - Rebar production increased by 2.9 million tons to 2.1196 million tons, indicating a positive trend in production for this specific category [2]. Profitability Analysis - The report indicates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have increased by 46 CNY/ton, 45 CNY/ton, and 79 CNY/ton respectively, showcasing a recovery in profitability for steel manufacturers [1][2]. Investment Recommendations - The report recommends several companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector, among others [3].

Investment Rating - The report maintains a "Recommendation" for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel industry is experiencing a warming sentiment combined with cost support, leading to a strong performance in steel prices. The report notes that the prices for five major steel products have shown weekly increases, with rebar prices reaching 3,316 CNY/ton, reflecting a 0.83% increase week-on-week [1][2]. - The Ministry of Industry and Information Technology is set to introduce a work plan aimed at stabilizing growth in key industries, including steel, which is expected to optimize supply structure and eliminate outdated production capacity [3]. - The report suggests that the steel industry is likely to see a long-term recovery in both valuation and performance, driven by improved profitability and a reduction in production capacity in certain regions [4][5]. Summary by Sections 1. Weekly Market Review - As of July 18, 2025, the prices for five major steel products are as follows: rebar at 3,316 CNY/ton, wire rod at 3,629 CNY/ton, hot-rolled coil at 3,345 CNY/ton, cold-rolled coil at 3,775 CNY/ton, and medium plate at 3,425 CNY/ton, with weekly changes of +0.83%, +0.76%, +1.47%, +1.16%, and +0.91% respectively [1][15]. - The total production of the five major products reached 8.6819 million tons, a decrease of 45,300 tons week-on-week [1]. - The average daily molten iron output from 247 steel enterprises was 2.4244 million tons, an increase of 26,300 tons week-on-week, with a blast furnace capacity utilization rate of 90.89%, up by 0.99 percentage points [1][18]. 2. Key Industry Data Tracking (a) Production Data - The report highlights that the production data indicates a slight increase in iron output and a recovery in electric arc furnace operation rates, suggesting a stabilization in the industry despite seasonal demand weakness [2][18]. (b) Consumption Volume of Five Major Steel Products - The total consumption of the five major products was 8.7011 million tons, reflecting a decrease of 29,600 tons week-on-week, with specific changes in consumption for rebar, wire rod, hot-rolled, cold-rolled, and medium plate [1][39]. (c) Inventory Situation - The total steel inventory stood at 13.3766 million tons, a decrease of 19,200 tons week-on-week, with social inventory increasing by 81,000 tons to 9.2211 million tons, while steel mill inventory decreased by 100,200 tons to 4.1555 million tons [1][51]. (d) Profitability Situation - The average molten iron cost for 114 steel mills was reported at 2,256 CNY/ton, remaining stable week-on-week. The gross profit per ton for high furnace rebar, hot-rolled coil, and cold-rolled coil was +171 CNY/ton, +146 CNY/ton, and +32 CNY/ton respectively, with slight variations noted [1][4]. 3. Stock Market Performance - The steel index closed at 2,294.69 points, with a weekly increase of 0.36%, while the overall A-share index rose by 1.40% [4][6]. - The report indicates that the overall valuation of the steel sector remains low, with specific companies showing potential for recovery in both valuation and profitability [10].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - The upcoming "stability growth plan" from the Ministry of Industry and Information Technology is expected to optimize steel production capacity, focusing on structural adjustments and the elimination of outdated capacity [3][7]. - Steel prices have shown an upward trend, with specific prices for various steel products increasing as of July 18, 2025 [1][10]. - The report indicates a decrease in steel production and inventory levels, with a total production of 8.68 million tons for the five major steel products, reflecting a week-on-week decrease [2][8]. Summary by Sections Price Trends - As of July 18, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,270 CNY/ton, up 30 CNY/ton from the previous week [1][10]. - Other steel products also saw price increases, including hot-rolled and cold-rolled steel [1][11]. Production and Inventory - The total production of the five major steel products is 8.68 million tons, down 45,300 tons week-on-week [2][8]. - Social inventory of the five major steel products increased by 81,500 tons to 9.21 million tons, while steel mill inventory decreased by 100,200 tons [2][8]. Profitability - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -19 CNY/ton, -7 CNY/ton, and +7 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends several companies for investment, including Baosteel, Hualing Steel, and Nanjing Steel in the flat steel sector, and Xianglou New Materials and CITIC Special Steel in the special steel sector [3][4].

Core Viewpoint - The profitability of Chinese steel companies is significantly lower than that of Japanese steel companies, with the CEO of Nippon Steel highlighting the challenges faced by Chinese manufacturers due to low pricing strategies [1][2]. Financial Performance Comparison - In 2024, Nippon Steel's net profit was 350.2 billion yen (approximately 16.9 billion RMB), while the top five Chinese steel companies had net profits of 7.362 billion RMB (Baowu Steel), 5.126 billion RMB (CITIC Special Steel), 2.261 billion RMB (Nanjing Steel), 2.032 billion RMB (Hualing Steel), and 1.49 billion RMB (Jiuli Special Materials) [1][2]. - The combined net profit of the top four Chinese steel companies in 2024 was less than that of Nippon Steel alone [2]. Industry Challenges - The Chinese steel industry is facing overcapacity, price competition, and increasing technical standards, leading to a decline in profitability [2][6]. - In 2024, the total profit of key Chinese steel companies was 42.9 billion RMB, a year-on-year decrease of 50.3% [6][7]. - The apparent consumption of crude steel in China has decreased from 1.048 billion tons in 2020 to 892 million tons in 2024, indicating a significant drop in demand [8]. Export Dynamics - Despite increasing steel exports, the average export price has declined, with the volume of steel exports doubling from 53.67 million tons in 2020 to 111 million tons in 2024, while the average price fell from 847.2 USD/ton to 755 USD/ton [9][10]. - Trade protectionism against Chinese steel products is rising, with multiple anti-dumping investigations initiated by countries like Vietnam and South Korea [9][10]. Strategic Adjustments - Chinese steel companies are attempting to improve their competitiveness by focusing on high-end steel production and reducing costs through better management practices [13][14]. - The industry is urged to adopt a more flexible production mechanism to balance supply and demand, especially in light of declining domestic demand and increasing export challenges [15].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

证券代码：000708 证券简称：中信特钢 公告编号：2025-052 中信泰富特钢集团股份有限公司 2025 年第二次临时股东大会决议公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案。 2.本次股东大会未涉及变更以往股东大会决议。 一、会议召开和出席的情况 （一）会议召开情况 1.召开时间： 现场会议时间：2025 年 7 月 15 日（星期二）下午 14:45 网络投票时间：2025 年 7 月 15 日（星期二） 其中通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 7 月 15 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过 深圳证券交易所互联网系统投票的具体时间为：2025 年 7 月 15 日 9:15—15:00 期间的任意时间。 2.召开地点：江苏省无锡市江阴市长山大道 1 号中信特钢科技大 楼三楼会议中心 3.召开方式：现场会议与网络投票相结合的方式 通过现场和网络投票的中小股东 263 名，代表股份 74,982,150 股，占上市公司有表决权股 ...

致：中信泰富特钢集团股份有限公司 北京中伦（武汉）律师事务所（以下简称"本所"）接受中信泰富特钢集团股份有 限公司（以下简称"公司"）的委托，指派律师对公司 2025 年第二次临时股东大会（以 下简称"本次股东大会"）进行见证。现根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 等法律法规和规范性文件以及《中信泰富特钢集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，就公司本次股东大会的有关事宜出具法律意见书。 本所律师对公司本次股东大会的召集和召开程序的合法有效性、本次股东大会召集 人资格的合法有效性、出席本次会议人员资格的合法有效性及会议表决程序、表决结果 的合法有效性，发表法律意见。 本所律师依据对法律意见书出具日以前已经发生或存在的事实的了解及对现行相 关法律、法规的理解发表法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对公司提供 的出具法律意见书所必须的、全部的、真实的有关公司本次股东大会的文件资料进行核 查和验证，现出具如下法律意见： 北京中伦（武汉）律师事务所 关于中信泰 ...

Investment Rating - The report maintains a "Recommended" rating for the steel industry, suggesting to focus on the bottom repair opportunities in steel stocks [1]. Core Viewpoints - The steel market is currently experiencing a dual weakness in supply and demand during the off-season, but improved market sentiment has led to an increase in steel prices [2][3]. - The overall profitability of the steel industry has improved in the first half of the year due to a significant decline in raw material prices, which has positively impacted steel production costs [3][9]. - The "anti-involution" policy proposed by the Central Financial Committee is expected to enhance market conditions for the steel industry, leading to both valuation and performance recovery in the long term [4][10]. Industry Data Summary Production Data - As of July 11, the production of five major steel products totaled 8.7272 million tons, a week-on-week decrease of 124,000 tons [1]. - The average daily molten iron output from 247 steel enterprises was 2.3981 million tons, down 10,400 tons week-on-week, with a blast furnace capacity utilization rate of 89.9%, a decrease of 0.39 percentage points [1][2]. Consumption Data - The apparent consumption of the five major steel products was 8.7307 million tons, a week-on-week decrease of 121,900 tons [1][2]. - The consumption changes for specific products included a decrease of 33,700 tons for rebar, 29,100 tons for wire rod, and 18,600 tons for hot-rolled products [1]. Inventory Situation - Total steel inventory was reported at 13.3958 million tons, with a slight week-on-week decrease of 3,500 tons [1]. - Social inventory decreased by 21,200 tons to 9.1401 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [1]. Profitability Data - The average cost of molten iron for 114 steel mills was stable at 2,256 yuan per ton [1]. - As of July 11, the gross profit per ton for high furnace rebar was 196 yuan, hot-rolled sheets 142 yuan, and cold-rolled sheets 31 yuan, with week-on-week increases of 9 yuan, 16 yuan, and 20 yuan respectively [1][3].

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting strong price performance and potential recovery in profitability for steel companies [5][6]. Core Insights - The "anti-involution" policy continues to influence the market, leading to stronger expectations for supply-side constraints and supporting higher steel prices [5]. - As of July 11, 2025, steel prices have increased, with notable rises in various categories such as rebar and hot-rolled steel [3][11]. - The report indicates a decrease in steel production and inventory levels, suggesting a tightening supply situation [4][5]. Price Summary - As of July 11, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400): 3,240 CNY/ton, up 60 CNY/ton from last week - High-line (8.0mm): 3,410 CNY/ton, up 50 CNY/ton - Hot-rolled (3.0mm): 3,350 CNY/ton, up 60 CNY/ton - Cold-rolled (1.0mm): 3,680 CNY/ton, up 70 CNY/ton - Common medium plate (20mm): 3,330 CNY/ton, up 10 CNY/ton [3][11][12]. Production and Inventory - As of July 11, 2025, total steel production for the five major categories was 8.73 million tons, a decrease of 124,400 tons week-on-week [4]. - Total social inventory of the five major steel products decreased by 20,200 tons to 9.1278 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [4]. Profitability Analysis - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -14 CNY/ton, -13 CNY/ton, and +33 CNY/ton respectively week-on-week [3][4]. Investment Recommendations - The report recommends several companies based on their performance and market position: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].