股票研究 /[Table_Date] 2025.07.30 盈利率环比回升，持续看好板块布局机会 [Table_Industry] 钢铁 ——钢铁行业周度更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 证书编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 需求有望逐步触底；供给端即便不考虑供给政策，目前行业亏损时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业正在逐步走出底部。而若供给政策 落地，行业供给的收缩速度更快，行业上行的进 ...

证券之星消息，7月29日冶钢原料板块较上一交易日上涨0.68%，鄂尔多斯领涨。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600295 | 鄂尔多斯 | 10.30 | 3.83% | 29.43万 | 3.01亿 | | 000923 | 河钢资源 | 14.50 | 0.97% | 9.10万 | · 1.31亿 | | 600516 | 方大炭素 | 4.94 | 0.82% | 25.65万 | 1.26亿 | | 600382 | 广东明珠 | 5.50 | 0.73% | 7.54万 | 4107.30万 | | 696109 | 海南矿业 | 8.21 | 0.24% | 36.55万 | 3.01亿 | | 000655 | 金岭矿业 | 8.43 | 0.00% | 15.20万 | 1.28亿 | | 601121 | 宝地矿业 | 6.51 ...

Core Insights - The report highlights the steel industry's two main contradictions: weak demand and strong costs, with the industry entering its fourth year of a downward cycle in 2025. The effective demand has significantly decreased, particularly in the real estate sector, leading to a 42.9% drop in demand for steel used in real estate from 377 million tons in 2020 to 215 million tons in 2024 [6][18][25]. - The report anticipates a marginal rebound in the steel sector due to weakening costs and resilient demand, driven by a decline in coking coal prices and an expected increase in iron ore supply [6][37][45]. Demand and Cost Analysis - Weak demand is characterized by insufficient effective demand, making it easier to maintain volume than prices. The real estate sector's demand for steel has plummeted, contributing to a significant overall decline in steel prices [6][18][25]. - Strong costs are attributed to tight supply of raw materials like iron ore and coking coal, which have severely squeezed steel profits. The profit share of steel in the industrial chain has dropped to 16%, significantly below the historical average of 28% [6][31][34]. Supply-Side Strategies - The report discusses the "anti-involution" policy aimed at addressing excess capacity in the steel industry, which is expected to stabilize steel prices and improve profitability for steel companies. A potential reduction of 30 million tons in crude steel production in 2025 could lead to a price increase of 229 yuan per ton for rebar [6][8][37]. - Long-term capacity reduction is expected to be gradual, with approximately 20% of capacity facing compliance challenges, particularly among small private enterprises, which may face pressure to exit the market starting in 2026 [6][8][37]. Investment Opportunities - The report suggests focusing on leading companies in high-end steel products, such as Nanjing Steel, Hualing Steel, and Baosteel, which are expected to maintain profitability and enhance shareholder returns through capital expenditure and asset optimization [6][8][37]. - It also highlights the potential for recovery in valuation and performance for companies with low price-to-book ratios, such as New Steel and Fangda Special Steel, as well as opportunities in state-owned enterprise reforms and mergers and acquisitions [6][8][37].

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].

General Principles - The purpose of the regulations is to improve the decision-making processes and responsibilities of the general manager and other senior management personnel, ensuring efficient operations and legal compliance [1][2] - The company has established positions for the general manager, deputy general managers, financial officer (chief accountant), and board secretary, with the general manager responsible for daily operations and reporting to the board [1][2] Duties and Appointment Procedures of Senior Management - Senior management must adhere to laws, regulations, and the company's articles of association, with specific obligations including avoiding conflicts of interest and ensuring the protection of company assets [1][3] - The appointment and dismissal of senior management are governed by a board appointment system, with the general manager and board secretary appointed by the board, while deputy general managers and financial officers are proposed by the general manager and decided by the board [1][2] Authority of the General Manager and Senior Management - The general manager has the authority to report to the board, implement approved plans, and manage the company's operations, while also having the right to propose matters for board meetings if deemed significant [2][3] - The deputy general manager and financial officer have defined responsibilities, including assisting the general manager and ensuring financial oversight [2][3] Responsibilities of the General Manager - The general manager is responsible for maintaining company assets, adhering to board decisions, implementing operational tasks, analyzing market information, and ensuring quality management [3][4] - Emphasis is placed on employee training, corporate culture, and health, as well as the importance of safety and environmental protection [4][5] Reporting and Meeting Procedures - The general manager must regularly report on significant matters to the board and is responsible for the accuracy of these reports [5][6] - Regular meetings are held to discuss major operational issues, with decisions made by the general manager if consensus cannot be reached [5][6] Performance Assessment and Accountability - The general manager's performance is linked to company results, with a system in place for assessment and rewards, requiring board approval for compensation plans [6][7] - In cases of resignation or dismissal, an audit must be conducted by a qualified accounting firm to assess the general manager's tenure [6][7] Miscellaneous Provisions - Any matters not covered by these regulations will be governed by relevant laws and the company's articles of association [7] - The board is responsible for interpreting these regulations, which take effect upon board approval [7]

Core Points - The document outlines the investor relations management system of Hebei Steel Resources Co., Ltd, aiming to enhance communication with investors and maximize company value and shareholder interests [1][2][3] Group 1: Principles and Objectives of Investor Relations Management - The basic principles of investor relations management include full disclosure of information, compliance with regulations, equal treatment of investors, honesty and integrity, efficiency, and interactive communication [2][3] - The objectives of investor relations management are to create a culture that respects investors, enhance understanding and recognition of the company, increase transparency, establish a stable investor base, and promote the maximization of overall company interests and shareholder wealth [3][4] Group 2: Content and Methods of Communication - The communication content with investors includes company development strategies, legal disclosures, operational management information, corporate culture, and other relevant information [3][4] - Various methods of communication include announcements, shareholder meetings, company websites, analyst meetings, one-on-one communications, site visits, and media interviews [4][5] Group 3: Organizational Structure and Responsibilities - The board secretary is responsible for investor relations management under the leadership of the board of directors, with the board office handling daily operations [9][10] - Key responsibilities include organizing investor relations activities, analyzing investor feedback, maintaining public relations, and ensuring compliance with disclosure regulations [10][11] Group 4: Information Disclosure and Confidentiality - The company must adhere to fair disclosure principles, ensuring that no undisclosed significant information is leaked during investor relations activities [6][8] - A system for collecting and managing investor information should be established, including maintaining records of investor relations activities and ensuring compliance with disclosure requirements [11][12]

河钢资源股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了加强河钢资源股份有限公司（以下简称"公司"）与投资者之 间的信息沟通，加深投资者对公司的了解和认同，促进公司诚信自律、规范运作， 提升公司的投资价值，实现公司价值最大化和股东利益最大化，根据《中华人民 共和国公司法》、《中华人民共和国证券法》、《中华人民共和国保守国家秘密 法》、《深圳证券交易所股票上市规则》、《上市公司投资者关系管理工作指引》 及其它有关法律、法规和规范性文件及《公司章程》、公司《信息披露管理制度》 的规定，结合本公司实际情况，特制定本制度。 第二条 投资者关系管理工作是指公司通过充分的信息披露与交流，加强与 投资者之间的沟通，促进投资者对公司的了解和认同，提升公司治理水平，实现 公司整体利益最大化和股东利益最大化，保护投资者合法权益的战略管理行为。 第二章 投资者关系管理的原则、目的 第三条 投资者关系管理的基本原则： (一) 充分披露信息原则。除相关规定强制的信息披露以外，在保守商业秘 密的前提下，公司将根据实际情况主动披露投资者关心的公司其他相关信息，以 客观、真实、准确、完整地介绍和反映公司实际状况； (二) 合规披 ...

证券代码：000923 证券简称：河钢资源 公告编号：2025-21 河钢资源股份有限公司 一、会议召开情况 河钢资源股份有限公司第八届董事会第五次会议于 2025 年 6 月 19 日下午 2:30 在石家庄市体育南大街 385 号 1709 会议室以通讯方式召开，2025 年 6 月 14 日公司以电话、电子邮件及书面方式向全体董事发出会议通知。会议应到董 事 9 人，实到董事 9 人。本次会议由董事长王耀彬主持，监事和高管等相关人员 列席会议，会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、会议审议情况 1、审议通过《关于修订<总经理工作细则>的议案》； 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 全文详见巨潮资讯网（http://www.cninfo.com.cn）：《河钢资源股份有限 公司经理工作细则》。 第八届董事会第五次会议决议公告 本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。 2、审议通过《关于修订<投资者关系管理制度>的议案》； 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 全文详 ...

河钢资源股份有限公司 证券代码：000923 证券简称：河钢资源 公告编号：2025-19 关于控股股东增持公司股份计划期限届满 暨实施完成的公告 股东河钢集团有限公司保证向公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 河钢资源股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日收到控股 股东河钢集团有限公司（以下简称"河钢集团"）出具的《河钢集团有限公司关 于增持河钢资源股份有限公司股份计划期限届满暨实施完成的告知函》，现将相 关情况公告如下： 一、增持计划的基本情况 1、增持主体：河钢集团有限公司，为公司控股股东。 2、增持主体已持有股份的数量、占公司总股本的比例：截至本次增持计划 实施前，河钢集团持有公司股份 225,780,299 股，占公司总股本的 34.59%。 3、增持主体在本次增持计划披露前 12 个月内未增持公司股份，亦未披露增 持计划。 4、增持主体在本次增持计划披露前6个月不存在减持公司股份情况。 二、增持计划的主要内容 1、增持目的：基于对公司价值的认可及未来持续稳定发展的信 ...