登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601003 证券简称：柳钢股份 公告编号：2025-058 柳州钢铁股份有限公司 第九届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 柳州钢铁股份有限公司（以下简称"公司"或"柳钢股份"）第九届董事会第十八次会议于2025年12月25日 在公司会议室以现场结合通讯表决的方式召开。会议通知于2025年12月18日以电子邮件的方式送达各位 董事。会议应出席董事9人，实际出席董事9人。本次会议由董事长卢春宁先生主持，公司高级管理人员 列席本次会议。本次会议的召开符合《公司法》和《公司章程》的有关规定，会议合法有效。 1、公司与诺德基金管理有限公司签署《柳州钢铁股份有限公司以简易程序向特定对象发行股票附生效 条件的股份认购协议》； 2、公司与广西桂环壹号股权基金合伙企业（有限合伙）签署《柳州钢铁股份有限公司以简易程序向特 定对象发行股票附生效条件的股份认购协议》； 二、董事会会议审议情况 （一）以9票同意，0票反对，0票 ...

降13.69万吨，高频成交同样低位运行，均降至近年来同期低位， 且主要下游冷轧产量在回落，外需表现一般，热卷需求韧性趋弱。 目前来看，热轧卷板供需两端均大幅走弱，产业格局并未好转，库 存高位去化有限，价格继续承压，相对利好的是政策利好预期，预 计热卷价格延续震荡寻底态势，关注钢厂生产情况。 数据来源：我的钢铁网 宝城期货金融研究所 重要提示：本报告非期货交易咨询业务项下服务，观点和信息仅作参考之用，不构成对任何人的投资建议，请务必阅读文末免责条款。 150 200 250 公司地址：浙江省杭州市求是路 8 号公元大厦南裙1-5楼。 咨询热线：400 618 1199 热轧卷板周度数据（20251219） 期货研究报告 本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 291.91 -16.80 319.01 -27.10 306.09 -14.18 高炉产能利用率（%） 84.93 -0.99 87.98 -3.05 87.80 -2.87 表观需求量 298.28 -13.69 320.22 -21.94 315.60 -17.32 冷轧卷板周产量 86.09 -0.22 84.76 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华安期货投研 核心观点： 本周五大材库存继续环降 2.45%至 1332.09 万吨，创今年春节以来最低，产量环比减少 2.74%至 806.22 万吨，表观需求续降至 839.72 万吨为近年来同期最低位，环比降幅达 2.83%。具体来看，螺纹钢周产 量环降 5.56%，库存降幅达 4.81%，表需降幅扩大至 6.4%；线材表需降幅收窄至 3.94%；热卷表需环比 降幅同样收窄至 0.92%，其钢厂库存环增 5.14%；中厚板表需环降逾 4%；仅冷轧表需环增 2.54%，其 产量亦增加 0.92%。 目前，宏观短期有预期支撑，但基本面产业数据一般，钢材供需双弱格局不变，其中螺纹减产加速，供 需关系有所改善，叠加库存持续下降，螺纹支撑增强。热卷供需数据变化不大，供需宽松，库存高位压 力不减。综合来看，上下驱动均不强，难走较大趋势行情，预计钢价震荡偏弱走势。 后市展望：震荡偏弱 | 钢材 | 观点 | 分析 | | --- | --- | --- | | 五大材产量 | 偏躲 | 本周 Mysteel 统计分五大材产量周度产量合计为806. ...

本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 308.71 -5.60 319.01 -10.30 311.85 -3.14 高炉产能利用率（%） 85.92 -1.16 87.98 -2.06 88.53 -2.61 表观需求量 311.97 -2.89 320.22 -8.25 318.91 -6.94 冷轧卷板周产量 86.31 0.79 84.76 1.55 84.70 1.61 总库存 397.09 -3.26 400.90 -3.81 315.23 81.86 厂内库存 84.03 4.11 78.02 6.01 78.40 5.63 社会库存 313.06 -7.37 322.88 -9.82 236.83 76.23 热轧卷板周度数据（20251212） 供给 需求 库存 270 280 290 300 310 320 330 340 热轧卷板周产量（农历） 2026 2025 2024 2023 2022 70 75 80 85 90 95 高炉产能利用率（农历） 2026 2025 2024 2023 2022 250 270 290 310 330 350 热 ...

150 200 250 300 热轧卷板周度数据（20251205） 期货研究报告 本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 314.31 -4.70 319.01 -4.70 308.51 5.80 高炉产能利用率（%） 87.08 -0.90 87.98 -0.90 88.58 -1.50 表观需求量 314.86 -5.36 320.22 -5.36 317.50 -2.64 冷轧卷板周产量 85.52 0.76 84.76 0.76 84.82 0.70 总库存 400.35 -0.55 400.90 -0.55 322.29 78.06 厂内库存 79.92 1.90 78.02 1.90 79.54 0.38 社会库存 320.43 -2.45 322.88 -2.45 242.75 77.68 热轧卷板供需格局表现偏弱，库存去化有限，板材生产趋弱，热 卷周产量环比降4.70万吨，供应高位有所回落，但库存偏高，压力 供给 需求 库存 270 280 290 300 310 320 330 340 热轧卷板周产量（农历） 2026 2025 2024 2023 202 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The supply - demand pattern of hot - rolled coils is running weakly, with limited inventory reduction. The production of plate mills is stabilizing, but the supply is climbing to a high level and the inventory pressure is still large. Demand has weakened, and the fundamentals are weak, causing the coil price to continue to be under pressure. However, there is support from low valuation and cost, and it is expected to continue the trend of bottom - seeking in shock. Attention should be paid to the production situation of steel mills [1] 3) Summary According to Relevant Catalogs Supply - Hot - rolled coil weekly production is 319.01 tons, a week - on - week increase of 3.00 tons, and a decrease of 4.55 tons compared with the end of last month. The production is at a high level and climbing. The blast furnace capacity utilization rate is 87.98%, a week - on - week decrease of 0.60 percentage points and a decrease of 0.63 percentage points compared with the end of last month, but an increase of 0.18 percentage points compared with the same period [1] Demand - The weekly apparent demand for hot - rolled coils is 320.22 tons, a week - on - week decrease of 4.20 tons and a decrease of 11.67 tons compared with the end of last month, but an increase of 4.62 tons compared with the same period. The demand of the downstream cold - rolling industry has unsolved contradictions, and the improvement of external demand is limited, so the demand toughness is likely to weaken [1] Inventory - The total inventory of hot - rolled coils is 400.90 tons, a week - on - week decrease of 1.21 tons and a decrease of 5.69 tons compared with the end of last month, but an increase of 95.18 tons compared with the same period. The in - plant inventory is 78.02 tons, unchanged from last week, an increase of 0.36 tons compared with the end of last month, and a decrease of 0.37 tons compared with the same period. The social inventory is 322.88 tons, a week - on - week decrease of 1.21 tons, a decrease of 6.05 tons compared with the end of last month, and an increase of 95.55 tons compared with the same period [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply - demand pattern of hot - rolled coils has changed. The production of plate steel mills has stabilized, supply has rebounded and is at a high level within the year with high inventory pressure. Demand has improved but the improvement space is limited due to unresolved downstream cold - rolling contradictions and stable external demand. The supply - demand pattern has improved slightly, inventory has been reduced again, but the supply pressure remains and demand resilience is doubtful. The fundamentals' improvement is limited, and the positive effect is weak. The relative advantage is the low valuation, and the price is expected to continue to fluctuate at a low level. Attention should be paid to the production situation of steel mills [1] Group 3: Summary by Related Catalogs Supply - The weekly output of hot - rolled coils is 316.01 tons, with a week - on - week increase of 2.35 tons, and a month - on - month decrease of 7.55 tons. The weekly output of cold - rolled coils is 84.53 tons, with a week - on - week increase of 0.57 tons and a month - on - month decrease of 1.44 tons. The blast furnace capacity utilization rate is 88.58%, with a week - on - week decrease of 0.22% and a month - on - month decrease of 0.03% [1] Demand - The apparent weekly demand for hot - rolled coils is 324.42 tons, with a week - on - week increase of 10.83 tons and a month - on - month decrease of 7.47 tons. The downstream cold - rolling contradictions are not resolved, and the external demand is mainly stable, so the demand improvement space is limited [1] Inventory - The total inventory of hot - rolled coils is 402.11 tons, with a week - on - week decrease of 8.41 tons and a month - on - month decrease of 4.48 tons. The in - plant inventory is 78.02 tons, with a week - on - week increase of 0.50 tons and a month - on - month increase of 0.36 tons. The social inventory is 324.09 tons, with a week - on - week decrease of 8.91 tons and a month - on - month decrease of 4.84 tons [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of hot - rolled coils has not changed significantly. The supply is still at a relatively high level with production cuts by plate mills, and the inventory is high, so the supply pressure remains. The demand shows weakening resilience, with a slight decline in weekly apparent demand and continued low daily trading volume. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils. Overall, both supply and demand are weakening, and the industrial contradictions are alleviated only to a limited extent. The coil price is under pressure, but the cost provides some support. The subsequent trend will continue to fluctuate at a low level, and the production situation of steel mills should be monitored [1] 3. Summary by Relevant Catalogs Supply - The weekly output of hot - rolled coils decreased by 45,000 tons compared with the previous week, and the supply continued to shrink but remained at a relatively high level. The weekly output of cold - rolled coils was 839,600 tons, an increase of 12,000 tons from the previous week, and a decrease of 20,100 tons from the end of last month. The blast furnace capacity utilization rate was 88.80%, an increase of 0.99 percentage points from the previous week [1] Demand - The weekly apparent demand for hot - rolled coils decreased by 7,100 tons compared with the previous week, and decreased by 183,000 tons compared with the end of last month. The high - frequency daily trading volume also remained low, and the demand showed a weakening trend. The contradictions in the main downstream cold - rolled products have not been resolved, which may drag down the demand for hot - rolled coils, and the improvement in external demand is limited [1] Inventory - The total inventory of hot - rolled coils was 4.1052 million tons, an increase of 7,000 tons from the previous week and an increase of 39,300 tons from the end of last month. The in - plant inventory was 775,200 tons, an increase of 9,000 tons from the previous week and a decrease of 1,400 tons from the end of last month. The social inventory was 3.33 million tons, a decrease of 2,000 tons from the previous week and an increase of 40,700 tons from the end of last month [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply and demand of hot-rolled coils are both weakening. The weekly output of hot-rolled coils decreased by 54,000 tons due to production restrictions, but it remains at a relatively high level this year, and the high inventory continues to suppress prices. Meanwhile, the demand for hot-rolled coils has started to decline, with the weekly apparent demand dropping by 175,900 tons, and high-frequency transactions remaining sluggish. The continuous decline in the output of cold-rolled coils, the main downstream product, has not alleviated industrial contradictions, dragging down hot-rolled coils. With limited improvement in external demand, the demand resilience of hot-rolled coils is weakening. Currently, the supply of hot-rolled coils is falling from a high level, but the demand is also poor. The industrial contradictions in the situation of weak supply and demand continue to accumulate, and the price of hot-rolled coils continues to be under pressure. Given the support from the cost side, the subsequent trend will show a pattern of bottom - hunting in a volatile manner, and it will be weaker than building materials. Breaking the deadlock depends on steel mills increasing production cuts [1] 3. Summary by Relevant Catalogs Supply - The weekly output of hot-rolled coils is 3.1816 million tons, a week-on-week decrease of 54,000 tons, and a decrease of 54,000 tons compared with the end of last month. The weekly output of cold-rolled coils is 838,400 tons, a week-on-week decrease of 21,300 tons, and a decrease of 21,300 tons compared with the end of last month. The blast furnace capacity utilization rate is 87.81%, a week-on-week decrease of 0.80 percentage points, and a decrease of 0.80 percentage points compared with the end of last month [1] Demand - The weekly apparent demand for hot-rolled coils is 3.143 million tons, a week-on-week decrease of 175,900 tons, and a decrease of 175,900 tons compared with the end of last month. High-frequency transactions are sluggish, and the output of cold-rolled coils, the main downstream product, continues to decline, and external demand improvement is limited [1] Inventory - The total inventory of hot-rolled coils is 4.1045 million tons, a week-on-week increase of 38,600 tons, and an increase of 38,600 tons compared with the end of last month. The in - plant inventory is 774,300 tons, a week-on-week decrease of 2,300 tons, and a decrease of 2,300 tons compared with the end of last month. The social inventory is 3.3302 million tons, a week-on-week increase of 40,900 tons, and an increase of 40,900 tons compared with the end of last month [1]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply - demand pattern of hot - rolled coils has little change. High supply and high inventory situations remain, but demand performs well. The industry contradictions are not continuously accumulating. Market sentiment supports a recent increase in hot - rolled coil prices. However, there are still demand concerns, and the fundamentals have no substantial improvement. Be cautious of the market operation logic switching to the industrial side, which may cause prices to decline. Attention should be paid to demand performance [1] Group 3: Summary by Related Catalogs Supply - Hot - rolled coil weekly production increased by 1.10 tons week - on - week, remaining at a high level for the year. Plate steel mills' production is stable, but supply pressure is still large due to limited high - level inventory reduction [1] Demand - Hot - rolled coil demand shows good performance, with weekly apparent demand increasing week - on - week and remaining at a high level compared to the same period. However, high - frequency transactions are relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The relative positive factor is the marginal improvement of external demand, but it needs to be tracked after the price increase [1] Inventory - The total inventory of hot - rolled coils is at a high level, with a week - on - week decrease of 8.33 tons. Factory inventory increased by 0.31 tons week - on - week, while social inventory decreased by 8.64 tons week - on - week. High - level inventory reduction is limited, and supply pressure remains large [1]