Core Viewpoint - The acquisition of U.S. Steel by Nippon Steel is moving forward with new terms aimed at securing support from the Trump administration, including U.S. government veto power over key decisions [1][6][12] Group 1: Acquisition Details - Nippon Steel proposed to acquire U.S. Steel for $14.9 billion in 2023, but the deal faced delays due to political opposition, including a block from former President Joe Biden on national security grounds [2] - The Trump administration has initiated a review of the deal and indicated potential support, suggesting that Nippon Steel could invest without full ownership of U.S. Steel [3][4] Group 2: Economic Impact - Trump stated that the partnership would create at least 70,000 jobs and contribute $14 billion to the U.S. economy, with most of the investment expected within the next 14 months [6] - A term sheet proposed to the Committee on Foreign Investment in the United States (CFIUS) includes provisions to prevent production decreases at U.S. Steel facilities for 10 years, addressing national security concerns [12] Group 3: Governance Structure - The deal may include a "golden share" mechanism, allowing the U.S. government to have control over certain operational decisions and board membership, ensuring that U.S. interests are maintained [6][9] - The governance structure will feature a U.S. CEO and a U.S. majority board, with CFIUS approval required for some board members [9][12]

转自：新华财经 活动期间，兴业研究"智囊团"还与河北省生物医药、新能源、钢铁等行业企业以及金融同业进行了深入 交流，在观点的碰撞中，进一步拓宽各方思路，集思广益赋能地方经济发展。兴业银行石家庄分行表 示，未来将继续携手兴业研究，深化"融资+融智"服务模式，为河北高质量发展贡献更多"兴业智慧"和 金融力量。 据了解，兴业研究是兴业银行的重要智库，长期以来持续以一系列专业研究成果为政府和企业科学决策 和战略谋划贡献智慧。作为兴业研究的品牌活动之一，"兴研说·每月星光"积极响应国家区域重大战 略，推出"地方出题+研究答题"的特色服务模式，研究员深度融入业务一线场景，在"接地气"的调研与 实践中发挥研究价值，赋能区域经济发展。（李晓） 编辑：赵鼎 近日，由兴业银行石家庄分行与兴业研究联合主办的"兴业银行助力河北高质量发展暨2025年'兴研说· 每月星光'走进河北"活动在石家庄举办。活动围绕京津冀协同发展国家战略，紧扣河北区域经济特色， 设置了宏观经济、金融市场、科技金融、生物医药、新能源、钢铁行业等多个专题板块。来自兴业研究 的10名研究员分享最新研究成果、交流行业经验，为河北企业和城市高质量发展建言献策，贡献"兴业 ...

Core Insights - Nucor Corporation (NUE) and Steel Dynamics, Inc. (STLD) are leading steel producers in the U.S., crucial for the domestic steel industry and relevant for investors amid rebounding steel prices [1] - U.S. steel prices fell sharply in 2024 but have recently increased due to tariffs and improving demand, benefiting domestic steelmakers [2][3] Nucor Corporation (NUE) - Nucor is the largest steel producer in North America, investing $6.5 billion in eight major growth projects through 2027 to enhance production capacity [5] - The company has made strategic acquisitions, including Southwest Data Products and Rytec Corporation, to expand its product portfolio and create cross-selling opportunities [6] - Nucor has a strong balance sheet with $4 billion in liquidity and returned $2.7 billion to shareholders last year, maintaining a 52-year history of dividend increases [7] - The current dividend yield is 2% with a payout ratio of 36% and a five-year annualized dividend growth rate of 7.9% [8] - Nucor faces demand weakness in markets like heavy equipment, which accounted for 28% of its total shipments in 2024 [8][9] Steel Dynamics, Inc. (STLD) - Steel Dynamics focuses on customer needs and market diversification, with ongoing projects to enhance capacity and profitability [10] - The company is ramping up operations at a new electric arc furnace mill in Sinton, TX, expected to significantly contribute to revenues [11] - STLD generated $1.8 billion in cash flow from operations in 2024 and has $2.6 billion in liquidity, ensuring it can meet debt obligations [13] - The company raised its quarterly dividend by 9% to 50 cents per share, with a dividend yield of 1.6% and a payout ratio of 26% [14] - Automotive market slowdowns have impacted STLD, with significant declines in North American automotive production affecting steel consumption [15] Price Performance and Valuation - NUE stock has decreased by 35.6% over the past year, while STLD has lost 6.7%, against an industry decline of 36.8% [16] - NUE trades at a forward earnings multiple of 12.05, a 15.6% premium over the industry average of 10.42 [19] - STLD trades at a forward earnings multiple of 11.22, below NUE but above the industry average [22] - The consensus estimate for NUE's 2025 sales suggests a 2.4% increase, while EPS is expected to decline by 11.5% [21] - In contrast, STLD's 2025 sales and EPS estimates imply increases of 3.4% and 3.5%, respectively, with positive trends in EPS estimates [23] Investment Outlook - Both NUE and STLD are positioned to benefit from rising steel prices and trade policies, but STLD is favored due to better valuation and growth prospects [25]

Core Viewpoint - Posco's shares have recently declined by 7.8% over the past two weeks, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - A hammer chart pattern indicates a minor difference between opening and closing prices, with a long lower wick, suggesting that the stock may have found support after a downtrend [4][5]. - The occurrence of a hammer pattern at the bottom of a downtrend signals that bears may have lost control, indicating a potential trend reversal [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for Posco, with a 2.9% increase in the consensus EPS estimate for the current year over the last 30 days, indicating that analysts expect better earnings than previously predicted [7][8]. - Posco currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9].

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2][3] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Company Overview - Nucor is a large and diversified U.S. steelmaker that operates entirely on electric arc mini-mills, allowing for more flexibility compared to traditional blast-furnace technology [2][4] - The company produces steel and fabricated steel products, including building components and parts for the electrical grid, which helps in generating higher-margin products with sustainable demand [5] Industry Dynamics - The steel industry is cyclical, and Nucor's stock price tends to fluctuate significantly between periods of price increases and declines [6][12] - Currently, Nucor's stock is down over 45% from its early 2024 high, but historically, such declines are not unusual for the company [7][10] Investment Perspective - The recent stock price has seen an increase of around 8% from its April low, suggesting a potential inflection point, although it could also be a temporary price movement [9] - Long-term investment in Nucor should focus on buying during downturns when the market sentiment is negative, as this could present a good buying opportunity [12][13] - Nucor's management consistently reinvests in the business, particularly during downturns, to emerge stronger post-recession [10]

Investment Rating - The report provides a "Buy" rating for several companies in the basic materials sector, including Angang-H, Baosteel, Conch-A, and Zijin-A, indicating a positive outlook for these stocks with potential upside ranging from 22% to 51% [10]. Core Insights - The feedback from producers as of mid-May suggests that end-user order books were flat month-over-month (MoM), which is softer than past seasonal trends. Infrastructure recovery has paused, reflected in weak cement shipments and a lack of funding for new projects [1][2]. - Current Chinese demand for cement and construction steel is reported to be 12-14% lower year-over-year (YoY), while demand for copper has increased by 9% YoY. The demand for flat steel and aluminum is 1-3% lower YoY [1]. - The report highlights that while the supply chain is partially replacing US-bound shipments with production from other countries, the reduction in Chinese metal demand is less severe than initially feared [1]. Summary by Sections Downstream Demand Snapshots - The downstream order book trend was mostly stable MoM in May, with 25% of respondents indicating a pickup in the downstream sectors and 31% indicating a lower trend [2][3]. Steel Production - Steel production cuts are in preparation, and rush orders for exports are re-emerging. The report suggests that steel-making raw materials could potentially drop to sub US$80-90 per ton if production cuts are implemented [9]. Cement Market - The cement market has experienced a sudden deterioration, with current demand showing significant declines [9]. Aluminium and Copper - The report notes a disruption in Guinea bauxite supply affecting alumina, while copper demand remains more resilient than expected [9]. Coal Market - The coal market is characterized by very weak demand and pricing, indicating challenges for companies in this sector [9]. Lithium Market - The lithium market is facing a rising surplus, which may impact pricing and demand dynamics [9]. Paper Packaging - Improving shipment trends are noted in the paper packaging sector, driven by upcoming online shopping festivals and lower US-China tariffs [9].

A tugboat pushes a barge near the U.S. Steel Corp. Clairton Coke Works facility in Clairton, Pennsylvania, on Sept. 9, 2024.President Donald Trump said Friday that U.S. Steel and Nippon Steel will form a "partnership," after the Japanese steelmaker's bid to acquire its U.S. rival had been blocked on national security grounds. "This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy," Trump said i ...

Company Insights - Vertiv announced a strategic alignment with Nvidia for AI data centers, focusing on the deployment of 800 VDC power architectures, with a comprehensive portfolio expected in the second half of 2026 [1] - Medical Properties Trust reported a quarterly FFO of 14 cents per share, missing the analyst consensus estimate of 15 cents, and quarterly sales of $223.80 million, which also fell short of the $229.81 million estimate [2] - Nucor Corporation reported better-than-expected earnings for the first quarter, with earnings of 77 cents per share, surpassing the consensus estimate of 64 cents, and quarterly sales of $7.83 billion, exceeding the $7.23 billion estimate [3] Stock Performance - Vertiv shares increased by 0.6% to settle at $104.20 [5] - Medical Properties Trust shares decreased by 1.3% to close at $4.56 [5] - Nucor shares fell by 0.9% to settle at $110.69 [5]

Investment Rating - The report provides a mixed investment rating for various companies in the basic materials sector, with specific recommendations such as "Buy" for companies like Angang-H and Conch-H, while others like Maanshan-A and Chinacoal-H are rated as "Sell" [10]. Core Insights - The overall sentiment in the basic materials sector is that current demand is less concerning than previously anticipated, with a notable deceleration in local government special refinancing bond issuance impacting infrastructure recovery [1]. - Current Chinese demand for cement and construction steel is reported to be 12-14% lower year-on-year, while copper demand has increased by 9% [1]. - The downstream order book trend has remained mostly stable month-on-month, with 31% of respondents indicating a lower trend in May for basic materials [2][3]. Summary by Sections Downstream Demand Snapshots - Infrastructure recovery has paused due to a lack of funding for new projects, leading to weak cement shipments [1]. - The demand for construction materials is showing signs of weakness, particularly in cement and construction steel, while copper demand remains resilient [1]. Steel Production - Steel production cuts are in preparation, with a potential reduction in prices if these cuts are implemented [1]. - The report notes that rush orders following the reduction of US-China tariffs were limited, primarily driven by Southeast Asia [1]. Commodity Prices - The pricing for steel and cement has remained stable, while prices for aluminum and copper have improved, contrasting with the softening of coal and lithium prices [1]. Specific Company Insights - Angang-H is rated as "Buy" with a target price of CNY 2.40, indicating a potential upside of 45% [10]. - Conch-H is also rated as "Buy" with a target price of CNY 29.00, reflecting a 37% upside potential [10]. - Companies like Maanshan-A and Chinacoal-H are facing downward pressure, rated as "Sell" with target prices significantly lower than current prices [10].