太钢不锈冷轧厂内的生产线。记者 武斌 摄 太钢不锈工人在生产车间操作 ◎记者 武斌 1934年8月8日，太钢集团的前身——西北炼钢厂在山西太原城西北的古城村破土动工，占地仅300亩。 彼时，谁也无法预料，这个新中国成立前最高年产钢仅1.6万吨的企业，会在近一个世纪后成为全球不 锈钢行业的"领军者"。 "创新是太钢实现突围的核心战略。"近日，太钢不锈董事长吴小弟在接受上海证券报记者专访时表示， 永不止步的创新精神是太钢从"中国第一"迈向"全球引领"的核心密码。 改革开放后，"以不锈钢为主的特殊钢"发展战略在太钢逐步确立，为企业铺就了发展的快车道。"20世 纪80年代至90年代中期，太钢先后自主建成了我国第一台不锈钢氩氧精炼炉和不锈钢板坯连铸机，形成 了年产10万吨不锈钢的能力。"张敏说。 从"零的突破"到"全球最大" 太钢的成长轨迹与中国不锈钢产业发展之路紧密交织。 1952年，太钢成功冶炼出新中国第一炉"2Cr13"不锈钢，标志着我国不锈钢产业的起步。"这一时期，太 钢通过引进技术和设备，初步建立了电炉炼钢、薄板轧制等基础产能，并在1954年轧制出我国第一张硅 钢片，为后续特殊钢生产奠定了基础。"太钢博物园讲 ...

Core Insights - The industrial metals sector is crucial for modern industrial systems, reflecting the economic operation status of a nation. The sector is characterized by high strength, corrosion resistance, and excellent processing performance, supporting key industries such as construction, machinery, automotive, electricity, and aerospace [1][13]. Industry Overview - Industrial metals, a subset of non-ferrous metals, include copper, aluminum, lead, and zinc, which are widely used in various industrial applications. The sector has a complete industrial chain in China, from mining to processing, with production and consumption at the global forefront [4][6][13]. - The demand structure is shifting, with traditional construction growth slowing, while emerging industries like new energy, high-end equipment, and electronic semiconductors are driving demand for high-precision, lightweight, and specialty alloys [1][13]. Industry Policies - Recent policies aim to enhance the resilience and security of the industrial metals supply chain. For instance, the "Copper Industry High-Quality Development Implementation Plan (2025-2027)" targets a 5%-10% increase in domestic copper resources by 2027 and aims for a 5% annual growth in the value added of the non-ferrous metals industry from 2025 to 2026 [9][13]. Industry Chain - The industrial metals industry chain consists of upstream mining exploration and selection, midstream smelting and purification, and downstream applications in construction, automotive, shipbuilding, machinery, electrical, and aerospace sectors [9][10][13]. Market Trends - The industrial metals sector is transitioning towards high-performance, lightweight, and green manufacturing, with a focus on new alloy materials and resource recycling. The "dual carbon" goals are expected to accelerate the development of energy-saving technologies and the recycled metals industry [1][13]. - The market for copper alloy materials is projected to exceed 3000 billion yuan by 2028, driven by the growth of new energy vehicles and advanced manufacturing sectors [18]. Key Companies - Major players in the industrial metals sector include Jiangxi Copper, Zijin Mining, and China Aluminum, which dominate the market due to their scale and resource advantages. Private companies like Nanshan Aluminum and Yunnan Aluminum are also gaining market share through innovation [2][18][19]. Production Statistics - China's copper production is expected to grow significantly, with the copper alloy materials market reaching 2367 billion yuan in 2024. The production of aluminum alloys is projected to increase from 629.4 million tons in 2015 to 1614.1 million tons in 2024, reflecting a compound annual growth rate of 11.03% [14][17][18].

Core Viewpoint - Taigang Stainless Steel (000825.SZ) is focusing on high-end product development and green manufacturing while responding to market demands and maintaining operational efficiency in a challenging steel industry environment [1][2][3] Group 1: Company Performance - In the first half of 2025, Taigang Stainless Steel achieved a revenue of 45.967 billion yuan and a net profit of 393 million yuan, representing a year-on-year increase of 182.74% [3] - The company's non-recurring net profit reached 316 million yuan, a significant increase of 652.96% compared to the same period last year [3] - Basic earnings per share were 0.069 yuan, up 187.50% year-on-year [3] Group 2: Industry Context - The steel industry is experiencing a decline in both supply and demand, with national macro-control policies positively impacting the profitability of carbon steel hot-rolled sheets [3] - The stainless steel sector is facing pressure on profitability due to challenges in both purchasing and sales [3] Group 3: Strategic Focus - The company is not planning significant capacity investments due to evident overcapacity in the stainless steel market, which has over 50 million tons of capacity with only a 70% operating rate [2] - Future strategies will focus on three dimensions: 1. Product high-endization, targeting high-demand products and enhancing brand value [2] 2. Green manufacturing, emphasizing low-carbon technologies and increased use of renewable energy [2] 3. Intelligent manufacturing, leveraging AI to redefine traditional steel production processes [2] Group 4: Project Involvement - Taigang Stainless Steel is poised to benefit from the Yajiang Hydropower Project, which is expected to generate a steel demand of 4-6 million tons, significantly impacting the steel industry [1] - The company has developed a range of supporting products for large-scale hydropower units since 2012, achieving recognition from both domestic and international high-end hydropower manufacturers [1]