Report Information - Report Type: Steel Daily Review [1] - Date: September 3, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On September 2, some rebar and hot-rolled coil spot markets saw price drops. Rebar prices in Changsha dropped by 30 yuan/ton, and in other cities by 10 - 20 yuan/ton. Hot-rolled coil prices in some cities dropped by 10 - 20 yuan/ton, while in Shenyang, it rose by 10 yuan/ton [8]. - The daily KDJ indicators of rebar 2601 contract showed a split trend, with the J value rebounding, the K value nearly flat, and the D value continuing to decline. The daily KDJ indicators of hot-rolled coil 2601 contract continued to decline after a dead cross the previous day. The daily MACD green bars of both contracts have been expanding [8]. 1.2 Future Outlook - News: Recently, some northern steel mills started the first round of coke purchase price cuts, and iron ore spot prices also showed a weakening trend [9]. - Fundamentals: The production and demand of the five major steel products continued to rise slightly, while the steel mill inventory continued to decline slightly, but the social inventory reached a new high since early May. The blast furnace capacity utilization rate and daily hot metal output decreased slightly but remained at a high level. Since early August, steel mill profits have generally declined by 140 - 200 yuan/ton, which has a suppressing effect on raw material prices. Steel mill iron ore inventories have declined for two consecutive weeks, and the purchasing sentiment has turned flat. After the eighth round of coke spot price increase, there are rumors that Hebei steel mills plan to conduct the first round of coke price cuts on September 5. Mongolia will increase coal exports to China, causing coke and coking coal futures to turn weak again [10]. - Overall: Recently, the production restrictions in Beijing-Tianjin-Hebei, Shandong, and Henan were not as effective as previously shown in the market. Constrained by the under - expected demand in the steel spot market and the significant narrowing of steel mill profits, the steel market in the early part of September will face pressure from weak demand and the loss of cost support. However, this situation is unlikely to continue after mid - September. There is hope for a long - term slow - bull market in the steel market from mid - September to November, similar to the domestic stock index slow - bull trend from April to August [11]. 2. Industry News - The Shanghai Cooperation Organization member states issued a statement on energy sustainable development on September 1, calling for deeper cooperation in the energy field [12]. - On September 2, the China Federation of Logistics and Purchasing released the logistics industry prosperity index for August, which expanded significantly. The business volume index and new order index continued to expand [12]. - Tianfeng Securities gave a "Buy" rating to China Shenhua, citing its integrated operation model, stable coal and power businesses, and high - return profit distribution plan [12]. - Five major traditional power generation companies achieved a total net profit of 24.267 billion yuan in the first half of 2025, a new high since 2016 [13]. - According to CITIC Securities, the total net profit of sample coal companies decreased by about 32% year - on - year and 15% quarter - on - quarter in the first half of the year. However, the industry's supply - demand pattern may improve in the second half, and the coal price center may rise [13]. - The 62 - day railway summer transportation ended on August 31, with passenger and freight volumes reaching record highs [13]. - In July 2025, the total import and export volume of automobile products was 24.98 billion US dollars, with exports showing significant growth [13]. - Fenix Resources signed a mining rights agreement with Sinosteel Midwest Corporation [13]. - India's power generation increased by 4% in August, and the proportion of coal - fired power generation rose [13]. - Russia's Yakutia region plans to increase coal production to over 50 million tons in 2025 [13]. - In July 2025, global pig iron production decreased by 0.2% month - on - month and 4.4% year - on - year [13]. - The EU is taking measures to ensure that Russian gas will not be mixed into its supply system after the 2027 ban [14]. 3. Data Overview - The report provides multiple data charts including spot prices, social inventories, production, and capacity utilization rates of steel products, with data sources from Mysteel and the research and development department of Jianxin Futures [16][18][25]

该行将神华2025年盈利预测下调10%，预期稳健的现金流生成，资产负债表持续增强，将支撑神华70% 的股息支付率，意味着A/H股收益率为4.9%-5.6%；维持"中性"评级，H股目标价由29港元上调至32港 元，A股目标价由31元上调至34元。 高盛发表研究报告指，中国神华上半年净利润267.1亿元，按年跌15%。若剔除一次性项目，经常性净 利润为266.8亿元，按年跌15%，逊于该行预期，主因煤炭业务利润下跌，但大致符合市场预期。公司 宣派中期股0.98元，派息比率达73%，而去年全年为72%。 ...

荐多铁矿空焦煤。 | 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年9月3日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 町值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3240 | 3250 | -10 | 123 | | | 螺纹钢现货(华北) | 3200 | 3210 | -10 | 83 | | | 螺纹钢现货(华南) | 3340 | 3340 | O | 223 | | | 螺纹钢05合约 | 3165 | 3165 | 0 | 75 | | | 螺纹钢10合约 | 3047 | 3039 | 8 | 193 | | | 螺纹钢01合约 | 3117 | 3115 | 2 | 123 | | | 热卷现货(华东) | 3350 | 3350 | 0 | 52 | 元/吨 | | 热卷现货(华北) | 3290 | 3300 | -10 | -8 | | | 热卷现货( ...

依据《中华人民共和国安全生产法》第九十九条第二项，沁源县应急管理局对其作出并处叁万元人民币（¥30,000.00）罚款的行政处罚。 | 主体基本信息 | 修复 | | --- | --- | | 行政相对人名称: | 山西汾西太岳煤业股份有限公司太岳煤矿 | | 法定代表人名称: | 武二牛 | | 统一社会信用代码: | 91140000MA0GR39F7N | | 风险提示: | 本网站仅基于已美握的信息提供查询服务，查询结果不代表本网站对被查询对象信用状况的评价，仅供参考，请注意识别和防范信用风险。 | | 公示相关信息 | | | 行政处罚决定文书号: (沁)应急罚(2025)第23号 | | | 处罚类别: | 罚款 | | 违法事实: | 1、二部架空人车中间段未安装延时启动声光预警信号:2、五采区轨道下山控制局扇Ⅱ回路的馈电开关辅助接地线采用1.5*4电缆线, | | | 截面积不足10平方毫米 | | 处罚依据: | 《中华人民共和国安全生产法》 第九十九条第二项 | | 处罚内容: | 作出并处参万元人民币（¥30,000.00）罚款的行政处罚 | | 处罚决定日期: | 2025/08/1 ...

截至2025年9月3日 10:05，中证国有企业红利指数(000824)下跌0.65%。成分股方面涨跌互现，华域汽车(600741)领涨3.07%，江阴银行(002807)上涨0.82%， 宝钢股份(600019)上涨0.71%；凤凰传媒(601928)领跌，鲁西化工(000830)、皖通高速(600012)跟跌。国企红利ETF(159515)下修调整，最新报价1.14元。 规模方面，Wind数据显示，国企红利ETF最新规模达5133.44万元，创近1月新高。份额方面，国企红利ETF近2周份额增长390.00万份。 数据显示，截至2025年8月29日，中证国有企业红利指数(000824)前十大权重股分别为中远海控(601919)、冀中能源(000937)、潞安环能(601699)、山煤国际 (600546)、山西焦煤(000983)、鲁西化工(000830)、中粮糖业(600737)、建发股份(600153)、恒源煤电(600971)、南钢股份(600282)，前十大权重股合计占比 16.84%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | e ...

期货市场交易指引 2025 年 09 月 03 日 全球主要市场表现 | 指标 | 最新价 | 涨跌幅 | | --- | --- | --- | | 上证综指 | 3,858.13 | -0.45% | | 深圳成指 | 12,553.84 | -2.14% | | 沪深 300 | 4,490.45 | -0.74% | | 上证 50 | 2,992.88 | 0.39% | | 中证 500 | 6,961.69 | -2.09% | | 中证 1000 | 5,903.58 | 0.25% | | 日经指数 | 42,310.49 | 0.29% | | 道琼指数 | 45,295.81 | #DIV/0! | | 标普 500 | 6,415.54 | #DIV/0! | | 纳斯达克 | 21,279.63 | #DIV/0! | | 美元指数 | 98.3208 | 0.63% | | 人民币 | 7.1476 | 0.20% | | 纽约黄金 | 3,599.50 | #DIV/0! | | WTI 原油 | 65.59 | #DIV/0! | | LME 铜 | 10,013.50 | 1 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 2, the A-share market and multiple futures varieties showed diverse trends, influenced by factors such as market supply - demand, policy restrictions, and international market conditions [1][2][3][4][5][7][8][9][11][12] Summary by Variety Stock Index Futures - On September 2, the three major A - share indexes collectively declined. The Shanghai Composite Index fell 0.45% to 3858.13 points, the Shenzhen Component Index dropped 2.14% to 12553.84 points, and the ChiNext Index decreased 2.85% to 2872.22 points. The trading volume of the two markets reached 2875 billion yuan, an increase of 125 billion yuan from the previous day. The CSI 300 index also adjusted downward, closing at 4490.45, a decrease of 33.26 [1][2] Coke and Coking Coal - Coke: On September 2, the weighted coke index showed weak consolidation, closing at 1599.6, a decrease of 6.9. There is a temporary supply contraction due to upcoming northern regional restrictions, while steel mills also face restrictions, and cost support is weakening [2][4] - Coking Coal: On September 2, the weighted coking coal index fluctuated weakly, closing at 1110.9 yuan, a decrease of 9.2. Some mines in major coal - producing areas have suspended production, and downstream enterprises will face restrictions, resulting in weak supply and demand [3][4] Zhengzhou Sugar - Affected by the reduction in spot prices and short - selling pressure, the Zhengzhou Sugar 2601 contract declined on September 2 and continued to fall slightly at night. India will allow unrestricted use of sugarcane juice, syrup, and molasses for ethanol production in the new season [4] Rubber - Shanghai rubber showed a narrow - range fluctuation on September 2 and closed slightly higher. Boosted by rising crude oil prices, it rose slightly at night. As of August 31, 2025, the total inventory of natural rubber in Qingdao decreased by 0.4 million tons, a decline of 0.6% [5] Soybean Meal - Internationally, on September 2, CBOT soybean futures were weak. The US soybean harvest will start in mid - to - late September, and Brazil's 2025/2026 soybean production is expected to reach a record 1.782 billion tons, a 5.6% increase year - on - year. Domestically, on September 2, soybean meal futures fluctuated. The M2601 contract closed at 3050 yuan/ton, a 0.13% decrease. High imports and high processing volumes have led to sufficient supply, and the price is under pressure [5] Live Hogs - On September 2, live hog futures fluctuated weakly. The LH2511 contract closed at 13595 yuan/ton, a 0.22% decrease. In September, supply is sufficient, and some areas face disease risks. Although there is a recovery in terminal demand due to the start of the school season, the support for prices is limited. In the medium - to - long - term, the supply pressure in the fourth quarter is high [7] Palm Oil - On September 2, palm oil futures continued a slight rebound but lacked upward momentum. The main contract P2601 closed at 9422, a 0.4% increase. Malaysia's August palm oil exports increased by 30.53% year - on - year, while production decreased by 2.65% [8] Shanghai Copper - Positive macro factors and supply - tightening expectations will support copper prices. With low inventory and high premiums in China, and the approaching peak consumption season, demand is expected to increase. However, high prices may suppress some purchasing intentions [8] Cotton - On the night of September 2, the main contract of Zhengzhou cotton closed at 14045 yuan/ton. The base - price quotation at Xinjiang's designated delivery warehouses was at least 900 yuan/ton, and the inventory decreased by 189 lots [9] Iron Ore - On September 2, the main contract of iron ore 2601 fluctuated and closed up 0.06%. Global shipments have reached a high for the year, and arrivals have increased. Short - term prices are in a fluctuating trend due to production cuts in the Beijing - Tianjin - Hebei region [9] Asphalt - On September 2, the main contract of asphalt 2510 fluctuated and rose 1.17%, closing at 3551 yuan. The capacity utilization rate has decreased, inventory reduction is slow, and with the approaching peak demand season, prices are expected to fluctuate [9] Logs - On September 2, the log futures contract 2511 opened at 820, closed at 810.5, and increased in positions by 755 lots. The price broke below the 60 - day moving average. The spot prices in Shandong and Jiangsu remained stable. There is a game between strong expectations and weak reality, and attention should be paid to factors such as peak - season prices, imports, and inventory [9][10][11] Steel Products - On September 2, rb2601 closed at 3117 yuan/ton, and hc2601 closed at 3298 yuan/ton. The market lacks strong macro - drivers, and the fundamentals are weak, which may continue to suppress prices [11] Alumina - On September 2, ao2601 closed at 3022 yuan/ton. Some domestic enterprises are under maintenance, and production and operating rates have slightly declined, but the supply is still relatively loose, and the market may continue to be weak [11] Shanghai Aluminum - On September 2, al2510 closed at 20720 yuan/ton. Macro sentiment is favorable, but the peak - season expectations have not been realized. The fundamentals are weak, and the price is in a range - bound trend [12]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 9 月 3 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 焦煤 2601 | 震荡 | 震荡 | 震荡 | 震荡 | 多空交织，焦煤震荡调整 | | | | 偏强 | 偏强 | | | | 焦炭 2601 | 震荡 | 震荡 | 震荡 | 震荡 | 环保限产扰动，焦炭区间震荡 | | | | 偏强 | 偏强 | | | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡偏强 （仅供参考，不构成任何投资建议） 专业研究 ...

上市公司半年报披露收官，险资私募基金持股曝光。 鸿鹄基金一期规模500亿元，2024年3月开始投资，至今年3月投资已悉数落地。新华资产总裁陈一江近 日表示，截至二季度末，鸿鹄基金二期基本完成建仓工作；三期从7月初开始启动，进展顺利。今年上 半年，试点基金的风险指标低于基准，收益指标高于基准，实现了功能性与盈利性双丰收，试点基金业 绩有信心保持长期韧性。截至目前，保险资金长期投资改革试点已有三批，试点金额合计2220亿元。前 两批试点机构均已获批成立私募基金公司。 成立最早、规模最大的鸿鹄基金已跻身至少6家上市公司前十大股东名单。其中，鸿鹄基金二期二季度 末现身于中国石油、中国神华前十大股东，鸿鹄基金三期1号位列中国石化前十大股东。鸿鹄基金一期 跻身伊利股份、陕西煤业、中国电信的前十大股东。 据记者了解，险资长期投资改革试点基金通过优化会计处理，可以有效降低权益工具投资的收益波动， 优化资产负债管理。有助于保险公司提升权益投资并实现长期投资，发挥保险资金的市场稳定器作用； 有利于资本市场平稳运行，实现保险资金与资本市场的良性互动、共同发展。 鸿鹄基金是保险资金长期投资改革试点基金，已设立一期、二期、三期1号和三 ...

智通财经9月2日电，国内商品期货夜盘收盘涨跌不一，能源化工品多数上涨，苯乙烯涨0.72%，甲 醇涨0.63%，PVC涨0.57%，纯碱涨0.55%，纸浆涨0.52%，20号胶涨0.51%。黑色系多数上涨，铁矿石涨 1.17%，螺纹钢涨0.67%，焦煤涨0.49%，热卷涨0.48%，焦炭涨0.47%，动力煤持平0%。农产品多数下 跌，棕榈油涨0.42%，豆油涨0.36%，菜油涨0.24%，豆二涨0.16%，豆粕持平0%，豆一跌0.03%。 （责任编辑：康博） ...