021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 12 月 8 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | 表1：12月5日钢材期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2605 | 3175 | ...

Core Viewpoint - The continuation of a 407.52% anti-dumping duty on Chinese non-oriented electrical steel (NOES) by the U.S. has significant implications for the industry, pushing it towards a regionalized, multi-node supply chain model due to the prohibitive costs of direct exports [1][3][12]. Group 1: Impact of Anti-Dumping Duty - The U.S. Department of Commerce has maintained a 407.52% anti-dumping duty on Chinese NOES, which has been consistent since 2014, making direct exports economically unfeasible [3][5]. - For every $1 of NOES exported, over $4 in anti-dumping duties may be incurred, effectively eliminating the possibility of direct exports to the U.S. market [3][5]. Group 2: Changes in U.S. Import Structure - Following the imposition of high tariffs, Chinese exports to the U.S. plummeted from approximately 78,000 tons in 2013 to less than 2,000 tons by 2020, with projections for 2024 indicating near-zero imports from China [5][6]. - The U.S. has shifted its import sources to countries such as Japan, South Korea, Germany, India, and Mexico, as Chinese products have been largely excluded [5][6]. Group 3: Regional Supply Chain Transition - The industry is witnessing a rapid growth in regional processing nodes, with exports of semi-finished electrical steel from China to Southeast Asia increasing significantly: Malaysia (+138%), Vietnam (+102%), and Thailand (+87%) from 2021 to 2024 [8][9]. - The number of applications for certificates of origin in ASEAN countries has surged by approximately 63% over three years, with over 40% related to the electrical machinery and power transmission equipment supply chain [9][12]. Group 4: Reasons for Supply Chain Shift - The high tariff rates have forced companies to optimize their structures, as direct exports are no longer viable, leading to a focus on regional processing to mitigate risks and control costs [11][12]. - Stricter trade rules in the U.S., Canada, and the EU regarding origin verification and anti-circumvention investigations have compelled companies to adjust their supply chains proactively [12]. - Anticipated growth in global demand for electrical steel in sectors such as electric vehicles (+180%), home appliances (+45%), and industrial motors (+60%) by 2030 necessitates a regionalized supply chain approach [12]. Group 5: Future Outlook - Projections indicate that by 2028, around 30% of global electrical steel supply will adopt a multi-node processing model, with Southeast Asia emerging as a key regional processing hub [13]. - The annual growth rate for third-country certificate applications is expected to be between 8% and 12%, reflecting a shift from exporting products to exporting supply chain capabilities [13].

Core Insights - Beijing Shougang Co., Ltd. reported impressive performance for Q3 2025, achieving total revenue of 77.284 billion yuan and a net profit of 0.953 billion yuan, marking a year-on-year increase of 368.13% [1] Group 1: Financial Performance - The company demonstrated resilience and profitability amidst tightening industry regulations and fluctuating prices, leading the industry in several key financial metrics [1] Group 2: Technological Innovation - The company focused on product R&D, emphasizing high-end, efficient, and green technologies, launching several "first-class" products that filled market gaps and showcased industry-leading technical reserves [2] - The shift towards high value-added products and a transition from "scale-oriented" to "efficiency-oriented" strategies solidified the foundation for profit growth [2] Group 3: Green and Smart Leadership - The company is accelerating the construction of a green low-carbon ecological supply chain, with initiatives such as carbon footprint certification for key materials and a near-zero carbon emission steel project expected to launch in 2026 [3] - Strategic partnerships with major automotive groups like Geely and FAW-Volkswagen have been established to support green transformation efforts [3] - The company has been recognized for its advancements in smart manufacturing, with facilities designated as "lighthouse factories" and the implementation of an AI model platform to enhance production efficiency [3] Group 4: Efficiency Management - The company has implemented a comprehensive cost reduction strategy, achieving a reduction in operating expenses by 230 million yuan and successfully issuing 500 million yuan in green technology innovation bonds [4] - Supply chain management improvements have led to enhanced operational capabilities, with accounts receivable at a low 1.709 billion yuan, reflecting strong cash generation and capital efficiency [4] - The company is well-positioned to capitalize on opportunities arising from the steel industry's structural optimization and green transformation initiatives [4]

格隆汇10月13日丨首钢股份(000959.SZ)在互动平台表示，公司是全球领先的电工钢制造商和服务商， 具备所有牌号批量稳定生产能力，其中无取向极薄带电工钢产品已供货多家机器人关节电机加工企业。 公司无取向电工钢产品主要应用于新能源汽车驱动电机、工业电机、家电压缩机等领域，国内每3辆新 能源汽车就有1辆搭载"首钢心"；取向电工钢主要用于国家电力电网工程中的变压器等基础设施领域。 ...

Core Viewpoint - The article discusses the seventh "5 15-5 19 Small Investor Protection Publicity Week" event, focusing on the high-quality development and market value management strategies of Beijing Shougang Co., Ltd. [1][2] Group 1: Company Transformation and Development - Since its listing in 1999, the company has undergone significant transformation, shifting from producing rebar for real estate to manufacturing high-quality steel plates for the manufacturing industry [2] - The company has continuously promoted high-quality development by integrating core manufacturing bases and enhancing its governance structure through the introduction of strategic shareholders [2][4] Group 2: Technological Innovation and Market Position - The company has achieved a value leap through technological innovation, particularly in the production of non-oriented electrical steel for electric vehicles, capturing a significant market share [3] - The company has been recognized for its advanced manufacturing capabilities, with its Shunyi cold-rolled plant awarded as a "Lighthouse Factory," representing the highest level of smart manufacturing and digitalization [3] Group 3: Market Value Management - Market value management has become a core focus for the company, integrated into its assessment system and driven through structured top-down initiatives [4] - The company emphasizes performance, investor communication, and a diverse range of market value management tools, including stable dividends and share buybacks [5]