This data equals output data for the following ISIC Rev. 4 code: 2410 Manufacture of Basic Iron and Steel This class includes: Operation of blast furnaces, steel converters, rolling and finishing mills Production of pig iron and spiegeleisen in pigs, blocks or other primary forms Production of ferro-alloys Production of ferrous products by direct reduction of iron and other spongy ferrous products Production of iron of exceptional purity by electrolysis or other chemical processes Production of granular iron and iron powder Production of steel in ingots or other primary forms Remelting of scrap ingots of iron or steel Production of semi-finished products of steel Manufacture of hot-rolled and cold-rolled flat-rolled products of steel Manufacture of hot-rolled bars and rods of steel Manufacture of hot-rolled open sections of steel Manufacture of steel bars and solid sections of steel by cold drawing, grinding or turning Manufacture of open sections by progressive cold forming on a roll mill or folding on a press of flat-rolled products of steel Manufacture of wire of steel by cold drawing or stretching Manufacture of sheet piling of steel and welded open sections of steel Manufacture of railway track materials (unassembled rails) of steel Manufacture of seamless tubes, pipes and hollow profiles of steel, by hot rolling, hot extrusion or hot drawing, or by cold drawing or cold rolling Manufacture of welded tubes and pipes of steel, by cold or hot forming and welding, delivered as welded or further processed by cold drawing or cold rolling or manufactured by hot forming, welding and reducing Manufacture of tube fittings of steel, such as: Flat flanges and flanges with forged collars Butt-welded fittings

本文对 13 家国内重点钢铁集团 8-9 月经营情况进行了跟踪，结果显示：跟踪 企业预计钢铁市场整体需求 9 月开始得到改善，8 月大钢企产量出现季节性恢 复向上，企业预期未来铁矿采购价格持续下降。1）需求端，调研显示 9 月份 开始企业预计需求开始全面改善。随着宏观稳增长政策持续加码，所跟踪大部 分企业预期后续汽车行业和造船行业用钢需求有望持续上升。2）跟踪数据显示1，大型钢铁集团 8 月份产量出现季节性恢复向上，且预计产能利用率有所提 高。随着原料成本的明显下移，部分钢材生产利润扭亏为盈。预计 9 月产量继 续恢复。3）原材料方面，澳大利亚铁矿石产量的恢复和俄罗斯煤炭商产能对 亚洲的转移，导致企业对于未来 3 个月 62%澳洲进口粉矿进口价格区间的预测 下降到 86.54-121.92 美元/吨。

发债钢企债务规模持续增长。截至2022 年6 月末（下同），发债钢企有息负债总规模为1.7 万亿，较2021 年末增长10%，较全面供给侧改革前的2015 年大幅增长了约41%，主要源于大型钢企的资产合并与重组。供给侧改革以来，钢企期限结构、偿债能力均以改善为主。

短期来看，行业进入传统需求旺季，消费边际改善，而钢厂盈利微薄，供给 增量有限。随着地产、基建刺激政策的不断推出，市场情绪改善，相对较低 的库存压力下，钢材价格或有反弹空间。目前来看，控产量情况将直接决定 产业链利润分配情况，若限产政策得到有力执行，钢厂利润有望进一步改善。

当前钢厂产量维持高位，表观消费较去年显著偏强，继续关注地产新政策对下游需求释放节奏的影响以及冬储备库情况，中长期来看，压减粗钢产量政策叠加地产、基建、汽车等行业利好政策不断出台，供需形势有望逐步改善，随着铁矿等原料供给逐步宽松，钢厂盈利或逐步反弹，当前钢铁板块处于估值和供需结构底部状态，继续推荐兼具技术壁垒与高成长特性的甬金股份，受益于油气、核电景气周期的久立特材，受益于基建投资相关城市管网与水利建设的新兴铸管；建议关注受益于煤电景气周期的盛德鑫泰、常宝股份，低估值、具有显著区位优势的新钢股份与华菱钢铁，行业龙头宝钢股份。

布线过程：由切片机自动排线系统将长度约80-200km、直径36um及以上的金刚线由放线辊放入切割区域，后均匀、 精准排布于2根主辊，布置成超过3000根，间距低于235um的金刚线网并引出。 切割过程：金刚线网的线速度在4秒内从静止状态加速至2400米/分钟，随后持续运行30秒后，在4秒内从2400米/分钟 减速至0米/分钟；随后反向加速至2400米/分钟，持续运行30秒后，再减速至0米/分钟。