钢铁ETF（515210）盘中涨超3.1%，普钢业绩改善与环保限产预期引关注

Group 1 - The core viewpoint is that the performance of Pugang Company has significantly improved, and there is still considerable room for recovery in the future [1] - The steel industry is experiencing ongoing anti-involution policies, with the government promoting the orderly exit of outdated production capacity and improving standards for identifying low-price dumping to regulate market order [1] - Environmental production restrictions are expected to increase in the Beijing-Tianjin-Hebei region as the September 3 military parade approaches, which may significantly impact steel production based on experiences from 2015 [1] Group 2 - Pugang Company is less affected by overseas tariffs due to its low export ratio, and there is a marginal improvement expected in steel demand from the real estate and infrastructure sectors [1] - Currently, the profit per ton of steel for Pugang is considerable, indicating a large potential for performance improvement, and the steel sector is likely to present good allocation opportunities [1] - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in Pugang, special steel, and other related businesses to reflect the overall performance of the steel industry [1]