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。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 钢铁行业改善预期获关注，全市场唯一钢铁ETF（515210）盘中涨近1%，昨日净流入超2.6亿元。 银河证券指出，2025年前三季度钢铁行业效益显著改善，重点统计企业利润总额同比增长1.9倍， 销售利润率同比上升1.39个百分点至2.1%。供给端反内卷政策持续加码，《钢铁行业稳增长工作方案 （2025-2026年）》提出实施产量精准调控，严禁新增产能，推动行业增加值年均增长4%。需求结构持 续优化，制造业用钢占比 ...

相关机构表示，"反内卷"背景下，头部企业有望中长期受益。钢铁行业作为基础原材料需保障高端制造 业健康发展，头部企业需要具备合理利润来保障研发强度。企业自身有望实现"利润增长→持续研发→ 品种提升→利润率提升"的逻辑。此外，头部公司直供下游比例较高，近年来利润稳定性进一步增强， 具备类红利资产特征。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），一键布局【钢铁板材+特钢+金属制品】。该指 数从沪深市场中选取涉及普钢、特钢等业务的上市公司证券作为指数样本，以反映钢铁行业相关上市公 司证券的整体表现。指数成分股主要为钢铁制造企业，具有较强的周期性特征，行业配置以原材料为 主，体现出钢铁行业与市场动态及经济周期紧密相关的特点。 （文章来源：每日经济新闻） ...

Core Viewpoint - The trend of cost easing suggests significant room for iron ore price declines, with expectations that prices will gradually fall to a support level of $90 per ton next year [1] Group 1: Iron Ore Market - The steel sector's trading focus is shifting towards "iron ore concessions + steel production cuts" [1] - Major steel companies are currently undervalued, with potential for future performance improvement [1] - New regulatory conditions may be introduced in the steel industry, promoting the exit of outdated production capacity and stabilizing steel prices [1] Group 2: Steel ETF and Index - The Steel ETF (515210) tracks the CSI Steel Index (930606), which includes listed companies involved in ordinary steel and special steel businesses [1] - The index reflects the overall performance of publicly traded companies in the steel industry, characterized by strong cyclicality [1] - The industry allocation is primarily focused on raw materials, highlighting the close relationship between the steel sector and market dynamics as well as economic cycles [1]

Core Insights - The revised 2025 version of the "Steel Industry Capacity Replacement Implementation Measures" introduces stricter regulations on "zombie capacity," prohibiting the replacement of capacity that has not been built or has operated less than 90 days per year for two consecutive years [1] - New regulations on capacity trading have been established, allowing capacity replacement between different enterprises for iron and steel within two years of the implementation of the measures, after which it will be prohibited [1] Industry Overview - The Steel ETF (515210) tracks the CSI Steel Index (930606), which includes listed companies involved in ordinary steel, special steel, and metal products, reflecting the overall performance of the steel industry [1] - The index consists mainly of steel manufacturing companies, exhibiting strong cyclical characteristics, with a focus on raw materials, indicating a close relationship between the steel industry and market dynamics as well as economic cycles [1]

Group 1 - The core viewpoint is that steel demand is expected to gradually stabilize, with over 40% of steel companies currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [1] - The recently released "Steel Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the continuation of production reduction policies, aiming to support advanced enterprises while forcing inefficient capacities to exit, thus promoting a dynamic balance between supply and demand [1] - The expectation of supply-side contraction is maintained, suggesting a gradual recovery of the steel fundamentals [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in both ordinary and special steel businesses to reflect the overall performance of the steel industry [1] - The index constituents are primarily steel manufacturing enterprises, exhibiting strong cyclical characteristics, with industry allocation mainly focused on raw materials, highlighting the close relationship between the steel industry and market dynamics as well as economic cycles [1]

Core Viewpoint - China Mineral Resources Group may have signed an agreement with BHP, the world's largest mining company, to implement RMB settlement for iron ore spot trading starting as early as Q4 of this year, indicating a strengthening of domestic pricing power for iron ore [1] Group 1: Iron Ore Market Dynamics - The production ramp-up of iron ore projects, represented by Ximangdu, is expected to lead to a loosening of supply and demand, potentially driving down the price center [1] - Domestic constraints on steel supply due to "anti-involution" policies may allow iron ore to benefit the downstream steel sector, leading to a more reasonable profit distribution within the black industry chain [1] Group 2: Steel ETF and Industry Characteristics - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in both ordinary and special steel from the Shanghai and Shenzhen markets to reflect the overall performance of the steel industry [1] - The index constituents are primarily steel manufacturing enterprises, exhibiting strong cyclical characteristics, with a focus on raw materials, highlighting the close relationship between the steel industry and market dynamics as well as economic cycles [1]

Group 1 - The core viewpoint indicates that steel production remains stable, with potential supply reductions in Tangshan due to environmental regulations, which may support steel prices [1] - The profitability of major steel products is highlighted, with gross margins for high furnace rebar, hot-rolled, and cold-rolled steel at 121 CNY/ton, 151 CNY/ton, and 59 CNY/ton respectively, and an overall profitability rate of 65.8% for sample steel companies [1] - Long-term policies are expected to improve the supply-demand dynamics in the industry, combined with a decrease in raw material prices and process optimization in the first half of the year, indicating a recovery in industry profitability and significant mid-to-long-term investment value [1] Group 2 - The steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies in the steel sector from the Chinese A-share market to reflect the overall performance of the steel industry [1] - The index constituents cover major segments of the steel supply chain, reflecting the market value and development trends of the raw materials industry [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and Guotai CSI Steel ETF Connect A (008189) [1]

Group 1 - The steel industry is expected to maintain stable demand due to a series of "stabilizing growth" policies, with support from real estate stabilization, steady infrastructure investment, ongoing manufacturing development, and high steel exports [1] - The supply of steel is tightening under the expectation of supply-side policies, leading to a stronger industry concentration, which is likely to keep the overall supply-demand situation stable [1] - High-end steel products, benefiting from energy cycles, domestic substitution, and high barriers to entry in high-value-added manufacturing, are expected to gain significantly [1] Group 2 - Current profits for common steel are considerable, and under the backdrop of "anti-involution" in the industry, profits per ton of steel may continue to expand, indicating significant improvement potential for common steel companies [1] - The steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of listed companies in the steel industry, covering representative enterprises across the steel production, processing, and sales sectors [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect A (008189) and Guotai CSI Steel ETF Connect C (008190) [1]

Group 1 - The steel industry is showing signs of recovery, with an increase in operating rates for coking, rebar, and wire rod production [1] - The comprehensive steel price index has increased by 4.6% month-on-month, indicating a significant rise in steel prices [1] - Infrastructure funding is abundant, and project reserves are increasing, which may lead to marginal improvements in infrastructure and support steel demand [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of listed companies involved in steel production, processing, and sales [1] - The index includes companies across the steel industry supply chain, emphasizing cyclical steel manufacturing and related services [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and A (008189) [1]

Group 1 - The steel ETF (515210) rose over 2.2% on July 29, indicating positive market sentiment towards the steel industry [1] - From January to June, the profit of the black metal smelting and rolling industry increased by 13.7 times year-on-year, driven by ongoing supply reduction policies [1] - The Central Financial Committee emphasized the need to "govern low-price disorderly competition and promote the exit of backward production capacity," which is expected to further enhance steel profits [1] Group 2 - The average gross profit of rebar in July reached 213 yuan per ton, more than doubling from the first quarter (82 yuan) and the second quarter (86 yuan) [1] - Current strict implementation of crude steel production cuts and relaxed iron ore supply suggest that there is still room for steel profits to rise [1] - Major steel product prices have shown significant weekly increases, with rebar and hot-rolled coil gross profits reaching 312 yuan/ton and 305 yuan/ton, respectively, indicating ongoing recovery in industry profitability [1] Group 3 - The steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in steel production and processing to reflect the overall performance of the steel industry [1] - The CSI Steel Index is characterized by strong cyclicality and a high correlation with the macro economy, serving as an important indicator of the market performance of China's steel industry [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and Guotai CSI Steel ETF Connect A (008189) [1]