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 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]

Group 1 - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to regulate low-price disorderly competition among enterprises [1] - The Central Financial Committee emphasized the need to govern low-price competition and promote the orderly exit of backward production capacity [1] - The Ministry of Industry and Information Technology announced plans to implement growth stabilization work for ten key industries, including steel and non-ferrous metals, to eliminate backward production capacity [1] Group 2 - The "anti-involution" policy is gaining momentum, leading to a renewed outlook for cyclical industries, with July's PPI showing a month-on-month decline of 0.2%, the smallest drop since March [2] - The current supply-demand imbalance is more complex, with traditional industries facing "demand insufficiency" and emerging industries experiencing "supply expansion" issues [2] - The stock market has reacted strongly to the "anti-involution" policy, with industry valuations undergoing fundamental changes, indicating potential buying opportunities [3] Group 3 - Coal ETF (515220) is the only coal ETF in the market with a scale exceeding 8.1 billion, tracking the China Securities Coal Index [4] - Steel ETF (515210) is the only steel ETF in the market with a scale exceeding 3.2 billion, tracking the China Securities Steel Index [4] - The photovoltaic 50 ETF (159864) has seen over 80% growth in share this year, tracking the China Securities Photovoltaic Industry Index [4]

Market Overview - The A-share market experienced overall fluctuations today, with the Shanghai Composite Index down 0.12% at 3635.13 points, and the Shenzhen Component Index down 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets was 17102.27 billion yuan, a decrease of 1162 billion yuan compared to the previous day [1] - The market sentiment is currently neutral to weak, with over 2800 stocks declining [1] Sector Performance - The "anti-involution" and "Yajiang" themes showed strong performance today, with sectors such as non-ferrous metals, building materials, infrastructure, steel, and photovoltaics leading the gains [1] - Conversely, the technology sector faced collective weakness, with software, computing, and chip industries leading the declines [1][6] Steel Industry Insights - Steel companies have shown a continuous recovery in profitability in the first half of the year, despite weak downstream demand leading to a decline in major steel prices [4] - The profitability rate of steel mills has stabilized around 60% since bottoming out in September last year [4] - The demand for steel is expected to be supported by a recovery in the real estate sector, with new construction and completion areas showing signs of improvement [7] Policy and Future Outlook - The "14th Five-Year Plan" is nearing its conclusion, while the "15th Five-Year Plan" is set to begin, with a focus on innovation-driven development and the cultivation of globally competitive emerging industries [8] - The artificial intelligence sector is expected to see significant growth, particularly in hardware and software applications, with a recommendation to focus on chip-related ETFs [8][9] Investment Opportunities - The steel ETF (515210) has shown a 1.14% increase today and a 2.74% increase over the past five days, indicating strong market interest [2] - The semiconductor sector remains in a high prosperity phase, with significant growth in sales and revenue for related companies, suggesting continued investment opportunities in chip ETFs (512760) and semiconductor equipment ETFs (159516) [8][9]

Group 1 - The steel industry is expected to maintain stable demand due to a series of "stabilizing growth" policies, with support from real estate stabilization, steady infrastructure investment, ongoing manufacturing development, and high steel exports [1] - The supply of steel is tightening under the expectation of supply-side policies, leading to a stronger industry concentration, which is likely to keep the overall supply-demand situation stable [1] - High-end steel products, benefiting from energy cycles, domestic substitution, and high barriers to entry in high-value-added manufacturing, are expected to gain significantly [1] Group 2 - Current profits for common steel are considerable, and under the backdrop of "anti-involution" in the industry, profits per ton of steel may continue to expand, indicating significant improvement potential for common steel companies [1] - The steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of listed companies in the steel industry, covering representative enterprises across the steel production, processing, and sales sectors [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect A (008189) and Guotai CSI Steel ETF Connect C (008190) [1]

Group 1 - The steel industry is showing signs of recovery, with an increase in operating rates for coking, rebar, and wire rod production [1] - The comprehensive steel price index has increased by 4.6% month-on-month, indicating a significant rise in steel prices [1] - Infrastructure funding is abundant, and project reserves are increasing, which may lead to marginal improvements in infrastructure and support steel demand [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of listed companies involved in steel production, processing, and sales [1] - The index includes companies across the steel industry supply chain, emphasizing cyclical steel manufacturing and related services [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and A (008189) [1]

Group 1 - The Ministry of Industry and Information Technology will implement a new round of growth stabilization plans for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials [1] - The financial policies supporting new industrialization will be improved in collaboration with relevant departments, promoting deeper integration of production and finance [1] - Continuous optimization of the business environment in terms of policy, talent, funding, and market will be pursued [1] Group 2 - Xinyu Securities indicates that ultra-low emission transformation may become a key measure in the new round of supply-side reform in the steel industry [1] - By February 2025, the Ministry of Ecology and Environment plans to gradually convert ultra-low emission requirements into mandatory emission standards, compelling traditional industries to upgrade [1] - From 2026, companies that fail to complete full-process transformations may not pass regulatory audits, indicating significant policy-driven effects [1] Group 3 - Regional and cross-regional capacity consolidation and the promotion of electric furnace steel are expected to positively influence the industry's supply-side reform [1] - The only ETF tracking the steel industry (515210) follows the CSI Steel Index, selecting listed companies involved in steel manufacturing, processing, and related services to reflect the overall performance of the steel sector [1] - The constituent stocks cover upstream and downstream enterprises in the steel industry chain, demonstrating significant industry concentration characteristics [1]

Group 1 - The steel industry is showing signs of recovery, with high furnace operating rates remaining stable compared to the previous week, and increases in the operating rates for coking, rebar, and wire rod [1] - The comprehensive steel price index has increased by 4.6% month-on-month, driven by the "anti-involution" policy and a rebound in industrial product prices [1] - Increased funding for infrastructure and a rise in project reserves are expected to support steel demand through marginal improvements in infrastructure [1] Group 2 - The steel ETF (515210) tracks the CSI Steel Index (930606), which includes listed companies involved in steel smelting, processing, and related businesses, reflecting the overall performance of the steel industry [1] - The index covers the entire steel industry chain, including iron ore mining, steel production, and sales, and is closely related to macroeconomic conditions and industry policies [1] - Investors without stock accounts can consider the Guotai CSI Steel ETF Connect C (008190) and Guotai CSI Steel ETF Connect A (008189) [1]

Core Viewpoint - The "anti-involution" concept is experiencing a temporary pullback, but this does not fundamentally change the valuation logic driven by policies aimed at regulating industry competition and promoting technological upgrades [1][3]. Market Performance - Coal ETF (515220) fell over 3%, Steel ETF (515210) dropped over 2%, while Building Materials ETF (159745) and Photovoltaic 50 ETF (159864) decreased nearly 1.5% [1]. - The market's pullback is seen as a release of high market sentiment rather than a reversal of underlying valuation logic [1]. Policy Implications - The core of the "anti-involution" policy focuses on standardizing industry competition, eliminating inefficient capacity, and reshaping the profit model of cyclical industries [1]. - Historical data shows that during the last supply-side reform from February 2016 to the end of 2017, the building materials industry rose by 45.75%, steel by 41.61%, and coal by 31.55% [1]. Investment Opportunities - Coal ETF (515220) has a market size exceeding 7 billion, tracking the China Coal Index [4]. - Steel ETF (515210) has surpassed 3 billion in size, tracking the China Steel Index [4]. - Building Materials ETF (159745) is the largest in its category with a size of 1.49 billion, tracking the China Building Materials Index [4]. - Photovoltaic 50 ETF (159864) has seen a net inflow exceeding 200 million for five consecutive days, tracking the China Photovoltaic Industry Index [4]. Economic Outlook - Citic Securities indicates that "anti-involution" may help stabilize the decline in PPI, and with demand-side expansion policies, a low-price state may be overcome [3]. - Huatai Securities suggests maintaining flexibility in trading strategies due to various events in August, while focusing on the effectiveness of "anti-involution" policies in the medium term [3].

Core Viewpoint - The steel industry is experiencing an improvement in profitability expectations, with the steel ETF (515210) rising over 3.1% as the industry's profit margin increases [1] Group 1: Industry Performance - The steel industry's profit margin has increased by 0.43% to 60.17% [1] - The simulated gross profit per ton for rebar and hot-rolled coil is 198.6 CNY/ton and 130.6 CNY/ton, respectively [1] - Iron ore inventory has increased by 193,200 tons to 137,852,100 tons, indicating a potential shift towards a more relaxed supply cycle for iron ore [1] Group 2: Demand and Supply Dynamics - Demand from infrastructure and manufacturing sectors is showing steady growth, with steel exports maintaining year-on-year growth from January to June [1] - The market is beginning to clear, suggesting that the industry is gradually emerging from its bottom phase [1] - If supply policies are implemented, the speed of supply contraction in the industry may accelerate, leading to quicker upward progress [1] Group 3: Long-term Trends - The industry is expected to see an increase in concentration and a shift towards high-quality development [1] - Stringent environmental regulations, ultra-low emission transformations, and carbon neutrality initiatives will highlight the advantages of leading companies in the sector [1] Group 4: Investment Instruments - The steel ETF (515210) tracks the CSI Steel Index (930606), which includes representative listed companies in the steel industry, covering key segments such as iron ore mining and steel manufacturing [1]