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Hong Kong stock market concept tracking: Institutions are optimistic of the steel industry's profit recovery in the second half of the year, as infrastructure projects may have concentrated efforts to complete. (Attached concept stocks)
The situation of relatively surplus raw material supply will also continue, and steel mill profits are expected to rebound due to the double bullish of demand improvement and cost reduction.
Shengjingbank signed a global strategy cooperation agreement with Angang Group.
On July 15th, the strategic cooperation agreement signing ceremony was held between Shengjing Bank and Angang Group. Tan Chengxu, Secretary of the Party Committee and Chairman of Angang Group, and Sun Jin, Secretary of the Party Committee and Chairman of Shengjing Bank, attended the ceremony. Xie Feng, member of the Party Committee and Chief Accountant of Angang Group, and Liu Xu, Vice Secretary of the Party Committee and President of Shengjing Bank, respectively represented both parties to sign the strategic cooperation agreement.
Huafu Securities: Profits hit a bottom waiting for recovery, steel prices still have support.
In 2024, there is an expected contraction in steel supply, downstream consumer demand is expected to stabilize, and the steel supply-demand relationship may be improved. Considering the positive development of steel products towards high-end and high added value direction, the industry concentration is expected to further increase, and industry profits may bottom out and recover.
Metal resource stocks under pressure, MMG (01208) fell 7.06%. Institutions point to the difficult change in the pattern of oversupply in energy metals.
Metal resource stocks are under pressure. MMG (01208) fell by 7.06%, Aluminum Corporation of China (02600) fell by 6.11%, Chinahongqiao (01378) fell by 4.56%, Jiangxi Copper (00358) fell by 4.15%, Angang Steel (00347) fell by 2.44%. Minshen Securities said that on the production side, the off-season production decline exceeded seasonal factors, and coal and industrial metals prices showed resilience. The second quarter is the stage of production switching from peak season to off-season. The marginal decline in production is normal rhythm, but the decline is beyond the seasonal level. Weak real estate and infrastructure investment is an important solution.
Angang Steel Expects 1H Loss to Widen >0347.HK
Angang Steel Expects 1H Loss to Widen >0347.
Angang Steel Sees 1H Loss CNY2.70B Vs. Loss CNY1.33B Year Ago >0347.HK
Angang Steel Sees 1H Loss CNY2.70B Vs. Loss CNY1.33B Year Ago >0347.
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