Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

Investment Rating - The report maintains a recommendation for the steel industry, indicating an improvement in supply and demand during the peak season, leading to a slight recovery in industry profitability [2][4]. Core Insights - The steel industry is experiencing a dual increase in supply and demand, with pig iron production rising above 2.3 million tons and consumption of the five major steel products reaching 8.8797 million tons, a week-on-week increase of 194,900 tons. This improvement in supply and demand has led to a rebound in steel prices and a slight expansion in corporate profitability. However, the overall demand recovery remains slow, resulting in inventory levels still under pressure compared to the same period last year, leading to cautious market sentiment [3][4]. - The report highlights that the upstream raw material-related stocks have performed relatively stable, while the prices of major steel products have shown slight fluctuations. The steel industry is currently in a phase of stable supply and demand, with a potential for recovery in industry prosperity as policies on both supply and demand sides are implemented [4][5]. Industry Data Tracking Production Data - As of March 27, the total production of the five major steel products was 8.3958 million tons, with a week-on-week decrease of 0.24 million tons. The average daily pig iron production from 247 steel enterprises was 2.3109 million tons, a week-on-week increase of 29,400 tons. The utilization rate of blast furnace capacity was 86.63%, and the operating rate was 81.03% [10][21]. Consumption Data - The total consumption of the five major steel products reached 8.8797 million tons, with week-on-week increases in rebar (+172,800 tons), wire rod (+73,000 tons), and hot-rolled products (+31,200 tons). However, cold-rolled and medium-thick plates saw decreases of 34,000 tons and 48,100 tons, respectively [10][21]. Inventory Situation - The total steel inventory was 18.9784 million tons, a week-on-week decrease of 483,900 tons. Social inventory accounted for 13.8769 million tons, down 23.33% week-on-week, while steel mill inventory was 5.1015 million tons, down 25.06% week-on-week [10][21]. Profitability - As of March 27, the profitability of various steel products was as follows: high furnace rebar (55 CNY/ton), building steel (electric furnace, -91 CNY/ton), hot-rolled sheets (16 CNY/ton), and cold-rolled sheets (-139 CNY/ton). Approximately 43.29% of the sampled steel enterprises were profitable [10][21].

证券代码：000959 证券简称：首钢股份 公告编号：2026-019 北京首钢股份有限公司 北京首钢股份有限公司（以下简称"公司"或"本公司"）正在 筹划发行可转换公司债券及支付现金购买资产并募集配套资金事项 （以下简称"本次交易"）。经初步研究和测算，预计本次交易将不 构成《上市公司重大资产重组管理办法》规定的重大资产重组，可能 构成关联交易。因该事项尚存不确定性，为了保证信息披露公平，切 实维护广大投资者利益，避免对公司股价造成重大影响，根据《深圳 证券交易所股票上市规则》及《上市公司重大资产重组管理办法》等 有关规定，经向深圳证券交易所申请，公司股票（证券简称：首钢股 份，证券代码：000959）自 2026 年 3 月 27 日开市时起停牌。 公司预计在不超过 10 个交易日的时间内披露本次交易方案，即 在 2026 年 4 月 11 日前按照《公开发行证券的公司信息披露内容与 格式准则 26 号——上市公司重大资产重组》的要求披露相关信息。 若公司未能在上述期限内召开董事会审议并披露交易方案，公司 股票最晚将于 2026 年 4 月 13 日开市起复牌并终止筹划相关事项，同 时披露停牌期间筹划事项 ...

证券代码：000959 证券简称：首钢股份 公告编号：2026-017 北京首钢股份有限公司 关于股票期权授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示: 股票期权简称：首钢 JLC1 股票期权代码：037957 股票期权授予登记数量：71,073,612 份，约占目前公司总股本 的 0.9165% 股票期权授予登记人数：501 人 股票期权授予上市日：2026 年 3 月 25 日 股票期权行权价格：4.22 元/股 股票来源：公司向激励对象定向发行的公司 A 股普通股股票 根据中国证券监督管理委员会（以下简称"中国证监会"）、深 圳证券交易所及中国证券登记结算有限责任公司深圳分公司的有关 规定，北京首钢股份有限公司（以下简称"公司"）完成了 2025 年 股票期权与限制性股票激励计划（以下简称"《激励计划》"或"本 次激励计划"）中股票期权的授予登记工作，现将有关事项公告如下: 一、本次激励计划已履行的决策程序和信息披露情况 （一）2025 年 9 月 29 日，公司召开八届二十次董事会会议，审 议通过了《关于<北京首钢股 ...

证券代码：000959 证券简称：首钢股份 公告编号：2026-018 北京首钢股份有限公司 关于限制性股票授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示: 限制性股票授予登记数量：71,073,612 股，约占目前公司总股 本的 0.9165% 股票来源：公司从二级市场回购的本公司人民币 A 股普通股股 票 本次限制性股票授予登记完成后，不会导致公司控股股东及实 际控制人发生变化，公司股权分布仍具备上市条件。 根据中国证券监督管理委员会（以下简称"中国证监会"）、深 圳证券交易所及中国证券登记结算有限责任公司深圳分公司的有关 规定，北京首钢股份有限公司（以下简称"公司"）完成了 2025 年 股票期权与限制性股票激励计划（以下简称"本次激励计划"）中限 制性股票的授予登记工作，现将有关事项公告如下: 一、本次激励计划已履行的决策程序和信息披露情况 （一）2025 年 9 月 29 日，公司召开八届二十次董事会会议，审 议通过了《关于<北京首钢股份有限公司 2025 年股票期权与限制性股 票激励计划(草案)>及其摘要的议案》《 ...

北京首钢股份有限公司 关于回购股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：000959 证券简称：首钢股份 公告编号：2026-016 北京首钢股份有限公司（以下简称"公司"）于2025年9月29日 召开八届二十次董事会会议，审议通过了《关于回购公司股份方案的 议案》；于2025年10月22日召开八届二十一次董事会会议，审议通过 了《关于调整回购股份方案暨取得金融机构股票回购专项贷款承诺函 的议案》，公司拟使用自有资金及股票回购专项贷款，以集中竞价交 易方式，按照不超过人民币6.50元/股的回购价格，回购4,000万股— 8,000万股社会公众股用于实施股权激励计划。按照回购价格上限6.50 元/股测算，预计回购金额约为26,000万元—52,000万元。本次回购股 份的实施期限为自公司董事会审议通过最终回购股份方案之日起不 超过12个月。具体内容详见公司于2025年9月30日、2025年10月23日、 2025年11月4日披露的《北京首钢股份有限公司回购股份方案》《北 京首钢股份有限公司关于调整回购股份方案暨取得金 ...

Group 1 - The largest mixed-flow retrofit unit in China is set to be put into operation, with the third runner of the Yunnan Dachao Mountain unit installed and expected to generate power by April. This project represents the largest retrofit unit in the country that achieves wide-load operation through runner replacement, providing significant reference for similar upgrades [2] - Shougang and China FAW have successfully developed and validated 2.4GPa (2400MPa) ultra-high-strength hot-formed steel, marking a significant advancement for China in the high-performance automotive steel application sector. This material will first be applied to key safety structural components of Hongqi vehicles [2] - China's first energy engineering dedicated satellite, "Dianjian No. 1," has completed its development, achieving multiple technological breakthroughs such as lightweight design and precise positioning. The satellite weighs 298 kg and operates in a sun-synchronous orbit at an altitude of 500±50 km, with a maximum resolution of sub-meter level and a revisit period of 11 days, intended for monitoring large engineering structure deformations and geological disaster identification in harsh environments [2]

Investment Rating - The steel industry maintains an investment rating of "Positive" [2] Core Insights - The steel sector experienced a decline of 10.03% this week, underperforming the broader market, with specific segments such as special steel down 9.18% and iron ore down 10.96% [10][12] - Supply conditions show an increase in high furnace capacity utilization to 85.5%, while electric furnace utilization rose to 56.6% [24] - Demand for the five major steel products increased to 868.5 million tons, reflecting a week-on-week rise of 8.82% [34] - Social inventory of the five major steel products decreased by 12.26 million tons week-on-week, while factory inventory fell by 16.40 million tons [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase, while special steel is at 6622.7 yuan/ton [47] - Profit margins for rebar steel decreased to 59 yuan/ton, while electric furnace profit margins for construction steel fell to -86 yuan/ton [55] Supply Summary - As of March 20, the average daily pig iron production was 2.2815 million tons, with a week-on-week increase of 6.95% [24] - The total production of the five major steel products reached 744.1 million tons, marking a week-on-week increase of 2.41% [24] Demand Summary - The consumption of the five major steel products reached 868.5 million tons, with a week-on-week increase of 70.40 million tons [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline [34] Inventory Summary - Social inventory of the five major steel products stood at 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, also down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index increased by 2.56 yuan/ton week-on-week, while the special steel price index rose by 5.93 yuan/ton [47] - The profit for rebar steel decreased by 5.0 yuan/ton week-on-week, while the electric furnace profit for construction steel decreased by 8.0 yuan/ton [55] Raw Material Prices Summary - The spot price index for Australian iron ore (62% Fe) was 776 yuan/ton, with a week-on-week increase of 1.0 yuan/ton [73] - The price for coking coal at the port was 1600 yuan/ton, reflecting a week-on-week increase of 10.0 yuan/ton [73] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [74]

Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The steel sector experienced a decline of 10.03% this week, underperforming the broader market, with specific segments such as special steel down 9.18% and iron ore down 10.96% [10][12] - Supply conditions show an increase in high furnace capacity utilization to 85.5%, while electric furnace utilization rose to 56.6% [24] - Demand for the five major steel products increased to 868.5 million tons, reflecting a week-on-week rise of 8.82% [34] - Social inventory of the five major steel products decreased by 0.86% week-on-week, while factory inventory fell by 2.97% [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase [47] - The report anticipates a long-term improvement in supply-demand dynamics, supported by cost factors and low valuations in the steel sector [3] Supply Summary - As of March 20, the average daily pig iron production was 2.2815 million tons, with a week-on-week increase of 6.95% [24] - High furnace capacity utilization increased by 2.61 percentage points to 85.5% [24] - Electric furnace capacity utilization rose by 6.13 percentage points to 56.6% [24] - Total production of the five major steel products reached 7.441 million tons, up 2.41% week-on-week [24] Demand Summary - Consumption of the five major steel products reached 8.685 million tons, with a week-on-week increase of 8.82% [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline of 3.17% [34] - The transaction area of commercial housing in 30 major cities increased to 1.696 million square meters, reflecting a week-on-week rise [34] Inventory Summary - Social inventory of the five major steel products was 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index is 3448.0 yuan/ton, with a year-on-year decrease of 2.78% [47] - The special steel price index is 6622.7 yuan/ton, with a year-on-year decrease of 1.30% [47] - The profit for rebar production was 59 yuan/ton, down 7.81% week-on-week [55] - The profit for electric furnace construction steel was -86 yuan/ton, down 10.26% week-on-week [55] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 yuan/ton, with a week-on-week increase of 1.0 yuan [73] - The price of coking coal at the port was 1600 yuan/ton, up 10.0 yuan week-on-week [73] - The price of first-grade metallurgical coke remained stable at 1715 yuan/ton [73] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential for growth [74]