格隆汇2月10日丨常宝股份(002478.SZ)涨4.88%，报10.540元，股价创历史新高，总市值94.94亿元。 ...

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]

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 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 07 年 月 日 钢铁 惊涛之后 行情回顾（2.2-2.6）： 铁水产量增加，库存增幅扩大。本周全国高炉产能利用率回升，国内 247 家钢厂高炉产能利用率为 85.7%，环比+0.3pct，同比-0.1pct；五大品种 钢材周产量为 819.9 万吨，环比-0.4%，同比+1.4%；本周长流程产量增 加，日均铁水产量增 0.7 万吨至 228.6 万吨，钢材产量小幅下降，螺纹 钢产量降幅明显；库存方面，本周五大品种钢材周社会库存为 940.4 万吨， 环比+5.6%，同比-18.0%，钢厂库存为 397.3 万吨，环比+2.5%，同比- 24.1%；钢材总库存增幅扩大，周环比增加 4.6%，较上周增幅扩大 2.9pct，社会库存增幅大于钢厂库存；本周由产量与总库存数据汇总后的 五大品种钢材周表观消费 760.7 万吨，环比-5.1%，同比+22.3%，其中螺 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2025-02 2025-06 2025-10 2026-02 钢铁 沪深300 作者 分析师 笃慧 执业证书编 ...

钢铁周报 20260208 铁矿基本面共振，价格趋势下行 glmszqdatemark | 重点公司盈利预测、估值与评级 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 000932.SZ | 华菱钢铁 | 6.12 | 0.50 | 0.60 | 0.66 | 12 | 10 | 9 | 推荐 | | 600019.SH | 宝钢股份 | 7.10 | 0.49 | 0.56 | 0.62 | 14 | 13 | 11 | 推荐 | | 600282.SH | 南钢股份 | 5.46 | 0.46 | 0.50 | 0.56 | 12 | 11 | 10 | 推荐 | | 301160.SZ | 翔楼新材 | 62.49 | 2.01 | 2.70 | 3.66 | 31 | ...

钢铁周报 20260208 铁矿基本面共振，价格趋势下行 glmszqdatemark | 重点公司盈利预测、估值与评级 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 000932.SZ | 华菱钢铁 | 6.12 | 0.50 | 0.60 | 0.66 | 12 | 10 | 9 | 推荐 | | 600019.SH | 宝钢股份 | 7.10 | 0.49 | 0.56 | 0.62 | 14 | 13 | 11 | 推荐 | | 600282.SH | 南钢股份 | 5.46 | 0.46 | 0.50 | 0.56 | 12 | 11 | 10 | 推荐 | | 301160.SZ | 翔楼新材 | 62.49 | 2.01 | 2.70 | 3.66 | 31 | ...

Market Performance - The special steel sector increased by 3.24% on February 3, with Changbao Co., Ltd. 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] Individual Stock Performance - Changbao Co., Ltd. (002478) closed at 10.27, with a rise of 7.99% and a trading volume of 448,300 shares, amounting to a transaction value of 451 million [1] - Jiuli Special Materials (002318) closed at 33.88, up 6.94%, with a trading volume of 141,100 shares and a transaction value of 466 million [1] - Fushun Special Steel (665009) closed at 6.61, up 4.09%, with a trading volume of 999,300 shares and a transaction value of 658 million [1] - Other notable stocks include Taiyuan Iron & Steel (000825) at 5.01 (+3.94%), Fangda Special Steel (600507) at 6.16 (+3.88%), and Shengde Yantai (300881) at 40.50 (+2.22%) [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 85.2862 million from institutional investors and 15.4187 million from retail investors, while retail investors saw a net inflow of 101 million [1] - Specific stock capital flows indicate that Shagang Co. (002075) had a net inflow of 27.8528 million from institutional investors, while Changbao Co. (002478) had a net outflow of 26.0742 million [2] - Jiuli Special Materials (002318) also saw a net inflow of 20.5370 million from institutional investors, while West Ning Special Steel (600117) had a net inflow of 9.5394 million [2]

Market Overview - The special steel sector experienced a decline of 7.3% on February 2, with CITIC Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - CITIC Special Steel (000708) closed at 14.78, down 9.99% with a trading volume of 449,200 shares and a transaction value of 685 million yuan [1] - Fangda Special Steel (600507) closed at 5.93, down 8.49% with a trading volume of 752,300 shares [1] - Taiyuan Iron & Steel (000825) closed at 4.82, down 7.84% with a trading volume of 1,597,700 shares [1] - Other notable declines include Jiuli Special Materials (002318) down 5.80%, Shagang Group (002075) down 5.56%, and Xining Special Steel (600117) down 4.83% [1] Capital Flow - The special steel sector saw a net outflow of 60.03 million yuan from main funds, while retail funds experienced a net outflow of 102 million yuan [1] - However, there was a net inflow of 162 million yuan from speculative funds [1] Individual Stock Capital Flow - Taiyuan Iron & Steel (000825) had a main fund net inflow of 15.79 million yuan, while retail funds saw a net outflow of 37.95 million yuan [2] - Jiuli Special Materials (002318) recorded a main fund net inflow of 10.71 million yuan, with retail funds experiencing a net outflow of 29.56 million yuan [2] - Shagang Group (002075) had a main fund net inflow of 5.83 million yuan, but retail funds saw a significant net outflow of 54.47 million yuan [2] - CITIC Special Steel (000708) reported a main fund net outflow of 643,900 yuan, with a small net inflow from speculative funds [2]

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 钢铁 欲速则不达 行情回顾（1.26-1.30）： 中信钢铁指数报收 2,060.38 点，下跌 2.02%，跑输沪深 300 指数 2.1pct， 位列 30 个中信一级板块涨跌幅榜第 15 位。 重点领域分析： 投资策略：本周股票和商品市场出现波动，尤其是贵金属市场暴涨后暴跌。 市场关心特朗普宣布提名凯文·沃什担任美联储主席，由其过去主张去推 断未来政策变化，殊不知所有的政策主张都要服从现实经济需要。短期价 格波动更多是交易层面上的资金行为，价格上涨本身会创造需求，快速上 涨会吸引大量投机资金进入市场，从而放大价格波动率。而一旦短期上涨 受阻，平仓就会形成踩踏。这样的投机行为会导致节奏的变化，但贵金属 运行趋势不会改变，交易上做好未来高波动的心理准备。货币体系贬值和 结构性重组会提高人民币资产和贵金属的吸引力。但工业金属很难单纯依 靠流动性推升。在最大存量需求方中国经济转型过程中，真实需求不足的 时候，真实需求无法与更高的资源品价格相匹配，到达高位后工业金属价 格可能会受到制约。如果是基于货币体系的担忧，那产生泡沫最好 ...

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].