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：低价、增持回购、中盘、融资融券、 特斯拉等。 截至9月30日，首钢股份股东户数9.18万，较上期增加9.59%；人均流通股70890股，较上期减少8.75%。 2025年1月-9月，首钢股份实现营业收入772.34亿元，同比减少5.78%；归母净利润9.53亿元，同比增长 368.13%。 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4.05亿元。 机构持仓方面，截止2025年9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4631.40万股，相比上期减少729.93万股。南方中证500ETF（510500）位居第九大流通股 东，持股2262.55万股， ...

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 钢铁实施出口许可证管理，影响几何？ 报告要点 [Table_Summary] 12 月 12 日，外贸司公告 2025 年第 79 号文，公布对部分钢铁产品实施出口许可证管理，将部 分钢铁产品纳入出口许可证管理的目录，对外贸易经营者出口上述货物，应凭货物出口合同、 生产商开具的产品质量检验合格证明申领出口许可证，公告自 2026 年 1 月 1 日起执行。强化 钢铁出口的管理，目的或是遏制以"买单出口"为代表的低端出口。买单出口本质是皮包贸易 公司和钢企虚构合同（即买单），以逃避增值税的方式出口。通过严控出口许可证的手段，使得 皮包贸易公司难以存续，也就切断了买单出口的关键环节。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% research. ...

Price Adjustments Overview - Ansteel has announced a price increase for various products effective January 2026, with hot-rolled, pickled, and cold-rolled products each increasing by 100 yuan per ton [1] - Benxi Steel has also implemented a similar price adjustment, with cold-rolled, cold hard, galvanized, and other products increasing by 100 yuan per ton, while some products remain stable [2] - Ling Steel's pricing policy for January 2026 includes a 100 yuan per ton increase for hot-rolled and wire rod products, while rebar prices remain unchanged [3][5] Product-Specific Changes - Hot-rolled products: Increased by 100 yuan/ton across multiple companies [1][2][5] - Cold-rolled products: Increased by 100 yuan/ton, with automotive steel also seeing a similar increase [1][2] - Galvanized products: Increased by 100 yuan/ton as per Benxi Steel's announcement [2] - Wire rod: Increased by 100 yuan/ton according to both Ansteel and Ling Steel [1][5] - Rebar: Prices remain stable across the board [2][5]

Group 1 - The core viewpoint of the news is that Shougang Co., Ltd. has shown a significant increase in stock price this year, with a 40.03% rise, despite a slight decline in recent trading days [1] - As of September 30, 2025, Shougang Co., Ltd. reported a revenue of 77.23 billion yuan, a year-on-year decrease of 5.78%, while the net profit attributable to shareholders increased by 368.13% to 0.95 billion yuan [2] - The company has a diverse revenue structure, with cold-rolled products accounting for 41.42%, hot-rolled products 39.28%, and soft magnetic materials 15.10% of total revenue [1] Group 2 - The company has distributed a total of 8.22 billion yuan in dividends since its A-share listing, with 0.40 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 9.59% to 91,800, while the average circulating shares per person decreased by 8.75% to 70,890 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 46.31 million shares, a decrease of 7.30 million shares from the previous period [3]

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 2025 钢铁碳配额新政发布，影响几何？ 报告要点 [Table_Summary] 2025 年开始，钢铁企业的配额将与该企业的碳排放强度挂钩。通过计算代表行业碳排放平均水 平的行业平衡值（BP），根据钢企碳排放强度（X）与 BP 的大小，将钢企分为三个档次。1） 碳排放强度小于行业平衡值 20%以上的企业（X≤80%BP）为优秀梯度，这些碳排放水平领先 行业的钢企将获得 1.03 倍的配额。2）碳排放强度与行业平衡值差距在 20%以内的企业为中等 梯度（80%BP<X<120%BP），将获得 1+15%[(BP-X)/BP]倍的配额。3）碳排放强度大于行业平 衡值 20%的企业（X≥120%BP）为落后梯度，排放水平落后行业的企业将获得 0.97 倍配额。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ ...

Core Points - Shougang Co., Ltd. experienced a stock price increase of 2.02% on November 13, reaching 4.54 CNY per share, with a total market capitalization of 35.208 billion CNY [1] - The company reported a year-to-date stock price increase of 49.93%, with a 2.71% rise over the last five trading days and an 8.87% increase over the last 20 and 60 days [1] - As of September 30, 2025, Shougang Co., Ltd. had 91,800 shareholders, an increase of 9.59% from the previous period, with an average of 70,890 circulating shares per shareholder, down 8.75% [2] Financial Performance - For the period from January to September 2025, Shougang Co., Ltd. achieved an operating revenue of 77.234 billion CNY, a year-on-year decrease of 5.78%, while the net profit attributable to shareholders increased by 368.13% to 0.953 billion CNY [2] - The company has distributed a total of 8.221 billion CNY in dividends since its A-share listing, with 0.405 billion CNY distributed in the last three years [3] Shareholding Structure - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 46.314 million shares, a decrease of 7.2993 million shares from the previous period [3] - The Southern CSI 500 ETF and Guotai CSI Steel ETF were among the top ten circulating shareholders, with holdings of 22.6255 million shares and 15.5295 million shares, respectively [3] Business Overview - Shougang Co., Ltd. is primarily engaged in the production and sales of electrical steel and steel products, with revenue composition as follows: cold-rolled products (41.42%), hot-rolled products (39.28%), and soft magnetic materials (15.10%) [1] - The company operates within the steel industry, specifically in the sub-sector of general steel and sheet products, and is associated with concepts such as solar energy, carbon neutrality, and the Xiong'an New Area [1]

Core Viewpoint - Shougang Co., Ltd. has experienced a stock price decline of 2.22% on November 10, with a current price of 4.41 CNY per share, despite a year-to-date increase of 45.64% [1] Financial Performance - For the period from January to September 2025, Shougang Co., Ltd. reported operating revenue of 77.234 billion CNY, a year-on-year decrease of 5.78%, while net profit attributable to shareholders increased by 368.13% to 0.953 billion CNY [2] - Cumulative cash dividends since the A-share listing amount to 8.221 billion CNY, with 0.405 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 9.59% to 91,800, while the average circulating shares per person decreased by 8.75% to 70,890 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 46.314 million shares (a decrease of 7.2993 million shares), and the newly entered Guotai CSI Steel ETF, holding 15.5295 million shares [3] Market Activity - On November 10, the trading volume reached 87.0146 million CNY, with a turnover rate of 0.26% and a total market capitalization of 34.199 billion CNY [1] - The net outflow of main funds was 145,900 CNY, with significant buying and selling activity from large orders [1] Business Overview - Shougang Co., Ltd. specializes in the production and sales of electrical steel and steel products, with revenue composition from cold-rolled (41.42%), hot-rolled (39.28%), and soft magnetic materials (15.10%) [1] - The company is categorized under the steel industry, specifically in the sub-sector of general steel and sheet products [1]

Core Viewpoint - Shougang Corporation's stock has shown significant growth this year, with a 48.94% increase, despite a recent net outflow of funds [1][2]. Financial Performance - For the period from January to September 2025, Shougang Corporation reported a revenue of 772.34 billion, a year-on-year decrease of 5.78%, while the net profit attributable to shareholders increased by 368.13% to 9.53 billion [2]. - The company has distributed a total of 82.21 billion in dividends since its A-share listing, with 4.05 billion distributed over the last three years [3]. Stock Market Activity - As of November 7, Shougang's stock price reached 4.51 per share, with a trading volume of 1.77 billion and a market capitalization of 349.75 billion [1]. - The stock has experienced a 7.38% increase over the last five trading days and an 8.41% increase over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 91,800, with an average of 70,890 circulating shares per person, a decrease of 8.75% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3].

Core Viewpoint - Shougang Co., Ltd. experienced a stock price decline of 2.14% on October 24, 2023, with a current price of 4.11 CNY per share and a total market capitalization of 31.873 billion CNY [1] Group 1: Stock Performance - Year-to-date, Shougang's stock price has increased by 35.73%, with a slight increase of 0.49% over the last five trading days, but a decline of 11.04% over the last 20 days and 5.30% over the last 60 days [2] - As of June 30, 2025, the number of shareholders decreased by 2.12% to 83,800, while the average circulating shares per person increased by 2.17% to 77,692 shares [2] Group 2: Financial Performance - For the first half of 2025, Shougang reported operating revenue of 52.517 billion CNY, a year-on-year decrease of 7.35%, while net profit attributable to shareholders increased by 66.45% to 656 million CNY [2] - Since its A-share listing, Shougang has distributed a total of 8.221 billion CNY in dividends, with 405 million CNY distributed over the last three years [3] Group 3: Shareholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 53.6133 million shares, an increase of 9.779 million shares from the previous period [3] - Southern CSI 500 ETF is the tenth largest circulating shareholder, holding 23.1542 million shares as a new shareholder [3]

Core Insights - Shougang Co., Ltd. has seen a stock price increase of 44.32% year-to-date, with a recent rise of 8.44% over the last five trading days [1] - The company reported a revenue of 525.17 billion yuan for the first half of 2025, a year-on-year decrease of 7.35%, while net profit attributable to shareholders increased by 66.45% to 6.57 billion yuan [2] - The company has distributed a total of 82.21 billion yuan in dividends since its A-share listing, with 4.05 billion yuan distributed over the last three years [3] Financial Performance - As of June 30, 2025, Shougang Co., Ltd. had 83,800 shareholders, a decrease of 2.12% from the previous period [2] - The average number of circulating shares per shareholder increased by 2.17% to 77,692 shares [2] Shareholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 53.61 million shares, an increase of 9.78 million shares from the previous period [3] - Southern CSI 500 ETF entered as a new shareholder, holding 23.15 million shares [3] Market Activity - On October 10, 2023, Shougang Co., Ltd.'s stock price reached 4.37 yuan per share, with a trading volume of 1.41 billion yuan and a turnover rate of 0.50% [1] - The company experienced a net outflow of 6.47 million yuan in principal funds, with significant buying and selling activity from large orders [1]