8月25日，钢材现货市场以涨为主，期货市场主要品种主力全部上涨，其中螺纹、热卷涨0.9%左右，铁 矿涨2.27%，焦炭涨4.36%，焦煤涨6.48%。因煤矿端安全生产事故再发带动市场做多情绪，今日焦煤大 涨，此外，鲍威尔暗示美联储或在9月降息，市场情绪转强，不过淡季钢市供需仍有压力，明日钢价... 一、多空因素分析 1．国常会：听取实施大规模设备更新和消费品以旧换新政策情况汇报 会议指出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促转型、惠民生等方面取得明 显成效。要在对政策实施情况进行认真总结评估的基础上，加强统筹协调，完善实施机制，更好发挥对 扩大内需的推动作用。要严厉打击骗补套补行为，确保补贴资金用到实处、见到实效。要进一步强化财 税金融等政策支持，创新消费投资场景，优化消费投资环境，综合施策释放内需潜力。会议有利于提振 市场信心，利好钢材价格走势。 https://www.cls.cn/detail/2123420 2．8月中旬21个城市5大品种钢材社会库存843万吨，环比增加40万吨 据中钢协，8月中旬，21个城市5大品种钢材社会库存843万吨，环比增加40万吨，上升5.0%。8月中 旬 ...

西南钢铁行业的浩瀚星海中，四川盛世钢联国际贸易有限公司以其卓越的型钢供应能力和专业服务，正成为成都型钢、四川型钢市场的重要风向标；公司深 耕钢铁领域多年，以客户需求为导向，以品质为基石，构建起覆盖全产业链的型钢供应生态，为各类工程项目的高效落地提供坚实保障。 货权单位：四川盛世钢联国际贸易有限公司 总部位置：四川省成都市青白江区国际贸易产业园4栋5层 座机：028-83101028 03 服务网络：四川型钢的便捷获取通道 为满足客户"即时交付"的需求，盛世钢联在成都、重庆、拉萨、昆明等西南核心城市布局仓储网络，常备万吨级型钢现货。依托智能化仓储系统和高效物流 体系，公司承诺"当日下单，次日发货"。 公司提供全方位的服务支持：智能加工（配备先进切割、折弯、打孔设备）、高效配送（自有物流团队覆盖川渝、西藏全境）以及金融托盘服务（联合银行 推出供应链金融方案）。 04 市场洞察：四川型钢行情精准把握 手机：15760366589 01 企业根基：西南型钢服务商的坚实基底 四川盛世钢联国际贸易有限公司总部位于四川省成都市青白江区国际贸易产业园，是一家服务中国钢铁产品流通的区域性钢材销售贸易经销代理企业，作为 型钢省级 ...

公司报告 | 半年报点评 鸿路钢构（002541） 证券研究报告 毛利率下滑拖累吨净利，重视钢铁反内卷带来的业绩弹性 收入小幅增长，看好钢铁反内卷对企业盈利的边际修复 鸿路钢构 25H1 实现收入 105.5 亿，同比+2.17%，实现归母净利润为 2.88 亿，同比-32.7%，扣非净利润为 2.38 亿，同比+0.88%，非经常性损益为 0.5 亿，同比减少 1.42 亿；Q2 单季来看，公司实现收入 57.35 亿，同比-2.78%， 归母、扣非净利润分别为 1.51、1.23 亿，同比-32.61%、-17%。我们仍看好 钢铁反内卷有望带动钢价上行，或对企业的加工费及吨净利带来边际修复。 考虑到上半年压力较大，我们下调公司盈利预测，预计公司 25-27 年归母 净利润为 8.1、9.4、10.9 亿（前值为 8.7、10.2、12.2 亿），对应 PE 为 15、 13、11 倍，维持"买入"评级。 钢结构制造转型钢结构智造，布局多项专业化产线 分产品看，25H1 公司 H 型钢、箱型十字型柱、管类、桁架、次构件、其 他分别实现收入 58、20、6.6、4.1、13.6、3.3 亿，同比+1.5%、- ...

Group 1: Report Information - Report Title: Small Variety Steel Weekly Data [2] - Report Date: August 4, 2025 [2] - Researchers: Yu Dian, Tao Cunhui, Xue Yuan, Ran Yumeng, Zhong Hong [2] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core View - The report presents the weekly data of small variety steels in 2025, including actual production, apparent demand, steel enterprise inventory, social inventory, and total inventory for different types of steel products such as I-beams, H-beams, color-coated coils, galvanized coils, etc. It also shows the steel billet inventory and sample small variety steel inventory, along with their week-on-week changes [2]. Group 4: Summary by Steel Product Type I-beams (I-beams, Channels, Angles) - Actual Production: 36.76 tons on August 1, 2025, up 2.71 tons from July 25, 2025 [2] - Apparent Demand: 33.4 tons on August 1, 2025, down 6.59 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 86.65 tons on August 1, 2025, up 4 tons from July 25, 2025 [2] - Social Inventory: 58.1 tons on August 1, 2025, down 0.59 tons from July 25, 2025 [2] - Total Inventory: 144.8 tons on August 1, 2025, up 3.41 tons from July 25, 2025 [2] H-beams - Actual Production: 22.97 tons on August 1, 2025, down 1.96 tons from July 25, 2025 [2] - Apparent Demand: 26 tons on August 1, 2025, down 3.17 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 17.4 tons on August 1, 2025, down 0.8 tons from July 25, 2025 [2] - Social Inventory: 65.53 tons on August 1, 2025, down 2.25 tons from July 25, 2025 [2] - Total Inventory: 82.9 tons on August 1, 2025, down 3.05 tons from July 25, 2025 [2] Color-coated Coils - Actual Production: 15.94 tons on August 1, 2025, down 0.7 tons from July 25, 2025 [2] - Apparent Demand: 16.4 tons on August 1, 2025, up 0.53 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 15.43 tons on August 1, 2025, down 0.14 tons from July 25, 2025 [2] - Social Inventory: 25.75 tons on August 1, 2025, down 0.27 tons from July 25, 2025 [2] - Total Inventory: 41.18 tons on August 1, 2025, down 0.41 tons from July 25, 2025 [2] Galvanized Coils - Actual Production: 90.55 tons on August 1, 2025, up 0.49 tons from July 25, 2025 [2] - Apparent Demand: 91.4 tons on August 1, 2025, up 0.92 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 44.71 tons on August 1, 2025, down 1.05 tons from July 25, 2025 [2] - Social Inventory: 108.04 tons on August 1, 2025, up 0.16 tons from July 25, 2025 [2] - Total Inventory: 152.75 tons on August 1, 2025, down 0.89 tons from July 25, 2025 [2] Steel Billet Inventory - Mainstream Warehouse: 122.3 tons on August 1, 2025, up 5.52 tons from July 25, 2025 [2] - Rolling Steel Enterprises Adjusting Billet: 73.6 tons on August 1, 2025, down 3.1 tons from July 25, 2025 [2] - Total: 195.9 tons on August 1, 2025, up 2.42 tons from July 25, 2025 [2] Other Steel Products - Hot-rolled Strip Steel (Steel Enterprise Inventory): 31.65 tons on August 1, 2025, down 0.37 tons from July 25, 2025 [2] - Hot-rolled Strip Steel (Social Inventory): 68.2241 tons on August 1, 2025, up 0.85 tons from July 25, 2025 [2] - Welded Pipe (Social Inventory): 82.51 tons on August 1, 2025, up 0.06 tons from July 25, 2025 [2] - Seamless Pipe (Social Inventory): 70.09 tons on August 1, 2025, up 0.55 tons from July 25, 2025 [2] - Special Steel (Steel Enterprise Inventory): 135.25 tons on August 1, 2025, down 2.53 tons from July 25, 2025 [2] - Special Steel (Social Inventory): 127.93 tons on August 1, 2025, up 0.03 tons from July 25, 2025 [2] Sample Small Variety Steel Inventory - Total Inventory on August 1, 2025: 1133.2 tons, up 0.07 tons from July 25, 2025 [2]

Company Performance - Antai Group expects a net loss of approximately 95 million yuan for the first half of 2025, a significant reduction from a loss of 183 million yuan in the same period last year [2] - The company's net loss excluding non-recurring items is projected to be around 91 million yuan, compared to a loss of 185 million yuan in the previous year [2] - The reduction in losses is attributed to the successful transition of the coking business to a processing model, which has mitigated some market risks [2] Business Operations - Antai Group primarily engages in the production and sale of coke and section steel products [2] - The company faced production scale reductions and increased unit costs due to major repairs in the first quarter, while the second quarter saw stable production and sales but declining prices for key products like coal tar and H-beams [2] - The current losses are mainly concentrated in the section steel business, which has not yet shown effective improvement [2] Industry Analysis - The domestic steel billet market has been operating weakly in the first half of 2025, with a 13.78% year-on-year decline in average prices [3] - As of June 30, 2025, the closing price for domestic steel billets was 2,943 yuan per ton, down 5.58% from the beginning of the year [3] - The steel industry has experienced a downward trend since 2022, characterized by weak demand, high inventory levels, and high raw material costs, which have pressured profitability [4] - The market is expected to continue facing imbalances between supply and demand, with intensified competition and increased operational pressures for companies in 2024 [4]

Group 1 - The Ministry of Industry and Trade of Vietnam initiated the first sunset review investigation for anti-dumping on H-shaped steel products originating from Malaysia on July 8, 2025 [1] - The relevant Vietnamese tax codes for the products involved are 7216.33.11, 7216.33.19, 7216.33.90, 7228.70.10, and 7228.70.90 [1] - An initial anti-dumping investigation was launched on August 24, 2020, leading to a temporary anti-dumping tax of 10.2% imposed on Malaysian H-shaped steel products as of April 2, 2021 [1] Group 2 - On August 18, 2021, a definitive ruling was made by the Ministry of Industry and Trade, resulting in a five-year anti-dumping tax of 10.64% on the products in question [1]

Core Viewpoint - Antai Group (600408) expects a net loss attributable to shareholders of approximately 95 million yuan for the first half of 2025, with a net loss of about 91 million yuan after excluding non-recurring gains and losses [1] Group 1: Financial Performance - The anticipated loss for the first half of 2025 is primarily due to significant maintenance and repairs conducted in the first quarter, which led to reduced production scale and increased unit costs, resulting in operational losses during that period [1] - In the second quarter, while production and sales volumes remained stable, the company faced declining prices for key products such as tar, crude benzene, and H-shaped steel due to changes in market conditions, which significantly reduced product gross margins and prevented a turnaround in operational performance [1]

Group 1 - The company announced a guarantee of 98 million yuan for its wholly-owned subsidiary, Shanxi Antai Steel Co., Ltd, with no prior guarantee balance [1] - The total external guarantee amount provided by the company and its subsidiaries is 4 billion yuan, which exceeds 100% of the company's latest audited net assets [1][4] - The guarantee is part of a broader business cooperation agreement, ensuring the performance of contracts between the subsidiary and creditors [1][3] Group 2 - The company held a shareholders' meeting on June 27, 2025, to approve the guarantee within the authorized limit, eliminating the need for further board or shareholder meetings [2] - Shanxi Antai Steel Co., Ltd, established on May 28, 2015, is a wholly-owned subsidiary of the company, with a registered capital of 500 million yuan and a focus on producing and selling H-beams and steel [3] - The financial indicators for Shanxi Antai Steel Co., Ltd show total assets of approximately 1.67 billion yuan and a net profit of -28.55 million yuan [3]

Group 1: Market Demand and Pricing - From Q3 2024, domestic steel demand has been insufficient, with supply exceeding demand, leading to a decline in unit gross profit and sales volume in Q3 2024. However, Q4 2024 is expected to see improved market conditions with maximum production and sales volume [1] - In 2024, the prices of raw materials decreased: iron ore by 5.61%, coking coal by 12.38%, and coke by 14.73%, while the comprehensive steel sales price dropped by 9.41%. This resulted in a narrowing of the company's gross profit margin [2] Group 2: Product Structure and Self-Generation - The company’s main steel products include construction materials, metal products, medium and heavy plates, high-quality round steel, and H-beams. The proportion of industrial steel is expected to exceed 58% in 2025 [2] - Self-generated electricity ratios are as follows: Sanming base at 97.6%, Quanzhou at 58.01%, and Luoyuan at 47.39% for 2024 [2] Group 3: Production Capacity and Emission Control - The company operates three production bases: Sanming, Quanzhou, and Luoyuan. Clean transportation modifications and assessments have been completed at Sanming and Luoyuan, while Quanzhou is expected to complete public disclosure by Q3 2025 [3] - Most organized and unorganized emission control modifications are nearing completion, with most expected to be publicly disclosed by the end of 2025 [3] Group 4: Scrap Steel and Cost Management - The amount of scrap steel added to the converter remains stable, typically between 810-880 kg/ton, with adjustments made based on actual conditions [3] - Self-produced coke is generally cheaper than purchased coke, but there are instances where self-production costs exceed those of external purchases. The company maintains a coking plant with an annual output of approximately 900,000 tons, with any shortfall covered by external purchases [4]

Summary of the Conference Call for Sansteel Mingguang Industry Overview - The steel industry is currently facing challenges due to a downturn in the real estate sector, leading to a shift in product structure towards industrial materials, which now account for over 58% of production, with a target of over 90% for the main plant [2][5][7]. - The company is developing high-end product lines such as nuclear power, bridges, and steel wire to meet market demand and improve profitability, benchmarking against major competitors like Baosteel and Shougang [2][8]. Company Performance and Strategy - Sansteel Mingguang has a total production capacity of 13-14 million tons per year across its three main plants, but actual production has been lower due to policy and market influences [2][12]. - The company has undergone significant capacity replacement and product transformation since 2018, with major projects expected to be completed by the end of 2024 [4]. - The company has reported stable profitability in the first five months of 2025 after two years of losses due to impairment losses from equipment upgrades [4]. Financial Metrics - The steel industry has seen a recovery in profitability since Q4 2024, aided by declining raw material prices [13]. - The company maintains a coal and coke procurement ratio of approximately 60% long-term contracts to 40% spot purchases, which helps maintain profit elasticity [13]. - Capital expenditure for 2025 is projected at 1.99 billion yuan, a decrease from previous years' investments of 5-6 billion yuan annually [19][20]. Environmental and Regulatory Compliance - The company has completed its ultra-low emissions transformation and is undergoing acceptance and public announcement processes [3][17]. - Environmental construction costs are estimated at 470-475 yuan per ton of steel, aligning with the company's actual costs [3][17]. Market Dynamics and Product Development - The shift in demand due to the real estate downturn has led to a focus on long products, with ongoing adjustments to increase the proportion of industrial materials [5][6]. - The company is also focusing on high-end industrial materials, with plans for a new production line aimed primarily at industrial materials, which can also adapt to market needs [7][8]. - There are significant differences in profitability among various steel products, with future potential seen in a balanced allocation of different product types to adapt to market demand [9][10]. Challenges and Future Outlook - The company is preparing for potential increased production restrictions in the second half of the year due to government policies aimed at controlling crude steel output [16]. - The company is actively managing production to maximize efficiency and respond to market conditions, particularly in light of the anticipated regulatory environment [16]. Conclusion - Sansteel Mingguang is strategically positioning itself to navigate the challenges of the steel industry by focusing on high-end products, optimizing production capacity, and maintaining flexibility in raw material procurement. The company is also committed to environmental compliance and adapting to market dynamics to ensure sustainable growth.