东吴证券主要观点如下： 2025年供给持续饱满，需求略有回暖 上游铁水产量2025年处于2021-2025年较高水平，仅弱于2023年，与到港量同向增长。截至2025年11 月，铁水日均产量平均238万吨/天，yoy+3.7%。2025年钢材产量五大钢材均有下滑，受制于地产行业趋 势走弱，长材弱于板材。截至2025年10月中国粗钢产量累计8.2亿吨，yoy-4%。 2025年钢材表需同比小幅上升，板材贡献增量，长材有所拖累。截至2025年10月，中国钢材总表观消费 量9.3亿吨，yoy+5%。分品类来看，仍为长弱板强，截至11月底，五大钢材中板材消费量同比增加，其 中热轧、冷轧及中厚板消费量同比+1%/+2%/+5%，螺纹钢、线材有所下滑，yoy-5%/-8%，降幅收窄。 分行业来看，需求主要受地产拖累，造船+汽车+制造业+出口起到弥补作用。 预计2026年钢铁行业供给过剩仍为主要矛盾，价格或维持震荡态势 东吴证券预计，2026年基建、出口、造船、机械用钢正贡献，地产用钢略有拖累，供给略有过剩。 2025钢材价格震荡走弱，2026年预计钢价震荡运行 智通财经APP获悉，东吴证券发布研报称，截至2025年10月 ...

11月18日，华菱钢铁盘中下跌2.14%，截至10:47，报5.95元/股，成交2.03亿元，换手率0.49%，总市值 411.06亿元。 资金流向方面，主力资金净流出3198.89万元，特大单买入427.15万元，占比2.11%，卖出2735.73万元， 占比13.48%；大单买入2343.06万元，占比11.55%，卖出3233.37万元，占比15.93%。 华菱钢铁今年以来股价涨45.80%，近5个交易日跌1.82%，近20日跌0.17%，近60日涨8.58%。 资料显示，湖南华菱钢铁股份有限公司位于湖南省长沙市天心区湘府西路222号，成立日期1999年4月29 日，上市日期1999年8月3日，公司主营业务涉及钢材产品的生产和销售。主营业务收入构成为：板材 46.31%，其他业务及产品25.15%，长材19.28%，钢管9.26%。 华菱钢铁所属申万行业为：钢铁-普钢-板材。所属概念板块包括：湖南国资、中盘、航天军工、华为概 念、油气管网等。 截至9月30日，华菱钢铁股东户数8.42万，较上期减少6.78%；人均流通股82063股，较上期增加7.27%。 2025年1月-9月，华菱钢铁实现营业收入950 ...

Core Viewpoint - The steel industry is experiencing fluctuations in production and demand, with a notable increase in capacity utilization rates, while prices and profits remain under pressure. The overall outlook suggests potential for recovery driven by government policies and market stabilization efforts. Supply Situation - As of November 14, the capacity utilization rate for blast furnaces in sample steel companies is 88.8%, an increase of 0.99 percentage points week-on-week [2][3] - The capacity utilization rate for electric furnaces is 53.2%, up by 2.31 percentage points week-on-week [2][3] - The production of five major steel products is 7.261 million tons, a decrease of 229,800 tons or 3.07% week-on-week [2][3] - Daily average pig iron production is 2.3688 million tons, an increase of 26,600 tons week-on-week and 28,200 tons year-on-year [2][5] Demand Situation - The consumption of five major steel products is 8.606 million tons, down by 63,300 tons or 0.73% week-on-week [2][3] - The transaction volume of construction steel by mainstream traders is 100,000 tons, an increase of 3,700 tons or 3.87% week-on-week [2][3] Inventory Situation - Social inventory of five major steel products is 10.614 million tons, a decrease of 136,100 tons or 1.27% week-on-week, but an increase of 306,100 tons year-on-year [3] - Factory inventory of five major steel products is 4.16 million tons, down by 126,100 tons or 2.94% week-on-week, with a year-on-year increase of 6.35% [3] Steel Prices & Profits - The comprehensive index for ordinary steel is 3,422.3 yuan/ton, an increase of 2.47 yuan/ton or 0.07% week-on-week, but down by 6.85% year-on-year [3] - The comprehensive index for special steel is 6,581.9 yuan/ton, a decrease of 10.59 yuan/ton or 0.16% week-on-week, and down by 3.37% year-on-year [3] - The profit for rebar from blast furnaces is -29 yuan/ton, an increase of 10.0 yuan/ton or 25.64% week-on-week [3] - The profit for construction steel from electric furnaces is -155 yuan/ton, an increase of 7.0 yuan/ton or 4.32% week-on-week [3] Raw Material Situation - The spot price index for Australian powder ore (62% Fe) at Rizhao Port is 786 yuan/ton, up by 10.0 yuan/ton or 1.29% week-on-week [4] - The price for main coking coal at Jingtang Port is 1,830 yuan/ton, an increase of 30.0 yuan/ton week-on-week [4] Market Outlook - The initiation of the 2025 Central Safety Production Assessment is expected to stabilize market confidence and positively impact steel prices [5] - The steel industry is anticipated to maintain a stable supply-demand balance, supported by government "stability growth" policies, with potential improvements in demand from real estate and infrastructure sectors [6] - The industry is expected to see structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [6]

Core Viewpoint - Maanshan Iron & Steel Company Limited (Ma Steel) is a major player in the domestic steel industry, with a diversified product structure and significant advantages in the wheel axle segment. The company has a steel production capacity of 23 million tons and is involved in various sectors including central enterprise reform and nuclear power [1]. Financial Performance - For Q3 2025, Ma Steel reported a revenue of 57.572 billion yuan, ranking 6th in the industry, which is lower than the top competitor Baosteel's 232.436 billion yuan and the industry average of 59.833 billion yuan. The net profit for the same period was 356 million yuan, placing it 9th in the industry, significantly below Baosteel's 8.908 billion yuan and the industry average of 808 million yuan [2]. - The company's main business revenue was 38.072 billion yuan, accounting for 99.99% of total revenue, while other income was only 372,590 yuan [2]. Financial Ratios - As of Q3 2025, Ma Steel's debt-to-asset ratio was 60.56%, a decrease from 63.74% year-on-year and below the industry average of 63.37%. The gross profit margin was 5.09%, an improvement from -0.35% year-on-year but still below the industry average of 5.68% [3]. Leadership - The chairman of Ma Steel, Jiang Yuxiang, born in 1968, has been with the company since 1990 and took office in April 2024. He holds a doctorate in management and has held various positions within the company [4]. Shareholder Information - As of December 31, 2008, the number of A-share shareholders increased by 28.81% to 444,500, with an average holding of 4,681.89 shares, up 35.21%. By September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5]. Production and Cost Management - In H1 2025, Ma Steel achieved a revenue of 38.076 billion yuan and a net profit of -74.78 million yuan, with Q2 showing a turnaround to profitability due to increased steel production and effective cost control. The company produced 9.63 million tons of steel products, with a 22% year-on-year increase in key product categories [6]. - The company has successfully reduced procurement costs for raw materials, with port iron ore prices outperforming the index by 4.58 USD/ton and coking coal costs being 10.67 yuan/ton lower than the industry average [6]. Product Structure - Ma Steel, controlled by China Baowu Steel Group, has a diversified product structure focusing on special steel, wheel axles, long products, and plates. The long products and plates contributed 41% and 44% of revenue, respectively, in 2024 [6].

Core Insights - Maanshan Iron & Steel Co., Ltd. (stock code: 00323) reported its key operating data for the first three quarters of 2025, indicating strong production and sales figures across various product categories [1] Production and Sales Data - The production volume of flat steel reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - Long steel production was recorded at 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

Core Insights - The company Maanshan Iron & Steel Co., Ltd. (stock code 00323) reported its key operating data for the first three quarters of 2025, highlighting significant production and sales figures across various product categories [1] Production and Sales Data - The production volume of sheet products reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - The production volume of long products was 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

（在中華人民共和國註冊成立之股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited | 主要產品 | | 生產量 | 銷售量 | 銷售價格 | | --- | --- | --- | --- | --- | | | | | | （元╱噸） | | 長 | 材 | 706 | 705 | 3,128 | | 板 | 材 | 722 | 728 | 3,659 | | 輪 | 軸 | 19 | 19 | 11,104 | | 商品坯 | | 73 | 73 | 4,601 | | | | | 承董事會命 | | | | | | 馬鞍山鋼鐵股份有限公司 | | 蔣育翔 董事長 2025年10月30日 中國安徽省馬鞍山市 （股票代號：00323） 海外監管公告 2025年前三季度主要經 ...

股票代码：600808 股票简称：马钢股份 公告编号： 2025-052 单位：万吨 | 主要产品 | 生产量 | 销售量 | 销售价格（元/吨） | | --- | --- | --- | --- | | 长材 | 706 | 705 | 3128 | | 板材 | 722 | 728 | 3659 | | 轮轴 | 19 | 19 | 11104 | | 商品坯 | 73 | 73 | 4601 | 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 10 月 30 日 马鞍山钢铁股份有限公司 2025 年前三季度主要经营数据公告 马鞍山钢铁股份有限公司（"公司"）董事会及全体董事保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 根据上海证券交易所的相关规定，公司现将 2025 年前三季度的 主要经营数据公告如下： ...

Core Viewpoint - Hualing Steel's stock price has shown a significant increase of 43.59% year-to-date, despite recent declines in the short term [1][2]. Group 1: Stock Performance - As of October 30, Hualing Steel's stock price rose by 2.09% to 5.86 CNY per share, with a trading volume of 231 million CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 40.485 billion CNY [1]. - The stock has experienced a decline of 1.01% over the last five trading days, 6.09% over the last 20 days, and 0.34% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hualing Steel reported operating revenue of 95.048 billion CNY, a year-on-year decrease of 14.88%, while net profit attributable to shareholders increased by 41.72% to 2.510 billion CNY [2]. - Cumulatively, Hualing Steel has distributed 10.436 billion CNY in dividends since its A-share listing, with 3.934 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hualing Steel decreased by 6.78% to 84,200, while the average number of tradable shares per person increased by 7.27% to 82,063 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 157 million shares, an increase of 23.41 million shares compared to the previous period [3].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The implementation of the capacity replacement method is expected to accelerate the exit of backward production capacity, with a replacement ratio of no less than 1.5:1 for iron and steel production capacity [3] - Despite facing supply-demand contradictions and overall profit decline, the steel demand is expected to stabilize or slightly increase due to government policies supporting growth in real estate, infrastructure, and manufacturing [3] - The steel industry is anticipated to maintain a stable supply-demand situation, benefiting from high-end steel products and companies with strong cost control and scale effects [3] Supply Situation - As of October 24, the capacity utilization rate for blast furnaces in sample steel companies is 89.9%, down 0.39 percentage points week-on-week [25] - The average daily pig iron production is 2.399 million tons, a decrease of 1.05 tons week-on-week but an increase of 5.54 tons year-on-year [25] - The total production of five major steel products is 7.571 million tons, an increase of 82,100 tons week-on-week [25] Demand Situation - The consumption of five major steel products reached 8.927 million tons as of October 24, an increase of 173,200 tons week-on-week [35] - The transaction volume of construction steel by mainstream traders is 101,000 tons, up 390 tons week-on-week [35] Inventory Situation - The social inventory of five major steel products is 10.997 million tons, a decrease of 261,400 tons week-on-week [43] - The factory inventory of five major steel products is 4.552 million tons, a decrease of 12,700 tons week-on-week [43] Price & Profit Situation - The comprehensive index for ordinary steel is 3,421.0 yuan/ton, an increase of 5.25 yuan/ton week-on-week [49] - The profit for rebar produced in blast furnaces is -60 yuan/ton, an increase of 6.0 yuan/ton week-on-week [57] - The average cost of pig iron is 2,383 yuan/ton, an increase of 13.0 yuan/ton week-on-week [57] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) is 781 yuan/ton, unchanged week-on-week [73] - The price of main coking coal at Jingtang Port is 1,740 yuan/ton, an increase of 50.0 yuan/ton week-on-week [73] Company Valuation - Key listed companies in the steel sector are showing potential for valuation recovery, particularly those with high gross margins and strong cost control [3]