Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][4]. Core Insights - The report highlights increased disturbances in the raw material sector, emphasizing the need to monitor geopolitical changes and negotiation developments [8]. - Steel prices have risen, with specific increases noted in various steel products, indicating a potential upward trend in the market [13][14]. - The report suggests that while short-term uncertainties exist due to geopolitical tensions and raw material negotiations, long-term prospects for steel companies remain positive due to supply-side constraints and carbon reduction requirements [8]. Summary by Sections Domestic Steel Market - As of March 13, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,260 CNY/ton, up 90 CNY/ton from the previous week [13]. - Other steel products also saw price increases, with hot-rolled steel at 3,310 CNY/ton and cold-rolled steel at 3,660 CNY/ton, both rising by 40 CNY/ton [14]. Profitability - The report indicates a decrease in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel declining by 5 CNY/ton, 12 CNY/ton, and 12 CNY/ton respectively [8]. Production and Inventory - Total production of major steel products reached 8.21 million tons, an increase of 237,300 tons week-on-week, with rebar production specifically increasing by 219,900 tons to 1.953 million tons [8]. - Total inventory of major steel products rose by 201,900 tons to 14.2168 million tons, indicating a growing supply in the market [8]. Investment Recommendations - Recommended stocks include: 1. General steel leaders: Hualing Steel, Baosteel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe materials: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw materials: Dazhong Mining (iron ore + lithium), Fangda Carbon [8].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The report emphasizes the urgency of carbon reduction goals, with the government targeting a 3.8% reduction in carbon intensity per unit of GDP. This highlights the steel industry's significant role as the second-largest carbon emitter after electricity [7]. - International tensions are driving up raw material prices, with costs remaining relatively firm due to rising oil and coal prices. The supply-demand recovery in the steel sector is slow, but the long-term carbon reduction requirements are expected to constrain supply, potentially leading to a recovery in steel company profits [7]. - The report identifies leading companies in various segments: 1. General steel leaders: Hualing Steel, Baosteel, Nanjing Steel 2. Special steel segment: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe materials: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw materials: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7]. Summary by Sections Domestic Steel Market - As of March 6, 2026, steel prices in Shanghai showed fluctuations, with rebar (20mm HRB400) priced at 3170 CNY/ton, down 30 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also experienced minor changes [14][15]. Profit Situation - The report indicates a decline in steel profits, with average weekly gross margins for rebar, hot-rolled, and cold-rolled steel decreasing by 31 CNY/ton, 11 CNY/ton, and 21 CNY/ton respectively compared to the previous week [7]. Production and Inventory - As of March 6, 2026, the total production of five major steel varieties reached 7.97 million tons, with a slight increase of 0.47 million tons week-on-week. Total inventory also rose by 1.07 million tons to 14.01 million tons [7]. Raw Material Market - The report notes that domestic iron ore prices are fluctuating, while imported ore prices are stable to slightly increasing. As of March 6, 2026, domestic iron ore prices varied, with Anshan iron concentrate at 750 CNY/ton and imported Brazilian powder at 888 CNY/ton [30].

证券代码 ：600516 证券简称： 方大炭素 公告编号：2026-016 方大炭素新材料科技股份有限公司 关于使用自有资金购买理财产品的公告 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： ●理财种类：安全性高、流动性好的符合监管要求的理财产品。 ●理财金额：购买理财产品总额度不超过人民币 16 亿元（含本数）。在上 述额度内，资金可以滚动使用，取得的收益可进行再投资，再投资的金额包含在 本次预计投资额度范围内。 ●履行的审议程序：方大炭素新材料科技股份有限公司（以下简称公司）第 九届董事会第二十次临时会议《关于使用自有资金购买理财产品的议案》，该事 项在董事会审批权限范围内，无需提交股东会审批。 ●特别风险提示：公司拟购买安全性高、流动性好的符合监管要求的理财产 品。受宏观经济形势、财政及货币政策、汇率及资金面等变化的影响，公司购买 理财产品的预期收益有一定的不确定性。 一、理财情况概述 （一）购买理财产品目的 在保证公司正常经营所需流动资金和有效控制风险的情况下，为提高资金使 用效率，合理利用自有资金，创造 ...

证券代码：600516 证券简称：方大炭素 公告编号：2026-015 方大炭素新材料科技股份有限公司 关于控股子公司委托理财进展的公告 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。 重要内容提示： | 产品名称 | 利多多公司稳利 26JG5942 期(三层看涨)人 民币对公结构性存款 | | --- | --- | | 受托方名称 | 上海浦东发展银行股份有限公司沈阳分行 | | 购买金额 | 2 亿元 | | 产品期限 | 29 天 | 基本情况 风险提示 方大炭素新材料科技股份有限公司（以下简称公司）控股子公司抚顺莱河矿 业有限公司（以下简称莱河矿业）使用部分闲置自有资金购买低风险的结构性存 款理财产品，是在风险可控的前提下提高闲置资金使用效率的理财方式，但金融 市场受宏观经济影响较大，不排除该项理财会受到市场风险、政策风险、流动性 风险、延迟兑付风险、再投资风险、募集失败等风险因素的影响，从而影响收益， 敬请广大投资者注意投资风险。 一、委托理财基本情况 公司于 2025 年 3 月 7 日召开第九届董事会第九次临 ...

方大炭素新材料科技股份有限公司 关于集中竞价减持已回购股份的进展公告 本公司董事会、全体董事及相关股东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： 回购股份基本情况 证券代码：600516 证券简称：方大炭素 公告编号：2026-014 为维护方大炭素新材料科技股份有限公司（以下简称方大炭素或公司）价值 及股东利益，公司于 2024 年 9 月 19 日至 2024 年 11 月 4 日期间通过集中竞价交 易方式回购公司股份 196,324,457 股（占公司总股本的 4.88%）。详见公司于 2024 年 11 月 5 日披露的《方大炭素关于股份回购实施结果暨股份变动公告》（公告 编号：2024-080）。 减持计划的进展情况 公司于 2025 年 11 月 6 日召开第九届董事会第十三次临时会议，审议通过了 《关于回购股份集中竞价减持股份计划的议案》。公司计划自减持回购股份计划 公告披露之日起 15 个交易日后的 6 个月内，通过集中竞价交易方式，按照市场 价格累计减持不超过 75,688,240 股已回购股份（不超过公司总股 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - As the Two Sessions approach, expectations for supply constraints have increased, with some steel mills receiving temporary self-reduction notices during important meetings, indicating a reduction in high furnace load by no less than 30% [6][9]. - The report highlights that the first batch of steel enterprise grading results has been announced, with 35 and 195 steel companies expected to meet the standards for "leading normative enterprises" and "normative enterprises," respectively. This grading will serve as a key basis for differentiated supply-side regulation [6][9]. - The report suggests that with supply-side constraints expected, steel company profits are likely to rebound from the bottom, benefiting leading enterprises under differentiated regulation [6][9]. Summary by Sections Domestic Steel Market - As of February 27, the price of 20mm HRB400 rebar in Shanghai is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel prices have also seen slight decreases [11][12]. - The average weekly gross profit for long-process steel (rebar, hot-rolled, and cold-rolled) has increased by 25 CNY/ton, 27 CNY/ton, and 32 CNY/ton respectively compared to the previous week [6][11]. Production and Inventory - As of February 27, the total production of five major steel products is 7.97 million tons, a decrease of 79,800 tons week-on-week. The total inventory of these products has increased by 1.14 million tons to 12.94 million tons [6][9]. Profitability - The report indicates that the profitability of long-process steel has improved, while short-process steel has seen a decrease in average gross profit by 44 CNY/ton compared to the previous week [6][11]. Key Company Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Buy," including: - Hualing Steel (EPS: 0.50 CNY, PE: 13) - Baosteel (EPS: 0.49 CNY, PE: 15) - Nanjing Steel (EPS: 0.46 CNY, PE: 13) [2][3]. International Steel Market - As of February 27, the U.S. steel market shows fluctuations, with hot-rolled coil prices at 1104 USD/ton, up 38 USD/ton from the previous week, while European prices also reflect similar trends [22][24]. Raw Material Market - Domestic iron ore prices are stable with slight declines, while imported ore prices are fluctuating. The report notes that the price of domestic iron concentrate is 750 CNY/ton, remaining stable [26][27].

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel sector has shown a recovery in valuation, with the market performance this week indicating an 11.80% increase, outperforming the broader market [2][11] - The report highlights that the supply pressure is limited, with the overall inventory at a relatively low historical level, and the profit margins for common steel are improving [4][40] - The investment suggestion emphasizes the potential for long-term strategic opportunities in the steel sector, particularly for high-quality steel companies [4] Supply Situation - As of February 27, the capacity utilization rate for blast furnaces among sample steel companies is 87.5%, an increase of 1.04 percentage points week-on-week [3][22] - The production of five major steel products reached 6.984 million tons, a week-on-week decrease of 79,400 tons, or 1.12% [3][22] - Daily average pig iron production is 2.3328 million tons, which is an increase of 27,900 tons week-on-week and 57,700 tons year-on-year [3][22] Demand Situation - The consumption of five major steel products was 5.647 million tons, a week-on-week decrease of 688,400 tons, or 10.87% [3][32] - The transaction volume of construction steel among mainstream traders was 35,000 tons, down 3.25% week-on-week and 48.24% year-on-year [3][32] Inventory Situation - Social inventory of five major steel products reached 12.958 million tons, an increase of 1.1378 million tons week-on-week, or 9.63% [40] - Factory inventory of five major steel products was 5.504 million tons, an increase of 20.49% week-on-week [40] Price & Profit Situation - The comprehensive index for common steel is 3,406.0 CNY/ton, a week-on-week decrease of 3.56 CNY/ton [46] - The profit for rebar produced in blast furnaces is 83 CNY/ton, an increase of 15.0 CNY/ton week-on-week [54] - The average cost of pig iron is 2,332 CNY/ton, a week-on-week decrease of 11.0 CNY/ton [54] Investment Recommendations - Focus on regional leading companies with advanced equipment and environmental standards such as Hualing Steel, Shougang, and Shandong Steel [4] - Consider companies with excellent growth potential and restructuring plans like Baosteel and Nanjing Steel [4] - Pay attention to special steel companies benefiting from the new energy cycle such as CITIC Special Steel and Jiuli Special Materials [4]

Core Viewpoint - The company, Fangda Carbon New Material Technology Co., Ltd., has initiated a share buyback program to enhance its value and protect shareholder interests, with plans for subsequent share reduction through market transactions [2][3]. Share Buyback Details - The company repurchased 196,324,457 shares from September 19, 2024, to November 4, 2024, representing 4.88% of its total share capital [2]. - The buyback was executed via centralized bidding transactions [2]. Share Reduction Plan - A plan was approved on November 6, 2025, to reduce up to 75,688,240 shares, which is 1.88% of the total share capital, within six months following the announcement [3]. - On February 25, 2026, the company sold 40,259,000 shares during the reduction period, accounting for 1% of the total share capital, at an average price of 5.983 yuan per share [3]. Implementation Progress - The reduction plan is progressing as planned, with the first sale of repurchased shares being disclosed [4][5]. - The company confirms that the reduction plan aligns with previously disclosed commitments and does not involve any major corporate actions that could affect share control [6]. Regulatory Compliance - The company is adhering to the regulations set forth by the Shanghai Stock Exchange regarding share buybacks and reductions, including trading restrictions and volume limitations [7].

Core Viewpoint - The company, Fangda Carbon New Material Technology Co., Ltd., is progressing with its share repurchase and subsequent reduction plan, aiming to maintain shareholder value and interests [2][3]. Share Repurchase Overview - The company repurchased a total of 196,324,457 shares from September 19, 2024, to November 4, 2024, which accounts for 4.88% of the total share capital [2]. Reduction Plan Progress - On November 6, 2025, the company approved a plan to reduce up to 75,688,240 shares, representing 1.88% of the total share capital, through centralized bidding within six months after the announcement [3]. - As of February 25, 2026, the company sold 40,259,000 shares during the reduction period, which is 1% of the total share capital, at an average price of 5.983 yuan per share [3]. Implementation Details - The reduction plan is consistent with previous commitments made by major shareholders and the board [6]. - There were no significant corporate events, such as major mergers or stock splits, disclosed during the reduction period [6].

证券日报网讯2月25日，方大炭素（600516）发布公告称，2026年2月25日，公司回购专用证券账户在减 持期间内首次出售已回购股份40，259，000股，占公司总股本的1%，减持均价为5.983元/股。 ...