Group 1 - The third round of the fifth batch of central ecological environment protection inspections has been fully launched, with eight inspection teams established to oversee Beijing, Tianjin, and Hebei, as well as five central enterprises [1] - The inspection teams will focus on ecological environment protection and the cultural heritage of the Grand Canal during their inspections in the specified provinces [1] - The inspection period for the regular inspections is set for one month, while the special inspections for the Grand Canal will last approximately two weeks [1] Group 2 - The inspection teams are guided by the principles of enhancing awareness of the "two establishments," maintaining the "four consciousnesses," and ensuring the "two safeguards" [2] - The inspections will adhere to a problem-oriented approach, emphasizing the need for precision, legality, and effectiveness in advancing the inspection work [2] - During the inspection period, each team will establish contact numbers and postal addresses to handle reports related to ecological environment protection from the inspected entities [3]

为统筹经济发展、民生保障和生态环境保护，中央生态环境保护督察工作领导小组要求精准科学依法推 进边督边改，禁止搞"一刀切"，并简化督察接待安排，切实减轻基层负担。 记者今天从生态环境部了解到，经党中央、国务院批准，第三轮第五批中央生态环境保护督察全面启 动。 本次督察将组建8个例行督察组，从下周起将陆续对北京、天津、河北3省（市），中国华电集团有限公 司、国家能源投资集团有限责任公司、鞍钢集团有限公司、中国宝武钢铁集团有限公司、中国中煤能源 集团有限公司5家中央企业开展例行督察，进驻时间1个月。同时，对北京、天津、河北、山东、河南、 安徽、江苏、浙江等8省（市）开展大运河生态环境保护专项督察，进驻时间两周左右。 （文章来源：央视新闻） ...

钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、 桥梁、塔架等钢结构物上，它是一种在普碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫 耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料 进行涂刷。 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机 物的挥发和后期维护。但耐候钢形成这层氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、 流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候钢表面形成氧化层 的"耐候钢锈层稳定化处理技术"。 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢 桥临猗黄河大桥等多项重大工程项目上，为保护当地的生态环境作出了贡献。 记者：田甜 赵泳 新华社音视频部制作 ...

0:00 / 2:30 钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、桥梁、塔架等钢结构物上，它是一种在普 碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料进行涂刷。 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机物的挥发和后期维护。但耐候钢形成这层 氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候 钢表面形成氧化层的"耐候钢锈层稳定化处理技术"。 记者：田甜、赵泳 新华社音视频部制作 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢桥临猗黄河大桥等多项重大工程项目上， 为保护当地的生态环境作出了贡献。 ...

0:00 耐候钢在自然环境中形成的氧化层能起到与刷涂料一样的防锈作用，同时由于不使用涂料，避免了有机 物的挥发和后期维护。但耐候钢形成这层氧化层需要几年时间，而且在形成过程中还会出现锈液飞散、 流挂等问题。为了解决这些问题，鞍钢的科研人员研发出一种可在短时间内在耐候钢表面形成氧化层 的"耐候钢锈层稳定化处理技术"。 记者：田甜、赵泳 新华社音视频部制作 这种技术研发出来后，已经应用在冬奥会重点工程延崇高速跨大秦铁路及京新高速桥、国内最大耐候钢 桥临猗黄河大桥等多项重大工程项目上，为保护当地的生态环境作出了贡献。 钢材是人类生产生活中必不可少的一种重要物资，种类很多，用途各异。有一种钢材广泛应用于建筑、 桥梁、塔架等钢结构物上，它是一种在普碳钢中添加一定量的合金元素而制成的低合金钢，它的名字叫 耐大气腐蚀钢，简称耐候钢。 传统的钢材防锈方法，应用最广泛、使用量最大的就是涂装法。这种方法需要在钢材表面使用大量涂料 进行涂刷。 ...

Group 1 - The core viewpoint of the news is that the steel sector experienced a rise, with the overall index showing positive performance on November 13, 2023, where the steel sector increased by 1.33% and the Shanghai Composite Index rose by 0.73% [1] - Hangzhou Iron & Steel Co., Ltd. led the gains in the steel sector with a closing price of 9.30, reflecting a 4.38% increase [1] - The trading volume for Hangzhou Iron & Steel was 1.0644 million hands, with a transaction value of 975 million yuan [1] Group 2 - The net capital flow in the steel sector showed a net outflow of 55.4152 million yuan from main funds and a net outflow of 123 million yuan from speculative funds, while retail investors saw a net inflow of 179 million yuan [2] - Specific stocks like Hualing Steel reported a net inflow of 55.1534 million yuan from main funds, while Hangzhou Iron & Steel had a net outflow of 41.6871 million yuan from speculative funds [2] - The overall sentiment in the market indicates a mixed response, with some stocks experiencing significant retail inflows despite the outflows from main and speculative funds [2]

Group 1 - Steel stocks experienced a rapid increase, with Maanshan Iron & Steel Co., Ltd. rising by 7.84% to HKD 2.89, Angang Steel Company Limited increasing by 3.17% to HKD 2.28, and Chongqing Iron & Steel Company Limited up by 2.13% to HKD 1.44 [1] - The commencement ceremony for the Simandou project was held at the port of Maribaya in Guinea, which is noted to be the largest iron ore reserve globally and has the potential to become the fifth-largest mine [1] - According to Dongfang Securities, the launch of the Simandou project may significantly disrupt the monopoly of the four major mines on iron ore supply, leading to a substantial change in the iron ore supply landscape [1] Group 2 - Guotai Junan Securities released a report indicating that steel demand is expected to gradually bottom out; despite prolonged industry losses, market-driven supply adjustments are beginning to emerge [1] - The firm anticipates a gradual recovery in the fundamentals of the steel industry, and if supply policies are implemented, the speed of supply contraction may accelerate, leading to a quicker industry upturn [1]

Core Viewpoint - The steel sector has experienced a significant improvement in profitability during the third quarter, with key companies showing notable stock price increases. Group 1: Stock Performance - Maanshan Iron & Steel Co., Ltd. (00323) rose by 5.38%, reaching HKD 2.74 [1] - Chongqing Iron & Steel Co., Ltd. (601005) increased by 2.88%, reaching HKD 1.43 [1] - Ansteel Company Limited (000898) (00347) saw a rise of 1.83%, reaching HKD 2.22 [1] Group 2: Industry Profitability - According to Mysteel, the profitability rate of steel mills increased from 59% at the end of June to 64% by the end of August [1] - In September, steel prices did not rise as much as coking coal prices, leading to a decline in profitability rates, with an average of 62% for the third quarter, up 4.5 percentage points from the second quarter [1] - Longjiang Securities estimates that the net profit per ton for the steel industry in Q3 2025 will be 92 CNY, an increase of 14 CNY per ton compared to the previous quarter, placing it at the 68th percentile since 2021 [1] Group 3: Future Outlook - Longjiang Securities anticipates that the profit margin for iron ore will be significantly greater than that for coking coal in 2026, with the commencement of the Ximangdu project potentially providing opportunities [1] - The report indicates that the expectation of reduced production among steel companies remains unfulfilled, as high-frequency data shows insufficient willingness to cut production [1] - The industry is expected to see a sustained realization of supply-side contraction logic under differentiated production restrictions and graded management in 2026 [1]

Market Overview - On November 7, the steel sector experienced a decline of 0.25%, with Linggang Co. leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - Maanshan Iron & Steel Co. (600808) saw an increase of 2.44%, closing at 4.20, with a trading volume of 1.6126 million shares and a turnover of 670 million [1] - Shougang Co. (000959) increased by 2.04%, closing at 4.51, with a trading volume of 553,100 shares and a turnover of 247 million [1] - Linggang Co. (600231) decreased by 1.27%, closing at 2.34, with a trading volume of 429,600 shares and a turnover of 101 million [2] - Baosteel Co. (600019) decreased by 1.16%, closing at 7.65, with a trading volume of 855,900 shares and a turnover of 657 million [2] Capital Flow Analysis - The steel sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 336 million [2] - The capital flow for individual stocks indicates that Hangang Co. (600126) had a net outflow of 54.38 million from main funds, while it experienced a net inflow of 49.95 million from retail investors [3] - Baosteel Co. (600019) had a net inflow of 18.47 million from main funds, but a net outflow of 4.69 million from retail investors [3]

Core Insights - Molybdenum iron, an alloy composed of 55%-75% molybdenum, is essential for producing stainless steel, heat-resistant steel, acid-resistant steel, and tool steel, with a density of 9.0g/cm³ to 9.5g/cm³ and a melting point around 2700°C [2][4] Production and Demand - In 2024, China's cumulative molybdenum iron production is projected to reach 217,700 tons, reflecting a year-on-year increase of 5.1%, with apparent demand at 217,600 tons [2] - From January to August 2025, cumulative production is expected to be 161,400 tons, a significant year-on-year growth of 13.8%, with apparent demand at 161,700 tons, indicating a balanced supply-demand scenario [2] - Major production regions in China include Liaoning, Henan, and Shaanxi [2] Price Trends - The price of 60% molybdenum iron in China surged from 98,600 CNY/ton in 2020 to 252,200 CNY/ton in 2023, driven by intensified supply-demand conflicts [2] - In 2024, prices are expected to remain high but decline compared to 2023 due to supply release and weakened downstream demand [2] Import and Export Dynamics - Between 2022 and 2024, molybdenum iron exports have been declining, while imports have been increasing, indicating a shift towards a stronger import market [2] - In 2024, molybdenum iron imports are projected at 7,963.5 tons, a substantial year-on-year increase of 61.0%, while exports are expected to be 8,122.9 tons, down 4.7% [2] - For January to August 2025, import and export volumes are anticipated to be 3,834.4 tons and 3,601.0 tons, respectively [2] Industry Outlook - The demand for molybdenum iron is expected to remain resilient, supported by the stainless steel and special steel sectors, as well as the upgrading of high-end manufacturing [2]