钢铁行业周报：南钢股权落地，关注板块低估值个股

主要观点： 报告日期：2023-12-10 ⚫钢材市场：终端需求回升，去库存持续，市场稳定运行。 高频数据： 1）钢材价格：Myspic综合钢价指数+1.36%，其中长材、扁平板分别+1.08%、+1.69%。螺纹钢价格为4090元/吨，环比+1.24%；热轧板卷价格4160元/吨，环比+2.46%。原材料成本：铁矿石价格为963.5元/吨，环比-1.23%；焦炭价格为2666元/吨，环比+0.3%；焦煤价格为1990.5元/吨，环比-5.95%。 执业证书号：S0010121070002邮箱：wangjz@hazq.com联系人：黄玺 执业证书号：S0010122060011邮箱：huangxi@hazq.com 2）产量：冷轧、热轧、线材、中厚板、螺纹产量分别为83.05（-2.39%）/322.16（-1.32%）/99.55（-3.69%）/142.43（-1.85%）/261.12（+0.08%）万吨。开工率：高炉开工率78.75%，环比-2.11pct；电炉开工率64.1%，环比+0.64pct；高炉产能利用率85.75%，环比-1.88pct；电炉产能利用率61.14%，环比+1.12pct。库存：总社库875.04万吨，环比-1.43%；总厂库422.81万吨，环比+0.4%；螺纹社库357.23万吨，环比-0.84%；螺纹厂库173.6万吨，环比+3.14%。 ⚫投资建议 制造业需求复苏叠加碳达峰、碳中和背景，钢铁行业盈利逻辑得以重构，钢企在周期轮动中进一步受益，我们长期仍然看好钢铁板块。国防军工、航空航天产业高景气度叠加广阔的国产替代空间，高温合金、特种不锈钢、超高强度钢等产品占据绝对优势地位，建议关注产品结构加速优化的华菱钢铁；不锈钢棒线材及云母提锂龙头永兴材料；冷轧不锈钢领域的高成长性龙头标的甬金股份。 1.钢铁年度策略：暖风频吹，拨云见日2023-12-042.淡 季 需 求 偏 弱 ， 去 库 进 程 放 缓2023-12-033.库存低位叠加需求改善，钢铁盈利回升2023-11-26 ⚫风险提示 原材料价格大幅波动；地产用钢需求大幅下滑；钢材去库存化进程受阻。 正文目录 1.1本周钢铁板块走势...............................................................................................................................................................41.2各钢铁板块走势...................................................................................................................................................................4 2.1个股周涨跌幅.......................................................................................................................................................................52.2公司公告...............................................................................................................................................................................5 图表目录 图表1本周钢铁板块涨幅（%）...................................................................................................................................................4图表2本周钢铁子板块涨跌幅（%）...........................................................................................................................................4图表3本周涨幅前五名（%）........................................................................................................................................................5图表4本周跌幅前五名（%）.......................................................................................................................................................5图表5公司公告概览......................................................................................................................................................................5图表6MYSPIC普钢指数（点）.......................................................................................................................................................6图表7螺纹钢期现价格（元/吨）.................................................................................................................................................6图表8板材价格（元/吨）.............................................................................................................................................................6图表9铁矿石及两焦合约价（元/吨）........................................................................................................................................7图表10铁矿石期现价格（元/吨）..............................................................................................................................................7图表11焦炭期现价格（元/吨）...................................................................................................................................................7图表12焦煤期现价格（元/吨）...................................................................................................................................................7图表13炼焦煤库存：国内样本钢厂（110家）（万吨）............................................................................................................7图表14炼焦煤平均可用天数：国内样本钢厂(247家)（天）...................................................................................................7图表15焦炭库存：国内247家钢厂（万吨）............................................................................................................................8图表16港口焦炭库存（万吨）....................................................................................................................................................8图表17废钢价格（元/吨）..........................................................................................................................................................8图表18钢厂废钢库存（万吨）....................................................................................................................................................8图表19各品种钢材钢厂库存监控................................................................................................................................................8图表20钢材社会库存：合计（万吨）........................................................................................................................................9图表21钢材社会库存：分类（万吨）........................................................................................................................................9图表22全国钢厂高炉产能利用率（%）..