高盛：2025年上半年中国大宗商品调研报告：聚焦债务化解与基础设施建设，以及5000万吨钢铁

Investment Rating - The report provides a rating distribution with 48% classified as Buy, 34% as Hold, and 18% as Sell globally [24]. Core Insights - The report highlights the performance metrics of specific companies, including Baosteel, Angang-H, and Maanshan-H, with Baosteel showing a unit gross profit of 499 RMB/t and an implied PE of 75 [11]. - Angang-H has a negative EPS of (2.035) million RMB, indicating financial challenges, while Maanshan-H shows a positive EPS of 1.550 million RMB with an implied PE of 8.8 [11]. - The report notes significant changes in EPS and valuation for these companies, with Baosteel experiencing a 100 RMB/t increase in unit gross profit and a 23% change in share price [11]. Company Summaries - Baosteel: Unit GP of 499 RMB/t, EPS of 0.997 RMB/share, and an implied PE of 75. The company saw a 100 RMB/t increase in unit gross profit and a 23% change in share price [11]. - Angang-H: Unit GP of 46 RMB/t, negative EPS of (0.216) RMB/share, and not applicable implied PE. The company experienced a 100 RMB/t increase in unit gross profit with a 78% change in share price [11]. - Maanshan-H: Unit GP of 222 RMB/t, EPS of 0.201 RMB/share, and an implied PE of 8.8. The company also saw a 100 RMB/t increase in unit gross profit with a 63% change in share price [11].