尽管05年三季度大部分钢铁公司的净利润环比下降达40%以上,第四季度下滑可能更加明显,但在这种形势下为何钢铁股仍然能够屡屡为大盘止跌反弹立下汗马功劳?武钢权证的上涨带动了武钢正股价格上涨,从而波及到拥有权证的宝钢股份和权证即将上市的新钢钒,备兑权证的创设也增加了正股的需求量。但如果简单的认为权证上涨是其主要原因,我们认为这种观点有些片面,钢价止跌起稳预期增强,为钢铁股反弹作了较大铺垫。 Although the third quarter of 2005, most steel companies net profit fell more than 40% qoq, the fourth quarter decline may be more obvious, but in this situation why the steel stocks are often able to rebound for the broader market stabilized backing? Rose led Wuhan Iron and Steel is the stock price increases, which affects the ownership of Baosteel shares and warrants upcoming listing of steel and vanadium, the creation of warrants also increased the demand for the stock. However, if warrants simply are believed to be the main reason for such rise, we think this view is somewhat unilateral. Steel prices have stabilized and are expected to increase steadily, laying a good foundation for the rebound of steel stocks.