Investment Rating - The report maintains a "Buy" rating for several steel companies, indicating a positive outlook for the sector [5][8]. Core Insights - The black industrial chain has experienced significant price fluctuations, with the CITIC Steel Index rising by 7.55% during the week, outperforming the CSI 300 Index by 5.86 percentage points [1][85]. - The report highlights a rebound in steel prices due to a reversal in inventory cycles, driven by strong domestic and external demand in the first half of the year, although uncertainties remain due to tariff frictions [2][6]. - The report anticipates that the implementation of "anti-involution" policies will accelerate the recovery of industry profitability, with a focus on reducing production capacity [2][6]. Supply Analysis - Daily molten iron production has decreased slightly to 242.2 thousand tons, with a marginal decline in long-process production [11][14]. - The capacity utilization rate for domestic blast furnaces is reported at 90.8%, a slight decrease of 0.1 percentage points week-on-week [14][20]. Inventory Analysis - Total steel inventory has slightly decreased by 0.1 percentage points, with social inventory increasing while steel mill inventory has significantly declined [20][22]. - The social inventory of five major steel products stands at 9.271 million tons, up 0.5% week-on-week but down 27.4% year-on-year [22][27]. Demand Analysis - Apparent consumption of five major steel products has shown a slight decline of 0.2% week-on-week, indicating resilient demand despite the overall weakness [36][46]. - Weekly average transaction volume for construction steel has increased by 22.4% compared to the previous week, reaching 115 thousand tons [36][37]. Raw Material Analysis - Iron ore prices have strengthened, with the Platts 62% Fe iron ore price index rising to $102.6 per ton, a week-on-week increase of 2.4% [45][54]. - The report notes a decrease in Australian iron ore shipments by 10.5% week-on-week, while Brazilian shipments increased by 17.4% [54][68]. Price and Profit Analysis - The report indicates a significant improvement in immediate gross margins for steel products, with the Myspic comprehensive steel price index rising by 4.2% week-on-week [66][67]. - Current prices for rebar in Beijing and Shanghai have increased by 7.7% and 5.5% respectively, reflecting a positive trend in the market [67][70]. Key Stocks - The report recommends several stocks for investment, including: - Xinxing Ductile Iron Pipes (Buy) - Nanjing Steel (Buy) - Hualing Steel (Buy) - Baosteel (Buy) - Jiuli Special Materials (Buy) - New Steel (Increase Holding) [8][89].

股票代码：002478 股票简称：常宝股份 公告编号：2025-031 江苏常宝钢管股份有限公司（以下简称"公司"）于 2024 年 7 月 24 日召开 第六届董事会第七次（临时）会议，审议通过了《关于回购部分社会公众股份的 方案》，并于 2024 年 7 月 31 日披露了《关于回购部分社会公众股份的报告书》 （公告编号：2024-036），同意使用自有资金以集中竞价交易方式回购部分公司 股份，回购的股份将依法用于后期实施员工持股计划或者股权激励计划。回购的 股价不超过人民币 6.50 元/股【因实施 2024 年度权益分派，回购价格上限相应 调整，实际的回购价格上限将不超过 6.28 元/股】，回购资金总额不低于人民币 3000 万元（含），且不超过人民币 6000 万元（含）。回购股份的期限为自公司 董事会审议通过回购股份方案之日起不超过 12 个月。 截至 2025 年 7 月 23 日，公司股份回购期限届满，现将有关事项公告如下： 一、回购股份实施情况 江苏常宝钢管股份有限公司 关于回购股份期限届满暨回购完成公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述 ...

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].

证券代码：002478 股票简称：常宝股份 编号：2025-030 江苏常宝钢管股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第七次（临 时）会议审议通过了《关于回购部分社会公众股份的方案》，同意使用自有资金 以集中竞价交易方式回购部分公司股份，回购的股份将依法用于后期实施员工持 股计划或者股权激励计划。回购的价格不超过人民币 6.50 元/股【因实施 2024 年度权益分派，回购价格上限相应调整，实际的回购价格上限将不超过 6.28 元/ 股】，回购资金总额不低于人民币 3000 万元（含），且不超过人民币 6000 万元 （含）。回购股份的期限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2024 年 7 月 25 日、2024 年 7 月 31 日在《证券时 报》和巨潮资讯网（http://www.cninfo.com.cn）刊登的相关公告。 一、回购公司股份的具体情况 根据《深圳证券交易所上市公司自律监管指引第9号——回 ...

Investment Rating - The industry is rated as "Buy" for key stocks such as Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, with a recommendation to increase holdings in New Steel Pipe and Ningjin Steel [6][9]. Core Insights - The black metallurgy industry is gradually recovering its profitability, with a total profit of 31.69 billion yuan from January to May 2025, compared to a loss of 12.72 billion yuan in the same period last year [4][13]. - The average daily pig iron production has slightly increased to 2.423 million tons, indicating a recovery in production capacity utilization [12][18]. - The total inventory of steel has shifted from a decrease to an increase, with social inventory showing a slower depletion rate [25][39]. - The demand for steel products has weakened, with apparent consumption of major steel varieties decreasing by 0.5% week-on-week [39][50]. - The iron ore price has slightly rebounded, with the Platts 62% iron ore price index at 94.4 USD/ton, reflecting a week-on-week increase of 1.5% [57][70]. Summary by Sections Supply - Daily pig iron production has increased by 0.1 million tons to 2.423 million tons, with a slight rise in production capacity utilization for blast furnaces [12][18]. Inventory - The total inventory of five major steel varieties has increased by 0.1%, with social inventory decreasing by 0.7% year-on-year [25][27]. Demand - Apparent consumption of five major steel varieties has decreased by 0.5% week-on-week, with rebar consumption slightly increasing by 0.3% [39][50]. Raw Materials - Iron ore prices have shown a slight increase, while coke prices have decreased, indicating potential pressure on raw material costs [50][57]. Prices and Profits - The current steel price index has slightly declined, but immediate gross margins have improved, with long-process steel products showing a cost of 3,177 yuan/ton and a loss of 77 yuan/ton [69][71].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏常宝钢管股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开 第六届董事会第十二次会议、2025 年 4 月 23 日召开 2024 年度股东大会，先后 审议通过了《关于减少注册资本并修改公司章程的议案》，同意变更公司注册资 本并修订公司章程。具体详见公司在指定的信息披露媒体《证券时报》及巨潮资 讯网（www.cninfo.com.cn）上披露的相关公告。 近日，公司取得了常州市政务服务管理办公室换发的《营业执照》，完成了 工商变更登记手续，公司注册资本由"90134.6228 万元整"变更为"90098.6228 万元整"，经营范围增加"特种设备制造"，营业执照其他登记事项未变。 特此公告。 江苏常宝钢管股份有限公司董事会 2025 年 6 月 20 日 股票代码：002478 股票简称：常宝股份 公告编号：2025-029 江苏常宝钢管股份有限公司 关于完成工商变更登记的公告 ...

证券代码：002478 股票简称：常宝股份 编号：2025-028 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第七次（临 时）会议审议通过了《关于回购部分社会公众股份的方案》，同意使用自有资金 以集中竞价交易方式回购部分公司股份，回购的股份将依法用于后期实施员工持 股计划或者股权激励计划。回购的价格不超过人民币 6.50 元/股【因实施 2024 年度权益分派，回购价格上限相应调整，实际的回购价格上限将不超过 6.28 元/ 股】，回购资金总额不低于人民币 3000 万元（含），且不超过人民币 6000 万元 （含）。回购股份的期限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2024 年 7 月 25 日、2024 年 7 月 31 日在《证券时 报》和巨潮资讯网（http://www.cninfo.com.cn）刊登的相关公告。 江苏常宝钢管股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-027 关于《民事调解书》履行进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、诉讼概述 江苏常宝钢管股份有限公司（以下简称"公司"）与中民嘉业投资有限公司 （以下简称"中民嘉业"）和上海嘉愈医疗投资管理有限公司（以下简称"嘉愈 医疗"）的股权转让纠纷事项，2024 年 11 月 12 日各方签订《调解协议》，并 由常州市中级人民法院出具了《民事调解书》【（2024）苏 04 民初 117 号】。 具体详见公司在《证券时报》及巨潮资讯网刊登的《关于诉讼进展暨签订<调解 协议>的公告》（公告编号：2024-063）。 二、履行进展情况 江苏常宝钢管股份有限公司 三、对公司的影响 公司将根据《企业会计准则》及公司会计政策等相关规定进行相关会计处理， 具体以会计师事务所年度审计为准。 四、后续安排 公司将按照法律法规及《民事调解书》，继续督促中民嘉业和嘉愈医疗履行 相应阶段的还款义务，并诉诸法律措施维护上市公司的合法权益。公司将根据后 续进展情况及时履行相应的信息披露义务。敬请广大投资者注 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-026 江苏常宝钢管股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 公司2024年度权益分派实施方案为：以公司现有总股本900,986,228股剔除 回购专用证券账户股份数6,756,800股后的894,229,428股为基数，向全体股东 每10股派发现金红利2.20元（含税），送红股0股（含税），不以公积金转增股 本，预计派发现金红利196,730,474.16元。 一、 股东大会审议通过权益分派方案 1、江苏常宝钢管股份有限公司（以下简称"公司"）2024年度权益分派方 案已获2025年4月23日召开的2024年度股东大会审议通过，股东大会决议的公告 刊登于2025年4月24日的《证券时报》及公司指定信息披露网站巨潮资讯 (http://www.cninfo.com.cn )上。 2、2024年年度权益分派实施方案：公司现有总股本900,986,228股（因 360,000股限制性股票已回购注销，公司总股本由 901,346,228股变 ...

证券研究报告 | 行业月报 gszqdatemark 2025 05 20 年 月 日 钢铁 4 月数据跟踪：粗钢产量同比持平，需求预期有望改善 根据 Wind 数据，2025 年 4 月钢铁行业及前期海关进出口数据汇总如 下： 粗钢产量同比持平，消费有望持续发力。4月粗钢日均产量环比下降4.3%， 钢厂生产强度有所回落，近期金融属性不足的黑色金属价格持续偏弱运 行，然而部分原燃料价格下跌，推动钢企利润持续改善，截止 5 月 16 日 当周钢厂盈利比例升至 59.3%。2024 年 8 月以来政府类债券的发行显著 提速，2025 年 4 月地方债净融资额为 5281 亿，国债净融资额为 2658 亿 元，仍处于偏高水平，截至 5 月 17 日国债当月净融资额达到 8984 亿元， 较 4 月数据显著增加，预计后续财政支出规模有望继续扩张。统计局数据 显示 2025 年 4 月全国规模以上工业增加值同比增长 6.1%，环比增长 0.2%；社会消费品零售总额 37174 亿元，同比增长 5.1%，其中除汽车以 外的消费品零售额 33548 亿元，增长 5.6%。4 月制造业采购经理指数为 49.0%，比上月下降 ...