Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Report Industry Investment Rating - No relevant information provided Core View of the Report - The fundamentals of rebar have not improved under the situation of both supply and demand increasing, with continuous inventory growth and accumulated industrial contradictions. Steel prices continue to be under pressure. Against the backdrop of the cost increase and the expectation of peak - season demand, rebar is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [2] Summary by Related Catalogs Supply - Rebar weekly production increased by 59100 tons week - on - week to a high for the year, due to the resumption of production of construction steel mills and the return of production transfer. The blast furnace capacity utilization rate was 90.02%, a week - on - week decrease of 0.23 percentage points [1] Demand - Rebar weekly apparent demand increased by 94100 tons week - on - week, but the high - frequency daily transactions remained sluggish. Both were at a low level in the same period in recent years, and the improvement space of demand was questionable [1][2] Inventory - Rebar total inventory was 6.2339 million tons, a week - on - week increase of 163500 tons; factory inventory was 1.6962 million tons, a week - on - week decrease of 49100 tons; social inventory was 4.5377 million tons, a week - on - week increase of 212600 tons [1]

Report Industry Investment Rating - **Steel Products (including rebar and hot-rolled coil)**: Bearish [1][4][5] - **Iron Ore**: Cautiously bearish [1][6][7] - **Coke**: Bearish [1][10][11] - **Coking Coal**: Bearish [1][14][15] - **Manganese Silicon and Ferrosilicon**: Cautiously bearish [1][17][18] Core Viewpoints of the Report - The introduction of the steel industry's stable growth plan has limited positive effects. The overall steel market shows a trend of loose supply and demand, and there is a risk of a mid - term decline [1][4][5]. - The fundamentals of iron ore are neutrally bearish, with the market returning to a weak fundamental logic after the cooling of macro - sentiment [1][6][7]. - Coke has started the first round of price cuts, and there is a risk of a mid - term correction due to the weakening of the "anti - involution" atmosphere [1][10][11]. - Coking coal production recovers slowly, downstream replenishment slows down, and there is a downward risk in the mid - term [1][14][15]. - The supply and demand of manganese silicon and ferrosilicon tend to be loose, and the market sentiment is weak, with a focus on short - selling operations [1][17][18]. Summary by Variety Steel Products - **Rebar** - The stable growth plan of the steel industry has limited positive effects. Blast furnace profits have decreased but remain positive, and hot metal production remains at a relatively high level. Demand has increased month - on - month but is still lower than production, leading to an increase in inventory and a looser supply - demand margin. After the policy is implemented, there is a risk of continued decline [1][4][5]. - Futures prices: The latest prices of rebar 01, 05, and 10 are 3205, 3246, and 3129 respectively, with increases of 33, 32, and 18 [2]. - **Hot - rolled Coil** - Production and apparent demand have decreased slightly month - on - month, inventory has increased slightly, and the fundamentals are relatively stable. The impact of production restrictions during the parade is limited, and the overall supply and demand show a loose trend. There is a mid - term decline risk under the weak fundamentals of steel [1][4][5]. - Futures prices: The latest prices of hot - rolled coil 01, 05, and 10 are 3372, 3380, and 3385 respectively, with increases of 31, 32, and 36 [2]. Iron Ore - Hot metal production has decreased, steel mills have completed replenishment, and port inventories have increased. The shipment of foreign mines has increased while arrivals have decreased, and the fundamentals are neutrally bearish. After the cooling of macro - sentiment, trading returns to fundamentals, and ore prices fluctuate weakly [1][6][7]. Coke - Spot prices have started the first round of cuts, and the game between steel and coke enterprises is obvious. Affected by the parade, production restrictions in some areas have led to a marginal contraction in supply. Hot metal production remains at a high level. There is a mid - term correction risk due to the weakening of the "anti - involution" atmosphere [1][10][11]. - Futures market: The latest prices of coke 1 - month, 5 - month, and 9 - month contracts are 1672.5, 1760.0, and 1583.5 respectively [9]. Coking Coal - Affected by the parade, safety supervision in some areas has been upgraded, and coking coal production recovers slowly. Although hot metal production remains at a high level, downstream replenishment has slowed down, market sentiment has weakened, and Mongolian coal auctions have failed multiple times. The stable growth policy of the steel industry mainly focuses on stable supply for raw materials, with limited positive effects, and there is a mid - term downward risk [1][14][15]. - Futures market: The latest prices of coking coal 1 - month, 5 - month, and 9 - month contracts are 1175.0, 1222.0, and 1020.0 respectively [13]. Ferrosilicon and Manganese Silicon - **Manganese Silicon** - Supply and demand tend to be loose, weekly production continues to increase, and the operating rate in Yunnan has reached a five - year high. The replenishment of steel mills has ended, and attention should be paid to the new round of steel tenders at the end of the month. The total shipment of the three major countries is 83.53 million tons, a decrease of 20.96 million tons month - on - month, mainly from South Africa. Arrivals have increased slightly, and port inventories are basically the same as last week. The cost side still has some support, and short - selling is the main strategy [1][16][17]. - Futures prices: The latest prices of manganese silicon 01, 05, and 09 are 5842, 2888, and 5734 respectively [16]. - **Ferrosilicon** - Weekly production continues to increase, demand has declined, and the fundamentals tend to be loose. Enterprise inventories have decreased month - on - month, and warehouse receipts have stopped increasing and started to decrease, but the absolute level is still high, with relatively large inventory pressure. Short - selling on rallies is the main strategy [1][16][17]. - Futures prices: The latest prices of ferrosilicon 01, 05, and 09 are 5604, 5736, and 5426 respectively [16].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.105 billion yuan, a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [6] - The company continues to optimize its product structure, with seamless pipe revenue showing steady growth and composite pipe revenue experiencing significant increases due to overseas orders [6] - The company is expanding its presence in high-end sectors, with high-value products contributing to 20% of total revenue, reflecting a 15.42% year-on-year growth [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.618 billion yuan, with a year-on-year growth rate of 6.4% [2] - Net profit attributable to shareholders is projected to be 1.682 billion yuan in 2025, representing a 12.9% increase year-on-year [2] - Earnings per share are expected to be 1.72 yuan in 2025, with a projected PE ratio of 13 [2] Market Data - As of August 27, 2025, the closing price of the stock is 22.37 yuan, with a market capitalization of 21.362 billion yuan [3] - The stock has a dividend yield of 4.34% based on the most recent dividend announcement [3] - The company has a price-to-book ratio of 2.8 [3]

Group 1 - The stock price of Huada New Materials closed at 8.90 yuan on August 27, 2025, down 0.34 yuan, a decrease of 3.68% from the previous trading day [1] - The trading volume on that day was 75,345 lots, with a transaction amount of 0.69 billion yuan [1] - Huada New Materials operates in the steel industry, focusing on the research, production, and sales of multifunctional colored coated boards, hot-dip galvanized boards, and their substrates [1] Group 2 - In the first half of 2025, the company achieved total operating revenue of 3.101 billion yuan, a year-on-year decrease of 8.82% [1] - The net profit attributable to the parent company for the same period was 68.8147 million yuan, down 55.93% year-on-year; the net profit after deducting non-recurring gains and losses was 53.7341 million yuan, a decrease of 62.39% [1] - The net cash flow from operating activities was -1.076 billion yuan [1] Group 3 - On August 27, 2025, the net outflow of main funds was 1.4824 million yuan, with a cumulative net outflow of 13.7898 million yuan over the past five days [1]

山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年08月27日08时33分 报告导读： 上海调整楼市限购政策，带动黑色系商品和房地产股大幅反弹 ，但市场的焦点已经转为验证下游的实际需求情况 。供需方面，我的钢铁公布的数据 显示，螺纹钢产量连续第二周减少，表需由降转增，厂库连续第三周增加，社库连续第六周增加。其中螺纹表需194.80万吨，较上周增加4.86万吨 。五大品种总产量上升，总库存上升，表观需求有所增加。从需求的季节性规律看，进入消费旺季后，表观需求应逐步回升，总库存有望逐步下降 。由于目前房地产仍处震荡筑底过程中 ，市场担忧未来需求的恢复仍有可能不及预期 。从技术上看，螺纹和热卷在短暂减仓反弹后，又出现增仓下 行的状况，或预示近期仍将承压。 投资咨询系列报告 操作建议： 维持观望，反弹之后可短线做空，不可追涨杀跌。 表1：螺纹、热卷相关数据 | 数据类别 | 指标 | 单位 | 最新 | | 较上日 | | 较上周 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 螺纹钢主力合约收盘价 | 元/吨 | 3113 | -25 | -0 ...

Group 1 - The company Ansteel Corporation (鞍钢股份) announced the appointment of Mr. Tian Yong as the new General Manager, effective from August 26, 2025 [1] - Mr. Tian Yong has also been nominated by the board of directors as a candidate for the 10th Board of Directors as an executive director, pending approval at the shareholders' meeting [1]

Group 1 - The leadership meeting of Shandong Steel Group announced the decision regarding personnel changes by the Shandong Provincial Party Committee [1] - Mao Zhanhong has been appointed as the Party Committee member, Standing Committee member, Deputy Secretary, Director, and General Manager of Shandong Steel Group [1] - Ge Qi is no longer serving as the Deputy Secretary, Standing Committee member, Committee member, Director, and General Manager of Shandong Steel Group [1] - Mao Zhanhong previously held the position of General Manager and Deputy Secretary of Maanshan Steel Group [1]

每经AI快讯，华菱钢铁（SZ 000932，收盘价：5.73元）发布公告称，2025年8月25日，华菱钢铁接受易 方达基金调研，公司刘笑非、王音参与接待，并回答了投资者提出的问题。 2025年1至6月份，华菱钢铁的营业收入构成为：钢铁行业占比74.5%，贸易占比15.63%，其他占比 4.76%，材料让售占比4.64%，其他业务占比0.47%。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 （记者 谭玉涵） ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The short - term price of finished steel products fluctuates greatly and runs weakly in a volatile manner. Whether the adjustment of real estate policies can drive the price up needs further observation, and the recent steel price trend is greatly affected by raw materials [3]. 3. Summary by Relevant Content Steel Production and Inventory - In mid - August, the average daily output of crude steel of key steel enterprises was 2.115 million tons, with a daily output increase of 2.0% month - on - month. The steel inventory was 15.67 million tons, an increase of 600,000 tons or 4.0% compared with the previous ten - day period [3]. Real Estate Policy - On August 25, six departments in Shanghai jointly issued a notice to optimize and adjust local real estate policies, including reducing housing purchase restrictions, optimizing housing provident funds, optimizing personal housing credit, and improving personal housing property tax [3]. Shipbuilding Orders - From August 18th to August 24th, global shipyards received 16 + 4 new ship orders. Chinese shipyards received 8 + 3 new ship orders, South Korean shipyards received 6 new ship orders, and US shipyards also got relevant new ship orders [3]. Price Movement Reasons - The price of finished steel products rebounded yesterday. On one hand, the large increase in coking coal prices drove the follow - up rise of finished products. On the other hand, the optimization and adjustment of real estate policies in Shanghai led to fluctuations in the A - share real estate sector, indirectly driving up the price of finished products [3]. Later Focus - Macro policies, supply - side production reduction, and downstream demand [3].