Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The iron ore market is experiencing downward price trends due to high overseas shipments and increasing port inventories, which have surpassed 170 million tons. This has led to a structural easing of inventory issues as steel mills complete their restocking [6][28]. - Short-term expectations for real estate policy relaxation may improve raw material cost pressures, potentially leading to a recovery in steel mill profits. Long-term, the industry is expected to shift from scale expansion to quality and efficiency improvements, benefiting leading enterprises [6][28]. Summary by Sections 1. Domestic Steel Market - As of February 6, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price declines, with hot-rolled and cold-rolled prices decreasing by 20 CNY/ton [12][13]. 2. International Steel Market - In the U.S., the hot-rolled steel price is 1,066 USD/ton, up 16 USD/ton from last week. In Europe, hot-rolled prices are at 782 USD/ton, increasing by 12 USD/ton [23][25]. 3. Raw Materials and Shipping Market - Domestic iron ore prices are stable with slight declines, while scrap steel prices have increased to 2,090 CNY/ton, up 20 CNY/ton from last week. The coal market is stable, with main coking coal prices in North China dropping to 1,320 CNY/ton [28][29]. 4. Production and Inventory - As of February 6, 2026, total steel production is 8.2 million tons, a decrease of 32,700 tons week-on-week. Total inventory has increased by 496,100 tons to 9.3928 million tons [6][12]. 5. Profitability Analysis - The report indicates a decrease in steel profits, with average gross margins for rebar, hot-rolled, and cold-rolled steel declining by 27 CNY/ton, 19 CNY/ton, and 21 CNY/ton respectively compared to the previous week [6][28]. 6. Key Company Valuations and Stock Performance - Recommended companies include Hualing Steel, Baosteel, and Nanjing Steel, all rated as "Buy" with projected earnings per share (EPS) growth over the next few years [2][6].

Core Insights - The article discusses how companies can effectively utilize idle funds in a low-interest-rate environment, highlighting the successful case of Fangda Special Steel and the renewed interest in trust investment as a viable financial management strategy [1][4]. Group 1: Fangda Special Steel's Performance - Fangda Special Steel reported a significant increase in net profit, with a year-on-year growth of 236.9% to reach 302.67 million [1][4]. - The company's trust investment contributed 130 million in non-recurring gains, which was a key factor in the substantial profit increase [1][4]. - The successful investment strategy has led to a reevaluation of trust investments' potential for value addition in the market [1][4]. Group 2: Investment Strategy - In February 2025, Fangda Special Steel invested 300 million of its idle funds into a trust plan managed by CITIC Securities, which yielded a return of 7.53 million upon redemption in December [2][8]. - This investment strategy allowed the company to maximize the efficiency of its idle funds while maintaining a strong focus on its core business [2][8]. - The case exemplifies how trust investments can meet the financial management needs of listed companies, particularly in a challenging economic environment [2][8]. Group 3: Broader Industry Trends - Other companies, such as Baida Group and Hisense Home Appliances, have also benefited from trust investments, with Baida Group's trust investment returns accounting for 33.49% of its net profit [3][9]. - Hisense Home Appliances has a trust investment scale of 17.854 billion, demonstrating the effectiveness of diversified trust product allocations [3][9]. - Despite a general contraction in the investment scale of listed companies, trust products have emerged as a key allocation direction for idle funds due to their stable performance [3][9]. Group 4: Future Implications - The successful use of trust tools for managing idle funds can enhance corporate profitability and financial stability, thereby boosting investor confidence [4][10]. - Fangda Special Steel's approach serves as a replicable model for other companies, showcasing the potential of the trust industry to support the real economy and empower capital markets [4][10]. - As the trust industry continues to develop, more companies are expected to leverage these tools for efficient fund management and sustainable growth [4][10].

2月4日，方大特钢盘中上涨2.11%，截至13:26，报6.29元/股，成交1.22亿元，换手率0.86%，总市值 145.50亿元。 方大特钢今年以来股价涨6.79%，近5个交易日跌0.94%，近20日涨6.07%，近60日涨2.61%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，方大特钢科技股份有限公司位于江西省南昌市青山湖区冶金大道475号，成立日期1999年9月 16日，上市日期2003年9月30日，公司主营业务涉及汽车板簧、弹簧扁钢等产品的生产与销售;黑色金属 冶炼及其压延加工产品的制造、销售;铁精粉生产、销售。主营业务收入构成为：钢铁业98.77%，采掘 业1.23%。 责任编辑：小浪快报 方大特钢所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：钢铁概念、特钢概念、涉矿、特 种钢、铁矿石概念等。 截至9月30日，方大特钢股东户数7.01万，较上期减少17.58%；人均流通股33006股，较上期增加 ...

Group 1 - The project titled "Research on the Control of Bainite and Toughness Mechanism of Large Cross-section Niobium-Yttrium Composite Micro-alloyed Spring Flat Steel" has been officially listed as a key project under the Nanchang Innovation Development Joint Fund of the Jiangxi Provincial Natural Science Foundation, led by Fangda Special Steel and involving Jiangxi University of Science and Technology [1] - Spring flat steel is a core material for heavy truck suspension guide arms, directly impacting vehicle safety. The material must withstand extreme conditions, including heavy loads and temperatures as low as -40°C, necessitating high strength, high plasticity, and low-temperature impact resistance [1] - The project aims to address common technical bottlenecks in the industry, such as insufficient uniformity and poor hardenability in large cross-section spring flat steel, which typically exceeds 50mm in thickness and 100mm in width [1] Group 2 - Fangda Special Steel is a leading producer of spring flat steel and automotive leaf springs in China, and it serves as a "chain master" enterprise in the new materials industry chain in Nanchang. The company has a strong focus on the spring steel niche, supported by a professional R&D team and several high-level research platforms [2] - The successful development of key material technology for heavy truck spring flat steel is expected to create a core technology system with independent intellectual property rights, potentially overcoming critical technical bottlenecks in the industry and supporting the industrialization of new hot-rolled spring flat steel [2]

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]

转自：新华财经 炼铁高炉与园林水系相映成趣，智慧管控中心控制大屏实时跳动着全流程生产经营数据——走进今日的 辽宁方大集团旗下上市公司方大特钢，传统钢铁工业的厚重底蕴与现代绿色智能工厂的轻盈高效在这里 浑然一体。 在国家"双碳"战略目标的引领下，这家有着深厚历史积淀的钢铁联合企业，正通过一场涵盖能源革命、 数智升级、产业协同与生态重塑的系统性变革，探索传统制造业高端化、智能化、绿色化转型的可行路 径，为实体经济的可持续发展注入强劲动能。 智能化深入生产关键环节。2025年12月，方大特钢"铁前一体化"智能管控平台上线，该系统搭建计划管 理、生产管理、质量管理、配料管理、铁水调度、移动APP等12大功能模块，全面接入铁前核心生产环 实现超低排放是钢铁企业绿色转型的必答题。"十四五"期间，方大特钢深入践行"绿水青山就是金山银 山"理念，以"环保工作走在行业前列"自我鞭策，累计投入近10亿元，实施了90余个覆盖全工序的环保 超低排放改造项目，交出了一份扎实的成绩单，主要生产工序均达到超低排放标准。其中，两台烧结机 的烟气超低排放改造更是提前三年完成，远超地方要求。 技术赋能精准治污。企业搭建的"5G+智慧工厂"超低排 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, facilitating a quicker industry upturn [3][4]. Summary by Sections Steel Market Overview - Steel prices have decreased, with the Shanghai rebar price dropping by 20 CNY/ton to 3240 CNY/ton, a decline of 0.61%. The total inventory of steel has increased by 1.70% to 12.7851 million tons [8][12]. - Apparent consumption of five major steel products was 8.0174 million tons, down 0.96% week-on-week but up 28.96% year-on-year [21]. - The production of five major steel products was 8.2317 million tons, an increase of 0.44% week-on-week [12][37]. Supply and Demand Dynamics - Approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The construction sector's demand for steel is expected to stabilize, while demand from infrastructure and manufacturing is projected to grow steadily [4]. Profitability and Production Margins - The average gross profit for rebar was 196.9 CNY/ton, down 11.7 CNY/ton from the previous week, while hot-rolled coil profit increased by 2.3 CNY/ton to 46.9 CNY/ton [39]. - The profitability rate of 247 steel companies was 39.39%, a decrease of 1.3% from the previous week [28]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [4].

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].

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company is expected to achieve a net profit attributable to shareholders of 835-998 million yuan in 2025, representing a year-on-year growth of 236.90%-302.67%. The net profit after deducting non-recurring items is projected to be 705-868 million yuan, with a year-on-year increase of 299.87%-392.32% [1][5] - The significant growth in performance is attributed to increased production and sales volume, along with a decline in raw material costs. The company has effectively managed costs and improved efficiency through refined management practices and the construction of two 65MW ultra-high temperature subcritical power generation projects [1][2] - The company has also capitalized on market opportunities by optimizing its product mix to increase the sales volume of high-margin products, which has positively impacted its performance [1] Summary by Sections Performance Forecast - The company anticipates a net profit of 918 million yuan in 2025, with a growth rate of 270.2%. The earnings per share (EPS) for 2025 is projected to be 0.40 yuan, with a price-to-earnings (P/E) ratio of 16 [4][9] - The forecast for 2026 and 2027 shows EPS of 0.46 yuan and 0.52 yuan, with corresponding P/E ratios of 14 and 12 [4][9] Financial Data - The company's revenue for 2025 is estimated at 20.458 billion yuan, reflecting a decline of 5.1% from the previous year. The net profit for 2024 is expected to be 248 million yuan, a decrease of 64% [4][9] - The company’s gross margin is projected to improve to 8.8% in 2025, with a net profit margin of 4.6% [9] Market Position - The steel industry is undergoing a transformation towards high-end, green, and intelligent production, with a focus on supply-side reforms. The company is well-positioned to benefit from these trends due to its strong internal incentives and effective cost control [2][4]

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]