智通财经APP获悉，钢铁股午后快速拉升，截至发稿，马鞍山钢铁股份(00323)涨5.38%，报2.74港元；重庆钢铁股份(01053)涨2.88%，报1.43港元；鞍钢股份(00347)涨1.83%，报2.22港元。
消息面上，三季度钢铁行业盈利改善。从Mysteel统计的数据看，钢厂盈利率从6月底的59%上行至8月底的64%，9月钢价涨幅不及焦炭涨幅，钢厂盈利率转为下行，三季度钢厂盈利率平均62%，相比二季度抬升4.5个百分点。根据长江证券跟踪的重点钢铁行业上市公司测算，2025年Q3吨净利92元，环比+14元/吨，处于2021年来的68%分位数。
长江证券发布研报称，展望2026年，铁矿让利的空间远大于焦煤，26年西芒杜投产放量或提供契机。此外，三季度对反内卷的交易或更多停留在预期层面，从高频铁水上看，钢企减产的意愿并不充足。看好2026年在行业分级管理和差异化限产的安排下，行业供给侧收缩的逻辑有望获得持续性的兑现。
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