Market Performance - The special steel sector increased by 1.54% on January 12, with Jinzhou Pipeline leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Stock Performance - Jinzhou Pipeline (002443) closed at 8.86, up 10.06% with a trading volume of 450,500 shares and a transaction value of 382 million yuan [1] - Fushun Special Steel (6682009) closed at 7.06, up 8.78% with a trading volume of 2,416,300 shares and a transaction value of 1.7 billion yuan [1] - Jiu Li Special Materials (002318) closed at 29.93, up 3.28% with a trading volume of 219,200 shares and a transaction value of 648 million yuan [1] - Taiyuan Iron & Steel (000825) closed at 5.57, up 2.96% with a trading volume of 2,265,800 shares and a transaction value of 1.266 billion yuan [1] - Xining Special Steel (600117) closed at 3.01, up 2.38% with a trading volume of 487,400 shares and a transaction value of 146 million yuan [1] Capital Flow Analysis - The special steel sector saw a net inflow of 95.108 million yuan from main funds, while retail funds experienced a net inflow of 45.5353 million yuan [2] - The main funds showed a significant net inflow in Fushun Special Steel, amounting to 202 million yuan, while retail funds had a net outflow of 1.02 billion yuan [3] - Jinzhou Pipeline had a net inflow of 39.3476 million yuan from main funds, but a net outflow of 3.3327 million yuan from retail investors [3]

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]

证券日报网讯 1月8日，常宝股份在互动平台回答投资者提问时表示，公司主要产品及业务情况，请参 见公司已经披露的定期报告。 （文章来源：证券日报） ...

证券日报网讯1月8日，常宝股份（002478）在互动平台回答投资者提问时表示，公司股东人数请届时关 注公司定期报告。 ...

Core Viewpoint - The company is focusing on high-end special precision tubing, particularly in the aerospace sector, and is currently in the market development and certification phase for new products [1] Group 1: Company Strategy - The company's special materials project is positioned in the high-end special precision tubing field, with advanced equipment and special material processes [1] - The company plans to focus on the research and manufacturing of various high-end special precision tubes, including those for aerospace applications [1] Group 2: Product Development - The special materials project is currently in the market development and certification stage for various new products [1] - The company has not yet initiated the international certification process for NADCAP [1] - New product development directions include aerospace hydraulic control pipelines and oil pipelines, although there is a degree of uncertainty in product development and market expansion [1]

Group 1 - The special steel sector saw a slight increase of 0.47% on January 8, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Fushun Special Steel's stock price rose by 4.10% to 6.35, with a trading volume of 1.22 million shares and a transaction value of 766 million yuan [1] Group 2 - The special steel sector experienced a net outflow of 49.13 million yuan from main funds, while retail investors saw a net inflow of 62.37 million yuan [2] - Among individual stocks, Fushun Special Steel had a main fund net inflow of 48.90 million yuan, but a net outflow of 66.85 million yuan from retail investors [3] - Changbao Co. had a main fund net inflow of 17.13 million yuan, while retail investors experienced a net outflow of 1.29 million yuan [3]

格隆汇1月8日丨常宝股份(002478.SZ)在投资者互动平台表示，核电类产品是公司新品研发的方向。目 前，公司产线具备相关核电产品的研发能力，但尚未完成民用核安全设备制造许可证等取证和相关认证 工作。目前，公司尚未启动针对SMR的专项产品研发。 ...

Core Viewpoint - The company acknowledges the growing interest in Small Modular Reactors (SMR) within the nuclear power sector and indicates that it is exploring the development of related products, although specific R&D for SMR has not yet commenced [2]. Company Response - The company has confirmed its capability to develop nuclear power-related products but has not yet completed the necessary certifications for manufacturing civilian nuclear safety equipment [2]. - Currently, the company has not initiated targeted R&D for SMR-specific products but is monitoring advancements in SMR technology and market demands [2].

Core Viewpoint - The company is focusing on high-end special precision pipes for aerospace applications, emphasizing its advanced manufacturing processes and quality control measures [2]. Group 1: Company Positioning and Capabilities - The company has positioned its special materials project in the high-end special precision pipe sector, indicating a commitment to advanced manufacturing techniques [2]. - The company claims to possess leading equipment and specialized process flows for the production of special precision pipes [2]. Group 2: Product Development and Certification - The company is currently in the market development and certification phase for various new products, including those for aerospace applications [2]. - The international certification process for NADCAP has not yet been initiated for aerospace pipes [2]. - New product development directions include hydraulic control pipes and oil pipes for aerospace applications, although there is a degree of uncertainty in product development and market expansion [2].

Core Viewpoint - The company is focusing on the development of new products, specifically hydraulic control pipes for aerospace and pipes for nuclear power, while also enhancing its existing HRSG product line to meet market demands [2] Group 1: New Product Development - The company has identified aerospace hydraulic control pipes and nuclear power pipes as key areas for new product research and development [2] - The special materials project has been completed, and the company is currently engaged in process debugging, customer certification, sample testing, and market expansion [2] Group 2: HRSG Product Strategy - The company has a sufficient backlog of orders for its HRSG products and plans to increase production capacity and upgrade product structure [2] - The strategy aims to flexibly respond to changes in domestic and international market demands while enhancing the value of its products [2]