Market Overview - The steel raw materials sector increased by 1.76% compared to the previous trading day, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 25.95, up 6.97%, with a trading volume of 281,100 shares and a transaction value of 710 million [1] - Fangda Carbon (600516) closed at 5.87, up 3.35%, with a trading volume of 930,300 shares and a transaction value of 536 million [1] - Guangdong Mingzhu (600382) closed at 8.79, up 3.17%, with a trading volume of 332,600 shares and a transaction value of 288 million [1] - Steel Titanium Co. (000629) closed at 3.78, up 2.16%, with a trading volume of 1,859,200 shares and a transaction value of 693 million [1] - Ordos (600295) closed at 15.21, up 1.88%, with a trading volume of 163,700 shares and a transaction value of 244 million [1] - Other stocks such as Dazhong Mining (001203) and Baodi Mining (601121) experienced slight declines [1] Capital Flow Analysis - The steel raw materials sector saw a net inflow of 60.03 million from main funds, while retail funds experienced a net inflow of 10.52 million [1] - Retail investors showed a net outflow of 70.55 million from the sector [1] Detailed Capital Flow for Key Stocks - Guangdong Mingzhu (600382) had a main fund net inflow of 35.69 million, but retail funds saw a net outflow of 15.02 million [2] - Hebei Steel Resources (000923) experienced a main fund net inflow of 16.26 million, with retail funds showing a net outflow of 28.09 million [2] - Ordos (600295) had a main fund net inflow of 15.83 million, while retail funds had a net inflow of 29.21 million [2] - Dazhong Mining (001203) saw a main fund net inflow of 13.88 million, with retail funds showing a net inflow of 1.17 million [2] - Fangda Carbon (600516) had a main fund net inflow of 13.67 million, but retail funds experienced a net outflow of 25.97 million [2]

Core Viewpoint - The company is utilizing part of its idle funds to invest in low-risk structured deposit financial products through its subsidiary, aiming to enhance the efficiency of fund usage while maintaining risk control [1][2]. Group 1: Basic Situation - The company’s subsidiary, Fushun Laihe Mining Co., Ltd., has been authorized to use up to RMB 1.6 billion of its own funds to purchase high-safety, high-liquidity financial products that comply with regulatory requirements [2]. - The company has disclosed its financial product investment progress in multiple announcements, including those on March 8, March 15, and October 1, 2025 [2]. Group 2: Risk Situation - Laihe Mining has used RMB 200 million of its idle funds to purchase a structured financial product from Shanghai Pudong Development Bank, Shenyang Branch, within the authorized investment limit [2]. - The financial products are characterized by capital protection, good liquidity, and low risk levels [2]. Group 3: Risk Control Measures - The company will adhere to prudent investment principles and operate within the approved limits, ensuring that investment decisions are made according to established management protocols and contractual agreements [3]. - Continuous monitoring of financial markets and macroeconomic policies will be conducted to assess potential adverse impacts on investment products [4]. - A financial department will maintain records of the purchased financial products and ensure proper accounting for fund usage [4].

证券代码：600516 证券简称：方大炭素 公告编号：2026-011 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 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时会议，审议通过了《关 于使用自有资金购买理财产品的议案》，同意公司及控股子公司使用不超过人民 币 16 亿元（含本数）的自有资金购买安全性高、流动性好的符合监管要求的理 财产品。具体内容详见公司于 2025 年 3 月 8 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 炭素关于使用自有资金购买理财产品的公告》（ ...

Group 1 - The steel raw materials sector increased by 2.99% compared to the previous trading day, with Dazhong Mining leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Dazhong Mining's closing price was 29.57, with a rise of 5.16%, and a trading volume of 262,400 shares, amounting to 768 million yuan [1] Group 2 - The net inflow of main funds in the steel raw materials sector was 27.21 million yuan, while retail funds saw a net inflow of 57.98 million yuan [1] - The table shows various companies' fund flows, with Dazhong Mining having a main fund net inflow of 66.46 million yuan, but a retail net outflow of 35.17 million yuan [2] - Other companies like Steel Titanium Co. and Baodi Mining also experienced mixed fund flows, with significant retail inflows despite main fund outflows [2]

Focus Events - Spot gold and silver prices ended a three-day decline, with London gold rising by 2.24% to $4,763.63 per ounce and London silver increasing by 4.17% to $82.43 per ounce [1] - Chip导科技 released its 2025 annual report, reporting revenue of 394 million yuan, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 106 million yuan, a year-on-year decrease of 4.91% [1] Industry Dynamics - Multiple institutions remain optimistic about the future of gold, with Guotai Junan predicting that gold prices could reach $6,000 per ounce in 2026 due to ongoing monetary system restructuring and central bank purchases [10] - Morgan Stanley raised its gold price forecast for the end of 2026 from $5,400 to $6,300 per ounce, citing sustained demand from central banks and investors [11] - Yuguang Jin铅 mentioned that fluctuations in silver prices have a complex impact on its profit margins due to the dynamic nature of raw material pricing [18] Policy and Regulation - The State Taxation Administration announced adjustments to VAT tax declaration matters, optimizing the reporting scope for general taxpayers and small-scale taxpayers [8] - The Ministry of Industry and Information Technology issued a mandatory national standard for automotive door handle safety, effective January 1, 2027, to enhance vehicle safety [12] Corporate Actions - Shanghai has initiated a project to acquire second-hand housing for affordable rental housing, focusing on matching housing types with talent needs [15] - Beiyinmei announced that its controlling shareholder's pre-restructuring plan was approved by the creditors' meeting, which may lead to changes in shareholder equity and control [21] - Midea Group reported a total expenditure of 1.998 billion yuan for repurchasing 0.35% of its shares [25]

姓 名 离任职务 离任时间 原定任期到 期日 离任原因 是否继 续在上 市公司 及其控 股子公 司任职 具体职务 （如适用） 是否存在 未履行完 毕的公开 承诺 张 天 军 总经理 2026 年 2 月 2 日 2027 年 7 月 3 日 工作调整 是 公司董事、 董事会战略 委员会委 员；成都蓉 光炭素股份 否 一、提前离任的基本情况 | | | | | | | 有限公司董 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 事、总经理； | | | | | | | | | 眉山方大蓉 | | | | | | | | | 光炭素有限 | | | | | | | | | 责任公司董 | | | | | | | | | 事。 | | | 赵 | | | | | | 成都方大炭 | | | | | 2026 年 2 月 | 2027 年 7 月 3 | | | | | | 尔 | 财务总监 | | | 工作调整 | 是 | 素研究院有 | 否 | | | | 2 日 | 日 | | | | | | 琴 | | | | | | 限 ...

| 委员及薪 | | --- | | 酬与考核 | | 委员会委 | | 员 | 证券代码：600516 证券简称：方大炭素 公告编号：2026-009 方大炭素新材料科技股份有限公司 关于公司董事长和法定代表人变更的公告 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： 方大炭素新材料科技股份有限公司（以下简称公司）董事会于近日收到公司 董事长马卓先生递交的辞职报告，因工作调整，马卓先生申请辞去公司董事长、 法定代表人、第九届董事会战略委员会主任委员、提名委员会委员及薪酬与考核 委员会委员职务。辞去上述职务后，马卓先生将继续担任公司第九届董事会董事 职务。 | | | | | | 是否继 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓 | | | 原定任期到 | | 续在上 市公司 | 具体职务 | 是否存在 未履行完 | | 名 | 离任职务 | 离任时间 | 期日 | 离任原因 | 及其控 | （如适用） | 毕的公开 | | | | ...

证券代码 ：600516 证券简称： 方大炭素 公告编号：2026-008 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、董事会会议召开情况 方大炭素新材料科技股份有限公司（以下简称公司）以通讯方式向各位董事 发出了召开第九届董事会第十八次临时会议的通知和材料。会议于 2026 年 2 月 2 日以现场和通讯表决相结合的方式召开。本次会议应出席董事 11 人，实际出 席董事 11 人；经半数以上董事共同推举张天军先生召集并主持本次会议，部分 高级管理人员列席了会议。本次董事会会议的召开符合有关法律法规和《公司章 程》的规定。 二、董事会会议审议情况 （一）审议通过《关于选举董事长和法定代表人的议案》 因工作调整，公司原董事长马卓先生申请辞去公司董事长、法定代表人、第 九届董事会战略委员会主任委员、提名委员会委员及薪酬与考核委员会委员职 务，选举张天军先生为公司第九届董事会董事长和公司法定代表人，任期自本次 董事会审议通过之日起至第九届董事会届满之日止。 表决结果：同意11票，反对0票，弃权0票。 具体内容详见2026年2 ...

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].

Group 1 - The steel raw materials sector increased by 3.51% compared to the previous trading day, with Vanadium Titanium Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the steel raw materials sector showed significant price increases, with Steel Titanium Co. rising by 8.52% to a closing price of 4.33 [1] Group 2 - The net inflow of main funds in the steel raw materials sector was 545 million yuan, while retail investors experienced a net outflow of 496 million yuan [1] - The table of fund flows indicates that Steel Titanium Co. had a main fund net inflow of 1.83 billion yuan, but a retail net outflow of 1.62 billion yuan [2] - Other notable stocks included Hainan Mining with a main fund net inflow of 136 million yuan and a retail net outflow of 1.43 billion yuan [2]