India’s Tata Steel is planning to explore new markets in regions such as the Middle East and Latin America, as President Donald Trump’s tariffs impact shipments to the US. https://t.co/vCL8YoZAZ6 ...

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） A股三大指数31日集体收跌，截至收盘，沪指跌1.18%，深成指跌1.73%，创业板指跌1.66%，北证50指 数跌1.16%，沪深京三市成交额19618亿元，较上日放量909亿元。两市超4200只个股下跌。 板块题材 上，智谱AI、液冷服务器、辅助生殖板块走高，钢铁、煤炭、保险板块调整。 盘面上，智谱AI 板块震 荡走强，易点天下20CM涨停。液冷服务器板块全线走强，思泉新材20CM涨停，英维克、淳中科技等 涨停封板。辅助生殖板块持续走强，共同药业、安科生物20CM涨停，汉商集团涨停封板。钢铁板块调 整，包钢股份跌超8%。煤炭板块全线走低，板块内全线飘绿，安泰集团跌超7%。 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Hebei Branch is actively promoting green development through green finance, aiming to support the economic and social development of Hebei Province and contribute to the construction of a beautiful Hebei [1][7]. Group 1: Green Loan Initiatives - As of June 30, 2025, the green loan balance of ICBC Hebei Branch reached 174 billion yuan, an increase of 30.3 billion yuan from the beginning of the year, with a growth rate 12 percentage points higher than the overall loan growth [1]. - In Xiong'an, the green loan balance reached 33.3 billion yuan, leading the industry and demonstrating the branch's commitment to green finance [2][3]. Group 2: Innovative Financial Products - The branch has introduced various innovative financial products, including the "Xiong'an Development Loan" and "Meteorological Assistance Loan," to support green projects and enhance agricultural resilience against natural disasters [4][3]. - ICBC Hebei Branch has provided a total of 16.9 billion yuan in loans for green building projects, including zero-carbon buildings and ecological restoration projects [3][4]. Group 3: Support for Renewable Energy Projects - The branch has established a "Carbon Peak and Carbon Neutrality" special loan and low-carbon transition fund, financing 16.3 billion yuan for 32 environmentally friendly enterprises [4]. - As a joint lead underwriter for green bonds, the branch successfully completed the issuance of 450 million yuan in green perpetual bonds, with all funds allocated to clean energy projects [4]. Group 4: Commitment to Sustainable Practices - ICBC Hebei Branch is implementing ten special actions to reduce its operational carbon footprint, including energy efficiency improvements and promoting green office practices [6]. - The establishment of the first green low-carbon bank outlet in Xiong'an reflects the branch's commitment to sustainable banking practices and community engagement [6].

Market Overview - The market experienced a day of volatility with all three major indices falling over 1% [1][2] - Overall, the market showed a trend of fluctuating upward this month, with all three indices closing higher on a monthly basis; the ChiNext Index rose over 8% this month, while the Shanghai Composite Index fluctuated around 3600 points [1] Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 91.7 billion yuan compared to the previous trading day [1] - Market sentiment was mixed, with more than 4200 stocks declining, indicating a lack of strong bullish momentum [1] Sector Performance - The innovative drug concept sector showed strength, with stocks like Nanxin Pharmaceutical hitting the daily limit [1] - AI application stocks remained active against the trend, with companies like Yidian Tianxia also hitting the daily limit [1] - AI hardware stocks exhibited mixed performance; the liquid cooling server concept was strong, with stocks like Yingweike hitting the daily limit [1] - Conversely, cyclical sectors such as steel and non-ferrous metals collectively weakened, with Anyang Steel dropping over 7% [1] - The financial sector was sluggish, with Zhongyin Securities falling over 5% [1] - Sectors with notable gains included assisted reproduction, liquid cooling IDC, Xinchuang, and Huawei Ascend, while sectors with significant declines included steel, coal, non-ferrous metals, and film [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 reached KRW 17.6 trillion, with an operating profit of KRW 610 billion, marking growth for two consecutive quarters [3][9] - Operating profit margin improved from 3.9% to 5.7%, with EBITDA recorded at KRW 1.6 trillion [4][10] - Net debt decreased slightly quarter on quarter due to effective investment and working capital management [9] Business Line Data and Key Metrics Changes - Steel operating margin increased by 35.6% to KRW 610 billion, with improvements noted in both domestic and overseas steel operations [10][12] - The rechargeable battery materials segment faced increased deficits due to initial operational costs and falling lithium prices, although future losses are not expected to increase [7][10] - POSCO International showed robust performance, while POSCO E&C's overseas projects incurred additional costs leading to marginal decreases [10][22] Market Data and Key Metrics Changes - The domestic market showed moderate improvements contributing to mill margin growth, while overseas steel operations in Indonesia and Vietnam diversified sales channels [4][13] - The lithium market is seen as opportune, with a significant joint investment in Argentina expected to generate synergies [8][10] Company Strategy and Development Direction - POSCO is committed to ongoing efficiency improvements and restructuring of non-core assets, aiming to generate KRW 1 trillion in cash flow [11][12] - The company is focusing on high-value added steel products and has initiated projects for advanced technologies like HiRX, which is designated as a national strategic technology [16][17] - Future investments are planned in high-growth markets such as the U.S. and India, with a focus on premium products [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about sustaining profit levels into Q3 despite global tariff uncertainties [5][6] - The potential decrease in Chinese steel production is expected to positively impact POSCO's profits in the second half of the year [27] - The company anticipates that lithium prices will rebound, contributing to improved profitability in the rechargeable battery materials segment [36][67] Other Important Information - The sale of the POSCO Changjiegang Stainless Steel subsidiary is underway due to ongoing deficits from oversupply and local government policies in China [6][10] - The company is actively pursuing customer certifications and commercial production in its lithium business, with significant investments in new plants [7][21] Q&A Session All Questions and Answers Question: Steel market outlook and price negotiations - Management noted that while there are expectations of decreased production in China, domestic demand has increased, which is expected to positively impact profits [26][27] - Price negotiations in the automotive and shipbuilding industries are ongoing, with optimism about maintaining favorable terms despite raw material fluctuations [28][30] Question: Update on Indian joint venture and potential acquisitions - Discussions regarding the Indian joint venture are progressing, with environmental feasibility studies ongoing [31][32] - The potential acquisition of the Waiala steelmaker is under review, focusing on mining opportunities and renewable energy [33][34] Question: Lithium market developments - Management believes lithium prices will not fall below $8, with expectations of gradual increases in the coming years [36][67] Question: U.S. and European market strategies - The company plans to adapt to the U.S. market despite tariffs, with a focus on maintaining competitive pricing and exploring other regions [39][44] - In the European market, management anticipates limited volume increases due to quota restrictions but aims to keep prices competitive [46][47] Question: PZSS sale and product deficits - The sale of PZSS is progressing, with final details being negotiated, and management expects to cover losses through divestments [51][52] - Currently, there are hardly any steel products recording deficits due to restructuring efforts [55] Question: Lithium certification progress and safety incidents - Certification for lithium products is ongoing, with three customers already certified [59] - The impact of a safety incident in E&C is still being assessed, with potential effects expected in Q4 [61][62]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 reached KRW 17.6 trillion, with an operating profit of KRW 610 billion, marking growth for two consecutive quarters [3][9] - Operating profit margin improved from 3.9% to 5.7%, indicating a recovery in profitability [10][12] - EBITDA for the quarter was KRW 1.6 trillion, and cumulative CapEx for the first half was KRW 3.1 trillion [9][10] - Net debt decreased slightly quarter on quarter due to effective investment and working capital management [9] Business Line Data and Key Metrics Changes - Steel segment operating margin increased by 35.6% to KRW 610 billion, driven by improved mill margins from lower raw material costs [10][12] - The rechargeable battery materials segment faced increased deficits due to falling lithium prices and initial operational costs from new plants [10][22] - POSCO International showed robust performance in infrastructure, although overseas projects incurred additional costs leading to marginal decreases [10][12] Market Data and Key Metrics Changes - Domestic market improvements contributed to the growth in mill margins, while overseas steel sales also increased quarter on quarter [4][10] - The lithium market is seen as opportune, with a recent joint investment in Argentina expected to generate significant synergies [8][10] Company Strategy and Development Direction - The company is focused on restructuring non-core assets and improving operational efficiency through AI and robotics [14][15] - Ongoing projects include the development of high-value-added steel products and the HiRX technology for long-term strategic growth [16][17] - The company is exploring opportunities in high-growth markets such as the U.S. and India, with plans for local production plants [84][85] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about sustaining profit levels into Q3 despite global tariff uncertainties [5][10] - The company is monitoring the potential decrease in Chinese steel production, which could positively impact profits in the second half [28][29] - Future profitability in the lithium segment is contingent on market conditions and cost management [70][71] Other Important Information - The sale of the POSCO Changjiegang Stainless Steel subsidiary is underway, which will be removed from consolidated accounts upon completion [6][12] - The company is committed to ongoing restructuring efforts, aiming to generate KRW 1 trillion in cash flow [11][12] Q&A Session Summary Question: Steel market outlook and price negotiations - Management noted that while there are expectations of decreased production in China, domestic demand is increasing, which could positively impact profits [28][29] - Price negotiations in the automotive and shipbuilding sectors are ongoing, with expectations of slight upward adjustments due to anti-dumping tariffs [32][33] Question: Update on Indian joint venture and potential acquisitions - Discussions regarding the Indian joint venture are progressing, with environmental feasibility studies ongoing [34][35] - The company is exploring the acquisition of the Waiala steelmaker, focusing on mining opportunities and renewable energy [36][37] Question: Lithium market developments - Management anticipates a rebound in lithium prices, with expectations that prices will not fall below $8 [39][40] Question: Sales projections for U.S. and European markets - The company expects to maintain a small profit margin despite tariffs, with plans to explore other regions for sales [46][47] - The impact of anti-dumping tariffs on pricing strategies is being assessed, with a focus on maintaining competitiveness [48][49] Question: PZSS sale and product deficits - The sale of PZSS is progressing, with final details being negotiated, and management expects to cover losses through divestments [55][56] - Currently, there are few products recording deficits due to operational adjustments and facility shutdowns [58] Question: CapEx investment plans and potential losses - The CapEx investment plan remains unchanged, with no significant changes expected in the near term [77][78] - The company is confident in covering any potential EBITDA deficits through divestments and operational efficiencies [80][81]

POSCO Holdings 2025. Q2 Earnings Release July 31, 2025 Disclaimer This presentation was prepared and circulated to shareholders and investors to release information regarding the company's business performance prior to completion of auditing for the period pertaining to the 2nd quarter of 2025. Given that this presentation is based on unaudited financial statements, certain figures may be modified in the course of the audit process. This presentation contains certain forward-looking statements relating to t ...

Market Performance - A-shares showed mixed performance on July 31, with the Shanghai Composite Index down 0.68% and the ChiNext Index slightly up by 0.43, indicating a volatile trading day [1] - AI concept stocks performed strongly, with several hardware stocks like Cambridge Technology and Invech hitting the daily limit, while innovative drug stocks like Kangyuan Pharmaceutical also saw significant gains [1] Sector Analysis - Chemical pharmaceuticals, software development, IT services, and AI-related sectors showed the highest gains, while steel, coal mining, precious metals, and real estate sectors faced the largest declines [2] Institutional Insights - Huatai Securities identified four key trends in the AI large model industry chain, including a shift to token-driven growth, increasing demand for server computing power, a lead of B-end commercialization over C-end consumer products, and healthy competition among domestic and international firms [3] - CITIC Securities noted a clear signal for policy shifts supporting the innovative drug and medical device industries, suggesting potential recovery in valuations and performance for the medical device sector [3] Economic Indicators - The National Bureau of Statistics reported that the manufacturing PMI for July was 49.3, indicating a slight decline of 0.4 percentage points from the previous month, attributed to seasonal production slowdowns and adverse weather conditions [5] - The National Energy Administration announced that the cumulative photovoltaic power generation in the first half of the year reached 559.1 billion kWh, a year-on-year increase of 42.9%, with significant growth in both centralized and distributed photovoltaic installations [6]

Market Overview - A-share market shows divergence with resource cyclical stocks experiencing significant pullback, causing the Shanghai Composite Index to fall below 3600 points; AI-related hardware and software sectors saw a collective rise, boosting the ChiNext Index [1][3] AI Sector Performance - AI-related hardware and software sectors, including liquid cooling servers, AI agents, and PCB, exhibited strong gains; leading AI server company, Industrial Fulian, hit the daily limit and reached a historical high with a market capitalization exceeding 700 billion yuan [3][10] - Notable stocks in the liquid cooling server concept include Sihuan New Materials, Yingweike, and Chunzong Technology, all achieving daily limit increases [5][6] Resource Sector Performance - Resource cyclical stocks, which led gains last week, faced high-level corrections; sectors such as steel, non-ferrous metals, and chemicals saw significant declines, with steel stocks dropping over 3% and individual stocks like Anyang Steel and Baosteel falling more than 5% [15][16] - In the futures market, several previously popular commodities, including glass and coking coal, dropped over 6%, while lithium carbonate fell by 6% [16][17] Regulatory Changes - The Dalian Commodity Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon, polysilicon, and lithium carbonate, to maintain market stability [17]

Core Insights - ArcelorMittal reported strong financial results for 2Q 2025, with EBITDA of $1.9 billion and net income of $1.8 billion, driven by strategic growth investments and operational improvements [2][4][27] - The company completed significant acquisitions, including full control of AM/NS Calvert and Tuper, enhancing its position in North America [3][58] - The company is focused on safety, achieving a lost time injury frequency (LTIF) rate of 0.68x, and is undergoing a three-year transformation program to improve safety culture [2][12][13] Financial Performance - Sales for 2Q 2025 increased by 7.6% to $15.9 billion compared to 1Q 2025, primarily due to a 6.8% rise in average steel selling prices [25] - Operating income for 2Q 2025 was $1.9 billion, significantly higher than $825 million in 1Q 2025, aided by exceptional items [25][27] - Adjusted net income for 2Q 2025 was $1.0 billion, with adjusted earnings per share (EPS) of $1.32 [5][27] Operational Highlights - Record quarterly iron ore production and shipments from Liberia, on track to achieve a full expanded capacity of 20 million tonnes by the end of 2025 [2][9] - The company’s North America segment saw a significant increase in operating income due to the acquisition of AM/NS Calvert, contributing to a total EBITDA of $614 million in 2024 [33][45] - The company’s mining operations reported a 16.6% increase in sales to $857 million in 2Q 2025, driven by higher iron ore shipments [52][53] Strategic Developments - The company is investing in organic growth projects, with a targeted EBITDA increase of $2.1 billion from recent M&A and strategic initiatives [3][19] - The Steel and Metals Action Plan in Europe aims to restore competitiveness in the steel industry, with anticipated updates in 2H 2025 [10][19] - The company plans to maintain a minimum of 50% return of post-dividend annual free cash flow to shareholders, alongside ongoing share buybacks [3][11] Market Outlook - Steel demand in Brazil is expected to grow by up to 2.0% in 2025, while India remains the fastest-growing major steel market with a projected increase of 6.0% to 7.0% [60] - The company anticipates challenges from ongoing tariff impacts and subdued economic activity, particularly in the U.S. market [57][58] - Free cash flow is expected to remain positive in 2025, supported by a release of working capital in the second half of the year [62][63]