Market Overview - The special steel sector experienced a decline of 0.39% on January 29, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable stock performances in the special steel sector include: - CITIC Special Steel (000708) closed at 15.90, up 1.47% with a trading volume of 265,300 shares and a turnover of 419 million yuan [1] - Fangda Special Steel (600507) closed at 6.41, up 0.94% with a trading volume of 678,000 shares and a turnover of 439 million yuan [1] - Fushun Special Steel (600399) closed at 6.82, up 0.44% with a trading volume of 1,043,200 shares and a turnover of 721 million yuan [1] - Changbao Co. (002478) closed at 9.82, down 4.01% with a trading volume of 541,800 shares and a turnover of 546 million yuan [2] Capital Flow Analysis - The special steel sector saw a net outflow of 82.17 million yuan from institutional investors, while retail investors had a net inflow of 84.75 million yuan [2] - Detailed capital flow for selected stocks includes: - CITIC Special Steel had a net inflow of 47.09 million yuan from institutional investors [3] - Changbao Co. experienced a net outflow of 21.95 million yuan from institutional investors [3] - Retail investors contributed a net inflow of 50 million yuan to Changbao Co. [3]

Market Performance - The special steel sector increased by 1.53% on January 28, with Jiuli Special Materials 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] Stock Performance - Jiuli Special Materials (002318) closed at 35.43, up 7.36% with a trading volume of 206,200 shares and a transaction value of 698 million [1] - Other notable performers include: - Taiyuan Iron & Steel (000825) at 5.52, up 2.99% [1] - Fangda Special Steel (600507) at 6.35, up 2.25% [1] - Xining Special Steel (600117) at 2.98, up 1.36% [1] - Conversely, Changbao Co. (002478) and Jinzou Pipeline (002443) saw declines of 0.87% and 1.11%, respectively [1] Capital Flow - The special steel sector experienced a net outflow of 23.98 million from institutional investors and 18.07 million from retail investors, while retail investors saw a net inflow of 42.05 million [2] - The detailed capital flow for individual stocks indicates that Jiuli Special Materials had a net inflow of 21.80 million from institutional investors [3] - Other stocks with significant net inflows include: - Taiyuan Iron & Steel with 14.52 million [3] - Fangda Special Steel with 12.80 million [3] - Notably, Xining Special Steel had a net inflow of 6.99 million from institutional investors [3]

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].

Market Overview - The special steel sector experienced a decline of 1.28% on January 26, with Changbao Co. leading the drop [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] Stock Performance - Notable stock performances in the special steel sector included: - Fangda Special Steel: Closed at 6.40, up 2.07% with a trading volume of 494,500 shares and a turnover of 313 million yuan [1] - Changbao Co.: Closed at 9.88, down 3.42% with a trading volume of 397,600 shares and a turnover of 393 million yuan [2] - Xining Special Steel: Closed at 3.01, down 1.31% with a trading volume of 391,400 shares and a turnover of 118 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 349 million yuan from main funds, while retail investors contributed a net inflow of 379 million yuan [2] - Specific capital flows for selected stocks included: - Fangda Special Steel: Main funds net inflow of 27.06 million yuan, retail net outflow of 10.95 million yuan [3] - Changbao Co.: Main funds net outflow of 60.73 million yuan, retail net inflow of 69.76 million yuan [3]

Core Viewpoint - Taiyuan Iron and Steel Co., Ltd. (TISCO) has shown a significant stock price increase and strong financial performance, indicating potential investment opportunities in the steel industry. Group 1: Stock Performance - On January 23, TISCO's stock rose by 2.03%, reaching 5.54 CNY per share, with a trading volume of 443 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 31.557 billion CNY [1] - Year-to-date, TISCO's stock price has increased by 13.29%, with a 5-day increase of 5.52%, a 20-day increase of 9.06%, and a 60-day increase of 31.28% [1] Group 2: Financial Performance - For the period from January to September 2025, TISCO reported operating revenue of 68.004 billion CNY, a year-on-year decrease of 9.67%, while net profit attributable to shareholders increased by 202.48% to 568 million CNY [2] - TISCO has distributed a total of 12.570 billion CNY in dividends since its A-share listing, with 14.3 million CNY distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, TISCO had 138,600 shareholders, a decrease of 2.31% from the previous period, with an average of 41,098 circulating shares per shareholder, an increase of 2.36% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 107 million shares, an increase of 50.635 million shares from the previous period [3]

Core Viewpoint - The article emphasizes that "rocket body stainless steel + engine high-temperature alloy" is evolving into a new generation of rocket material systems, driven by the commercialization and reusability of space launches [1][7]. Group 1: Investment Opportunities in New Materials - The rapid development of commercial space is driving the demand for aerospace stainless steel and high-temperature alloy materials [2]. - Stainless steel is becoming the primary choice for rocket bodies in reusable rockets due to its low cost, high-temperature resistance, and ease of processing [4][12]. - High-temperature alloys are essential for the hot-end components of liquid rocket engines, with an average usage of 28% in liquid rocket engines [5][19]. Group 2: Historical Context and Current Trends - Historically, aluminum alloys dominated rocket materials, with limited applications for stainless steel and high-temperature alloys [3]. - Currently, the rocket material system is transitioning from aluminum-dominated to a combination of stainless steel and high-temperature alloys, particularly in reusable rocket designs [4][11]. Group 3: Future Outlook - In the future, aerospace stainless steel and high-temperature alloys are expected to be key materials for rocket technology evolution, providing advantages in extreme temperature environments and manufacturing speed [6][8]. - The demand for large low-orbit satellite constellations is anticipated to drive the scale of rocket launches, enhancing the growth prospects for stainless steel and high-temperature alloys [47]. Group 4: Supply Chain and Market Dynamics - The supply of aerospace stainless steel is highly segmented and customized, with early movers and validated companies likely to experience structural growth opportunities [8]. - High-temperature alloy suppliers face high barriers to entry, resulting in a favorable competitive landscape [8][21].

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry, as well as for the steel sector [5]. Core Insights - The rapid development of commercial aerospace is driving demand for aerospace stainless steel and high-temperature alloys, which are becoming the new material system for rockets [1][4]. - Stainless steel is increasingly being adopted for rocket structures due to its cost-effectiveness, high-temperature resistance, and ease of processing, while high-temperature alloys are essential for engine components [1][3][4]. - The transition from aluminum alloys to a combination of stainless steel and high-temperature alloys is a significant trend in rocket material evolution, driven by the need for cost reduction and performance enhancement [9][10]. Summary by Sections Historical Context - Historically, aluminum alloys dominated rocket materials, with limited use of stainless steel and high-temperature alloys [1][2]. Current Status - The current rocket material landscape is transitioning from aluminum dominance to the integration of stainless steel and high-temperature alloys, particularly in reusable rocket designs [2][3]. Future Outlook - The future of rocket technology is expected to favor stainless steel and high-temperature alloys due to their superior properties, which are essential for the evolving demands of rocket design and operation [3][4]. Investment Conclusion - The report suggests focusing on companies involved in the supply of stainless steel for rocket tanks and components, as well as leading enterprises in high-temperature alloy production [4][19]. - Key companies identified include Fushun Special Steel, Aerospace Materials, and others that have established a strong foothold in the aerospace materials supply chain [4][19]. Demand Analysis - The demand for rockets is anticipated to surge due to the rapid growth of low Earth orbit satellite constellations, which will drive the need for increased launch frequency and scale [4][45]. Supply Analysis - The supply side of aerospace stainless steel is characterized by high customization and segmentation, with early movers likely to benefit from structural growth opportunities [4][19]. - High-temperature alloy suppliers face significant barriers to entry, indicating a favorable competitive landscape for established players [4][19].

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]

1月22日，太钢不锈盘中上涨2.06%，截至10:13，报5.45元/股，成交2.55亿元，换手率0.83%，总市值 310.45亿元。 资金流向方面，主力资金净流入1020.04万元，特大单买入1958.83万元，占比7.70%，卖出2294.46万 元，占比9.01%；大单买入5986.56万元，占比23.52%，卖出4630.89万元，占比18.19%。 太钢不锈今年以来股价涨11.45%，近5个交易日涨1.49%，近20日涨9.44%，近60日涨33.58%。 责任编辑：小浪快报 太钢不锈所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：复兴号、特种钢、特钢概念、钢 铁概念、油气管网等。 截至9月30日，太钢不锈股东户数13.86万，较上期减少2.31%；人均流通股41098股，较上期增加 2.36%。2025年1月-9月，太钢不锈实现营业收入680.04亿元，同比减少9.67%；归母净利润5.68亿元，同 比增长202.48%。 分红方面，太钢不锈A股上市后累计派现125.70亿元。近三年，累计派现1.43亿元。 机构持仓方面，截止2025年9月30日，太钢不锈十大流通股东中，香港中央结算有限 ...

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]