这个主要还是要给别人留一点儿活路都自己干了，别人什么活路都没了。 但是也绝对不能惯着那些要高价的。我曾在一家钢铁厂做实习生，我们钢铁厂平均日产八万吨钢，为了 某些乱七八糟的型号的钢材，单独开一条产线，然后一年都动不了一百天，这并不划算。给那些国外生 产乱七八糟型号的小公司留个条活路吧。 所以对这类用户使用进口货，能大大降低售后成本，只是现在这种用户变少了，所以进口量也就大大减 少了。总之，合作共赢这个要明白，中国不可能把所有东西都造了吧，要给别人留条活路，都有饭吃才 是最好的结局。 声明：个人原创，仅供参考 进一步来讲，使用进口货有两个好处， 第一 增加利润 用进口材料，对特定的用户就可以在产品性能不 变甚至降低的情况下大大提高售价，从而提高利润。第二就是减少售后率，对特定用户群体来说，使用 国产货出了问题一定是产品问题，使用进口货出了问题一定是自己的问题。 ...

根据英国《金融时报》1日的报道，欧盟正在采取行动应对来自中国的钢铁进口。报道称，在周三举行的紧急会议上，欧盟工业战略专员斯特凡纳·塞茹尔内 （Stephane Sejourne）向行业高层和工会代表表示，欧盟委员会计划将"外国钢材进口配额削减至2024年水平的一半"。此外，欧盟还将参照美国和加拿大的 做法，大幅提高对外国钢铁的关税，最高可达到50%。 法国和其他10个成员国（包括意大利、西班牙等）强烈支持这一措施，认为通过严格的"熔炼和浇注"原产地规则，可以限制中国钢铁进入欧盟市场。这些国 家的钢铁产业承受着较高的成本压力，认为中国的低价钢材正在加剧它们市场份额的流失。 法国推动这一措施的背后有战略考虑：法国希望通过此举促使美国降低对欧盟钢铁的关税，从而减轻欧盟向美国出口钢铁时面临的压力。然而，作为欧盟最 大经济体和钢铁进口国的德国，态度较为矛盾。德国副总理克林拜尔虽然表示支持自由贸易，但他也强调，"不能天真"。因为德国的汽车、机械制造等行业 高度依赖中国钢材，尤其是特种钢，约60%的进口钢材来自中国。德国担心提高关税会导致生产成本上升，影响其产业竞争力。 德国汽车工业协会（ACEA）警告，如果钢铁成本上涨， ...

2025 Half-Year Results 29 August 2025 ::: Overall Results Rising Operating Profit and Higher Shareholder Returns Unit: RMBbn Profit Attributable to Ordinary Revenue Net Profit Shareholders 368.8 374.9(Note1) 59.8 +5.5% 56.7 -1.6% 2.8% 32.1 31.2 (Note2) 1H24 1H25 1H24 1H25 1H24 1H25 | | Ordinary Shareholders' Fund per Share (RMB) | | | | --- | --- | --- | --- | | 24.17 | 26.04 | | 26.29 | | | | +0.9% | | | End of | End of | | End of | | 2023 | 2024 | | 1H25 | Interim Dividend per Share (RMB) & Interim Divide ...

Group 1 - The exhibition will take place from November 11 to 14, 2025, at the CEC Expoforum in Saint Petersburg, organized by the Russian Metal Exhibition Company [1] - The exhibition is significant for the global steel and metallurgy industry, providing a platform for companies, experts, and scholars to exchange advanced technologies and innovative ideas [4] - The Russian metallurgy industry is actively promoting large-scale projects, with an industry growth rate exceeding 3% last year, supported by the national strategy for metallurgy development by 2030 [4] Group 2 - The exhibition will showcase a wide range of products across the entire industry chain, including rebar, wire rod, plates, pipes, and special steels, highlighting innovations in high-strength and corrosion-resistant construction steels [5] - The metallurgy equipment and technology section will feature advanced global equipment and cutting-edge technologies, including intelligent smelting equipment and energy-saving green metallurgy technologies [5] - The raw materials and auxiliary materials section will present high-quality iron ore, low-sulfur coke, and various metallurgical additives that improve steel performance and reduce production costs [5] Group 3 - The innovation achievements section will allow companies to showcase new material research results, intelligent production solutions, and the application of digital twin technology in steel production [6]

Core Viewpoint - CITIC Limited reported strong mid-year results for 2025, with significant revenue and profit growth, alongside an increase in dividend distribution, reflecting a commitment to shareholder returns and value creation [2][3]. Financial Performance - In the first half of 2025, CITIC Limited achieved operating revenue of 368.8 billion RMB and net profit of 59.8 billion RMB, with attributable net profit of 31.2 billion RMB [2]. - The board proposed an interim dividend of 0.20 RMB per share, a 5.3% increase from the previous year, totaling 5.818 billion RMB in dividends [2]. Shareholder Returns and Market Value Management - CITIC Limited has implemented a three-year shareholder return plan, aiming for a dividend payout ratio of at least 27% in 2024, 28% in 2025, and 30% in 2026, with the actual payout ratio for 2024 expected to reach 27.5% [3]. - The company's market capitalization has increased by over 170 billion HKD since the start of the 14th Five-Year Plan, with a rise in price-to-book ratio from 0.25 to over 0.4 [3]. - CITIC Limited's market value has risen approximately 30% year-to-date [3]. Financial Services Growth - The financial sector of CITIC Limited has shown comprehensive improvement, with a focus on serving the real economy and innovating financial models [4]. - The company has initiated a technology finance action plan, serving over 14,100 specialized and innovative enterprises, achieving a coverage rate of over 92% [4]. - Green credit balance increased by 16.79% year-to-date, and the company has maintained a leading position in green bond underwriting [4]. Industrial Business Resilience - The "Star Chain" initiative has driven transformation in CITIC Limited's industrial sector, focusing on key areas such as integrated die-casting and special robotics [5]. - CITIC Dicastal's aluminum wheels and castings have reached record sales, ranking 42nd among the top 100 global automotive parts companies [5]. - The company has seen double-digit growth in sales of copper and niobium products, with significant profit increases [5]. International Business Expansion - CITIC Limited's overseas revenue reached 65.8 billion RMB, a 15% increase, accounting for 17.9% of total revenue, up 2.6 percentage points year-on-year [6]. - The company has actively engaged in international trade and investment, facilitating numerous successful outcomes through various promotional events [6]. - In Hong Kong, CITIC Limited has capitalized on market expansion opportunities, with a 58% increase in joint bond underwriting amounts [6]. Infrastructure and Agricultural Development - CITIC Construction has secured significant international projects, including housing in Dubai and a caustic soda plant in Uzbekistan, with high pre-sale rates for housing in Riyadh [7]. - CITIC Agriculture's hybrid rice has seen growth in Pakistan and the Philippines, maintaining a leading market share [7].

Core Viewpoint - The recent increase in tariffs on 407 derivative products related to steel and aluminum by the Trump administration is a strategic move aimed at protecting domestic industries while also serving political interests in an election year [1][3]. Group 1: Tariff Impact on Industries - The newly added 407 products include items closely related to steel and aluminum, such as alloy wheels for cars and cold-rolled steel sheets for appliances, effectively extending the tariff to a wide range of industries [3]. - Domestic automotive manufacturers that previously relied on imported specialty steel will face increased costs, potentially leading to reduced profit margins or price hikes for consumers [3]. - The tariffs are expected to provide short-term benefits to U.S. steel and aluminum companies, increasing their orders and production [4]. Group 2: Political and Economic Context - The stated purpose of the tariffs is to protect the struggling domestic steel and aluminum industries, which have been facing low capacity utilization rates [3]. - The tariffs may also be a strategic move to secure votes from workers in the "Rust Belt," a key demographic for Trump, as increased orders could lead to job stability [3]. - European countries have threatened retaliatory tariffs on U.S. agricultural products, which could impact U.S. exports of soybeans and corn, indicating a potential escalation in trade tensions [3]. Group 3: Investment Opportunities - Investors should monitor U.S. steel and aluminum companies that may benefit from the tariff-induced demand increase, but caution is advised regarding the sustainability of this policy [4]. - Companies with manufacturing facilities in Mexico or Canada that can circumvent tariffs by processing materials before exporting to the U.S. may find new opportunities [4]. - High-end steel and aluminum manufacturers in China could gain market share in Southeast Asia and South America if they can enhance their technological competitiveness [4]. Group 4: Long-term Investment Strategy - Trade tensions are likened to a prolonged arm-wrestling match, suggesting that investors should focus on companies with strong technology and market presence rather than getting caught up in tariff fluctuations [5].

Core Viewpoint - The report from Guosen Securities emphasizes the importance of focusing on investment opportunities that are immune to "involution," highlighting three high-barrier sectors: monopolistic industries like public utilities and rare earths, industries with exclusive products and global competitiveness in hard technology, and sectors where AI accelerates the replacement of repetitive tasks [1][2][3]. Group 1: High-Barrier Industries - Monopolistic barrier assets, such as public utilities (electricity, water) and strategic rare resources (like rare earths), effectively avoid intense market competition and provide stable cash flow and pricing power, making them excellent defensive investments [2][11]. - Global competitive assets are characterized by technological innovation and product exclusivity, allowing companies to successfully expand into overseas markets and create unique advantages, primarily found in high-end manufacturing and hard technology sectors [2][11]. - AI-driven efficiency revolution assets are transforming traditional industries by replacing repetitive labor, significantly enhancing productivity and accelerating the "involution" process in certain sectors [3][19]. Group 2: Market Phases of "Involution" - The "involution" market is currently transitioning from the first phase (involution 1.0) to the second phase (involution 2.0), where the focus shifts from broad industry recovery to individual stock selection based on self-discipline and competitive differentiation [4][6]. - The first phase is characterized by supply-side contraction leading to a supply-demand gap, benefiting upstream resource sectors like steel and coal [4][6]. - The second phase sees a focus on high-quality companies that can achieve market share and profitability recovery through strict production discipline, while smaller firms must innovate and create unique competitive advantages [4][6]. Group 3: Long-Term Investment Strategy - The long-term strategy emphasizes investing in industries with natural high barriers to entry, which can provide stable and higher returns compared to short-term "involution" opportunities [11][13]. - Historical data indicates that monopolistic industries, such as public utilities and strategic rare resources, have shown resilience and sustained performance compared to emerging industries that have faced downturns [11][13]. - The report suggests prioritizing sectors with high entry barriers, such as public utilities and strategic resources, which offer stable cash flows and are less affected by economic cycles [11][13].

Core Viewpoint - The construction of a modern industrial system is crucial for promoting high-quality economic development and is a strategic focus in national competition. The system has achieved significant progress since the 18th National Congress of the Communist Party of China, forming a large-scale, comprehensive, and competitive industrial framework. The goal is to advance the system towards higher levels through intelligent, green, and integrated development [4][5][8]. Group 1: Industrial System Development - The industrial system's intelligent transformation is essential for leveraging the new wave of technological revolution and building a modern industrial framework [4][5]. - The green transformation of the industrial system is a key pathway for achieving high-quality development and carbon neutrality goals. By the end of 2024, there will be 6,430 national-level green factories, contributing to approximately 20% of the total output value of the manufacturing industry [5][6]. - The integrated development of the industrial system enhances overall efficiency, with over 15,000 "5G + industrial internet" projects covering all 41 industrial categories [6][8]. Group 2: Technological Innovation and Resource Integration - Technological innovation is pivotal for driving industrial innovation, focusing on independent innovation and addressing "bottleneck" technologies [9][10]. - A multi-level financial service system is being established to nurture innovative enterprises, promoting collaboration among various innovation entities [9][10]. - The optimization of the business environment is crucial for high-quality construction of the modern industrial system, ensuring protection for private enterprises and fostering a conducive environment for innovation [10]. Group 3: Case Studies - Audi FAW New Energy Vehicle Co., Ltd. has established a comprehensive supply chain, with over 70% of parts sourced locally, showcasing the rapid development of China's automotive industry [11][12]. - At Nanjing Steel Group, AI models are utilized to optimize steel production processes, transitioning from experience-driven to intelligent decision-making [13]. - The "Heqi No. 1" nuclear energy project has successfully expanded the use of nuclear energy beyond electricity generation to industrial steam supply, significantly reducing carbon emissions [14]. - The development of seawater rice in Xinjiang has transformed saline-alkali land into productive agricultural areas, with yields increasing from 450 kg to 853 kg per mu [15].

Fixed Income Research - The core viewpoint indicates that from July 14 to July 20, the issuance guidance rates for credit bonds showed divergence, with high-grade rates rising and mid-to-low grades declining, with overall changes ranging from -5 BP to 3 BP [2] - The issuance scale of credit bonds slightly decreased on a month-on-month basis, with a reduction in corporate bonds and directional tools, while enterprise bonds, medium-term notes, and short-term financing bonds saw an increase [2] - The net financing amount of credit bonds decreased month-on-month, with enterprise bonds and directional tools showing an increase, while corporate bonds, medium-term notes, and short-term financing bonds experienced a decrease [2] - In the secondary market, the transaction amount of credit bonds continued to decline, with all varieties seeing a decrease in transaction amounts [2] - The overall yield of credit bonds decreased, and the credit spreads for medium-term notes, enterprise bonds, and urban investment bonds narrowed [2] - The report suggests that despite the potential for fluctuations, the long-term yield is expected to continue on a downward trend, and investors should consider increasing allocations during adjustments while focusing on the trend of interest rate bonds and the coupon value of individual bonds [2] Industry Research - The report highlights that the central urban work conference indicates a shift in urbanization from rapid growth to stable development, which will serve as a new policy foundation [3] - In the real estate sector, ongoing optimization of policies is expected to support the market's stabilization, with a focus on high-quality central and state-owned enterprises, as well as high-quality private enterprise bonds with strong guarantees [3] - The report notes that the recent launch of a large hydropower project in Tibet, with a total investment of approximately 1.2 trillion yuan, will significantly increase the demand for special steel, particularly in high-altitude and corrosive environments [5] - The aluminum market is expected to see price support from domestic policies, while the lithium market faces supply surplus pressure, limiting price increases [5] - The report anticipates that the rare earth market will benefit from improved export demand, with June exports showing a significant increase of 32.02% month-on-month [5][6] - The overall strategy maintains a neutral rating for the steel industry and a positive rating for the non-ferrous metals industry, with specific recommendations for companies like Luoyang Molybdenum and Zhongjin Gold [6]

Investment Rating - The report maintains a "Neutral" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with specific "Buy" ratings for companies such as Luoyang Molybdenum, Zhongjin Gold, Shandong Gold, Zijin Mining, and China Aluminum [5][6]. Core Views - The report highlights the commencement of a major hydropower project in the Yarlung Tsangpo River basin, which is expected to significantly increase the demand for special steel products due to the project's requirements [4][18]. - The report anticipates that the domestic economic stimulus policies will gradually show effects, supporting the prices of copper and aluminum, while the lithium market faces oversupply pressure [5][40][47]. - The report notes a substantial increase in China's rare earth exports in June, indicating a potential for price strengthening in the rare earth sector due to improved export demand [4][62]. Industry Summary Steel Industry - The Yarlung Tsangpo River hydropower project has a total investment of approximately 1.2 trillion yuan, which will likely boost demand for special steels [4][18]. - As of July 18, the total steel inventory was 13.3141 million tons, showing a slight decrease of 0.12% from the previous week and a year-on-year decrease of 22.71% [26]. - The average price index for steel on July 18 was 3,462.31 yuan per ton, reflecting a week-on-week increase of 0.99% [39]. Non-Ferrous Metals - The report indicates that the copper market is experiencing tight supply and low inventory, which may support prices in the short term [40]. - For aluminum, domestic policies are expected to support prices despite uncertainties in overseas tariff policies [47]. - The lithium market is under pressure from oversupply, but recent policy changes may provide some support for price recovery [53][54]. Rare Earths and Minor Metals - In June, China's rare earth exports reached 7,742.2 tons, a significant month-on-month increase of 32.02%, suggesting a positive outlook for rare earth prices [4][62]. - The report also notes price movements in minor metals, with tungsten concentrate prices increasing by 2.27% to 180,000 yuan per ton [64].