2025.07. 19 本文字数：3378，阅读时长大约5分钟 情况真的是这样吗？第一财经记者查阅了中日主要钢铁企业2024年的财务报告，发现日本制铁在去 年一年的归母净利润为3502亿日元（约合人民币 169亿元 ）。 而在2024年，中国最赚钱的前五大上市钢铁企业，净利润分别为73.62亿元（宝钢股份），51.26 亿元（中信特钢），22.61亿元（南钢股份），20.32亿元（华菱钢铁），14.9亿元（久立特材）。 这意味着，中国前四家最赚钱的上市钢企2024年的净利润之和，不敌日本制铁一家。 记者还发现，2021年宝钢股份曾是全球最盈利的钢企，当时净利润高达 236.32亿 元，但最近几 年，宝钢依然是中国最赚钱的钢企，但利润也在逐年下滑，2024年的净利润只有日本制铁的四成。 日本制铁则从2018年亏损的泥潭中爬出，不仅利润恢复增长，还收购了美国钢铁，目标是10年后成 为"全球第一"。 中日钢铁企业竞争格局变化的背后，是国内钢铁行业产能过剩，价格内卷，以及技术水平不断提高交 织的现实。如今，"内卷"已经从国内拓展到了国际市场，而国内一些钢厂和相关监管部门，则在为 真正竞争力的提高作出改变。 利润差距来 ...

也会密切关注海外贸易政策，动态研判市场变化，制定采购、销售、库 存及生产策略，并根据海外贸易政策及市场需求变化，适时调整出口策 略。 4、超低排放的改造进度？未来资本性开支和分红计划？ 回复：公司坚持绿色可持续发展战略，目前已全面完成超低排放改 造项目并启动开展监测评估工作，力争今年底努力实现环境绩效创 A。 近几年公司的资本性开支主要围绕品种结构升级、数智化转型、超低排 放等领域展开，2025 年预计新开工项目 54.67 亿元。2024 年度，公司每 10 股派发现金红利 1.00 元（含税），现金分红比例为 2024 年度公司归 母净利润的 34%，较上年提高 2.7 个百分点。目前，公司已公告拟实施 的股份回购金额和 2024 年度现金分红金额的合计比例达到公司 2024 年 度归母净利润的 44%-54%。2026 年以后，随着超低排放改造完成，公司 在环保领域的资本性开支预计将有所下降，分红比例有望进一步提升。 但公司坚持"四化"转型的战略方向不会动摇，仍将在设备改造升级和 高端品种研发上持续投入，以适应下游需求升级的方向，保持细分市场 竞争优势。 5、2024 年电磁材料公司硅钢一期项目刚投产， ...

Group 1: Investment and Project Development - The company is investing significantly in new projects, particularly in the development of large-diameter seamless steel pipes to meet high-end demands in sectors such as oil casing and new energy transportation [2] - The company aims to enhance the competitiveness of its seamless steel pipe products by reducing costs and improving quality through the implementation of advanced technologies [2] - In the silicon steel sector, the company has established itself as the largest supplier of silicon steel base materials in China, with an annual production capacity of approximately 180,000 tons [3] Group 2: Financial Performance and Market Demand - The company's profitability has shown improvement in the second quarter, with stable demand and orders across various sectors, although there is a noted weakness in real estate and infrastructure [2] - The automotive board joint venture, VAMA, has reached full production capacity, with a combined output of approximately 1.6 million tons from its first two phases [4] - The company plans to allocate approximately 5.467 billion yuan for new projects in 2025, focusing on product structure upgrades and digital transformation [5] Group 3: Taxation and Financial Outlook - The company's income tax expenses increased in the first quarter of 2025 due to higher profits and tax adjustments, with a corporate tax rate of 15% for its high-tech subsidiaries [6] - The cash dividend for 2024 is set at 1.00 yuan per 10 shares, representing 34% of the net profit attributable to shareholders, an increase of 2.7 percentage points from the previous year [5] - The company anticipates a potential increase in dividend payout ratios post-2026, following the completion of low-emission transformation projects [5]

Group 1: Production and Market Outlook - The company's production and operational situation remains stable in Q2 2025, with differentiated demand in downstream industries such as shipbuilding and new energy vehicles, while real estate and infrastructure demand is weak [2] - The company maintains a certain proportion of long-term coal procurement to stabilize supply, with quarterly negotiations for long-term coal pricing [2] Group 2: Financial Performance and Taxation - In Q1 2025, the company's income tax expenses increased due to a rise in profits and tax reconciliation, with a corporate income tax rate of 15% for high-tech enterprises [3] - The expected tax expenses and VAT deductions for Q2 2025 are projected to remain at normal levels [3] Group 3: Capital Expenditure and Dividends - The company plans to invest CNY 5.467 billion in new projects in 2025, focusing on product structure upgrades and low-emission transformations [4] - For 2024, the cash dividend is set at CNY 1.00 per 10 shares, with a payout ratio of 34% of net profit, an increase of 2.7 percentage points from the previous year [4] Group 4: Product Development and Production Capacity - The company has achieved full production of 200,000 tons of non-oriented silicon steel in 2024 and is expanding production capacity with 100,000 tons of oriented silicon steel in trial production [5] - By the end of 2025, the company aims to have a production capacity of 400,000 tons of non-oriented silicon steel and 100,000 tons of oriented silicon steel [5] Group 5: Competitive Advantages and Industry Position - The company has improved its profitability since 2017 due to favorable policies and a strong market position in Hunan and Guangdong [6] - The company has implemented a competitive compensation mechanism and talent attraction policies, maintaining a 3-5% annual elimination rate for underperforming managers [7] - Significant cost reductions have been achieved, with the debt-to-asset ratio decreasing from 86.9% in 2016 to 57.24% in Q1 2025 [7] Group 6: Future Strategies and Innovations - The company is committed to high-end, green, and intelligent transformation, aiming to become a world-class steel enterprise [8] - The automotive sheet joint venture is progressing with feasibility studies for the third phase, while the steel battery pack solutions are being supplied in small batches [9]

订阅A股涨停捉妖队 +订阅 订阅A股市场资讯 +订阅 A股钢铁板块盘中移动，柳钢股份涨停封板，盛德鑫泰涨近6%，首钢股份、华菱钢铁、方大特钢、新 钢股份等跟涨。 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

截至7月16日收盘，特钢概念下跌0.81%，位居概念板块跌幅榜前列，板块内，盛德鑫泰、安阳钢铁、 华菱钢铁等跌幅居前，股价上涨的有9只，涨幅居前的有物产金轮、抚顺特钢、北京利尔等，分别上涨 4.72%、2.53%、2.35%。 特钢概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000932 | 华菱钢铁 | -3.41 | 2.26 | -8553.19 | | 600010 | 包钢股份 | -1.48 | 3.36 | -7518.85 | | 600126 | 杭钢股份 | -0.11 | 5.09 | -7196.29 | | 688186 | 广大特材 | 0.04 | 4.99 | -4904.06 | | 600808 | 马钢股份 | -1.48 | 1.23 | -4556.59 | | 002756 | 永兴材料 | -1.82 | 2.32 | -4106.43 | | 000825 | 太钢不锈 | -2.68 | 1.11 | -3250.12 | | ...

近日，钢铁上市公司陆续披露中期业绩预告。 整体来看，今年上半年，在原料成本回落、大力降本等多重因素作用下，钢铁行业的盈利情况明显好转。 不过，尽管业绩有所回暖，但7月15日港A两市的钢铁板块则呈现集体回调态势。截至收盘，中国铁钛（00893.HK）跌 10%，重庆钢铁股份（01053.HK）跌3.38%，鞍钢股份（00347.HK）跌1.4%。 在A股市场，相关概念股亦同步回落。截至收盘，八一钢铁（600581.SH）跌2.39%，鞍钢股份（000898.SZ）、华菱钢铁 （000932.SZ）、新钢股份（600782.SH）等均跌超1%。 市场分析表示，尽管上半年国内钢铁行业整体盈利状况有所改善，但下半年原材料价格进一步下跌的空间有限。此外，虽 然"反内卷"政策正持续发力，但钢铁市场后续走势仍要取决于减产力度、政策落地速度及下游需求。 钢铁行业利润显著改善 作为国民经济的支柱之一，钢铁行业扮演着不可替代的角色。 但近几年，钢铁行业需求端面临着房地产行业低迷、基建投资拉动有限、海外市场对中国钢材出口压力加大等多重挑战。 具体来看，首钢股份（000959.SZ）等7家公司上半年净利润实现两位数甚至三位数的大幅增 ...

Core Viewpoint - The steel industry is experiencing pressure from weak demand and high costs, leading to a focus on policy-driven capacity optimization to alleviate profitability issues [1][5]. Group 1: Market Performance - The Shenyin Wanguo Steel Index has rebounded by 11.86% since June 23, while the Wind All A Index increased by 6.53% during the same period [1]. - In July, the Shenyin Wanguo Steel Index rose by 9.31%, marking the largest monthly increase since October 2024, with 21 stocks in the steel sector rising over 10% [4]. Group 2: Company Earnings Forecasts - Eight steel companies have released their mid-year earnings forecasts, with Shougang Co. expecting a net profit of 642 to 672 million yuan, a year-on-year increase of 62.62% to 70.22% [3]. - Shandong Steel anticipates a net profit of 12.71 million yuan for the first half of the year, a year-on-year increase of 98.1 million yuan [2]. - Fushun Special Steel and Hangang Co. are expected to report losses, with Fushun projecting a loss of 260 to 300 million yuan, a year-on-year decrease of 214.06% to 231.6% [3]. Group 3: Industry Challenges - The steel industry has been in a downward cycle for four years, with approximately 30% of steel companies still reporting losses as of the latest financial reports [5]. - The demand for steel, particularly from the real estate sector, has significantly declined, with demand dropping from 377 million tons in March 2020 to 215 million tons in 2024, a decrease of 42.9% [5]. - The focus on cost reduction has become prevalent among steel companies, with raw material prices significantly impacting profitability [5]. Group 4: Policy and Structural Changes - Recent central government meetings have emphasized the need to eliminate outdated production capacity, strengthening expectations for supply contraction in the steel industry [4][6]. - The current round of "anti-involution" policies aims to optimize supply and demand dynamics, with a focus on differentiated control of production based on efficiency and environmental standards [6].

Group 1 - In July, private equity institutions showed strong interest in A-share listed companies, with 751 institutions participating in research covering 387 companies, totaling 1,769 research instances [1][5] - The electronic industry led the research focus with 275 instances involving 56 companies, followed by the pharmaceutical and biological industry with 266 instances covering 41 companies [1][5] - The technology growth sector is experiencing increasing enthusiasm, with significant capital inflows into technology-themed ETFs, indicating a positive outlook for AI-related industries [3] Group 2 - Insurance capital has been actively acquiring stakes in listed companies, with 19 instances of stake acquisitions involving 15 companies this year, indicating a trend towards long-term stable investment returns [5] - The banking sector is facing challenges due to narrowing net interest margins, prompting banks to enhance their intermediary business development, with wealth management and financial investment seen as growth areas [3] - A-share buyback enthusiasm remains high, with notable companies like China Communications Construction planning significant buybacks, reflecting a strategic move to bolster market confidence [9]