钢铁行业周报：关注钢铁板块低估值、高股息标的

主要观点： 报告日期：2024-01-06 ⚫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+0.09%，其中长材、扁平板分别+0.21%、-0.07%。螺纹钢价格为3980元/吨，环比-0.25%；热轧板卷价格4150元/吨，环比+0%。原材料成本：铁矿石价格为1000元/吨，环比+3.52%；焦炭价格为2450.5元/吨，环比-1.35%；焦煤价格为1846元/吨，环比-1.76%。 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80.94（-3.24%）/310.26（-2.12%）/95.53（-2.74%）/145.53（+7.31%）/244.19（-3.04%）万吨。开工率：高炉开工率75.63%，环比+0.44pct；电炉开工率61.54%，环比-1.28pct；高炉产能利用率81.59%，环比-1.16pct；电炉产能利用率60.39%，环比-1.03pct。库存：总社库923.41万吨，环比+4.12%；总厂库440.68万吨，环比-2.35%；螺纹社库422.77万吨，环比+6.95%；螺纹厂库185.95万吨，环比-5.06%。 ⚫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。当前在市场低利率环境下，建议配置高股息、低估值的个股，建议关注华菱钢铁、宝钢股份、南钢股份；产品创新推动钢铁在新兴领域应用，建议关注高端产品持续放量的久立特材、冷轧不锈钢领域的高成长性标的甬金股份。 1.钢铁周报：南钢股权落地，关注板块低估值个股2023-12-102.钢铁年度策略：暖风频吹，拨云见日2023-12-043.淡 季 需 求 偏 弱 ， 去 库 进 程 放 缓2023-12-03 ⚫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（%）...........