Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several companies within the sector [2][3]. Core Insights - The ongoing conflict in the Middle East is expected to prolong, leading to a strong price trend in the steel market. The raw material prices are likely to fluctuate due to the conflict, with potential supply constraints affecting mining operations [9][31]. - Steel production remains stable, with a notable decrease in total inventory, indicating a healthy demand-supply balance. The report anticipates that carbon reduction requirements will impose constraints on steel supply, which may lead to a recovery in steel company profits [9][31]. Summary by Sections Domestic Steel Market - As of March 27, the price of 20mm HRB400 rebar is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel products show mixed price movements, with cold-rolled steel increasing by 10 CNY/ton to 3710 CNY/ton [14][15]. International Steel Market - In the U.S., hot-rolled steel prices are at 1120 USD/ton, down 2 USD/ton, while in Europe, prices are relatively stable with slight increases in some categories [26][28]. Raw Materials and Shipping Market - Domestic iron ore prices remain stable, while imported iron ore prices have seen slight declines. The report notes a decrease in scrap steel prices to 2150 CNY/ton [31][36]. Company Profit Forecasts and Valuations - The report provides profit forecasts for key companies, with several firms such as Hualing Steel, Baosteel, and Nanjing Steel receiving "Buy" recommendations based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [2][9].

证券代码 ：600516 证券简称： 方大炭素 公告编号：2026—020 方大炭素新材料科技股份有限公司 关于公司控股股东部分股份解质及质押的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 方大炭素新材料科技股份有限公司（以下简称公司）控股股东辽宁方大集团 实业有限公司（以下简称方大集团）持有公司股份1,524,413,321股，占公司总 股本的37.86%。本次解除质押及质押后，方大集团累计质押股份718,708,590股， 占其所持有公司股数的47.15%，占公司总股本的17.85%。 公司收到方大集团将其持有的公司部分股份解除质押及质押的通知，具体情 况如下： 2026年3月26日，方大集团将155,000,000股股票质押给中国民生银行股份有 限公司沈阳分行，并已在中国证券登记结算有限责任公司办理了股份质押登记手 续。 | 股东 | 是否为控 | 本次质 | | 是否为限 售股（如 | 是否补 | 质押起 | 质押到 | | 占其所 | 占公 司总 | 质押 融资 | | --- | --- | ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、购买股权概述 方大炭素新材料科技股份有限公司（以下简称方大炭素或者公司）于 2026 年 2 月 9 日召开第九届董事会第十九次临时会议，审议通过了《关于购买股权暨 关联交易的议案》，同意公司使用自有资金收购天津一商集团有限公司持有的天 津通达环宇物流有限公司（以下简称通达环宇）100%股权，交易对价为 31,918.70 万元。本次交易完成后，公司将持有通达环宇 100%股权。具体内容详见公司于 2026 年 2 月 10 日在《上海证券报》《中国证券报》《证券时报》和上海证券交 易所网站（http://www.sse.com.cn/）披露的《方大炭素关于购买股权暨关联交 易的公告》（公告编号：2026-012）。 证券代码：600516 证券简称：方大炭素 公告编号：2026-019 方大炭素新材料科技股份有限公司 关于购买股权暨关联交易完成的公告 二、交易进展 截至本公告披露日，公司已按照《关于天津通达环宇物流有限公司之股权转 让协议》的约定完成了本次股权交易相关工商变 ...

设备类别：堆内构件。 证券代码：600516 证券简称：方大炭素 公告编号：2026-018 方大炭素新材料科技股份有限公司 关于公司民用核安全设备制造许可证 申请延续获批准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 方大炭素新材料科技股份有限公司（以下简称方大炭素或者公司）于近日收 到国家核安全局下发的《关于批准延续上海第一机床厂有限公司等 10 家单位民 用核安全设备许可证的通知》（国核安发〔2026〕56 号），通知主要内容如下： 根据《中华人民共和国核安全法》和《民用核安全设备监督管理条例》及其 配套规章的要求，国家核安全局审查了方大炭素提交的民用核安全设备制造许可 证延续申请，国家核安全局认为方大炭素在所申请的民用核安全设备制造方面满 足了《民用核安全设备监督管理条例》第十三条及《民用核安全设备设计制造安 装和无损检验监督管理规定》第八条所要求的各项条件，决定批准方大炭素延续 申请并向方大炭素颁发《民用核安全设备制造许可证》（国核安证字 Z（26）16 号）。许可证有效期至 2031 年 3 月 31 日 ...

Investment Rating - The steel industry maintains an investment rating of "Positive" [2] Core Insights - The steel sector experienced a decline of 10.03% this week, underperforming the broader market, with specific segments such as special steel down 9.18% and iron ore down 10.96% [10][12] - Supply conditions show an increase in high furnace capacity utilization to 85.5%, while electric furnace utilization rose to 56.6% [24] - Demand for the five major steel products increased to 868.5 million tons, reflecting a week-on-week rise of 8.82% [34] - Social inventory of the five major steel products decreased by 12.26 million tons week-on-week, while factory inventory fell by 16.40 million tons [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase, while special steel is at 6622.7 yuan/ton [47] - Profit margins for rebar steel decreased to 59 yuan/ton, while electric furnace profit margins for construction steel fell to -86 yuan/ton [55] Supply Summary - As of March 20, the average daily pig iron production was 2.2815 million tons, with a week-on-week increase of 6.95% [24] - The total production of the five major steel products reached 744.1 million tons, marking a week-on-week increase of 2.41% [24] Demand Summary - The consumption of the five major steel products reached 868.5 million tons, with a week-on-week increase of 70.40 million tons [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline [34] Inventory Summary - Social inventory of the five major steel products stood at 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, also down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index increased by 2.56 yuan/ton week-on-week, while the special steel price index rose by 5.93 yuan/ton [47] - The profit for rebar steel decreased by 5.0 yuan/ton week-on-week, while the electric furnace profit for construction steel decreased by 8.0 yuan/ton [55] Raw Material Prices Summary - The spot price index for Australian iron ore (62% Fe) was 776 yuan/ton, with a week-on-week increase of 1.0 yuan/ton [73] - The price for coking coal at the port was 1600 yuan/ton, reflecting a week-on-week increase of 10.0 yuan/ton [73] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [74]

Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The steel sector experienced a decline of 10.03% this week, underperforming the broader market, with specific segments such as special steel down 9.18% and iron ore down 10.96% [10][12] - Supply conditions show an increase in high furnace capacity utilization to 85.5%, while electric furnace utilization rose to 56.6% [24] - Demand for the five major steel products increased to 868.5 million tons, reflecting a week-on-week rise of 8.82% [34] - Social inventory of the five major steel products decreased by 0.86% week-on-week, while factory inventory fell by 2.97% [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase [47] - The report anticipates a long-term improvement in supply-demand dynamics, supported by cost factors and low valuations in the steel sector [3] Supply Summary - As of March 20, the average daily pig iron production was 2.2815 million tons, with a week-on-week increase of 6.95% [24] - High furnace capacity utilization increased by 2.61 percentage points to 85.5% [24] - Electric furnace capacity utilization rose by 6.13 percentage points to 56.6% [24] - Total production of the five major steel products reached 7.441 million tons, up 2.41% week-on-week [24] Demand Summary - Consumption of the five major steel products reached 8.685 million tons, with a week-on-week increase of 8.82% [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline of 3.17% [34] - The transaction area of commercial housing in 30 major cities increased to 1.696 million square meters, reflecting a week-on-week rise [34] Inventory Summary - Social inventory of the five major steel products was 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index is 3448.0 yuan/ton, with a year-on-year decrease of 2.78% [47] - The special steel price index is 6622.7 yuan/ton, with a year-on-year decrease of 1.30% [47] - The profit for rebar production was 59 yuan/ton, down 7.81% week-on-week [55] - The profit for electric furnace construction steel was -86 yuan/ton, down 10.26% week-on-week [55] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 yuan/ton, with a week-on-week increase of 1.0 yuan [73] - The price of coking coal at the port was 1600 yuan/ton, up 10.0 yuan week-on-week [73] - The price of first-grade metallurgical coke remained stable at 1715 yuan/ton [73] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential for growth [74]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The raw material prices are showing strong performance, while the finished steel products exhibit mixed results. The ongoing conflict in the Middle East is pushing up shipping costs and affecting coal and coke prices, leading to a strong trend in raw material prices. In contrast, the supply and demand dynamics for different steel products are showing structural differentiation, with medium and thick plates and cold-rolled products performing well, while hot-rolled products are weaker [7][30]. Summary by Sections 1. Domestic Steel Market - As of March 20, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 50 CNY/ton from the previous week. The price of 8.0mm high line is 3,380 CNY/ton, down 70 CNY/ton. Hot-rolled 3.0mm is priced at 3,300 CNY/ton, down 10 CNY/ton, while cold-rolled 1.0mm is at 3,700 CNY/ton, up 40 CNY/ton. The price of common medium plate 20mm is 3,380 CNY/ton, up 20 CNY/ton [13][14]. 2. Profitability Analysis - The report indicates fluctuations in steel profits. For long-process steel, the average weekly gross profit for rebar, hot-rolled, and cold-rolled products changed by -17 CNY/ton, -12 CNY/ton, and +10 CNY/ton respectively. For short-process steel, the average gross profit for electric arc furnace steel increased by +7 CNY/ton [7]. 3. Production and Inventory - As of March 20, 2026, the total production of five major steel products reached 8.4 million tons, an increase of 188,500 tons week-on-week. The total inventory of these products decreased by 121,400 tons to 14.0954 million tons. The apparent consumption of rebar was estimated at 2.0809 million tons, up 312,800 tons week-on-week [7][30]. 4. Key Company Valuations - The report provides earnings forecasts and valuations for key companies in the steel sector, all rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.50 CNY in 2025 with a PE ratio of 10, while Baosteel is expected to have an EPS of 0.49 CNY with a PE of 13 [2][3]. 5. Raw Material and Shipping Market - The report notes that domestic iron ore prices are fluctuating, with prices for various grades showing mixed trends. For instance, the price of Anshan iron concentrate is 750 CNY/ton, unchanged from last week, while Benxi iron concentrate is 901 CNY/ton, up 17 CNY/ton. The shipping market is also experiencing fluctuations [30].

证券代码：600516 证券简称：方大炭素 公告编号：2026-017 方大炭素新材料科技股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 本次担保金额 | 实际为其提供 的担保余额 | | 是否在前 期预计额 | 本次担 保是否 | | --- | --- | --- | --- | --- | --- | | 被担保人名称 | | （不含本次担 | | | 有反担 | | | | | | 度内 | | | | | 保金额） | | | 保 | | 合肥炭素有限责任公司 | 5,000.00 万元 | 0.00 | 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 110,000.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 6.80 | | 特别风险提示（如有请勾选） ...