证券之星消息，12月17日特钢板块较上一交易日上涨0.78%，久立特材领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。特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) | | | --- | --- | --- | --- | --- | --- | --- | | 002318 | 久立特材 | 26.55 | 2.99% | 14.83万 | | 3.89亿 | | 301160 | 翔楼新材 | 64.20 | 2.39% | 1.77万 | | · 1.12亿 | | 000708 | 中信特钢 | 15.24 | 1.67% | 12.16万 | | 1.84亿 | | 600507 | 方大特钢 | 5.77 | 0.87% | 10.94万 | | 6268.08万 | | 002443 | 金州管道 | 8.13 | 0.87% | 12.98万 | | 1.06亿 | | 002075 | 沙钢股份 | 5.62 | 0.72% | 21.55万 | | 1.20亿 | | 603 ...

现实与预期的折返跑：今年 5 月份以来钢铁产量统计数据质量不佳，与钢联统计铁水产量匹 配度较低。粗钢统计数据质量下降的原因可能与今年产量压降压力有关，部分地区统计数据 与实际产量数据分化较大，也对评估今年的钢铁需求造成一定的影响。如果用钢材产量增速 去替换粗钢产量增速去估算今年钢铁表观消耗可能更加符合实际。今年 1-11 月份中国钢材 表观消费量同比增长 3.6%，其中 11 月份单月表观消费同比回落 3.3%。上半年强出口和宽 财政是推动经济反弹的关键，只不过四月份产业链面对关税的不确定性缺少信心，主动清理 库存压抑了实际需求反弹。六月份库存周期见底后开始回升，经济从强现实弱预期向强现实 强预期转换。虽然三季度财政发力开始逐步放缓，经济增速相对之前有所下降，但库存周期 向上波动一定程度平滑了实际需求变化。由于今年财政前置，前三季度政府债净发行量达到 11.46 万亿元，已经接近全年计划的 85%，意味着四季度财政对经济的支持力度会进一步下 降，同时类似家电以旧换新政策效果会随着时间推移效用衰减，以及出口去年同期的高基数 带来的影响。缓解的措施包括存量政策的执行，如上半年宣布的 5000 亿元政策性金融工具， ...

每经AI快讯，钢铁板块短线拉升，太钢不锈涨停，抚顺特钢、久立特材、酒钢宏兴、鄂尔多斯、中信 特钢等跟涨。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the steel industry is "Buy" for several key companies including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The market remains in a state of fluctuation, with non-ferrous metals outperforming ferrous metals. The focus is on the financial attributes of metals, particularly gold, silver, and copper [2]. - The Federal Reserve has lowered interest rates by 25 basis points to a range of 3.50%-3.75%, marking the third consecutive rate cut this year. This is expected to influence domestic policies towards a more proactive fiscal stance [2]. - The steel industry is expected to see a shift towards structural adjustments, with a focus on optimizing consumption patterns and enhancing service consumption [2]. - The report highlights a significant recovery in the valuation of the steel sector, moving from absolute undervaluation to a moderately low position, indicating potential for absolute returns [2]. Supply and Demand Analysis - Daily molten iron production has decreased by 32,000 tons to 2.291 million tons, with steel production continuing to decline, particularly in rebar [14]. - Total inventory of five major steel products has decreased by 3.8% week-on-week, while steel mill inventories have slightly increased by 0.9% [27]. - Apparent consumption of five major steel products has weakened, with a week-on-week decline of 2.8% [53]. - The average weekly transaction volume for construction steel has decreased by 0.8% [43]. Price and Profitability - The comprehensive steel price index has weakened, with a week-on-week decline of 1.1% [72]. - The current spot price for rebar in Beijing is 3,110 CNY/ton, down 2.2% week-on-week [72]. - The profit margins for long-process rebar and hot-rolled coils are negative, indicating a challenging profitability environment [74]. Industry News - The introduction of export license management for certain steel products is seen as a significant step towards promoting high-quality development in the steel industry [96]. - The Ministry of Industry and Information Technology has released a draft for the implementation of capacity replacement in the steel industry, which is expected to enhance supply-side adjustments [15].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3]. Core Viewpoints - The report emphasizes the need for deep reforms to address "involution" competition in the steel industry, with the central government advocating for a unified national market and stricter export management [2]. - The introduction of export licenses for certain steel products is expected to limit the export of low-value-added products, encouraging steel companies to upgrade to higher-end products [2]. - In the short term, low-value-added products may face adjustments, while the long-term trend will see an increase in the export proportion of high-end products, benefiting leading companies in the industry [2]. Summary by Sections Domestic Steel Market - As of December 12, 2025, steel prices have decreased, with HRB400 rebar priced at 3,250 CNY/ton, down 20 CNY from the previous week [7][16]. - The report notes a decline in production and inventory levels, with total steel production at 8.06 million tons, a decrease of 227,300 tons week-on-week [7][16]. International Steel Market - The report highlights stable price increases in the U.S. and European steel markets, with U.S. hot-rolled coil prices at 985 USD/ton, up 10 USD from the previous week [28][30]. Raw Materials and Shipping Market - Domestic iron ore prices have shown a mixed trend, with some prices remaining stable while others have decreased slightly [33]. - The report indicates a decline in scrap steel prices, with the current price at 2,080 CNY/ton, down 10 CNY from the previous week [33]. Company Valuations and Stock Performance - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, with Hualing Steel projected to have an EPS of 0.29 CNY in 2024 and a PE ratio of 18 [3].

2020-2025年1-10月中国焊接钢管产量统计图 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 相关报告：智研咨询发布的《2026-2032年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年10月中国焊接钢管产量为520万吨，同比增长7.7%；2025年1-10月中 国焊接钢管累计产量为5017.3万吨，累计增长3.7%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

Core Viewpoint - The steel industry is expected to experience a reduction in production capacity and an improvement in quality, leading to stabilization in prices and profits in 2026 [1] Group 1: Supply - A new capacity replacement policy is set to be implemented, which is expected to continue reducing crude steel production in 2026 [6] - The capacity replacement policy will increase the reduction ratio in non-key areas to at least 1.5:1, enhancing long-term capacity constraints [14][18] - The overall crude steel production is anticipated to decrease year-on-year due to differentiated production restrictions and proactive production control by enterprises [6][28] Group 2: Demand - Investment stability and domestic demand expansion are expected to lead to a recovery in steel demand in 2026 [6] - The construction sector is projected to see a recovery in fixed asset investment, supported by policies aimed at stabilizing the real estate market [36] - Manufacturing sectors such as automotive, machinery, and home appliances are expected to maintain growth in steel demand due to supportive policies [6][57] Group 3: Costs - Steel cost pressures are expected to continue easing in 2026, with iron ore supply slightly increasing and demand stabilizing [6][61] - The global iron ore supply is projected to see a slight increase, with the four major mining companies expected to have a production growth rate of about 1.8% in 2026 [66] - The overall balance between iron ore supply and demand is expected to remain weak, with prices anticipated to fluctuate downward [6][61] Group 4: Prices and Profits - The reduction in production and improvement in quality are expected to help stabilize steel prices and profits in 2026 [6] - Demand for flat steel is expected to remain stronger than for long steel, with policies aimed at further tapping into consumption potential [6] - The anticipated decline in crude steel production, primarily driven by loss-making enterprises and policy-induced reductions, will contribute to a mild improvement in the steel supply-demand landscape [6] Group 5: Investment Recommendations - The report suggests focusing on leading companies in the ordinary steel sector and those involved in restructuring and integration, such as Baosteel, Hualing Steel, and Nanjing Steel [6] - In the special steel sector, high-performance steel products are encouraged, with companies like Jiuli Special Materials and Yongjin Co. expected to benefit from policy support [6][7]

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel sector, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [9]. Core Insights - The steel industry is experiencing a divergence in performance compared to non-ferrous metals, with non-ferrous metals benefiting more from manufacturing sectors like electrical machinery and telecommunications, while steel is more reliant on real estate and automotive industries [2]. - The average daily pig iron production has decreased, with a notable drop in steel output, particularly in rebar production [12][18]. - Total steel inventory has seen a significant reduction, with a week-on-week decline of 2.5% [24]. - Apparent consumption of steel has weakened, with rebar demand declining more than hot-rolled coil demand [40]. - Iron ore prices have strengthened, influenced by supply adjustments and market dynamics [50]. Summary by Sections Supply - Daily pig iron production has decreased by 23,000 tons to 2.323 million tons, with a significant drop in steel output [12][18]. - The capacity utilization rate for blast furnaces across 247 steel mills is at 87.1%, down 0.9 percentage points from the previous week [18]. Inventory - Total steel inventory has decreased by 2.5% week-on-week, with social inventory down 2.9% and steel mill inventory down 1.6% [24][26]. Demand - Apparent consumption of the five major steel products is 8.642 million tons, down 2.7% week-on-week [51]. - Weekly average transaction volume for construction steel is 99,000 tons, reflecting a 5.3% decrease [41]. Raw Materials - The iron ore price index for 62% Fe is at $107.1 per ton, with a week-on-week increase of 1.0% [61]. - Australian iron ore shipments have decreased slightly, while Brazilian shipments have increased [61]. Prices and Profits - The comprehensive steel price index has increased by 0.6% week-on-week, indicating a slight improvement in the industry's profitability [75]. - The current cost of long-process rebar is 3,533 RMB per ton, with a loss of 233 RMB per ton [75][81].

浙江久立特材科技股份有限公司 2025 年第一期员工持股计划 证券简称：久立特材 证券代码：002318 浙江久立特材科技股份有限公司 2025 年第一期员工持股计划 二〇二五年十二月 浙江久立特材科技股份有限公司 2025 年第一期员工持股计划 声明 本公司及董事会全体成员保证本员工持股计划内容真实、准确和完整，不存 在虚假记载、误导性陈述或者重大遗漏。 本方案主要条款与公司2025年11月19日公告的公司2025年第一期员工持股 计划草案及其摘要内容一致。 1 浙江久立特材科技股份有限公司 2025 年第一期员工持股计划 风险提示 一、浙江久立特材科技股份有限公司（以下简称"久立特材"或"公司"） 2025年第一期员工持股计划（以下简称"本员工持股计划"）须经公司股东会批 准后方可实施，本员工持股计划能否获得公司股东会批准，存在不确定性。 二、有关本员工持股计划的具体资金来源、出资比例、实施方案等属初步结 果，能否完成实施，存在不确定性。若员工认购资金较低，则本次员工持股计划 存在不能成立的风险；若员工认购资金不足，本次员工持股计划存在低于预计规 模的风险。 三、本员工持股计划由公司自行管理，公司设立员工 ...