Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, based on their projected earnings and valuation metrics [3][4]. Core Insights - The steel prices are showing a strong upward trend supported by raw material costs, with significant increases in various steel products as of September 19, 2025 [1][11]. - The overall steel profit margins have improved, with notable increases in the gross margins for rebar, hot-rolled, and cold-rolled steel [1][2]. - The report indicates a shift from inventory accumulation to inventory reduction for rebar, suggesting a recovery in demand as the industry enters its peak season [3]. Price Trends - As of September 19, 2025, the prices for key steel products in Shanghai are as follows: - Rebar (20mm HRB400) at 3280 CNY/ton, up 70 CNY/ton from the previous week - High-line (8.0mm) at 3420 CNY/ton, up 60 CNY/ton - Hot-rolled (3.0mm) at 3460 CNY/ton, up 10 CNY/ton - Cold-rolled (1.0mm) at 3830 CNY/ton, up 30 CNY/ton - Common medium plate (20mm) at 3510 CNY/ton, up 50 CNY/ton [1][11][12]. Production and Inventory - As of September 19, 2025, the total production of the five major steel products was 8.55 million tons, a decrease of 1.78 million tons week-on-week, with rebar production specifically down by 5.48 million tons to 2.0645 million tons [2]. - The total social inventory of the five major steel products increased by 63,200 tons to 11.0023 million tons, while steel mill inventory decreased by 11,400 tons [2]. Profitability - The report highlights an increase in steel profitability, with gross margins for rebar, hot-rolled, and cold-rolled steel rising by 24 CNY/ton, 28 CNY/ton, and 28 CNY/ton respectively, while electric arc furnace steel margins increased by 10 CNY/ton [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - For the general steel sector: Hualing Steel, Baosteel, Nanjing Steel - For the special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market is favorable, and the prices of finished steel products continue to show a volatile and upward - trending pattern [11][12] - Overseas, after the Fed's interest - rate meeting, the monetary policy stance is cautious, falling short of market expectations. A preventive interest - rate cut has begun, and market expectations are gradually being met. Short - term market sentiment has cooled slightly, while long - term global liquidity easing is expected to drive the recovery of the manufacturing industry, indirectly boosting steel demand. The marginal impact of interest - rate cuts on total steel demand remains [11][12] - Domestically, the economic data in August slowed down and were lower than expected, increasing the possibility of introducing more stimulus policies. The real - estate sales performance is weak, and it will take time for the real - estate market to stabilize. Export volume decreased slightly last week and is generally in a weak and volatile state [11][12] - In terms of fundamentals, the output of rebar decreased, apparent demand increased slightly, and inventory pressure was marginally relieved; the output of hot - rolled coils increased, apparent demand was neutral, and inventory increased slightly. Currently, the demand for both rebar and hot - rolled coils is weak, and the peak - season demand is not strong. Overall, although it has entered the traditional peak season, the demand for rebar remains weak, and while hot - rolled coils have some resilience, they are still generally weak. Steel mill profits are gradually narrowing, and if demand cannot be effectively restored, steel prices may still decline. The raw - material end is relatively strong, and attention should be paid to the policy trends of the upcoming Fourth Plenary Session [11][12] 3. Summary According to the Directory 3.1 Cost End - The profit of hot - rolled coil blast furnaces is 67 yuan/ton, a slight increase compared to last week. The spot price is about 26 yuan/ton higher than the futures price, and the valuation is neutral [7] 3.2 Supply End - This week, the output of hot - rolled coils was 3.26 million tons, a week - on - week increase of 14,000 tons, about an 8.0% year - on - year increase compared to the same week last year, and a cumulative year - on - year increase of about 1.2%. The daily average output of hot metal was 2.4055 million tons, and hot - metal output has remained above 2.4 million tons. Currently, the output of hot - rolled coils is relatively high, and it is necessary to monitor whether demand can absorb the output [8] 3.3 Demand End - This week, the consumption of hot - rolled coils was 3.22 million tons, a week - on - week decrease of 43,000 tons, about a 1.9% year - on - year increase compared to the same week last year, and a cumulative year - on - year increase of about 1.6%. Overall demand is neutral, and exports currently have some resilience [9][116] 3.4 Inventory - This week, the inventory of hot - rolled coils was 3.7799 million tons, and the inventory was marginally reduced [10] 3.5 Trading Strategy - The recommended trading strategy is to wait and see [13]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd., Jiuli Special Materials, Youfa Group, and Wujin Stainless Steel [3]. Core Viewpoints - The report indicates that pig iron production has rebounded to high levels, with daily production exceeding 2.4 million tons. Steel production has slightly decreased, but inventory accumulation has narrowed, suggesting a recovery in demand, although year-on-year demand remains weak. Steel profits are fluctuating around the breakeven point [2][3]. - The report highlights that the long-term focus will be on capacity regulation, which is expected to be more precise this time, promoting the survival of the fittest among steel companies. The profitability of steel enterprises is anticipated to recover as new iron ore capacities are gradually released [2][3]. Price Trends - As of September 12, 2025, steel prices showed mixed trends: rebar (20mm HRB400) at 3,210 CNY/ton (down 50 CNY), high line (8.0mm) at 3,360 CNY/ton (down 40 CNY), hot-rolled (3.0mm) at 3,450 CNY/ton (up 30 CNY), cold-rolled (1.0mm) at 3,800 CNY/ton (unchanged), and medium plate (20mm) at 3,460 CNY/ton (unchanged) [1][9][10]. Production and Inventory - As of September 12, 2025, the total production of five major steel products was 8.57 million tons, a decrease of 34,100 tons week-on-week. The total inventory of these products increased by 174,100 tons to 10.9391 million tons [2][5]. - The apparent consumption of rebar was estimated at 1.9807 million tons, down 40,000 tons week-on-week, while the average daily transaction volume of construction steel was 103,100 tons, up 6.32% week-on-week [2][5]. Profitability - The report estimates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have changed by -31 CNY/ton, +12 CNY/ton, and -8 CNY/ton respectively compared to the previous week. The gross profit margin for electric arc furnace steel decreased by 11 CNY/ton [1][2]. Investment Recommendations - The report recommends focusing on the following companies: 1. General Steel Sector: Hualing Steel, Baosteel, Nanjing Steel 2. Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. 3. Pipe Materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel 4. High-Temperature Alloy: Fushun Special Steel [2][3].

Investment Rating - The report maintains a "Recommendation" rating for the steel industry [5] Core Viewpoints - The steel industry is currently experiencing a dual weakness in supply and demand, primarily due to production restrictions in Hebei, leading to a supply contraction while market demand remains insufficient [3][4] - The steel price is expected to initially decline before rising, influenced by the recovery of demand and supply adjustments post the "9.3" military parade [8][9] - The "anti-involution" policy is anticipated to optimize the supply structure and improve the industry's long-term outlook, providing a policy support base for the sector [4][9] Industry Data Summary Production Data - As of September 5, the average daily pig iron output from 247 steel enterprises was 2.2884 million tons, a week-on-week decrease of 11.29% [8] - The capacity utilization rate of blast furnaces was 85.79%, down 4.23 percentage points week-on-week [8] Consumption Data - The total consumption of the five major steel products was 8.2783 million tons, a week-on-week decrease of 299,400 tons [8] - The apparent consumption of rebar, wire rod, hot-rolled, cold-rolled, and medium plate showed respective week-on-week changes of -21,400 tons, -30,300 tons, -153,600 tons, -14,300 tons, and -79,800 tons [8] Inventory Situation - The total steel inventory reached 15.007 million tons, an increase of 328,200 tons week-on-week [8] - Social inventory rose by 313,000 tons to 10.7768 million tons, while steel mill inventory increased by 15,200 tons to 4.2302 million tons [8] Profitability - As of September 5, the gross profit per ton for rebar, hot-rolled, and cold-rolled steel was -6 yuan, +34 yuan, and -30 yuan respectively, with week-on-week changes of -39 yuan, -32 yuan, and -21 yuan [8] - 61.04% of the sampled steel enterprises were profitable, a decrease of 2.6 percentage points week-on-week [8] Price Trends - As of September 1, the prices for five major steel products were as follows: rebar at 3,282 yuan/ton, wire rod at 3,597 yuan/ton, hot-rolled at 3,399 yuan/ton, cold-rolled at 3,889 yuan/ton, and medium plate at 3,498 yuan/ton, with respective week-on-week changes of -1.17%, -1.02%, -0.69%, -0.45%, and -0.70% [8][16]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][4]. Core Viewpoints - The steel industry is experiencing a dual weakness in supply and demand due to environmental production restrictions, with a focus on the recovery during peak demand seasons [3][4]. - Short-term impacts from environmental restrictions are expected to ease, leading to a gradual recovery in both supply and demand [3][4]. - Long-term capacity regulation remains a key theme, with expectations for more precise management to promote industry consolidation and improve profitability for steel companies [3][4]. Price Trends - As of September 5, 2025, steel prices showed mixed trends, with rebar prices at 3,260 CNY/ton, up 10 CNY/ton from the previous week, while other products like high-line and cold-rolled steel saw price declines [1][9]. - The report notes that the average price changes for various steel products over the past month and year reflect a complex market environment, with some products experiencing price increases while others decline [10][24]. Production and Inventory - As of September 5, 2025, total steel production decreased to 8.61 million tons, a reduction of 239,600 tons week-on-week, with rebar production specifically down by 18,800 tons [2][3]. - Total social inventory of major steel products increased by 311,800 tons to 10.765 million tons, indicating a build-up in stock levels despite reduced production [2][3]. Profitability - The report indicates a decline in steel margins, with estimated changes in gross profit for rebar, hot-rolled, and cold-rolled steel being -46 CNY/ton, -38 CNY/ton, and -36 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and companies like Xianlou New Materials and CITIC Special Steel in the special steel sector [3][4].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their profitability and stock performance [3][4]. Core Insights - Supply control expectations are rising, which may lead to a recovery in steel mill profits. Despite high production levels, demand is slowly recovering, and inventory continues to accumulate, resulting in a slight decline in steel mill profits [3][4]. - The report highlights that the current steel prices are at a low point for the year, and with inventory levels low and demand stabilizing, the potential for further profit declines is limited [3][4]. - The report suggests that the recent supply-side adjustments may be more precise, promoting a competitive environment that could enhance the profitability of steel companies [3][4]. Price Trends - As of August 29, 2025, steel prices have decreased, with 20mm HRB400 rebar priced at 3,250 CNY/ton, down 20 CNY/ton from the previous week. Other steel products also saw slight price declines [1][11]. - The report notes that the average price changes for various steel products over the past month show a decrease of 5.8% for rebar and 4.2% for hot-rolled sheets [12]. Production and Inventory - As of August 29, 2025, the total production of the five major steel products reached 8.85 million tons, an increase of 6.55 million tons week-on-week. Rebar production increased by 5.91 million tons to 2.2056 million tons [2][3]. - Total social inventory of the five major steel products rose by 291,000 tons to 10.4532 million tons, while steel mill inventory decreased by 23,300 tons [2][3]. Profitability - The report indicates a decline in steel mill profits, with estimated gross margins for rebar, hot-rolled, and cold-rolled steel decreasing by 48 CNY/ton, 75 CNY/ton, and 61 CNY/ton respectively [1][3]. - The profitability of electric arc furnace steel also saw a decrease of 28 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends several companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the flat steel sector, and Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. in the special steel sector [3][4].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Insights - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices, leading to a notable contraction in steel mill profits [5]. - The report highlights that the long-term focus will remain on capacity management, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [5]. - The report indicates that the seasonal decline in steel demand, coupled with a vacuum in supply-side policies, has resulted in a significant narrowing of steel mill profits [5]. Price Trends - As of August 22, 2025, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3,270 CNY/ton, down 30 CNY/ton from the previous week [3][11]. - The prices for various steel products have shown a downward trend, with hot-rolled and cold-rolled steel also experiencing price reductions [3][11]. Production and Inventory - As of August 22, 2025, the production of five major steel products increased to 8.78 million tons, with total inventory rising by 264,300 tons to 10.1621 million tons [4]. - The apparent consumption of rebar was estimated at 1.948 million tons, reflecting a week-on-week increase of 48,600 tons [4]. Profitability - The report notes a decline in steel profitability, with margins for rebar, hot-rolled, and cold-rolled steel decreasing by 58 CNY/ton, 50 CNY/ton, and 42 CNY/ton respectively [3][5]. Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [5].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][4]. Core Viewpoints - The expectation of environmental production restrictions has cooled, leading to a focus on demand recovery. Despite high production levels, the steel demand has dropped to seasonal lows, and the market is advised to monitor the transition between peak and off-peak seasons for signs of demand recovery [3][4]. - Long-term capacity management remains a key theme, with a combination of market-oriented and administrative measures expected to optimize crude steel supply, potentially improving profitability for steel companies [3][4]. Summary by Sections Price Trends - As of August 15, 2025, steel prices showed mixed trends, with rebar prices at 3,300 CNY/ton (down 30 CNY), high wire at 3,470 CNY/ton (down 30 CNY), hot-rolled at 3,460 CNY/ton (down 10 CNY), cold-rolled at 3,880 CNY/ton (up 10 CNY), and medium plate at 3,520 CNY/ton (up 30 CNY) [1][10]. Production and Inventory - The total production of five major steel varieties reached 8.72 million tons, an increase of 24,200 tons week-on-week. However, rebar production decreased by 7,300 tons to 2.2045 million tons. Total social inventory rose by 282,900 tons to 9.8978 million tons [2][3]. Profitability - The report indicates a decline in long product profitability, with rebar, hot-rolled, and cold-rolled margins changing by -24 CNY/ton, +3 CNY/ton, and -3 CNY/ton respectively. Electric arc furnace steel margins also decreased by 18 CNY/ton [1][3]. Investment Recommendations - The report recommends focusing on companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, and others, while also suggesting attention to high-temperature alloy stocks like Fushun Special Steel [3][4].

Investment Rating - The report maintains a recommendation for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel market is currently experiencing a seasonal downturn, with demand showing weakness due to high temperatures and rainfall affecting consumption [3]. - Despite stable production levels, there is potential for supply contraction in the coming week due to environmental regulations impacting steel production in certain regions [3]. - The report highlights a significant improvement in industry profitability in the first half of the year, driven by lower raw material prices and enhancements in production processes [4]. - The concept of "anti-involution" is expected to reshape the industry landscape, providing both short-term and long-term investment logic [4]. Industry Key Data Tracking Production Data - As of August 15, the total production of five major steel products reached 8.7163 million tons, with a week-on-week increase of 24,000 tons [2]. - The average daily pig iron output from 247 steel enterprises was 2.4066 million tons, reflecting a slight increase of 3,400 tons week-on-week [2]. Consumption Data - The total consumption of the five major steel products was 8.3102 million tons, showing a week-on-week decrease of 147,200 tons [2]. - The apparent consumption of rebar, wire rod, hot-rolled, cold-rolled, and medium plate experienced varied changes, with rebar consumption decreasing by 208,500 tons [2]. Inventory Situation - Total steel inventory reached 14.1597 million tons, with a week-on-week increase of 406,100 tons [2]. - Social inventory rose by 283,400 tons to 9.9084 million tons, while steel mill inventory increased by 122,700 tons to 4.2513 million tons [2]. Profitability Situation - The average pig iron cost for 114 steel mills was reported at 2,321 yuan per ton, with a week-on-week increase of 3 yuan [2]. - As of August 15, the gross profit per ton for rebar, hot-rolled, and cold-rolled products was +121 yuan, +151 yuan, and +59 yuan respectively, indicating a week-on-week decrease for rebar and hot-rolled products [2]. - Approximately 65.8% of the sampled steel enterprises were profitable, reflecting a week-on-week decline of 2.6 percentage points [2].