责任编辑：小浪快报 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 02月25日消息，截止10:30，有色铜板块强势，智慧农业、中色股份、和邦生物涨停，锡业股份、倍杰 特、中矿资源、中国中铁、海南矿业、河钢资源等个股涨幅居前。 ...

经济观察网 河钢资源（000923）于2026年2月11日接受机构调研时披露，受南非异常强降雨影响，井下 生产暂时停产，铜矿二期配套的六号破碎机项目施工进度受阻，原定2026年三季度投入使用的计划预计 延期。公司强调未发生人员伤亡或重大安全事故，正全力评估恢复情况，但达产时间可能延迟。此事件 可能对短期生产效率和项目推进产生负面影响。 机构观点 机构最新市场观点（截至2026年2月14日）显示，河钢资源舆情偏中性，机构评级以中性为 主，综合目标价24.80元，较当前价存在负向空间。2025年预测净利润同比增长66.02%，但铜二期延期 可能影响2026年增长预期。调研中公司强调分红政策将保持稳定，结合盈利和现金流综合制定。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 近7个交易日（2026年2月9日至13日），河钢资源股价区间振幅达7.04%，最新收盘价（2 月13日）为23.30元，单日跌2.71%，但5日累计涨0.60%。资金流向显示2月13日主力净流入约2899万 元，散户资金呈净流出态势。同期钢铁板块整体下跌，该股表现略优于行业平均水平。 财报分析 根据2025年三季报（发布于2026年 ...

Group 1 - The core viewpoint of the article indicates that Hebei Steel Resources is experiencing delays in the construction of the No. 6 crusher project associated with the second phase of its copper mine due to underground water accumulation affecting the site [1] - Some equipment for the project has already arrived and is currently in the infrastructure construction phase [1] - The original plan for the project to be operational by the third quarter of 2026 is now expected to be postponed [1]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather, including a weather warning system and drainage system maintenance [2] - Heavy rainfall in January 2026 led to increased underground water levels, causing flooding in some mine tunnels [2] - Despite the flooding, the company successfully executed emergency measures, ensuring no casualties or major safety incidents occurred [2] Group 2: Project Development and Delays - The progress of the No. 6 crusher for the copper phase II project has been affected by the flooding, leading to delays in construction [2][3] - The expected production start date for the copper phase II project will be postponed due to the impact of the flooding [3] - The company is assessing recovery efforts and aims to resume work as soon as safety and operational conditions allow [3] Group 3: Financial and Dividend Policies - The company emphasizes sustainable development as the basis for future dividend plans, balancing profitability, cash flow, and investment needs [3] - The commitment to maintaining a stable dividend policy is highlighted to protect investor interests [3] Group 4: Technical Capabilities - The copper phase II project utilizes the natural caving method, which is advantageous in terms of mining capacity, efficiency, and cost [3] - The company has established technical reserves and a skilled workforce from previous successful applications of the natural caving method in the copper phase I project [3]

- The report does not contain any quantitative models or factors for analysis[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42]

Market Performance - The steel sector declined by 3.02% this week, underperforming the broader market, with sub-sectors such as special steel down 2.10%, long products down 1.88%, and flat products down 3.84% [2][5] - Iron ore and steel consumables sectors also saw declines of 1.74% and 3.02% respectively, while the trade circulation sector fell by 4.006% [2][5] Supply Situation - As of February 6, the capacity utilization rate of blast furnaces in sample steel enterprises was 85.7%, an increase of 0.22 percentage points week-on-week [2] - Electric furnace capacity utilization was at 48.1%, a decrease of 7.59 percentage points week-on-week [2] - The production of five major steel products was 7.208 million tons, a week-on-week decrease of 15,500 tons [2] - Daily average pig iron production was 2.2858 million tons, an increase of 6,000 tons week-on-week and 1,400 tons year-on-year [5] Demand Situation - The consumption of five major steel products was 7.607 million tons, a week-on-week decrease of 410,800 tons, or 5.12% [2] - Mainstream traders' sales volume of construction steel was 35,000 tons, down 32,500 tons week-on-week, representing a 48.24% decline [2] Inventory Situation - As of February 6, social inventory of five major steel products was 9.404 million tons, an increase of 496,800 tons week-on-week, or 5.58%, but down 18.04% year-on-year [3][5] - Factory inventory of five major steel products was 3.973 million tons, an increase of 95,600 tons week-on-week, or 2.47%, and down 24.13% year-on-year [3][5] Steel Prices & Profits - As of February 6, the comprehensive index for ordinary steel was 3,414.2 yuan/ton, a week-on-week decrease of 13.31 yuan/ton, or 0.39%, and down 5.51% year-on-year [3] - The comprehensive index for special steel was 6,582.0 yuan/ton, a week-on-week decrease of 2.28 yuan/ton, or 0.03%, and down 2.88% year-on-year [3] - The profit for rebar from blast furnaces was 65 yuan/ton, an increase of 14.0 yuan/ton week-on-week, or 27.45% [3] - The profit for construction steel from electric furnaces was -76 yuan/ton, an increase of 4.0 yuan/ton week-on-week, or 5.00% [3] Raw Material Situation - As of February 6, the spot price index for Australian powder ore (62% Fe) at Rizhao Port was 764 yuan/ton, a week-on-week decrease of 29.0 yuan/ton, or 3.66% [4] - The price for main coking coal at Jingtang Port was 1,700 yuan/ton, a week-on-week decrease of 80.0 yuan/ton [4] - The average available days of iron ore for sample steel enterprises was 31.29 days, an increase of 2.6 days week-on-week [4] Investment Recommendations - The steel sector is expected to have strong "anti-involution" characteristics and significant profit recovery potential, with high-quality steel companies likely to see performance improvements [6][7] - Key companies to focus on include regional leaders with advanced equipment and environmental standards, as well as those benefiting from the new energy cycle [7]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [2]. Core Views - Demand is expected to gradually bottom out, and supply-side adjustments are beginning to show, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to a quicker industry upturn [4]. - The report highlights that approximately 60% of steel companies are currently operating at a loss, but market-driven supply adjustments are starting to occur, suggesting a gradual recovery in the steel sector [5]. Summary by Sections Steel Market Overview - Last week, the apparent consumption of five major steel products was 7.607 million tons, a decrease of 5.12% week-on-week but an increase of 32.12% year-on-year. Rebar consumption was 1.476 million tons, down 16.3% week-on-week, but up 143.03% year-on-year [16]. - The total steel inventory reached 13.3775 million tons, an increase of 4.63% week-on-week, maintaining a low level [5]. - The average gross profit for rebar was 159.5 CNY/ton, down 37.4 CNY/ton from the previous week, while hot-rolled coil profit was 19.5 CNY/ton, down 27.4 CNY/ton [5][33]. Raw Materials - Iron ore spot prices decreased, with the price for PB powder (61.5% iron content) at 766 CNY/ton, down 26 CNY/ton week-on-week. The main iron ore futures price fell by 31 CNY/ton to 760.5 CNY/ton, a decline of 3.92% [42]. - Iron ore port inventory rose to 171.41 million tons, an increase of 0.7% week-on-week, with the average available days of imported iron ore for domestic steel companies increasing to 31 days, up 14.81% [45][48]. Production and Capacity Utilization - The operating rate of blast furnaces among 247 steel mills increased to 79.53%, up 0.53 percentage points week-on-week, while the capacity utilization rate was 85.69%, up 0.22 percentage points [24]. - The total steel production last week was 8.199 million tons, a decrease of 3.27 million tons week-on-week [31]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel, Hualing Steel, and Shougang, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

Report Industry Investment Rating - The investment rating for the steel industry is "Bullish" [2]. Report's Core View - The current inventory accumulation pressure of the five major steel products is relatively limited, with the overall inventory at a relatively low level in history and the inventory accumulation speed slower than in previous years. Coupled with the supply support formed by the potential slight contraction of local production capacity due to recent safety inspections, the steel inventory pressure is limited. Currently, the profit per ton of general steel is considerable. Against the backdrop of the industry's "anti - involution," the performance improvement space of general steel companies is large, and they are expected to experience value restoration. The steel sector is also expected to present an opportunity for allocation. Based on the judgment of the steel industry cycle, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity brought about by the gradual restoration of performance and the room for the sector's valuation to rise due to the improvement of the supply pattern. The sector still has medium - to - long - term strategic investment opportunities, so the "Bullish" rating for the industry is maintained [2][3]. Summary According to the Table of Contents 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector fell 3.02% this week, underperforming the broader market. The CSI 300 fell 1.33% to 4643.60. The top three sectors in terms of gains and losses were food and beverage (4.44%), textile and apparel (2.23%), and banking (2.09%) [10]. - The special steel sector fell 2.10%, the long - product sector fell 1.88%, the plate sector fell 3.84%, the iron ore sector fell 1.74%, the steel consumables sector fell 3.02%, and the trade and distribution sector fell 4.006% [2][13][17]. - The top three stocks in the steel sector in terms of gains and losses were Boyun New Materials (9.79%), Dazhong Mining (5.92%), and Shengde Xintai (4.72%) [15]. 2. This Week's Core Data Supply - As of February 6, the daily average hot metal output was 228.58 million tons, a week - on - week increase of 0.60 million tons (0.26%) and a year - on - year increase of 0.06% [25]. - As of February 6, the blast furnace capacity utilization rate of sample steel enterprises was 85.7%, a week - on - week increase of 0.22 percentage points [25]. - As of February 6, the electric furnace capacity utilization rate of sample steel enterprises was 48.1%, a week - on - week decrease of 7.59 percentage points [25]. - As of February 6, the output of the five major steel products was 720.8 million tons, a week - on - week decrease of 1.55 million tons (0.21%) [25]. Demand - As of February 6, the consumption of the five major steel products was 760.7 million tons, a week - on - week decrease of 41.08 million tons (5.12%) [35]. - As of February 6, the trading volume of construction steel by mainstream trading companies was 3.5 million tons, a week - on - week decrease of 3.25 million tons (48.24%) [35]. - As of February 1, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 1.655 million square meters, a week - on - week increase of 226,000 square meters [35]. - As of February 8, the net financing amount of local government special bonds was 1.0851 trillion yuan, a cumulative year - on - year increase of 121.74% [35]. Inventory - As of February 6, the social inventory of the five major steel products was 940.4 million tons, a week - on - week increase of 49.68 million tons (5.58%) and a year - on - year decrease of 18.04% [43]. - As of February 6, the in - plant inventory of the five major steel products was 397.3 million tons, a week - on - week increase of 9.56 million tons (2.47%) and a year - on - year decrease of 24.13% [43]. Steel Prices - As of February 6, the general steel composite index was 3414.2 yuan/ton, a week - on - week decrease of 13.31 yuan/ton (0.39%) and a year - on - year decrease of 5.51% [49]. - As of February 6, the special steel composite index was 6582.0 yuan/ton, a week - on - week decrease of 2.28 yuan/ton (0.03%) and a year - on - year decrease of 2.88% [49]. Steel Mill Profits - As of January 30, the national average hot metal cost was 2396 yuan/ton, a week - on - week increase of 12.0 yuan/ton [57]. - As of February 6, the profit per ton of construction steel electric furnace at normal electricity price was - 76 yuan/ton, a week - on - week increase of 4.0 yuan/ton (5.00%) [57]. - As of February 6, the profit per ton of blast furnace for rebar was 65 yuan/ton, a week - on - week increase of 14.0 yuan/ton (27.45%) [57]. - As of February 6, the profitability rate of 247 steel enterprises was 39.39%, unchanged from the previous week [57]. Futures - Spot Basis - As of February 6, the spot basis of hot - rolled coils was - 1 yuan/ton, a week - on - week increase of 17.0 yuan/ton [65]. - As of February 6, the spot basis of rebar was 143 yuan/ton, a week - on - week increase of 21.0 yuan/ton [65]. - As of February 6, the spot basis of coke was - 117 yuan/ton, a week - on - week increase of 18.0 yuan/ton [65]. - As of February 6, the spot basis of coking coal was 73.5 yuan/ton, a week - on - week increase of 21.5 yuan/ton [65]. - As of February 6, the spot basis of iron ore was 4.5 yuan/ton, a week - on - week increase of 2.0 yuan/ton [65]. Raw Materials: Price & Profit - As of February 6, the spot price index of Australian powder ore in Rizhao Port (62% Fe) was 764 yuan/ton, a week - on - week decrease of 29.0 yuan/ton [74]. - As of February 5, the ex - warehouse price of main coking coal in Jingtang Port was 1700 yuan/ton, a week - on - week decrease of 80.0 yuan/ton [74]. - As of February 6, the ex - factory price of first - grade metallurgical coke was 1770 yuan/ton, unchanged from the previous week [74]. - As of February 6, the average profit per ton of coke for independent coking enterprises was - 10 yuan/ton, a week - on - week increase of 45.0 yuan/ton [74]. - As of February 6, the price difference between hot metal and scrap steel was 66.3 yuan/ton, a week - on - week decrease of 51.9 yuan/ton [74]. 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profits attributable to parent companies, EPS, and P/E ratios of multiple listed steel companies from 2024 to 2027 [75]. Key Announcements of Listed Companies - Youfa Group plans to invest in establishing a wholly - owned subsidiary, Guangdong Youfa Pipe Industry Technology Co., Ltd., with a registered capital of 500 million yuan [76]. - Hainan Mining is planning to acquire the control rights of Luoyang Fengrui Fluorine Industry Co., Ltd. through the issuance of shares and payment of cash and raise supporting funds. The company's stock has been suspended since January 29, 2026, with an expected suspension time of no more than 10 trading days [76]. - Hualing Steel has repurchased 56,023,339 shares as of January 31, 2026, accounting for 0.8109% of the total share capital, with a total transaction amount of 278,597,423.90 yuan [78]. - Anyang Iron and Steel expects a loss of about 460 million yuan in 2025, with a year - on - year reduction of about 85.94% in the loss amount. The net profit after deducting non - recurring gains and losses is expected to be about - 748 million yuan, with a year - on - year reduction of about 77.44% in the loss amount [78]. 4. This Week's Important Industry News - The new - home transactions in 10 major cities increased by 26.8% week - on - week, indicating a warming of real estate demand and having a marginal boost to the demand for construction steel [79]. - Indonesia has suspended the spot coal export due to the government's production cut plan, which may affect China's coal supply and be negative for steel prices [79]. - As of February 2, 23 listed steel companies have released their 2025 performance forecasts, with 12 in profit and 11 in loss [79]. - In January 2026, the sales volume of excavators in China was 18,708 units, a year - on - year increase of 49.5%, with domestic sales increasing by 61.4% and exports increasing by 40.5% [79].

Group 1 - HeSteel Resources announced that it will hold an investor research meeting on February 5, 2026, from 16:00 to 17:00 [1] - The meeting will be attended by the company's board secretary Zhao Qingsong and securities affairs representative Zheng Zengyan, who will respond to investor inquiries [1] Group 2 - The article highlights the issue of millions of elderly individuals living alone and the need for solutions to help them age gracefully [1] - It mentions that the concept of intended guardianship has been present in the country for 14 years but is still facing challenges in full implementation [1]

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather conditions, including a comprehensive drainage system and emergency evacuation plans [2] - Due to heavy rainfall in January 2026, underground water inflow exceeded drainage capacity, leading to water accumulation in some tunnels [2] - Despite the challenges, the company successfully executed a production halt and evacuation, preventing any casualties or major safety incidents [2] Group 2: Project Updates and Delays - The progress of the No. 6 crusher project for the copper phase II has been affected by the underground water issues, causing delays in the construction schedule [3] - The expected production commencement for the copper phase II project will be postponed due to the impact of the recent flooding [3] Group 3: Iron Ore Processing Enhancements - The company plans to upgrade its processing techniques to increase the iron ore grade from 58% to 65%, targeting an annual output of 6 million tons [3] - Although costs per ton may slightly increase, the price differential (approximately $13 per ton) between 62% and 65% grade will enhance overall economic benefits [3] Group 4: Dividend Policy and Investor Relations - The company emphasizes sustainable development in its dividend policy, aiming to balance profitability, cash flow, and investment needs to ensure stable returns for investors [3]