深化降本增效+优化产品结构，助推老牌钢 企业绩持续改善 ——山东钢铁 2025 年半年报点评 核心观点 盈利预测与投资建议 ⚫ 根据公司 2025 年半年报，我们小幅下调钢筋售价和销量、下调相关产品成本等，维 持预测公司 2025-2027 年每股净资产为 1.77、1.85、1.94 元，根据可比公司 2025 年 1.02X 的 PB 估值，对应目标价 1.80 元，维持买入评级。 风险提示 宏观经济波动风险、铁矿石价格下降不及预期风险、下游需求不达预期风险、公司管理 变革与协同发展不达预期风险、公司降本效果不及预期风险、公司高端化产品开发不及 预期风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 90,475 | 82,094 | 77,893 | 77,748 | 78,129 | | 同比增长 (%) | -11.5% | -9.3% | -5.1% | -0.2% | 0.5% | | 营业利润(百万元) | (264) | (2,5 ...

股票简称：山东钢铁 证券代码：600022 编号：2025-041 山东钢铁股份有限公司 2025 年半年度主要经营数据公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号-行业信息披露》 《上市公司行业信息披露指引第七号-钢铁》相关要求，公司将 2025 年半 年度主要经营数据公告如下： 一、公司主要财务数据 — 1 — 单位：元 币种：人民币 项目 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 65,537,673,049.44 65,308,443,591.92 0.35 归属于上市公司股东的净资产 18,737,678,880.14 18,782,768,532.67 -0.24 项目 年初至报告期末 上年初至上年报告期末 比上年同期增减 (%) 经营活动产生的现金流量净额 2,821,202,535.87 1,498,154,236.51 88.31 营业收入 36,806,041,679.71 45,214,504,187.76 -18.60 利润 ...

晨报 成材 成材：弱需求下 钢价回调 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 8 月 20 日 逻辑：唐山钢厂陆续接到管控通知：（1）部分独立带钢轧钢企业计划 于 8 月 20 日至 9 月 3 日期间实施停产。若该措施严格执行，预计将影响 当地 10 家调坯带钢企业的日产量合计减少约 0.5 万吨。（2）部分钢管生 产企业 8 月 20 日做好减产措施，运输车辆限国六以及新能源车辆进厂。 （3）调坯型钢生产企业 8 月 20 日零时至 8 月 24 日 24 时控国五及国五以 下燃油燃气车辆运输，晚八 ...

Group 1: Equipment Import Trends - Developed countries' excavator import values peaked and began to decline in H2 2023, while emerging markets like Indonesia and Romania continue to see increases[2] - Piling machine imports in developed countries have also peaked and started to decline, with Romania showing significant growth since mid-2024[2] - Most developed countries' bulldozer imports peaked in early 2023, with the U.S. experiencing the latest decline[2] Group 2: Construction Material Imports - Steel imports for most countries peaked in Q1 2023 and began to decline[3] - Cement imports in developed countries peaked mid-2023 but the decline has been limited, indicating ongoing demand in subsequent stages[3] - Emerging markets like Poland and Romania continue to expand their cement imports despite a general slowdown[3] Group 3: Construction Phases - Most economies have completed the "foundation" and "building structure" phases, now nearing the end of the "laying utilities" phase[4] - Countries like Japan, Romania, India, and Indonesia still show rising crane import values, suggesting ongoing demand for building structures[4] - The "laying utilities" phase is nearing completion as most economies see renewed imports of water pipes and electrical cables[4] Group 4: Equipment Purchase Phase - Some economies, including the U.S., India, Malaysia, and Romania, have entered the "equipment purchase" phase, with significant increases in imports of generators and transformers from 2021 to 2023[5] - Import values for milling machines have shown no significant growth from 2021 to 2023, but have started to rise in late 2024 in several developed countries[5] - Hydraulic press imports have increased in late 2024 across multiple economies, indicating a shift towards equipment acquisition[5]

数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年6月中国钢筋产量为1658万吨，同比下降8.1%；2025年上半年中国钢 筋累计产量为9831万吨，累计下降3%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：三钢闽光(002110),抚顺特钢(600399),首钢股份(000959),南钢股份(600282),三峡新材(600293) 相关报告：智研咨询发布的《2025-2031年中国数控钢筋加工装备行业市场全景调研及战略咨询研究报 告》 ...

Core Viewpoint - China's steel exports showed a mixed performance in the first half of 2025, with a significant increase in certain categories like steel billets and construction materials, while flat steel exports faced pressure due to rising trade barriers and anti-dumping measures from various countries [1][3][12]. Export Performance - In June 2025, China's steel export volume was 9.68 million tons, a month-on-month decrease of 8.5% but a year-on-year increase of 10.7%. Cumulatively, 58.15 million tons were exported in the first half of the year, reflecting a month-on-month increase of 1.2% and a year-on-year growth of 9.2% [1]. - Asia remained the largest market for China's steel exports, with a total of 38.09 million tons exported to the region in the first half of 2025, of which 16.88 million tons went to Southeast Asia, accounting for 65.5% of exports to Asia, with a year-on-year growth of 2.5% [1]. Regional Demand - Exports to countries along the Belt and Road Initiative showed significant growth, with exports to Africa reaching 7.94 million tons (up 33.3% year-on-year) and to Latin America at 7.79 million tons (up 21% year-on-year) [2]. - The demand in Africa and Latin America is driven by large infrastructure projects, with local production capacity insufficient to meet the needs [2]. Trade Barriers Impact - China's flat steel exports faced challenges, with a total of 36.32 million tons exported in the first half of 2025, while flat steel exports decreased by 0.4% year-on-year. The decline in specific products like hot-rolled thin wide steel strips was significant, with a 25.3% drop [3][6]. - Vietnam imposed anti-dumping duties on Chinese hot-rolled products, leading to a 42.4% decrease in exports to Vietnam in the first half of 2025 [4]. Export Structure Changes - The export structure showed a clear divergence, with flat steel exports declining while steel billets, rebar, and wire rod saw substantial increases. Steel billets exports surged by 300.3%, driven by overseas infrastructure investments [6][12]. - The first half of 2025 saw a notable increase in exports of special steel bars, reaching 1.4 million tons, a year-on-year growth of 54.93%, attributed to strong demand in Southeast Asia and Latin America [10][11]. Future Outlook - The overall trend indicates that while flat steel exports may continue to face challenges due to trade barriers, the demand for steel billets and construction materials is expected to remain strong, particularly in emerging markets along the Belt and Road Initiative [12].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Shandong Ruifuxiang Trading Co., Ltd., signed a steel procurement agreement with Jinan High-tech Holding Group Co., Ltd. for the supply of approximately 100,000 tons of steel at a price of (market price + 37) yuan per ton for projects developed in Shandong Province during the 2025-2026 period [1][2] Group 1: Transaction Overview - The board of directors approved the steel procurement agreement during a meeting held on August 1, 2025, and the transaction requires approval from the shareholders' meeting, with related shareholders needing to abstain from voting [1][2] - The procurement scale is approximately 100,000 tons, awarded through a public bidding process involving Ruifuxiang Trading and two other bidders [1][2] Group 2: Related Party Information - Jinan High-tech Holding Group, the related party, has a registered capital of 4 billion yuan and is fully owned by the Jinan High-tech Industrial Development Zone State-owned Assets Supervision and Administration Commission [2] - As of December 31, 2024, Jinan High-tech Holding Group reported total assets of 120.514 billion yuan and net assets of 33.638 billion yuan, with a revenue of 7.865 billion yuan and a net profit of 352 million yuan for the year [2] Group 3: Agreement Details - The procurement agreement stipulates that pricing will be based on real-time market prices from "My Steel Network," ensuring a market-oriented pricing mechanism [3][4] - The cooperation period for the agreement is set from June 2025 to June 2027, covering various terms including acceptance, breach of contract, and conditions for termination [3][4] Group 4: Purpose and Impact of the Transaction - The transaction aims to enhance the operational capabilities of Ruifuxiang Trading and increase its revenue, aligning with the company's overall interests and development needs [4] - The independent directors confirmed that the transaction adheres to principles of fairness and does not harm the interests of the company or its shareholders [4] Group 5: Approval Process - The independent directors reviewed and approved the transaction, stating it would improve the operational capacity of Ruifuxiang Trading and increase revenue [5] - The board meeting resulted in unanimous approval for the proposal, with related directors abstaining from the vote [5] Group 6: Previous Related Transactions - The company has previously engaged in related transactions with Jinan High-tech Urban Renewal Co., Ltd. and Jinan Dongjin Industrial Development Co., Ltd. for steel procurement contracts [6]

Core Viewpoint - The article highlights the dedication and resilience of female construction workers, particularly focusing on Zhang Renhui, who exemplifies the strength and determination of women in the construction industry, contributing significantly to major projects like the provincial agricultural bank headquarters in Zhejiang [2][4]. Group 1: Project Overview - The provincial agricultural bank headquarters project in Qianjiang New City is a key engineering initiative in Zhejiang, covering a total construction area of 108,800 square meters, with a deep foundation pit reaching a maximum excavation depth of 25 meters [2]. - The project is currently in a critical phase involving the construction of supporting beams and deep foundation pit excavation, with plans to complete the underground structures by the upcoming Spring Festival [2]. Group 2: Worker Profile - Zhang Renhui, a 40-year-old female rebar worker from Yunnan, has been working on construction sites for five to six years, transitioning from various jobs to specialize in rebar work due to higher wages [2][4]. - Despite the harsh working conditions, including extreme heat, Zhang demonstrates exceptional skill and commitment, ensuring the precision of rebar binding, which is crucial for the safety of the building [3]. Group 3: Personal Motivation - Zhang Renhui's motivation stems from her desire to provide a better life for her two children, with the older one already working and the younger one about to enter university [4]. - She expresses pride in her work and aims to inspire younger workers, viewing them as family and hoping to help them earn more [4].

Group 1 - The core viewpoint of the article highlights a significant surge in real estate-related sectors such as engineering consulting, urban renewal, and construction services, with multiple stocks reaching their daily limit up [1] - The China Engineering Machinery Industry Association reported that excavator sales in the first half of the year reached 65,637 units, representing a year-on-year increase of 22.9%, indicating a positive outlook for the infrastructure and real estate sectors [1] - The China Index Academy noted that the land transfer revenue in first- and second-tier cities increased by over 40% in the first half of the year, with some cities nearing their total revenue from the previous year [1] Group 2 - The National Development and Reform Commission emphasized the importance of utilizing "two heavy" and "two new" funds to increase investment in key areas of new urbanization [1] - In the building materials market, futures prices for rebar and hot-rolled coil on the Shanghai Stock Exchange have seen an upward trend, reflecting increased demand [1]

Group 1 - Report's industry investment rating: Not provided Group 2 - The core view of the report: Still treat steel as a short - selling opportunity on rebounds [3] Group 3 - From January to May 2025, China exported 471.7 million tons of steel billets, 165.4 million tons of steel bars, and 459.3 million tons of wire rods, with year - on - year increases of 355 million tons, 78 million tons, and 131.6 million tons respectively, a total increase of 565 million tons [2] - On June 23, the average cost of 76 independent electric arc furnace construction steel mills was 3,260 yuan/ton, unchanged from last Friday. The average profit was - 133 yuan/ton, and the off - peak electricity profit was - 31 yuan/ton, a decrease of 2 yuan/ton from last Friday [2] - The Passenger Car Association predicts that the retail sales of narrow - sense passenger cars in June will reach 2 million, a year - on - year increase of 13.4% and a month - on - month increase of 3.2%. Among them, new energy retail sales are expected to reach 1.1 million, and the penetration rate will rebound to about 55% [2] - The prices of finished steel products rose and then fell yesterday, with small cross - star candlesticks for rebar and hot - rolled coils, showing little fluctuation. Market drivers are weak, and weak demand still exerts pressure on prices [2] - Later, pay attention to macro policies and downstream demand [3]