泓德优质治理混合（011530）基金经理为苏昌景。 截至发稿，苏昌景累计任职时间9年143天，现任基金资产总规模10.1亿元，任职期间最佳基金回报 102.97%， 任职期间最差基金回报-33.53%。 资料显示，北京首钢股份有限公司位于北京市石景山区群明湖南路6号院3号楼，成立日期1999年10月15 日，上市日期1999年12月16日，公司主营业务涉及金属软磁材料(电工钢)和钢铁产品生产和销售。主营 业务收入构成为：冷轧41.42%，热轧39.28%，金属软磁材料15.10%，其他(补充)2.84%，其他产品 0.98%，钢坯0.38%。 从基金十大重仓股角度 数据显示，泓德基金旗下1只基金重仓首钢股份。泓德优质治理混合（011530）二季度持有股数107.37 万股，占基金净值比例为1.06%，位居第六大重仓股。根据测算，今日浮盈赚取约26.84万元。 泓德优质治理混合（011530）成立日期2021年3月23日，最新规模3.44亿。今年以来收益11.05%，同类 排名5639/8174；近一年收益29.21%，同类排名5288/7982；成立以来亏损28.74%。 9月16日，首钢股份涨5.64%，截 ...

9月16日，首钢股份盘中下跌2.03%，截至10:11，报4.34元/股，成交7344.19万元，换手率0.26%，总市 值336.57亿元。 首钢股份所属申万行业为：钢铁-普钢-板材。所属概念板块包括：低价、京津冀、北京国资、雄安新 区、特斯拉等。 首钢股份今年以来股价涨43.33%，近5个交易日涨4.08%，近20日涨4.58%，近60日涨29.55%。 机构持仓方面，截止2025年6月30日，首钢股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股5361.33万股，相比上期增加977.90万股。南方中证500ETF（510500）位居第十大流通股 东，持股2315.42万股，为新进股东。 资料显示，北京首钢股份有限公司位于北京市石景山区群明湖南路6号院3号楼，成立日期1999年10月15 日，上市日期1999年12月16日，公司主营业务涉及金属软磁材料(电工钢)和钢铁产品生产和销售。主营 业务收入构成为：冷轧41.42%，热轧39.28%，金属软磁材料15.10%，其他(补充)2.84%，其他产品 0.98%，钢坯0.38%。 责任编辑：小浪快报 截至6月30日，首钢股份股东户数8.38 ...

9月15日，首钢股份盘中下跌2.00%，截至09:47，报4.41元/股，成交1.18亿元，换手率0.40%，总市值 341.99亿元。 分红方面，首钢股份A股上市后累计派现82.21亿元。近三年，累计派现10.30亿元。 机构持仓方面，截止2025年6月30日，首钢股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股5361.33万股，相比上期增加977.90万股。南方中证500ETF（510500）位居第十大流通股 东，持股2315.42万股，为新进股东。 责任编辑：小浪快报 资料显示，北京首钢股份有限公司位于北京市石景山区群明湖南路6号院3号楼，成立日期1999年10月15 日，上市日期1999年12月16日，公司主营业务涉及金属软磁材料(电工钢)和钢铁产品生产和销售。主营 业务收入构成为：冷轧41.42%，热轧39.28%，金属软磁材料15.10%，其他(补充)2.84%，其他产品 0.98%，钢坯0.38%。 首钢股份所属申万行业为：钢铁-普钢-板材。所属概念板块包括：破净股、长期破净、低价、京津冀、 雄安新区等。 截至6月30日，首钢股份股东户数8.38万，较上期减少2.12%；人均 ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The steel price is expected to continue adjusting, and it is recommended to wait and see. [4] Group 3: Summary According to Related Content Policy Information - On August 1st, the list of "two major" construction projects worth 800 billion yuan for this year has been fully issued, and the central budget - internal investment of 735 billion yuan has been basically issued. [3] Production Capacity Utilization - Last week, the blast - furnace iron - making capacity utilization rate of 247 steel mills was 90.24%, a decrease of 0.57 percentage points from the previous week and an increase of 1.37 percentage points year - on - year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from the previous week and an increase of 40,900 tons year - on - year. [3] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 57.05%, an increase of 1.56 percentage points from the previous week and an increase of 15.11 percentage points year - on - year. The average operating rate was 74.21%, an increase of 2.18 percentage points from the previous week and an increase of 12.75 percentage points year - on - year. [3] Market Performance and Influencing Factors - The price of finished steel rose first and then fell last week with large fluctuations. In terms of weekly fundamentals, the supply and demand of rebar both decreased and inventory increased, while the supply, demand, and inventory of hot - rolled steel all increased. The fundamentals are slightly bearish, but market sentiment has a greater impact on the market. [3] - The Politburo meeting last week was relatively calm, with no unexpected statements on anti - involution and real estate, which put pressure on the previously excited market. Recent market trends are greatly affected by macro factors and sentiment, with large price fluctuations. [3] Later Concerns - Macro policies, supply - side production reduction, and downstream demand conditions should be focused on. [4]

Group 1: Report Industry Investment Rating - The report suggests a wait - and - see approach [4] Group 2: Core Viewpoints - The fundamentals of the steel products industry are weak, and steel prices are undergoing a correction. The market is mainly influenced by macro factors and sentiment, with large price fluctuations. It is recommended to mainly observe the market [2][3][4] Group 3: Summary by Related Contents Steel Inventory - This week, the total steel inventory was 13.5189 million tons, a week - on - week increase of 0.01539 million tons. Among them, the steel mill inventory was 0.40952 million tons, a week - on - week increase of 0.0001 million tons; the social inventory was 0.94237 million tons, a week - on - week increase of 0.01529 million tons [3] - The inventory of steel billets in major warehouses and ports in Tangshan was 1.223 million tons, a week - on - week increase of 0.0552 million tons and a 12.22% increase compared to the same period last year [3] Production Line Operation - Among the 87 section steel production lines in Tangshan, 27 were actually in operation, with an overall start - up rate of 45.76%, a 5.08% decrease from last week. The capacity utilization rate of profiles was 46.12%, a 0.80% increase from last week [3] Steel Price - On July 31, the ex - factory tax - included price of common square billet resources in Qian'an, Tangshan was cumulatively reduced by 100 yuan, reaching 3080 yuan per ton [3] Market Situation - During the research period, the steel market trend slowed down week - on - week, trading activity decreased, there was more wait - and - see attitude at high prices, and inventory continued to accumulate slightly. Some domestic trade resources at ports were still being shipped for export [3] - In terms of weekly data, both supply and demand of rebar decreased and inventory increased, while for hot - rolled steel, both supply, demand, and inventory increased. The weekly fundamentals were neutral to weak [3]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The steel and ore prices have risen rapidly recently, driven by macro - expectations and anti - involution expectations. The medium - term trend is expected to be strong, with the rebar main contract likely to break through 3400, and iron ore performing weaker than finished products. There may be adjustments after the short - term rapid rise. The market may have reversed rather than just rebounded. [5][6] Group 3: Summary by Related Catalogs Steel and Ore Market Situation - This week, the steel and ore market was strong, hitting new highs and breaking through the first - half highs [7]. Important Information - From January to June 2025, China's shipbuilding completion volume was 24.13 million deadweight tons, a year - on - year decrease of 3.5%; new orders were 44.33 million deadweight tons, a year - on - year decrease of 18.2%; as of the end of June, the order backlog was 234.54 million deadweight tons, a year - on - year increase of 36.7% [12]. - In the first half of 2025, China's crude steel output was 514.83 million tons, a year - on - year decrease of 3% [12]. - In August 2025, the production plan for household air conditioners was 11.155 million units, a year - on - year decrease of 7.1%, with domestic sales planned at 6.51 million units (down 5.3% year - on - year) and exports at 4.645 million units (down 9.5% year - on - year) [12]. - Relevant departments are promoting the rectification of involution - style competition and taking measures to regulate the market [12]. - Japan launched an anti - dumping investigation on cold - rolled stainless steel sheets and coils from China [12]. - The second round of coke price increase started on July 22, with a 50 - yuan/ton increase for tamped wet - quenched coke and a 55 - yuan/ton increase for tamped dry - quenched coke [13]. - In the first half of this year, China completed 532.9 billion yuan in water conservancy construction investment, implemented 34,400 water conservancy projects, and started 18,800 new projects [13]. Steel Supply, Inventory and Consumption - This week, the total steel supply was 8.6697 million tons, a week - on - week decrease of 12,200 tons (0.1%); the total inventory was 13.365 million tons, a week - on - week decrease of 11,600 tons (0.1%); the apparent consumption was 8.6813 million tons, a week - on - week decrease of 19,800 tons (0.2%) [14]. - This week, rebar supply was 2.1196 million tons, a week - on - week increase of 29,000 tons (1.4%); total inventory was 5.3864 million tons, a week - on - week decrease of 46,200 tons (0.9%); apparent consumption was 2.1658 million tons, a week - on - week increase of 5.0% [17]. - This week, hot - rolled steel supply was 3.1749 million tons, a week - on - week decrease of 36,500 tons (1.1%); total inventory was 3.4516 million tons, a week - on - week increase of 22,500 tons (0.7%); apparent consumption was 3.1524 million tons, a week - on - week decrease of 85,500 tons (2.6%) [17]. - Rebar inventory contradictions are not prominent. This week, rebar factory inventory decreased, social inventory increased, and total inventory decreased. Hot - rolled steel factory, social, and total inventories all increased, and inventory contradictions were not prominent [18][19]. Iron - related Data - This week, the daily iron - water output was 2.4223 million tons, a week - on - week decrease of 2,100 tons, but it remained at a relatively high level [22].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The complexity,产业链, and price trends of commodities are analyzed, and the relationship between commodity prices and various economic factors is explored [6][10][14]. - The impact of geopolitical conflicts, supply - demand balance, and economic cycles on oil prices is discussed, and future oil price trends are predicted [42][58]. - The supply - demand situation, price trends, and influencing factors of various commodities such as power coal, natural gas, aluminum, and copper are analyzed [98][106][120][166]. Summary by Relevant Catalogs Commodity Classification and Characteristics - Commodities are divided into physical and non - physical commodities, including energy, metals, agriculture, and financial rights [5]. - Commodities have complexity,产业链 characteristics, and price trends related to economic cycles, with factors such as supply - demand, geopolitics, and interest rates affecting prices [6][10]. Commodity Prices and Economic Factors - Gold has long - term value - preservation functions, and the price CAGR of some resources increased from 2020 - 2024 due to various factors [14]. - The price trends of commodities are related to GDP, inflation, and economic cycles, with industrial commodities showing higher cycle fluctuations than agricultural products [14][19]. - The price cycles of commodities have characteristics such as turning points, duration of prosperity and recession, and are affected by factors like supply shocks and technological progress [24]. Oil Price Analysis - The relationship between oil prices and factors such as the Fed's interest rate, U.S. Treasury yields, inventory, and geopolitics is analyzed [10][33][42]. - Future oil price trends are predicted based on supply - demand balance, geopolitical conflicts, and economic cycles, with oil prices expected to be relatively strong in 2024 and oscillate downward in 2025 [42]. Other Commodity Analysis - Power coal supply - demand is relatively balanced, with prices expected to remain low due to sufficient inventory [98][102]. - Domestic natural gas demand is stable, with supply exceeding demand in some periods, and prices are expected to decline [106][109]. - Aluminum prices are related to PMI, GDP, and CPI, and the supply - demand situation, cost, and profit of the aluminum industry are analyzed [120][131][151]. - Copper prices are affected by factors such as Fed's interest rate policy, supply - demand, and geopolitics, and are expected to be in the range of $9500 - 12000/ton [166][173].

Group 1 - The steel ETF (515210) saw a net inflow of over 50 million yuan, driven by improved supply and demand expectations for profit recovery [1] - The Ministry of Industry and Information Technology's revised "Steel Industry Normative Conditions (2025 Edition)" aims for a two-tier evaluation of steel enterprises, which is expected to help the steel sector's profitability recover to historical average levels [1] - The current price difference between hot-rolled and rebar steel is at a low of 110 yuan/ton, while the hot and cold-rolled price difference has expanded by 80 yuan/ton to 420 yuan/ton [1] Group 2 - Rebar prices have rebounded by 1.59% from an 8-month low, and the national steel PMI new order index increased by 9.9 percentage points to 51% [1] - The comprehensive gross profit of the steel industry has slightly decreased by 0.65% to 199 yuan/ton [1] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets is at 37.68%, still below the peak level of 2017, indicating potential investment interest [1] Group 3 - The steel ETF (code: 515210) tracks the CSI Steel Index (code: 930606), which is compiled by the China Securities Index Company and reflects the overall performance of listed companies in the steel industry [1]

Investment Rating - The industry investment rating is Neutral, maintained [7]. Core Viewpoints - The steel industry is transitioning from valuation recovery to fundamental recovery, with the purchase and sale price difference being a key tracking clue [4]. - The expectation of production restrictions is driving black commodity prices to gradually strengthen since early April, which is favorable for the expansion of steel material purchase and sale price differences [4][7]. - The price of steel has been under pressure due to tariff and anti-dumping policies, leading to a decline in steel prices before the May Day holiday [4]. Summary by Relevant Sections Price Trends - From early April to now, the average prices of iron ore, metallurgical coke, rebar, and hot-rolled steel have decreased by 26, 72, 138, and 136 CNY/ton respectively [2]. - The purchase and sale price differences for rebar and hot-rolled steel have narrowed by 43 and 41 CNY/ton compared to the first quarter [2][7]. Production and Demand - The demand for construction steel has slightly declined as the pre-holiday replenishment effect weakens, with average daily transaction volumes for construction steel at 109,300 tons, down from the previous week [4]. - The average daily pig iron production of sample steel companies has risen to 2.4542 million tons, an increase of 10,700 tons compared to the previous period [4]. Inventory and Profitability - The total inventory of long products has decreased by 21.65% year-on-year, while plate inventory has decreased by 14.87% year-on-year [4]. - The estimated profit for rebar is 19 CNY/ton, while the profit based on lagging costs is 5 CNY/ton [4]. Future Outlook - In the second quarter of 2025, the purchase and sale price differences for steel are expected to expand due to the decline in long-term contract prices for coke and the expectation of production restrictions [5][7]. - The purchase and sale price differences for rebar and hot-rolled steel are projected to expand by 62 and 63 CNY/ton respectively if all steel companies adopt long-term contracts [7]. Investment Opportunities - The report suggests focusing on undervalued quality companies in the steel sector, such as Baosteel and Nanjing Steel, as well as companies with strong performance potential like Hualing Steel and New Steel [25].

Investment Rating - The industry investment rating is Neutral, maintained [10] Core Viewpoints - The current market is focused on whether production restrictions will be implemented and if the rise in steel stocks can be sustained. These two issues are not necessarily equivalent. The current supply-side reform may reflect a more nuanced approach compared to the "one-size-fits-all" model of 2016, requiring a more detailed process and timeline. Even if production restrictions are implemented in the short term, their intensity may not match that of 2016. The core of the current steel stock rally lies in the fundamentals and valuations being at a double bottom, with supply-side reform expectations merely providing a catalyst for upward elasticity. Recent high-frequency data shows stabilization, with production and inventory levels remaining low, maintaining a weak balance in the steel fundamentals [2][8] Summary by Sections Demand and Supply Dynamics - Seasonal recovery in demand is ongoing, with the apparent consumption of steel rising by 4.87% week-on-week, although it is down 0.88% year-on-year. Long products increased by 12.26% week-on-week but decreased by 6.72% year-on-year, while flat products saw a slight increase of 0.45% week-on-week and a year-on-year increase of 3.44%. The average daily transaction volume of construction steel was 105,700 tons, up by 170 tons week-on-week [5][6] - Daily molten iron production slightly increased to 2.2794 million tons, up by 4,300 tons per day week-on-week. The production of five major steel products rose by 0.91% week-on-week but fell by 1.75% year-on-year [5][6] Inventory Levels - National total inventory increased by 0.75% week-on-week, remaining at historically low levels. Specifically, long product inventory rose by 1.49% week-on-week but fell by 35.54% year-on-year, while flat product inventory decreased by 0.22% week-on-week and fell by 6.15% year-on-year [6] Price Trends - Recent price trends show that Shanghai rebar dropped to 3,310 CNY/ton, down by 90 CNY/ton week-on-week, while Shanghai hot-rolled steel fell to 3,410 CNY/ton, down by 50 CNY/ton week-on-week. The estimated profit margin for rebar is approximately 48 CNY/ton below the breakeven line [6][8] Market Sentiment and Investment Opportunities - The market sentiment indicates that steel stocks have performed well under the backdrop of supply-side reform expectations, outperforming black commodities. Unlike previous rounds of supply-side reform, this time, leading stocks have also shown strong performance, reflecting a shift in market perception towards steel leaders as having growth attributes rather than being purely cyclical stocks. The focus remains on the dual bottom of fundamentals and valuations, presenting investment opportunities in steel stocks [7][8][22]