石横特钢集团有限公司主营建筑钢材、板材等钢铁产品。该公司通过构建"双驱四维五化"数智赋能质量 管理模式，实现了钢材综合合格率连年攀升、关键质量指标稳定性行业领先、吨钢质量损失成本显著下 降、专业化产品比例和客户满意度持续提高的卓越成效。 近年来，泰安市大力实施质量强市战略，深入开展质量提升行动，完善品牌培育体系，不断夯实质量基 础，大力提升质量创新能力，质量品牌建设取得丰硕成果。截至目前，全市累计2家企业获省长质量 奖，5家企业、3名个人获省长质量奖提名奖，27个品牌入选"好品山东"品牌，4家企业通过"泰山品 质"认证。同时，我市着力打造"泰好品"质量公共品牌，构建梯次衔接、特色鲜明的品牌体系，先后遴 选150个"泰好品"质量公共品牌，有力提升了全市品牌美誉度和影响力。 11月18日，山东省人民政府印发《关于表彰第十届山东省省长质量奖及提名奖获奖单位和个人的通 报》，我市特变电工（600089）鲁能泰山电缆有限公司荣获第十届山东省省长质量奖，石横特钢集团有 限公司荣获第十届山东省省长质量奖提名奖。 特变电工山东鲁能泰山电缆有限公司主营电线电缆研发与制造，拥有"一塔九线"工艺布局和超高压电缆 系统集成技术。该公 ...

在14类商品价格指数中，上涨的5类、持平的3类、下跌的6类。其中，上涨前3位的是：建筑装潢材料 类、板材类、五金电料类；下跌前3位的是：家用电器和音像器材类、文教办公用品类、服装服饰类。 涨跌幅前3的情况如下： 一、建筑装潢材料类周价格指数环比上涨 据临沂商城价格指数信息系统监测，本周临沂商城周价格总指数为102.37点，环比上涨0.03点，涨幅 0.03%；同比下跌1.52点，跌幅1.46%；与年初比下跌1.43点，跌幅1.38%。 五、文教办公用品类周价格指数环比下跌 三、五金电料类周价格指数环比上涨 本周，五金电料类周价格指数收于119.68点，环比上涨0.04点，从指数构成要素看，电线电缆类价格小 幅上涨，五金工具类、仪器仪表类价格微涨。受近期原材料铜、铝等有色金属价格上涨影响，电线价格 跟涨，走货量小幅增加；五金组合工具和钳形电流表价格微涨。 四、家用电器和音像器材类周价格指数环比下跌 本周，家用电器和音像器材类周价格指数收于102.95点，环比下跌0.08点，分类中制冷电器、厨房电器 降幅较大，个人生活电器、热水器小幅下跌。本周空调、冰箱、展示柜等电器走货量持续处于低位，价 格继续下跌；厨房电器中 ...

东吴证券主要观点如下： 2025年供给持续饱满，需求略有回暖 上游铁水产量2025年处于2021-2025年较高水平，仅弱于2023年，与到港量同向增长。截至2025年11 月，铁水日均产量平均238万吨/天，yoy+3.7%。2025年钢材产量五大钢材均有下滑，受制于地产行业趋 势走弱，长材弱于板材。截至2025年10月中国粗钢产量累计8.2亿吨，yoy-4%。 2025年钢材表需同比小幅上升，板材贡献增量，长材有所拖累。截至2025年10月，中国钢材总表观消费 量9.3亿吨，yoy+5%。分品类来看，仍为长弱板强，截至11月底，五大钢材中板材消费量同比增加，其 中热轧、冷轧及中厚板消费量同比+1%/+2%/+5%，螺纹钢、线材有所下滑，yoy-5%/-8%，降幅收窄。 分行业来看，需求主要受地产拖累，造船+汽车+制造业+出口起到弥补作用。 预计2026年钢铁行业供给过剩仍为主要矛盾，价格或维持震荡态势 东吴证券预计，2026年基建、出口、造船、机械用钢正贡献，地产用钢略有拖累，供给略有过剩。 2025钢材价格震荡走弱，2026年预计钢价震荡运行 智通财经APP获悉，东吴证券发布研报称，截至2025年10月 ...

Industrial Sector - Steel and building materials production has rebounded, while the operating rate of float glass has decreased[2] - The apparent demand for steel building materials has increased, while the operating rate for the textile polyester sector has shown seasonal weakness[2] - The operating rates for automotive tires have slightly declined this week[2] Real Estate - New home sales in 30 major cities decreased by 20.8% year-on-year, but the growth rate improved by 8.7 percentage points compared to last week[2] - The second-hand housing listing price index fell by 0.98% week-on-week, indicating a slight narrowing of the decline[2] Domestic Demand - Movie box office revenue increased by 74.7% year-on-year, with a daily average of 83.89 million yuan[2] - The volume of postal express deliveries has grown by 8.3% year-on-year, showing recovery in logistics[2] - Retail sales of major home appliances decreased by 34.6% year-on-year, a decline of 7.2 percentage points compared to the previous value[2] External Demand - Port cargo throughput increased by 3.4% year-on-year, while container throughput rose by 7.4%[2] - The export container freight index rose by 2.6% week-on-week, indicating a slight increase in shipping costs[2] Prices - The agricultural product wholesale price index fell by 0.1% week-on-week, reflecting seasonal trends[2] - The industrial product prices weakened, with the South China industrial product index dropping by 1.9%[2]

一线城市二手房价格下跌幅度超全国平均水平，对市场信心造成负面影 响。尽管上半年房地产市场总体稳定，但三季度以来价格加速下行，70 城二手房价格环比下降加剧市场担忧。 行政性放松政策未能扭转颓势，降低房贷利率是主要期待。2025 年 LPR 仅小幅下降，银行净息差压力限制让利空间，财政贴息或能减轻居 民购房负担，但成本取决于贴息力度和年限。 若实施按揭贷款利率贴息，预计每年成本 500-600 亿元，基于 15 万亿 销售额和 60%首付比例，新增按揭贷款规模约 6 万亿元，扣除公积金贷 款后商业银行贷款 5 万亿元，100 个基点贴息。 对房地产股市持乐观态度，政策推进将提升市场容忍度，增加新旧住房 交易流动性，改善上市公司业绩。关注香港地产、商业地产及具备困境 反转潜力的公司，这些公司负债压力小、现金流充裕且估值便宜。 贝壳找房受一线城市价格下行影响，但经纪业务弹性较早显现。2026 年利润率提升主要因素包括经纪业务人效提升、AI 技术应用（预计每年 带来 2-3 个百分点经营利润率增长）以及家装和租赁业务利润释放。 地产链：扭转预期，需要踏出那一步 20251120 摘要 Q&A 近期房地产市场的整体表现 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates a shift in China's steel consumption structure from the construction industry to the manufacturing sector, suggesting a focus on undervalued, high-dividend plate stocks and high-end stainless steel pipe materials in the context of industry transformation [1] Group 1: Industry Transition - The steel industry is expected to undergo a transformation with a focus on manufacturing, leading to stable demand for certain steel products [1] - Special steel consumption in sectors such as energy, new infrastructure, aerospace, and national defense is becoming increasingly significant [1] Group 2: Profitability Improvement Factors - Cost side: The decline in raw material prices and a more reasonable profit distribution within the industry are anticipated, with the West Mangu Iron Mine expected to start production in November 2025, leading to increased iron ore supply and a forecasted drop in iron ore prices [1] - Supply side: Policy-driven production limits and cash flow pressures on some companies are accelerating supply clearance, with a long-term focus on reducing steel production and improving industry concentration through mergers and acquisitions [1] - Demand side: Manufacturing demand remains resilient, supporting the profitability of plate and special steel sectors, while construction demand stabilizes [1]

11月19日，河钢股份盘中下跌2.04%，截至13:47，报2.40元/股，成交1.78亿元，换手率0.71%，总市值 248.09亿元。 资金流向方面，主力资金净流入118.38万元，特大单买入1434.05万元，占比8.04%，卖出1864.85万元， 占比10.45%；大单买入4370.78万元，占比24.50%，卖出3821.60万元，占比21.42%。 河钢股份所属申万行业为：钢铁-普钢-板材。所属概念板块包括：小金属、电解液、钒电池、创投、核 聚变等。 截至11月10日，河钢股份股东户数23.09万，较上期减少0.01%；人均流通股44756股，较上期增加 0.01%。2025年1月-9月，河钢股份实现营业收入965.42亿元，同比增长8.05%；归母净利润8.23亿元，同 比增长44.71%。 分红方面，河钢股份A股上市后累计派现137.26亿元。近三年，累计派现11.37亿元。 机构持仓方面，截止2025年9月30日，河钢股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股9215.53万股，相比上期增加852.80万股。南方中证500ETF（510500）位居第七大流通股 东， ...

Core Viewpoint - Chongqing Steel's stock price has experienced fluctuations, with a current decline of 2.58% and a year-to-date increase of 4.86%, indicating volatility in market performance [1] Financial Performance - For the period from January to September 2025, Chongqing Steel reported operating revenue of 19.09 billion yuan, a year-on-year decrease of 7.32% [2] - The company recorded a net profit attributable to shareholders of -218 million yuan, showing a significant year-on-year increase of 83.82% [2] Stock Market Activity - As of November 19, Chongqing Steel's stock price was 1.51 yuan per share, with a total market capitalization of 13.366 billion yuan [1] - The stock has seen a trading volume of 1.06 billion yuan, with a turnover rate of 0.83% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -72.47 million yuan on July 2 [1] Shareholder Information - As of September 30, the number of shareholders for Chongqing Steel was 180,800, an increase of 3.27% from the previous period [2] - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2] Dividend Information - Since its A-share listing, Chongqing Steel has distributed a total of 520 million yuan in dividends, with no dividends paid in the last three years [3]

Group 1 - The steel industry is expected to see improved profitability due to three main factors: declining raw material prices, supply-side adjustments, and resilient demand from manufacturing [3][5][9] - The West Simandou iron ore project is set to commence production in November 2025, significantly increasing iron ore supply and contributing to a downward trend in iron ore prices [3][71] - Government policies aimed at reducing overcapacity and promoting energy efficiency are expected to accelerate the exit of outdated production capacity, leading to a more optimized supply structure in the steel industry [3][16][10] Group 2 - Demand for steel is projected to stabilize in the construction sector, while manufacturing demand remains resilient, particularly for flat steel and special steel products [3][19][25] - The overall steel demand in China is forecasted to decline slightly, with total demand expected to be 9.05 billion tons in 2025, a decrease of 0.11% from 2024 [19][20] - The construction sector's share of steel demand is decreasing, while the manufacturing sector's share is increasing, indicating a shift in consumption patterns [3][19] Group 3 - The report highlights that the profitability of steel companies is recovering, with a stronger performance expected in flat steel compared to long steel products [3][85][82] - The average profit margin for steel companies is projected to improve as cost pressures ease, with a focus on companies with stable demand and low valuations [3][87][90] - Investment recommendations include focusing on companies like Baosteel, Nanjing Steel, and Hualing Steel, which are expected to benefit from the shift towards manufacturing [3][95][94]

11月18日，河钢股份跌5.04%，截至发稿，报2.45元/股，成交3.09亿元，换手率1.20%，总市值253.26亿 元。 资料显示，河钢股份有限公司位于河北省石家庄市体育南大街385号，成立日期1997年1月18日，上市日 期1997年4月16日，公司主营业务涉及黑色金属冶炼及压延加工、钢材轧制、金属制品。主营业务收入 构成为：板材70.92%，气体、水电等其他产品9.84%，棒材及型材8.68%，其他(补充)4.20%，钢坯 3.40%，线材、带钢等1.83%，钒产品1.13%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓河钢股份。招商中证500指数增强A（004192）三季度持有股数 168.09万股，占基金净值比例为1.05%，位居第五大重仓股。根据测算，今日浮亏损失约21.85万元。 招商中证500指数增强A（004192）成立日期2017年5月17日，最新规模2.06亿。今年以来收益30.89%， 同类排名1621/4212；近一年收益29.52%，同类排名1452/3956；成立以来收益80.13%。 招商中证500指数增强A（004192）基金经理为邓童。 截至发稿，邓童累计 ...