（文章来源：每日经济新闻） 国信证券指出，钢铁行业方面，随着四季度临近，为完成全年稳增长目标，企业推涨意愿持续，价格中 枢有望提升。政策层面，建材行业稳增长工作方案出台，将盈利水平有效提升作为主要目标之一，并强 化行业管理，促进优胜劣汰，预计后续反内卷执行力度有望强化。基建投资有望迎来复苏，政策重心重 新回归增量基建领域，资金层面新增政府债券将重点投向新建项目领域，对钢铁需求形成支撑。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从沪深市场中选取涉及普钢、特钢等业 务的上市公司证券作为指数样本，以反映钢铁行业相关上市公司证券的整体表现。指数成分股主要为钢 铁制造企业，具有较强的周期性特征，行业配置以原材料为主，体现出钢铁行业与市场动态及经济周期 紧密相关的特点。 ...

据wind数据，全市场唯一钢铁ETF（515210）近10日净流入超5.7亿元，机构表示，稳增长工作方案发 布，钢铁受益于反内卷加速 银河证券表示，《钢铁行业稳增长工作方案》明确了未来两年钢铁行业增加值年均增长目标设定在4% 左右，推动行业结构性调整与高质量发展。政策强调"产能产量精准调控"与"促进行业转型升级"，助力 钢铁行业产能向优质龙头集中，提升行业盈利能力。同时，方案鼓励钢铁企业加快数字化转型，利用 AI技术提高生产效率。 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。 （文章来源：每日经济新闻） 近日工信部与五部门联合印发《钢铁行业稳增长工作方案（2025—2026年）》，方案确立的"产能产量 精准调控"与"行业转型升级"是行业未来重点发展方向。在供给侧反内卷持续推进的背景下，钢铁行业 产能持续向优质龙头集中，行业细分龙头及业绩改善是重点 ...

国泰海通表示，需求有望企稳，供给维持收缩预期。基建、制造业端用钢需求有望平稳增长。出口方 面，1-7月钢材出口量仍维持同比增长。总体来看，预期钢铁需求有望逐步企稳。供给端来看，行业自 2022Q3开始亏损，供给市场化出清已开始出现。政策层面来看，近日发布的《钢铁行业稳增长工作方 案（2025-2026年）》提出"继续实施产量压减政策，按照支持先进企业发展、倒逼落后低效产能退出的 原则落实年度产量调控任务，促进供需动态平衡"，维持供给端收缩的预期，钢铁行业基本面有望逐步 修复。 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。 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。 （文章来源：每日经济新闻 ...

Group 1 - The steel industry is benefiting from favorable policies such as the elimination of outdated production capacity and regulation of low-price dumping [1] - Anticipation of environmental production restrictions in the Beijing-Tianjin-Hebei region due to the upcoming military parade may lead to significant supply contraction, similar to experiences in 2015 [1] - High-end steel products are expected to benefit from the energy cycle and substitution trends, while the ordinary steel sector shows potential for recovery due to favorable policies and reasonable profitability [1] Group 2 - Investors are encouraged to consider the only steel industry ETF (515210) for exposure to steel plate, special steel, and metal products [1] - For those without stock accounts, a linked fund (008190) is available to capture investment opportunities in the steel sector [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：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。 每日经济新闻 （责任编辑：董萍萍 ） "反内卷"行情活跃，钢铁ETF（515210）大涨3%，今年来资金持续布局"反内卷"主线，钢铁ETF持 续吸金，当前规模超30亿元。 东方证券表示，钢铁板块在"反内卷"背景下具有基本面支撑的中期投资价值。从当前时点来看，钢 铁行业在供给侧、成本端以及利润释放角度均存边际变化预期。 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。 ...

8月25日早盘，钢铁产业放量大涨，钢铁ETF（515210）涨幅超3%，资金火热布局，近5日净流入近2亿元。 感兴趣的投资者可以关注钢铁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。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 据Mysteel数据显示，随着金九渐进，建材需求逐步回暖，上周五大钢材表观消费量同比+1.60%，环比+2.83%，其中长材环比+4.23%，板材环比 +1.86%。国泰海通证券表示，预期钢铁需求有望逐步企稳。供给端来看，供给市场化出清已开始出现，行业正在逐步走出底部。 长江证券表示，本轮钢铁产能退出的节奏或相对细水长流，而下游制造企业盈利低位，一定程度上掣肘了钢材涨价的空间；不过，本轮反内卷恰逢上游 原料端的产能释放周期，伴随原材料的供给 ...

Group 1 - The core viewpoint is that the market has the potential to challenge the 4000-point level, and investors with existing positions may hold, while those without should wait or observe [1] - The market has recently surpassed the previous high from October 8 of last year and has also broken through the 10-year high, indicating a strong performance in the past quarter [1][3] - Investors are questioning how to invest above 3700 points and whether the bull market has begun, reflecting a cautious sentiment in the market [1] Group 2 - The stock market's performance is influenced by multiple factors, including fundamentals, liquidity, policies, and market sentiment [3] - The GDP growth rate for the first half of the year reached 5.3%, with expectations for a slight decline in the second half, which has led some investors to doubt the market's fundamental support [3][4] - Despite a lower GDP growth expectation, the overall economic situation remains stable, with no significant external risks anticipated [4] Group 3 - The liquidity situation is improving, with margin trading balances steadily increasing and stock market transaction volumes returning to over 2 trillion [4] - The macro liquidity environment is generally loose, with expectations of potential interest rate cuts by the Federal Reserve, which could further support the market [5] - Policy measures are seen as neutral to slightly optimistic, with ongoing efforts in fiscal policy aimed at improving people's livelihoods [5][6] Group 4 - The market sentiment has improved significantly, driven by increased confidence in domestic capabilities, particularly in technology and defense sectors [6] - The current market trend is characterized as a "slow bull" market, suggesting a more stable and gradual upward movement rather than a rapid surge [6] - Investors are advised to consider technical indicators if they find it challenging to capture rapid changes in fundamentals, sentiment, liquidity, and policies [6] Group 5 - Asset allocation strategies are recommended to adopt a "core + satellite" approach, with a focus on technology and dividend sectors [8] - The 中证A500ETF is highlighted as a balanced product that may outperform the 沪深300 index in a bull market due to its exposure to emerging industries [8] - The communication ETF and semiconductor equipment ETF are also noted for their strong performance and potential for future growth [9][10] Group 6 - The military industry is expected to perform well historically around significant events such as military parades, indicating potential investment opportunities [10] - The consumer sector, particularly pharmaceuticals and food and beverage, is identified as a key area for investment, with specific funds recommended for consideration [10][11] - The bond market is experiencing a period of adjustment, with opportunities for investors to accumulate positions during this time [12]

国泰海通指出，钢铁行业长期发展趋势是产业集中度提升和高质量发展，具备产品结构与成本优势 的钢企将受益。在环保加严、超低排放改造与碳中和背景下，龙头公司竞争优势与盈利能力将更加凸 显。需求方面，基建、制造业用钢需求有望平稳增长，1-7月钢材出口量仍维持同比增长，预期钢铁需 求将逐步企稳。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从A股市场中选取涉及普钢、特钢 等业务的上市公司证券作为指数样本，以反映钢铁行业相关上市公司证券的整体表现。指数成分股覆盖 钢铁产业链上下游企业，其持仓主要集中于原材料行业，并在沪深交易所均衡分布。 没有股票账户的投资者可关注国泰中证钢铁ETF联接C（008190），国泰中证钢铁ETF联接A （008189）。 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。 每日经济新闻 （责任编辑：张晓波 ） ...

Group 1 - The core viewpoint indicates that steel production remains stable, with potential supply reductions in Tangshan due to environmental regulations, which may support steel prices [1] - The profitability of major steel products is highlighted, with gross margins for high furnace rebar, hot-rolled, and cold-rolled steel at 121 CNY/ton, 151 CNY/ton, and 59 CNY/ton respectively, and an overall profitability rate of 65.8% for sample steel companies [1] - Long-term policies are expected to improve the supply-demand dynamics in the industry, combined with a decrease in raw material prices and process optimization in the first half of the year, indicating a recovery in industry profitability and significant mid-to-long-term investment value [1] Group 2 - The steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies in the steel sector from the Chinese A-share market to reflect the overall performance of the steel industry [1] - The index constituents cover major segments of the steel supply chain, reflecting the market value and development trends of the raw materials industry [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and Guotai CSI Steel ETF Connect A (008189) [1]

Market Performance - The Shanghai Composite Index rose by 0.83% to 3696.77 points, marking a new closing high in nearly three years, and is close to a ten-year peak [1] - The Shenzhen Component Index increased by 1.60%, while the ChiNext Index saw a rise of 2.61% [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 2.3 trillion, indicating strong participation from external funds [1] Market Sentiment - Despite a strong breakthrough of the 3700 mark, there was a subsequent pullback, leading to investor concerns about the end of the rally; however, the prevailing view is that the bullish trend is not over [1][2] - The market is characterized by a preference for small-cap stocks, with over 4600 stocks rising compared to fewer than 700 that fell [1] Economic Outlook - The "anti-involution" policies are being steadily implemented, fostering a growing consensus on the medium to long-term confidence in the Chinese economy, despite some fluctuations in economic data [1] - The market is expected to transition into a high-level consolidation phase, with potential for a "Davis double play" if supportive policies and improving economic data materialize [2] Securities Industry - The active market is closely linked to the performance of brokerage firms, with increased trading activity boosting brokerage revenues [3] - The resumption of IPOs and the deepening of capital market reforms are anticipated to benefit investment banks [3] - The approval of licenses for new business areas, such as stablecoins, is expected to open new growth avenues for brokerages, enhancing their profitability and market valuation [3] Mergers and Acquisitions - The trend of mergers and acquisitions in the securities industry is expected to improve market sentiment and enhance the competitive strength of leading brokerages [4] - Recent high-profile mergers, such as the collaboration between Guotai Junan and Haitong Securities, are indicative of a wave of consolidation in the sector [4] Coal Industry - The coal ETF has seen significant inflows, with over 1.1 billion entering in the past five days, supported by rising coal prices due to inventory reductions at ports [5][7] - The coal sector is expected to benefit from a combination of supply and demand policies, with a current dividend yield exceeding 5%, making it attractive for long-term investors [8][9]