Core Points - The AMAC Black Metal Index (AMAC Steel, H30058) experienced a slight decline of 0.01%, closing at 1542.15 points with a trading volume of 9.617 billion [1] - Over the past month, the AMAC Black Metal Index has increased by 17.10%, by 16.81% over the last three months, and by 18.54% year-to-date [1] Index Composition - The AMAC Black Metal Index is composed of 10 major stocks, with Baosteel Co., Ltd. holding the largest weight at 20.04%, followed by Baotou Steel (17.81%) and Hualing Steel (7.38%) [1] - The market share of the AMAC Black Metal Index is predominantly from the Shanghai Stock Exchange at 71.04%, while the Shenzhen Stock Exchange accounts for 28.96% [1] Industry Classification - The AMAC Black Metal Index is entirely composed of the raw materials sector, with a 100.00% allocation [2]

Core Points - Shanxi Taigang Stainless Steel Co., Ltd. has obtained a patent for a method of cold rolling "super ferritic stainless steel" with the announcement number CN116351876B, applied on February 2023 [1] - The company was established in 1998 and is located in Taiyuan City, primarily engaged in black metal smelting and rolling processing [1] - The registered capital of Shanxi Taigang Stainless Steel Co., Ltd. is 573,277.7796 million RMB [1] Company Overview - Shanxi Taigang Stainless Steel Co., Ltd. has invested in 35 enterprises and participated in 5,000 bidding projects [1] - The company holds a total of 4,878 patent records and has 294 administrative licenses [1]

Group 1 - The stock price of Taigang Stainless Steel closed at 4.19 yuan on July 31, down 0.19 yuan, representing a decline of 4.34% from the previous trading day [1] - The trading volume on that day was 668,300 hands, with a total transaction amount of 282 million yuan [1] - Taigang Stainless Steel operates in the steel industry, primarily engaged in the production and sales of stainless steel and other steel products, which are widely used in sectors such as petroleum, chemical, shipbuilding, automotive, and home appliances [1] Group 2 - On July 30, Taigang Group, along with CITIC Pacific Special Steel and Qingtuo Group, announced a suspension of molybdenum iron procurement to address the irrational speculation causing chaos in the molybdenum industry chain [1] - On July 31, the net outflow of main funds for Taigang Stainless Steel was 24.85 million yuan, accounting for 0.1% of the circulating market value [2]

据上证报，7月30日，国内三大钢铁企业掀起一场"反投机炒作"行动——太钢集团、中信泰富特钢和青 拓集团发布《关于维护钼产业链健康发展的联合声明》，宣布暂停钼铁采购，剑指近期钼铁市场的非理 性上涨。三大钢企在联合声明中措辞严厉："强烈谴责市场上的非理性炒作行为。"声明提到，钼铁价格 的大幅上涨已造成高端含钼不锈钢及特钢原料成本严重倒挂，威胁国家高端制造装备供应链安全。数据 显示，7月30日，60%钼铁价格已攀升至27.3万—28万元/吨，近4个月涨幅高达35%。"三大钢企联合抵 制，这在业内实在罕见。"一位不愿具名的特钢行业人士介绍，钼下游应用领域主要是钢铁行业，其中 不锈钢中钼铁的添加量通常在2%—5%。"一般而言，因为添加量不大，小金属涨价对整体成本影响可 控，但这一波钼铁涨幅并非理性，更多的是贸易商捂货惜售，导致价格快速上涨，下游成本压力攀 升。" ...

证券之星消息，7月30日特钢板块较上一交易日上涨0.34%，西宁特钢领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。特钢板块个股涨跌见下表： 从资金流向上来看，当日特钢板块主力资金净流入1285.69万元，游资资金净流入101.03万元，散户资金 净流出1386.73万元。特钢板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600117 | 西宁特钢 | 4.20 | 9.95% | 240.61万 | 10.03亿 | | 002443 | 金洲管道 | 6.96 | 1.90% | 18.06万 | 1.24亿 | | 002318 | 久立特材 | 23.02 | 0.48% | 10.45万 | 2.41亿 | | 000825 | 太钢不锈 | 4.38 | 0.46% | 1 74.63万 | 3.30亿 | | 002075 | 沙钢股份 | 6.12 | 0.16% | 43.29万 | 2.66 ...

Market Performance - The special steel sector increased by 1.9% on July 29, with Xining Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Xining Special Steel (600117) closed at 3.82, up 10.09% with a trading volume of 4.0612 million shares and a turnover of 1.446 billion yuan [1] - Xianglou New Material (301160) closed at 65.00, up 8.91% with a trading volume of 81,200 shares and a turnover of 501 million yuan [1] - Shengde Zhengtai (300881) closed at 40.75, up 5.41% with a trading volume of 82,800 shares and a turnover of 329 million yuan [1] - Fangda Special Steel (600507) closed at 5.93, up 3.85% with a trading volume of 1.7292 million shares and a turnover of 427 million yuan [1] - Other notable performances include Taigang Stainless Steel (000825) up 2.59% and CITIC Special Steel (000708) up 1.42% [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 44.0156 million yuan from main funds, while retail funds saw a net inflow of 131 million yuan [2] - The individual stock capital flow indicates that Xianglou New Material had a main fund net inflow of 72.1603 million yuan, while Fangda Special Steel had a net inflow of 62.5260 million yuan [3] - Conversely, stocks like Jiu Li Special Materials (002318) and Fushun Special Steel (600399) experienced significant net outflows from main funds [3]

Industry Overview - The liquid ammonia storage tank is a specialized equipment for storing and transporting liquid ammonia, with a history dating back to the late 19th century. Its development has been driven by advancements in chemical industry and increasing demand in agriculture, medicine, and food sectors [1][4][14] - The market size of China's liquid ammonia storage tank industry is projected to reach approximately 7.788 billion yuan in 2024, representing a year-on-year growth of 10.12% [1][14] - The first phase of the world's largest green hydrogen ammonia project, with an initial capacity of 320,000 tons, was officially put into operation on July 8, 2025. This project includes a milestone liquid ammonia storage tank project that is the first large-scale low-temperature tank for storing green ammonia globally [1][14] Industry Development Background - The demand for liquid ammonia has been increasing, with production expected to grow from 45.51 million tons in 2018 to 62.10 million tons in 2024, reflecting a compound annual growth rate of 5.32% [7] - The growth in liquid ammonia production has spurred the demand for specialized storage equipment, leading to rapid technological advancements in liquid ammonia storage tanks [7] Industry Chain - The upstream of the liquid ammonia storage tank industry includes raw materials and equipment, such as special steel, low-temperature alloys, insulation materials, sealing materials, and welding materials. The core equipment includes compressors, refrigeration units, and safety valves [10] - The midstream involves the production and manufacturing of liquid ammonia storage tanks, while the downstream applications span across chemical, construction, aerospace, biomedical, and environmental sectors [10] Industry Trends - The trend towards larger liquid ammonia storage tanks is driven by increasing production capacity and import/export demands. The industry is moving towards 50,000-ton capacity tanks to reduce land use and operational costs [22] - The integration of smart technologies, such as IoT sensors and AI monitoring systems, is enhancing safety and efficiency in the liquid ammonia storage tank sector [23] - The green transformation of liquid ammonia storage tanks is essential, focusing on low-energy, corrosion-resistant materials and the adoption of BOG recovery systems to minimize carbon emissions [24] Key Companies - Major companies in the liquid ammonia storage tank market include CIMC Enric, Blue Science and Technology, and various domestic manufacturers that dominate the mid to low-end market, while international brands focus on high-end large storage tanks [15][18][20]

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]

Overview - The metallurgical industry in China is focusing on energy conservation and emission reduction, aiming to minimize energy consumption and pollutant emissions while ensuring product quality and output [1][9][21] - In 2024, total investment in energy conservation and emission reduction by metallurgical enterprises is projected to decrease to 42 billion yuan, with energy-saving benefits dropping to 13 billion yuan [11] Market Policies - The Chinese government has implemented a series of policies to promote energy conservation and carbon reduction in the metallurgical industry, including action plans and guidelines aimed at reducing energy consumption and carbon emissions [4][6] - Specific targets for comprehensive energy consumption and carbon emission intensity in the steel industry have been established to guide the development of energy conservation and emission reduction efforts [4][6] Industry Chain - The energy conservation and emission reduction industry in metallurgy includes manufacturers of energy-saving equipment, technology providers, and software service providers [7] - The upstream supply chain consists of raw material suppliers, component manufacturers, and research institutions, while the downstream market primarily targets the steel and non-ferrous metal industries [7] Current Development - In 2023, the metallurgical industry consumed 680 million tons of standard coal and emitted 1.98 billion tons of CO2, with significant reductions expected in 2024 due to policy support [9][11] - The environmental cost per ton of steel is approximately 138 yuan, with carbon trading revenues estimated at 3.5 billion yuan [11] Competitive Landscape - Major players in the industry include large metallurgical groups like Baowu Steel and Hebei Iron and Steel, which are leading the development of energy-saving technologies [13][16] - Specialized energy-saving technology companies, such as China Metallurgical Group, focus on specific areas like waste heat recovery and flue gas purification [13][18] Future Trends - The dual carbon goals and related policies will continue to drive the metallurgical industry towards stricter energy consumption and emission standards [21] - The adoption of electric furnace short-process steelmaking technology is expected to increase, gradually shifting the industry away from traditional long-process methods [21]

Group 1 - The company expects an upward trend in performance for the first half of 2025, covering the period from January 1 to June 30, 2025 [1] - The performance forecast is based on preliminary estimates from the company's financial department and has not been audited by an accounting firm [1] - The steel industry is experiencing a reduction in output and structural adjustments, leading to increased supply-demand contradictions and weak steel prices [1] Group 2 - The company has implemented several strategies to enhance performance, including focusing on problem-solving, benchmarking, and cost reduction [1] - There is a strong emphasis on innovation, with increased investment in the research and development of stainless steel and special steel products [1] - The company is transforming its marketing system with a customer-centric approach and integrating operations to improve internal efficiency [1]