研究早观点 2026 年 3 月 2 日 星期一 市场走势 【今日要点】 【行业评论】钢铁：新质生产力驱动下的钢铁行业变革 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,162.88 | 0.39 | | 深证成指 | | 14,495.09 | -0.06 | | 沪深 | 300 | 4,710.65 | -0.34 | | 中小板指 | | 8,835.26 | -0.07 | | 创业板指 | | 3,310.30 | -1.04 | | 科创 | 50 | 1,488.02 | 0.15 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 分析师承诺： 本人已在中国证券业协会登记为证券分析师，本人承诺，以勤勉的职业态度，独立、客观地出具本报 告。本人对证券研究报告的内容和观点负责，保证信息来源合法合规，研究方法 ...

钢铁 钢铁行业报告 同步大市-B(首次) 执业登记编码：S1190521010002 邮箱：zhanggengyao@sxzq.com 供给侧：在"双控"与绿色转型约束下，行业格局正经历存量优化与集中 度提升。当前，在产能产量"双控"政策的持续约束下，粗钢产量尽管相对刚 性，但基本没有增长，维持在 9.6 亿吨-10.7 亿吨。行业 CR10 集中度提升至 约 43%。发展主线已转向存量结构优化：一方面，高端产品国产替代持续推 进，电工钢等品种结构性增长，但"高进低出"的进出口价差仍揭示高端领域 存在短板；另一方面，刚性推进的超低排放改造带来显著成本压力，推动环 保绩效领先企业进一步巩固优势。 拥抱"新质生产力"，五类差异化路径引领未来格局：企业的生存与发展 将直接取决于其在高附加值产品、绿色生产与资源控制等维度上的实质性布 局。成功突围的企业需要深度融入"新质生产力"所强调的科技创新与高质量 发展，主要呈现为五类清晰路径：1）技术引领型：以研发驱动，突破高端 特钢等"卡脖子"材料。代表企业为太钢不锈、中信特钢等 2）服务延伸型： 从材料商升级为产业链解决方案提供商。代表企业为南钢、鞍钢等。其核心 上市公司分 ...

证券日报网讯 2月24日，新钢股份在互动平台回答投资者提问时表示，新钢股份是江西省内最大的国有 钢铁生产企业，主营业务涵盖钢铁冶炼、钢材轧制及延伸加工等领域；公司产品系列丰富，涉及冷热轧 薄板、中厚板、线棒材、优特钢、电工钢、金属制品等多个品种规格，广泛应用于油气装备、航空、铁 路、汽车家电、造船、海洋工程、建筑、桥梁高建结构、工程机械、新能源等领域及国家重点工程。公 司借助中国宝武先进的管理、技术、资本、资源、人才、品牌等优势发挥协同效益，促使公司管理、经 营水平再上新台阶，迈上高质量发展的快车道，持续增强新钢在区域的竞争力。 （文章来源：证券日报） ...

内容概要：电工钢作为电力、电子和军事工业的关键软磁合金材料，以高磁导率与低铁损特性，成为电 机、变压器等设备的核心材料。近年来，国内产业结构优化推动电工钢行业规模化、高端化同步发展， 2020-2025年产量与消费量连续扩容，2025年供需规模均创历史新高。产能扩张呈现品类与区域双重集 中，新增产能聚焦高端品类，华东、华中、华北成为主要集聚区，预计2026-2027年产能集中释放，市 场竞争或加剧。细分市场中，无取向电工钢占据主流，支撑新能源汽车、家电等需求；取向电工钢增速 显著，支撑特高压、新能源发电等高端需求。进出口方面，中国形成"出口引领、进口补充"格局，净出 口规模扩大，出口均价高于进口，反映技术升级与产品优化。下游需求以电机与变压器为核心，新能源 汽车、风电光伏等新兴产业成为增长极。竞争格局上，宝钢股份与首钢智新双龙头引领，细分领域梯队 分化。未来，行业将向高端化、集中化、绿色智能化发展，适配高端装备需求，提升发展质量与效益。 上市企业：宝钢股份（600019.SH）、沙钢股份（002075.SZ）、鞍钢股份（000898.SZ） 相关企业：首钢智新电磁材料（迁安）股份有限公司、湖南宏旺新材料科技有 ...

证券日报网讯 2月13日，宝钢股份在互动平台回答投资者提问时表示，公司作为中国最大的现代化钢铁 联合企业，主营业务聚焦于高端钢铁产品的研发、生产与销售，核心产品包括汽车板、家电板、电工 钢、镀锡板、能源及管线用钢等高技术含量、高附加值板材，广泛应用于汽车制造、家电、船舶、石油 化工及基础设施建设等领域。宝钢股份在成为中国市场主要钢材供应商的同时，产品出口海外四十多个 国家和地区。 （编辑 袁冠琳） ...

Core Insights - The Chinese steel industry is projected to see a profit total of 115.1 billion yuan in 2025, a year-on-year increase of 140%, with the steel main business turning a profit of 44.5 billion yuan [1] - The average profit margin for the industry is expected to rise to 1.9%, an increase of 1.13 percentage points year-on-year [1] - The steel market is anticipated to maintain a strong supply and weak demand dynamic, with crude steel production expected to decline by 4.4% to 961 million tons in 2025 [1][2] Group 1: Industry Performance - In 2021, the profit total for key statistical enterprises reached a historical high of 345.9 billion yuan, but it declined to 48.3 billion yuan in 2024, an 86% drop from 2021 [1] - The crude steel output is projected to decrease from 1.065 billion tons in 2020 to 961 million tons in 2025, a decline of 9.8% [2] - The apparent consumption of crude steel is expected to drop by 20.9% from its peak of 1.048 billion tons in 2020 to 829 million tons in 2025 [2] Group 2: Structural Changes - The demand structure for steel has shifted significantly, with the proportion of steel used in the construction industry decreasing from 58% in 2020 to 49% in 2025, while the manufacturing sector's share increased from 42% to 51% [2] - Major steel companies are adapting to demand changes by enhancing product quality and upgrading technology, with Baosteel launching over 40 new products and achieving significant technological advancements [3] - Xingtai Special Steel has become a key supplier for international bearing manufacturers, holding over 80% market share in high-end passenger vehicle segments [3][4] Group 3: Environmental Initiatives - The steel industry has invested over 370 billion yuan in ultra-low emission transformation projects, with more than 80% of crude steel capacity achieving ultra-low emissions by the end of 2025 [5] - The "Three-Year Action Plan for Extreme Energy Efficiency Benchmarking" initiated in 2022 involves 143 enterprises, leading to significant energy savings and carbon dioxide emissions reductions [5] - The industry plans to implement three major transformation projects focusing on quality improvement, energy efficiency, and digital transformation to support high-quality development in the upcoming years [5]

Core Viewpoint - Tangshan is undergoing a significant transformation from a coal-dependent and heavy industry-based economy to a greener and smarter industrial model, focusing on ecological change and high-end manufacturing [1][7]. Group 1: Industrial Transformation - The steel industry in Tangshan is shifting from traditional production to green, intelligent, and high-end manufacturing, with key players like Shougang Jingtang and Hebei Steel relocating to the Bohai Bay, creating a "coastal steel corridor" [1][3]. - The city is implementing ultra-low emission modifications for industrial enterprises, aiming to cultivate 80 national-level green factories and 195 provincial-level ones by the end of 2025 [1][6]. Group 2: Smart Manufacturing - The Hebei Steel Tangshan intelligent command center monitors over 4,000 production nodes in real-time, enhancing efficiency and reducing the need for manual intervention [2][4]. - A new electrical steel product developed by Shougang can reduce iron loss in electric motors for new energy vehicles by nearly 40%, significantly improving vehicle range [2][3]. Group 3: Emerging Industries - Tangshan is fostering strategic emerging industries such as robotics and lithium batteries, contributing to high-quality economic development [3][6]. - By the end of 2025, the number of robotics companies in Tangshan is expected to reach 286, with a projected revenue of 13.71 billion yuan, reflecting a year-on-year growth of 32.1% [6]. Group 4: Cultural and Ecological Development - The transformation has also led to the preservation and utilization of industrial heritage, turning historical sites into cultural assets, such as the creation of a national-level mining park and a cultural creative industry park [7][8]. - The HeTou Old Street, developed from a historical coal site, has become a popular cultural tourism destination, showcasing the city's rich history and attracting visitors since its opening in 2023 [8][9].

Group 1 - The core viewpoint of the articles highlights the successful green transformation of the steel industry in Qian'an and the vibrant production of rural "micro-factories," showcasing a blend of industrial strength and rural revitalization [1][2] - Tangshan Songting Steel Co., Ltd. operates the first long-process continuous casting low-carbon steel production line in the country, achieving low-carbon emission certification and gaining access to high-end international markets [1] - The city's strategy of "quality improvement and strong chain" has led to the formation of advanced steel manufacturing clusters, with high-end products like electrical steel making up 46% of the total output, indicating a shift from "steel manufacturing" to "material services" [1] Group 2 - Over 10,000 "micro-factories" have commenced operations in Qian'an, providing stable employment and income for villagers, with monthly earnings reaching over 3,000 yuan [2] - The rural "micro-factories" are benefiting from "order-based" development and collective scaling, exporting products to international markets such as Russia and Italy [2] - Qian'an is poised for high-quality development, aiming to write a new chapter as a "modern water city" and "beautiful Qian'an" [2]

Core Viewpoint - Hebei Province's Qian'an City is focusing on the high-end, intelligent, and green development of the steel industry, significantly enhancing the quality and strength of its steel sector [1] Group 1: Industry Development - Qian'an City is promoting the steel industry's transformation towards high-end manufacturing, emphasizing shared production, inspection, collective procurement, and logistics trade [1] - The city is establishing a steel-sharing economic industrial park that integrates "Internet + IoT + big data," creating an "online + offline" sharing platform [1] Group 2: Product Focus - The advanced steel manufacturing industrial cluster in Qian'an has developed four high-end product segments: electrical steel, high-end rolled sheets, premium wire rods, and specialty steel [1] - The proportion of premium steel products has reached 46% [1]

Core Viewpoint - Shougang Co., Ltd. is expected to return to a high growth trajectory in profitability, with projected net profit attributable to shareholders ranging from 920 million to 1.06 billion yuan for 2025, marking a year-on-year increase of 95.29% to 125.01% [1][2] Group 1: Profit Growth Drivers - The company attributes its profit growth to three main factors: continuous optimization of product structure, adherence to a "very low cost" management approach, and a commitment to technological innovation [1][5] - The strategic and key products accounted for 73% of total production in the first half of 2025, with significant year-on-year growth in electric steel, automotive sheets, and tin-plated (chromium) sheets [2][3] Group 2: Financial Performance - For the first three quarters of 2025, the company's operating costs were 73.18 billion yuan, a decrease of 7.26% year-on-year, with the most significant reduction in financial expenses at 32.6% [1][5] - The company has seen a continuous decline in financial expenses over the past four years, indicating improved cost management [4][5] Group 3: Product Development - Electric steel production increased by approximately 30%, with high magnetic orientation electric steel production rising by about 14% [3] - The production of automotive sheets grew by around 6%, while high-end products such as high-strength galvanized outer panels saw significant increases in production [3] Group 4: Debt Management - As of the end of the third quarter of 2025, the company's asset-liability ratio was 57.22%, down 2.3 percentage points from 59.52% in the same period of 2024, indicating an improvement in debt structure [6]