卓创资讯钢铁事业部长材产业链分析师李德儒在接受《证券日报》记者采访时表示，短期来看，政策精 准限制钢坯等低附加值产品，直接冲击"以量补价"模式，低附加值部分出口在政策实施后预计锐减。企 业出口方面增加了合规成本，相关质量要求促使企业转向高附加值产品以维持竞争力，从而对生产经营 者带来一定压力。长远来看，该政策将促进钢铁行业从规模扩张向高质量发展进行转型。可以预见，企 业为维持竞争力，会更加重视开发高附加值产品，推动技术创新。 日前，商务部、海关总署发布公告，依据《中华人民共和国对外贸易法》《中华人民共和国货物进出口 管理条例》《货物出口许可证管理办法》等法律、行政法规和规章，决定对《出口许可证管理货物目录 （2025年）》进行调整，将部分钢铁产品纳入目录，自2026年1月1日起执行。 受访的企业和行业人士表示，在当前我国钢铁出口规模持续扩大的背景下，上述政策有助于驱动产业升 级迭代。 据海关总署统计数据，2025年前11个月，我国钢材出口量达1.077亿吨，同比增长6.7%。上海钢联智数 产品研发部研究员陈韫芝对《证券日报》记者表示，这充分体现了我国钢铁工业深度融入全球市场，在 国际供应链中地位日益提升的积极 ...

Core Viewpoint - The Chinese government is reintroducing export license management for certain steel products starting January 1, 2026, marking a significant shift in steel export regulation after 16 years of deregulation [2][12]. Group 1: Policy Background - The policy adjustment is a necessary response to multiple challenges facing the steel industry, including a projected steel export volume of 115 million tons for 2025, a 6.7% year-on-year increase, despite a 10.3% drop in average export prices [3][13]. - The steel industry has faced a record high of over 50 anti-dumping cases since 2024, with countries like Vietnam and India imposing tariffs as high as 38.02% on Chinese products [3][13]. - The surge in low-value primary product exports, such as 5.89 million tons of steel billets in the first half of 2025, reflects a concerning trend of "volume over price" that increases energy consumption and carbon emissions [4][3]. Group 2: Policy Content - The export license management will cover 300 customs product codes, spanning the entire steel industry chain from raw materials to finished products [5][14]. - Specific products include non-alloy pig iron, recycled steel raw materials, and hot-rolled coils, with a focus on compliance with national standards for recycled materials [6][15]. - The application process requires exporters to provide contracts and quality inspection certificates, enhancing the quality reputation of Chinese steel products [6][15]. Group 3: Policy Connection - The announcement is part of a broader framework of recent policies aimed at strengthening steel product export management and optimizing product structure [7][16]. - The policy aligns with the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" issued by multiple government departments, emphasizing the need for improved export management [7][16]. Group 4: Industry Significance - The policy aims to curb the chaotic export of low-value products, pushing companies to adjust their product structures and reduce reliance on price competition [8][17]. - It will help companies navigate international trade barriers by encouraging diversification into emerging markets like Africa and Latin America [8][17]. - The management will also facilitate the green transition of the steel industry, coinciding with the introduction of carbon trading and border adjustment mechanisms in the coming years [8][17]. Group 5: Recommendations for Companies - Companies are encouraged to adapt proactively to the new policy, preparing necessary documentation and understanding the specific product categories affected [9][18]. - Increased investment in R&D for high-end products and the adoption of "green steel" practices are recommended to enhance competitiveness [10][18]. - Establishing a robust quality management system is crucial, as compliance with quality inspection requirements will be a key factor in maintaining export capabilities [10][18].

Core Viewpoint - The Ministry of Commerce and the General Administration of Customs announced the implementation of export license management for certain steel products starting January 1, 2026, marking a new phase in China's steel export management after a 16-year hiatus since 2009 [1][2]. Group 1: Current Challenges in the Steel Industry - China's steel export data shows a facade of prosperity, with 2025 H1 steel exports reaching 58.15 million tons, a 9.2% year-on-year increase, while the average export price fell to $699.3 per ton, a 10.3% decline, leading to a total export value of $40.66 billion, down 2.0% year-on-year [3]. - The surge in low-value primary product exports and the increase in trade friction cases indicate structural contradictions within the industry, which are exacerbated by a "volume compensates for price" export model that increases energy consumption and carbon emissions [3]. Group 2: Positive Implications of Export License Management - The export license management policy is expected to curb the chaotic export of low-value products, as it will raise compliance costs for such exports, compelling companies to adjust their product structures [2][3]. - This policy will help companies navigate international trade barriers by encouraging them to optimize their export market strategies and reduce reliance on traditional markets with high anti-dumping duties, while exploring emerging markets in Africa and Latin America [2][3]. - The management will also promote green transformation within the industry, coinciding with the steel sector's inclusion in the national carbon emissions trading market and the upcoming EU carbon border adjustment mechanism [2][3]. Group 3: Recommendations for Steel Companies - Companies are advised to familiarize themselves with the specific product catalog under management and prepare necessary export contracts and quality inspection certificates ahead of time [4]. - From December 15, 2025, companies can apply for export licenses for 2026, and early planning is encouraged [4]. - Increased investment in R&D for high-performance products such as bearing steel, gear steel, and high-temperature alloys is recommended, with some leading domestic companies already exporting "green steel" products that achieve a 50% reduction in carbon emissions per ton through full-process carbon verification [4].

Core Viewpoint - The Chinese government is reintroducing export license management for certain steel products starting January 1, 2026, marking a significant shift in steel export regulation after 16 years of deregulation, aimed at promoting high-quality development in the steel industry and maintaining global trade balance [1][2]. Group 1: Export License Management - The new export license management will cover 300 customs product codes, encompassing the entire steel industry chain from raw materials to finished products [1]. - This policy is a response to the challenges faced by the steel industry, including structural contradictions in export volumes and prices, and aims to optimize the export product structure [2][3]. Group 2: Export Volume and Pricing - In the first eleven months of 2025, China's steel exports reached 107.7 million tons, a year-on-year increase of 6.7%, with an expected total export volume of 115 million tons for the year, surpassing the historical high of 112 million tons in 2015 [2]. - Despite the increase in export volume, there is a notable decline in export prices, with the average export price dropping by 10.3% to $699.3 per ton in the first half of 2025 [3]. Group 3: Trade Friction and Market Strategy - The steel industry has faced over 50 anti-dumping cases since 2024, with countries like Vietnam, India, and South Korea imposing anti-dumping duties as high as 38.02% on Chinese steel products [3]. - The export license management is expected to compel companies to adjust their product structures and reduce reliance on traditional markets with high anti-dumping duties, while exploring emerging markets in Africa and Latin America [3]. Group 4: Recommendations for Companies - Companies are advised to familiarize themselves with the specific products under the new management and prepare necessary documentation for export licenses starting December 15, 2025 [4]. - There is a push for increased R&D investment in high-end steel products, with some leading companies already exporting "green steel" products that significantly reduce carbon emissions [4].

Core Viewpoint - The Chinese government is reintroducing export license management for certain steel products starting January 1, 2026, marking a significant shift in steel export regulation after 16 years of deregulation [1][2]. Group 1: Export License Management - The export license management will cover 300 customs commodity codes, encompassing the entire steel industry chain from raw materials to finished products [1]. - This initiative aims to guide the standardized export of steel products, promoting high-quality development in the steel industry and maintaining global supply-demand balance [1][2]. Group 2: Industry Challenges and Responses - The Ministry of Industry and Information Technology, along with other departments, has emphasized the need to strengthen steel product export management to optimize the export product structure [2]. - In the first 11 months of 2025, China's steel exports reached 107.7 million tons, a 6.7% increase year-on-year, with an expected annual total of 115 million tons, surpassing the historical high of 112 million tons in 2015 [2]. - Despite the growth in export volume, there are structural issues, such as declining export prices and a surge in low-value-added primary product exports, which contradict the long-term goals of high-quality development [2][3]. Group 3: Price and Trade Dynamics - In the first half of 2025, steel exports amounted to 58.15 million tons, a 9.2% year-on-year increase, but the average export price fell by 10.3% to $699.3 per ton, leading to a 2.0% decrease in export value to $40.66 billion [3]. - The significant increase in steel billet exports, which tripled to 5.89 million tons, alongside a 15.3% drop in export prices, indicates that some companies are still engaged in price competition at a basic level [3]. Group 4: Trade Friction and Market Strategy - The steel industry has faced a record number of trade friction cases, with over 50 anti-dumping cases since 2024, affecting products like hot-rolled sheets and medium-thick plates, with tariffs as high as 38.02% imposed by countries such as Vietnam and India [3]. - The export license management is expected to compel companies to adjust their product structures and optimize export market strategies, reducing reliance on traditional markets with high anti-dumping duties and exploring emerging markets in Africa and Latin America [3]. Group 5: Recommendations for Companies - Companies are advised to familiarize themselves with the specific product catalog under management and prepare necessary export contract and quality inspection documents ahead of time [4]. - There is a call for increased R&D investment to develop high-end products such as high-performance bearing steel and gear steel, with some leading domestic companies already exporting "green steel" products that achieve significant carbon reductions [4].

（一）轴承钢 优特钢产量稳健增长 2024年中国特钢企业协会（下称特钢协）重点统计会员企业优特钢粗钢产量为7869万吨，较2021年增长19.3%，较"十三五"末增长14.5%。预计2025年 （图示为2025E，下同）优特钢粗钢产量为7974万吨，较2021年增长20.9%，较"十三五"末增长16.0%。 2 重点品种产量保持增长 2024年特钢协重点统计会员企业轴承钢粗钢产量为497万吨，较2021年增长12.2%，较"十三五"末增长25.2%。预计2025年轴承钢粗钢产量为488万吨，较 2021年增长10.2%，较"十三五"末增长22.9%。 1 （二）齿轮钢 2024年特钢协重点统计会员企业齿轮钢粗钢产量为502万吨，较2021年增长39.1%，较"十三五"末增长35.7%。预计2025年齿轮钢粗钢产量为560万吨，较 2021年增长55.1%，较"十三五"末增长51.4%。 （三）工具钢 2024年特钢协重点统计会员企业工具钢粗钢产量为85万吨，较2021年增长44.1%，较"十三五"末增长2.4%。预计2025年工具钢粗钢产量为87万吨，较2021 年增长47.5%，较"十三五"末增长4.8%。 ...

Core Viewpoint - The company is transforming its steel production process through green and intelligent manufacturing, significantly reducing emissions and enhancing efficiency. Group 1: Green and Intelligent Manufacturing - The company utilizes electric arc furnaces for short-process steelmaking, which eliminates high-emission production stages, achieving over 75% reduction in pollutants like sulfur dioxide and particulate matter [1] - The company has established a "digital factory" with 60 intelligent scenarios, recognized as a benchmark for green transformation and smart manufacturing in the special steel industry [1] - The company has developed a comprehensive digital management system, integrating 109 process models and over 100 technological innovations, producing high-end products like bearing steel and gear steel [3] Group 2: Automation and Labor Efficiency - The company has implemented a robotic system in its rebar finishing workshop, reducing the workforce from over 10 to just 3 operators for the same tasks [2] - The intelligent warehouse system has decreased labor needs by two-thirds for inventory management, streamlining operations and enhancing efficiency [2] Group 3: Data Management and Production Efficiency - The company employs an integrated "smart" system for production management, which enhances the efficiency of high-value products by 31% [4] - The system allows for real-time adjustments in production based on sales orders, improving the overall production flow and quality control [5] Group 4: Environmental Impact and Energy Efficiency - The company has achieved a 75% reduction in pollutant emissions and a 30% decrease in electricity consumption per ton of steel compared to traditional electric furnaces [6] - The company has been recognized as a national "green factory" and a benchmark for carbon neutrality practices, showcasing its commitment to sustainable development [7]

Core Insights - The company has adopted a green and efficient electric furnace short-process steelmaking method, which reduces emissions of sulfur dioxide and particulate matter by over 75% compared to traditional long-process methods [1] - The company has established a "digital factory" with 60 intelligent scenarios, recognized as a benchmark for green transformation and intelligent manufacturing in the special steel industry [1][7] Intelligent Production Transformation - The integration of industrial automation and information technology has led to a highly efficient and intelligent production environment, significantly reducing the workforce needed for operations [2][3] - The company has developed a special steel bar finishing robot system, supported by national key research programs, which has streamlined operations from requiring over 10 workers to just 3 [2][3] Data Management Enhancement - The company has implemented an integrated "smart" system that enhances production management, allowing for dynamic and efficient coordination across various production stages [4] - The use of this system has resulted in a 31% increase in the proportion of high-efficiency products [4] Customer-Centric Approach - The company utilizes big data and deep learning technologies to create accurate user profiles for real-time customer demand analysis and forecasting, improving marketing efficiency and reducing costs [5] Environmental Efficiency - The company has achieved significant reductions in pollution and energy consumption, with a 75% reduction in pollutant emissions and a 30% decrease in electricity consumption per ton of steel compared to traditional electric furnaces [6] - The implementation of smart short-process electric furnace technology has enabled efficient resource utilization and waste water "zero discharge" [6][7] Recognition and Future Outlook - The company has been recognized as a national "green factory" in 2023 and awarded as a benchmark for dual-carbon best practice energy efficiency in 2024 [7] - The focus on high-precision green steel products positions the company as a leader in the green transformation and high-quality development of the special steel industry [7]

Core Viewpoint - The special steel industry is positioned as a key player in China's strategic development, focusing on technological innovation and structural optimization to achieve high-quality growth and resilience in a complex environment [1] Industry Development - The special steel industry has shown a steady improvement in quality since the beginning of the year, with accelerated high-end transformation and significant improvement in efficiency indicators [2] - From January to September, the production of special steel reached 58.55 million tons, a year-on-year increase of 1.1%, with key varieties like gear steel and spring steel seeing growth rates of 11.2% and 16.5% respectively [2] Price Trends - The average price index for special steel decreased by 0.67% year-on-year, while the price index for special quality steel increased by 0.51%, indicating a divergence in market dynamics [3] - The price index for premium steel dropped by 6.86%, highlighting the need for the industry to optimize product structure to mitigate price volatility risks [3] Export Challenges - The export of special steel faced challenges, with a total export volume of 5.77 million tons from January to September, a decline of 1.3% year-on-year [3] - The industry needs to proactively plan for international market strategies to overcome external pressures [3] Profitability Improvement - The total profit of key member enterprises reached 16 billion yuan, with an average sales profit margin of 4.30%, an increase of 2.63 percentage points year-on-year [4] - The reduction in the loss ratio to 20% indicates a successful transition from scale expansion to quality and efficiency [4] Future Opportunities and Challenges - The industry is at a critical juncture with both opportunities and challenges, including global economic slowdown and increased competition [4] - Opportunities arise from national manufacturing strategies and the push for high-end transformation, as well as the demand for intelligent and green development [4] Strategic Directions - The industry aims to leverage technological innovation and talent development to drive high-quality growth, focusing on high-end, brand-oriented, international, intelligent, and green development [5] Key Work Areas - The industry association plans to enhance market ecology through self-discipline and collaboration, improve innovation capabilities, and expand international market presence [7][8] - Specific initiatives include establishing a data platform for industry insights, promoting digital transformation, and enhancing brand visibility through major events [8]

Core Viewpoint - The steel industry is crucial for the national economy, facing significant challenges due to global economic changes and carbon neutrality goals, prompting the release of a growth plan for 2025-2026 aimed at enhancing quality and reasonable growth in the sector [1][3]. Group 1: Supply and Demand Balance - In the first three quarters of this year, China's steel industry reported a total profit of 97.34 billion yuan, marking a shift from losses to profits year-on-year [2]. - Despite a slight recovery in profitability this year, the overall growth foundation remains unstable due to complex external conditions and a significant portion of the industry expected to incur losses in 2024 [2]. - The Ministry of Industry and Information Technology highlights an imbalance between excessive supply and insufficient effective demand as a major issue affecting the industry's quality and efficiency [2]. Group 2: Effective Supply Enhancement - China accounts for approximately 53% of global crude steel production, yet the industry's profit margin is only 0.4% [4]. - The growth plan emphasizes the need for orderly exit of inefficient production capacity and precise control of capacity and output to promote dynamic supply-demand balance [4]. - The plan calls for the implementation of policies to support advanced enterprises while forcing the exit of outdated capacities, thereby enhancing the overall quality and efficiency of supply [4][5]. Group 3: Expanding Demand - The development of high-performance steel products, such as ultra-thin silicon steel, is crucial for meeting the demands of emerging industries like robotics and renewable energy [6][7]. - The growth plan aims to enhance the supply capacity of high-end products by focusing on key materials required for advanced equipment and core components, fostering collaboration among steel enterprises, upstream and downstream companies, and research institutions [7]. - The transition towards high-end, green, and intelligent steel production is expected to improve the resilience and safety of the industry supply chain [7].