每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，柳钢股份1月29日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 约6.1亿元至7.3亿元，与上年同期相比，将实现扭亏为盈。2025年，公司紧扣"精益管理年"工作主线， 推动生产经营提质向好，业绩实现改善一是全面实施精益管理，深化极致降本、算账经营，开展原燃料 采购、工艺控制及物流模式创新，全流程挖潜增效，管理效能及成本优势持续提升；二是加大科技创新 投入，品种钢占比和产品附加值稳步提高；三是扩大有效投资，优化产线布局，制造业用钢占比大幅提 升，同时，控股子公司广西钢铁集团有限公司在2024年末全面投产，区位优势及规模效应显现；四是深 耕国内、发力国际市场，提升全链条技术服务能力，不断延伸品牌价值。 ...

2025年，公司紧扣"精益管理年"工作主线，推动生产经营提质向好，业绩实现改善，核心原因如下：一 是全面实施精益管理，深化极致降本、算账经营，开展原燃料采购、工艺控制及物流模式创新，全流程 挖潜增效，管理效能及成本优势持续提升；二是加大科技创新投入，品种钢占比和产品附加值稳步提 高；三是扩大有效投资，优化产线布局，制造业用钢占比大幅提升，同时，控股子公司广西钢铁集团有 限公司在2024年末全面投产，区位优势及规模效应显现；四是深耕国内、发力国际市场，提升全链条技 术服务能力，不断延伸品牌价值。 格隆汇1月29日丨柳钢股份(601003.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润约6.1亿元至7.3亿元，与上年同期相比，将实现扭亏为盈。预计2025年年度实现归属于 母公司所有者的扣除非经常性损益后的净利润约5.54亿元至6.74亿元。 ...

Investment Rating - The report maintains a "Recommendation" rating for the steel industry [4]. Core Viewpoints - The steel industry is currently facing an imbalance in both total supply and structural demand, leading to oversupply and price declines. The demand for construction steel has rapidly decreased since the second half of 2021, while supply has not adjusted accordingly, resulting in a negative cycle of oversupply and price drops [2][14]. - A "de-involution" in the steel industry is deemed necessary to address the structural imbalance and enhance competition. The report suggests that past supply-side reforms have positively impacted the industry, and similar measures could benefit the current situation [2][51]. Summary by Sections 1. Imbalance in Total and Structural Supply - Since the second half of 2021, the demand for construction steel has declined sharply due to negative growth in new housing starts, while supply has not decreased proportionately, leading to a clear oversupply situation [14][22]. - The structural issue arises as the demand for construction steel weakens, while the manufacturing sector shows resilience, causing a shift in supply from construction to manufacturing steel, exacerbating the competition in the manufacturing sector [2][25]. - The result has been a long-term decline in steel prices, with the CISA steel price index dropping by 47.82% from its peak in 2021 [33]. 2. Necessity of "De-involution" in the Steel Industry - The macroeconomic environment is under pressure, with the PPI in a downward trend for 36 consecutive months, leading to a significant drop in industrial profits [42][51]. - The report highlights that the previous supply-side reforms during the "13th Five-Year Plan" and "14th Five-Year Plan" brought about positive changes, suggesting that a new round of "de-involution" could similarly benefit the industry [51][52]. 3. Investment Recommendations - The report indicates that leading steel companies are likely to benefit in the long term from the "de-involution" policies, which are expected to optimize the supply structure and support advanced enterprises [8][28]. - The report recommends focusing on high-quality leading companies such as Hualing Steel, Nanjing Steel, Baosteel, Shougang, Hebei Steel, and Xinxing Ductile Iron Pipes, as they are expected to experience profit growth and improved operational conditions [8][28].