钢铁行业2024年半年报总结：利润底部，关注行业龙头标的

Investment Rating - The report maintains a "Buy" rating for leading companies in the steel industry, particularly focusing on industry leaders such as Baosteel, Hualing Steel, and Nanjing Steel [2][3]. Core Insights - The steel sector is experiencing a downturn, with steel prices declining significantly since July 2024, leading to reduced profits for steel companies. The SW Steel index has dropped by 6.58% since July 2024, ranking 27th among industries [1][7]. - Despite the current challenges, the demand for steel is expected to remain stable in the long term due to government policies aimed at economic growth and infrastructure development [2]. - The report highlights the importance of focusing on leading companies in the steel sector, as they are likely to benefit from improved profit margins due to a shift towards high-end steel products [2][3]. Summary by Sections 1. Steel Sector Performance - In H1 2024, the steel sector saw a price decline, with rebar prices down 5.35% and hot-rolled coil prices down 3.33%. The overall performance of the SW Steel index fell by 3.01% [1][7]. - From July 2024 to date, steel demand has not met expectations, leading to a further decline in prices and a 6.58% drop in the SW Steel index [1][8]. 2. Fund Holdings in the Steel Sector - The proportion of fund holdings in the steel sector decreased slightly to 0.42% in Q2 2024, reflecting a decline from previous years due to fluctuating steel prices and profit expectations [2][19]. - Since Q3 2020, the fund allocation to the steel sector has fluctuated, peaking at 0.80% in Q3 2021 before declining to 0.38% in Q1 2023 [19]. 3. Future Outlook - The report suggests that the steel sector is at a profit bottom, with a focus on leading companies that are expected to benefit from stable demand and improved profit margins [2][26]. - The construction sector is showing signs of stabilization, with a slight recovery in new construction starts and ongoing infrastructure projects supported by government policies [26][30].