本周值 环比变化 上月末值 本月变化 同期值 同期变化 周度产量 316.01 2.35 323.56 -7.55 311.85 4.16 高炉产能利用率（%） 88.58 -0.22 88.61 -0.03 88.53 0.05 表观需求量 324.42 10.83 331.89 -7.47 318.91 5.51 冷轧卷板周产量 84.53 0.57 85.97 -1.44 84.70 -0.17 总库存 402.11 -8.41 406.59 -4.48 315.23 86.88 厂内库存 78.02 0.50 77.66 0.36 78.40 -0.38 社会库存 324.09 -8.91 328.93 -4.84 236.83 87.26 热轧卷板周度数据（20251121） 黑色金属研究员 涂伟华 热轧卷板供需格局有所变化，板材钢厂生产趋稳，热卷 周产量环比增2.35万吨，供应有所回升，继续位于年内高 位，且库存水平偏高，压力相对偏大。不过，热卷需求迎来 改善，周度表需环比增10.83万吨，再度升至年内高位，但 需注意的下游冷轧矛盾未缓解，库存去化有限，而外需平稳 运行为主，需求改善空间受限。总之 ...

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]

本周值 环比变化 上月末值 本月变化 同期值 同期变化 周度产量 323.56 1.10 324.69 -1.13 303.29 20.27 高炉产能利用率（%） 88.61 -1.33 90.65 -2.04 88.40 0.21 表观需求量 331.89 5.16 324.61 7.28 318.69 13.20 冷轧卷板周产量 85.97 -0.10 88.03 -2.06 82.47 3.50 总库存 406.59 -8.33 380.58 26.01 338.77 67.82 厂内库存 77.66 0.31 81.20 -3.54 79.25 -1.59 社会库存 328.93 -8.64 299.38 29.55 259.52 69.41 热轧卷板周度数据（20251031） 黑色金属研究员 涂伟华 热轧卷板供需格局变化不大，板材钢厂生产平稳，热卷 周产量环比增1.10万吨，继续位于年内高位，且库存高位去 化有限，供应压力依然偏大，继续承压热卷价格。与此同 时，热卷需求表现尚可，周度表需环比再增，继续位于同期 高位，但高频成交相对偏弱，且主要下游冷轧基本面未见好 转，需求隐忧未退，相对利好则是外需 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - In October, hot-rolled coil (HRC) prices fluctuated downward. Although HRC demand was resilient, building material demand was weak. High supply levels led to significant inventory pressure, and market funds mainly aimed to short steel mill profits. In November, building material demand is expected to remain sluggish, while plate demand has some resilience but limited growth. Exports will still be the main driver of total demand. High inventory requires production cuts, which will weaken cost support for steel and lead to potentially weak prices [3][24][26]. 3) Summaries Based on Relevant Catalogs Market Review - Since October, HRC has been on a downward trend. Despite HRC demand showing some resilience, building material demand was weak. Before the National Day holiday, steel prices started to decline due to weak demand and high production. Market funds mainly focused on shorting steel mill profits. After the holiday, as steel apparent demand further declined, even if steel mills reduced production, price support was insufficient, and the market continued to fall [3][5][25]. Supply and Demand Analysis - **Supply**: In October, HRC supply remained at a relatively high level, with weekly production between 3.2 million - 3.3 million tons, at a high level compared to previous years. Supply of cold-rolled coils, medium and heavy plates, and other plate products was also at a high level. High supply led to significant inventory pressure despite relatively strong HRC demand [3][11][25]. - **Inventory**: In October, HRC inventory continued to rise from around 3.8 million tons to 4.18 million tons. Weak demand and high supply contributed to the increase in inventory. High production suppressed steel prices, but strong raw material demand delayed the expected negative feedback, and raw material prices provided some support to steel prices. Once steel production is cut, cost support will weaken [15][18][25]. - **Demand**: Terminal demand for plates in industries such as home appliances, automobiles, and ships continued to strengthen, driving plate demand. In September 2025, the production of home appliances and automobiles showed growth, supporting HRC demand. However, in September, domestic real estate, infrastructure, and fixed - asset investment declined year - on - year, dragging down steel demand. Although plate demand continued to strengthen, the overall steel demand declined. Steel exports increased year - on - year, supporting total demand. In November, building material demand is expected to remain weak, plate demand has some resilience but limited growth, and exports will still be the main driver of total demand [19][21][24]. Summary and Outlook - In October, HRC prices were weak due to weak building material demand, high production, and inventory pressure. Although raw material prices provided some support, once production is cut, cost support will weaken. In November, building material demand is unlikely to improve, plate demand has limited growth, and high inventory requires production cuts, which will lead to potentially weak steel prices [25][26]

热轧卷板周度数据（20251010） | | | | | | | | | | | | | | | | | | | | | | | | 黑色金属研究员 涂伟华 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 本周值 | | | 环比变化 | | 上月末值 | | | | 本月变化 | | | 同期值 | | | | | | 同期变化 | | 供给 | | | | | | 周度产量 | | | 323.29 | | -1.40 | | | 324.69 | | | | -1.40 | | | 308.19 | | | 15.10 | | | | | | | | | 高炉产能利用率（%） | | | | 90.55 | | -0.10 | | | 90.65 | | | | -0.10 | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View In August 2025, hot-rolled coil futures rose significantly compared to the previous month and then slightly corrected this month. Overall, the spot price of the hot-rolled coil market reached a high and then declined. The supply and demand situation was relatively healthy. Although the inventory increased slightly, the pressure was not too great. The demand for hot-rolled coils in finished products was better than that of building materials, mainly because the terminal demand for plates in industries such as home appliances, automobiles, and ships was relatively strong, which could drive up the demand for hot-rolled coils [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The main contract of hot-rolled coil futures reached a high at the beginning of August and then declined, closing with a negative line. The main contract HC2601 dropped 51 points. After a short-term rapid increase, the price fell and finally closed at 3,346 yuan/ton, a 1.5% decline from the July price [3]. - **Variety Market**: There are 12 listed contracts for hot-rolled coil futures. Except for the 2509 contract, the price spreads between other contracts have narrowed. The far-month contracts had relatively large fluctuations in price changes, with a decline ranging from 28 to 64 points. The trading volume of the main contract HC2601 was 1,166,633 lots, a month-on-month increase of approximately 696,000 lots [6][7]. - **Related Market**: In August, the price of hot-rolled coils declined following the decline in raw material prices. There were signs of a marginal weakening of coking coal and coke, and market confidence was insufficient, resulting in an overall decline in the black sector prices in August [9]. 3.2 Spot Market - **Basis Data**: According to Wind data, in August, the closing price of the active contract hot-rolled coil HC2601 futures was 3,346 yuan/ton, the price of Shanghai hot-rolled coil Q235B 4.75mm was 3,380 yuan/ton, and the basis between Shanghai hot-rolled coil futures and spot was 34 yuan/ton, a month-on-month increase of 14 yuan/ton [10]. - **Registered Warehouse Receipts**: In August, the number of registered warehouse receipts for hot-rolled coils decreased significantly compared to July, from a maximum of 80,166 lots to 25,059 lots as of August 29. The decrease from the beginning to the end of the month was 32,112 lots. According to the Wande Warehouse Receipt Daily Report, among the 18 warehouses, the largest changes were concentrated in Jiangsu warehouses, while the other warehouses were relatively stable [11]. 3.3 Influencing Factors - **Industry News**: WIND data shows that the overall supply of the domestic hot-rolled coil market remained at a relatively high level in August. From a weekly perspective, the weekly output of hot-rolled coils fluctuated around 3.2 million tons, without significant increases or decreases, indicating that steel mills maintained a relatively stable production rhythm for this product. In addition, the supply of other major plate categories, such as cold-rolled coils and medium-thick plates, was also at a high level year-on-year, reflecting that the production side of the entire plate sector remained strong in August. However, affected by the seasonal off-peak demand in August, the actual downstream procurement demand cooled down, and the supply side also made small adjustments according to the demand changes, ultimately showing a slight month-on-month decline. The overall supply and demand relationship was relatively well-matched. In terms of inventory, the hot-rolled coil inventory increased slightly in August. Considering the changes in supply and demand during the same period, although the supply remained high but then declined slightly, and the demand was in the off-peak season but did not shrink significantly, the gap between the two was relatively limited, and no obvious supply-demand imbalance occurred. The slight increase in inventory was more of a normal fluctuation due to seasonal factors and did not cause significant pressure on the market [12]. - **Technical Analysis**: The HC2601 contract of hot-rolled coil futures had a similar trend to related industrial varieties such as rebar. From the disk, the HC2601 contract was running below the 10-day moving average and close to the lower track of the BOLL, indicating a weak state [13][14]. 3.4 Market Outlook In August 2025, the hot-rolled coil plate market showed the fundamental characteristics of "high supply, weakening demand resilience, and inventory accumulation", with prices fluctuating downward and both the futures and spot markets weakening synchronously. The short-term supply-demand contradiction and cost support are in intensified competition. It is expected that the price will continue to fluctuate and seek a bottom in September. Attention should be paid to the fulfillment of the peak demand season and the implementation of policy production restrictions [16].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View - The supply and demand of hot-rolled coils are running stably. The production of plate mills is weakly stable, with the weekly output of hot-rolled coils decreasing by 0.50 million tons week-on-week, indicating a slight contraction in supply. Considering the approaching major events and potential production restrictions, there is an expectation of supply contraction in the short term. Meanwhile, the demand for hot-rolled coils is also weakly stable, with the weekly apparent demand decreasing by 0.55 million tons week-on-week, and the high-frequency trading performance is weak. Although the downstream cold-rolled production remains high and stable, indicating some demand resilience, the low domestic and foreign price difference still requires caution regarding potential foreign demand concerns. Overall, the demand for hot-rolled coils shows some resilience, and the short-term production restrictions continue to have an impact. The supply-demand pattern is acceptable, providing support for prices. However, the concerns about foreign demand remain, and the supply contraction is unlikely to be sustained. The fundamental situation has not improved substantially, and the upward driving force is weak. It is expected that the subsequent trend will continue to fluctuate. Attention should be paid to the production situation of steel mills [8]. Group 3: Summary by Related Catalogs Supply - The weekly output of hot-rolled coils is 322.79 million tons, with a week-on-week decrease of 0.50 million tons and a month-on-month change of 19.69 million tons. The same-period value is 324.74 million tons, with a year-on-year change of -0.50 million tons [2]. - The blast furnace capacity utilization rate is 90.02%, with a week-on-week decrease of 0.23 percentage points, a month-on-month change of -0.22 percentage points, and the same-period value is 82.96% [2]. Demand - The apparent demand for hot-rolled coils is 320.00 million tons, with a week-on-week decrease of 0.55 million tons and a month-on-month change of 15.27 million tons [2]. - The weekly output of cold-rolled coils is 83.15 million tons, with a week-on-week decrease of 0.89 million tons and a month-on-month change of 3.14 million tons [2]. Inventory - The total inventory of hot-rolled coils is 365.46 million tons, with a decrease of 76.35 million tons compared to the previous period [2]. - The in-plant inventory is 79.68 million tons, with a decrease of 16.07 million tons compared to the previous period [2]. - The social inventory is 285.78 million tons, with a decrease of 60.28 million tons compared to the previous period [2].

Core Viewpoint - Anyang Iron and Steel has terminated its major asset restructuring plan due to historical issues with certain assets of Henan Angang Group Wuyang Mining Co., Ltd, and has shifted to selling subsidiary equity to its controlling shareholder, Anyang Group, to expedite the transaction process and improve the company's financial situation [1][2]. Group 1: Asset Restructuring - The company announced the termination of the major asset restructuring plan and will instead sell all equity of Yongtong Company and Yuhe Company to its controlling shareholder, Angang Group, for cash based on the final valuation as of June 30, 2025 [2]. - The original asset exchange plan was complicated by historical issues with Wuyang Mining's assets, making it difficult to proceed as planned, leading to the change in strategy [2][3]. - The new plan is expected to optimize the company's asset structure and improve liquidity, thereby enhancing operational conditions [1][2]. Group 2: Financial Performance - In the first half of 2025, Anyang Iron and Steel reported a total revenue of 15.515 billion yuan, a year-on-year decrease of 12.09%, while achieving a net profit attributable to shareholders of 38.0583 million yuan, marking a turnaround from losses [4]. - The decline in revenue was attributed to market downturns and a decrease in product prices [4].

Report Investment Rating - No investment rating information provided Core View - The supply and demand of hot-rolled coils are both rising. The demand shows good resilience, which supports the price. However, the fundamentals have not improved under the high supply pattern. The relative positives are cost increase and production restriction disturbances. It is expected that the price of hot-rolled coils will continue to fluctuate and rise. Attention should be paid to the demand performance [8] Summary by Directory Supply - The weekly output of hot-rolled coils is 325.24 tons, with a week-on-week increase of 9.65 tons and a month-on-month increase of 2.45 tons compared with the end of last month. The output has rebounded from a low level to a new high this year. The blast furnace capacity utilization rate is 90.25%, with a week-on-week increase of 0.03% and a month-on-month increase of 0.01% compared with the end of last month, and a year-on-year increase of 5.95% [2] Demand - The apparent demand for hot-rolled coils is 321.27 tons, with a week-on-week increase of 6.52 tons and a month-on-month increase of 1.27 tons compared with the end of last month, and a year-on-year increase of 2.68 tons. The weekly output of cold-rolled coils is 86.08 tons, with a week-on-week decrease of 0.11 tons and a month-on-month decrease of 1.10 tons compared with the end of last month, and a year-on-year increase of 3.31 tons [2] Inventory - The total inventory of hot-rolled coils is 361.44 tons, with a week-on-week increase of 3.97 tons and a month-on-month increase of 13.49 tons compared with the end of last month, and a year-on-year decrease of 80.77 tons. The in-plant inventory is 78.89 tons, with a week-on-week decrease of 1.09 tons and a month-on-month decrease of 0.41 tons compared with the end of last month, and a year-on-year decrease of 13.29 tons. The social inventory is 282.55 tons, with a week-on-week increase of 5.06 tons and a month-on-month increase of 13.90 tons compared with the end of last month, and a year-on-year decrease of 67.48 tons [2]