Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [8][14]. Core Insights - In H1 2025, the company achieved a revenue of 6.105 billion yuan, representing a year-on-year growth of 26%, and a net profit attributable to shareholders of 828 million yuan, up 28% year-on-year [4][5]. - The company's overseas revenue saw a remarkable increase of 93% year-on-year, contributing to 53% of total revenue in H1 2025, driven by successful market expansion and acquisitions [5][6]. - The composite pipe products have become a major revenue source, with a staggering 219% year-on-year growth in this segment, reflecting the effectiveness of long-term market cultivation [6][7]. - The gross profit margin improved by 2.29 percentage points to 27.20%, supported by revenue growth and enhanced profitability across various sectors [7]. - The company anticipates net profits of 1.741 billion yuan, 1.969 billion yuan, and 2.204 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 13, 12, and 10 times [8][10]. Company Overview - The latest closing price of the company's stock is 23.19 yuan, with a total market capitalization of 22.7 billion yuan [3]. - The company has a total share capital of 977 million shares, with a debt-to-asset ratio of 42.7% and a PE ratio of 14.96 [3].

Group 1 - Maanshan Iron & Steel Co., Ltd. (马钢股份) reached the daily limit increase in stock price [1] - Vanadium Titanium Resources Co., Ltd. (钒钛股份) previously hit the daily limit increase [1] - Other companies such as Jinzhu Pipeline Co., Ltd. (金洲管道), Wujin Stainless Steel Co., Ltd. (武进不锈), Changbao Steel Pipe Industry Co., Ltd. (常宝股份), Hainan Mining Co., Ltd. (海南矿业), and Jiuli Special Materials Co., Ltd. (久立特材) also experienced stock price increases [1]

Market Performance - The special steel sector increased by 1.94% on September 29, with Jinzhou Pipeline leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Jinzhou Pipeline (002443) closed at 7.76, up 8.23% with a trading volume of 341,300 shares and a transaction value of 259 million [1] - Jiuli Special Materials (002318) closed at 24.40, up 5.22% with a trading volume of 222,300 shares and a transaction value of 530 million [1] - Changbao Co. (002478) closed at 5.78, up 4.14% with a trading volume of 361,900 shares and a transaction value of 207 million [1] - Other notable performers include Taiyuan Iron & Steel (000825) up 2.33%, Shagang Group (002075) up 1.44%, and Xining Special Steel (600117) up 1.27% [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 6.55 million from institutional investors and 97.38 million from retail investors, while retail investors saw a net inflow of 104 million [1] - Jiuli Special Materials had a net inflow of 36.89 million from institutional investors but a net outflow of 40.28 million from speculative investors [2] - Jinzhou Pipeline saw a net inflow of 23.67 million from institutional investors but a net outflow of 20.40 million from speculative investors [2]

Core Insights - The A-share steel sector experienced a significant upward trend, with Maanshan Iron & Steel Co., Ltd. nearing a trading limit increase, and Jinzhou Pipeline rising over 7% [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhou Pipeline (002443) increased by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) rose by 4.97%, with a market cap of 19.6 billion, but has a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) increased by 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) rose by 3.88%, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) increased by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) rose by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also increased by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Core Viewpoint - Jiu Li Special Materials has shown a positive stock performance with a year-to-date increase of 5.66% and a recent trading surge, indicating strong market interest and potential growth opportunities [1][2]. Financial Performance - For the first half of 2025, Jiu Li Special Materials reported a revenue of 6.105 billion yuan, representing a year-on-year growth of 26.39% [2]. - The net profit attributable to shareholders for the same period was 828 million yuan, reflecting a year-on-year increase of 28.48% [2]. Stock Market Activity - As of September 29, the stock price reached 23.74 yuan per share, with a trading volume of 1.78 billion yuan and a market capitalization of 23.198 billion yuan [1]. - The stock has experienced a net inflow of 5.2477 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders increased by 16.03% to 20,600, while the average number of circulating shares per person decreased by 13.80% to 46,427 shares [2][3]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 44.6371 million shares, an increase of 1.8334 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, Jiu Li Special Materials has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed over the last three years [3].

Core Insights - The investment in the nuclear fusion industry is highly differentiated, with significant funding concentrated in core areas such as magnet systems, power supplies, and superconducting materials, which have high technical barriers [1][2] - The magnet system accounts for the largest share of the budget at 287 million yuan, representing 42.34% of the total investment, indicating its critical role in nuclear fusion device funding [1] - The CFEDR project is expected to have a substantial investment of around 120 billion yuan, with equipment costs estimated at 72 billion yuan, suggesting significant future value release in the industry chain from 2030 to 2033 [2] Investment Opportunities - Current investment opportunities in the nuclear fusion industry chain are primarily focused on two areas: 1. Segments with clear performance delivery rhythms, such as the magnet system with a cumulative budget of 370 million yuan and the power supply system exceeding 100 million yuan, providing strong performance locking for related manufacturers [3] 2. Manufacturers that have established good verification and customer connections during the BEST phase are expected to maintain advantages in the CFEDR pre-research and subsequent construction [3]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

Market Overview - On September 26, the special steel sector rose by 1.04%, led by CITIC Special Steel, while the Shanghai Composite Index closed at 3828.11, down 0.65% [1] - The Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - CITIC Special Steel (000708) closed at 13.28, up 2.79% with a trading volume of 248,300 shares and a turnover of 327 million yuan [1] - Fangda Special Steel (600507) closed at 5.35, up 2.10% with a trading volume of 226,500 shares and a turnover of 121 million yuan [1] - Changbao Co., Ltd. (002478) closed at 5.55, up 1.46% with a trading volume of 111,800 shares and a turnover of 61.88 million yuan [1] - Other notable performances include Jiuli Special Materials (002318) at 23.19, up 0.69%, and Xining Special Steel (600117) at 3.14, up 0.32% [1] Capital Flow - The special steel sector experienced a net outflow of 48.64 million yuan from institutional investors, while retail investors saw a net inflow of 69.25 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Fangda Special Steel saw a net inflow of 14.34 million yuan from institutional investors, while retail investors had a net outflow of 7.82 million yuan [3] - CITIC Special Steel had a net inflow of 1.44 million yuan from institutional investors, with retail investors contributing a net inflow of 12.84 million yuan [3] - Other stocks like Taigang Stainless Steel (000825) and Xining Special Steel (600117) also showed varied capital flows, reflecting differing investor sentiments across the sector [3]

Market Overview - On September 25, the special steel sector rose by 0.46% compared to the previous trading day, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Xianglou New Materials (301160) closed at 63.58, up 2.25% with a trading volume of 28,400 lots and a transaction value of 181 million [1] - CITIC Special Steel (000708) closed at 12.92, up 1.10% with a trading volume of 136,200 lots [1] - Jinzhu Pipeline (002443) closed at 7.35, up 0.68% with a trading volume of 144,800 lots [1] - Other notable performances include Jiuli Special Materials (002318) at 23.03, up 0.57%, and Taiyuan Iron & Steel (000825) at 3.87, up 0.52% [1] Capital Flow - The special steel sector saw a net inflow of 7.496 million from institutional investors, while retail investors contributed a net inflow of 29.624 million [2] - However, speculative funds experienced a net outflow of 37.1203 million [2] Individual Stock Capital Flow - Jinzhu Pipeline (002443) had a net inflow of 19.2741 million from institutional investors, while it faced a net outflow of 11.3191 million from speculative funds [3] - Xianglou New Materials (301160) saw a net inflow of 17.6055 million from institutional investors, with a net outflow of 12.4069 million from speculative funds [3] - Fushun Special Steel (600399) recorded a net inflow of 4.4309 million from institutional investors [3]

Market Overview - On September 24, the special steel sector rose by 0.11% compared to the previous trading day, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Jiuli Special Materials (002318) closed at 22.90, with a gain of 3.01% and a trading volume of 142,800 shares, amounting to a transaction value of 325 million yuan [1] - Other notable performers included: - Shengde Zhengtai (300881) at 34.04, up 2.53% [1] - Changbao Co. (002478) at 5.56, up 1.65% [1] - Shagang Group (002075) at 5.71, up 1.42% [1] Capital Flow - The special steel sector saw a net inflow of 25.36 million yuan from main funds, while retail funds experienced a net inflow of 38.95 million yuan [2] - Notably, speculative funds had a net outflow of 64.32 million yuan [2] Individual Stock Capital Flow - Jiuli Special Materials had a main fund net outflow of 33.99 million yuan, with retail funds showing a net inflow of 0.37 million yuan [3] - Tai Steel (000825) experienced a main fund net inflow of 5.32 million yuan, while retail funds also saw a net inflow of 0.52 million yuan [3] - Other stocks like Shengde Xintai (300881) and Changbao Co. (002478) faced significant net outflows from main and speculative funds [3]