据钢铁协会监测，2025年6月份，CSPI平均值为90.10 点，环比下降2.26点，降幅为2.45%；同比下降14.14点，降幅为13.56%。其中，CSPI长材指数平均值 为91.91点，环比下降2.41点，降幅为2.55%；同比下降14.94点，降幅为13.98%。板材指数平均值为88.32点，环比下降2.28点，降幅为2.51%；同比下降 14.04点，降幅为13.72%。 截至2025年6月末，中国钢材价格指数(CSPI)为89.51 点，环比下降1.29点，降幅为1.42%；比上年末下降7.96点，降幅为8.17 %；同比下降13.45点，降幅为 13.06 %。(见下图) 1-6月份，CSPI平均值为93.75点，同比下降14.45点，降幅为13.35%。 (一)长板材价格继续下降，长材降幅小于板材。 智通财经APP获悉，中钢协发布6月份中国钢材价格指数月评。6月份，国内钢材市场在淡季效应逐渐深入、供需矛盾逐步累积、成本支撑持续走弱的背景 下震荡下行。进入7月份，受中财委会议提出的 "依法依规治理企业低价无序竞争""推动落后产能有序退出"影响，以及在国内部分地区开始实施粗钢产量 调控等多重因素影 ...

钢材&铁矿石 | 日报 2025 年 7 月 24 日 钢材&铁矿石日报 专业研究·创造价值 现实矛盾不大，钢矿高位运行 核心观点 螺纹钢：主力期价震荡回升，录得 0.34%日涨幅，量仓收缩。现阶段， 螺纹钢供需两端均回升，基本面并无实质性好转，相对利好则是库存低 位，现实矛盾不大，叠加原料强势带来成本支撑，预计螺纹钢价格延续 高位运行态势，关注政策变化情况。 热轧卷板：主力期价高位震荡，录得 0.35%日涨幅，量缩仓增。目前来 看，热卷供需两端均有所走弱，基本面再度走弱，库存小幅累库，但整 体矛盾不大，且原料强势提振市场情绪，预计热卷价格维持高位震荡运 行态势，关注海外风险变化。 投资咨询业务资格：证监许可【2011】1778 号 铁矿石：主力期价震荡运行，录得 0.55%日跌幅，量仓收缩。现阶 段，乐观情绪趋弱，高估值矿价有所回落，但供弱需增局面下矿石基本 面表现尚可，下行空间或受限，预计矿价转为高位震荡调整态势，关注 成材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱： ...

| 汽车 | 45.40 | -9.31 | 2.09 | 0.80 | -0.29 | | --- | --- | --- | --- | --- | --- | | 综合 | 5.27 | 24.48 | 3.00 | 1.34 | -0.60 | | 纺织服 | 16.32 | -1.32 | 2.32 | 1.08 | -0.65 | | 饰 | | | | | | | 传媒 | 34.27 | 4.83 | 2.34 | 1.20 | -1.54 | | 环保 | 27.84 | 17.24 | 3.11 | 0.52 | -4.27 | | 轻工制 | 18.91 | -11.80 | 2.26 | 0.65 | -5.26 | | 造 | | | | | | | 电力设 | 83.79 | -19.15 | 3.39 | 1.17 | -10.90 | | 备 | | | | | | | 公用事 | 53.81 | -21.63 | 1.35 | -0.09 | -12.57 | | 业 | | | | | | | 银行 | 49.51 | 1.66 | 0.37 | -1.42 | -16.0 ...

聚焦2025年土耳其国际钢铁展会：行业发展与交流盛会 在全球钢铁行业持续发展与变革的大背景下，2025年土耳其国际钢铁展会（Metal Expo 2025）备受瞩目。作为连接东西方钢铁市场 的关键纽带，该展会不仅是展示钢铁行业前沿技术与创新成果的重要平台，更是促进全球钢铁企业交流合作、洞察市场趋势的绝佳 契机。 展会基本信息 高端的同期活动 展会期间，一系列高端同期活动将为参会者带来思想的碰撞与知识的盛宴。国际冶金技术峰会将聚焦绿色冶金转型、氢能炼钢技 术、全球供应链挑战等热门议题。在环保要求日益严格的今天，绿色冶金转型成为行业可持续发展的关键方向，峰会上专家们将共 同探讨如何在生产过程中降低碳排放、提高资源利用率；氢能炼钢技术作为新兴领域，具有巨大的发展潜力，有望为钢铁行业带来 革命性变革，相关研讨将为行业发展提供技术指引；全球供应链挑战则是在复杂多变的国际形势下，钢铁企业必须面对和解决的问 题，通过交流可寻找应对策略，保障企业稳定运营。铸造工艺创新论坛也将同期举行，深入探讨铸造工艺的新方法、新技术，促进 铸造领域的创新发展。此外，还有为参展商与中东、欧洲买家精心打造的B2B对接会，提供一对一洽谈机会，助力 ...

| 今日换手率（%） 主力资金流量（万元） | | --- | | 今日涨跌幅（%） | | 简称 | | 代码 | 600010 10.04 8.58 144262.41 包钢股份 沪指7月24日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、有色金 属，涨幅分别为3.10%、2.78%。钢铁行业位居今日涨幅榜第三。跌幅居前的行业为银行、通信、公用 事业，跌幅分别为1.42%、0.15%、0.09%。 资金面上看，两市主力资金全天净流入89.13亿元，今日有16个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨2.78%，全天净流入资金77.36亿元，其次是非银金融行业，日 涨幅为2.06%，净流入资金为56.44亿元。 主力资金净流出的行业有15个，建筑装饰行业主力资金净流出规模居首，全天净流出资金34.17亿元， 其次是机械设备行业，净流出资金为27.37亿元，净流出资金较多的还有基础化工、通信、银行等行 业。 钢铁行业今日上涨2.68%，全天主力资金净流入14.73亿元，该行业所属的个股共44只，今日上涨的有37 只，涨停的有3只；下跌的有4只。以 ...

4月30日公司发布的一季报数据显示，一季度公司共实现营业收入11.06亿元，同比下降4.87%，实现净 利润-1.49亿元。 7月15日公司发布上半年业绩预告，预计实现净利润-2.34亿元，同比同比增长20.28%。（数据宝） 西宁特钢7月24日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 中国银河证券股份有限公司大连黄河路证券营业部 | 6898.38 | | | 买二 | 国泰海通证券股份有限公司南京太平南路证券营业部 | 2695.90 | | | 买三 | 沪股通专用 | 1949.93 | | | 买四 | 国新证券股份有限公司北京中关村大街证券营业部 | 1200.53 | | | 买五 | 海通证券股份有限公司深圳高新园证券营业部 | 952.08 | | | 卖一 | 中信建投证券股份有限公司上海市徐家汇路证券营业 | | 1521.85 | | | 部 | | | | 卖二 | 华福证券有限责任公司泉州丰泽街证券营业部 | | 1368.28 | | 卖三 | 沪股通专用 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report introduces commonly used Wind function modules and data in credit bond research, including primary and secondary market modules and relevant data processing methods [4]. 3. Summary by Directory 3.1 Wind Primary Market Module Introduction - **Querying Credit Bond Issuance and Maturity Details**: For non - financial credit bonds, select enterprise bonds, corporate bonds, medium - term notes, short - term financing bills, and private placement notes; for financial bonds, select financial bonds and deselect policy bank bonds. Conceptual sectors and enterprise nature can also be selected [11]. - **Querying Inter - bank Credit Bond Approval Progress**: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - NAFMII Bond Registration Statistics - NAFMII Bond Registration Review Progress" path [12]. - **Querying Exchange Credit Bond Approval Progress**: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - Corporate Bond Issuance Review Progress" and "Bond - Special Statistics - Primary Market - Issuance Registration - Enterprise Bond Issuance Review Progress" paths [13][14]. - **Statistical Credit Bond Raised Funds Usage**: Use the "Bond - Special Statistics - Credit Bond Raised Funds Allocation" path [15]. - **Finding Bonds Meeting Specific Conditions**: Use the "Bond - Multi - dimensional Data - Bond Screening" path and set conditional expressions [16]. 3.2 Wind Secondary Market Module Introduction - **Credit Bond Market Monitoring**: Use the "Bond - Bond Secondary Market - Transaction Statistics" path to display the most active bond information under the subject rating and remaining term [23][24]. - **Querying Credit Bond Inventory Details**: Use the "Bond - Market Overview - Inventory Statistics (by Bond Type)" path [25]. - **Distinguishing Broker Transactions and Platform Transactions**: Broker transactions involve brokers helping investors find trading counterparts, while platform transactions occur on CFETS or exchange platforms. Broker transaction data is suitable for constructing price indicators, and platform transaction data is suitable for constructing volume indicators [26][64]. - **Querying First - time Default Issuers**: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Enterprise First - time Default Report" path and manually exclude issuers with previous default/extension situations [32][33]. - **Querying Default Bond Details**: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Bond Default and Extension Summary" path and exclude duplicate bonds, exchangeable/convertible bonds, and cross - market bonds [34]. - **Exporting ChinaBond Index Market Performance**: Use the "Index - Index Analysis - Index Directory" path [36]. - **Constructing a Bond Portfolio**: Use the "Asset Management - Investment Research - Portfolio Management" path, including adjusting the starting cash amount and entering bond holdings and adjusting weights [37][38][39]. - **Tracking Bond Portfolio Performance**: Use the "Asset Management - Investment Research - Portfolio Management - Portfolio Report" path [40]. - **Conducting Attribution Analysis of Bond Portfolio Performance**: Use the "Asset Management - Investment Research - Portfolio Management - Performance Attribution" path [43]. 3.3 Credit Research Common Data Processing Methods - **Credit Bond Net Financing**: Export bond issuance and maturity details within a specific time range, divide bonds into industrial bonds and urban investment bonds based on the urban investment list, and calculate the net financing by subtracting the maturity amount from the issuance amount [49]. - **Credit Bond Primary Market Issuance Heat**: Refer to subscription multiples and the difference between coupon rate and bid - rate floor. Subscription multiples are calculated as the total bid (subscription) volume divided by the actual issuance amount, and bonds without relevant data should be excluded [50][54]. - **Credit Bond Issuance Approval Situation**: For urban investment bonds, refer to the completed registration scale and its proportion, and the number of feedbacks from the inter - bank market or exchange before listing [58]. - **Analyzing Credit Bond Valuation Distribution**: Export inventory credit bond details, match each urban investment bond to its corresponding province, divide the remaining exercise period into intervals, and use the SUMIFS function to calculate the weighted average valuation [59][60]. - **Observing Credit Bond Secondary Market Transactions**: Use both broker transaction data and platform transaction data. Broker transaction data is used for price indicators such as transaction deviation, transaction yield, and high - valuation transaction proportion; platform transaction data is used for volume indicators such as transaction term and turnover rate [64]. - **Volume Indicators**: Weighted transaction term is calculated based on platform data by excluding bonds with a remaining term of less than half a year and using transaction amount as the weight; transaction number is the sum of each bond's transaction numbers [65]. - **Price Indicators**: Transaction yield is calculated as the weighted average of transaction amounts; transaction deviation reflects the market's buying sentiment; high - valuation transaction proportion is the proportion of transactions with a yield 5bp higher than the valuation [71].

新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 1、大宗商品涨停潮，交易所风险提示会管用吗？ 本篇评级为★★★，主要围绕以下内容展开： 如有疑问请以音频内容为准，添加妙妙子微信huxiuvip302，入群有机会与董小姐进一步交流。 须知，期货这一金融工具，本质是为实体经济服务，帮助工厂、企业锁定原材料价格、规避大幅波动风 险。然而，眼下期货独自急涨急跌，反而给实体套保带来巨大风险——原本用来避险的工具，如今成 了"挖坑"制造风险。时间一久，必然引起监管注意。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 今天的 A 股市场依旧红通通，我们一起梳理盘面，看看继续向上的潜力有多大，以及可能遇到的风 险。 1、大宗商品涨停潮，交易所风险提示会管用吗？ 2、券商板块透支了吗？从资金层面看两条线索 3、芯片稍稍启动，背后的推动力有多大？ 到目前为止，市场的主线之一仍在横向扩展，这条主线便是去产能赛道。前几日，煤炭、钢铁涨幅巨 大，这两天出现收缩；而横向扩展的结果是又有新主角登场——今天，热点 ...

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆☆ [1] Core Views - The steel market is overall strong with cost support, but domestic demand is weak and attention should be paid to policy changes [1]. - Iron ore follows the strong trend of the black - series, but the price is high and there is a risk of increased volatility [2]. - Coke and coking coal may maintain an upward trend in the short - term, and the impact of "anti - involution" needs policy attention [3][5]. - Silicomanganese and ferrosilicon follow the thread trend, with relatively small price increases [6][7]. Summary by Related Catalogs Steel - The steel futures market strengthened today. Thread demand recovered, production increased slightly, and inventory decreased. Hot - rolled coil demand declined, production dropped, and inventory increased slightly. High iron - water production and low inventory support steel prices. Domestic demand is weak, and exports are at a relatively high level. The market is optimistic, and the short - term trend is dominated by "anti - involution" [1]. Iron Ore - The iron ore futures market oscillated. Global shipments are slightly stronger than last year, and domestic arrivals have declined from high levels. Port inventories are stable. In the demand side, the terminal is in the off - season, but steel mills have profits and high iron - water production supports high - level ore handling. The market sentiment has improved, but the price is high [2]. Coke - The coke price rose and then fell. The third round of price increases by coking plants is underway. Coking profits are meager, and daily production has slightly increased. Overall inventory has decreased slightly, and traders' purchasing willingness has increased. The carbon supply is abundant, and the short - term trend is upward [3]. Coking Coal - The coking coal price hit the daily limit. Affected by policy documents, the price has risen significantly. Coal production has decreased slightly, the spot auction market has improved, and terminal inventory has increased. Total inventory has decreased, and short - term destocking is likely to continue. The short - term trend is upward [5]. Silicomanganese - The silicomanganese price rose and then fell. Due to previous production cuts, inventory has decreased, and weekly production recovery is slow. Manganese ore inventory is increasing, which suppresses prices. In the short - term, the inventory is low, and the price is rising slightly following the thread [6]. Ferrosilicon - The ferrosilicon price fell at the end of the session. Iron - water production has increased, export demand is stable, and secondary demand has declined marginally. Supply has increased slightly, and inventory has decreased. It follows the thread trend with relatively weak price increases [7].

: [0] ] 11-2 证券研究报告 【债券日报】 转债市场日度跟踪 20250723 市场概况:今日转债过半行业下跌,估值环比压缩 & 指数表现:中证转债指数环比下降 0.04%、上证综指环比上涨 0.01%、深证成 指环比下降 0.37%、创业板指环比下降 0.01%、上证 50 指数环比上涨 0.32%、 中证 1000 指数环比下降 0.45%。 市场风格:大盘价值相对占优。大盘成长环比下降 0.04%、大盘价值环比上涨 0.24%、中盘成长环比下降 0.19%、中盘价值环比下降 0.48%、小盘成长环比 下降 0.26%、小盘价值环比下降 0.33%。 资金表现:转债市场成交情绪升温。可转债市场成交额为 859.25 亿元,环比 增长 6.46%;万得全 A 总成交额为 18983.71 亿元,环比减少 1.57%;沪深两 币主力净流出 408.34亿元,十年国债收益率环比上升 1.34bp 至 1.70%。 转债价格:转债中枢下降,高价券占比下降。转债整体收盘价加权平均值为 126.48元,环比昨日下降 0.04%。其中偏股型转债的收盘价为 170.74元,环比 上升 0.29%;偏债型转债的收 ...