行业评级：看好 2025 年 07 月 13 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 证券研究报告 钢铁周报："反内卷"信号将带动行业走出底部 1 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年7月13日） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价 格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 510 | | 1 1% . | 4 . | 7% | | | 沪深300 | | 4 , | 015 | | 0 8% . | 2 . | 0% | | 板 | SW钢铁指数 | | 2 , | 317 | | 4 4% . | 10 . | 2% | | 块 | | SW普钢指数 | 2 , ...

Core Insights - The domestic steel price index in China showed a slight increase during the week of June 30 to July 4, with both long and flat steel price indices rising, and the long steel price index experiencing a greater increase [1] Price Index Summary - The China Steel Price Index (CSPI) reached 90.53 points, up 1.02 points week-on-week, representing a 1.14% increase; however, it decreased by 6.94 points or 7.12% compared to the end of last year, and by 13.01 points or 12.57% year-on-year [1] - The long steel price index was at 92.60 points, with a week-on-week increase of 1.32 points (1.45%); it fell by 7.62 points (7.60%) from the end of last year and by 13.36 points (12.61%) year-on-year [1] - The flat steel price index stood at 88.70 points, increasing by 0.94 points (1.07%) week-on-week; it decreased by 6.85 points (7.17%) from the end of last year and by 13.12 points (12.89%) year-on-year [1] Regional Price Index Summary - All six major regions in China saw a week-on-week increase in steel price indices, with the Northwest region showing the largest increase and the Central South region the smallest [2] - The North China steel price index was 89.47 points, up 0.97 points (1.09%) week-on-week, but down 13.60 points (13.19%) year-on-year [2] - The Northeast region's index was 89.19 points, up 0.91 points (1.03%) week-on-week, with a year-on-year decrease of 13.49 points (13.14%) [2] - The East China index was 91.22 points, up 1.19 points (1.32%) week-on-week, down 12.97 points (12.45%) year-on-year [2] - The Central South index was 92.08 points, up 0.84 points (0.93%) week-on-week, with a year-on-year decrease of 13.28 points (12.60%) [2] - The Southwest index was 91.05 points, up 0.97 points (1.08%) week-on-week, down 11.78 points (11.46%) year-on-year [2] - The Northwest index was 91.39 points, up 1.24 points (1.37%) week-on-week, down 13.70 points (13.04%) year-on-year [2] Price Changes by Product - Compared to the end of May, prices for all eight major steel products increased, with rebar showing the largest increase and hot-rolled seamless pipes the smallest [3] - The price of 6mm high wire was 3295 CNY/ton, up 52 CNY/ton (1.60%) from the end of May [3] - The price of 16mm rebar was 3100 CNY/ton, up 49 CNY/ton (1.61%) from the end of May [3] - The price of 5 angle steel was 3298 CNY/ton, up 35 CNY/ton (1.07%) from the end of May [3] - The price of 20mm medium-thick plate was 3417 CNY/ton, up 15 CNY/ton (0.44%) from the end of May [3] - The price of 3mm hot-rolled coil was 3303 CNY/ton, up 47 CNY/ton (1.44%) from the end of May [3] - The price of 1mm cold-rolled sheet was 3747 CNY/ton, up 26 CNY/ton (0.70%) from the end of May [3] - The price of 1mm galvanized sheet was 4168 CNY/ton, up 43 CNY/ton (1.04%) from the end of May [3] - The price of 219mm×10mm hot-rolled seamless pipe was 4240 CNY/ton, up 11 CNY/ton (0.26%) from the end of May [3] Cost Analysis - In May, the average import price of iron ore was 96.24 USD/ton, down 1.86 USD/ton (1.90%) month-on-month [4] - The domestic iron concentrate price was 839 CNY/ton, down 4 CNY/ton (0.47%) from the end of May [4] - The price of coking coal was 1175 CNY/ton, down 14 CNY/ton (1.18%) from the end of May [4] - The price of coke was 1162 CNY/ton, down 5 CNY/ton (0.43%) from the end of May [4] - The price of scrap steel remained stable at 2337 CNY/ton, unchanged from the end of May [4] International Market Overview - In June, the CRU international steel price index was 188.1 points, down 7.0 points (3.6%) month-on-month [5] - The CRU long steel price index was 194.2 points, down 1.4 points (0.7%) month-on-month [5] - The CRU flat steel price index was 184.8 points, down 10.1 points (5.2%) month-on-month [5] - The North American steel price index was 235.1 points, down 9.9 points (4.0%) month-on-month [5] - The European steel price index was 212.9 points, down 10.1 points (4.5%) month-on-month [5] - The Asian steel price index was 146.7 points, down 3.7 points (2.5%) month-on-month [5] Market Outlook - The Chinese steel price index is currently showing a strong performance, rebounding above 90 points; however, the market is in a low-demand season, making a fundamental shift in demand unlikely in the short term [6] - Steel production has slightly decreased, and spot prices for major products have risen, while raw material prices continue to decline slightly [6] - Overall, steel prices are expected to remain volatile in the short term due to seasonal demand factors [6]

Core Insights - GH2747 is a high-performance high-temperature alloy that has gained popularity across various industrial sectors due to its excellent mechanical properties and corrosion resistance [1][2][5] Group 1: Performance Characteristics - GH2747 is designed for high-temperature environments, exhibiting a room temperature yield strength of up to 800 MPa, which provides strong load-bearing capabilities [2] - The alloy maintains stable hardness under high-temperature conditions, with outstanding oxidation resistance and fatigue resistance, allowing for long-term stable operation in complex working conditions [2] Group 2: Standards and Specifications - The selection and application of GH2747 should reference ASTM and AMS standards, with ASTM B1043-18 detailing the chemical composition and AMS 5K.2.2 focusing on mechanical properties and corrosion resistance [2][3] - There are two main points of contention regarding standard selection: AMS emphasizes corrosion resistance while ASTM focuses on mechanical performance, which may affect material selection and performance evaluation [3] Group 3: Market Pricing - Current market prices for GH2747 are approximately $1,800 per ton according to LME data and around $1,750 per ton based on Shanghai Nonferrous Metals Network data, providing essential references for material procurement and cost budgeting [3] Group 4: Common Misconceptions - Misconception 1: Ignoring the impact of environmental temperature on material performance; GH2747 may perform differently in low-temperature environments [4] - Misconception 2: Overemphasizing price as the sole criterion for material selection; while GH2747 is relatively expensive, its performance advantages can significantly reduce costs over time [4] - Misconception 3: Overlooking alloy composition differences among manufacturers, which can affect performance; it is crucial to refer to authoritative standards and test reports [4]

Group 1 - The 12th China International Tube Exhibition (Tube China 2026) will be held from September 21-24, 2026, at the Shanghai New International Expo Center [1][3] - The exhibition is expected to cover an area of over 100,000 square meters and attract more than 1,200 exhibitors globally, emphasizing its status as a benchmark event in the Asian pipe industry [3] - The theme of the exhibition is "Innovation Driven, Intelligent Manufacturing Future," highlighting the focus on technological advancements in the pipe industry [3][5] Group 2 - A "Green Pipe Innovation Center" will be established at the exhibition to showcase the latest achievements in the industry's low-carbon transformation [5] - The event will feature a "Future Factory Experience Zone" demonstrating advanced technologies such as intelligent seamless pipe production lines and laser cutting combined with 3D printing [5] - The exhibition will also release the "Global Pipe Industry Technology Development White Paper" during the event [5] Group 3 - The "Global Pipe Industry Summit" will take place concurrently, inviting experts and industry leaders to discuss pipeline demands and material innovations in the context of energy transition [7] - The expected attendance includes over 50,000 professional visitors from sectors such as oil and gas, construction, and automotive [7] - The event will facilitate industry collaboration through "hundreds of technology matchmaking meetings" to promote cooperation between academia and industry [9]

证券研究报告 钢铁周报：需求季节性走弱，限产预期托底 行业评级：看好 2025 年 06 月 08 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年6月8日） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 385 | 1 1% . | 1 . | 0% | | | 沪深300 | | 3 , | 874 | 0 9% . | -1 . | 5% | | 板 | SW钢铁指数 | | 2 , | 119 | -0 2% . | 0 . | 8% | | 块 | | SW普钢指数 | 2 , | 118 | 0 6% - . ...

证券研究报告 钢铁周报：需求季节性走弱，限产预期托底 行业评级：看好 2025 年 06 月 08 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年6月8日） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 385 | | 1 1% . | 1 . | 0% | | | 沪深300 | | 3 , | 874 | | 0 9% . | -1 . | 5% | | 板 | SW钢铁指数 | | 2 , | 119 | | -0 2% . | 0 . | 8% | | 块 | | SW普钢指数 | 2 , | ...

关于TA1钛合金的选用标准， industry standards play a crucial role。 ASTM B801-19和AMS 5-2011为该合金制定了详细的技术规范，确保其在不同应用环境中 的稳定性。这些标准不仅涵盖了材料性能，还包括生产过程的控制要求，为采购和质量把关提供了可靠依据。 在选材方面，常见的误区包括对合金牌号认识不足和表面处理方案误判。一些采购商可能误以为表面喷砂或抛光能提升硬度，而事实上这些处理措施对TA1 合金的硬度提升有限。合金牌号的混淆也是常见错误之一，如将TA1与其他类似牌号混淆，导致性能不符。因此，在选材时，需明确合金牌号和处理工艺， 确保满足设计要求。 技术争议点上，关于合金生产标准的讨论较为激烈。一些生产厂商认为严格的AMS标准过于苛刻，影响了生产效率；而另一方则强调严格的行业标准是质 量的保障。这种争议提醒我们在采购时需综合考虑合金的综合性能，而非单一指标。 TA1钛合金无缝管的市场行情数据可参考LME和上海有色网。2023年，TA1合金的价格持续上涨，主要受其稀缺性和高强度性能驱动。上海有色网数据显 示，不同规格的TA1无缝管价格区间在12000-1500 ...

证券研究报告 钢铁周报：等待供给侧约束落地 行业评级：看好 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年5月11日） | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价 格 | | | | 周涨跌幅 | | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 342 | | 1 . | 9% | -0 . | 3% | | | 沪深300 | | 3 , | 846 | | 2 . | 0% | -2 . | 3% | | 板 | SW钢铁指数 | | 2 , | 169 | | 1 . | 8% | 3 . | 2% | | 块 | | SW普钢指数 | 2 , | 184 | | 1 . | 8% | 4 . | 7% | | | | SW特钢指数 | 3 , | 922 | | 1 . | 6% | 4 . | 3% | | | | SW冶钢原料指数 | 2 , | 360 | | 2 . | 2% | 4 - . | 3% | | | 螺纹钢:HRB400 20mm ...

武进不锈（603878.SH）2024 年年报及 2025 年一季报点评 Q1 业绩有所修复，火电锅炉维持高景气 2025 年 04 月 30 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营收 26.52 亿元，同比减少 24.57%，归母净利润 1.26 亿元，同比减少 64.25%；扣 非归母净利 1.03 亿元，同比减少 68.27%。2024Q4，公司实现营收 5.62 亿元， 同比减少 29.37%，环比增加 0.57%，归母净利润-0.45 元，同环比转亏；扣非 归母净利-0.56 亿元，同环比转亏。2025Q1，公司实现营收 4.83 亿元，同比减 少 33.90%，环比减少 14.06%，归母净利润 0.30 亿元，同比减少 55.43%，环 比扭亏；扣非归母净利 0.28 亿元，同比减少 56.30%，环比扭亏。 ➢ 点评：25Q1 销量、毛利率环比改善 ① 量：25Q1 销量环比回升。2024 年，公司无缝管、焊管销量分别为 4.35、 2.66 万吨，同比-15.07%、-24.02%。2025Q1，无缝管、焊管销量分别为 1.06、 0.63 ...

姜维在发布会上提到，中国钢铁出口正面临前所未有的严峻挑战。受"232""301"等关税措施影响，美国 对我国钢铁产品加征关税税率已增至70%，部分品种受对等关税影响税率超过70%。美国自我国进口钢 铁规模较小，目前维持在每年不到100万吨的水平，仅占我国钢材出口总量不到1%，具体品种以管件、 钢丝、无缝管和镀锡板卷等产品为主。美国此次调整"232"关税，预计将影响我国钢铁产品及下游制品 出口，同时进一步搅乱全球钢铁贸易秩序。 根据中钢协统计，2024年我国钢铁产品遭受贸易救济原审案件33起，超过2020年至2023年案件数量总 和，今年初以来又遭受国外贸易救济调查8起。国际钢铁市场碎片化趋势加速凸显。 出口挑战不断加剧下，中钢协同时提出，主要满足国内需求是中国钢铁始终坚持的基本定位，高端钢材 出口是中国钢铁参与全球分工合作的必要途径。 中钢协副秘书长兼市场调研部主任石洪卫在今日发布会上表示，据国家统计局数据，2024年全国粗钢产 量10.05亿吨，粗钢表观消费量为8.92亿吨。这些数据体现了我国钢铁产业依然是以内需为主，我国对粗 钢的需求相当于世界整体钢产量的一半，"中国是钢铁制造的中心，更是钢铁消费的中心" ...