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 industry is showing signs of recovery, with high furnace operating rates remaining stable compared to the previous week, and increases in the operating rates for coking, rebar, and wire rod [1] - The comprehensive steel price index has increased by 4.6% month-on-month, driven by the "anti-involution" policy and a rebound in industrial product prices [1] - Increased funding for infrastructure and a rise in project reserves are expected to support steel demand through marginal improvements in infrastructure [1] Group 2 - The steel ETF (515210) tracks the CSI Steel Index (930606), which includes listed companies involved in steel smelting, processing, and related businesses, reflecting the overall performance of the steel industry [1] - The index covers the entire steel industry chain, including iron ore mining, steel production, and sales, and is closely related to macroeconomic conditions and industry policies [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and Guotai CSI Steel ETF Connect A (008189) [1]

Core Viewpoint - The steel industry is experiencing an improvement in profitability expectations, with the steel ETF (515210) rising over 3.1% as the industry's profit margin increases [1] Group 1: Industry Performance - The steel industry's profit margin has increased by 0.43% to 60.17% [1] - The simulated gross profit per ton for rebar and hot-rolled coil is 198.6 CNY/ton and 130.6 CNY/ton, respectively [1] - Iron ore inventory has increased by 193,200 tons to 137,852,100 tons, indicating a potential shift towards a more relaxed supply cycle for iron ore [1] Group 2: Demand and Supply Dynamics - Demand from infrastructure and manufacturing sectors is showing steady growth, with steel exports maintaining year-on-year growth from January to June [1] - The market is beginning to clear, suggesting that the industry is gradually emerging from its bottom phase [1] - If supply policies are implemented, the speed of supply contraction in the industry may accelerate, leading to quicker upward progress [1] Group 3: Long-term Trends - The industry is expected to see an increase in concentration and a shift towards high-quality development [1] - Stringent environmental regulations, ultra-low emission transformations, and carbon neutrality initiatives will highlight the advantages of leading companies in the sector [1] Group 4: Investment Instruments - The steel ETF (515210) tracks the CSI Steel Index (930606), which includes representative listed companies in the steel industry, covering key segments such as iron ore mining and steel manufacturing [1]

Group 1 - The core viewpoint is that rebar prices have reached a new high since April, with a week-on-week increase of 0.93%, and national blast furnace capacity utilization has risen by 0.99 percentage points to 90.89% [1] - The price difference between medium-thick plates and rebar is at a relatively high level, with the price difference between hot-rolled and rebar being 110 yuan per ton [1] - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions" in February 2025, implementing a two-tier evaluation system, which is expected to help restore steel sector profitability to historical average levels under the policy direction of better adapting supply to demand changes [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in the entire industrial chain of iron ore mining, steel smelting, and product manufacturing to reflect the overall performance of the steel industry [1] - The index serves as an important reference indicator for observing the development trends of the Chinese steel industry, covering key upstream, midstream, and downstream segments of the steel industry chain [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 ETF (515210) saw a net inflow of over 50 million yuan, driven by improved supply and demand expectations for profit recovery [1] - The Ministry of Industry and Information Technology's revised "Steel Industry Normative Conditions (2025 Edition)" aims for a two-tier evaluation of steel enterprises, which is expected to help the steel sector's profitability recover to historical average levels [1] - The current price difference between hot-rolled and rebar steel is at a low of 110 yuan/ton, while the hot and cold-rolled price difference has expanded by 80 yuan/ton to 420 yuan/ton [1] Group 2 - Rebar prices have rebounded by 1.59% from an 8-month low, and the national steel PMI new order index increased by 9.9 percentage points to 51% [1] - The comprehensive gross profit of the steel industry has slightly decreased by 0.65% to 199 yuan/ton [1] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets is at 37.68%, still below the peak level of 2017, indicating potential investment interest [1] Group 3 - The steel ETF (code: 515210) tracks the CSI Steel Index (code: 930606), which is compiled by the China Securities Index Company and reflects the overall performance of listed companies in the steel industry [1]