Group 1 - The core viewpoint of the article indicates that Hebei Steel Resources is experiencing delays in the construction of the No. 6 crusher project associated with the second phase of its copper mine due to underground water accumulation affecting the site [1] - Some equipment for the project has already arrived and is currently in the infrastructure construction phase [1] - The original plan for the project to be operational by the third quarter of 2026 is now expected to be postponed [1]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather, including a weather warning system and drainage system maintenance [2] - Heavy rainfall in January 2026 led to increased underground water levels, causing flooding in some mine tunnels [2] - Despite the flooding, the company successfully executed emergency measures, ensuring no casualties or major safety incidents occurred [2] Group 2: Project Development and Delays - The progress of the No. 6 crusher for the copper phase II project has been affected by the flooding, leading to delays in construction [2][3] - The expected production start date for the copper phase II project will be postponed due to the impact of the flooding [3] - The company is assessing recovery efforts and aims to resume work as soon as safety and operational conditions allow [3] Group 3: Financial and Dividend Policies - The company emphasizes sustainable development as the basis for future dividend plans, balancing profitability, cash flow, and investment needs [3] - The commitment to maintaining a stable dividend policy is highlighted to protect investor interests [3] Group 4: Technical Capabilities - The copper phase II project utilizes the natural caving method, which is advantageous in terms of mining capacity, efficiency, and cost [3] - The company has established technical reserves and a skilled workforce from previous successful applications of the natural caving method in the copper phase I project [3]

- The report does not contain any quantitative models or factors for analysis[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42]

Market Performance - The steel sector declined by 3.02% this week, underperforming the broader market, with sub-sectors such as special steel down 2.10%, long products down 1.88%, and flat products down 3.84% [2][5] - Iron ore and steel consumables sectors also saw declines of 1.74% and 3.02% respectively, while the trade circulation sector fell by 4.006% [2][5] Supply Situation - As of February 6, the capacity utilization rate of blast furnaces in sample steel enterprises was 85.7%, an increase of 0.22 percentage points week-on-week [2] - Electric furnace capacity utilization was at 48.1%, a decrease of 7.59 percentage points week-on-week [2] - The production of five major steel products was 7.208 million tons, a week-on-week decrease of 15,500 tons [2] - Daily average pig iron production was 2.2858 million tons, an increase of 6,000 tons week-on-week and 1,400 tons year-on-year [5] Demand Situation - The consumption of five major steel products was 7.607 million tons, a week-on-week decrease of 410,800 tons, or 5.12% [2] - Mainstream traders' sales volume of construction steel was 35,000 tons, down 32,500 tons week-on-week, representing a 48.24% decline [2] Inventory Situation - As of February 6, social inventory of five major steel products was 9.404 million tons, an increase of 496,800 tons week-on-week, or 5.58%, but down 18.04% year-on-year [3][5] - Factory inventory of five major steel products was 3.973 million tons, an increase of 95,600 tons week-on-week, or 2.47%, and down 24.13% year-on-year [3][5] Steel Prices & Profits - As of February 6, the comprehensive index for ordinary steel was 3,414.2 yuan/ton, a week-on-week decrease of 13.31 yuan/ton, or 0.39%, and down 5.51% year-on-year [3] - The comprehensive index for special steel was 6,582.0 yuan/ton, a week-on-week decrease of 2.28 yuan/ton, or 0.03%, and down 2.88% year-on-year [3] - The profit for rebar from blast furnaces was 65 yuan/ton, an increase of 14.0 yuan/ton week-on-week, or 27.45% [3] - The profit for construction steel from electric furnaces was -76 yuan/ton, an increase of 4.0 yuan/ton week-on-week, or 5.00% [3] Raw Material Situation - As of February 6, the spot price index for Australian powder ore (62% Fe) at Rizhao Port was 764 yuan/ton, a week-on-week decrease of 29.0 yuan/ton, or 3.66% [4] - The price for main coking coal at Jingtang Port was 1,700 yuan/ton, a week-on-week decrease of 80.0 yuan/ton [4] - The average available days of iron ore for sample steel enterprises was 31.29 days, an increase of 2.6 days week-on-week [4] Investment Recommendations - The steel sector is expected to have strong "anti-involution" characteristics and significant profit recovery potential, with high-quality steel companies likely to see performance improvements [6][7] - Key companies to focus on include regional leaders with advanced equipment and environmental standards, as well as those benefiting from the new energy cycle [7]

淡季维持累库趋势，但库存处于历史低位 [Table_Industry] 钢铁 ——钢铁行业周度更新报告 | | | --- | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 需求有望逐步触底；供给端即便不考虑供给政策，目前行业微利时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政 策落地，行业供给的收缩速度更快，行 ...

钢材库存压力有限，重视阶段性回调的配置机会 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2026 年 2 月 8 日 上次评级 看好 证券研究报告 行业研究——周报 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭、钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [钢材库存压力有限，重视阶段性回调的配置机会 Table_Title] [Table_ReportDate] 2026 年 2 月 8 日 本期内容提要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 ➢ 本周市场表现：本周钢铁板块下跌 3.02%，表现劣于大盘；其中，特 钢板块下跌 2.1 ...

Group 1 - HeSteel Resources announced that it will hold an investor research meeting on February 5, 2026, from 16:00 to 17:00 [1] - The meeting will be attended by the company's board secretary Zhao Qingsong and securities affairs representative Zheng Zengyan, who will respond to investor inquiries [1] Group 2 - The article highlights the issue of millions of elderly individuals living alone and the need for solutions to help them age gracefully [1] - It mentions that the concept of intended guardianship has been present in the country for 14 years but is still facing challenges in full implementation [1]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather conditions, including a comprehensive drainage system and emergency evacuation plans [2] - Due to heavy rainfall in January 2026, underground water inflow exceeded drainage capacity, leading to water accumulation in some tunnels [2] - Despite the challenges, the company successfully executed a production halt and evacuation, preventing any casualties or major safety incidents [2] Group 2: Project Updates and Delays - The progress of the No. 6 crusher project for the copper phase II has been affected by the underground water issues, causing delays in the construction schedule [3] - The expected production commencement for the copper phase II project will be postponed due to the impact of the recent flooding [3] Group 3: Iron Ore Processing Enhancements - The company plans to upgrade its processing techniques to increase the iron ore grade from 58% to 65%, targeting an annual output of 6 million tons [3] - Although costs per ton may slightly increase, the price differential (approximately $13 per ton) between 62% and 65% grade will enhance overall economic benefits [3] Group 4: Dividend Policy and Investor Relations - The company emphasizes sustainable development in its dividend policy, aiming to balance profitability, cash flow, and investment needs to ensure stable returns for investors [3]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather conditions, including monitoring rainfall data and activating emergency plans [2] - Due to heavy rainfall in January 2026, underground water inflow exceeded drainage capacity, leading to water accumulation in some tunnels [2] - Despite the challenges, the company successfully executed measures such as production suspension and emergency drainage, preventing any casualties or major safety incidents [2] Group 2: Project Delays - The construction progress of the No. 6 crusher for the copper phase II project has been affected by the underground water issues, causing delays in the project timeline [3] - The expected production commencement for the copper phase II project will be postponed due to the impact of the recent flooding and water accumulation [3] - The company is currently assessing recovery conditions and plans to resume work as soon as safety and operational conditions allow, aiming to minimize delays in the production schedule [3]

Core Viewpoint - HeSteel Resources has faced significant operational disruptions due to severe flooding in South Africa, impacting its copper production and potentially affecting its annual sales plan, despite previously optimistic signals regarding its copper capacity expansion [1][2][3]. Group 1: Impact of Natural Disaster - The flooding in Limpopo and Mpumalanga provinces is reported to be the worst since 2000, leading to a suspension of underground mining activities at Palabora Copper, which is expected to affect copper production for approximately two months [1][2]. - The disaster has caused direct production losses and potential repair costs, with the company unable to assess the total economic impact at this time [3]. Group 2: Copper Production Challenges - The copper phase two project was in a ramp-up stage with a designed capacity of 11 million tons per year, but the flooding has interrupted this growth trajectory [2]. - The company is transitioning from its first phase of copper mining, which is nearing closure, to relying heavily on the second phase for copper supply, making the current disruption particularly impactful [2]. Group 3: Iron Ore Business Resilience - Despite the challenges in copper production, the iron ore business remains operational, with approximately 100 million tons of iron ore stockpiled, providing a buffer against the financial impact of the copper production halt [4][5]. - The iron ore business has historically been a significant revenue contributor, with iron ore sales accounting for 64.84% of total revenue in the first half of 2025 [5]. Group 4: Future Strategies and Developments - The company plans to enhance its iron ore production through process upgrades, aiming to increase the iron ore grade from 58% to 65% and achieve an annual output of 6 million tons [5][6]. - HeSteel Resources has initiated insurance claims related to the flooding and is actively working on recovery efforts [6].