Group 1 - The special steel sector saw an increase of 2.06% on January 22, with Sha Steel leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the special steel sector showed significant price increases, with Sha Steel shares rising by 7.18% to close at 5.97 [1] Group 2 - The special steel sector experienced a net inflow of 200 million yuan from main funds, while retail investors saw a net outflow of 134 million yuan [2] - The trading volume for Sha Steel was 1.32 million shares, with a transaction value of 773 million yuan [1][2] - The main fund inflow for Sha Steel was 85.82 million yuan, accounting for 11.10% of its trading volume [3]

Core Viewpoint - Fangda Special Steel has successfully connected its ultra-high temperature subcritical gas power generation Unit 2 to the grid, marking a significant advancement in the efficient utilization of surplus gas and aligning with national carbon reduction goals [1] Group 1: Project Overview - The ultra-high temperature subcritical power generation project includes two 65MW generator units, which are part of a key technological upgrade to support the national "dual carbon" objectives [1] - The project utilizes advanced domestic technology, featuring two 220t/h ultra-high temperature subcritical gas boilers and two 65MW steam turbines, significantly improving power generation efficiency compared to traditional units [1] Group 2: Environmental Impact - The project is expected to generate an additional 680 million kilowatt-hours of electricity annually, reducing the company's reliance on purchased electricity and decreasing carbon emissions by 364,900 tons per year [1] Group 3: Management and Efficiency - The project was executed with meticulous management throughout its lifecycle, ensuring high standards and efficiency, which contributed to the successful grid connection of Unit 2 [2] - The centralized control of the main control systems for the two 65MW generator units enhances both power generation efficiency and management effectiveness, with plans to extend this centralized control to other power supply systems within the company [2]

Market Overview - The special steel sector experienced a slight increase of 0.01% on January 21, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up by 0.08%, while the Shenzhen Component Index closed at 14255.12, up by 0.7% [1] Stock Performance - Xianglou New Materials (301160) closed at 70.15, with a rise of 3.16% and a trading volume of 39,100 shares, amounting to a transaction value of 271 million [1] - Other notable performers included: - Taigang Stainless Steel (000825) at 5.34, up 2.30% with a volume of 1,095,800 shares and a transaction value of 57.5 million [1] - Changbao Co. (002478) at 9.73, up 1.88% with a volume of 466,900 shares and a transaction value of 444 million [1] - Jiao Jin Co. (603995) at 19.32, up 1.15% with a volume of 68,200 shares and a transaction value of 131 million [1] Capital Flow - The special steel sector saw a net outflow of 23.46 million from institutional investors, while retail investors experienced a net outflow of 3.14 million [2] - Conversely, speculative funds recorded a net inflow of 26.60 million [2] Individual Stock Capital Flow - Taigang Stainless Steel (000825) had a net inflow of 58.08 million from institutional investors, but a net outflow of 35.39 million from retail investors [3] - Xianglou New Materials (301160) faced a net outflow of 6.33 million from institutional investors, while retail investors saw a net inflow of 8.84 million [3] - Changbao Co. (002478) had a net outflow of 8.52 million from institutional investors, with a net inflow of 12.83 million from speculative funds [3]

Market Overview - The special steel sector increased by 0.76% on January 20, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Jiuli Special Materials (002318) closed at 31.29, up 3.95% with a trading volume of 192,200 shares and a turnover of 592 million yuan [1] - CITIC Special Steel (000708) closed at 16.17, up 1.89% with a trading volume of 173,400 shares and a turnover of 277 million yuan [1] - Other notable performers include Shengde Zhengtai (300881) up 1.44%, Fangda Special Steel (600507) up 1.34%, and Changbao Co. (002478) up 0.74% [1] Capital Flow - The special steel sector experienced a net outflow of 226 million yuan from institutional investors, while retail investors saw a net inflow of 176 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Jiuli Special Materials had a net inflow of 11.90 million yuan from institutional investors, but a net outflow of 22.80 million yuan from retail investors [3] - CITIC Special Steel saw a net inflow of 6.90 million yuan from institutional investors, while retail investors had a net outflow of 12.14 million yuan [3] - Changbao Co. had a net outflow of 15.77 million yuan from institutional investors, but a net inflow of 15.09 million yuan from retail investors [3]

近日，方大特钢（600507）发布公告：2026年新立项38项科研项目，聚焦新技术、新材料、新工艺、新 产品及人工智能等核心领域攻坚，通过全链条技术创新，为企业高质量发展注入强劲动能。 据了解，今年新立项的200方连铸坯中心质量研究、基于YOLO-v8深度学习模型的成捆钢筋数量自动复 检系统设计与应用、自动焊接设备的智能化研究与应用、离心空压站智能集控技术研究与应用、弹簧扁 钢新规格开发与试制验证等38项科研项目，兼具技术突破性与产业实用性，既覆盖生产端的智能化升 级，也涵盖产品端的高端化迭代，形成多点发力、纵深推进的创新格局。其中，基于YOLO-v8深度学 习模型的成捆钢筋数量自动复检系统设计与应用将构建智能化计数体系，实现无人工干预下一次性计数 准确率不低于98%，大幅降低人工成本与计数误差；自动焊接设备智能化研究则聚焦精准控制与数据闭 环，可实现熔池宽度±0.1mm精度实时采集、典型焊接缺陷≥95%识别率，焊接参数自适应调节精度达 ±1%，并与车间MES系统无缝对接，实现焊接全流程数据可追溯、可分析。 弹簧钢是方大特钢拳头产品，公司将实施200方连铸坯中心质量研究，通过建立标准化评价体系，推动 弹簧钢连 ...

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 [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, and if supply policies are implemented, the pace of supply contraction may accelerate [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of the five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6]. - The total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6]. Production and Capacity Utilization - The production of five major steel products was 8.192 million tons, a slight increase of 0.08% week-on-week [6]. - The operating rate of blast furnaces in 247 steel mills was 78.84%, down 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. Raw Material Prices - Iron ore spot prices remained unchanged, while futures prices decreased by 0.31% to 812 CNY/ton [48]. - The port inventory of iron ore rose to 165.55 million tons, an increase of 1.72% [52]. - The total shipment volume from major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [53][61]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hesteel, as well as those with competitive advantages like CITIC Special Steel and Yongjin Materials [6].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. 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 [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, which could accelerate the industry's upward progress if supply policies are implemented [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6][20]. - Total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6][12]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6][41]. Production and Capacity Utilization - The operating rate of blast furnaces in 247 steel mills was 78.84%, a decrease of 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. - The total steel production was 8.1921 million tons, a slight increase of 0.08% week-on-week [6][40]. Raw Materials - Iron ore inventory at ports reached 165.55 million tons, an increase of 1.72% week-on-week, marking a historical high [6][52]. - The spot price of iron ore remained unchanged, while futures prices decreased slightly [6][48]. - The total shipment volume of the four major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [6][53][61]. 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 firms like Fangda Special Steel and New Steel [6]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [6].

Market Overview - The special steel sector increased by 1.74% on January 19, with Jinzhou Pipeline leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Jinzhou Pipeline (002443) closed at 9.35, up 7.72% with a trading volume of 451,900 shares and a turnover of 417 million yuan [1] - Changbao Co. (002478) closed at 9.48, up 5.80% with a trading volume of 636,300 shares and a turnover of 601 million yuan [1] - Shengde Zhengtai (300881) closed at 38.27, up 5.17% with a trading volume of 45,000 shares and a turnover of 171 million yuan [1] - Jiuli Special Materials (002318) closed at 30.10, up 4.33% with a trading volume of 159,300 shares and a turnover of 476 million yuan [1] - Fangda Special Steel (600507) closed at 5.95, up 2.41% with a trading volume of 273,200 shares and a turnover of 161 million yuan [1] Capital Flow - The special steel sector experienced a net outflow of 128 million yuan from institutional investors, while retail investors saw a net inflow of 78.89 million yuan [2] - The main capital flow for Fangda Special Steel (600507) showed a net inflow of 16.76 million yuan from institutional investors [3] - Shengde Zhengtai (300881) had a net inflow of 14.64 million yuan from institutional investors, but a net outflow of 16.98 million yuan from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The supply-demand situation is improving, leading to a potential recovery in profits for the steel industry. The report highlights that production of major steel products has increased, while total inventory has decreased, indicating a positive shift in market dynamics [7][30]. - The report emphasizes that the profitability of steel manufacturers is expected to recover in the short term due to improved supply-demand conditions and stable cost support from raw materials [7][30]. Summary by Sections 1. Domestic Steel Market - As of January 16, steel prices have risen, with HRB400 rebar priced at 3,320 CNY/ton, up 40 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price increases [13][14]. 2. Production and Inventory - The total production of five major steel products reached 8.19 million tons, an increase of 0.62 million tons week-on-week. Total inventory decreased by 11,700 tons to 865,320 tons, indicating a positive trend in inventory management [7][30]. 3. Profitability - The report notes a decline in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel decreasing by 13 CNY/ton, 4 CNY/ton, and 18 CNY/ton respectively. However, the overall outlook for profit recovery remains optimistic [7][30]. 4. Key Company Recommendations - Recommended companies include: - General Steel Leaders: Hualing Steel, Baosteel, Nanjing Steel - Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel - Pipe Manufacturers: Jiuli Special Materials, Youfa Group, Changbao Co. - Raw Material Sector: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7][30].

Core Viewpoint - Fangda Special Steel's stock price decreased by 2.19% to 5.81 yuan as of January 16, 2026, with a total market capitalization of 13.44 billion yuan [1] Group 1: Company Announcements - The company held its first extraordinary general meeting of shareholders for 2026 on January 16, where three resolutions were approved, including an expected annual related party transaction amount of 778.14 million yuan [2][3] - The company plans to use no more than 1.5 billion yuan of idle funds to purchase government bond reverse repos and low to medium-risk bank wealth management products [3] - The company intends to apply for a comprehensive credit limit of no more than 14.435 billion yuan, covering various credit businesses such as working capital loans and bank acceptance bills [3] Group 2: Meeting Details - The extraordinary general meeting was conducted both in-person and via online voting, with 544 shareholders present, representing 53.88% of the total voting shares [2] - The meeting was convened by the board of directors and presided over by the chairman, with legal confirmation from Guohao Law Firm (Nanchang) regarding the legality and validity of the meeting [2]