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]

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel sector, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The steel industry is experiencing a slight decline in daily molten iron production, with the average dropping to 227.9 thousand tons, while steel production has seen a minor increase [13]. - Total steel inventory has expanded, with a week-on-week increase of 1.7%, indicating a growing supply in the market [23]. - Apparent consumption of steel has weakened slightly, with rebar demand decreasing by 13.4% week-on-week [39]. - Iron ore prices are trending downwards, influenced by increased shipments from Australia and Brazil, alongside rising port inventories [48]. - The current steel price index has decreased by 0.2% week-on-week, reflecting a general weakening in the market [72]. Summary by Sections 1. Supply - Daily molten iron production has decreased by 0.2 thousand tons to 227.9 thousand tons, with a slight recovery in steel production [13]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.1 percentage points week-on-week but up 0.8 percentage points year-on-year [17]. 2. Inventory - The total inventory of five major steel products has increased by 1.7% week-on-week, with social inventory rising to 890.7 thousand tons [25]. - Rebar social inventory has increased by 7.7% week-on-week, while hot-rolled coil inventory has decreased by 1.0% [25]. 3. Demand - Apparent consumption of five major steel products has decreased by 1.0% week-on-week, with rebar consumption down by 4.9% [49]. - Weekly average transaction volume for construction steel has dropped to 67 thousand tons, a decline of 13.4% [41]. 4. Raw Materials - Iron ore prices have weakened, with the Platts 62% iron ore price index at $103.2 per ton, down 1.4% week-on-week [58]. - The total port inventory of iron ore has increased by 1.5% week-on-week, indicating a supply surplus [58]. 5. Prices and Profits - The comprehensive steel price index has decreased to 121.6, reflecting a 0.2% decline week-on-week [72]. - The current profit margins for long-process rebar and hot-rolled coils are negative, indicating cost pressures in the industry [74].

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].

Market Overview - The special steel sector experienced a decline of 0.17% on January 30, with Fushun Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable stock performances include: - CITIC Special Steel (000708) closed at 16.42, up 3.27% with a trading volume of 326,800 shares and a turnover of 531 million yuan [1] - Fangda Special Steel (600507) closed at 6.48, up 1.09% with a trading volume of 760,700 shares and a turnover of 494 million yuan [1] - Fushun Special Steel (6652009) closed at 6.54, down 4.11% with a trading volume of 1,332,900 shares and a turnover of 867.1 million yuan [2] Capital Flow - The special steel sector saw a net outflow of 196 million yuan from institutional investors, while retail investors had a net inflow of 159 million yuan [2] - The capital flow for specific stocks includes: - Fangda Special Steel had a net inflow of 19.57 million yuan from institutional investors [3] - CITIC Special Steel experienced a net outflow of 21.09 million yuan from speculative funds [3] - Shagang Co. (002075) had a net outflow of 5.42 million yuan from institutional investors [3]

Market Overview - The special steel sector experienced a decline of 0.39% on January 29, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable stock performances in the special steel sector include: - CITIC Special Steel (000708) closed at 15.90, up 1.47% with a trading volume of 265,300 shares and a turnover of 419 million yuan [1] - Fangda Special Steel (600507) closed at 6.41, up 0.94% with a trading volume of 678,000 shares and a turnover of 439 million yuan [1] - Fushun Special Steel (600399) closed at 6.82, up 0.44% with a trading volume of 1,043,200 shares and a turnover of 721 million yuan [1] - Changbao Co. (002478) closed at 9.82, down 4.01% with a trading volume of 541,800 shares and a turnover of 546 million yuan [2] Capital Flow Analysis - The special steel sector saw a net outflow of 82.17 million yuan from institutional investors, while retail investors had a net inflow of 84.75 million yuan [2] - Detailed capital flow for selected stocks includes: - CITIC Special Steel had a net inflow of 47.09 million yuan from institutional investors [3] - Changbao Co. experienced a net outflow of 21.95 million yuan from institutional investors [3] - Retail investors contributed a net inflow of 50 million yuan to Changbao Co. [3]

Market Performance - The special steel sector increased by 1.53% on January 28, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Jiuli Special Materials (002318) closed at 35.43, up 7.36% with a trading volume of 206,200 shares and a transaction value of 698 million [1] - Other notable performers include: - Taiyuan Iron & Steel (000825) at 5.52, up 2.99% [1] - Fangda Special Steel (600507) at 6.35, up 2.25% [1] - Xining Special Steel (600117) at 2.98, up 1.36% [1] - Conversely, Changbao Co. (002478) and Jinzou Pipeline (002443) saw declines of 0.87% and 1.11%, respectively [1] Capital Flow - The special steel sector experienced a net outflow of 23.98 million from institutional investors and 18.07 million from retail investors, while retail investors saw a net inflow of 42.05 million [2] - The detailed capital flow for individual stocks indicates that Jiuli Special Materials had a net inflow of 21.80 million from institutional investors [3] - Other stocks with significant net inflows include: - Taiyuan Iron & Steel with 14.52 million [3] - Fangda Special Steel with 12.80 million [3] - Notably, Xining Special Steel had a net inflow of 6.99 million from institutional investors [3]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

Market Overview - The special steel sector experienced a decline of 1.28% on January 26, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable stock performances in the special steel sector included: - Fangda Special Steel: Closed at 6.40, up 2.07% with a trading volume of 494,500 shares and a turnover of 313 million yuan [1] - Changbao Co.: Closed at 9.88, down 3.42% with a trading volume of 397,600 shares and a turnover of 393 million yuan [2] - Xining Special Steel: Closed at 3.01, down 1.31% with a trading volume of 391,400 shares and a turnover of 118 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 349 million yuan from main funds, while retail investors contributed a net inflow of 379 million yuan [2] - Specific capital flows for selected stocks included: - Fangda Special Steel: Main funds net inflow of 27.06 million yuan, retail net outflow of 10.95 million yuan [3] - Changbao Co.: Main funds net outflow of 60.73 million yuan, retail net inflow of 69.76 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the steel sector, indicating a positive outlook for selected companies within the industry [4][11]. Core Insights - The steel industry is experiencing a slight increase in daily molten iron production, with an average of 228.2 thousand tons, reflecting a 0.2 thousand ton increase [14]. - Total steel inventory has shifted from a decrease to an increase, with a week-on-week rise of 0.8%, indicating a change in market dynamics [26]. - Apparent steel consumption has weakened on a week-on-week basis, with a notable decline in rebar demand, which decreased by 15.3% [40]. - The report highlights a decrease in steel prices and immediate profit margins, suggesting a challenging pricing environment for steel products [71]. Summary by Sections Supply - Daily molten iron production has slightly increased, with long-process production rising [14]. - The capacity utilization rate of 247 steel mills is at 85.5%, showing a 0.1 percentage point increase [20]. Inventory - Total steel inventory has increased, with social inventory at 8.685 million tons, up 0.2% week-on-week [28]. - Steel mill inventory has also risen significantly, indicating a potential oversupply situation [26]. Demand - Apparent consumption of five major steel products has decreased by 2.0% week-on-week, with rebar consumption down by 2.5% [50]. - The average weekly transaction volume for construction steel has dropped to 78 thousand tons [42]. Raw Materials - Iron ore prices have weakened, with a decrease in shipments from Australia and Brazil, leading to a rise in port inventories [49]. - The report notes that the current "anti-involution" policy may influence future production rhythms and pricing [49]. Prices and Profits - The comprehensive steel price index has decreased by 0.7% week-on-week, with specific prices for rebar and hot-rolled sheets also declining [71]. - Immediate profit margins for long-process steel products have decreased, indicating pressure on profitability [71]. Key Companies - The report recommends several companies for investment, including Hualing Steel, Nanjing Steel, and Baosteel, highlighting their potential benefits from the current market conditions [7].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [2][3]. Core Insights - The report highlights a tightening security expectation in the steel industry following a serious safety incident at Baogang Steel, which has led to increased scrutiny and potential impacts on production [9]. - It notes that while steel prices have decreased recently, the overall demand-supply dynamics are showing signs of marginal improvement, with steel mills expected to recover profits in the near term [9]. - The report emphasizes the shift towards high-end product exports, suggesting that leading companies will benefit from a transition from scale expansion to quality and efficiency improvements [9]. Summary by Sections Domestic Steel Market - As of January 23, 2026, steel prices have declined, with rebar priced at 3,260 CNY/ton, down 60 CNY from the previous week [15][16]. - The report indicates an increase in production, with total output for major steel products reaching 8.2 million tons, a slight increase from the previous week [9][12]. International Steel Market - The U.S. steel market shows stable prices, with hot-rolled coil prices at 1,050 USD/ton, unchanged from the previous week [27][29]. - European steel prices have seen slight increases, with hot-rolled prices rising to 745 USD/ton [27][29]. Raw Materials and Shipping Market - Domestic iron ore prices are fluctuating, with local prices for iron concentrate around 750 CNY/ton, while imported iron ore prices are showing a downward trend [31][34]. - The report notes that the shipping market has seen an increase, indicating potential cost pressures for raw material imports [31]. Production and Inventory - The report states that as of January 23, 2026, total steel inventory has increased, with social inventory rising by 21,400 tons to 8.6746 million tons [9][12]. - The production of rebar has increased to 1.9955 million tons, reflecting a recovery in output levels [9][12]. Profitability Analysis - The report provides a profitability outlook, indicating that the average gross margins for rebar and hot-rolled steel have shown fluctuations, with rebar margins decreasing by 8 CNY/ton [9][12]. - It suggests that the profitability of steel mills is expected to improve as demand conditions stabilize [9].