当传统钢铁产业与人工智能相遇，会擦出怎样的火花？智能技术重塑传统制造，钢铁冶炼的"黑箱操 作"是如何变得透明可感？记者来到南京钢铁集团有限公司，实地感受数据与智能驱动下，传统钢铁行 业的生产变化。 数字赋能生产 走进南钢智慧运营中心，一块长42米、高6米的超高清管控屏映入眼帘。从料场到烧结，再到高炉、转 炉、轧钢，铁矿石变成成品钢的所有生产环节都清晰呈现，铁矿石运输皮带转速、转炉冶炼温度、钢材 轧制等关键参数一目了然。 "这张'数字工厂全景图'，主要依托数字孪生技术将实时生产数据注入三维模型，把实体工厂转化为数 字工厂。从无人化料场，到烧结、球团、焦化，再到高炉炼铁，轻点鼠标就能实现远程可视化操作，达 成一键炼铁炼钢。"南钢炼铁事业部技术处数字化应用室主任刘永辉介绍，通过虚拟仿真、人工智能等 先进技术，炼铁生产全流程得到优化重组，生产效率和产品质量显著提升。其中，铁水生产一级品率从 人工操作的80%，提高到99%。 在传统钢铁冶炼中，高炉内冶炼属于看不到的"黑箱操作"，产品质量把控依赖工人经验和间接数据。如 今，高炉周边布设了上千个传感器，实时采集炉内图像、温度、压力、煤气流成分等多维度数据，再通 过大模型融 ...

当传统钢铁产业与人工智能相遇，会擦出怎样的火花？智能技术重塑传统制造，钢铁冶炼的"黑箱操 作"是如何变得透明可感？记者来到南京钢铁集团有限公司，实地感受数据与智能驱动下，传统钢铁行 业的生产变化。 创新引领智造 南钢日常生产运营会产生海量数据，如何处理、利用好这些数据资源，成为企业高质量发展的关键。公 司数智转型的核心支撑，是企业自主打造的、以数据治理和人工智能为驱动的企业级"工业大脑"。 "我们自主研发了工业互联网平台，高效采集和整合各类数据。智慧能源管控一体化平台通过对能源管 理、生产调度、设备监控、操作执行等多个环节进行数据共享和协同，实现生产节能降耗。"南钢子公 司江苏金恒信息科技股份有限公司技术发展部副主任马超告诉记者，当前南钢的智能化改造、数字化转 型和网络化连接已迈入第二阶段，人工智能和数据资产化是数智化发展的两大着力点。 南钢正积极探索大语言模型和AI图像识别技术在生产运营、设备运维、客户服务等场景的应用，推动 数智化从"支撑业务"向"驱动创新、创造价值"升级。在数据治理方面，企业构建"云—边—端"三位一体 大数据平台，实现研发、管理和生产业务领域数据的汇聚与互通，对采集数据进行实时监控与校验 ...

走进南钢智慧运营中心，一块长42米、高6米的超高清管控屏映入眼帘。从料场到烧结，再到高炉、转 炉、轧钢，铁矿石变成成品钢的所有生产环节都清晰呈现，铁矿石运输皮带转速、转炉冶炼温度、钢材 轧制等关键参数一目了然。 "这张'数字工厂全景图'，主要依托数字孪生技术将实时生产数据注入三维模型，把实体工厂转化为数 字工厂。从无人化料场，到烧结、球团、焦化，再到高炉炼铁，轻点鼠标就能实现远程可视化操作，达 成一键炼铁炼钢。"南钢炼铁事业部技术处数字化应用室主任刘永辉介绍，通过虚拟仿真、人工智能等 先进技术，炼铁生产全流程得到优化重组，生产效率和产品质量显著提升。其中，铁水生产一级品率从 人工操作的80%，提高到99%。 在传统钢铁冶炼中，高炉内冶炼属于看不到的"黑箱操作"，产品质量把控依赖工人经验和间接数据。如 今，高炉周边布设了上千个传感器，实时采集炉内图像、温度、压力、煤气流成分等多维度数据，再通 过大模型融合工艺机理参数数据进行2小时趋势分析预测，炉温预测准确率超90%。 过去看不见的炉内冶炼过程，如今转化为直观的数字图谱，实现了透明管控。在炉温智能预测、操作炉 型识别及优化、炉况智能诊断等一系列智能化应用模型集群 ...

Group 1 - The latest price of stainless steel plate is 12,725.00 yuan per ton as of February 10, with a 10.41% increase over the last 60 days [2][4] - Relevant manufacturers include Benxi Steel Plate (000761), Taiyuan Iron & Steel (000825), Jiuli Special Materials (002318), Yongxing Materials (002756), Xining Special Steel (600117), Nanjing Steel (600282), Jiuquan Iron & Steel (600307), Fushun Special Steel (600399), Wujin Stainless Steel (603878), and Yongjin Co., Ltd. (603995) [2][4] Group 2 - Cyclical stocks refer to publicly listed companies in raw material production, whose profits are significantly affected by fluctuations in raw material prices [2][4] - Utilizing the price fluctuation data from the business community to identify buying signals for cyclical stocks before quarterly and annual reports is an important method for investing in cyclical stocks [2][4]

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].

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 | ...

Group 1 - The core point of the article highlights that despite the large scale of Chinese steel companies, their profit margins remain weak, with significant revenue but low net profits per ton of steel produced [2][3][4] - In 2024, major Chinese steel companies reported revenues and net profits as follows: Baowu Group with 322.1 billion yuan and 7.362 billion yuan; CITIC Special Steel with 109.2 billion yuan and 5.126 billion yuan; Nanjing Steel with 61.8 billion yuan and 2.261 billion yuan; and Huazhong Steel with 14.46 billion yuan and 2.032 billion yuan, totaling over 16.7 billion yuan in net profit [2] - The article emphasizes that the product structure of Chinese steel, heavily reliant on low-margin ordinary products like rebar and wire rods, leads to lower profitability compared to Japanese steel companies that focus on high-end products [3][4] Group 2 - Japanese steel companies, such as Nippon Steel, have shifted their focus to high-value products, allowing them to sell steel at significantly higher prices, averaging over 1,500 USD per ton compared to China's 755 USD per ton [4][6] - The article notes that while Chinese companies are making efforts to develop high-end products, their overall proportion of high-end offerings still lags behind that of Japanese competitors, which impacts their profitability [8][9] - Strategic moves by Japanese companies, such as Nippon Steel's acquisition of U.S. Steel for 14.1 billion USD, are aimed at securing a stable market and capitalizing on low-carbon steel production advantages [11] Group 3 - Chinese steel companies are also taking steps towards modernization and sustainability, with projects like Baowu's hydrogen metallurgy and Nanjing Steel's focus on raw material stability, indicating a shift towards lower carbon emissions [13] - The article suggests that the future competitive landscape will be defined by low-carbon and intelligent manufacturing, with the potential for Chinese companies to leverage their scale and market advantages if they can effectively transition to higher-margin products [15] - The current disparity in profitability is framed as a reflection of different development stages and paths, with Chinese companies needing to convert their production advantages into profits more effectively [15]