Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

证券日报网讯 12月9日，抚顺特钢在互动平台回答投资者提问时表示，根据信息披露的公平性原则，公 司在定期报中披露截至报告期末的股东人数。 （文章来源：证券日报） ...

格隆汇12月9日丨抚顺特钢(600399.SH)在投资者互动平台表示，公司产品中不包括超纯铁产品。 ...

| 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-12-08 | 126.69万 | 5.08亿 | 4.90% | | 2025-12-05 | 337.95万 | 5.06亿 | 4.88% | | 2025-12-04 | 647.51万 | 5.03亿 | 4.91% | | 2025-12-03 | -262.97万 | 4.97亿 | 4.79% | | 2025-12-02 | 258.58万 | 4.99亿 | 4.76% | 融券方面，当日融券卖出700.0股，融券偿还1300.0股，融券净买入600.0股，融券余量24.96万股。 | 交易日 | (品) 用動使法識 | - | 融券会重(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-12-08 | | -600.0 | 24.96万 | 131.04万 | | 2025-12-05 | | -1300.0 | 25.02万 | 131.61万 | | 2025-12-04 | | -7. ...

Market Overview - The special steel sector increased by 0.23% on December 2, with Taiyuan Iron & Steel Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Taiyuan Iron & Steel Co., Ltd. (code: 000825) saw a closing price of 4.40, with a rise of 7.06% and a trading volume of 1.5097 million shares, amounting to a transaction value of 648 million yuan [1] - Other notable stocks include: - Xianglou New Materials (code: 301160) closed at 62.00, up 0.62% [1] - Jinzhu Pipeline (code: 002443) closed at 8.26, up 0.36% [1] - Xining Special Steel (code: 600117) closed at 2.91, up 0.34% [1] - Changbao Co., Ltd. (code: 002478) closed at 7.57, down 0.39% [1] Capital Flow - The special steel sector experienced a net outflow of 9.4551 million yuan from institutional investors and 20.0152 million yuan from speculative funds, while retail investors saw a net inflow of 29.4703 million yuan [2] - The capital flow for specific stocks includes: - Taiyuan Iron & Steel Co., Ltd. had a net outflow of 34.7922 million yuan from institutional investors [3] - Xianglou New Materials had a net inflow of 15.5079 million yuan from institutional investors [3] - Changbao Co., Ltd. had a net inflow of 8.0780 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a decrease in apparent steel consumption and inventory levels, with a total apparent consumption of 8.88 million tons, down 0.69% week-on-week but up 1.2% year-on-year [5][21]. - The report anticipates that the steel demand will stabilize, with a continued expectation of supply contraction. The negative impact of the real estate sector on steel demand is expected to diminish, while demand from infrastructure and manufacturing is projected to grow steadily [5][3]. Summary by Sections Steel - Steel prices have increased week-on-week, with Shanghai rebar prices rising by 30 CNY/ton to 3260 CNY/ton, a 0.93% increase. Total steel inventory decreased by 320,000 tons to 14.01 million tons [5][8]. - The operating rate of blast furnaces in 247 steel mills decreased to 81.09%, down 1.1 percentage points from the previous week [5][27]. - The average gross profit for rebar was 91 CNY/ton, up 30 CNY/ton from the previous week, while hot-rolled coil had a gross profit of -47 CNY/ton, an increase of 18.4 CNY/ton [5][36]. Raw Materials - Iron ore spot prices increased, with the price for PB powder rising by 2 CNY/ton to 793 CNY/ton, a 0.25% increase. The total inventory of iron ore at ports rose by 1% to 15.206 million tons [5][45][51]. - The total shipment volume of the four major iron ore producers decreased by 225,000 tons to 21.2 million tons [5][60]. Special Steel and New Materials - The report notes an increase in stainless steel prices and a recovery in industrial-grade and battery-grade lithium carbonate prices [5][4]. Macroeconomic Context - The crude steel production from January to October 2025 showed a year-on-year decline, with the construction and manufacturing sectors continuing to weaken [5][5.1]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

Market Performance - The special steel sector increased by 2.33% on December 1, with CITIC Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - CITIC Special Steel (000708) closed at 15.90, up 4.95% with a trading volume of 267,100 shares and a transaction value of 422 million [1] - Other notable performers include: - Xianglou New Materials (301160) at 61.62, up 2.87% [1] - Taiyuan Iron & Steel (000825) at 4.11, up 2.75% [1] - Jinzhu Pipeline (002443) at 8.23, up 2.11% [1] - Shengde Zhengtai (300881) at 33.47, up 1.45% [1] Capital Flow - The special steel sector experienced a net outflow of 48.91 million from institutional investors, while retail investors saw a net inflow of 35.27 million [2] - The capital flow for individual stocks shows: - Taiyuan Iron & Steel had a net inflow of 45.03 million from institutional investors [3] - Xianglou New Materials had a net outflow of 735.72 million from institutional investors [3] - Jinzhu Pipeline had a net outflow of 1,356.12 million from institutional investors [3]

Core Viewpoint - The special steel sector experienced a 1.2% increase on November 28, with Changbao Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Group 1: Stock Performance - Changbao Co., Ltd. (002478) closed at 7.81, with a rise of 6.26% and a trading volume of 999,300 shares, amounting to a transaction value of 780 million yuan [1]. - Jinzhu Pipeline (002443) closed at 8.06, increasing by 3.47% with a trading volume of 288,800 shares, resulting in a transaction value of 233 million yuan [1]. - Jiuli Special Materials (002318) closed at 24.85, up 1.68% with a trading volume of 64,000 shares, translating to a transaction value of 159 million yuan [1]. - CITIC Special Steel (000708) closed at 15.15, rising by 1.41% with a trading volume of 115,100 shares, amounting to a transaction value of 174 million yuan [1]. - Shengde Zhengtai (300881) closed at 32.99, up 1.26% with a trading volume of 12,100 shares, resulting in a transaction value of approximately 39.52 million yuan [1]. - Tongmei Co., Ltd. (603995) closed at 17.15, increasing by 0.94% with a trading volume of 38,400 shares, translating to a transaction value of approximately 65.30 million yuan [1]. - Fushun Special Steel (600399) closed at 5.31, up 0.76% with a trading volume of 204,100 shares, amounting to a transaction value of 108 million yuan [1]. - Taiyuan Iron & Steel (000825) closed at 4.00, increasing by 0.76% with a trading volume of 332,800 shares, resulting in a transaction value of 133 million yuan [1]. - Xining Special Steel (600117) closed at 2.90, up 0.69% with a trading volume of 216,600 shares, translating to a transaction value of approximately 62.52 million yuan [1]. - Fangda Special Steel (600507) closed at 5.98, rising by 0.17% with a trading volume of 212,200 shares, amounting to a transaction value of 127 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net inflow of 62.68 million yuan from institutional investors, while retail investors experienced a net outflow of 67.63 million yuan [3].

Market Performance - The special steel sector increased by 1.33% on November 24, with Shagang Co. leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Individual Stock Performance - Shagang Co. (002075) closed at 5.58, up 3.33% with a trading volume of 325,300 shares and a turnover of 180 million yuan [1] - CITIC Special Steel (000708) closed at 15.17, up 2.36% with a trading volume of 207,200 shares and a turnover of 309 million yuan [1] - Other notable performers include Shengde Zhengtai (300881) up 2.12%, Xining Special Steel (600117) up 1.74%, and Fushun Special Steel (600399) up 1.71% [1][2] Capital Flow Analysis - The special steel sector saw a net inflow of 31.21 million yuan from institutional investors, while retail investors experienced a net outflow of 1.48 million yuan [2][3] - Major stocks like CITIC Special Steel and Shagang Co. had significant net inflows from institutional investors, indicating strong interest [3] Summary of Trading Data - The trading data for the special steel sector shows varied performance, with some stocks experiencing gains while others faced declines [1][2] - The overall trading volume and turnover reflect active market participation, particularly in leading stocks like Shagang Co. and CITIC Special Steel [1][2]

Market Overview - The special steel sector experienced a decline of 0.37% on November 20, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances in the special steel sector include: - Shagang Co. closed at 5.61, up 0.36% with a trading volume of 219,500 shares and a turnover of 123 million yuan - Fushun Special Steel remained unchanged at 5.50 with a trading volume of 355,900 shares and a turnover of 195 million yuan - CITIC Special Steel closed at 15.03, unchanged with a trading volume of 159,900 shares and a turnover of 242 million yuan - Changbao Co. closed at 7.42, down 1.20% with a trading volume of 297,600 shares and a turnover of 22.3 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 52.883 million yuan from institutional investors, while retail investors had a net inflow of 53.626 million yuan [2] - The capital flow for specific stocks indicates: - South Jin Co. had a net inflow of 2.2815 million yuan from institutional investors - CITIC Special Steel experienced a net outflow of 6.8486 million yuan from institutional investors [3]