| | | | 钢材早报 | | 研究中心黑色团队 2025/09/25 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/18 | 3160 | 3230 | 3260 | 3200 | 3320 | 3290 | | 2025/09/19 | 3200 | 3280 | 3260 | 3200 | 3320 | 3290 | | 2025/09/22 | 3210 | 3290 | 3330 | 3250 | 3370 | 3330 | | 2025/09/23 | 3180 | 3250 | 3270 | 3200 | 3330 | 3270 | | 2025/09/24 | 3180 | 3290 | 3270 | 3200 | 3330 | 3270 | | 变化 | 0 | 40 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海 ...

【重点关注】 ·上市公司通过分红、回购派发"红包"5年增长超8成 ·钢铁行业未来两年目标确定：年均增长4% 严禁新增产能 ·金价再创新高现货黄金突破3720美元 【国内要闻】 ·金融监管总局局长李云泽9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿元，融 资主渠道作用有效发挥，重点领域投放精准有力，民生保障显著增强，金融服务再上新台阶。据介绍， 5年来，科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、10.1%。目前普惠 型小微企业贷款余额36万亿元，是"十三五"末的2.3倍，利率下降2个百分点。 ·中国证监会主席吴清9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍， 上市公司主动回报投资者的意识明显增强，这5年上市公司通过分红、回购派发"红包"合计10.6万亿 元，比"十三五"增长超8成，相当于同期股票IPO和再融资金额的2.07倍。 ·中国人民银行副行长、国家外汇管理局局长朱鹤新9月22日在国新办举行的"高质量完成'十四五'规 划"系列 ...

Group 1: Financial Sector Developments - The State Council held a press conference on September 22, 2025, focusing on the development of the financial sector during the 14th Five-Year Plan, emphasizing a mid-to-long-term perspective without discussing short-term policy adjustments [2] - The total assets of the banking and insurance sectors have exceeded 500 trillion yuan, with an average growth of nearly 9% over the past five years, solidifying China's position as the largest credit market and the second-largest insurance market globally [2] - The A-share market has shown enhanced resilience and risk resistance, with the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points to 15.9% compared to the previous five-year period [2] Group 2: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) announced plans to deepen capital market reforms, focusing on enhancing the service for new productive forces and improving the systems for the Sci-Tech Innovation Board and the Growth Enterprise Market [3] - The Shanghai Stock Exchange aims to promote long-term capital inflow into the market and enhance regulatory measures to support high-quality development [4] - The Shenzhen Stock Exchange is set to deepen comprehensive reforms in capital markets, particularly focusing on the Growth Enterprise Market to support the listing of quality tech innovation companies [5] Group 3: Energy and Industrial Developments - The National Energy Administration outlined goals for the energy equipment sector, aiming for a self-controlled, high-end, intelligent, and green development by 2030, with a focus on enhancing global competitiveness [6] - The Ministry of Industry and Information Technology has set a target for the steel industry to achieve an average annual growth of around 4% in value added over the next two years, emphasizing structural adjustments and capacity control [6] Group 4: Company News Highlights - He Yuan Bio has initiated its issuance, becoming the first new issuer in the Sci-Tech Innovation Growth sector [10] - Tianpu Co. has experienced a 14 consecutive trading limit increase, with no asset injection plans from the acquirer Zhonghao Xinying [10] - Longchuan Technology expects a year-on-year net profit increase of 131.39% to 145.38% for the first three quarters [11]

工业和信息化部等部门联合印发《钢铁行业稳增长工作方案（2025—2026年）》，明确未来两年钢铁行 业增加值年均增长目标设定在4%左右。该方案以"稳增长、防内卷"为核心，为中国钢铁行业的结构性 调整与高质量发展指明实施路径。《方案》提出，实施产能产量精准调控、推进钢铁企业分级分类管 理，严禁新增产能，引导资源要素向优势企业集聚，通过产量调控促进优胜劣汰，实现供需动态平衡。 宏观要闻 "十四五"以来我国外汇储备始终稳定在3万亿美元以上 中国人民银行授权全国银行间同业拆借中心公布，2025年9月20日，贷款市场报价利率（LPR）为：1年 期LPR为3.00%，5年期以上LPR为3.50%，均较上月保持不变。LPR自今年5月下调之后，已有4个月按 兵不动。 钢铁行业未来两年目标确定 9月LPR继续按兵不动 ...

Growth Target - The steel industry aims for an average annual increase of approximately 4% in added value over the next two years (2025-2026) [1] Capacity and Output Control - Implementation of precise regulation of production capacity and output, along with hierarchical and categorized management of steel enterprises [1] - Strict prohibition of new production capacity, guiding resource elements towards superior enterprises, and promoting the survival of the fittest through output regulation to achieve dynamic supply-demand balance [1] Transformation and Upgrading - "Equipment renewal" and "low-carbon transformation" are identified as the two core competitive themes for the future [1] - Steel enterprises must accelerate the elimination of outdated equipment, especially restricted production equipment such as old blast furnaces and converters [1] - By the end of 2025, over 80% of steel production capacity should complete ultra-low emission transformation [1]

螺纹钢产业链日报 2025/9/18 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,147.00 | -21↓ RB主力合约持仓量(手) | 1999684 | +36313↑ | | | RB合约前20名净持仓(手) | -224471 | +16787↑ ...

Industry News - The Ministry of Industry and Information Technology and eight other departments released a plan aiming for approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%. Among these, new energy vehicle sales are targeted at around 15.5 million units, with a year-on-year growth of about 20% [1] - The Ministry of Commerce announced an anti-dumping investigation into imported simulation chips from the United States, as well as an anti-discrimination investigation regarding U.S. measures in the integrated circuit sector [1] - The film market for the 2025 fiscal year has surpassed 40 billion yuan in box office revenue (including pre-sales) as of September 13, 2023, which is 76 days earlier than in 2024. Domestic films accounted for over 88.8% of the box office, with the top ten films being all domestic productions [2] Company News - China Huaneng Group issued its first panda bond on September 8, which is now listed on the Singapore Exchange. This bond is notable as it is the first panda bond from a Chinese company and the first "carbon-neutral" green bond listed in Singapore [4] - Mastercard and UnionPay have detected unauthorized transactions in China, prompting an emergency investigation to trace the source of the risk and protect cardholders from potential losses [5] - Jiu Li Special Materials is actively participating in the ITER project, focusing on research and production of key materials for nuclear fusion, despite this segment currently being a small part of the company's overall business [6] - Lingming Photon has completed a C3 round of financing, securing nearly 100 million yuan from a state-owned platform in Zhejiang, which will be used to accelerate core technology upgrades and production capacity [6] Research Reports - Tianfeng Securities reported that the construction sector's revenue and performance faced pressure in the first half of 2025, but a recovery in profitability is expected in the second half. The report highlighted a slight decline in gross and net profit margins, with a small increase in debt ratios [6] - Huatai Securities indicated that policy support, technological advancements, and industrial capital influx are driving the increase in coal mine automation rates, with an expected 30% of coal mines being automated by 2026 [6]

�� 闯投期終 黑金研投团队 2025/9/11 钢市周周递 厂内库存 厂库+社库 周消费量(未包括进出口) 周产量 环比 社会库存 环比 环比 单位:万吨 环比 环比 211.93 166.63 487.23 18.57 653.86 198.07 螳纹 -6.75 -4.71 13.86 -4.00 线材 84.9 -0.49 48.07 -0.38 72.31 0.98 120.38 0.60 84.30 1.53 执彩 325.14 10.90 80 88 0.90 292.44 -1.92 373.32 -1.02 326.16 20.80 139.23 冷卷 -1.24 39.14 -0.41 86.16 84.6 178.37 -1.56 4.17 -1.15 中板 150.67 -5.83 84.8 1.10 103.88 0.93 188.68 2.03 148.64 -7.00 合计 857.24 -3.41 419.52 -3.50 1095.09 17.41 1514.61 13.91 843.33 15.50 数据简评：本厨螺纹表蒂、产量均继续回落，库存延续累积杰势。热楼需求大幅回暖 ...

Core Viewpoint - The acquisition offer by Ningbo Meishan Bonded Port Area Jincheng Shazhou Investment Co., Ltd. aims to acquire 5% of Fushun Special Steel's shares at a price of 5.6 yuan per share, with the total shares accepted being only 1.01% [1][2] Group 1 - Jincheng Shazhou plans to acquire 9,860,500 shares, representing 5% of Fushun Special Steel's total share capital, with the acquisition period from August 12, 2025, to September 10, 2025 [1] - As of the end of the acquisition period, a total of 1,989,360 shares were accepted, equating to 1.01% of the company's total shares, which is below the expected acquisition amount [1] - After the completion of the acquisition, Jincheng Shazhou will hold 1.59% of Fushun Special Steel, while its concerted actions will collectively hold 31% of the company's shares [2] Group 2 - The acquisition price of 5.6 yuan per share has led to a decline in Fushun Special Steel's stock price, which has remained below this price for most of September [2] - In December 2023, Fushun Special Steel announced that Northeast Special Steel would transfer 251 million shares, accounting for 12.73% of the total share capital, to Shagang Group at a price of 9.3 yuan per share, totaling 2.334 billion yuan [2] - The historical context includes a significant investment by Shen Wenrong in Northeast Special Steel Group, which led to a 43% ownership stake and control over Fushun Special Steel [2]

抚顺特钢（600399）9月11日晚间公告，宁波梅山保税港区锦程沙洲股权投资有限公司(下称"锦程沙 洲")在要约收购期间，计划接受要约收购的股权数量为1.01%，要约收购实施后，抚顺特钢控股股东持 股合计31%。 抚顺特钢于2025年8月7日披露《抚顺特殊钢股份有限公司要约收购报告书》，锦程沙洲作为收购人，向 除自身及其一致行动人以外的公司全体股东发出部分要约。此次要约收购股份数量为9860.5万股，占公 司总股本的5%，要约收购价格为5.6元/股，收购期限自2025年8月12日起至2025年9月10日止。 本次要约收购完成后，锦程沙洲持有抚顺特钢总股本的1.59%；收购人的一致行动人东北特殊钢集团股 份有限公司持有抚顺特钢总股本的13.99%；收购人的一致行动人江苏沙钢集团有限公司持有抚顺特钢 总股本的15.43%。收购人及其一致行动人合计持有公司31%股权。 锦程沙洲给出的要约收购价格为5.6元/股，而当时股价已达到5.97元/股(截至2025年7月25日)。该要约收 购报告出炉后，抚顺特钢股价不涨反跌，9月份至今多数时间在5.6元之下，这也是有部分投资者接受要 约收购的原因，不过沙钢集团远未达到收购5% ...