英矽智能(03696)获纳入恒生综合指数成份股 图达通(02665)获纳入恒生综合指数成份股 长风药业(02652)获纳入恒生综合指数成份股 翰森制药(03692)：甲磺酸阿美替尼片单药治疗于欧盟获批上市 【重大事项】 拨康视云-B(02592)：CBT-199新药临床试验申请已生效，临床试验被认定为可安全推进 石药集团(01093)：GLP -1/GIP受体双偏向性激动多肽长效注射液在美国获临床试验批准 石药集团(01093)：罗哌卡因长效注射液(SYH9089注射液)在中国获临床试验批准 复宏汉霖(02696)：HLX15-SC (重组抗CD38全人单克隆抗体注射液-皮下注射)用于多发性骨髓瘤治疗的1 期临床试验申请获美国FDA批准 【财报数据】 首钢资源(00639)发盈警 预计2025年度公司拥有人应占综合溢利约6亿港元至7亿港元 石四药集团(02005)发盈警，预期年度股权持有人应占溢利同比下降约45%至60% 好孩子国际(01086)发盈警 预期2025年纯利同比下降约35%至 45% 速腾聚创(02498)2025财年激光雷达产品销售持续增长 Q4首次单季实现盈利 ...

格隆汇2月16日丨首钢资源(00639.HK)公告，根据集团截至2025年12月31日止年度(「本年度」)之未经 审核综合管理帐目之初步评估及其他现时董事会所得悉之资料，集团预计于本年度录得公司拥有人应占 综合溢利介乎于约6亿港元至7亿港元之范围内，对比截至2024年12月31日止年度约14.94亿港元，按年 下降约60%至53%。 该跌幅主要归因于本年度集团主要精焦煤产品的平均实现销售价按年下降约36%。销售价下降主要因 2025年国内煤炭市场供需呈现宽松态势，导致煤炭价格弱势运行，令集团主要精焦煤产品市场价格按年 大幅下滑约30%，因而拖累集团实现销售价。另外，诚如公司2025年中期报告所述，集团自2024年7月 起全面进入下组煤层开采，煤质有所变化，较高价低硫精焦煤已停产，进一步影响本年度集团主要精焦 煤产品的整体实现销售价。 ...

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份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 首鋼福山資源集團有限公司 主席 陳益 香港，二零二六年二月十六日 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據本集 團截至二零二五年十二月三十一日止年度（「本年度」）之未經審核綜合管理帳目之初步 評估及其他現時董事會所得悉之資料，本集團預計於本年度錄得本公司擁有人應佔綜合溢 利介乎於約6億港元至7億港元之範圍內，對比截至二零二四年十二月三十一日止年度約 14.94億港元，按年下降約60%至53%。該跌幅主要歸因於本年度本集團主要精焦煤產品的 平均實現銷售價按年下降約36%。銷售價下降主要因二零二五年國內煤炭市場供需呈現寬 鬆態勢，導致煤炭價格弱勢運行，令本集團主要精焦煤產品市場價格按年大幅下滑約 30%，因而拖累本集團實現銷售價。另外，誠如本公司二零二五年中期報告所述，本集團 自二零二四年七月起全面進入下組煤層開 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets in 2025, indicating a potential decline in investor interest [1][2] Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a gain of 0.99% on February 11, with a trading volume of 37.2364 million yuan [1] - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1] - The fund's performance benchmark is the Hang Seng Stock Connect High Dividend Low Volatility Index [1] Group 2: Fund Size and Liquidity - As of February 10, the fund's latest share count is 83.008 million, with a total size of 127 million yuan, reflecting a 12.63% decrease in shares and a 6.16% decrease in size since December 31, 2025 [1] - Over the last 20 trading days, the cumulative trading amount reached 595 million yuan, with an average daily trading amount of 29.7258 million yuan [1] - Year-to-date, the cumulative trading amount is 775 million yuan, with an average daily trading amount of 27.6773 million yuan [1] Group 3: Fund Holdings - The current fund manager is Li Qian, who has managed the fund since September 4, 2024, achieving a return of 52.12% during her tenure [2] - Major holdings include Shougang Resources (3.77%), Yancoal Australia (2.68%), and Hang Seng Bank (2.63%), among others, with specific holding values and percentages detailed [2]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 0.67% increase with a trading volume of 41.35 million yuan on February 9 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - As of February 6, the fund's latest share count was 83.08 million, with a total asset size of 126 million yuan, reflecting a 12.63% decrease in shares and a 7.15% decrease in total assets since December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund reached 569 million yuan, with an average daily trading amount of 28.44 million yuan [1]. - Since the beginning of the year, the fund has recorded a cumulative trading amount of 714 million yuan over 26 trading days, averaging 27.45 million yuan per day [1]. Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2]. - Major holdings in the fund include Shougang Resources (3.77%), Yanzhou Coal Mining (2.70%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2].

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]

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 Viewpoints - The coal market is experiencing a slight recovery, with the advantage of imported coal narrowing further [7][81] - The overall profitability of the coal mining industry is expected to improve in 2026 after a significant decline in 2025 [7][84] Market Dynamics - The CCI5500 thermal coal index reported at 698 RMB/ton, with a week-on-week increase of 2 RMB/ton [13][82] - The average daily consumption of coal in coastal power plants is 208,000 tons, with a stock availability of 15.4 days [22][28] - The coal inventory at major ports decreased by 5.5% week-on-week, indicating a tightening supply [22][28] Industry Insights - The coal mining industry saw a profit total of 352 billion RMB in 2025, a year-on-year decline of 42% [7][84] - The expected supply-demand balance in 2026 is anticipated to support coal prices, with a significant reduction in supply growth [7][84] - The long-term contracts for coal supply in 2026 are expected to enhance the fulfillment rate due to increased market factors [84][85] Key Companies - Major companies with stable dividends include China Shenhua, Yanzhou Coal, and Shaanxi Coal [7] - Companies benefiting from improved demand expectations and supply contraction include Huabei Mining and Shanxi Coking Coal [7] - Companies with long-term growth potential include Huayang Co., New Energy Co., and Baofeng Energy [7]

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

每经AI快讯，港股煤炭股普遍回落，截至发稿，兖煤澳大利亚(03668.HK)跌7.2%，报32.46港元；首钢 资源(00639.HK)跌6.96%，报3.21港元；力量发展(01277.HK)跌6.35%，报1.77港元；中国神华 (01088.HK)跌1.68%，报42.18港元。 （文章来源：每日经济新闻） ...