证券之星消息，11月24日普钢板块较上一交易日下跌0.0%，三钢闽光领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。普钢板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600010 | 包钢股份 | -5772.07万 | 4.57% | -7911.28万 | -6.26% | 2139.21万 | 1.69% | | 601005 | 重庆钢铁 | 2954.89万 | 10.60% | -1263.51万 | -4.53% | -1691.38万 | -6.07% | | 000709 河钢股份 | | 2358.42万 | 12.32% | 280.44万 | 1.46% | -2638.86万 | -13.78% | | 600022 山东钢铁 | | 2151.70万 | 10.68% | 267.23万 | 1.33% | ...

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

Core Insights - The central enterprises are advancing specialized integration through the signing of 8 specialized integration projects involving 17 entities, including central enterprises, local state-owned enterprises, and private enterprises, focusing on sectors such as new materials, artificial intelligence, inspection and testing, and aviation logistics [1][2] Group 1: Specialized Integration Projects - The signed projects include collaborations such as Sinopec with Dongfang Electric Group, a carbon fiber project in Inner Mongolia, and FAW Group's integration in the intelligent driving sector with Zhuoyue Technology [2] - Other notable projects involve FAW Group and China Minmetals in the battery key materials supply chain, as well as Chinalco and Ansteel in the industrial internet and smart supply chain sectors [2] Group 2: Objectives and Future Directions - The specialized integration aims to accelerate breakthroughs in key core technologies, strengthen strategic emerging industries, and promote the deep integration of technological and industrial innovation [1] - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to enhance organizational leadership, ensure legal compliance, and strengthen risk management while focusing on improving core functions and competitiveness [2]

其中，核电安全壳冷却辅助水箱用异质复合钢历时两年联合研发，率先应用于三代非能动压水堆核 电机组，将为我国核电技术升级提供重要支撑；钢悬链立管焊管用钢填补了大口径厚壁高强度钢悬链立 管（焊管）材料国际空白，解决了深海油气开发中厚壁海洋立管断裂韧性低、抗疲劳不足等难题；超高 强耐蚀光伏支架用钢具有强度高、环保性好等特点，有助于光伏产业轻量化、绿色化发展；深海油气输 送用双金属冶金复合管用钢兼具高强韧性与耐腐蚀性，填补国内空白，为深海油气资源开发筑牢输 送"生命线"。 鞍钢被誉为"共和国钢铁工业的长子"。2021至2024年，其先后重组本钢、凌钢，其粗钢产能达到 7000万吨级，位居国内第二、世界第三。另一方面，鞍钢近年来不断加大科技创新力度，研发了一批引 领行业发展的重大创新成果，产品已广泛应用于西气东输、青藏铁路、三峡水利枢纽、港珠澳大桥等多 项国家重大工程。 【纠错】 【责任编辑:邱丽芳】 新华社沈阳11月21日电（记者白涌泉）鞍钢集团有限公司近日集中发布四款能源领域新型钢材产 品。这些产品依托国家重点实验室、国家级技术中心等研发平台，攻克多项关键技术，以材料创新推动 新能源与传统能源装备升级。 这四款产品分 ...

相关报告：智研咨询发布的《2026-2032年中国粗钢行业市场运行态势及发展趋势分析报告》 上市企业：宝钢股份（600019）,鞍钢股份（000898）,马钢股份（600808）,沙钢股份（002075）,首钢股 份（000959）,包钢股份（600010）,太钢不锈（000825）,华菱钢铁（000932）,河钢股份（000709）,八 一钢铁（600581） 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、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国粗钢产量为0.7亿吨，同比下降4.6%；2025年1-9月中国粗钢 累计产量为7.5亿吨，累计下降2.9%。 数据来源：国家统计局，智研咨询整理 2020-2025年1-9月中国粗钢产量统计图 ...

不过，虽然短期内市场疲软，但该行认为中国明年的钢铁需求然稳定。鞍钢股份的核心产品将受益于制 造业的强劲表现。在出口方面，由于鞍钢约有7%收入来自海外市场，预期公司的出口将受益于一带一 路国家强劲的需求和有利的价格差。其中预期今明两年分别亏损31.26亿及16.8亿元人民币，而2027年预 期亏转盈至8,800万元人民币，目标价相应由1.7港元上调至2.45港元。 瑞银发布研报称，上调鞍钢股份（000898）(00347)2025至2027年的盈测，维持"中性"评级，前九个月 净亏损同比收窄至20.4亿元人民币，第三季表现大幅逊色于预期,第四季的前景仍然疲弱，旺季需求已提 前在第三季释出，而供暖季可能会抑制11至12月的消费。该行相信，在缺乏明确催化剂的情况下，短期 盈利前景不太明朗。 ...

不过，虽然短期内市场疲软，但该行认为中国明年的钢铁需求然稳定。鞍钢股份的核心产品将受益于制 造业的强劲表现。在出口方面，由于鞍钢约有7%收入来自海外市场，预期公司的出口将受益于一带一 路国家强劲的需求和有利的价格差。其中预期今明两年分别亏损31.26亿及16.8亿元人民币，而2027年预 期亏转盈至8,800万元人民币，目标价相应由1.7港元上调至2.45港元。 瑞银发布研报称，上调鞍钢股份(00347)2025至2027年的盈测，维持"中性"评级，前九个月净亏损同比 收窄至20.4亿元人民币，第三季表现大幅逊色于预期,第四季的前景仍然疲弱，旺季需求已提前在第三季 释出，而供暖季可能会抑制11至12月的消费。该行相信，在缺乏明确催化剂的情况下，短期盈利前景不 太明朗。 ...

该行认为中国明年的钢铁需求然稳定，鞍钢股份的核心产品将受惠于制造业的强劲表现。在出口方面， 由于鞍钢约有7%收入来自海外市场，预期公司的出口将受惠于一带一路国家强劲的需求和有利的价格 差。该行上调鞍钢2025至2027年的盈测，当中料今明两年分别亏损31.26亿及16.8亿元，而2027年料亏转 盈至8800万元，目标价相应由1.7港元上调至2.45港元，维持"中性"评级。 瑞银发表研究报告指，鞍钢股份首九个月净亏损按年收窄至20.4亿元，惟第三季表现大幅逊于预期。另 第四季的前景仍然疲弱，旺季需求已提前在第三季释出，而供暖季可能会抑制11至12月的消费。该行相 信，在缺乏明确催化剂的情况下，短期盈利前景不太明朗。 ...

截至9月30日，鞍钢股份股东户数9.57万，较上期减少0.45%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，鞍钢股份实现营业收入730.92亿元，同比减少7.78%；归母净利润-20.40亿元，同比增长 59.87%。 分红方面，鞍钢股份A股上市后累计派现214.37亿元。近三年，累计派现6392.39万元。 机构持仓方面，截止2025年9月30日，鞍钢股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股7799.72万股，相比上期增加2532.21万股。南方中证500ETF（510500）位居第七大流通股 东，持股3493.82万股，相比上期减少84.28万股。国泰中证钢铁ETF（515210）位居第十大流通股东， 持股2403.46万股，为新进股东。 责任编辑：小浪快报 11月20日，鞍钢股份盘中上涨2.26%，截至10:05，报2.72元/股，成交4403.53万元，换手率0.21%，总市 值254.84亿元。 资金流向方面，主力资金净流入380.42万元，特大单买入401.17万元，占比9.11%，卖出123.39万元，占 比2.80%；大单买入855.40万元，占比 ...

Core Viewpoint - The steel industry is experiencing a recovery in profits due to unexpected demand from manufacturing and direct exports, alongside the implementation of "anti-involution" policies, leading to an increase in supply optimization expectations [1][2]. Group 1: Industry Performance - In Q1-Q3 2025, the SW steel index rose by 24.00%, ranking 17th among Shenwan industries, driven by improved manufacturing and export demand [1][2]. - From October 2025 to present, the SW steel index has continued to rise by 14.19%, ranking 4th among Shenwan industries [1][2]. - In Q3 2025, the profitability of the rebar sector turned positive, with a 102.59% increase in special steel profits year-on-year, while the gross profit margin rose to 7.59% and net profit margin increased to 2.19% [3]. Group 2: Policy and Structural Changes - The steel industry is focusing on differentiated production restrictions and classified management to promote high-value, low-carbon, and intelligent transformations, enhancing industry concentration and optimizing structural layout [3]. - Policies such as ultra-low emission upgrades and dual control of energy consumption are expected to drive capacity optimization and accelerate the elimination of outdated production capacity [3]. Group 3: Demand Drivers - The manufacturing sector, particularly in machine tools, excavators, and commercial vehicles, remains resilient, with direct exports showing significant year-on-year growth, supporting steel demand [3]. - The construction sector is experiencing weak new starts, but forward-looking indicators like sales and land acquisition are showing reduced declines, stabilizing demand for construction steel [3]. Group 4: Investment Recommendations - Steel capacity optimization is expected to be a key focus moving forward, with a push for differentiated management to support competitive enterprises [4]. - Attention is recommended for leading steel companies such as Hualing Steel, Baosteel, and Nanjing Steel, as well as flexible stocks like Fangda Special Steel and New Steel [4]. - The special steel sector is projected to benefit from downstream demand in automotive, nuclear power, and oil and gas extraction, with companies like Xianglou New Materials and Jiuli Special Materials highlighted for stable growth [4]. - In the raw materials sector, companies with clear non-ferrous resource increments, such as Dazhong Mining and Hebei Steel Resources, are recommended for investment [4].