瞄准"智造"合作 "故友新朋"相聚南京 □ 南京日报/紫金山新闻记者 张甜甜 "我们应该面对面，多走动！"西班牙巴斯克产业发展署（SPRI）产业集群发展主任大卫·费尔南德斯的这句话，道出了双方共同的心声。 提前一天半抵达，在短短两天内精准对接12家智能制造领域重点企业——11月19日，由市投促局、江宁开发区、南京西班牙海外协同创新中心（智欧研究 院）组织的西班牙机床与先进制造技术协会（AFM）代表团合作交流活动在南京举行，代表团一行甫抵南京，便开启了一场争分夺秒、务求实效的合作洽 谈。此次访问，距离西班牙研究与创新院与SPRI代表团7月到访仅相隔数月。频繁的互动背后，是两地产业界基于共同发展需求的"双向奔赴"。作为代表西 班牙800余家先进制造企业、营业额约占行业92%的权威组织，AFM此行目标明确：深化在智能制造领域的务实合作。 迈新步，交流互访升温 人流中有信息流，"你来我往"为民心相通注入新动力，让世界认识南京、更了解南京。 西班牙代表团提前一天半抵达，密集对接12家宁企 埃斯顿从南京走向世界的成功实践，成为南京产业环境与开放活力的生动印证。座谈会上，市投促局与江宁开发区相关负责人也借此向西班牙嘉宾系统 ...

本报记者 李勇 "我公司将根据钢铁行业发展现状，以反内卷为契机，精准聚焦高成长赛道，将工作重点放在推进现有产线提质增效及绿 色低碳改造，通过资产优化配置，快速实现降本增效，提高'高端化、智能化、绿色化'水平，实现公司可持续发展的战略转 型。"11月6日下午，在本钢板材股份有限公司（以下简称"本钢板材"）召开的2025年第三季度业绩说明会上，本钢板材董事 长、总经理黄作为在回复投资者提问时表示。 经营效益明显改善 本钢板材作为一家集炼铁、炼钢、轧钢等为一体的特大型钢铁联合企业，目前已经形成生铁1050万吨、粗钢1335万吨、热 轧材1607万吨、冷轧材701万吨、特钢材120万吨的产能。 发展中，本钢板材还不断引入先进装备技术，聚焦"高端化、智能化、绿色化"，持续推进对钢铁主业的转型升级。目前， 本钢板材拥有东北最大的容积4747立方米高炉、世界最宽幅2300热连轧机组、世界最先进的冷轧生产线等一系列先进技术装 备，基本建成了以汽车钢为引领的精品钢材基地，形成了60多个品种、7500多个规格的产品系列。其高附加值和高技术含量产 品占比超八成。 "聚焦'高端化、智能化、绿色化'的转型升级符合行业趋势和国家政策导向 ...

Group 1: Carbon Emission Trading Impact - The steel industry will transition to carbon emission intensity control from 2025 to 2026, linking quota distribution to corporate carbon emission levels [3] - By 2027, a tightening quota system will be established, enhancing carbon data quality and promoting technological innovation in the steel sector [3] - Inclusion in the national carbon market will improve transparency and reduce carbon tariff burdens for Chinese steel exports, enhancing international competitiveness [3] Group 2: Company Preparations for Carbon Reduction - The company is constructing a new electric furnace that aims to achieve over 70% carbon reduction in high-quality green steel production [4] - Research on advanced carbon reduction technologies has yielded positive results, including trials for hydrogen and biomass injection in blast furnaces [4] - Ten products have completed Environmental Product Declarations (EPD), establishing a low-carbon product system and proprietary low-carbon labeling [4] Group 3: Low-Carbon Electric Furnace Production - The electric furnace production line at Shougang's subsidiary is under construction, expected to be operational by 2026, with an annual carbon reduction of approximately 1.43 million tons [6] - The national carbon market will cover major industrial sectors by 2027, with a focus on reducing greenhouse gas emissions [6] - The establishment of a Green Manufacturing Committee and a Low-Carbon Management Center aims to enhance the company's low-carbon development capabilities [6] Group 4: Innovations in Electrical Steel Products - Shougang Zhixin has launched a series of ultra-high magnetic soft magnetic materials for humanoid robots, achieving a magnetic induction strength of 1.75T [7] - The new electrical steel products have shown a torque increase of 1.6% and a 27% reduction in iron loss compared to conventional materials [7] - These innovations have been validated by leading humanoid robot manufacturers, with one international company already placing bulk orders [7] Group 5: Automotive Steel Product Competitiveness - The company is focusing on lightweight demands in the electric vehicle sector by enhancing the development and promotion of high-strength and ultra-high-strength products [7] - To meet increasing quality demands for automotive exterior panels, the company is developing a comprehensive, multi-product solution to strengthen its competitive edge [7]

Core Viewpoint - Ansteel Corporation (00347.HK) reported a decline in revenue and a net loss for the first three quarters of 2025, while making progress in market expansion and high-end product development [1] Financial Performance - Revenue for the first three quarters of 2025 was 73.092 billion RMB, a year-on-year decrease of 7.78% [1] - The company recorded a net loss attributable to shareholders of 2.04 billion RMB [1] - Basic earnings per share were -0.218 RMB [1] Market Development - The company has made new advancements in market expansion, with a focus on high-end product development [1] - The proportion of high-end products increased by 2.29 percentage points compared to targets [1] - The company achieved full specification supply capability for high-strength container steel [1] Product Performance - Ansteel's hot-rolled battery shell steel has entered the battery shell industry for the first time [1] - Sales of new energy vehicle silicon steel, oriented silicon steel 0.23 series, and automotive steel have significantly increased [1] International Expansion - The company actively expanded into overseas markets, successfully exporting 60-meter long standard steel rails [1] Customer Service Improvement - The customer service system has been optimized, leading to a continuous improvement in service levels [1] - The execution rate of full lifecycle contracts increased by 4.5 percentage points year-on-year [1]

Core Insights - Baosteel's revenue for the first three quarters of 2023 reached 48.08 billion yuan, with a net profit of 233 million yuan, an increase of 749 million yuan year-on-year [1] - In Q3 alone, Baosteel's revenue was 16.75 billion yuan, reflecting a year-on-year growth of 14.29% [1] - The company is transitioning from a steel manufacturer to a new materials service provider, aligning with national strategies for carbon neutrality and industrial upgrades [1][2] Financial Performance - Baosteel's production of specialty steel reached 7.11 million tons, an 18.1% increase year-on-year, while rare earth steel production rose by 8.28% [1] - The company achieved a significant increase in sales of oriented silicon steel by 375.27%, with other high-end products also showing strong growth [1] Strategic Initiatives - The company is focusing on "extreme cost reduction" as a core operational strategy, enhancing cost control across the entire supply chain [2] - Baosteel has reduced its steel manufacturing cost by 2.45% this year, building on a previous reduction of 2.8% [2] Industry Context - The Ministry of Industry and Information Technology's recent plan indicates an average annual growth of around 4% in the steel industry's added value from 2025 to 2026, emphasizing green, digital, and high-end development [3] - Baosteel's strategy of combining high-quality steel with rare earth steel is seen as a competitive advantage in the current industry landscape [3] Technological Advancements - The company is implementing 25 projects aimed at enhancing quality and efficiency, including the construction of a new refining furnace and upgrades to by-product technologies [4] - Baosteel has achieved advanced-level certification for smart manufacturing, indicating a commitment to digital transformation [5] Future Outlook - The company aims to deepen product structure adjustments and accelerate the transition to high-quality production, supported by technological advancements and cost reduction efforts [5]

Group 1: Company Advantages in Automotive Steel - The company has made breakthroughs in ultra-wide and high-strength steel core technologies, providing better material solutions for lightweight electric vehicles [1] - "Bensteel Wide" has become a benchmark for high-end automotive steel, focusing on cold-rolled automotive steel products over 2050 mm wide, supplying major domestic and international electric vehicle manufacturers [1] - The company is promoting low-carbon transformation in cold-rolled products, aiming to reduce carbon footprints through green metallurgy processes [1] Group 2: Sales Network and Future Development - The sales network covers major economic regions in China, including Northeast, North China, Central and Western China, East China, and South China, with processing and distribution centers in cities like Shenyang and Dalian [1] - Future strategies include collaboration with Angang Group to leverage differentiated advantages and focus on strategic products like automotive steel and high-end special steel [2] Group 3: Industry Competition and Restructuring - Following the restructuring of the controlling shareholder, there is some overlap and market competition with Angang Group; measures are being taken to address this through asset restructuring and business adjustments [2] - The company is currently evaluating the feasibility and compliance of a major asset replacement plan disclosed in June 2023, which may significantly increase reliance on related parties [2]

Core Viewpoint - Baosteel's half-year report for 2025 shows a significant increase in revenue and net profit, indicating a strong performance despite industry challenges [1] Financial Performance - In the first half of 2025, Baosteel achieved operating revenue of 31.327 billion yuan and a net profit attributable to shareholders of 151 million yuan, representing a year-on-year growth of 39.99% [1] Production and Capacity - The company produced 7.0303 million tons of iron, 7.4947 million tons of steel, and 6.9417 million tons of finished products, maintaining a stable production rhythm [1] - The strategic focus on high-quality specialty steel and rare earth steel has led to a 12.61% increase in orders for specialty steel, totaling 5.4253 million tons [1] Product Development and Market Expansion - Baosteel has successfully expanded its product applications in high-end sectors, including silicon steel, heavy rail, automotive steel, and wind power steel, contributing to increased production and efficiency [2] - The company has established a service network with processing centers in various cities to enhance collaboration within the supply chain [2] Cost Management and Efficiency - The company implemented a comprehensive cost management system, achieving a reduction in costs by 822 million yuan year-on-year through improved production efficiency and optimized raw material structure [2] Focus on New Energy and R&D - Baosteel is concentrating on the wind, water, and hydrogen energy sectors, developing high-performance rare earth steel products to meet the demands of key projects [3] - The company has successfully applied its products in various projects, including wind power and hydrogen pipeline projects, showcasing its commitment to innovation [3] Resource Advantage - Baosteel benefits from its controlling shareholder's access to the Baiyun Obo mine, a world-class multi-metal resource, ensuring a stable supply of raw materials [4] - The unique characteristics of the mine allow Baosteel to enhance the performance of its rare earth steel products, translating resource advantages into manufacturing strengths [4] Investor Returns - The company plans to distribute cash dividends of 90.5772 million yuan for the 2024 fiscal year, representing 34.23% of the net profit attributable to shareholders [5] - Baosteel has initiated a share repurchase plan, with a total repurchase amount of 20.4998 million yuan as of July 31, 2025, indicating a commitment to enhancing shareholder value [5]

Core Viewpoint - The company is focusing on developing lightweight, high-strength, and low-cost automotive steel to meet the evolving demands of the automotive industry, particularly in the context of safety, low carbon emissions, and environmental sustainability [1][2]. Group 1: Product Development and Innovation - The company aims to create a comprehensive operational chain integrating sales, research, and production to enhance the quality and upgrade the product structure of automotive steel [1]. - The company has been innovating in high-strength steel, particularly in the production of ultra-high-strength steel (980MPa and above), overcoming technical challenges related to surface quality during processing [2]. - The introduction of a low-carbon metallurgy process combining scrap steel, electric furnaces, and converters has led to a 30% reduction in carbon emissions for automotive steel products [3]. Group 2: Market Strategy and Customer Engagement - The company is actively developing a diverse range of low-carbon automotive steel products and has achieved various certifications for its low-carbon emissions [3]. - The company is enhancing operational efficiency across the entire supply chain and implementing differentiated technical services to meet the personalized needs of customers [3]. - The company has established deep cooperative relationships with several major automotive manufacturers, resulting in a 5.69% year-on-year increase in automotive steel sales in the first half of the year [4].

Summary of Steel Industry Conference Call Industry Overview - The steel industry has seen a recovery in profitability compared to last year, with total profits of 46 billion yuan in the first half of 2025, still at historical lows, indicating a need for further improvement in profitability [1][2][5] - The PB valuation of the steel sector is slightly above 1x, but given the industry's profit recovery and the elasticity at the bottom of the cycle, the current valuation remains attractive and has investment value [1][2][10] - The holding ratio in the steel sector has decreased further, indicating low market attention and that the industry is still in a bottom cycle, with trading not being crowded [1][2][10] Key Points and Arguments - **Profit Cycle**: The steel industry's profits have improved in the first half of 2025 but remain historically low, only slightly better than 2015 levels, with total profits around 46 billion yuan [2][5] - **Valuation Levels**: Despite the rise in the steel sector this year, the PB valuation is still considered undervalued, with the potential for profit recovery and elasticity from the bottom cycle [2][10] - **Supply and Demand**: Improvements in supply and demand are primarily driven by production cuts and mid-term capacity clearance, with marginal improvements noted from Q3 last year to Q2 this year [2][3][16] - **Short-term Catalysts**: Supply-side reforms under the anti-involution strategy, including production cuts and increased infrastructure work, are expected to positively impact the industry [1][2][3] Future Outlook - The decision-makers aim to enhance the industry's profit center through short-term production control and mid-term capacity clearance, expecting good performance in the steel industry over the next three years [3][19] - The demand for construction steel is expected to remain flat or slightly decrease for the year, while manufacturing steel demand is strong but may face export pressures in the second half [1][15][16] Recommended Stocks - **Hualing Steel**: Lowest PB valuation among quality companies, with continuous shareholder returns expected [4] - **Shougang**: High fixed costs due to relocation, but has significant potential in automotive and silicon steel if the industry recovers [4] - **Baosteel**: Currently undervalued but will benefit significantly from industry recovery [4] - **Fangda Special Steel**: Currently at historical low PB valuation, with potential for growth if production adjustments are made [4] Government Measures - The government emphasizes anti-involution policies to improve the steel industry's situation, with a focus on reducing production to maintain overall profitability [7][19] - The implementation of production reduction policies has been slow, facing challenges particularly with small steel mills [18] Current Production and Supply Situation - The steel industry is experiencing overproduction due to fixed cost absorption strategies, leading to a competitive environment [6] - The overall inventory level is low, with a year-on-year decrease of about 30%, which is favorable for price increases [20][21] Conclusion - The steel industry is currently at a cyclical bottom with significant potential for upward movement. Quality stocks that enhance product value or have strong profit elasticity are recommended for investment [24][25][27]

Core Viewpoint - The steel industry is a crucial pillar for the economic development of Rizhao City, with a focus on promoting green, low-carbon, and high-quality development in the sector [1][2]. Group 1: Industry Development - Rizhao Steel Holding Group Co., Ltd. was established in 2003 and is known for its rapid construction and production speed, achieving operational status in just 181 days [1]. - The company became a ten-million-ton steel enterprise in 2008 and introduced the world's most advanced ESP technology in 2013, leading to significant innovations in rolling production processes [1][2]. - By 2019, the company's output value exceeded 100 billion yuan [1]. Group 2: Technological Advancements - The company has significantly enhanced its development levels in high-end, intelligent, and green technologies, establishing a competitive demonstration group of 3,000 cubic meter blast furnaces and 300-ton converters [2]. - Rizhao Steel is recognized as one of the world's largest production bases for high-quality ultra-thin strip steel, with its ESP technology achieving international leading status and multiple world records [2][3]. Group 3: Product Competitiveness - The core competitiveness of Rizhao Steel's products stems from technological innovation, superior quality, market recognition, and green attributes [3]. - The company has established significant technical barriers with its proprietary ESP technology, enabling the production of ultra-thin (as thin as 0.6mm) and high-strength (e.g., 800MPa grade weather-resistant steel) products [3]. - The digital steel coil system allows for real-time tracking of the entire production process, ensuring high efficiency and precision in quality control [3]. Group 4: Market Position and Recognition - Rizhao Steel holds the global market share for container weather-resistant steel at the top position, with exports projected to reach 3.03 million tons in 2024, ranking among the top three in the country [3]. - The company has achieved cumulative sales revenue of 1,107 billion yuan and has paid taxes amounting to 107.5 billion yuan, including 48.1 billion yuan to customs [2]. - Rizhao Steel has received numerous accolades, including being recognized as a national quality benchmark, a national green factory, and an A-level environmental performance enterprise [2].