证券日报网讯12月19日，华菱钢铁（000932）在互动平台回答投资者提问时表示，目前公司下属各钢厂 均为高新技术企业，享受15%的企业所得税优惠税率，未出现被取消高新技术企业资格的情形。 ...

Group 1 - The company Huazhong Steel (000932.SZ) confirmed that all its steel plants are currently recognized as high-tech enterprises, benefiting from a 15% corporate income tax preferential rate [1] - There have been no instances of the company losing its qualification as a high-tech enterprise [1]

Core Insights - The report emphasizes the importance of macroeconomic research as a critical component of the investment system, suggesting that many past concerns about the Chinese economy were overblown, and a new narrative focusing on innovation and industrial manufacturing is emerging [1] - It highlights the cyclical nature of stock valuations, indicating that understanding undervaluation and overvaluation is essential for successful investment strategies [1] - The steel industry is currently positioned at an absolute undervaluation, presenting a significant opportunity for value investment, with expectations of recovery in capital returns as capacity utilization improves [4] Industry Trends - The report notes that the steel industry is entering a long-term decline phase following industrial maturity, characterized by stable demand and low capital returns, with a projected capacity utilization rate of 82% in 2026 [4] - It discusses the cyclical trajectory of the steel industry, indicating that the current low capital returns are conducive to supply adjustments and potential mergers within the industry [4] - The report anticipates that the marginal recovery in capacity utilization in 2026 will further enhance capital returns in the steel sector, contingent on effective policy implementation [4] Investment Strategy - The report recommends focusing on companies that are likely to benefit from improving capital returns, such as Baosteel, Hesteel, Nanjing Steel, and Xinyu Steel, as they are expected to provide significant investment value despite having moved away from absolute undervaluation [4] - It emphasizes the need for a detailed approach to selecting specific stocks within the steel sector, as the overall market dynamics shift towards a more stable economic environment [4] - The report suggests that the investment strategy should adapt to the changing economic landscape, where excess capital in society will influence market trends and stock valuations [4]

Group 1 - The core purpose of the new steel export policy is to reduce illegal operations such as "buying orders" and "proxy exports," thereby increasing compliance costs and traceability for steel exports [1][2] - The steel export volume reached 107.7 million tons by November 2025, a year-on-year increase of 6.7%, but the average export price fell by over 10%, indicating a shift from quantity expansion to quality improvement in exports [2][3] - The new policy is expected to lead to a decline in steel export volume in 2026, as low-priced and low-quality products are likely to exit the market, improving the competitive landscape and profitability of steel exports [3] Group 2 - The new export policy signifies the government's focus on addressing the issue of export "involution," with expectations for differentiated management of production and tightening of capacity replacement to phase out inefficient capacity [4] - The steel sector is anticipated to experience a transformation in supply dynamics, with a positive outlook for the industry in 2026 [4] - Key investment recommendations include Hualing Steel (000932) and Tiangong International (00826) [5]

Core Viewpoint - Hualing Steel has shown a significant stock price increase of 36.98% year-to-date, with a recent rise of 2.01% in intraday trading, indicating positive market sentiment despite some fluctuations in the past 60 days [1]. Group 1: Stock Performance - As of December 18, Hualing Steel's stock price reached 5.59 CNY per share, with a market capitalization of 38.619 billion CNY [1]. - The stock has experienced a 6.88% increase over the last five trading days, but a decline of 4.61% over the past 20 days and 13.06% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hualing Steel reported operating revenue of 94.598 billion CNY, a year-on-year decrease of 14.96%, while net profit attributable to shareholders increased by 41.72% to 2.510 billion CNY [2]. - Cumulative cash dividends since the A-share listing amount to 10.436 billion CNY, with 3.934 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.78% to 84,200, while the average number of circulating shares per person increased by 7.27% to 82,063 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 23.41 million shares to 157 million shares [3].

证券日报网讯12月16日，华菱钢铁（000932）在互动平台回答投资者提问时表示，四季度以来，钢铁行 业面临需求偏弱、盈利承压等问题，淡季特征逐步显现。关于公司经营业绩情况，请以公司发布的公告 为准。 ...

（文章来源：证券日报） 证券日报网讯 12月16日，华菱钢铁在互动平台回答投资者提问时表示，公司将持续加强与国内外各类 投资机构的交流和沟通，通过不定期接待投资者调研、回复互动平台提问、召开业绩说明会、参加券商 策略会等多种方式与投资者沟通交流并积极回应投资者关切，充分展示公司良好的基本面。 ...

证券日报网讯 12月16日，华菱钢铁在互动平台回答投资者提问时表示，公司在硅钢领域积累了成熟的 生产经验与理论基础，产品覆盖中高牌号无取向硅钢和取向硅钢，并与下游优质客户建立了长期合作关 系。硅钢项目投产以来，在高端品种开发、市场开拓、下游客户供货等方面持续取得积极进展，作为新 产线表现优异，整体建设和运营情况好于预期。 （文章来源：证券日报） ...

证券日报网讯12月16日，华菱钢铁（000932）在互动平台回答投资者提问时表示，公司投资者热线线路 畅通，且未取消来电转移功能。公司投资者热线可能因线路繁忙、工作人员临时处理紧急事务等原因， 而未能及时接听电话。您可以再次拨打公司投资者热线电话，对于未能及时接听的电话，公司也将通过 来电号码显示给予回电，为投资者提供及时的交流与解答。 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, indicating a positive outlook for selected companies within the sector [6]. Core Insights - The steel industry is experiencing a divergence between strong expectations and weak realities, with production data quality declining since May 2023, impacting demand assessments [2]. - China's apparent steel consumption increased by 3.6% year-on-year from January to November, but November alone saw a decline of 3.3% [2]. - The net export of steel reached 10.218 million tons from January to November, a year-on-year increase of 7.6%, driven by strong manufacturing exports [3]. - Domestic policies are shifting focus towards basic economic fundamentals, with an emphasis on proactive fiscal policies and moderate monetary easing [4]. Summary by Sections Production and Consumption - In November 2025, crude steel production was 6.987 million tons, a year-on-year decrease of 10.9%, while the average daily production was 2.329 million tons, showing a slight month-on-month increase of 0.3% [8]. - The apparent consumption of steel in China for the first eleven months of 2025 grew by 3.6% year-on-year, with a notable decline in November [2]. Exports and Imports - Steel exports for January to November 2025 totaled 10.772 million tons, reflecting a year-on-year increase of 6.7% [8]. - The import of iron ore in November was 11.054 million tons, up 8.5% year-on-year, while cumulative imports for the first eleven months increased by 1.4% [8]. Policy and Market Outlook - The report anticipates that the focus of domestic policies will increasingly center on structural adjustments, with an expectation of continued fiscal easing and reforms [4]. - The report highlights potential investment opportunities in undervalued companies within the steel sector, such as Huazhong Steel and Baosteel, which are expected to benefit from upcoming economic cycles [4].