注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 感兴趣的投资者可以关注市场上唯一跟踪钢铁行业的钢铁ETF（515210），一键布局【钢铁板材+特钢 +金属制品】。没有股票账户的投资者可以通过钢铁ETF的联接基金（008190）把握钢铁板块投资机 会。 信达证券指出，政策层面，钢铁行业利好政策持续推出，包括淘汰落后产能、规范低价倾销等；叠加九 三阅兵临近，京津冀及周边环保限产预期增强，参考2015年限产经验，供给端或显著收缩。在海外关税 影响下，出口占比低的普钢公司受影响较小，且政策有望带动房地产、基建用钢需求边际改善。当前行 业供需总体平稳，高端钢材受益能源周期和替代趋势，普钢板块在盈利可观及政策催化下具备修复潜 力。 每日经济新闻 ...

Group 1 - The steel sector is experiencing significant gains, with the only ETF tracking the industry, Steel ETF (515210), rising by 3.8% [1][4] - Historical performance shows that Steel ETF (515210) has increased by 11.84% over the past 15 days, outperforming the Shanghai Composite Index [5] - The construction of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to benefit suppliers of hydropower equipment and core equipment for power grid projects [3][4] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index, which includes publicly listed companies involved in steel manufacturing, processing, and related services, reflecting the overall performance of the steel industry [4] - Investors interested in the steel sector can consider the Steel ETF (515210) or its connecting fund (008190) for investment opportunities [7]

Group 1 - The current "anti-involution" movement differs from the previous supply-side reform, as it encompasses a broader range of industries beyond traditional manufacturing such as steel, cement, and coal [1] - Recent policies and initiatives from the Central Financial Committee and various industries have elevated market awareness of "anti-involution," leading to improved performance in related ETFs like steel ETF (515210) and coal ETF (515220) [1] - The steel industry has faced significant demand-side pressures, particularly from the real estate sector, with demand for steel in real estate dropping from 377 million tons in 2020 to an estimated 215 million tons in 2024, a decline of approximately 43% [2] Group 2 - The steel industry has been implementing self-imposed production limits, with the China Iron and Steel Association warning six companies about negative cash flow while still increasing crude steel output [3] - There are signs of marginal improvement in the steel industry's fundamentals, as the decline in real estate demand has lessened its impact on overall steel demand [4] - Cost pressures on the steel industry are easing, with coal prices declining and expectations of increased iron ore supply leading to potential price reductions, which could benefit steel production costs [5] Group 3 - If the steel industry can reduce crude steel output by 30 million tons by 2025, it is projected that profit per ton of steel could increase by 229 yuan, effectively doubling current profitability [5] - The ongoing "anti-involution" policies and the anticipated improvements in demand and cost structures suggest a more favorable competitive landscape for the steel industry [5] - Investors can consider the steel ETF (515210) as a means to gain exposure to the steel sector, which tracks the China Steel Index and includes companies across the steel supply chain [5][6]

Core Viewpoint - The steel sector is experiencing a rally despite overall market fluctuations, driven by environmental regulations and improving demand conditions [1][3]. Group 1: Market Performance - The steel ETF (515210) rose by 1.67%, leading the market with a trading volume of nearly 104 million yuan [1]. - Key holdings such as Lingang Co. and Liugang Co. have seen consecutive trading limits, while other stocks like Shougang Co. and Hesteel Co. increased by nearly 5% [1]. - Since September 2, 2024, the steel ETF has gained 31.33%, outperforming the Shanghai Composite Index [6]. Group 2: Supply and Demand Dynamics - Tangshan has intensified its environmental production restrictions, with rumors of measures from July 4 to July 15 [3]. - The China Iron and Steel Association is set to hold a meeting, although the agenda remains undisclosed [3]. - Steel inventory among key enterprises increased by 420,000 tons to 16.21 million tons in mid-June, but decreased by 140,000 tons compared to the same period last month [3]. Group 3: Industry Outlook - The operating rate of H-beam steel producers rose by 3.23 percentage points to 70.97%, with capacity utilization increasing by 0.9 percentage points to 56.83% [4]. - Demand is expected to improve marginally due to supportive real estate policies and stable infrastructure investment, while supply constraints are becoming more pronounced [4]. - The profit margin for the black metal smelting and rolling industry reached 31.69 billion yuan in the first five months of 2025, marking a return to profitability year-on-year [4]. - The comprehensive gross profit for the steel industry was 281 yuan per ton in the first half of 2025, reflecting a year-on-year increase of 52.45% [4].

Group 1 - The steel sector experienced a significant rise, with the steel ETF (515210) increasing by over 3.5% amid expanding trading volume [1] - The Central Financial Committee emphasized the need to advance the construction of a unified national market and to address low-price competition among enterprises, promoting the exit of outdated production capacity [1] - A compensation mechanism for the exit of outdated steel production capacity is being planned by the domestic steel industry, as revealed by the chairman of CITIC Special Steel [1] Group 2 - The steel industry is facing challenges due to the ongoing downturn in the real estate sector, limited infrastructure investment, and increased pressure on exports [2] - Supply-side adjustments may occur to alleviate market supply-demand imbalances, with potential government policies reinforcing supply contraction [2] - Current steel prices are at historical lows, and further declines in prices are limited; if production adjustments are implemented, industry profits may recover [2] Group 3 - CITIC Construction Securities indicates that the steel market is in a weak equilibrium state characterized by low inventory, low prices, low demand, and high supply elasticity [2] - If a production cut of 50 million tons occurs, the annual crude steel output would be 955 million tons, leading to a potential recovery in industry profits [2] - Under a scenario of a 20 million ton reduction, the crude steel output would be 985 million tons, with slight profit expansion expected [2] Group 4 - Investors are encouraged to consider the steel ETF (515210) for exposure to the steel sector, including steel plates, special steel, and metal products [3]

Group 1 - The steel sector is leading the market with the steel ETF (515210) rising over 1.5%, supported by industrial upgrades that may stabilize steel prices [1] - By 2025, the steel industry is expected to accelerate supply-demand structure adjustments and promote industrial upgrades as part of the "14th Five-Year Plan" [1] - Companies like Xinjiang Bayi Steel and Dali Dasteel are actively engaging in technological renovations and capacity replacements, indicating a positive effort towards quality improvement and efficiency [1] Group 2 - The supply-demand relationship in the steel industry is gradually improving after deep adjustments, with a stable performance noted in April 2025 [1] - The Ministry of Ecology and Environment has clarified carbon emission management requirements for the steel industry, driving a transition towards green and low-carbon development, providing new momentum for long-term growth [1] - The steel ETF (515210) tracks the CSI Steel Index, covering major listed companies in the steel sector, offering investors a convenient tool to capture investment opportunities arising from industry recovery and transformation [1] Group 3 - Investors without stock accounts can access investment opportunities in the steel sector through the steel ETF's connecting fund (008190) [2]