钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、 桥梁、塔架等钢结构物上，它是一种在普碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫 耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料 进行涂刷。 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机 物的挥发和后期维护。但耐候钢形成这层氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、 流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候钢表面形成氧化层 的"耐候钢锈层稳定化处理技术"。 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢 桥临猗黄河大桥等多项重大工程项目上，为保护当地的生态环境作出了贡献。 记者：田甜 赵泳 新华社音视频部制作 ...

0:00 / 2:30 钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、桥梁、塔架等钢结构物上，它是一种在普 碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料进行涂刷。 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机物的挥发和后期维护。但耐候钢形成这层 氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候 钢表面形成氧化层的"耐候钢锈层稳定化处理技术"。 记者：田甜、赵泳 新华社音视频部制作 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢桥临猗黄河大桥等多项重大工程项目上， 为保护当地的生态环境作出了贡献。 ...

0:00 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机 物的挥发和后期维护。但耐候钢形成这层氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、 流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候钢表面形成氧化层 的"耐候钢锈层稳定化处理技术"。 记者：田甜、赵泳 新华社音视频部制作 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢 桥临猗黄河大桥等多项重大工程项目上，为保护当地的生态环境作出了贡献。 钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、 桥梁、塔架等钢结构物上，它是一种在普碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫 耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料 进行涂刷。 ...

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]

Group 1 - The steel sector experienced a significant rise on the 5th, with major companies like Maanshan Iron & Steel reaching the daily limit, and others such as Hualing Steel, Fangda Special Steel, New Steel, and Baotou Steel increasing by over 3% [1] - Institutions indicate that the ongoing supply-side reform is leading to a concentration of production capacity among quality leading companies. The recent commencement of the Yajiang Hydropower Project is expected to boost demand for basic steel and special steel [1] - The State Council's announcement of the "Rural Road Regulations" signals a push for rural infrastructure renovation, which is likely to benefit the steel industry through the release of demand from infrastructure projects and accelerated capacity regulation [1] Group 2 - The "anti-involution" focus is on improving quality and efficiency, with accelerated capacity regulation in the steel supply side. The Central Financial Committee's meeting on July 1 emphasized the construction of a unified national market and the need to eliminate low-price disorderly competition [2] - The National Development and Reform Commission's report proposed revisions to the capacity replacement implementation methods in the steel industry, promoting the orderly exit of outdated and inefficient capacity, and continuing to implement crude steel production controls [2] - The steel industry's anti-involution will concentrate on "quality improvement and efficiency enhancement," aiming to transition manufacturing from "low-price homogeneous competition" to "high-end differentiated competition" through technological upgrades and innovation [2]

Industry Development Background and Transformation Direction - The global industrial system is undergoing three major trends: "decarbonization, intelligence, and localization," placing the Chinese steel industry at a critical turning point of capacity restructuring and value reassessment. The industry faces overcapacity issues and stricter environmental policies, pushing companies towards green production while new demands from renewable energy infrastructure and high-end equipment manufacturing create structural opportunities. The report suggests three strategic paths: "green transformation, high-end transition, and scenario-based deepening" to help companies find incremental space in a competitive environment [1]. Five Core Perspectives - **Policy-Driven Capacity Clearance and Green Transition**: Environmental policies accelerate the exit of outdated capacities, with leading companies enhancing industry concentration through integration. The scrap steel VAT policy promotes short-process steelmaking, and low-carbon processes like hydrogen metallurgy are key technological breakthroughs. Green transition is not only a compliance requirement but also creates new value through carbon trading [2]. - **Explosive Demand for High-End Steel and Accelerated Domestic Substitution**: The low-end steel market is highly competitive, while sectors like new energy vehicles and aerospace see significant growth in demand for high-end steel (e.g., high-strength steel, silicon steel). The high-end steel market share is expected to rise from 24% in 2024 to 25.5% in 2025, with domestic companies innovating to reduce import reliance [3]. - **AI Technology Restructuring Production and Marketing Systems**: AI has evolved from an "auxiliary tool" to a "core productivity," optimizing production processes (e.g., AI visual inspection, digital twins), supply chain management (e.g., intelligent forecasting models), and precision marketing (e.g., customer acquisition tools). Companies using AI technology have seen significant improvements in customer acquisition efficiency [4]. - **Digital Intelligence Empowering Cost Reduction and Efficiency Improvement**: In the context of overcapacity and demand differentiation, traditional sales models face challenges. Digital intelligence tools help accurately target customers, reduce acquisition costs, and enhance productivity. For instance, companies using intelligent sales tools have reduced customer acquisition time from 4 hours to 30 minutes and cut acquisition costs by 90% [5]. - **Structural Growth Strategies under Dual Circulation**: The domestic market shows regional differentiation, with eastern regions focusing on high-end products while central and western regions rely on infrastructure and industrial transfer to release demand. Overseas markets need to overcome technical certification barriers, with coastal companies launching marine climate-resistant stainless steel to expand internationally [6]. Incremental Customer Groups and Scenario Opportunities - The downstream customer demand is undergoing structural changes: the construction industry's demand is shifting westward, while the east focuses on high-end steel; the machinery manufacturing and home appliance sectors primarily consist of small and medium customers who prioritize price and customization; the photovoltaic industry exhibits a "dumbbell-shaped" demand structure, with leading companies requiring high-end customized steel and small installers relying on standardized products [7]. Typical Cases and Technology Applications - The report showcases multiple cases demonstrating the effectiveness of technology implementation: a stainless steel company using customer acquisition tools increased its potential customer count from 13 to 40 per month, achieving a fivefold improvement in order efficiency. Another steel company in Foshan enhanced customer follow-up efficiency eightfold, increasing monthly customer acquisition from 500 to 3,000. These practices indicate that AI and big data technologies have become core means for companies to overcome growth bottlenecks [8]. Future Trend Outlook - The core competitiveness of the steel industry will focus on "incremental market exploration" and "scenario service reconstruction." Companies need to respond to changes through technological innovation (e.g., superconducting magnet steelmaking), ecological collaboration (binding downstream leaders), and regional precision cultivation (market proximity), transitioning the industry from "scale-driven" to "value-driven" and securing a more advantageous position in global high-end materials competition [9].

Investment Rating - The report does not explicitly state an investment rating for the steel industry Core Insights - The steel industry is undergoing a critical transformation driven by overcapacity, shrinking real estate demand, and the integration of AI technologies to reshape growth [8] - The report emphasizes a strategic path of "green transformation + high-end transition + scenario-based deep cultivation" to help enterprises seize opportunities during the metallurgical technology revolution [8] Summary by Sections Industry Overview - The steel industry is a pillar of the national economy, encompassing a vast supply chain from raw material extraction to various downstream applications [15] - The industry has experienced a shift from "extensive scale expansion" to "refined value creation" under the dual carbon goals, focusing on green, high-end, and intelligent manufacturing [8][22] Market Dynamics - The market size of China's steel industry is projected to reach 8.6 trillion yuan in 2025, with high-end steel market size expected to grow to 2.2 trillion yuan, accounting for 25.5% of the total market [22][24] - The report highlights the need for structural growth through high-end product development and scenario innovation to counteract traditional market declines [29] Competitive Landscape - The steel industry is characterized by a fragmented market with a high concentration of small and medium enterprises, where over 70% of companies have registered capital below 5 million yuan [37] - The report suggests that companies should pivot towards high-value segments such as new energy special steel and automotive lightweight steel to build competitive advantages [39] Customer Insights - The construction industry remains a significant demand driver, with regional strategies needed to match demand structures across different provinces [44] - The mechanical manufacturing sector shows concentrated demand in Jiangsu, Shandong, Guangdong, and Zhejiang, with a focus on high-end steel products [49] Growth Opportunities - The report identifies key growth points in the steel industry, including the green low-carbon transition, the explosion of high-end market demand, and the application of AI to enhance competitiveness [70] - The agricultural sector presents opportunities for standard steel products, while high-end smart greenhouse projects require customized solutions [66]