Core Viewpoint - The special steel sector experienced a slight increase of 0.3% on August 21, with Jinzhou Pipeline leading the gains. The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1]. Group 1: Market Performance - Jinzhou Pipeline (002443) closed at 7.36, with a rise of 2.08% and a trading volume of 155,400 shares, amounting to a transaction value of 113 million yuan [1]. - Jiuli Special Materials (002318) closed at 22.65, up 1.80%, with a trading volume of 176,700 shares, totaling 398 million yuan [1]. - Changbao Co., Ltd. (002478) closed at 5.62, increasing by 0.90%, with a trading volume of 157,900 shares [1]. - CITIC Special Steel (000708) closed at 12.88, up 0.78%, with a trading volume of 222,700 shares [1]. - Jiao Jin Co., Ltd. (603995) closed at 18.44, increasing by 0.77%, with a trading volume of 86,100 shares [1]. - Fushun Special Steel (668009) closed at 5.63, remaining unchanged, with a trading volume of 441,900 shares [1]. - Taiyuan Iron & Steel (000825) closed at 4.18, unchanged, with a trading volume of 343,300 shares [1]. - Xining Special Steel (600117) closed at 3.56, down 0.28%, with a trading volume of 1,551,000 shares [1]. - Fangda Special Steel (600507) closed at 6.12, down 0.33%, with a trading volume of 152,900 shares, totaling 93.4 million yuan [1]. - Gande Zhengtai (300881) closed at 37.16, down 0.38%, with a trading volume of 22,200 shares, totaling 82.7 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net outflow of 18.99 million yuan from main funds, while retail funds experienced a net inflow of 2.63 million yuan [3]. - Speculative funds had a net inflow of 16.37 million yuan into the sector [3].

Macro Insights - The expansion of the US steel and aluminum tariffs is expected to increase import tariffs from China and globally by 1.3% and 1.1% respectively, with the second batch of steel and aluminum derivatives set to take effect in January 2026 [2] - The US domestic demand decline may indirectly affect China's exports to other countries, while the substitution effect of US steel is limited [2] Fiscal Policy - In July, tax revenue growth accelerated, indicating an improvement in public budget revenue structure [3] - The land market remains sluggish, leading to weak growth in government fund revenue, which is significantly below the initial budget [3] - Infrastructure investment is rebounding, supported by the commencement of major projects, which is beneficial for domestic investment [3] Company Research Real Estate - Wanwu Cloud (2602.HK) reported H1 2025 revenue of 18.14 billion yuan, up 3.1% year-on-year, and a core net profit of 1.32 billion yuan, up 10.8% year-on-year, with a mid-term dividend of 1.1 billion yuan, accounting for 83% of core net profit [5] Chemical Industry - Yuntianhua (600096.SH) achieved H1 2025 revenue of 24.992 billion yuan, down 21.88% year-on-year, and a net profit of 2.761 billion yuan, down 2.81% year-on-year, with an upward revision of profit forecasts for 2025-2027 [6] Oil and Gas - CNOOC Development (600968.SH) reported H1 2025 total revenue of 22.6 billion yuan, up 4.5% year-on-year, and a net profit of 1.83 billion yuan, up 13.1% year-on-year, with profit forecasts for 2025-2027 maintained [7] Steel - CITIC Special Steel (000708.SZ) maintains profit forecasts for 2025-2027 at 5.590 billion, 6.236 billion, and 6.825 billion yuan, with expectations of improved profitability due to product structure optimization and accelerated overseas projects [9] Building Materials - Beixin Building Materials (000786.SZ) reported H1 2025 revenue of 13.56 billion yuan, down 0.3% year-on-year, and a net profit of 1.93 billion yuan, down 12.9% year-on-year, with profit forecasts for 2025-2027 adjusted downwards [10] High-end Manufacturing - Haitian International (1882.HK) achieved H1 2025 net profit of 1.71 billion yuan, up 12.6% year-on-year, with profit forecasts for 2025-2027 maintained [11] Automotive - XPeng Motors (XPEV.N) is approaching a profitability inflection point, with expectations of improved gross margins and sales growth, leading to upward revisions of profit forecasts for 2026-2027 [12] Electrical New Energy - Siyuan Electric (002028.SZ) reported H1 2025 revenue of 8.497 billion yuan, up 37.8% year-on-year, and a net profit of 1.293 billion yuan, up 45.71% year-on-year, with strong growth in overseas revenue [13] Technology - Jiayuan Technology (688388.SH) has revised profit forecasts for 2025-2027 to 105 million, 274 million, and 524 million yuan, with a focus on solid-state batteries and high-end PCB copper foil [14] Internet Media - Meitu Company (1357.HK) focuses on subscription growth, with adjusted profit forecasts for 2025-2027 increased to 960 million, 1.24 billion, and 1.52 billion yuan [15] Overseas TMT - Xiaomi Group (1810.HK) reported Q2 2025 revenue of 116 billion yuan, up 30% year-on-year, with a downward revision of profit forecasts for 2025-2027 [16] Pharmaceuticals - Kingsray Biotechnology (1548.HK) reported H1 2025 revenue of 519 million USD, with a significant recovery in business and a downward revision of profit forecasts for 2025-2027 [17] Travel Services - Tongcheng Travel (0780.HK) reported Q2 2025 revenue of 4.669 billion yuan, up 10% year-on-year, with adjusted net profit forecasts for 2025-2027 maintained [19] Food and Beverage - Yanghe Distillery (002304.SZ) reported H1 2025 revenue of 14.796 billion yuan, down 35.32% year-on-year, with profit forecasts for 2025-2027 maintained [20] Light Industry - Wuzhou Special Paper (605007.SH) maintains profit forecasts for 2025-2027, with expectations of improved profitability due to price recovery [21] - Zhongshun Jierou (002511.SZ) has raised profit forecasts for 2025-2027, focusing on high-end product layout [22]

2025 年 8 月 20 日 事件：公司公告 2025 年半年度报告，2025 年上半年实现营业收入 547.15 亿元， 同比-4.02%，实现归母净利润 27.98 亿元，同比+2.67%；扣除非经常性损益后 归母净利润 27.69 亿元，同比+3.77%。2025 年 Q2 实现营业收入 278.75 亿元， 同比-2.45%，环比+3.86%，归母净利润 14.14 亿元，同比+3.58%，环比+2.21%， 扣除非经常性损益后的归母净利润 13.95 亿元，同比+4.87%，环比+1.60%。 2025H1 公司钢材销量同比+3.23%：今年上半年公司实现钢材销售 982.26 万吨， 同比+3.23%，其中钢材出口 112.16 万吨，同比持平。如若实现全年计划销量 1860 万吨，预计下半年销量为 877.74 万吨，同比-6.37%，环比-10.64%。 2025H1 公司钢材产品吨钢价格同比-7.02%，吨钢毛利同比+8.56%：上半年， 公司钢材产品吨钢售价为 5570 元/吨，同比-7.02%，环比+0.04%；上半年，公 司钢材产品吨钢毛利为 800 元/吨，同比+8.56%，环比+ ...

证券之星消息，8月20日特钢板块较上一交易日上涨1.01%，中信特钢领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000708 | 中信特钢 | 12.78 | 1.83% | 26.76万 | | 3.41 Z | | 600507 | 方大特钢 | 6.14 | 1.82% | 21.99万 | | · 1.34亿 | | 301160 | 翔楼新材 | 71.56 | 1.36% | 3.95万 | | 2.80亿 | | 300881 | 盛德彦泰 | 37.30 | 0.97% | 2.61万 | | 9692.08万 | | 002075 | 沙钢股份 | 6.62 | 0.91% | 45.97万 | | 3.02亿 | | 000825 | 太钢不锈 | 4.18 | 0.72% | 32.99万 | | 1.37亿 | | 668 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the special steel industry and improving capacity integration capabilities [4][6]. Core Views - The company reported a revenue of 54.715 billion yuan for the first half of 2025, a decrease of 4.02% year-on-year, while net profit attributable to shareholders was 2.798 billion yuan, an increase of 2.67% year-on-year [1]. - The company's profitability is gradually recovering, with a net profit of 1.414 billion yuan in Q2 2025, reflecting a year-on-year increase of 3.58% and a quarter-on-quarter increase of 2.21% [2]. - The demand for high-quality special steel is expected to continue growing due to the rapid development of new energy vehicles and the lightweight trend in traditional automobiles, as well as upgrades in high-end equipment manufacturing and energy sectors [2]. Financial Performance - In the first half of 2025, the company achieved steel sales of 9.8226 million tons, a year-on-year increase of 3.23%, with specific product sales such as bearing steel increasing by 13.2% [3]. - The gross margin for special steel products was 14.37%, an increase of 2.07 percentage points year-on-year, with alloy steel bars and seamless steel pipes showing significant improvements in gross margins [3]. - The company aims to achieve an export volume of 2.65 million tons in 2025, representing a year-on-year growth of 20.3% [3]. Financial Projections - The company is projected to achieve net profits of 5.98 billion yuan, 6.5 billion yuan, and 6.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 10.6, 9.7, and 9.2 [4][5].

证券之星消息，8月19日特钢板块较上一交易日上涨0.12%，翔楼新材领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301160 | 翔楼新材 | 70.60 | 2.68% | 5.18万 | | 3.62亿 | | 002443 | 金洲管道 | 7.20 | 1.84% | 17.51万 | | 1.26亿 | | 600507 | 方大特钢 | 6.03 | 0.84% | 19.90万 | | 1.20亿 | | 300881 | 盛德整泰 | 36.94 | 0.65% | 2.26万 | | 8322.09万 | | 000708 | 中信特钢 | 12.55 | 0.56% | 19.55万 | | 2.46 Z | | 002478 | 常宝股份 | 5.55 | 0.54% | 9.28万 | | 5135.51万 | | 000 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 37.8 CNY [6]. Core Views - The company is expected to open a second growth curve in consumables, with a strong order backlog of over 1.75 billion CNY, indicating potential revenue growth in the coming years [4][10]. - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 599 million CNY, down 18.16% year-on-year, and net profit at 93 million CNY, down 51.41% year-on-year [1][2]. Financial Performance - In the first half of 2025, the company's revenue from high-temperature alloys was 169 million CNY, down 39.62% year-on-year, while the revenue from deformed high-temperature alloys was 277 million CNY, down 0.24% year-on-year [2]. - The overall gross margin for the company was 27.92%, a decrease of 10.42 percentage points year-on-year, with a net profit margin of 15.53%, down 10.63 percentage points year-on-year [2]. Order Backlog and Future Prospects - The company has signed contracts worth 1.75 billion CNY that are yet to be fulfilled, with expected revenue recognition of 555 million CNY in 2025, 530 million CNY in 2026, and 665 million CNY in 2027 [4]. - The company is expanding its product offerings from raw materials to small and medium-sized components, with projects in the aerospace sector already yielding production capabilities [4][9]. Cost Management and Financial Health - The company maintained stable operating expenses, with R&D, sales, and management expenses at 26 million CNY, 6 million CNY, and 23 million CNY respectively, showing a mixed trend in year-on-year changes [3]. - Accounts receivable increased by 106.67% compared to the beginning of the period, indicating ongoing business activities, while inventory rose by 3.97% [3]. Profit Forecast - The company is projected to achieve net profits of 285 million CNY, 428 million CNY, and 589 million CNY for the years 2025, 2026, and 2027, with growth rates of 6.9%, 49.8%, and 37.6% respectively [10][11].

证券之星消息，8月18日特钢板块较上一交易日下跌1.32%，方大特钢领跌。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300881 | 盛德登录 | 36.70 | 1.55% | 2.17万 | | 7891.53万 | | 603995 | 角金股份 | 18.29 | 0.83% | 12.72万 | | 2.33亿 | | 002318 | 久立特材 | 22.49 | 0.81% | 12.77万 | | 2.86亿 | | 665009 | 抚顺特钢 | 5.61 | 0.36% | 62.83万 | | 3.52亿 | | 600117 | 西宁特钢 | 3.63 | 0.28% | 120.21万 | | 4.36 Z | | 002478 | 常宝股份 | 5.52 | 0.18% | 14.31万 | | 7925.67万 | | ...

证券之星消息，8月15日特钢板块较上一交易日上涨1.27%，金洲管道领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002443 | 金洲管道 | 7.10 | 3.20% | 21.84万 | 1.55亿 | | 301160 | 翔楼新材 | 68.80 | 2.43% | 4.06万 | 2.80亿 | | 300881 | 盛德整泰 | 36.14 | 1.98% | 2.12万 | 7603.87万 | | 000708 | 中信特钢 | 12.89 | 1.90% | 1 20.34万 | 2.61亿 | | 002075 | 沙钢股份 | 6.64 | 1.84% | 77.05万 | 5.08亿 | | 603995 | 角金股份 | 18.14 | 1.06% | 10.18万 | 1.84亿 | | 002478 | 常宝股份 | 5.51 | 0 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600117 | 西宁特钢 | 3.60 | -5.01% | 178.01万 | 6.63亿 | | 002075 | 沙钢股份 | 6.52 | -4.26% | 94.54万 | 6.27亿 | | 300881 | 盛德整泰 | 35.44 | -3.80% | 3.39万 | 1.22亿 | | 000825 | 太钢不锈 | 4.14 | -2.36% | 46.98万 | 1.96亿 | | 603995 | 角金股份 | 17.95 | -2.34% | 6.20万 | 1.12亿 | | 000708 | 中信特钢 | 12.65 | -1.63% | 16.32万 | 2.08亿 | | 002478 | 常宝股份 | 5.47 | -1.44% | 14.23万 | 7829.18万 | | 002443 | 金洲管道 | 6.88 | -1.29% | 14.15万 | 9829.39万 | | 002318 | 久立特材 ...