负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 8 月 8 日 晨报 成材 成材：情绪趋缓 整理运行 整理 投资咨询业务资格： 观点：仍有调整，观望为主。 后期关注/风险因素：宏观政策；供给侧减产情况；下游需求情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 地址：北京市海淀区海淀大街 8 号 1 ...

Group 1: Investment Rating - The report does not provide an industry investment rating [1][2][3] Group 2: Core View - The steel price is still expected to adjust, and it is advisable to wait and see [3] Group 3: Summary by Content - **Cost and Profit**: This week, the average tax - free hot metal cost of mainstream sample steel mills in Tangshan was 2,118 yuan/ton, and the average tax - included billet cost was 2,868 yuan/ton, up 25 yuan/ton week - on - week. Compared with the ex - factory price of common billets on August 6th (3,090 yuan/ton), the average profit of steel mills was 222 yuan/ton, down 115 yuan/ton week - on - week [2] - **Fund Availability**: As of August 5th, the fund availability rate of sample construction sites was 58.5%, down 0.2 percentage points week - on - week. The fund availability rate of housing construction projects was 51.14%, remaining flat week - on - week [2] - **Market Situation**: Driven by the rise in coking coal prices, the finished products rose slightly during the day yesterday with a slight intraday increase. Currently, the overall steel market still has stronger supply than demand. Supply - side indicators such as daily hot metal output, blast furnace operating rate, and steel mill profitability are relatively high, while downstream demand is average, affected by monthly real - estate data and the rainy - season impact on construction sites. On the other hand, macro - level policies still drive up prices [2] - **Later Concerns**: Macro policies, supply - side production reduction situation, and downstream demand situation [3]

Report Industry Investment Rating - No specific investment rating is provided in the report Core Viewpoint - The steel price is expected to undergo adjustments, and it is advisable to adopt a wait - and - see approach [4] Summary According to Related Content Cost and Profit - On August 5, the average cost of 76 independent electric arc furnace construction steel mills was 3312 yuan/ton, with a daily increase of 4 yuan/ton, the average profit was - 31 yuan/ton, and the valley - electricity profit was 70 yuan/ton, with a daily decrease of 7 yuan/ton [3] Real Estate Transaction Data - From July 28 to August 3, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.467 million square meters, a month - on - month increase of 3.8% and a year - on - year decrease of 17.7%; the total transaction (signing) area of second - hand housing was 1.9959 million square meters, a month - on - month decrease of 6.5% and a year - on - year increase of 4.7% [3] Market Situation - Benefiting from the limit - up of coking coal on the raw material side, the finished products continued to rebound yesterday. The market continues to waver between macro anti - involution and industry fundamentals, and steel prices fluctuate repeatedly in the short term [3] Fundamental Situation - Currently, the overall supply of steel is stronger than demand. On the supply side, the daily average pig iron output, blast furnace operating rate, and steel mill profitability are all relatively high, but downstream demand is mediocre, affected by monthly real estate data and the actual impact of the rainy season on construction sites [3] Later Concerns - Macro policies, supply - side production cuts, and downstream demand [4]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The steel price is expected to continue adjusting, and it is recommended to wait and see. [4] Group 3: Summary According to Related Content Policy Information - On August 1st, the list of "two major" construction projects worth 800 billion yuan for this year has been fully issued, and the central budget - internal investment of 735 billion yuan has been basically issued. [3] Production Capacity Utilization - Last week, the blast - furnace iron - making capacity utilization rate of 247 steel mills was 90.24%, a decrease of 0.57 percentage points from the previous week and an increase of 1.37 percentage points year - on - year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from the previous week and an increase of 40,900 tons year - on - year. [3] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 57.05%, an increase of 1.56 percentage points from the previous week and an increase of 15.11 percentage points year - on - year. The average operating rate was 74.21%, an increase of 2.18 percentage points from the previous week and an increase of 12.75 percentage points year - on - year. [3] Market Performance and Influencing Factors - The price of finished steel rose first and then fell last week with large fluctuations. In terms of weekly fundamentals, the supply and demand of rebar both decreased and inventory increased, while the supply, demand, and inventory of hot - rolled steel all increased. The fundamentals are slightly bearish, but market sentiment has a greater impact on the market. [3] - The Politburo meeting last week was relatively calm, with no unexpected statements on anti - involution and real estate, which put pressure on the previously excited market. Recent market trends are greatly affected by macro factors and sentiment, with large price fluctuations. [3] Later Concerns - Macro policies, supply - side production reduction, and downstream demand conditions should be focused on. [4]

Group 1: Report Industry Investment Rating - The report suggests a wait - and - see approach [4] Group 2: Core Viewpoints - The fundamentals of the steel products industry are weak, and steel prices are undergoing a correction. The market is mainly influenced by macro factors and sentiment, with large price fluctuations. It is recommended to mainly observe the market [2][3][4] Group 3: Summary by Related Contents Steel Inventory - This week, the total steel inventory was 13.5189 million tons, a week - on - week increase of 0.01539 million tons. Among them, the steel mill inventory was 0.40952 million tons, a week - on - week increase of 0.0001 million tons; the social inventory was 0.94237 million tons, a week - on - week increase of 0.01529 million tons [3] - The inventory of steel billets in major warehouses and ports in Tangshan was 1.223 million tons, a week - on - week increase of 0.0552 million tons and a 12.22% increase compared to the same period last year [3] Production Line Operation - Among the 87 section steel production lines in Tangshan, 27 were actually in operation, with an overall start - up rate of 45.76%, a 5.08% decrease from last week. The capacity utilization rate of profiles was 46.12%, a 0.80% increase from last week [3] Steel Price - On July 31, the ex - factory tax - included price of common square billet resources in Qian'an, Tangshan was cumulatively reduced by 100 yuan, reaching 3080 yuan per ton [3] Market Situation - During the research period, the steel market trend slowed down week - on - week, trading activity decreased, there was more wait - and - see attitude at high prices, and inventory continued to accumulate slightly. Some domestic trade resources at ports were still being shipped for export [3] - In terms of weekly data, both supply and demand of rebar decreased and inventory increased, while for hot - rolled steel, both supply, demand, and inventory increased. The weekly fundamentals were neutral to weak [3]