钢铁行业"反内卷"解读 20250724 摘要 钢铁行业面临无序竞争和产能过剩问题，政策导向为提高产品质量和淘 汰落后产能，旨在优化产业结构，提升整体生产效率。中央财政自 2021 年起持续推进粗钢去产能政策，预计 2025 年及以后将继续执行。 中央财经委员会会议强调解决企业无序竞争问题，推动落后产能有序退 出，预计十一前将出台针对钢铁、水泥、光伏等行业的去产能政策。与 2016 年去产能改革相比，新政更注重市场化手段，而非直接行政干预。 工信部发布新版《钢铁行业规范条件》，将企业分为"规范型"和"引 领型"，通过分级分类引导地方政府、银行等提供支持。新版稳增长方 案更注重供给侧改革，强调调结构、优供给、淘汰落后产能。 新增供给侧管控措施将以短期内控制产量为主，中长期化解过剩产能， 有望改善行业发展环境。2025 年上半年钢铁行业效益较好，同比增长 近 50%，为未来进一步整治提供了良好的基础。 2026 年钢铁行业将正式纳入碳排放交易市场，企业需核查碳排放边界 并获得碳配额，若虚报数据将面临处罚。工信部《钢铁行业规范条件 （2025 版）》将作为企业分级分类的重要依据，避免"一刀切"政策。 Q&A 如何定 ...

与会专家指出，国内企业碳管理政策框架初步形成但具体细则仍需加快补齐。目前，碳达峰碳中 和"1+N"顶层设计逐步完善，形成了以碳排放权交易市场和温室气体自愿减排市场为主的企业碳管理框 架；《碳排放权交易管理暂行条例》《企业可持续披露准则》等文件，对重点企业强制披露碳信息作出 了规定。但在制度实际运行过程中，仍存在碎片化与落地难的问题，比如，自愿减排市场因标准不够完 善、激励相对薄弱等原因，企业主动性仍需激活。 与会专家认为，目前我国不同行业在碳管理上分化明显，火电、钢铁、水泥、铝冶炼等高碳排行业，受 全国碳市场履约、下游绿色原材料需求等影响，正在加快构建自身碳管理体系，强化机制保障和数据基 础支撑，积极探索短流程、氢冶金、CCUS等减碳工艺，但相关行业企业在碳管理上面临数据管理难度 大、减排量资产化路径不明等问题。而光伏、新能源汽车等行业，受国际贸易规则影响，企业碳管理体 系整体布局相对靠前，但随着国际贸易规则日益复杂化，这些企业的碳管理成本明显增加。 为进一步推动企业碳管理体系的建立，专家认为可加快构建政策、市场、产业多元协同体系，推动健全 完善企业碳管理制度。一方面，形成统一的碳管理国家标准与行业细则，强化 ...

在企业内部，部门之间的协作常常陷入混乱的泥沼。市场部急于推广新产品，研发部却进展缓慢；财务 部的审批流程繁琐冗长，拖慢了项目的整体进度……这种协作不畅的问题，犹如一颗"定时炸弹"，在无 形中削弱了企业的效率与竞争力。面对这种困境，阿米巴经营模式或许能成为破局的关键。今天，就让 我们聚焦这一痛点，深入了解一下这位"破局高手"——阿米巴经营模式。 一、快速响应市场变化 市场环境的快速变化是现代企业面临的一大挑战。传统的管理模式由于层级较多、决策流程繁琐等原 因，往往难以及时捕捉市场信息并做出快速反应。而阿米巴经营以其扁平化的组织架构和灵活的经营机 制，能够快速感知市场的变化，并迅速调整经营策略。每个阿米巴都直接面对市场，能够及时获取客户 的需求信息、竞争对手的动态等，并根据这些信息快速做出决策。这种快速响应能力使企业在激烈的市 场竞争中占据了主动地位，能够更好地把握市场机会，赢得客户的信任和认可。 四、培养共同理念，凝聚团队力量 阿米巴经营强调 "人人都是经营者" 的理念，通过培训、会议等方式，让员工理解企业的经营哲学和价 值观。当所有员工都站在企业整体利益的角度思考问题，部门之间的壁垒就会逐渐消失。大家不再计较 ...

■凝聚多元投资合力 提高上市公司综合价值（二） □ 杨成长 龚 芳 袁宇泽 □ 金融投资价值直接反映了上市公司的价值，也是市值管理的核心。上市公司应转变思路，从金融投资 人的视角出发，加强全链条管理，增强金融投资价值管理意识，从价值创造、价值发现和价值实现三个 关键环节入手，全面提升企业的金融投资价值 □ 选择正确的融资工具及融资方式是上市公司提升价值的基础。在价值创造环节，企业应选择合适的融 资工具，提升上市公司资本运作效率。在低利率市场环境下，企业在考虑资本融资时，应当优先考虑使 用内部盈余，其次采用债权融资，最后才考虑股权融资 □ 在价值发现环节，交易市场和交易方式的选择对上市公司股债的合理估值定价起到关键作用。上市公 司在选择交易市场和交易方式时，应综合考虑市场活跃度、估值水平和自身发展需求，实现股债合理定 价，促进公司长期稳定发展 □ 在价值实现环节，金融投资人通过配置选择对上市公司投资价值进行评价。上市公司应在持续提升中 长期投资回报水平的基础上，逐步明晰股债产品的风格定位，以更好地匹配金融投资人的配置需求 金融投资价值是上市公司综合价值的重要组成部分，是金融投资人对上市公司价值进行评估的重要指 ...

Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted administrative talks with major food delivery platforms, emphasizing the need for compliance and rectification to maintain a fair and orderly online market environment [1][2]. Group 1: Compliance and Responsibility - Platforms are required to enhance their sense of responsibility and urgency regarding compliance, ensuring thorough qualification reviews of merchants and eliminating illegal operators [1]. - A dynamic verification mechanism must be established to ensure that operating entities are legal and compliant [1]. Group 2: Food Safety and Operational Standards - Platforms must strengthen food safety management by promoting online displays of food preparation areas and ensuring comprehensive coverage of food safety seals [1]. - Strict adherence to cleanliness and disinfection protocols for delivery containers is mandated to safeguard the delivery process [1]. Group 3: Consumer Rights and Fair Competition - Platforms are instructed to prohibit deceptive pricing practices, such as fictitious original prices and forced bundling, while ensuring clear labeling of product specifications and pricing [1]. - An online dispute resolution channel will be established to prioritize food safety complaints, aiming to reduce response and processing times to enhance consumer satisfaction [1]. Group 4: Regulatory Actions and Enforcement - The Market Supervision Administration will adopt a "zero tolerance" approach, launching special rectification actions targeting illegal operations and unfair practices [2]. - A dual investigation system will be implemented to address both merchant violations and platform management responsibilities, with a mechanism for public exposure of typical cases [2].

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting strong price performance and potential recovery in profitability for steel companies [5][6]. Core Insights - The "anti-involution" policy continues to influence the market, leading to stronger expectations for supply-side constraints and supporting higher steel prices [5]. - As of July 11, 2025, steel prices have increased, with notable rises in various categories such as rebar and hot-rolled steel [3][11]. - The report indicates a decrease in steel production and inventory levels, suggesting a tightening supply situation [4][5]. Price Summary - As of July 11, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400): 3,240 CNY/ton, up 60 CNY/ton from last week - High-line (8.0mm): 3,410 CNY/ton, up 50 CNY/ton - Hot-rolled (3.0mm): 3,350 CNY/ton, up 60 CNY/ton - Cold-rolled (1.0mm): 3,680 CNY/ton, up 70 CNY/ton - Common medium plate (20mm): 3,330 CNY/ton, up 10 CNY/ton [3][11][12]. Production and Inventory - As of July 11, 2025, total steel production for the five major categories was 8.73 million tons, a decrease of 124,400 tons week-on-week [4]. - Total social inventory of the five major steel products decreased by 20,200 tons to 9.1278 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [4]. Profitability Analysis - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -14 CNY/ton, -13 CNY/ton, and +33 CNY/ton respectively week-on-week [3][4]. Investment Recommendations - The report recommends several companies based on their performance and market position: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].

Core Insights - The North Bay (Guangxi) Commodity Trading Platform has achieved a cumulative transaction volume of 87.6 billion RMB and a physical delivery volume of 21.901 million tons as of June 30 this year, with over 400 member companies from China and ASEAN [1][2] - The platform aims to create a closed-loop service system for cross-border settlement in RMB, connecting domestic and international clients [1] - The platform is focused on building a multi-layered commodity trading market system that integrates futures and spot trading, onshore and offshore, and online and offline interactions [1][2] Group 1 - The North Bay (Guangxi) Commodity Trading Platform is a comprehensive third-party supply chain service platform that includes trading, digital supply chain finance, risk management, and cross-border settlement [2] - The platform has introduced Thai broken rice as a special trading variety aimed at ASEAN, facilitating online cross-border transactions and providing financial solutions to alleviate funding pressures [3] - As of June 30, 2023, the platform has completed a trading volume of 808,500 tons for Thai broken rice, which is set to officially launch on the platform in April 2024 [3] Group 2 - The platform collaborates with financial institutions to provide financing services and has significantly reduced financing costs for enterprises by addressing bottlenecks in cross-border settlement and capital flow [3] - The North Bay (Guangxi) Commodity Trading Platform is positioned as a trading hub for commodities aimed at ASEAN, leveraging national-level open development platforms [2]

Core Viewpoint - New World Development is attempting to sell part of its K11 property in Shanghai, with a total area of approximately 80,500 square meters, at a price exceeding 3.1 billion yuan, contrary to earlier rumors of 2.85 billion yuan [1][9] Group 1: Market Dynamics - The sale of commercial properties with shorter remaining usage periods is becoming more common, but transaction volumes and prices are declining [1][4] - The remaining usage period of the K11 property is 19 years, which is considered short in the current market context [1][4] - Recent transactions, such as the sale of Xianlesi Plaza, have faced challenges due to disagreements among buyers, owners, and financial institutions [1][4][6] Group 2: Transaction Challenges - Shorter remaining usage periods put sellers in a passive position during negotiations, leading to prolonged transaction cycles [2][6] - The K11 property sale reflects a broader trend where buyers are increasingly focused on value for money, often resulting in price reductions during negotiations [4][6] - The overall market sentiment is cautious, with high-value transactions decreasing and total transaction volumes hitting a five-year low [4][5] Group 3: Investment Trends - The first half of 2023 saw a significant decline in Shanghai's bulk transaction market, with total transaction amounts dropping by 30% year-on-year [5][7] - Despite the challenges, some buyers are looking to acquire properties at lower prices, particularly in the context of short-term commercial properties [7][8] - The capitalized rates for commercial properties have increased, indicating a shift in buyer expectations regarding risk premiums [8]

Core Viewpoint - The article emphasizes that energy is the fundamental structure shaping civilization and geopolitics, with a focus on the transition from fossil fuels to renewable energy in the 21st century [1][4][9]. Energy Transition and Its Implications - The 19th century was dominated by coal, which established Britain's global manufacturing supremacy [2]. - The 20th century saw oil as the key resource, enabling the United States to maintain its position as the world's leading economy through extensive use and control of fossil fuels [3]. - The article raises questions about how renewable energy will reshape the world both materially and geopolitically in the 21st century [4][6]. Renewable Energy Developments - The transition to renewable energy is characterized by a fundamental shift in energy production models from centralized to distributed systems, allowing households to generate power [11][12]. - Smart grids will replace traditional grids, creating a new "energy internet" and redefining energy infrastructure [13]. - The manufacturing ecosystem will undergo a complete transformation, with industries moving towards electrification and new production cost structures emerging [14][19]. Geopolitical Shifts - The article discusses the potential weakening of the petrodollar system as renewable energy transactions may bypass dollar settlements, impacting traditional energy-exporting nations [24][25]. - China is positioned as a leader in the renewable energy supply chain, controlling over 70% of global photovoltaic capacity and 60% of wind power capacity, which could lead to a shift in geopolitical power dynamics [26]. - The competition for setting new energy standards, similar to the 5G standard battle, will have significant implications for global influence [27]. Conclusion - The article concludes that the 21st century is moving away from fossil fuels, and the ability to dominate the renewable energy landscape will shape global power structures for the foreseeable future [28].

Group 1 - The Ministry of Ecology and Environment (MEE) aims to ensure the healthy and orderly development of the carbon emission trading market, addressing issues such as fraud in vehicle emission testing institutions [1][2] - A new notification has been issued by the MEE regarding the management of the national carbon emission trading market for 2025, outlining clear requirements for key emission units in industries such as power generation, steel, cement, and aluminum smelting [1][2] - The notification mandates that units with annual direct emissions of 26,000 tons of CO2 equivalent must be included in the key emission unit directory, preventing them from participating in local carbon trading markets to avoid duplicate management [2] Group 2 - The MEE is intensifying efforts to combat fraud in vehicle emission testing, as vehicle emissions are a significant source of air pollution, accounting for 34% of national nitrogen oxide emissions [2][3] - Recent actions have been taken to address fraudulent practices in vehicle emission testing institutions, including a nationwide special rectification campaign that began in September of the previous year [3] - The MEE has established strict penalties for institutions that falsify emission test results, with fines ranging from 100,000 to 500,000 yuan, and severe cases may lead to the revocation of testing qualifications [4]