欧盟委员会副主席谢夫乔维奇：美国对钢铁加征50%的关税令人惊讶。 ...

墨西哥经济部长：墨西哥将在周五要求排除在美国50%的钢铁关税之外，就像英国一样。 ...

Report Summary Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Directory Summaries 1. Spot Price - Beijing thread steel price changed from 3160 on May 26, 2025, to 3110 on May 30, 2025, a decrease of 60 [1] - Shanghai thread steel price remained at 3130 from May 29 - 30, 2025, with a change of 0 compared to May 26, 2025 [1] - Chengdu thread steel price changed from 3230 on May 26, 2025, to 3220 on May 30, 2025, an increase of 30 [1] - Xi'an thread steel price changed from 3140 on May 26, 2025, to 3190 on May 30, 2025, an increase of 10 [1] - Guangzhou thread steel price remained at 3220 from May 29 - 30, 2025, with a change of 0 compared to May 26, 2025 [1] - Wuhan thread steel price remained at 3220 from May 29 - 30, 2025, with a change of 0 compared to May 26, 2025 [1] - Tianjin hot - rolled coil price changed from 3160 on May 26, 2025, to 3130 on May 30, 2025, a decrease of 10 [1] - Shanghai hot - rolled coil price changed from 3220 on May 26, 2025, to 3160 on May 30, 2025, a decrease of 60 [1] - Lecong hot - rolled coil price changed from 3270 on May 26, 2025, to 3200 on May 30, 2025, a decrease of 120 [1] - Tianjin cold - rolled coil price changed from 3530 on May 26, 2025, to 3480 on May 30, 2025, a decrease of 10 [1] - Shanghai cold - rolled coil price changed from 3590 on May 26, 2025, to 3520 on May 30, 2025, a decrease of 20 [1] - Lecong cold - rolled coil price changed from 3680 on May 26, 2025, to 3630 on May 30, 2025, a decrease of 100 [1]

英国将敦促美国特朗普政府实施零关税钢铁贸易协议。 ...

Report Summary 1. Investment Rating of the Industry The provided content does not mention the industry investment rating. 2. Core View of the Report Interest rate adjustments have led to a divergence in the performance of credit bonds, with the spreads of medium - and short - term high - grade credit bonds widening, while long - term credit bonds have shown strong performance. The spreads of urban investment bonds have fluctuated narrowly, with weaker platforms performing well. Most industrial bond spreads have declined, but coal bonds and private real estate bonds have seen an increase in spreads. The yields of Tier 2 and perpetual bonds have mostly risen, and the spreads of 5 - year medium - and low - grade varieties have compressed. The excess spreads of 3 - year industrial and urban investment perpetual bonds have compressed, while the spreads of 5 - year urban investment bonds have rebounded [3]. 3. Summary by Directory 3.1 Interest Rate Adjustments Lead to Divergence in Credit Bond Performance, with Widening Spreads of Medium - and Short - Term High - Grade Bonds This week, the yields of interest - rate bonds have slightly rebounded. The yields of 1Y, 3Y, and 5Y China Development Bank bonds have increased by 2BP, and those of 7Y and 10Y bonds have increased by 1BP. The yields of medium - and short - term high - grade credit bonds have adjusted, while most other varieties have continued to decline. Credit spreads have mostly declined, with the largest decline in 7Y varieties, and the spreads of medium - and short - term high - grade bonds have widened. Rating spreads and term spreads have mostly declined [3][6]. 3.2 Narrow Fluctuations in Urban Investment Bond Spreads, with Good Performance of Weaker Platforms This week, the spreads of urban investment bonds have fluctuated narrowly, with some differentiation among different regions. The credit spreads of externally rated AAA - level platforms have increased by 1BP, those of AA + - level platforms have remained basically flat, and those of AA - level platforms have decreased by 1BP. When classified by administrative level, the spreads of provincial - level platforms have increased by 1BP, while those of municipal and district - level platforms have remained basically flat [3][10][17]. 3.3 Most Industrial Bond Spreads Decline, while Coal Bonds and Private Real Estate Bonds See an Increase in Spreads Most industrial bond spreads have declined, but coal bonds and private real estate bonds have seen an increase in spreads. This week, the spreads of central and local state - owned real estate bonds have increased by 0 - 1BP, the spreads of mixed - ownership real estate bonds have decreased by 2BP, and the spreads of private real estate bonds have increased by 40BP. The spreads of AAA - level coal bonds have increased by 9BP, those of AA + - level bonds have remained flat, and those of AA - level coal bonds have increased by 1BP. The spreads of steel and chemical bonds at all levels have declined by 0 - 3BP [3][15]. 3.4 Yields of Tier 2 and Perpetual Bonds Mostly Rise, with Compressed Spreads of 5 - Year Medium - and Low - Grade Varieties This week, the yields of Tier 2 and perpetual bonds have mostly risen, and the spreads of 5 - year medium - and low - grade varieties have compressed. Specifically, the yields of 1Y AAA - and AA + commercial bank Tier 2 capital bonds have increased by 4BP, and the yields of AA - level bonds have increased by 2BP, with spreads increasing by 0 - 2BP. The yields of 3Y Tier 2 capital bonds at all levels have increased by 4 - 6BP, and the spreads have increased by 2 - 4BP. The yields of 5Y AAA - and AA + Tier 2 capital bonds have increased by 1 - 2BP, and the spreads have decreased by 0 - 1BP, while the yields of AA - level bonds have decreased by 1BP, and the spreads have compressed by 3BP [27][28]. 3.5 The Excess Spreads of 3 - Year Industrial and Urban Investment Perpetual Bonds Compress, while the Spreads of 5 - Year Urban Investment Bonds Rebound This week, the excess spreads of 3 - year industrial AAA perpetual bonds have decreased by 2.18BP to 9.53BP, at the 11.52% percentile since 2015. The excess spreads of 5 - year industrial AAA perpetual bonds have remained flat at 9.22BP, at the 10.27% percentile since 2015. The excess spreads of 3 - year urban investment AAA perpetual bonds have decreased by 1.12BP to 4.31BP, at the 0.37% percentile. The excess spreads of 5 - year urban investment AAA perpetual bonds have increased by 1.37BP to 10.30BP, at the 9.54% percentile [31]. 3.6 Explanation of the Credit Spread Database Compilation The overall market credit spreads, commercial bank Tier 2 and perpetual spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. The historical percentiles are calculated since the beginning of 2015. The credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical percentiles also calculated since the beginning of 2015. Specific calculation methods and sample selection criteria are also provided [38].

Group 1: Economic Indicators - The manufacturing PMI for May is 49.5%, an increase of 0.5 percentage points from April, indicating marginal improvement in manufacturing activity[1] - The production index rose to 50.7%, up 0.9 percentage points from April, returning to the expansion zone after briefly falling below 50%[3] - The new orders index recorded 49.8%, an increase of 0.6 percentage points from April, suggesting a slowdown in the decline of manufacturing demand[11] Group 2: Industry Performance - High-tech manufacturing PMI stands at 50.9%, maintaining expansion for four consecutive months[1] - Equipment manufacturing PMI increased to 51.2%, up 1.6 percentage points from the previous month, indicating a recovery in this sector[1] - The coal-fired power generation's cumulative output in May increased by 1.9% year-on-year, while cumulative output for the year decreased by 6.8%[6] Group 3: External Trade and Demand - The new export orders index for May is 47.5%, up 2.8 percentage points from April, reflecting cautious optimism in external demand[15] - The government plans to increase support for consumer goods replacement, raising the special bonds for this initiative from 150 billion yuan to 300 billion yuan[12] - The automotive market saw a retail scale of approximately 1.85 million vehicles in May, a year-on-year increase of 8.5%[13]

消息人士：印度钢铁部门倾向于延长对低灰炼焦的进口限制。 ...

Core Viewpoint - The transformation and upgrading of traditional industries in Jiangsu is a necessary response to environmental pressures and a proactive choice to seize opportunities in the new industrial revolution, aiming for high-end, intelligent, green, and integrated development [1][12]. Group 1: High-end Transformation - Jiangsu is implementing a traditional industry renewal project, focusing on five major actions: eliminating backward production, upgrading old facilities, promoting green transformation, enhancing product quality, and optimizing layout [1]. - Jiangsu Hengli Group announced a sales revenue of 871.5 billion yuan for 2024, evolving from a small textile factory to a global leader in the integrated development of the textile industry [3]. - The textile industry in Jiangsu is shifting from basic processes to high-end fabrics and branded clothing, while the steel industry is investing in high-end special steel production, demonstrating the province's commitment to high-end transformation [4]. Group 2: Intelligent Upgrading - The introduction of smart manufacturing in Jiangsu has significantly increased production efficiency, with some companies reporting efficiency improvements of nearly 15 times [6]. - Jiangsu's digital transformation initiatives include the establishment of smart factories and the integration of 5G and industrial internet technologies, enhancing operational efficiency and competitiveness [7]. - Companies like Nanjing Steel Group are leading the digital transformation in the steel industry, establishing standards for smart upgrades and digitalization [6][7]. Group 3: Green Transformation - Jiangsu is focusing on green and low-carbon transitions, with initiatives like the Jinmaoyuan (East China) surface treatment circular economy industrial park, which achieves 50% wastewater recycling [8][9]. - The province has added 94 green factories and 18 green industrial parks in the past year, leading the nation in the number of green facilities [9]. - Companies are adopting energy-saving technologies, with examples like Suzhou Shenghong Group achieving over 20% energy savings through advanced production techniques [9]. Group 4: Integrated Development - The integration of various sectors is being emphasized in Jiangsu, with initiatives to create specialized industrial zones that foster collaboration and innovation among small and medium enterprises [10][11]. - Companies are leveraging digital platforms for supply chain management and quality control, enhancing their operational efficiency and market competitiveness [11]. - The focus on cross-industry integration is expected to break traditional industry barriers and create new growth opportunities [10][11].

2025 年 05 月 19 日 螺纹钢：原料继续下跌，偏弱震荡 热轧卷板：原料继续下跌，偏弱震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | 昨日收盘价 （元/吨） | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2510 | 3,082 | -36 | -1.15 | | | HC2510 | 3,226 | -31 | -0.95 | | 期 货 | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2510 | 1,485,885 | 2,073,027 | -15,100 | | | HC2510 | 461,318 | 1,358,007 | -4,517 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） | | | 上海 | 3210 | 3240 | -30 | | ...

5月12日，太原统计局官网发布一季度全市经济运行情况，至此，全国GDP百强市一季度经济数据全部揭晓。 相比去年同期，郑州、榆林、洛阳、太原名义增速为负，排名分别下降1个、2个、7个、8个位次。这些城市遭遇了什么？ -1- 太原全国排名下滑八个位次 2025年一季度城市GDP百强榜，入榜名单与去年同期相差无几。相比头部城市，中尾部城市位次变动幅度更大。 这其中下滑最多位次的城市是山西省会太原，一季度经济规模同比减量13.24亿元（名义增速-1.1%），在百强市排名下降了8名，来到第64位。 太原不是唯一经济增量为负的百强市。前3个月，河南省会郑州、陕西副中心城市榆林、河南副中心城市洛阳经济规模均遭遇负增长，名义增速分别 为-2.22%、-0.42%、-1.36%，郑州名义增速垫底百强市。 从经济排位看，作为全国前二十强中唯一"负增长"城市，郑州下滑1位排在第16名，被老对手长沙反超；"煤都"榆林下滑2位排在第41名；洛阳下滑7个位 次，来到第54位。 值得一提的是，郑州、榆林去年同期排位是上升趋势，今年小幅回落——可视为短期震荡；而洛阳、太原去年同期是下滑，今年趋势依旧——这意味着两地 尚未走出下行轨道。 -2 ...