Core Viewpoint - The report highlights a projected decline in China's steel production in December 2025, with a year-on-year decrease of 3.8%, while the cumulative production for the year is expected to grow by 3.1% to 1.45 billion tons [1]. Group 1: Industry Overview - According to the National Bureau of Statistics, China's steel production is forecasted to be 120 million tons in December 2025, reflecting a year-on-year decline of 3.8% [1]. - The cumulative steel production in China for the year 2025 is projected to reach 1.45 billion tons, indicating a cumulative growth of 3.1% [1]. Group 2: Companies Mentioned - Listed companies in the steel sector include Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), Shagang Group (002075), Shougang Group (000959), Baotou Steel (600010), Taiyuan Iron & Steel (000825), Hunan Valin Steel (000932), Hebei Iron & Steel (000709), and Nanjing Steel (600282) [1]. Group 3: Research Report - The report titled "Analysis of Competitive Landscape and Investment Development Research on China's Steel Deep Processing Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]. - Zhiyan Consulting has been dedicated to industry research for over a decade, providing in-depth industry reports, business plans, feasibility studies, and customized services [1].

Group 1 - The steel sector saw a slight increase of 0.41% on January 26, with Wujin Stainless Steel leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the steel sector showed varied performance, with Wujin Stainless Steel closing at 9.30, up 3.56%, and Baosteel closing at 7.30, up 0.83% [1] Group 2 - The steel sector experienced a net outflow of 334 million yuan from main funds, while retail investors saw a net inflow of 304 million yuan [2] - Among individual stocks, Baosteel had a net inflow of 87.72 million yuan from main funds, while Chongqing Steel saw a net inflow of 44.03 million yuan [3] - The overall trading volume for the steel sector was significant, with Baosteel recording a transaction amount of 1.167 billion yuan [1][2]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - The bond market has recovered, and credit has followed the decline in interest rates. The credit spreads in the 3 - 7Y period have all converged. The yields of various - term credit bonds have also significantly declined, and the credit spreads of different - term and - grade bonds have shown different changes [3][10] - The spreads of urban investment bonds have generally decreased by 2BP, with spreads of different - rated and - level platforms showing varying degrees of decline [4][15][19] - The spreads of real - estate bonds have generally continued to widen, but the spread of Vanke has been significantly compressed. The spreads of other industrial bonds have slightly declined [4][25] - The yields of secondary - tier and perpetual bonds have continued to decline, with the largest decline in spreads in the 3Y period [5][33] - The excess spreads of industrial perpetual bonds have widened, while the excess spreads of urban investment perpetual bonds have shown differentiation [5][36] 3. Summary According to Relevant Catalogs 3.1 Bond Market and Credit Spreads Convergence - This week, the bond market recovered, and the interest - rate curve steeply declined. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y CDB bonds decreased by 2BP, 1BP, 2BP, 3BP, and 4BP respectively. The yields of various - term credit bonds also dropped significantly. From the perspective of credit spreads, the 3 - 7Y credit spreads all narrowed [3][10] 3.2 Urban Investment Bond Spreads - The spreads of urban investment bonds decreased by 2BP overall. The credit spreads of external - rated AAA, AA +, and AA platforms all decreased by 2BP compared to last week. By administrative level, the credit spreads of provincial, municipal, and district - county platforms decreased by 2BP compared to last week [4][15][19] 3.3 Real - Estate and Other Industrial Bond Spreads - The spreads of real - estate bonds continued to widen overall, but the spread of Vanke was greatly compressed. The spreads of other industrial bonds slightly declined. The spreads of central - state - owned real - estate bonds widened by 4BP, state - owned real - estate bonds by 1BP, private real - estate bonds by 17BP, and mixed - ownership real - estate bonds converged by 103BP [4][25] 3.4 Secondary - Tier and Perpetual Bond Yields and Spreads - This week, the yields of secondary - tier and perpetual bonds continued to decline, with the largest decline in spreads in the 3Y period. The yields of different - grade 1Y secondary - tier capital bonds decreased by 1 - 2BP, and perpetual bonds by 2BP; 3Y secondary - tier capital bonds by 3BP, and perpetual bonds by 4BP; 5Y secondary - tier capital bonds by 2 - 4BP, and perpetual bonds by 1 - 2BP; 10Y secondary - tier capital bonds by 5BP, and perpetual bonds by 4BP [5][33] 3.5 Excess Spreads of Industrial and Urban Investment Perpetual Bonds - This week, the excess spread of 3Y industrial AAA - grade perpetual bonds widened by 0.26BP to 14.67BP, and the 5Y by 0.01BP to 13.21BP. The 3Y urban - investment AAA - grade perpetual - bond excess spread decreased by 0.48BP to 4.03BP, and the 5Y increased by 3.21BP to 13.34BP [5][36] 3.6 Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial - bank secondary - tier spreads, and urban - investment/industrial perpetual - bond credit spreads are based on ChinaBond medium - and short - term note and ChinaBond perpetual - bond data. The historical quantiles are since the beginning of 2015. The credit spreads related to urban - investment and industrial bonds are compiled and statistically analyzed by the Huafu Securities Research Institute, and the historical quantiles are also since the beginning of 2015 [38][40]

（编辑 丛可心） 证券日报网讯 1月23日，河钢股份在互动平台回答投资者提问时表示，日前，控股股东河钢集团钢铁行 业全域大模型威赛博2.0发布，在"AI+钢铁"赛道上迈出了示范性步伐。该模型可以加快集团所属钢铁全 域实现智能体系应用，进一步推动生产力提升，促进研发成果转化和效益提升。 ...

Core Viewpoint - The company emphasizes the importance of continuous enhancement of R&D capabilities and investment to adapt to market changes and meet customer product demands [1] Group 1: R&D Investment and Adaptation - The company has been focusing on R&D investment to promote the application of new technologies, improve production processes, and upgrade product structures [1] - The ongoing urban relocation and transformation upgrades have positively influenced the company's R&D efforts, enhancing its overall competitiveness [1]

Core Viewpoint - HeSteel Co., Ltd. has shown a positive stock performance with an 8.23% increase year-to-date and a significant rise in net profit for the first nine months of 2025, indicating strong operational performance and investor interest [2][3]. Group 1: Stock Performance - As of January 22, HeSteel's stock price increased by 2.04%, reaching 2.50 CNY per share, with a trading volume of 1.88 billion CNY and a market capitalization of 25.843 billion CNY [1]. - Year-to-date, HeSteel's stock has risen by 8.23%, with a 5.04% increase over the last five trading days and an 8.23% increase over the last 20 days, while it has seen a slight decline of 1.57% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, HeSteel reported a revenue of 96.542 billion CNY, reflecting an 8.05% year-on-year growth, and a net profit attributable to shareholders of 0.823 billion CNY, which is a 44.71% increase compared to the previous year [2]. - The company has distributed a total of 13.726 billion CNY in dividends since its A-share listing, with 1.137 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, HeSteel had 231,600 shareholders, a decrease of 0.64% from the previous period, with an average of 44,625 circulating shares per shareholder, which increased by 0.64% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 92.1553 million shares, an increase of 8.528 million shares from the previous period, and new shareholder Guotai Junan CSI Steel ETF, holding 41.5483 million shares [3].

Group 1 - The steel sector saw an increase of 0.68% on January 21, with Xin Steel Co. leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the steel sector showed various performance metrics, with Xin Steel Co. closing at 4.03, up 2.54%, and Baosteel Co. at 7.21, down 0.69% [1][2] Group 2 - The steel sector experienced a net inflow of 80.51 million yuan from main funds, while retail funds saw a net inflow of 52.64 million yuan [2] - Major stocks like Baosteel Co. had a significant net outflow from retail investors amounting to 76.84 million yuan, despite a net inflow of 81.51 million yuan from main funds [3] - The trading volume for key stocks varied, with Baosteel Co. recording a transaction amount of 684 million yuan, while Xin Steel Co. had a transaction amount of 424 million yuan [1][2]

点击小程序查看报告原文 Abstract 摘要 过去十年，中国钢铁企业的出海战略在供过于求与贸易摩擦的双重推动下逐步形成。钢铁产业从产品出口向产能出海的"走出去"转变并非偶然，钢铁历来 是全球贸易摩擦的高发行业，这既源于其经济战略地位，即上游度高、在产业链中具有关键作用，也源于行业本身的同质化、低附加值特征，使得价格竞 争激烈，并容易成为反补贴和反倾销调查的对象。在这样的背景下，贸易摩擦几乎难以避免，而国际化布局实际上成为钢铁企业应对贸易摩擦的主要手 段。 为了系统解释钢铁企业在应对贸易摩擦中"走出去"路径选择的逻辑，我们提出了基于产品单位价值运输成本与生产可碎片化程度的国际化布局四象限模 型。不同产品根据其单位价值运输成本和生产可碎片化程度，在贸易摩擦加剧时，会采取不同的国际化布局策略。基于四象限分析，当低端钢铁产品出口 面临贸易壁垒时，企业存在两类规避策略：一是通过在目的国直接投资建厂，将低端产能"出海"以规避贸易摩擦；二是通过产品升级，转向高端钢材出 口，即生产技术含量更高、同质化程度更低、附加值更高的产品，从而在全球市场中保持竞争力。 上一轮钢铁"走出去"恰好处于国内供过于求与海外新兴经济体快速工业化 ...

Group 1 - The core viewpoint of the news is that Hebei Iron and Steel Co., Ltd. (河钢股份) has shown a positive stock performance with a year-to-date increase of 5.19% and a recent net inflow of funds, indicating investor interest [1] - As of January 20, the stock price reached 2.43 yuan per share, with a market capitalization of 25.119 billion yuan and a trading volume of 238 million yuan [1] - The company’s main business revenue composition includes 70.92% from sheet metal, 9.84% from gases, water, and electricity, and 8.68% from bars and profiles [1] Group 2 - For the fiscal year ending December 31, Hebei Iron and Steel reported a revenue of 96.542 billion yuan, representing a year-on-year growth of 8.05%, and a net profit of 0.823 billion yuan, which is a 44.71% increase compared to the previous year [2] - The company has distributed a total of 13.726 billion yuan in dividends since its A-share listing, with 1.137 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 0.64% to 231,600, while the average circulating shares per person increased by 0.64% to 44,625 shares [2][3]

Group 1 - The core viewpoint of the news is that Hebei Iron and Steel Co., Ltd. (河钢股份) has shown fluctuations in its stock price and financial performance, with a recent increase in stock price and significant year-on-year growth in revenue and net profit [1][2]. Group 2 - As of January 19, the stock price of Hebei Iron and Steel rose by 2.14% to 2.39 CNY per share, with a trading volume of 194 million CNY and a market capitalization of 24.706 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 3.46%, with a 0.83% decline over the last five trading days, a 4.82% increase over the last 20 days, and a 7.72% decline over the last 60 days [1]. - For the period from January to September 2025, Hebei Iron and Steel achieved a revenue of 96.542 billion CNY, representing a year-on-year growth of 8.05%, and a net profit attributable to shareholders of 0.823 billion CNY, reflecting a year-on-year increase of 44.71% [2]. - The company has distributed a total of 13.726 billion CNY in dividends since its A-share listing, with 1.137 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 0.64% to 231,600, while the average circulating shares per person increased by 0.64% to 44,625 shares [2][3].