Group 1 - The core viewpoint of the article emphasizes the significance of the supply-side reform 2.0, which aims to eliminate backward production capacity and effectively address chaotic competition in the industry [1] - The supply-side reform initiated in 2015 led to substantial price increases in commodities, with rebar futures soaring from 843 yuan/ton to 3147 yuan/ton, a 273% increase, and coking coal prices rising from 203 yuan to 719 yuan, a 3.5-fold increase [1] - The recent performance of the steel industry, particularly the China Steel Index, has mirrored past trends, with a notable increase of over 3.5% in a single day, indicating a potential revival similar to the previous supply-side reform [1][4] Group 2 - The current supply-side reform is characterized by unprecedented policy strength, focusing on eliminating low-price competition and orderly phasing out of backward production capacity, suggesting a potential for significant market recovery [6] - The valuation of steel stocks should consider the cyclical nature of the industry, with many steel companies currently valued below their replacement cost by 0.35 times, indicating a sufficient margin of safety [6] - The comparison between the China Steel Index and the National Steel Industry Index shows a high degree of overlap, with both indices focusing on the steel industry, although the China Steel Index includes some coal companies [7] Group 3 - The performance of funds tracking the China Steel Index and the National Steel Industry Index has been similar, with differences in returns being minimal, generally within 0.1% [12] - Specific funds, such as the Guolian National Steel A and Penghua National Steel Industry A, have shown significant returns of 8.10% and 7.66% respectively, outperforming the CSI 300 index [14] - The article suggests that as the economy develops, steel consumption will stabilize, with a shift from rebar consumption in construction to sheet metal consumption in manufacturing, indicating a potential improvement in profitability for the steel sector [14]

光大证券指出，2025年2月8日工信部修订的《钢铁行业规范条件（2025年版）》对钢铁企业实施两级评 价，在"给侧更好适应需求变化"政策目标下，钢铁板块盈利有望修复至历史均值水平，PB估值也将随 之修复。行业数据显示，6月上旬重点企业粗钢旬度日均产量环比+3.25%至215.90万吨，全国高炉产能 利用率小幅升至90.83%（+0.04pct），螺纹钢周产量环比+2.67%至217.84万吨。比价方面，热轧与螺纹 钢价差处于同期低位（150元/吨），普钢板块PB相对于沪深两市PB比值分位（2013年以来）为 32.03%，当前比值为0.50，较2017年8月峰值0.82仍有修复空间。 钢铁ETF跟踪的是中证钢铁指数，该指数由中证指数有限公司编制，从A股市场中选取涉及钢铁生产、 加工及销售业务的上市公司证券作为指数样本，全面覆盖从上游铁矿石开采到下游钢铁制品制造的全产 业链环节，能够有效反映钢铁行业上市公司证券的整体表现。该指数成分股具有较强的行业代表性和产 业链完整性，为投资者提供了把握钢铁行业投资机会的重要工具。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未 ...

没有股票账户的投资者可关注国泰中证钢铁ETF联接C（008190），国泰中证钢铁ETF联接A （008189）。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 钢铁ETF（515210）昨日净流入超5000万元，供需改善带动盈利修复预期。 光大证券指出，2025年2月工信部修订的《钢铁行业规范条件（2025年版）》对钢铁企业实施两级评 价，在"供给侧更好适应需求变化"政策目标下，钢铁板块盈利有望修复至历史均值水平，PB估值也将 随之修复。当前热轧与螺纹钢价差处于同期低位（110元/吨），冷热轧价差环比扩大80元/吨至420元/ 吨，小螺纹（地产用）与大螺纹（基建用）价差达240元/吨。行业基本面显示，螺纹钢价格自8个月低 位反弹1.59%，全国钢铁PMI新订单指数环比回升9.9个百分点至51%，但钢铁综合毛利环比微降0.65% 至199元/吨。普钢板块PB ...