Group 1 - The lithium mining index increased by 3%, with most constituent stocks showing positive performance [1] - Major companies such as Zhongjin Mining, Guocheng Mining, Shengxin Lithium Energy, Yahua Group, and Zhongkuang Resources saw significant stock price increases of 7.99%, 6.94%, 6.48%, 4.62%, and 4.49% respectively [1]

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 - In January 2026, the total amount of stock reduction by executives and their related parties in the Shanghai and Shenzhen stock markets reached approximately 6.373 billion yuan, with a net reduction of about 5.91 billion yuan after accounting for increases [1][4]. Group 1: Stock Reduction - The total reduction amount in January 2026 was approximately 6.373 billion yuan, involving 222 companies [4][12]. - The highest reduction amount was from Tianshan Aluminum, with a reduction of approximately 816 million yuan [5][12]. - The second highest reduction was from Gaode Infrared, totaling approximately 798 million yuan [5][12]. - Perfect World ranked third with a reduction of approximately 464 million yuan [5][12]. - The non-metallic mineral industry had the highest reduction amount, approximately 1.113 billion yuan, followed by the defense industry at about 889 million yuan [12][21]. Group 2: Stock Increase - The total amount of stock increase in January 2026 was approximately 462 million yuan, involving 34 companies [13][21]. - The highest increase was from Dazhong Mining, with an increase of approximately 392 million yuan [15][18]. - The second highest increase was from Kaipu Biological, totaling approximately 27 million yuan [15][18]. - The third highest increase was from Sentai Co., with an increase of approximately 15 million yuan [15][18]. - The steel industry had the highest increase amount, approximately 392 million yuan, followed by the pharmaceutical industry at about 27 million yuan [21].

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]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, facilitating a quicker industry upturn [3][4]. Summary by Sections Steel Market Overview - Steel prices have decreased, with the Shanghai rebar price dropping by 20 CNY/ton to 3240 CNY/ton, a decline of 0.61%. The total inventory of steel has increased by 1.70% to 12.7851 million tons [8][12]. - Apparent consumption of five major steel products was 8.0174 million tons, down 0.96% week-on-week but up 28.96% year-on-year [21]. - The production of five major steel products was 8.2317 million tons, an increase of 0.44% week-on-week [12][37]. Supply and Demand Dynamics - Approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The construction sector's demand for steel is expected to stabilize, while demand from infrastructure and manufacturing is projected to grow steadily [4]. Profitability and Production Margins - The average gross profit for rebar was 196.9 CNY/ton, down 11.7 CNY/ton from the previous week, while hot-rolled coil profit increased by 2.3 CNY/ton to 46.9 CNY/ton [39]. - The profitability rate of 247 steel companies was 39.39%, a decrease of 1.3% from the previous week [28]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [4].

Core Viewpoint - The article highlights the successful transformation of several small-scale active equity funds into larger funds within a single quarter, driven by strategic investments in high-demand sectors such as energy storage and resource commodities during the structural market conditions of Q4 2025 [1][2]. Group 1: Fund Performance and Growth - Several active equity funds, including GF Carbon Neutral Theme, China Europe Cycle Selection, and Taixin Development Theme, managed to escape the "small fund" predicament by capitalizing on market opportunities in Q4 2025 [2][4]. - As of the end of Q3 2025, these funds were all categorized as "small funds" with sizes below 100 million yuan, with Taixin Development Theme maintaining a size below 10 million yuan since its inception in 2015 [2]. - Taixin Development Theme significantly increased its allocation to energy metals and industrial metals, achieving a return of over 35% in Q4 2025, which led to a surge in its fund size from approximately 5.16 million yuan to 1.547 billion yuan [3]. Group 2: Investment Strategies - The funds successfully adjusted their portfolios in Q4 2025, with GF Carbon Neutral Theme introducing nine new stocks, including major gainers like Tianhua New Energy and Dazhong Mining, while China Europe Cycle Selection updated seven stocks, focusing on resource sectors [3][4]. - The article emphasizes that successful fund managers utilized solid research capabilities to implement differentiated strategies, identifying market gaps and niche areas rather than merely following market trends [1][6]. Group 3: Market Trends and Investor Sentiment - The Q4 2025 market saw significant growth in high-demand sectors such as AI, lithium batteries, and non-ferrous metals, which contributed to the substantial increase in fund net values and investor recognition [5]. - The article notes that smaller fund companies often adopt differentiated competition strategies due to limited resources, focusing on specific niche markets to meet institutional investors' needs [6][7].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [2][4]. Core Insights - The report highlights that raw material inventory replenishment is nearly complete, with a focus on changes in real estate policies. It notes that steel production and apparent consumption are stabilizing, with a narrowing year-on-year decline in demand [8][32]. - The report anticipates that steel mill profits may continue to recover due to improved margins from raw material cost reductions and potential easing of real estate regulations [8][32]. Summary by Sections Domestic Steel Market - As of January 30, 2026, steel prices have decreased, with rebar priced at 3,240 CNY/ton, down 20 CNY from the previous week. Hot-rolled and cold-rolled prices also saw declines [15][16]. - The total production of major steel products reached 8.23 million tons, with an increase in inventory levels [8][32]. Profitability Analysis - The report estimates weekly gross margins for rebar, hot-rolled, and cold-rolled steel to have changed by -17 CNY/ton, +3 CNY/ton, and -19 CNY/ton respectively, indicating fluctuations in profitability [8][32]. Production and Inventory - The total inventory of major steel products rose by 222,100 tons to 8.89 million tons, with a slight decrease in steel mill inventory [8][32]. - Apparent consumption of rebar was estimated at 1.764 million tons, reflecting a decrease of 91,200 tons week-on-week [8][32]. Investment Recommendations - The report recommends several companies based on their market position: 1. Leading companies in the general steel sector: Hualing Steel, Baosteel, Nanjing Steel 2. Specialty steel sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe manufacturers: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw material companies with clear growth: Dazhong Mining (iron ore + lithium) and Fangda Carbon [8][32].

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于全资子公司为公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、大中矿业股份有限公司（以下简称"公司"）与子公司之间累计担保余 额为 467,727.03 万元（包含本次担保金额），占公司最近一期经审计净资产的 71.82%。 2、公司及子公司未对合并报表范围外的公司提供担保。 3、公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 一、担保情况概述 公司分别于 2025 年 4 月 18 日、2025 年 5 月 9 日召开第六届董事会第十一 次会议和 2024 年度股东大会，审议通过了《关于公司及子公司 2025 年度对外担 保额度预计的议案》，同意公司及子公司根据正常生产经营的资金需求，2025 年度公司为子公司提供担保、子公司为公司提供担保额度总计不超过 437,000 万元 ...

Group 1 - The A-share market saw a collective decline in lithium mining stocks, with notable drops including Nepean Mining falling nearly 12% and several other companies hitting the daily limit down [1] - The main contract for lithium carbonate experienced a limit down, with a decrease of 11%, currently priced at 148,200 yuan per ton [1] Group 2 - Specific stock performances included Nepean Mining down 11.46% with a market cap of 8.152 billion yuan, and other companies like Meiyuan Co. and Tibet Zhufeng both down 10% [2] - Other significant declines included Western Mining down 9.99% with a market cap of 84.8 billion yuan, and Tianqi Lithium down 8.74% with a market cap of 88.5 billion yuan [2]

Group 1 - Dazhong Mining's stock price fell by 5.13% on January 30, reaching 28.65 CNY per share, with a trading volume of 146 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 43.923 billion CNY [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 8.9% during this period [1] - Dazhong Mining, established on October 29, 1999, and listed on May 10, 2021, is primarily engaged in the production and sales of iron ore mining, iron concentrate, and pellets, as well as the processing and sales of manufactured sand and gravel [1] Group 2 - Zhongyou Fund holds a significant position in Dazhong Mining, with its Core Advantage Flexible Allocation Mixed A Fund (590003) owning 1.25 million shares, accounting for 3.16% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 1.9375 million CNY today and a total floating loss of 3.6875 million CNY during the four-day decline [2] - The Core Advantage Flexible Allocation Mixed A Fund has achieved a year-to-date return of 14.83%, ranking 710 out of 8,872 in its category, and a one-year return of 83.82%, ranking 433 out of 8,126 [2]