Investment Rating - The report maintains a "Buy" rating for several steel companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [9]. Core Insights - The steel market is experiencing a recovery in valuation, with absolute valuations moving from undervalued to moderately low levels, indicating potential for absolute returns [2]. - The report emphasizes the importance of structural reforms in the capital market, which are expected to facilitate a shift towards value investing in the steel industry [2]. - The report highlights that the demand for steel is improving, with significant increases in apparent consumption, particularly for rebar [6][41]. Supply Analysis - Daily molten iron production has decreased by 16,000 tons to 2.28 million tons, while steel production has slightly increased [15]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.6 percentage points week-on-week but up 1.2 percentage points year-on-year [21]. Inventory Analysis - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 0.6% [27]. - The social inventory of five major steel products is 8.663 million tons, up 0.1% week-on-week and up 8.7% year-on-year [29]. Demand Analysis - Apparent consumption of five major steel products has improved significantly, with a week-on-week increase of 3.7% [51]. - Rebar apparent consumption reached 1.903 million tons, up 8.8% week-on-week and 2.8% year-on-year [51]. Raw Material Analysis - Iron ore prices have weakened, with a decrease in the shipping volume from Australia and Brazil, while port inventories have increased [50]. - The price index for imported iron ore is reported at 106.2 USD/ton, down 2.2% week-on-week [59]. Price and Profit Analysis - Steel prices are stable with slight increases, and the gross profit margins for steel products are improving [69]. - The comprehensive steel price index is at 122.7, reflecting a week-on-week increase of 0.2% [70].

证券之星消息，1月15日特钢板块较上一交易日上涨0.08%，甬金股份领涨。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。特钢板块个股涨跌见下表： 从资金流向上来看，当日特钢板块主力资金净流入3438.47万元，游资资金净流出6629.34万元，散户资金 净流入3190.87万元。特钢板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000825 太钢不锈 | | 4673.10万 | 4.36% | -4153.27万 | -3.88% | -519.82万 | -0.48% | | 600399 抚顺特钢 | | 2576.49万 | 2.19% | -2219.51万 | -1.89% | -356.98万 | -0.30% | | 002443 | 金洲管道 | 1684.73万 | 8.64% | -548.64万 | -2.81% ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 14, 2026 [1][5] - The top performer, 常宝股份 (Changbao Co., Ltd.), recorded a daily increase of 9.99% and a year-to-date increase of 5.31% with a dividend yield of 2.69% [1][5] - Other notable stocks include 岱美股份 (Daimay Co., Ltd.) with a daily increase of 5.56% and 南山铝业 (Nanshan Aluminum) with a year-to-date increase of 9.85% and a dividend yield of 6.74% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings ratio of 11.75 times and an expected price-to-earnings ratio of 11.07 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, such as 中远海能 (COSCO Shipping Energy) at 19.86% [1][5] - The article also notes the formation of a MACD golden cross signal, suggesting a bullish trend for the stocks mentioned [4][8]

Market Overview - The special steel sector experienced a decline of 0.31% on January 14, with Fushun Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable stock performances include: - Changbao Co., Ltd. (002478) rose by 9.99% to a closing price of 8.92, with a trading volume of 624,500 shares and a transaction value of 539 million [1] - Jinzhu Pipeline (002443) increased by 1.88% to 8.67, with a trading volume of 275,200 shares [1] - Taiyuan Iron & Steel (000825) saw a slight increase of 1.53% to 5.32, with a trading volume of 1,698,400 shares [1] - Other stocks like Xining Special Steel (600117) and CITIC Special Steel (000708) experienced minor declines of 0.34% and 0.44%, respectively [1] Capital Flow - The special steel sector saw a net outflow of 24.62 million from institutional investors and 48.36 million from retail investors, while retail investors had a net inflow of 72.99 million [2] - The capital flow for specific stocks indicates: - Changbao Co., Ltd. had a net inflow of 1.24 billion from institutional investors, but a net outflow of 74.27 million from retail investors [3] - Xining Special Steel had a net inflow of 10.68 million from institutional investors, while retail investors experienced a net outflow of 11.70 million [3] - Taiyuan Iron & Steel faced a net outflow of 135.03 million from institutional investors, but retail investors had a net inflow of 220.43 million [3]

Core Viewpoint - The company, Changbao Co., Ltd. (002478), emphasizes its HRSG products as a key value offering in the gas turbine waste heat boiler power generation sector, maintaining strong partnerships with leading domestic and international brands [1] Group 1: Product and Market Position - HRSG products are highlighted as a specialty value product for the company, primarily used in the gas turbine waste heat boiler power generation field [1] - The company reports a sufficient order backlog for HRSG products, with production lines operating at full capacity [1] Group 2: Production and Strategy - The company plans to optimize production organization and increase HRSG product capacity through market-driven approaches to adapt to growing and changing market demands [1] - Continuous efforts will be made to enhance product competitiveness and value rate [1]

格隆汇1月13日丨常宝股份(002478.SZ)在投资者互动平台表示，公司目前在委内瑞拉没有业务。 ...

格隆汇1月13日丨常宝股份(002478.SZ)在投资者互动平台表示，公司目前在委内瑞拉没有业务。 ...

格隆汇1月13日丨常宝股份(002478.SZ)在投资者互动平台表示， HRSG产品为公司特色价值产品，主要 应用于燃气轮机余热锅炉发电领域，公司长期与国内外头部品牌客户保持合作关系。目前，公司 HRSG 订单充足，产线保持满负荷运行。公司将根据市场需求情况，进一步优化生产组织安排，加大HRSG 产 品的产能挖潜和结构升级，以市场化的方式灵活应对市场需求的增长和变化，持续提升产品的竞争力和 价值率。 ...

证券之星消息，1月12日特钢板块较上一交易日上涨1.54%，金洲管道领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002443 | 金洲管道 | 8.86 | 10.06% | 45.05万 | | 3.82亿 | | 6682009 | 抚顺特钢 | 7.06 | 8.78% | 241.63万 | | 17.00亿 | | 002318 | 久立特材 | 29.93 | 3.28% | 21.92万 | | 6.48亿 | | 000825 | 太钢不锈 | 5.57 | 2.96% | 226.58万 | | 12.66亿 | | 600117 | 西宁特钢 | 3.01 | 2.38% | 48.74万 | | 1.46 Z | | 300881 | 盛德整泰 | 35.79 | 1.24% | 2.11万 | | 7527.67万 | | ...

Core Viewpoint - The report highlights a decline in China's welded steel pipe production in November 2025, indicating a potential downturn in the industry [1] Group 1: Industry Overview - In November 2025, China's welded steel pipe production was 5.02 million tons, representing a year-on-year decrease of 7.1% [1] - From January to November 2025, the cumulative production of welded steel pipes in China reached 55.213 million tons, showing a slight increase of 0.6% compared to the previous year [1] Group 2: Companies Involved - Listed companies in the welded steel pipe sector include Baosteel Co., Ltd. (600019), Xinxing Cathay International Group (000778), Changbao Steel Pipe (002478), Jiuli Special Materials (002318), Honglu Steel Structure (002541), Youfa Group (601686), CITIC Special Steel (000708), Jinzhu Pipeline (002443), and Yulong Steel (601028) [1] Group 3: Research and Analysis - The report titled "Analysis of Development Models and Future Prospects of China's Welded Steel Pipe Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to support investment decisions [1]