Group 1 - The core viewpoint is that the performance of Pugang Company has significantly improved, and there is still considerable room for recovery in the future [1] - The steel industry is experiencing ongoing anti-involution policies, with the government promoting the orderly exit of outdated production capacity and improving standards for identifying low-price dumping to regulate market order [1] - Environmental production restrictions are expected to increase in the Beijing-Tianjin-Hebei region as the September 3 military parade approaches, which may significantly impact steel production based on experiences from 2015 [1] Group 2 - Pugang Company is less affected by overseas tariffs due to its low export ratio, and there is a marginal improvement expected in steel demand from the real estate and infrastructure sectors [1] - Currently, the profit per ton of steel for Pugang is considerable, indicating a large potential for performance improvement, and the steel sector is likely to present good allocation opportunities [1] - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in Pugang, special steel, and other related businesses to reflect the overall performance of the steel industry [1]

截止2025年3月31日，国泰中证钢铁ETF联接C前四持仓占比合计5.45%，分别为：24国债15 （2.12%）、24国债21（1.69%）、24国债09（0.88%）、25国债01（0.76%）。 来源：金融界 公开信息显示，现任基金经理朱碧莹女士:中国国籍,硕士研究生。曾任职于华安基金。2020年2月加入 国泰基金,历任研究员、基金经理助理、现拟任基金经理。2024年11月8日起担任国泰中证有色金属矿业 主题交易型开放式指数证券投资基金发起式联接基金基金经理、国泰中证半导体材料设备主题交易型开 放式指数证券投资基金发起式联接基金基金经理。2025年3月起兼任国泰创业板50指数型发起式证券投 资基金的基金经理。现任国泰上证科创板综合交易型开放式指数证券投资基金发起式联接基金、国泰恒 生A股电网设备交易型开放式指数证券投资基金发起式联接基金基金经理。2025年4月9日担任国泰中证 环保产业50交易型开放式指数证券投资基金发起式联接基金、国泰中证800汽车与零部件交易型开放式 指数证券投资基金发起式联接基金基金经理、国泰中证动漫游戏交易型开放式指数证券投资基金发起式 联接基金、国泰国证绿色电力交易型开放式指数 ...