Group 1 - Steel stocks mostly rose, with Angang Steel (000898) up 5.63% to HKD 2.25, Chongqing Steel (601005) up 4.55% to HKD 1.38, and Maanshan Steel (00323) up 2.85% to HKD 2.53 [1] - According to Galaxy Securities, steel demand is transitioning from real estate to high-end manufacturing, indicating a potential continuous recovery in steel production as the domestic manufacturing sector upgrades [1] - The "anti-involution" policy is promoting supply-side reforms, which are expected to stabilize and recover corporate profits, while infrastructure demand is anticipated to be released in a concentrated manner, leading to an overall stabilization in future demand [1] Group 2 - As the manufacturing sector accelerates its transformation and upgrading, the marginal improvement in steel demand from high-end manufacturing industries is expected [1] - The development of downstream industries such as aerospace, automotive manufacturing, and the replacement of old home appliances is benefiting special steel consumption, indicating a favorable outlook for special steel enterprises to achieve stable growth [1]

鞍钢股份今年以来股价涨11.25%，近5个交易日涨3.89%，近20日跌1.48%，近60日涨17.62%。 9月12日，鞍钢股份盘中上涨2.30%，截至10:03，报2.67元/股，成交6081.83万元，换手率0.29%，总市 值250.16亿元。 资金流向方面，主力资金净流入659.45万元，特大单买入565.76万元，占比9.30%，卖出0.00元，占比 0.00%；大单买入1451.48万元，占比23.87%，卖出1357.79万元，占比22.33%。 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6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七大流 通股东，持股5267.51万股，相比上期减少1552.04万股。南方中证500ETF（510500）位居第八大流通股 东，持股3578.10万股，相比上期增加513.17万股。 资料显示，鞍钢股份有限公司位于辽宁省鞍山市铁西区鞍钢厂区,香港皇后大道中15号置地广场公爵大 厦33楼，成立日期1998年9月14日，上市日期1997年12月25日，公司主营业务涉及黑色金 ...

Summary of Conference Call on China Steel Industry Industry Overview - The conference call primarily discusses the **China Steel Industry** and its current dynamics, particularly focusing on supply-side reforms and market conditions for steel production and consumption. Key Points and Arguments Supply Discipline and Production Cuts - Steel supply discipline year-to-date (YTD) is estimated to be behind previous forecasts, with a projected **5%** supply cut for the full year 2025 [1] - A meaningful supply cut is expected in **4Q25**, driven by seasonal factors and rising raw material costs, which may pressure gross profit per ton (GP/t) [3][15] - The anticipated supply-side reform is lagging behind expectations in terms of timeline and execution, with **15 million tons** of crude steel cuts reported in the first seven months of 2025 [2][11] Export Resilience - Steel exports have exceeded expectations, with a projected **70 million tons** for FY25, despite rising anti-dumping measures and geopolitical risks [2][16] - As of July 2025, net steel exports reached approximately **67 million tons**, marking a **12.6%** year-over-year increase [17] - Export dynamics have shifted, with notable increases in shipments to the Middle East and South America, while exports to Vietnam and South Korea have decreased due to tariff risks [22] Apparent Consumption Trends - Apparent consumption is largely in line with forecasts, showing a decline of approximately **2.3%** year-over-year when excluding crude steel production impacts [26] - Construction demand remains weak, with new property starts down **19%** year-over-year, contributing to the overall decline in steel consumption [26] Anti-Involution Efforts - The concept of "anti-involution" in the steel sector is highlighted as a long-term challenge, focusing on improving quality and environmental standards rather than merely cutting supply [3][31] - The Ministry of Industry and Information Technology (MIIT) has introduced new normative conditions for the steel industry, emphasizing high-end product mixes and ultra-low carbon emissions [32] Company-Specific Insights - **Angang Steel (000898.SZ)** is identified as a strong investment opportunity due to its valuation and potential for profit margin improvement as supply cuts take effect [53] - Despite narrowing losses in 1H25, Angang's results fell short of initial forecasts, prompting a revision of earnings estimates for 2025 [54] - The target price for Angang Steel is maintained at **Rmb 3.00** per share, reflecting a price-to-book (P/B) ratio of **0.6x** [55] Market Outlook - The overall sentiment indicates cautious optimism regarding the steel market, with expectations of improved margins and ASP (average selling price) in the long term due to supply-side reforms and anti-involution measures [54][59] Additional Important Content - The call emphasizes the need for sustained government efforts to enforce supply cuts, which may be challenging as margins recover [3][31] - The discussion includes detailed data on production capacity, utilization rates, and historical performance metrics for the steel industry, providing a comprehensive view of market dynamics [34][36] This summary encapsulates the critical insights from the conference call, focusing on the current state and future outlook of the China steel industry, along with specific company analyses.

9月9日，工业和信息化部党组书记、部长李乐成主持召开工业和信息化"十五五"规划企业座谈会，中国 石化、鞍钢集团、中国稀土集团、国机集团、中国中车集团、东软医疗、上海电气、美的集团、小米集 团、用友网络、智元机器人、武汉锐科激光等企业负责人参会。 李乐成认为，编制实施好工业和信息化"十五五"规划，离不开广大企业的大力支持与企业家的积极贡 献。要牢牢把握保持制造业合理比重目标，以优质优价实现价值创造，推动中国产品高端化，为筑牢制 造业基本盘多做贡献。要持续增强企业科技创新主体地位，鼓励企业加大科技创新投入，牵头组建创新 联合体，更多承担国家科技攻关任务。 与会企业负责人一致表示，"十四五"以来，企业整体生产经营状况良好，科技创新能力稳步提升，数字 化绿色化转型成效显著，国际竞争力持续增强，为推动制造强国、网络强国建设奠定了坚实基础。 展望"十五五"，与会企业代表认为，"十五五"时期是加快推进新型工业化的关键阶段，工业和信息化产 业发展仍面临一系列新形势新挑战，需要在"十五五"时期加力解决。 此外，参与座谈会的企业负责人还就加强关键核心技术攻关、提升产业链供应链韧性和产业基础能力、 加快高端化智能化绿色化发展、稳妥 ...

Core Viewpoint - The article discusses the recent meeting held by the Ministry of Industry and Information Technology (MIIT) regarding the preparation of the "14th Five-Year" plan, emphasizing the importance of industrial and information technology development in China and the need for collaboration among enterprises to address new challenges and opportunities in the upcoming "15th Five-Year" period [1][3][5]. Group 1: Meeting Highlights - The meeting included representatives from major companies such as Sinopec, Angang Steel, and Xiaomi, who reported positive overall production and operational conditions since the "14th Five-Year" period, with significant advancements in technological innovation and digital transformation [1][3]. - Participants highlighted that the "15th Five-Year" period is crucial for accelerating new industrialization, while also acknowledging the new challenges that the industry faces [3][5]. Group 2: Key Recommendations - Attendees suggested focusing on strengthening core technology research, enhancing the resilience of supply chains, and promoting high-end, intelligent, and green development during the "15th Five-Year" period [3][6]. - There was a consensus on the need to eliminate irrational competition and to support orderly overseas expansion of industries [3][6]. Group 3: Government's Role - MIIT Minister Li Lecheng stated that the ministry is working to regulate irrational competition in key sectors like new energy vehicles and photovoltaics, with initial successes reported [5][6]. - The ministry plans to enhance legislation in critical areas such as telecommunications and motor vehicles, and to support industry associations in maintaining market order [5][6]. Group 4: Future Directions - The article emphasizes the importance of high-quality strategic planning to guide the development of industrial and information technology, leveraging China's market advantages and talent pool [5][6]. - There is a call for increased investment in technological innovation and the establishment of innovation consortia to tackle national technology challenges [6].

Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.8 billion tons in July 2025, representing a year-on-year decrease of 4% [1] - From January to July 2025, the cumulative crude steel production in China reached 5.9 billion tons, showing a cumulative decline of 3.1% compared to the previous year [1] Group 2 - The article references several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), and others, indicating a broad impact on the sector [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [1]

Market Performance - On September 5, the general steel sector rose by 0.55% compared to the previous trading day, with Benxi Steel leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Benxi Steel (000761) closed at 3.68, up 2.51% with a trading volume of 189,800 shares and a transaction value of 69.31 million yuan [1] - Other notable performers include: - Hualing Steel (000932) at 5.90, up 1.90% with a trading volume of 744,000 shares [1] - Liugang (601003) at 5.62, up 1.81% with a trading volume of 258,500 shares [1] - Sijiang Steel (600808) at 3.58, up 1.70% with a trading volume of 724,300 shares [1] Capital Flow Analysis - The steel sector experienced a net outflow of 83.49 million yuan from institutional investors, while retail investors saw a net inflow of 191 million yuan [2] - The capital flow for individual stocks shows: - New Steel (600782) had a net inflow of 23.35 million yuan from institutional investors [3] - Hebei Steel (000709) had a net inflow of 22.33 million yuan from institutional investors [3] - Chongqing Steel (601005) had a net inflow of 22.06 million yuan from institutional investors [3]

Core Insights - The global energy demand is rising, particularly in developing countries, leading to increased reliance on oil and gas [1][10] - Continuous tubing is increasingly applied in oil and gas field development due to its efficiency and flexibility, especially in unconventional resource extraction [1][10] - The continuous tubing industry is evolving with advancements in technology, resulting in higher strength, better corrosion resistance, and longer service life [1][10] - The market size of China's continuous tubing industry is projected to reach 4.342 billion yuan in 2024, reflecting a year-on-year increase of 3.1% [1][10] Industry Overview - Continuous tubing, also known as coiled tubing, is made from low-carbon alloy steel and is characterized by its flexibility and continuous length, which can reach several kilometers [3][8] - The tubing must withstand high pressures (up to 70 MPa) and harsh downhole conditions, necessitating high strength and excellent plasticity [3][8] Industry Chain - The upstream of the continuous tubing industry involves the production of raw materials, primarily high-strength low-alloy steel and special alloy materials [8] - The midstream focuses on the manufacturing of continuous tubing, while the downstream encompasses its application in oil and gas field operations such as workover, drilling, completion, and logging [8] Market Dynamics - China's crude oil production is expected to rise from 191.506 million tons in 2017 to 212.823 million tons in 2024, with a 1.3% year-on-year increase in the first half of 2025 [9][10] - The growth in production is supported by both mature oil fields and new fields, contributing to a stable increase in demand for continuous tubing [9][10] Competitive Landscape - The global continuous tubing service market is highly concentrated, with major players like Schlumberger, Halliburton, and Baker Hughes holding about 60% of the market share [10] - Domestic companies are increasing R&D investments to enhance their product offerings and achieve domestic substitution for high-end products [10] Development Trends - The future of the continuous tubing industry is expected to focus on high-strength tubing to meet the demands of deeper wells [13] - There is a push towards the intelligent and automated development of the industry, incorporating fiber optics for remote monitoring and real-time decision-making [14] - The application of continuous tubing is expanding beyond traditional oil and gas sectors into geothermal energy development, driven by the need for corrosion-resistant and high-insulation materials [15]

Core Viewpoint - Morgan Stanley reports that since early July, the MSCI China Materials Index has outperformed the MSCI China Index by 19%, driven by stable performance of related companies in the first half of the year, rising interest rate cut expectations, and domestic anti-involution policy themes [1] Industry Summary - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for the materials index, particularly in the following order: copper or gold, aluminum, steel, coal, and lithium [1] Company Summary - Zijin Mining (601899)(02899) remains the top pick for the company, with strong profit growth, maintaining a "buy" rating and a target price of 28 HKD [1] - The company is optimistic about copper stocks and recommends investors buy Luoyang Molybdenum (603993)(03993) when shares are high, maintaining a "buy" rating and a target price of 13.5 HKD [1] - The target price for Ansteel (000898)(00347) has been raised from 1 HKD to 2.3 HKD, with the rating upgraded from "sell" to "neutral" [1]

Group 1 - The core viewpoint of the report is that the MSCI China Materials Index has outperformed the MSCI China Index by 19% since early July, driven by stable performance of related companies in the first half of the year, rising interest rate cut expectations, and the theme of anti-involution policies in mainland China [1] - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for the materials index, particularly for copper or gold, aluminum, steel, coal, and lithium [1] - Zijin Mining is highlighted as the top pick due to its strong profit growth, maintaining a "buy" rating with a target price of HKD 28 [1] Group 2 - The report expresses a positive outlook on copper stocks, recommending investors to buy Luoyang Molybdenum when shares are high, maintaining a "buy" rating with a target price of HKD 13.5 [1] - The target price for Ansteel has been raised from HKD 1 to HKD 2.3, with the rating upgraded from "reduce" to "neutral" [1]