【国金金属|黑色】钢铁行业核心观点及可路演内容 核心观点：26年是钢铁三大逻辑的拐点 1）看多供改概率：可行性（已摸排变相扩张和数据造假，空间2亿吨）+必要性（主要矛盾从央地转化到中外） 其他可路演内容： 1）铁矿石降价的确定性、节奏、幅度； 2）出口管制的短期影响（市场分割）和长期信号（主要矛盾转化）； 2）看空原料价格：供需在27-28年扭转，库存将在26年Q2-Q3提前反应，框架看跌至少20$，钢企对铁矿商议价权 并不弱 3）看好现金流好转：25年能效基准和超低排放基本完成，资本开支收敛到折旧，为分红腾出了1倍空间 2）看空原料价格：供需在27-28年扭转，库存将在26年Q2-Q3提前反应，框架看跌至少20$，钢企对铁矿商议价权 并不弱 4）首推攻守兼备的华菱，黄金配置期在3-4月，未来3年看2-3倍EPS增加 3）看好现金流好转：25年能效基准和超低排放基本完成，资本开支收敛到折旧，为分红腾 【国金金属|黑色】钢铁行业核心观点及可路演内容 核心观点：26年是钢铁三大逻辑的拐点 1）看多供改概率：可行性（已摸排变相扩张和数据造假，空间2亿吨）+必要性（主要矛盾从央地转化到中外） 3）双碳政策对钢铁行业的 ...

1月27日，华菱钢铁盘中下跌2.09%，截至13:00，报6.09元/股，成交2.97亿元，换手率0.69%，总市值 420.74亿元。 分红方面，华菱钢铁A股上市后累计派现104.36亿元。近三年，累计派现39.34亿元。 机构持仓方面，截止2025年9月30日，华菱钢铁十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1.57亿股，相比上期增加2341.00万股。南方中证500ETF（510500）位居第七大流通股 东，持股6043.83万股，相比上期减少102.79万股。 责任编辑：小浪快报 资料显示，湖南华菱钢铁股份有限公司位于湖南省长沙市天心区湘府西路222号，成立日期1999年4月29 日，上市日期1999年8月3日，公司主营业务涉及钢材产品的生产和销售。主营业务收入构成为：板材 46.31%，其他业务及产品25.15%，长材19.28%，钢管9.26%。 华菱钢铁所属申万行业为：钢铁-普钢-板材。所属概念板块包括：油气管网、钢铁概念、特钢概念、湖 南国资、低价等。 截至9月30日，华菱钢铁股东户数8.42万，较上期减少6.78%；人均流通股82063股，较上期增加7.27%。 202 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603878 | 武进不锈 | 9.30 | 3.56% | 68.71万 | 6.43亿 | | 000761 | 本钢板材 | 3.63 | 2.25% | 35.21万 | 1.29亿 | | 601005 | 重庆钢铁 | 1.57 | 1.95% | 473.11万 | 7.43亿 | | 600126 | 杭钢股份 | 9.01 | 1.24% | 1 99.70万 | 9.01亿 | | 000932 | 华菱钢铁 | 6.22 | 0.97% | 143.15万 | 8.88.6 | | 000959 | 首钢股份 | 5.71 | 0.88% | 62.41万 | 3.58亿 | | 600019 | 宝钢股份 | 7.30 | 0.83% | 159.36万 | 11.67亿 | | 000709 | 河钢股份 | 2.57 | 0.78% | 154.43万 | 3.96亿 | | 000898 | 鞍钢股份 | 2.69 | ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 24 年 月 日 钢铁 新世界 行情回顾（1.19-1.23）： 中信钢铁指数报收 2,102.78 点，上涨 6.98%，跑赢沪深 300 指数 7.6pct， 位列 30 个中信一级板块涨跌幅榜第 3 位。 重点领域分析： 投资策略：本周市场表现积极，但结构问题依然存在，当全社会将过剩资 本通过各种管道注入股票市场的时候，水涨船高，A 股市场长牛的序幕就 逐步开启。这些渠道在同一时间可能存在多寡主次先后之分，由于这些增 量资金的性质不同，有时候可能相互配合，有时候相互竞争，造成了短期 市场风格的切换，这些更多是节奏的问题。周内最引入注目的是加拿大总 理卡尼在达沃斯论坛发表演讲，宣告长期以来由美国主导的、以"规则为 基础的国际秩序"已经终结，像加拿大这样的"中等强国"必须面对新的 现实、联合行动，否则"不在谈判桌上，就在菜单上"。公开承认了美西方 在国际规则问题上的系统性双标。他坦言："我们知道，关于'基于规则的 秩序'的叙事在一定程度上是虚假的……国际法的适用，取决于被指控者 和受害者是谁"。卡尼甚至进一步解释，这种"虚构叙事"之所以能 ...

钢铁周报 20260125 安保预期趋严，关注原料补库节奏 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 000932.SZ | 华菱钢铁 | 6.16 | 0.50 | 0.60 | 0.66 | 12 | 10 | 9 | 推荐 | | 600019.SH | 宝钢股份 | 7.24 | 0.49 | 0.56 | 0.62 | 15 | 13 | 12 | 推荐 | | 600282.SH | 南钢股份 | 5.81 | 0.46 | 0.50 | 0.56 | 13 | 12 | 10 | 推荐 | | 301160.SZ | 翔楼新材 | 69.52 | 2.01 | 2.70 | 3.66 | 35 | 26 | 19 | 推荐 | | 000 ...

证券之星消息，1月23日普钢板块较上一交易日上涨1.53%，酒钢宏兴领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。普钢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) | | | --- | --- | --- | --- | --- | --- | --- | | 600307 | 酒钢宏兴 | 2.07 | 10.11% | 238.02万 | | 4.73亿 | | 603878 | 武进不锈 | 8.98 | 10.05% | 52.55万 | | 4.56 Z | | 002110 | 三钢闽光 | 4.66 | 4.95% | 65.20万 | | 2.97亿 | | 600010 | 包钢股份 | 2.58 | 3.61% | 1337.62万 | | 33.82亿 | | 600569 | 安阳钢铁 | 2.55 | 3.24% | 44.94万 | | 1.12亿 | | 600282 | 南钢股份 | 5.81 | 3.20% | 67.48万 | | 3.90亿 | | 601 ...

华菱钢铁（000932）(000932.SZ)公告，公司子公司湖南华菱涟源钢铁有限公司(简称"华菱涟钢")焦化厂 两座6m焦炉炉龄已到炉役末期，为解决由焦炉本体老化带来的炉墙剥蚀、炉内窜漏、热效率低、吨焦 能耗居高不下等问题，华菱涟钢拟实施焦化厂6m焦炉原地大修项目，投资额4.5亿元，建设期19个月。 ...

智通财经APP讯，华菱钢铁(000932.SZ)公告，公司子公司湖南华菱涟源钢铁有限公司(简称"华菱涟钢") 焦化厂两座6m焦炉炉龄已到炉役末期，为解决由焦炉本体老化带来的炉墙剥蚀、炉内窜漏、热效率 低、吨焦能耗居高不下等问题，华菱涟钢拟实施焦化厂6m焦炉原地大修项目，投资额4.5亿元，建设期 19个月。 ...

Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1740.66 points, down 0.25%, with a trading volume of 37.125 billion yuan and a turnover rate of 1.46% [1] Group 1: Index Performance - On the day, 31 constituent stocks rose, with North New Building Materials leading with a 4.99% increase, while 17 stocks fell, with Shanjin International leading the decline at 2.07% [1] - The index's top ten constituent stocks include: - BOE Technology Group (sz000725) with a weight of 9.45%, closing at 4.40 yuan, down 1.35% [1] - Wuliangye Yibin (sz000858) with a weight of 9.34%, closing at 102.76 yuan, down 0.28% [1] - Hikvision (sz002415) with a weight of 7.48%, closing at 32.09 yuan, down 1.56% [1] - XCMG Machinery (sz000425) with a weight of 6.90%, closing at 10.86 yuan, down 1.54% [1] - Weichai Power (sz000338) with a weight of 6.24%, closing at 22.36 yuan, down 0.89% [1] Group 2: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 872 million yuan, while retail investors saw a net inflow of 1.149 billion yuan [1] - Detailed capital flow for selected stocks includes: - Yuexiu Capital (000987) with a main fund net inflow of 107 million yuan, but retail outflows of 54.4 million yuan [2] - Huazhong Steel (000932) with a main fund net inflow of 85.6 million yuan, but retail outflows of 33.9 million yuan [2] - Yun Aluminum (000807) with a main fund net inflow of 54.8 million yuan, but retail outflows of 68.3 million yuan [2]

Group 1 - Huakang Clean announced it is the first candidate for the bid of the Wuhan First Hospital expansion project with a bid amount of 54.88 million yuan and a construction period of 120 days [1] - Hualing Steel's subsidiary plans to invest 449.88 million yuan in a major overhaul project for its coking plant, aiming to address aging issues and restore production capacity over a 19-month construction period [2] - Yinjia Technology expects a net loss of 140 million to 110 million yuan for 2025, compared to a loss of 129 million yuan in the previous year [3] Group 2 - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan for 2025, recovering from a loss of 58.52 million yuan in the previous year [4] - Shiyi Da anticipates a net profit increase of 31 million to 46 million yuan for 2025, turning around from a loss of 23.41 million yuan last year [5] - Lijun Co. expects a net profit of 48 million to 66 million yuan for 2025, representing a decline of 45.05% to 60.03% compared to the previous year [7] Group 3 - Xindian Pharmaceutical plans to repurchase shares worth 25 million to 50 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 42 yuan per share [6] - Jingchen Co. has set the initial transfer price for its shares at 82.85 yuan per share, with a total of 13.1 million shares to be transferred to 28 institutional investors [8] - Zejing Pharmaceutical received approval for clinical trials of its innovative cancer immunotherapy drug ZG005 in combination with platinum-based chemotherapy for advanced nasopharyngeal and esophageal squamous cell carcinoma [9] Group 4 - Xingqi Eye Medicine expects a net profit of 662 million to 749 million yuan for 2025, marking a growth of 95.82% to 121.56% compared to the previous year [10] - Liancheng Precision anticipates a net loss of 12 million to 17 million yuan for 2025, reducing its loss from 37.96 million yuan in the previous year [11] - Beidou Star expects a net loss of 230 million to 290 million yuan for 2025, improving from a loss of 350 million yuan last year [13] Group 5 - Qing Shan Paper's affiliate won a bid for a wastewater treatment project worth 51.9 million yuan [15] - Yiling Pharmaceutical forecasts a net profit of 1.2 billion to 1.3 billion yuan for 2025, recovering from a loss of 725 million yuan in the previous year [16] - Huahai Pharmaceutical received a drug registration certificate for its product used in treating depression and obsessive-compulsive disorder [23] Group 6 - Nanjing Panda expects a net profit of 10 million to 15 million yuan for 2025, turning around from a loss of 189 million yuan last year [40] - Rui Sheng Intelligent anticipates a net profit of 33.92 million to 38.40 million yuan for 2025, representing a growth of 112% to 140% compared to the previous year [41] - Jiechang Drive expects a net profit of 395 million to 437 million yuan for 2025, with a growth of 40% to 55% compared to the previous year [43]