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].

Core Insights - The company has achieved significant growth in the automotive steel sector despite industry challenges, with a 49.2% year-on-year increase in sales to automotive manufacturers and a 78.1% increase in high-end automotive outer panel sales [1][2] Group 1: Production and Technology Advancements - The third cold-rolled plant of the company has implemented intelligent upgrades, enhancing the stability of high-precision steel production [2] - The production line features ultra-wide automotive steel plates that meet stringent requirements for high-end automotive components, breaking foreign technology monopolies [2] - An AI visual inspection system has been introduced, improving product qualification rates by 10% and increasing output by 25% [5] Group 2: Smart Manufacturing and Efficiency - The centralized control center acts as the "smart brain" of the production line, integrating data to optimize key process parameters [5][6] - Since the implementation of the intelligent system, labor productivity has increased by 65%, and the smart index has reached 85% [5][6] - The company is addressing traditional steel industry transformation challenges through digital and intelligent upgrades, revitalizing the state-owned enterprise [6]

数据来源：企查查 图片来源：世界知识产权组织（WIPO） 今年以来鞍钢股份已公布的国际专利申请6个。结合公司2025年中报财务数据，2025上半年公司在研发 方面投入了2.59亿元，同比增35.6%。 证券之星消息，根据企查查数据显示鞍钢股份（000898）公布了一项国际专利申请，专利名为"一种具 有高CTOD特性的51kg级BCA2止裂钢及其制造方法"，专利申请号为PCT/CN2024/118146，国际公布日 为2026年2月5日。 专利详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the "Model Central Enterprises" for 2025, emphasizing the importance of promoting advanced deeds and spirits of model enterprises to inspire high-quality development in central enterprises [1][3]. Group 1: Announcement of Model Central Enterprises - The 2025 "Model Central Enterprises" include notable teams and individuals such as Chen Liang from China National Nuclear Corporation, the "9·3" military parade aviation equipment support team from Aviation Industry Corporation of China, and the deep well attack team from China National Petroleum Corporation [3]. - Zhang Yuzhuo, the Secretary of the SASAC Party Committee, expressed high respect for the awarded teams and individuals, highlighting their contributions to the high-quality development of state-owned enterprises [3]. Group 2: Inspirational Messages and Responsibilities - Zhang emphasized that the new era is one for strivers, and the model representatives embody the spirit of dedication and patriotism, motivating countless employees to pursue progress and innovation [4]. - Central enterprise party committees are urged to pay attention to and care for the model representatives, widely publicizing their advanced deeds to inspire employees to contribute to the national economic and social development [4].

Core Insights - The company achieved a strong start in January, exceeding production targets and setting multiple records in output and delivery [4][21][24] Group 1: Production Performance - The hot-rolled plate factory exceeded its production plan by 0.69 million tons in January, setting a record of 11 times, including 3 monthly records, 6 daily records, and 2 shift records [4][21] - The 2300 production line achieved a production volume of 575,100 tons and delivered 21,369 coils, both setting new monthly records [4][21] - The factory's monthly shipping volume from the hot steel coil warehouse and monthly receiving volume in the slab warehouse reached historical highs, marking a successful start to the year [4][21] Group 2: Efficiency and Management - The factory focuses on efficiency by implementing a "1+5" production model in rough rolling, enhancing heating furnace output efficiency, and optimizing temperature parameters in finishing and coiling processes [4][21] - Continuous efforts are made to reduce non-productive downtime and improve overall production organization and rhythm [4][21] Group 3: Quality Control - The factory established a comprehensive control mechanism to address core product quality defects, implementing a plan to tackle key defects with clear responsibilities and performance incentives [5][22] - Measures were taken to prevent foreign object contamination, including thorough inspections and cleaning to eliminate potential hazards [5][22] Group 4: Equipment Management - The factory improved equipment management by focusing on key personnel and equipment, enhancing operational management and seasonal maintenance to reduce equipment failure rates [5][22] - Efforts to utilize downtime effectively for equipment maintenance and inspections have been intensified to ensure stable operations [5][22] Group 5: Future Goals - The factory aims to deepen its "extreme" philosophy, focusing on dual goals of efficiency and profitability while optimizing production management to contribute to high-quality development [7][24]

Core Viewpoint - By 2030, China's steel industry aims to reach globally advanced technological levels, focusing on high-end steel material preparation and low-carbon metallurgy technologies, establishing itself as a core source of technological progress in the global steel industry [1][26]. Group 1: Achievements During the 14th Five-Year Plan - Significant achievements in technological innovation were made in the steel industry, including breakthroughs in key common technologies, low-carbon transformation, intelligent manufacturing, and high-end material supply, which supported high-quality industry development [2][27]. - The industry successfully tackled critical challenges in large equipment manufacturing and low-carbon metallurgy, publishing a list of best available technologies for ultra-low emissions, positioning itself among the world's leaders in low-carbon metallurgy technology [2][27]. - The self-sufficiency rate for 22 categories of steel products reached 100%, with continuous improvements in high-strength, high-plasticity, lightweight, and easy-welding properties, leading to diversification and high-end development of steel products [2][27]. Group 2: Innovation Ecosystem Development - Key listed steel companies are expected to have an average R&D investment ratio of 4.3% by 2024, with continuous increases in innovation input intensity and significant improvements in R&D efficiency [3][28]. - The establishment of a steel industry technology innovation working committee and the formation of a consensus among research institute leaders have promoted collaborative innovation across industry, academia, and research [3][28]. Group 3: Challenges Facing the 15th Five-Year Plan - The steel industry faces five major challenges, including the urgent need for green transformation and low-carbon development, with issues such as immature key low-carbon technologies and insufficient experience in responding to international green barriers [4][29]. - Digital and intelligent transformation is insufficient, characterized by inadequate infrastructure, low autonomy of key software and models, and a severe shortage of interdisciplinary talent [4][29]. - Bottlenecks in high-end and low-carbon steel material development persist, including lagging original theoretical research and issues with product quality consistency [5][30]. Group 4: Key Technological Directions for the 15th Five-Year Plan - The overall goal for the end of the 15th Five-Year Plan includes achieving international advanced levels in product quality stability and consistency, with a focus on key high-end steel products for major national projects [6][31]. - Eight key technological directions have been identified, including efficient resource development, energy-saving iron-making technology, and clean steel production technology, with specific targets set for 2030 and 2035 [7][32][33]. - The development of digital and intelligent manufacturing process control technologies is also prioritized, aiming for significant advancements in production efficiency and resource collaboration by 2030 [11][36].

烧结球团食堂的糕点摊位前，试吃的市民有序排队，吃过后赞不绝口。"没想到食堂做的糕点，味道这 么纯正，买几样回家给孙子吃。"一位大娘手拿着刚刚买的红豆饼向记者展示。 据了解，为期十天的"钢都美食节"由鞍钢城服公司联袂鞍山市新闻传媒中心、鞍山市糖酒行业商协会共 同举办。鞍钢的100余家食堂、多家宾馆酒店和连锁超市精选了1200余种特色美食和优质商品，为鞍山 市民提供一场充满烟火气的年货盛宴。 中新网沈阳2月4日电(姜月恒 韩浩天)炼钢食堂的猪头肉、球团食堂的糕点、机关食堂的面食……这些鞍 钢口碑美食，集体亮相"钢都美食节"。3日，辽宁省鞍山市鞍钢体育馆里人头攒动，市民们争相购买难 得一见的食堂"私房菜"，这些曾经只有鞍钢职工才能享用的美食，如今成了鞍山市民囤年货的新宠。 "我们食堂做了20余种糕点，是由食堂老师傅传承下来的，是真正的老味道。这些糕点平时不对外售 卖，只为给职工的日常伙食添点花样。"鞍钢烧结球团食堂班长张凤霞说。 一位鞍山市民告诉记者，他爸爸从鞍钢退休多年，这次受爸爸委托专门来买炼钢食堂的猪头肉。"爸爸 退休后就想吃这一口，说那才是真正的香，这次我多买点，自己也想尝尝。" "我们炼钢食堂做猪头肉有三 ...

Group 1 - The construction of the Xian Mountain Iron Mine is taking place in challenging geological conditions, described as a "construction forbidden zone" due to complex folding, fractured zones, and aquifer interlayers, compounded by severe winter conditions [2] - The Xian Mountain Iron Mine is recognized as the largest single underground iron mine in the country, highlighting its significance in the mining industry [3] Group 2 - Advanced technologies such as IoT, AI, and digital twin are being integrated into mining operations, facilitating a transition from traditional mining methods to digital and intelligent practices [5] - The construction team is focused on creating a green circular system underground, aiming for waste material to be backfilled on-site and wastewater to be recycled, thus achieving a sustainable resource extraction process [5]

Group 1 - The core point of the announcement is that Angang Steel Co., Ltd. plans to continue its commodity futures hedging business in 2026, with a maximum margin of RMB 900 million, which accounts for 1.89% of the company's audited net assets from the previous year [2][3]. - The board of directors approved the hedging business with a unanimous vote of 9 in favor, indicating strong internal support for this strategy [2][20]. - The hedging activities are aimed at mitigating price volatility risks associated with raw materials and finished products, which include iron ore, coking coal, and various steel products [4][7]. Group 2 - The company will conduct futures trading through recognized exchanges such as the Shanghai Futures Exchange and the Dalian Commodity Exchange, focusing on specific commodities like iron ore and steel [7]. - The maximum hedging volume for various products in 2026 is set at 2 million tons for steel, 4.5 million tons for iron ore, and 490,000 tons for coking coal and other related products [7]. - The funding for these futures transactions will come from the company's own funds, ensuring no reliance on raised capital or bank loans for these activities [9]. Group 3 - The company has established a management system for its hedging activities, including a dedicated supervisory department to ensure compliance and effectiveness of the hedging strategy [11]. - Risk management measures are in place to address potential market, liquidity, credit, operational, and legal risks associated with the hedging activities [12][13]. - The company has a clear policy against speculative trading, ensuring that all hedging positions are aligned with actual inventory and sales plans [14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲 載 列 鞍 鋼 股 份 有 限 公 司（「本公司」）於 二 零 二 六 年 二 月 四 日 在《中 國 證 券 報》、《證 券 時 報》、《上 海 證 券 報》或 巨 潮 資 訊 網（http://www.cninfo.com.cn） 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二六年二月三日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： 執 行 董 事： 王 軍 田 勇 李景東 獨 立 非 執 行 董 事： 王旺林 朱克實 胡彩梅 劉朝建 非 執 行 董 事： 職 工 董 事： 趙忠民 * 僅供識別 譚宇海 证券代 ...