黑色产业链市场分析报告Word文档下载推荐.docx
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主要产品简述.......................................................................................................6
黑色产业链特征...................................................................................................7
钢铁产能整体受控........................................................................................................9
钢铁行业高速发展...............................................................................................9
供改后产能严控,市场秩序改善.........................................................................11
行业集中度仍然较低..........................................................................................12
钢铁企业相关标的一览......................................................................................14
铁矿石掣肘产业链发展...............................................................................................15
我国铁矿石依赖进口..........................................................................................15
高集中度下的强话语权......................................................................................16
铁矿石企业相关标的一览...................................................................................18
焦炭去产能仍在推进中...............................................................................................19
产能过剩且分散.................................................................................................19
环保治理加速焦炭去产能...................................................................................20
焦炭企业相关标的一览......................................................................................21
供给侧改革重塑产业链格局.......................................................................................22
产业链盈利整体改善..........................................................................................22
产业链盈利再分配.............................................................................................23
关注产业链内龙头企业......................................................................................24
市场提示....................................................................................................................24
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4
图表目录
图1:
黑色产业链概览.................................................................................................5
图2:
钢铁生产基本流程..............................................................................................6
图3:
2018年焦炭消费量占比.....................................................................................7
图4:
螺纹钢价格(元/吨).........................................................................................8
图5:
铁矿石价格(元/湿吨).....................................................................................8
图6:
主焦煤价格(元/吨).........................................................................................8
图7:
二级冶金焦价格(元/吨)..................................................................................8
图8:
钢铁行业供需情况(万吨)...............................................................................9
图9:
黑色金属冶炼及压延加工业产能利用率(%).................................................11
图10:
黑色金属冶炼及压延加工业固定资产投资增速(%)....................................12
图11:
中国和日本钢材价格(美元/吨)...................................................................13
图12:
2019年分省市铁矿石产量(亿吨)...............................................................15
图13:
我国铁矿砂及其精矿进口数量及金额(亿吨,亿美元)................................16
图14:
铁矿石到岸成本曲线......................................................................................17
图15:
四大矿山产量及全球占比(亿吨).................................................................17
图16:
2019年铁矿石价格走势回溯(美元/吨).......................................................18
图17:
我国焦炭产量(万吨)..................................................................................19
图18:
独立焦化厂吨焦盈利情况(元/吨)................................................................20
图19:
国内独立焦化厂产能利用率(%).................................................................21
图20:
中信焦炭板块利润总额(亿元)....................................................................22
图21:
中信钢铁板块利润总额(亿元)....................................................................22
图22:
中信焦炭板块盈利能力(%)........................................................................22
图23:
中信钢铁板块盈利能力(%)........................................................................22
图24:
资产负债率(%)..........................................................................................23
图25:
财务费用/营业总收入(%)...........................................................................23
图26:
上海螺纹钢与青岛港PB粉矿以及临汾二级冶金焦价格比值..........................24
表1:
常见型钢的规格及用途......................................................................................