Investment Rating - The report maintains a "Buy" rating for several key companies in the steel sector, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The steel industry is experiencing a slight decline in daily molten iron production, with the average dropping to 227.9 thousand tons, while steel production has seen a minor increase [13]. - Total steel inventory has expanded, with a week-on-week increase of 1.7%, indicating a growing supply in the market [23]. - Apparent consumption of steel has weakened slightly, with rebar demand decreasing by 13.4% week-on-week [39]. - Iron ore prices are trending downwards, influenced by increased shipments from Australia and Brazil, alongside rising port inventories [48]. - The current steel price index has decreased by 0.2% week-on-week, reflecting a general weakening in the market [72]. Summary by Sections 1. Supply - Daily molten iron production has decreased by 0.2 thousand tons to 227.9 thousand tons, with a slight recovery in steel production [13]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.1 percentage points week-on-week but up 0.8 percentage points year-on-year [17]. 2. Inventory - The total inventory of five major steel products has increased by 1.7% week-on-week, with social inventory rising to 890.7 thousand tons [25]. - Rebar social inventory has increased by 7.7% week-on-week, while hot-rolled coil inventory has decreased by 1.0% [25]. 3. Demand - Apparent consumption of five major steel products has decreased by 1.0% week-on-week, with rebar consumption down by 4.9% [49]. - Weekly average transaction volume for construction steel has dropped to 67 thousand tons, a decline of 13.4% [41]. 4. Raw Materials - Iron ore prices have weakened, with the Platts 62% iron ore price index at $103.2 per ton, down 1.4% week-on-week [58]. - The total port inventory of iron ore has increased by 1.5% week-on-week, indicating a supply surplus [58]. 5. Prices and Profits - The comprehensive steel price index has decreased to 121.6, reflecting a 0.2% decline week-on-week [72]. - The current profit margins for long-process rebar and hot-rolled coils are negative, indicating cost pressures in the industry [74].

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].

（编辑 姚尧） 证券日报网讯 1月29日，华菱钢铁在互动平台回答投资者提问时表示，公司持续加强与同行之间的交流 合作。公司子公司华菱衡钢位于湖南省衡阳市，华菱衡钢是竞争力全国前三的专业化无缝钢管供应商。 ...

Core Viewpoint - Hualing Steel has clarified the tax payment announcement regarding the tax payment periods for its subsidiaries, ensuring transparency and compliance with disclosure regulations [1] Group 1: Tax Payment Details - The tax payment period for Hualing Xianggang covers 2020-2023, while Hualing Lian Steel covers 2018-2023, confirming there are no inaccuracies in the disclosure [1] - The company has provided detailed information about the tax payment situation in its official announcement, which complies with relevant disclosure regulations [1] Group 2: Investor Communication - The company emphasizes its commitment to enhancing communication with shareholders through various methods, including investor research receptions, responses to platform inquiries, earnings briefings, and investor hotlines [1] - Hualing Steel aims to actively address investor concerns and showcase its strong fundamentals [1]

（编辑 姚尧） 证券日报网讯 1月29日，华菱钢铁在互动平台回答投资者提问时表示，上市公司的股价表现受宏观环 境、市场情绪、投资者偏好等多种因素影响，应秉持客观、动态的视角予以综合评估。在市值表现方 面，公司2025年股价上涨37.58%，分别跑赢上证指数、申万普钢指数19.17、16.98个百分点。 ...

Core Viewpoint - The company emphasizes a long-term strategy focused on differentiated development and high-end product structure, with ongoing investments in digital transformation, production line quality enhancement, and product structure adjustment [1] Group 1: Strategic Focus - The company has not made large-scale investments in new production capacity, adhering to a strict internal process for major project investments [1] - A comprehensive mechanism has been established for investment planning, feasibility studies, project approvals, and dynamic assessments to ensure scientific decision-making and steady progress in investment projects [1] Group 2: Financial Outlook - The company forecasts a net profit attributable to shareholders of 2.6 billion to 3 billion yuan for 2025, representing a year-on-year growth of 27.97% to 47.66% [1] - The company maintains a leading profitability level within the industry [1]

Group 1 - During the "14th Five-Year Plan" period, Hunan's capital market has achieved significant breakthroughs in nurturing listed companies, optimizing sector structure, gathering innovative momentum, and fulfilling social responsibilities, thereby injecting strong vitality into the province's economic and social development [1] - The number of A-share listed companies in Hunan increased from 116 at the end of 2020 to 146 by the end of 2025, with a total market value reaching 1.89 trillion yuan, a 7.5% increase from 2020 [2] - In 2024, Hunan's listed companies generated operating income of 899.77 billion yuan, accounting for 16.9% of the provincial GDP, and achieved a net profit of 42.01 billion yuan, representing 19.2% of the industrial profits in the province [2] Group 2 - By the end of 2024, there were 93 manufacturing listed companies in Hunan, accounting for nearly 70% of the total number of listed companies, with a total tax contribution of 27.036 billion yuan [3] - The capital market structure in Hunan has been continuously optimized, with strategic emerging industries becoming new growth engines, as evidenced by 13 out of 14 newly listed companies belonging to these sectors [4] - The "Changsha-Zhuzhou-Xiangtan" urban agglomeration remains the core area for listed companies, with Changsha leading with 86 companies, nearly 60% of the total [4] Group 3 - Hunan's listed companies have actively expanded overseas, achieving overseas revenue of 157.573 billion yuan in 2024, which accounts for 17.51% of total revenue, marking an 86.85% increase since 2020 [5] - R&D investment by Hunan's listed companies reached 32.34 billion yuan in 2024, with an overall R&D intensity of 3.6%, surpassing the national average of 2.1% [6] - The number of patents held by Hunan's listed companies reached 44,312 by the end of 2024, a 48.4% increase from 29,860 in 2020, with significant achievements in key sectors [7] Group 4 - Hunan's listed companies have actively fulfilled social responsibilities, with 88 companies implementing cash dividends totaling over 22.7 billion yuan in 2024, a 130% increase from 2020 [8] - The disclosure of ESG reports by Hunan's listed companies increased by 182.35%, with over half publishing independent reports in 2024 [8] - Hunan's capital market has experienced leapfrog development during the "14th Five-Year Plan," with listed companies enhancing their core competitiveness and contributing to high-quality economic development [9]

Core Viewpoint - The company is implementing a strategic design and control model for its subsidiaries, aiming to enhance operational efficiency and support high-quality development through a centralized management approach [1]. Group 1 - The company positions its headquarters as a strategic management center, value creation center, functional service center, and risk prevention center [1]. - The operational model allows for cross-departmental, cross-level, cross-process, and cross-regional collaboration to improve efficiency [1].

Core Viewpoint - The company has included a tax payment of 224 million yuan in its Q3 2025 report, but there are concerns regarding the disclosure of significant tax risks related to its controlling subsidiaries [1] Group 1 - The company confirmed that its announcements comply with relevant information disclosure regulations [1] - There are allegations from investors suggesting potential concealment of negative information by the company [1] - Questions have been raised about the company's responsibility for losses incurred by minority shareholders due to the lack of disclosure [1]

免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(华菱钢铁SZ000932)： 感谢您对公司的关注。公司保持战略定力，在产品结构调整等方面的持续投入，是着眼于公司长远发 展、提升长期竞争力的战略举措。公司重大项目投资严格按照公司章程和内部制度进行充分论证，这些 高端品种项目从建成投产到达产达效，再到实现预期经济效益均需要合理时间和周期。公司在专注于做 精做强钢铁主业的同时，也关注产业链上下游合适的投资布局机会。查看更多董秘问答>> 投资者提问： 尊敬的董秘您好！公司近三年斥巨资投入主业，却未获预期回报反而投产项目陷入亏损，请问上马相关 产线时未充分考量下游行业景气度？为何不借鉴部分钢企经验合理布局第二主业，以改善业绩？ ...