证券研究报告 钢铁周报：权益底部继续修复 | 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 | | 【浙商金属】 | | 钢铁周度数据 | | （2026年1月11日） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | 上证指数 | | 4 , | 120 | 3 | 8% . | 3 8% . | | | 沪深300 | | 4 , | 759 | 2 | 8% . | 2 8% . | | | SW钢铁指数 | | 2 , | 752 | 3 | 5% . | 3 5% . | | 板块 | | SW普钢指数 | 2 | 591 | 3 | 0% | 3 0% | | | | SW特钢指数 | , 4 | 929 | ...

公司拥有国内先进的不锈钢管生产线(冷拔机组、冷轧机组)二十余条，可生产不锈钢无缝管：外径(6－720mm)×壁厚(1－52mm)×长度(1000－20000mm)； 不锈钢焊管：外径(15－2200mm)×壁厚(1－40mm)×长度(1000－12000mm)；年产能约3.5万吨。主要材质有：304、304L、304H、321、321H、316、 316L、316LMOD、317L、310S(2520)、347H、904L、S32205、S32507、400、600、800系列等奥氏体不锈钢、双相钢、超级双相钢和镍基合金产品等。 公司可按GB、GB/T、ASTM/ASME、JIS、DIN、GOST、SH、HG、DL 等标准生产，产品广泛应用于石油、化工、化纤、医药、机械、冶炼、航天航 空、造纸、食品、造船、环保、锅炉、热交换器、压力容器、电力等领域，致力于打造全球不锈钢名牌产品；公司的核心优势产品高强耐候不锈钢材料和 不锈钢电解抛光管（EP管）已进入海洋船舶、半导体、空分设备和核工业等不锈钢高端应用领域。 岁末收官启新程，钢骨筑梦向未来！2025年12月29日，浙江博盛钢业集团有限公司新建海洋工程采、输用高强 ...

| 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]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Seasonal demand is weakening, but production restrictions are expected to provide support [1] - The report highlights that the overall inventory of five major steel products is 9.3 million tons, with a year-to-date increase of 22.7% [5] - The total inventory at steel mills is 4.33 million tons, reflecting a year-to-date increase of 23.6% [5] - Iron ore port inventory stands at 13.83 million tons, with a year-to-date increase of 6.9% [5] Price Trends - The SW Steel Index is at 2,119, with a weekly change of -0.2% and a year-to-date change of 0.8% [3] - Rebar (HRB400 20mm) price is 3,140 CNY/ton, with a weekly increase of 0.3% and a year-to-date increase of 7.9% [3] - Hot-rolled coil price is 3,097 CNY/ton, with a weekly increase of 0.1% and a year-to-date decrease of 9.5% [3] - Cold-rolled steel price is 3,640 CNY/ton, with a weekly increase of 2.8% and a year-to-date increase of 11.4% [3] Supply and Demand - The average daily pig iron output is projected to be around 230,000 tons [9] - The report indicates that the steel mills' operating rate is fluctuating, impacting overall production [12] - The apparent demand for rebar is noted to be significant, with ongoing monitoring of market conditions [14]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Seasonal demand is weakening, but production restrictions are expected to provide support [1] - The report highlights that the overall inventory of five major steel products is 930 thousand tons, with a year-to-date increase of 22.7% [5] - The total inventory at steel mills is 433 thousand tons, reflecting a year-to-date increase of 23.6% [5] - Iron ore port inventory stands at 13.83 million tons, with a year-to-date increase of 6.9% [5] Price Data Summary - The SW Steel Index is at 2,119, with a weekly change of -0.2% and a year-to-date change of 0.8% [3] - Rebar (HRB400 20mm) price is 3,140 CNY/ton, with a weekly change of 0.3% and a year-to-date change of 7.9% [3] - Hot-rolled coil price is 3,230 CNY/ton, with a weekly change of 0.3% and a year-to-date change of 5.6% [3] - Cold-rolled steel price is 3,640 CNY/ton, with a weekly change of 2.8% and a year-to-date change of -11.4% [3] Supply and Demand Summary - The average daily pig iron output is projected to be around 230 thousand tons [9] - The report indicates that the apparent demand for rebar is measured in ten thousand tons [14]