| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002075 | 沙钢股份 | 5.87 | -1.18% | 30.94万 | 1.82亿 | | 600399 | 抚顺特钢 | 5.32 | -0.93% | 20.27万 | 1.08亿 | | 002318 | 久立特材 | 24.54 | -0.89% | 4.08万 | 1.00亿 | | 000708 | 中信特钢 | 15.76 | -0.88% | 15.75万 | 2.49亿 | | 600507 | 方大特钢 | 5.96 | -0.67% | 27.55万 | 1.63亿 | | 300881 | 盛德整泰 | 33.30 | -0.51% | 1.00万 | 3341.55万 | | 002478 | 常宝股份 | 7.57 | -0.39% | 25.76万 | 1.94亿 | | 603995 | 角金股份 | 17.33 | 0.17% | 2.91万 | 5035.15万 | | 600117 | 西宁特钢 | ...

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].

证券之星消息，12月1日特钢板块较上一交易日上涨2.33%，中信特钢领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000708 | 中信特钢 | 15.90 | 4.95% | 26.71万 | 4.22 乙 | | 301160 | 翔楼新材 | 61.62 | 2.87% | 2.04万 | · 1.25亿 | | 000825 | 太钢不锈 | 4.11 | 2.75% | 64.93万 | 2.66亿 | | 002443 | 金洲管道 | 8.23 | 2.11% | 0 29.00万 | 2.36亿 | | 300881 | 盛德整泰 | 33.47 | 1.45% | 1.29万 | 4301.47万 | | 600399 | 抚顺特钢 | 5.37 | 1.13% | 39.49万 | 2.14亿 | | 603995 | 童金股份 | 17.30 ...

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]

Core Insights - The special steel sector experienced a slight increase of 0.74% on November 19, with CITIC Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - CITIC Special Steel (000708) closed at 15.03, up 2.24% with a trading volume of 178,900 shares and a turnover of 266 million yuan [1] - Fangda Special Steel (600507) closed at 6.17, up 2.15% with a trading volume of 316,700 shares and a turnover of 193 million yuan [1] - Other notable performances include Jiu Li Special Materials (002318) at 25.47, up 0.59%, and Taiyuan Iron & Steel (000825) at 4.17, up 0.48% [1] Capital Flow - The special steel sector saw a net outflow of 112 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 94.6 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Jiu Li Special Materials (002318) experienced a net outflow of 6.41 million yuan from institutional investors, but a net inflow of 30.62 million yuan from retail investors [3] - CITIC Special Steel (000708) had a significant net outflow of 11.09 million yuan from institutional investors, while retail investors contributed a net inflow of 7.61 million yuan [3] - Fangda Special Steel (600507) also faced a net outflow of 12.72 million yuan from institutional investors, with retail investors showing a net inflow of 1.12 million yuan [3]

Core Viewpoint - Fushun Special Steel (600399) is actively working to turn around its performance by enhancing operational efficiency, reducing costs, improving production quality, and expanding market reach [1] Summary by Relevant Categories Company Performance - The company is focused on achieving profitability through various strategic initiatives aimed at improving operational metrics [1] Operational Strategy - Efforts include increasing operational efficiency, lowering costs, and enhancing the quality of production [1] - The company is also looking to actively expand its market presence to support its turnaround efforts [1]

Market Overview - The special steel sector experienced a decline of 1.4% on November 14, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable stock performances in the special steel sector included: - Xianglou New Material (301160) rose by 0.67% to 60.26 - Xining Special Steel (600117) increased by 0.31% to 3.21 - Changbao Co. (002478) fell by 2.82% to 7.92, leading the decline [1][2] - The trading volume and turnover for key stocks were as follows: - Changbao Co.: 686,400 shares, turnover of 54.71 million - Xining Special Steel: 392,200 shares, turnover of 126 million [2] Capital Flow - The special steel sector saw a net outflow of 164 million from institutional investors, while retail investors contributed a net inflow of 200 million [2] - Detailed capital flow for specific stocks indicated: - Changbao Co. had a net outflow of 17.22 million from institutional investors [3] - Xianglou New Material experienced a net inflow of 838.78 million from institutional investors [3] Individual Stock Analysis - The following stocks had significant net inflows or outflows: - Changbao Co.: -17.22 million from institutional investors, +18.11% from retail investors [3] - Xining Special Steel: -96.84 million from institutional investors, +2.87% from retail investors [3] - Taigang Stainless Steel (000825): -17.22 million from institutional investors, +8.86% from retail investors [3]

Market Overview - The special steel sector increased by 0.36% on November 12, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Fangda Special Steel (600507) closed at 6.32, up 2.43% with a trading volume of 428,500 shares and a turnover of 268 million yuan [1] - CITIC Special Steel (000708) closed at 15.61, up 1.36% with a trading volume of 194,900 shares and a turnover of 304 million yuan [1] - Other notable performances include: - Xianglou New Materials (301160) at 60.74, up 1.01% [1] - Taiyuan Iron & Steel (000825) at 4.35, up 0.69% [1] - Jiao Jin Co. (603995) at 18.85, up 0.27% [1] - Decliners included: - Xining Special Steel (600117) at 3.18, down 0.31% [1] - Shagang Group (002075) at 5.77, down 0.52% [1] - Jiu Li Special Materials (002318) at 26.31, down 0.72% [1] Capital Flow - The special steel sector experienced a net outflow of 199 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The capital flow for individual stocks showed: - Xianglou New Materials had a net inflow of 8.07% from institutional investors [3] - Fangda Special Steel had a net outflow of 2.71% from institutional investors [3] - Jiu Li Special Materials had a net outflow of 3.43% from institutional investors [3]