"反内卷"政策持续发力，钢铁板块估值修复未止 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 7 月 12 日 证券研究报告 行业研究——周报 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] "反内卷"政 ...

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The "anti-involution" policy has driven an increase in steel prices, leading to a positive outlook for value recovery in the steel sector [3][4]. - The steel sector outperformed the broader market, with a weekly increase of 5.27%, compared to a 1.54% rise in the CSI 300 index [11]. - The report highlights that while the steel industry faces supply-demand imbalances, the implementation of "stability growth" policies is expected to support steel demand, particularly in real estate and infrastructure [4]. Summary by Sections Market Performance - The steel sector saw a weekly increase of 5.27%, outperforming the market, with specific segments like long products rising by 8.32% and flat products by 6.95% [3][11]. - The average daily pig iron production was 2.4085 million tons, showing a week-on-week decrease of 1.44 tons but a year-on-year increase of 1.41 tons [3][26]. Supply Data - As of July 4, the capacity utilization rate for blast furnaces was 90.3%, down 0.54 percentage points week-on-week, while electric furnace utilization was at 51.1%, down 3.45 percentage points [3][26]. - The total production of five major steel products reached 7.734 million tons, a week-on-week increase of 3.06 thousand tons [3][26]. Demand Data - The consumption of five major steel products increased to 8.853 million tons, a week-on-week rise of 5.41 thousand tons [3][35]. - The transaction volume of construction steel by mainstream traders was 107 thousand tons, up 0.81 thousand tons week-on-week, reflecting an increase of 8.23% [3][35]. Inventory Levels - Social inventory of five major steel products rose to 9.161 million tons, an increase of 9.62 thousand tons week-on-week, but down 29.01% year-on-year [3][42]. - Factory inventory decreased to 4.238 million tons, down 9.72 thousand tons week-on-week, and down 13.43% year-on-year [3][42]. Price Trends - The comprehensive index for ordinary steel increased to 3,390.0 CNY/ton, a week-on-week rise of 45.42 CNY/ton [3][49]. - The comprehensive index for special steel decreased to 6,576.5 CNY/ton, down 14.61 CNY/ton week-on-week [3][49]. Profitability - The profit per ton for rebar was 187 CNY, an increase of 42.0 CNY/ton week-on-week [3][58]. - The average iron water cost was 2,148 CNY/ton, with a week-on-week increase of 10.0 CNY/ton [3][58]. Investment Recommendations - The report suggests focusing on regional leaders with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and high-margin special steel producers [4].

铁水淡季不淡，钢铁板块再迎配置良机 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 6 月 29 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [铁水淡季不淡，钢铁板块再迎配置良机 Table_Title] 库存周环比增加 1.82%。本周原料价格整体下跌，日照港澳洲粉矿 （62%Fe）下跌 2.0 元/吨，京唐港 ...

证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 炉料成本延续下跌，高炉吨钢利润走阔 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 6 月 23 日 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [炉料成本延续下跌，高炉吨钢利润走阔 Table_Title] [Table_ReportDate] 2025 年 6 月 23 日 本期内容提要： 请阅读最后一页免责声明 ...

【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 6 月 15日 钢材供需博弈激烈，短期行情或震荡为主 证券研究报告 行业研究——周报 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [钢材供需博弈激烈，短期行情或震荡为主 Table_Title] [Table_ReportDate] 2025 年 6 月 15日 本期内容提要： 请阅读最后一页免责声明 ...

行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 炉料成本延续下降，钢材价格环比下跌 [Table_Author] 左前明 能源行业首席分析师 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 6 月 7 日 证券研究报告 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [炉料成本延续下降，钢材价格环比下跌 Table_Title] [Table_ReportDate] 2025 年 6 月 7 日 本期内容提要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 ➢ 本周市场表现：本周钢铁板块下跌 0.18%，表现劣于大盘；其中，特 钢板块下跌 0.28%，长材板块上涨 0.14%，板材板块下跌 0.77%； ...

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The report indicates that while the steel industry faces challenges such as supply-demand imbalances and declining overall profits, the implementation of various "stabilization growth" policies is expected to support steel demand. This includes stabilization in the real estate sector, steady infrastructure investment, and continued development in manufacturing [4][43] - The report highlights that the average iron water cost has decreased, and the profit margins for rebar steel have shown slight improvement, indicating potential for recovery in the industry [4][57] Summary by Sections 1. Market Performance - The steel sector experienced a decline of 0.73% this week, outperforming the broader market, with specific segments like special steel and long products also showing slight declines [3][11] - Iron ore prices increased by 0.30%, while steel consumption rose by 1.02% week-on-week [3][35] 2. Supply Data - As of May 30, the average daily iron water output was 2.4191 million tons, a decrease of 1.69 thousand tons week-on-week, but an increase of 5.11 thousand tons year-on-year [3][26] - The capacity utilization rates for blast furnaces and electric furnaces were 90.7% and 59.0%, respectively, both showing slight declines [3][26] 3. Demand Data - Total consumption of the five major steel products reached 9.138 million tons, with a week-on-week increase of 9.23 thousand tons [3][35] - The transaction volume of construction steel by mainstream traders was 102 thousand tons, reflecting a week-on-week increase of 6.71% [3][35] 4. Inventory Data - Social inventory of the five major steel products decreased to 9.325 million tons, down 2.92% week-on-week [3][43] - Factory inventory also saw a decline, totaling 4.331 million tons, a decrease of 1.12% week-on-week [3][43] 5. Price and Profit Data - The comprehensive index for ordinary steel was 3,386.7 yuan/ton, down 1.90% week-on-week, while the special steel index was 6,630.7 yuan/ton, down 0.33% [3][49] - The profit for rebar steel from blast furnaces was 90 yuan/ton, an increase of 2.27% week-on-week, while electric furnace profits were negative at -357.04 yuan/ton [3][57] 6. Raw Material Prices - The price of Australian iron ore at the port was 737 yuan/ton, down 2.25% week-on-week [4][71] - The price of coking coal was 1,290 yuan/ton, a decrease of 30 yuan/ton week-on-week [4][71] 7. Company Valuation - The report includes a valuation table for key listed companies, indicating projected earnings and price-to-earnings ratios for companies like Baosteel, Hualing Steel, and others [4][72]

高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究——周报 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 本期内容提 ...

铁水日产 续高 ，依旧看好优质普钢业绩改善 【】【】[Table_Industry] 钢铁 [Table_ReportDate] 2025 年 5 月 11 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [钢铁Table_StockAndRank] 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 ➢ 投资建议：虽然钢铁行业现阶段面临供需矛盾突出等困扰，行业利润 整体下行，但伴随系列"稳增长"政策纵深推进，钢铁需求总量有望 在房地产筑底企稳、基建投资稳中有增、制造 ...

高炉吨钢利润稳中向好，低库存背景下普钢公司业绩有望进一步修复 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 5 日 本期内容提要： 上周市场表现：上周钢铁板块下跌 0.52%，表现劣于大盘；其中，特 钢板块下跌 2.29%，长材板块上涨 0.77%，板材板块上涨 0.42%；铁 矿石板块下跌 1.00%，钢铁耗材板块下跌 3.90%，贸易流通板块上涨 0.88% ➢ 。 铁水产量环比增加。截至 5 月 2 日，样本钢企高炉产能利用率 92. 0%，周环比增加 0.40 百分点。截至 5 月 2 日，样本钢企电炉产能利 用率 55.5%，周环比下降 1.20 百分点。截至 5 月 2 日，五大钢材品种 产量 773.4 万吨，周环比增加 6.91 万吨，周环比增加 0.90%。截至 5 月 2 日，日均铁水产量为 245.42 万吨，周环比增加 1.07 万吨，同比 增加 16.70 ➢ 万吨。 五大材消费量环比下降。截至 5 月 2 日，五大钢材品种消费量 970.9 万吨，周环比增加 44.61 万吨，周环比增加 4.82%。截至 5 月 2 ...