新甘肃客户端兰州讯（新甘肃·甘肃日报记者 杜雪琴）2月3日，方大炭素传来喜讯：企业自主研发的直径600毫米及以上大规格超高功率石墨电极，关键性能 指标达到国际领先水平，其中直径700毫米以上产品成功跻身欧美高端市场。这一突破，标志着我国炭素行业实现从"跟跑"向"领跑"的跨越。 经过持续技术攻关，方大炭素直径600毫米及以上大规格超高功率电极性能达到国际领先水准，成功打开全球高端市场，其中，直径700毫米以上产品已应用 于海外多个高端项目，成为企业拓展国际市场的"拳头产品"。 在市场布局上，方大炭素不仅巩固了传统海外市场，也在阿根廷、巴西、厄瓜多尔等新兴市场取得实质性突破，公司外销量保持稳健增长，直供客户销量占 比显著提升。最新数据显示，今年1月，公司石墨电极加工产量完成计划的102.33%，炭砖加工产量完成计划的105.45%。企业核心产品——石墨电极、炭砖 与副品，全面超额完成销售任务，为实现全年目标奠定坚实基础。 版权声明 1.本文为新甘肃客户端原创作品。 2.所有原创作品,包括但不限于图片、文字及多媒体形式的新闻、信息 等,未经著作权人合法授权,禁止一切形式的下载、转载使用或者建立 镜像。违者将依法追究 ...

Report Industry Investment Rating - The investment rating for the steel industry is "Bullish" [2]. Report's Core View - The current inventory accumulation pressure of the five major steel products is relatively limited, with the overall inventory at a relatively low level in history and the inventory accumulation speed slower than in previous years. Coupled with the supply support formed by the potential slight contraction of local production capacity due to recent safety inspections, the steel inventory pressure is limited. Currently, the profit per ton of general steel is considerable. Against the backdrop of the industry's "anti - involution," the performance improvement space of general steel companies is large, and they are expected to experience value restoration. The steel sector is also expected to present an opportunity for allocation. Based on the judgment of the steel industry cycle, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity brought about by the gradual restoration of performance and the room for the sector's valuation to rise due to the improvement of the supply pattern. The sector still has medium - to - long - term strategic investment opportunities, so the "Bullish" rating for the industry is maintained [2][3]. Summary According to the Table of Contents 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector fell 3.02% this week, underperforming the broader market. The CSI 300 fell 1.33% to 4643.60. The top three sectors in terms of gains and losses were food and beverage (4.44%), textile and apparel (2.23%), and banking (2.09%) [10]. - The special steel sector fell 2.10%, the long - product sector fell 1.88%, the plate sector fell 3.84%, the iron ore sector fell 1.74%, the steel consumables sector fell 3.02%, and the trade and distribution sector fell 4.006% [2][13][17]. - The top three stocks in the steel sector in terms of gains and losses were Boyun New Materials (9.79%), Dazhong Mining (5.92%), and Shengde Xintai (4.72%) [15]. 2. This Week's Core Data Supply - As of February 6, the daily average hot metal output was 228.58 million tons, a week - on - week increase of 0.60 million tons (0.26%) and a year - on - year increase of 0.06% [25]. - As of February 6, the blast furnace capacity utilization rate of sample steel enterprises was 85.7%, a week - on - week increase of 0.22 percentage points [25]. - As of February 6, the electric furnace capacity utilization rate of sample steel enterprises was 48.1%, a week - on - week decrease of 7.59 percentage points [25]. - As of February 6, the output of the five major steel products was 720.8 million tons, a week - on - week decrease of 1.55 million tons (0.21%) [25]. Demand - As of February 6, the consumption of the five major steel products was 760.7 million tons, a week - on - week decrease of 41.08 million tons (5.12%) [35]. - As of February 6, the trading volume of construction steel by mainstream trading companies was 3.5 million tons, a week - on - week decrease of 3.25 million tons (48.24%) [35]. - As of February 1, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 1.655 million square meters, a week - on - week increase of 226,000 square meters [35]. - As of February 8, the net financing amount of local government special bonds was 1.0851 trillion yuan, a cumulative year - on - year increase of 121.74% [35]. Inventory - As of February 6, the social inventory of the five major steel products was 940.4 million tons, a week - on - week increase of 49.68 million tons (5.58%) and a year - on - year decrease of 18.04% [43]. - As of February 6, the in - plant inventory of the five major steel products was 397.3 million tons, a week - on - week increase of 9.56 million tons (2.47%) and a year - on - year decrease of 24.13% [43]. Steel Prices - As of February 6, the general steel composite index was 3414.2 yuan/ton, a week - on - week decrease of 13.31 yuan/ton (0.39%) and a year - on - year decrease of 5.51% [49]. - As of February 6, the special steel composite index was 6582.0 yuan/ton, a week - on - week decrease of 2.28 yuan/ton (0.03%) and a year - on - year decrease of 2.88% [49]. Steel Mill Profits - As of January 30, the national average hot metal cost was 2396 yuan/ton, a week - on - week increase of 12.0 yuan/ton [57]. - As of February 6, the profit per ton of construction steel electric furnace at normal electricity price was - 76 yuan/ton, a week - on - week increase of 4.0 yuan/ton (5.00%) [57]. - As of February 6, the profit per ton of blast furnace for rebar was 65 yuan/ton, a week - on - week increase of 14.0 yuan/ton (27.45%) [57]. - As of February 6, the profitability rate of 247 steel enterprises was 39.39%, unchanged from the previous week [57]. Futures - Spot Basis - As of February 6, the spot basis of hot - rolled coils was - 1 yuan/ton, a week - on - week increase of 17.0 yuan/ton [65]. - As of February 6, the spot basis of rebar was 143 yuan/ton, a week - on - week increase of 21.0 yuan/ton [65]. - As of February 6, the spot basis of coke was - 117 yuan/ton, a week - on - week increase of 18.0 yuan/ton [65]. - As of February 6, the spot basis of coking coal was 73.5 yuan/ton, a week - on - week increase of 21.5 yuan/ton [65]. - As of February 6, the spot basis of iron ore was 4.5 yuan/ton, a week - on - week increase of 2.0 yuan/ton [65]. Raw Materials: Price & Profit - As of February 6, the spot price index of Australian powder ore in Rizhao Port (62% Fe) was 764 yuan/ton, a week - on - week decrease of 29.0 yuan/ton [74]. - As of February 5, the ex - warehouse price of main coking coal in Jingtang Port was 1700 yuan/ton, a week - on - week decrease of 80.0 yuan/ton [74]. - As of February 6, the ex - factory price of first - grade metallurgical coke was 1770 yuan/ton, unchanged from the previous week [74]. - As of February 6, the average profit per ton of coke for independent coking enterprises was - 10 yuan/ton, a week - on - week increase of 45.0 yuan/ton [74]. - As of February 6, the price difference between hot metal and scrap steel was 66.3 yuan/ton, a week - on - week decrease of 51.9 yuan/ton [74]. 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profits attributable to parent companies, EPS, and P/E ratios of multiple listed steel companies from 2024 to 2027 [75]. Key Announcements of Listed Companies - Youfa Group plans to invest in establishing a wholly - owned subsidiary, Guangdong Youfa Pipe Industry Technology Co., Ltd., with a registered capital of 500 million yuan [76]. - Hainan Mining is planning to acquire the control rights of Luoyang Fengrui Fluorine Industry Co., Ltd. through the issuance of shares and payment of cash and raise supporting funds. The company's stock has been suspended since January 29, 2026, with an expected suspension time of no more than 10 trading days [76]. - Hualing Steel has repurchased 56,023,339 shares as of January 31, 2026, accounting for 0.8109% of the total share capital, with a total transaction amount of 278,597,423.90 yuan [78]. - Anyang Iron and Steel expects a loss of about 460 million yuan in 2025, with a year - on - year reduction of about 85.94% in the loss amount. The net profit after deducting non - recurring gains and losses is expected to be about - 748 million yuan, with a year - on - year reduction of about 77.44% in the loss amount [78]. 4. This Week's Important Industry News - The new - home transactions in 10 major cities increased by 26.8% week - on - week, indicating a warming of real estate demand and having a marginal boost to the demand for construction steel [79]. - Indonesia has suspended the spot coal export due to the government's production cut plan, which may affect China's coal supply and be negative for steel prices [79]. - As of February 2, 23 listed steel companies have released their 2025 performance forecasts, with 12 in profit and 11 in loss [79]. - In January 2026, the sales volume of excavators in China was 18,708 units, a year - on - year increase of 49.5%, with domestic sales increasing by 61.4% and exports increasing by 40.5% [79].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The iron ore market is experiencing downward price trends due to high overseas shipments and increasing port inventories, which have surpassed 170 million tons. This has led to a structural easing of inventory issues as steel mills complete their restocking [6][28]. - Short-term expectations for real estate policy relaxation may improve raw material cost pressures, potentially leading to a recovery in steel mill profits. Long-term, the industry is expected to shift from scale expansion to quality and efficiency improvements, benefiting leading enterprises [6][28]. Summary by Sections Domestic Steel Market - As of February 6, 2026, steel prices have decreased, with HRB400 rebar priced at 3,210 CNY/ton, down 30 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price declines [12][13]. International Steel Market - In the U.S., hot-rolled steel prices increased to 1,066 USD/ton, while in Europe, prices fluctuated with hot-rolled steel at 782 USD/ton, reflecting a mixed market response [23][25]. Raw Materials and Shipping Market - Domestic iron ore prices are stable with slight declines, while scrap steel prices have risen to 2,090 CNY/ton. The coal market is influenced by production quota adjustments in Indonesia, affecting prices [28][29]. Production and Inventory - As of February 6, 2026, total steel production decreased to 8.2 million tons, with an increase in total inventory to 939.28 million tons, indicating a rise in stock levels despite production cuts [6][12]. Profitability Analysis - The report indicates a decline in steel margins, with average gross profits for rebar, hot-rolled, and cold-rolled steel decreasing by 27 CNY/ton, 19 CNY/ton, and 21 CNY/ton respectively [6][28]. Key Company Valuations and Stock Performance - The report provides earnings per share (EPS) forecasts for various companies, with Hualing Steel projected to have an EPS of 0.50 CNY in 2025, and a price-to-earnings (PE) ratio of 12x, indicating a favorable investment outlook [2][3].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The iron ore market is experiencing downward price trends due to high overseas shipments and increasing port inventories, which have surpassed 170 million tons. This has led to a structural easing of inventory issues as steel mills complete their restocking [6][28]. - Short-term expectations for real estate policy relaxation may improve raw material cost pressures, potentially leading to a recovery in steel mill profits. Long-term, the industry is expected to shift from scale expansion to quality and efficiency improvements, benefiting leading enterprises [6][28]. Summary by Sections 1. Domestic Steel Market - As of February 6, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price declines, with hot-rolled and cold-rolled prices decreasing by 20 CNY/ton [12][13]. 2. International Steel Market - In the U.S., the hot-rolled steel price is 1,066 USD/ton, up 16 USD/ton from last week. In Europe, hot-rolled prices are at 782 USD/ton, increasing by 12 USD/ton [23][25]. 3. Raw Materials and Shipping Market - Domestic iron ore prices are stable with slight declines, while scrap steel prices have increased to 2,090 CNY/ton, up 20 CNY/ton from last week. The coal market is stable, with main coking coal prices in North China dropping to 1,320 CNY/ton [28][29]. 4. Production and Inventory - As of February 6, 2026, total steel production is 8.2 million tons, a decrease of 32,700 tons week-on-week. Total inventory has increased by 496,100 tons to 9.3928 million tons [6][12]. 5. Profitability Analysis - The report indicates a decrease in steel profits, with average gross margins for rebar, hot-rolled, and cold-rolled steel declining by 27 CNY/ton, 19 CNY/ton, and 21 CNY/ton respectively compared to the previous week [6][28]. 6. Key Company Valuations and Stock Performance - Recommended companies include Hualing Steel, Baosteel, and Nanjing Steel, all rated as "Buy" with projected earnings per share (EPS) growth over the next few years [2][6].

Market Overview - The steel raw materials sector increased by 1.76% compared to the previous trading day, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 25.95, up 6.97%, with a trading volume of 281,100 shares and a transaction value of 710 million [1] - Fangda Carbon (600516) closed at 5.87, up 3.35%, with a trading volume of 930,300 shares and a transaction value of 536 million [1] - Guangdong Mingzhu (600382) closed at 8.79, up 3.17%, with a trading volume of 332,600 shares and a transaction value of 288 million [1] - Steel Titanium Co. (000629) closed at 3.78, up 2.16%, with a trading volume of 1,859,200 shares and a transaction value of 693 million [1] - Ordos (600295) closed at 15.21, up 1.88%, with a trading volume of 163,700 shares and a transaction value of 244 million [1] - Other stocks such as Dazhong Mining (001203) and Baodi Mining (601121) experienced slight declines [1] Capital Flow Analysis - The steel raw materials sector saw a net inflow of 60.03 million from main funds, while retail funds experienced a net inflow of 10.52 million [1] - Retail investors showed a net outflow of 70.55 million from the sector [1] Detailed Capital Flow for Key Stocks - Guangdong Mingzhu (600382) had a main fund net inflow of 35.69 million, but retail funds saw a net outflow of 15.02 million [2] - Hebei Steel Resources (000923) experienced a main fund net inflow of 16.26 million, with retail funds showing a net outflow of 28.09 million [2] - Ordos (600295) had a main fund net inflow of 15.83 million, while retail funds had a net inflow of 29.21 million [2] - Dazhong Mining (001203) saw a main fund net inflow of 13.88 million, with retail funds showing a net inflow of 1.17 million [2] - Fangda Carbon (600516) had a main fund net inflow of 13.67 million, but retail funds experienced a net outflow of 25.97 million [2]

Core Viewpoint - The company is utilizing part of its idle funds to invest in low-risk structured deposit financial products through its subsidiary, aiming to enhance the efficiency of fund usage while maintaining risk control [1][2]. Group 1: Basic Situation - The company’s subsidiary, Fushun Laihe Mining Co., Ltd., has been authorized to use up to RMB 1.6 billion of its own funds to purchase high-safety, high-liquidity financial products that comply with regulatory requirements [2]. - The company has disclosed its financial product investment progress in multiple announcements, including those on March 8, March 15, and October 1, 2025 [2]. Group 2: Risk Situation - Laihe Mining has used RMB 200 million of its idle funds to purchase a structured financial product from Shanghai Pudong Development Bank, Shenyang Branch, within the authorized investment limit [2]. - The financial products are characterized by capital protection, good liquidity, and low risk levels [2]. Group 3: Risk Control Measures - The company will adhere to prudent investment principles and operate within the approved limits, ensuring that investment decisions are made according to established management protocols and contractual agreements [3]. - Continuous monitoring of financial markets and macroeconomic policies will be conducted to assess potential adverse impacts on investment products [4]. - A financial department will maintain records of the purchased financial products and ensure proper accounting for fund usage [4].

证券代码：600516 证券简称：方大炭素 公告编号：2026-011 方大炭素新材料科技股份有限公司 关于控股子公司委托理财进展的公告 基本情况 风险提示 方大炭素新材料科技股份有限公司（以下简称公司）控股子公司抚顺莱河矿 业有限公司（以下简称莱河矿业）使用部分闲置自有资金购买低风险的结构性存 款理财产品，是在风险可控的前提下提高闲置资金使用效率的理财方式，但金融 市场受宏观经济影响较大，不排除该项理财会受到市场风险、政策风险、流动性 风险、延迟兑付风险、再投资风险、募集失败等风险因素的影响，从而影响收益， 敬请广大投资者注意投资风险。 一、委托理财基本情况 公司于 2025 年 3 月 7 日召开第九届董事会第九次临时会议，审议通过了《关 于使用自有资金购买理财产品的议案》，同意公司及控股子公司使用不超过人民 币 16 亿元（含本数）的自有资金购买安全性高、流动性好的符合监管要求的理 财产品。具体内容详见公司于 2025 年 3 月 8 日在《上海证券报》《中国证券报》 《证券时报》和上海证券交易所网站（http://www.sse.com.cn/）披露的《方大 炭素关于使用自有资金购买理财产品的公告》（ ...

Group 1 - The steel raw materials sector increased by 2.99% compared to the previous trading day, with Dazhong Mining leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Dazhong Mining's closing price was 29.57, with a rise of 5.16%, and a trading volume of 262,400 shares, amounting to 768 million yuan [1] Group 2 - The net inflow of main funds in the steel raw materials sector was 27.21 million yuan, while retail funds saw a net inflow of 57.98 million yuan [1] - The table shows various companies' fund flows, with Dazhong Mining having a main fund net inflow of 66.46 million yuan, but a retail net outflow of 35.17 million yuan [2] - Other companies like Steel Titanium Co. and Baodi Mining also experienced mixed fund flows, with significant retail inflows despite main fund outflows [2]

Focus Events - Spot gold and silver prices ended a three-day decline, with London gold rising by 2.24% to $4,763.63 per ounce and London silver increasing by 4.17% to $82.43 per ounce [1] - Chip导科技 released its 2025 annual report, reporting revenue of 394 million yuan, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 106 million yuan, a year-on-year decrease of 4.91% [1] Industry Dynamics - Multiple institutions remain optimistic about the future of gold, with Guotai Junan predicting that gold prices could reach $6,000 per ounce in 2026 due to ongoing monetary system restructuring and central bank purchases [10] - Morgan Stanley raised its gold price forecast for the end of 2026 from $5,400 to $6,300 per ounce, citing sustained demand from central banks and investors [11] - Yuguang Jin铅 mentioned that fluctuations in silver prices have a complex impact on its profit margins due to the dynamic nature of raw material pricing [18] Policy and Regulation - The State Taxation Administration announced adjustments to VAT tax declaration matters, optimizing the reporting scope for general taxpayers and small-scale taxpayers [8] - The Ministry of Industry and Information Technology issued a mandatory national standard for automotive door handle safety, effective January 1, 2027, to enhance vehicle safety [12] Corporate Actions - Shanghai has initiated a project to acquire second-hand housing for affordable rental housing, focusing on matching housing types with talent needs [15] - Beiyinmei announced that its controlling shareholder's pre-restructuring plan was approved by the creditors' meeting, which may lead to changes in shareholder equity and control [21] - Midea Group reported a total expenditure of 1.998 billion yuan for repurchasing 0.35% of its shares [25]

姓 名 离任职务 离任时间 原定任期到 期日 离任原因 是否继 续在上 市公司 及其控 股子公 司任职 具体职务 （如适用） 是否存在 未履行完 毕的公开 承诺 张 天 军 总经理 2026 年 2 月 2 日 2027 年 7 月 3 日 工作调整 是 公司董事、 董事会战略 委员会委 员；成都蓉 光炭素股份 否 一、提前离任的基本情况 | | | | | | | 有限公司董 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 事、总经理； | | | | | | | | | 眉山方大蓉 | | | | | | | | | 光炭素有限 | | | | | | | | | 责任公司董 | | | | | | | | | 事。 | | | 赵 | | | | | | 成都方大炭 | | | | | 2026 年 2 月 | 2027 年 7 月 3 | | | | | | 尔 | 财务总监 | | | 工作调整 | 是 | 素研究院有 | 否 | | | | 2 日 | 日 | | | | | | 琴 | | | | | | 限 ...