证券研究报告 钢铁周报：预期先行，钢铁继续 行业评级：看好 2026 年 03 月 01 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格表现 | | | | | 价格 | | | | 周涨跌幅 | | | 年初至今涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 上证指数 | | 4 , | 163 | 2 | 0% | . | 4 9% . | | | 沪深300 | | 4 , | 711 | 1 | 1% | . | 1 7% . | | | SW钢铁指数 | | 3 , | 134 | 12 | 3% | . | 17 8% . | | | | SW普钢指数 | 2 , | 917 | 12 | 3% | . | 15 9% . | | | | SW特钢指数 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 2025 年第四季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 江苏武进不锈股份有限公司董事会 二〇二六年一月二十八日 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 七号—钢铁》中第二十二条的相关规定，江苏武进不锈股份有限公司现将 2025 年第四季度主要经营数据（未经审计）公告如下： | 主要产 | 生产量（吨） | | | | 销售量（吨） | | | | | 销售价格（元/吨） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 第四季度 | | 本年累计 | | 第四季度 | | 本年累计 | | 第四季度 | | 本年累 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report indicates that the equity bottom is continuing to recover, suggesting a positive outlook for the steel industry [1] Price Performance - The Shanghai Composite Index is at 4,120, with a weekly increase of 3.8% and a year-to-date increase of 3.8% [3] - The SW Steel Index is at 2,752, with a weekly increase of 3.5% and a year-to-date increase of 3.5% [3] - The average price of rebar (HRB400 20mm) is 3,280 CNY/ton, with a weekly decrease of 1.2% [3] - Iron ore price index is at 108 USD/ton, with a weekly increase of 6% [3] Inventory - Total social inventory of five major steel products is 864,000 tons, with a weekly increase of 1.7% [5] - Total inventory at steel mills is 389,000 tons, with a weekly increase of 1.9% [5] - Port inventory of iron ore is 16,280,000 tons, with a weekly increase of 2.6% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 750,000 tons [9] - Daily average molten iron production is expected to reach 195,000 tons [9] - The report highlights the recovery in demand for steel products, indicating a positive trend in the market [8][10]

Group 1 - The core project of Zhejiang Boshen Steel Group is the establishment of a new intelligent factory for high-strength special steel used in marine engineering, marking a significant milestone in the company's strategic upgrade towards smart manufacturing [1][6] - The company has been recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology and focuses on the research and production of stainless steel seamless pipes, welded pipes, and special alloy pipes since its establishment in 2009 [3][8] - The new factory project aligns with the company's strategic planning to leverage its technological advantages and meet the high-end equipment demands of the marine engineering sector [3][8] Group 2 - Zhejiang Boshen Steel Group operates over 20 advanced production lines for stainless steel pipes, with an annual production capacity of approximately 35,000 tons [4][9] - The company produces a wide range of stainless steel products, including seamless pipes with outer diameters from 6 to 720 mm and wall thicknesses from 1 to 52 mm, and welded pipes with outer diameters from 15 to 2200 mm and wall thicknesses from 1 to 40 mm [4][9] - The core products include high-strength weather-resistant stainless steel materials and stainless steel electro-polished pipes, which have entered high-end applications in marine vessels, semiconductors, air separation equipment, and nuclear industries [4][9] Group 3 - The company has obtained multiple certifications, including ISO9001, ISO14001, ISO45001, and various ship classification certifications, ensuring compliance with international standards [5][10] - It has established a national-level CNAS laboratory and a collaborative research base with Harbin Institute of Technology, along with a provincial postdoctoral workstation [5][10] - The products are sold in over 30 countries and regions globally, demonstrating the company's strong market presence [5][10]

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 二〇二五年十月二十九日 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 七号—钢铁》中第二十二条的相关规定，江苏武进不锈股份有限公司现将 2025 年第三季度主要经营数据（未经审计）公告如下： | 主要产 | 生产量（吨） | | | | 销售量（吨） | | | 销售价格（元/吨） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 第三季度 | | 本年累计 | 第三季度 | 本年累计 | | 第三季度 | | 本年累计 | | | | （7-9 | 月） | （1-9 月） | （7-9 月） | （1-9 | 月） | （7-9 | 月） | （1-9 | 月） | | 不锈钢 无缝管 | 10579 | | 30694 | 11842 | | 33818 | ...

Investment Rating - The industry investment rating is "Positive" [1][22]. Core Viewpoints - The main theme for steel trading in the next two years is expected to be "anti-involution" [1]. - The report highlights the fluctuations in steel prices and inventory levels, indicating a complex market environment [3][6]. Price Data Summary - The SW Steel Index is at 2,408, with a weekly change of -1.1% and a year-to-date change of 14.5% [3]. - Rebar (HRB400 20mm) is priced at 3,230 CNY/ton, showing a weekly increase of 1.8% and a year-to-date increase of 5.3% [3]. - Hot-rolled coil is priced at 3,340 CNY/ton, with a weekly increase of 2.9% and a year-to-date increase of 2.3% [3]. Inventory Summary - The total inventory of five major steel products is 1,088 million tons, with a weekly change of -1.1% and a year-to-date change of 43.5% [6]. - The port inventory of iron ore is at 13,997 million tons, reflecting a weekly increase of 1.4% and a year-to-date increase of 1.1% [6]. Supply and Demand Summary - The weekly output of five major steel products is projected to be around 1,100 million tons [9]. - The average daily pig iron output is expected to reach approximately 250 million tons [9]. - The report indicates a steady demand for rebar, with apparent demand measured in ten thousand tons [15].

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report anticipates a recovery in demand during the peak season, suggesting a potential reversal in the current market dynamics [1] Price Data Summary - The SW Steel Index increased by 3.7% week-on-week and 19.3% year-to-date - The SW General Steel Index rose by 3.8% week-on-week and 23.3% year-to-date - The SW Special Steel Index saw a 2.4% increase week-on-week and a 12.5% increase year-to-date - The price of rebar (HRB400 20mm) is at 3,210 CNY/ton, down 1.5% week-on-week and down 5.9% year-to-date [3][4] Inventory Summary - Total social inventory of five major steel products is 1,094 million tons, up 1.6% week-on-week and up 3% year-to-date - Total inventory at steel mills is 100 million tons, unchanged week-on-week and year-to-date - Port inventory of iron ore is 13,853 million tons, up 0.2% week-on-week and down 6.8% year-to-date [5][6] Supply and Demand Summary - Weekly production of five major steel products is projected to be around 1,100 million tons - Daily molten iron production is expected to be approximately 240 million tons [9][11] Profitability Summary - The profitability rate of steel mills across the country is currently at 12.0% [15]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.59 yuan [6]. Core Views - The company reported a revenue of 1.121 billion yuan for H1 2025, a year-on-year decrease of 26.82%, and a net profit attributable to shareholders of 75 million yuan, down 46.05% year-on-year. In Q2 2025, revenue was 638 million yuan, a year-on-year decrease of 20.38% but a quarter-on-quarter increase of 32.25% [1]. - The sales volume of seamless pipes increased quarter-on-quarter, while welded pipe sales faced pressure due to a downturn in the petrochemical industry [2]. - The demand for fire and nuclear power pipes remains strong, with significant investments and new installations expected to sustain high demand [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 14.41%, a decrease of 2.19 percentage points year-on-year. In Q2 2025, the gross profit margin was 13.00%, down 2.01 percentage points year-on-year and 3.28 percentage points quarter-on-quarter [2]. - The company forecasts net profits of 171 million yuan, 198 million yuan, and 230 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18x, 16x, and 14x [4][5]. Market Outlook - The fire power investment completion amount increased by 51.96% year-on-year as of June 2025, with new installed capacity rising by 72.19% year-on-year from January to July 2025. This indicates a sustained high demand for fire boiler pipes [3]. - The company has successfully passed multiple overseas certifications, positioning its export business as a potential growth driver [3]. Strategic Initiatives - The company is actively implementing a "three-pronged" development strategy to explore new application markets, including nuclear power and coal liquefaction, while enhancing its presence in international markets such as the Middle East and South America [4].

本公告经营数据未经审计，敬请投资者注意投资风险，谨慎使用。 特此公告。 | 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 2025 年第二季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 七号—钢铁》中第二十二条的相关规定，江苏武进不锈股份有限公司现将 2025 年第二季度主要经营数据（未经审计）公告如下： | 主要产 | 生产量（吨） | | | | 销售量（吨） | | | | | 销售价格（元/吨） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 第二季度 | | 本年累计 | | 第二季度 | | 本年累计 | | 第二季度 | | 本年累计 | | ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report suggests that signals of "anti-involution" will drive the industry out of its bottom phase [1] - The report highlights that the SW Steel Index has increased by 4.4% week-to-date and 10.2% year-to-date, indicating a positive trend in the steel sector [3] - The total social inventory of five major steel products is 9.13 million tons, showing a slight increase of 0.2% week-to-date but a significant increase of 20.4% year-to-date [5] - The report notes that the iron ore port inventory stands at 13,769 million tons, with a week-to-date increase of 0.8% and a year-to-date decrease of 7.3% [5] Price Data Summary - The report provides various price data for steel products, including: - Rebar (HRB400 20mm) at 3,240 CNY/ton, with a week-to-date increase of 1.9% and a year-to-date decrease of 5.0% [3] - Hot-rolled coil at 3,310 CNY/ton, with a week-to-date increase of 1.2% and a year-to-date decrease of 3.2% [3] - Cold-rolled steel at 3,640 CNY/ton, with a week-to-date increase of 0.3% and a year-to-date decrease of 11.4% [3] Supply and Demand - The weekly production of five major steel products is reported, with a notable increase in daily molten iron output [9] - The report indicates that the operating rate of blast furnaces across 247 companies is being monitored, reflecting the industry's production capacity utilization [12][14]