钢铁周报：反内卷+稳增长+雅江水电站，共同催化钢铁权益-20250727

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that factors such as anti-involution, stable growth, and the Yajiang Hydropower Station are collectively driving the steel equity market [1] Price Data Summary - The SW Steel Index is at 2,504, with a weekly increase of 7.7% and a year-to-date increase of 19.1% [3] - The price of rebar (HRB400 20mm) is 3,450 CNY/ton, reflecting a weekly increase of 5.5% and a year-to-date increase of 1.2% [3] - The iron ore price index is at 105 USD/ton, with a weekly increase of 4.3% and a year-to-date increase of 5% [3] Inventory Summary - Total social inventory of five major steel products is 926,000 tons, with a weekly change of 0.5% and a year-to-date change of 22% [5] - Total inventory at steel mills for five major products is 409,000 tons, with a weekly change of 1.1% and a year-to-date change of 16% [5] - Port inventory of iron ore is 13,794,000 tons, with a weekly change of 0.1% and a year-to-date change of 7% [5] Supply and Demand Summary - The weekly output of five major steel products is projected to be around 900,000 tons [9] - Daily average pig iron production is expected to reach approximately 240,000 tons [9] - The report indicates a steady demand for rebar, with apparent demand measured in ten thousand tons [14]