Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, facilitating a quicker industry upturn [3][4]. Summary by Sections Steel Market Overview - Steel prices have decreased, with the Shanghai rebar price dropping by 20 CNY/ton to 3240 CNY/ton, a decline of 0.61%. The total inventory of steel has increased by 1.70% to 12.7851 million tons [8][12]. - Apparent consumption of five major steel products was 8.0174 million tons, down 0.96% week-on-week but up 28.96% year-on-year [21]. - The production of five major steel products was 8.2317 million tons, an increase of 0.44% week-on-week [12][37]. Supply and Demand Dynamics - Approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The construction sector's demand for steel is expected to stabilize, while demand from infrastructure and manufacturing is projected to grow steadily [4]. Profitability and Production Margins - The average gross profit for rebar was 196.9 CNY/ton, down 11.7 CNY/ton from the previous week, while hot-rolled coil profit increased by 2.3 CNY/ton to 46.9 CNY/ton [39]. - The profitability rate of 247 steel companies was 39.39%, a decrease of 1.3% from the previous week [28]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [4].

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Market Overview - The small metals sector experienced a decline of 1.61% compared to the previous trading day, with China Uranium Industry leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Small Metals Sector Performance - Notable gainers in the small metals sector included: - Xianglu Tungsten Industry (002842) with a closing price of 26.22, up 6.98% and a trading volume of 713,900 shares [1] - Western Materials (002149) closed at 46.25, up 6.20% with a trading volume of 1,218,500 shares [1] - China Tungsten High-Tech (000657) closed at 50.49, up 2.06% with a trading volume of 1,463,800 shares [1] - Other companies showed minor fluctuations, with some experiencing slight declines [1] Capital Flow Analysis - The small metals sector saw a net outflow of 3.255 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.534 billion yuan [2] - The overall capital flow indicated a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Western Materials (002149) had a net inflow of 674.1 million yuan from institutional investors, but a net outflow of 469 million yuan from speculative funds [3] - Other companies like Huayang New Materials (600281) and China Rare Earth (000831) also showed significant net outflows from institutional investors, indicating a cautious approach from larger players [3]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, and if supply policies are implemented, the pace of supply contraction may accelerate [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of the five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6]. - The total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6]. Production and Capacity Utilization - The production of five major steel products was 8.192 million tons, a slight increase of 0.08% week-on-week [6]. - The operating rate of blast furnaces in 247 steel mills was 78.84%, down 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. Raw Material Prices - Iron ore spot prices remained unchanged, while futures prices decreased by 0.31% to 812 CNY/ton [48]. - The port inventory of iron ore rose to 165.55 million tons, an increase of 1.72% [52]. - The total shipment volume from major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [53][61]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hesteel, as well as those with competitive advantages like CITIC Special Steel and Yongjin Materials [6].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, which could accelerate the industry's upward progress if supply policies are implemented [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6][20]. - Total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6][12]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6][41]. Production and Capacity Utilization - The operating rate of blast furnaces in 247 steel mills was 78.84%, a decrease of 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. - The total steel production was 8.1921 million tons, a slight increase of 0.08% week-on-week [6][40]. Raw Materials - Iron ore inventory at ports reached 165.55 million tons, an increase of 1.72% week-on-week, marking a historical high [6][52]. - The spot price of iron ore remained unchanged, while futures prices decreased slightly [6][48]. - The total shipment volume of the four major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [6][53][61]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [6]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [6].

Group 1 - The company, Anning Co., stated that it will disclose production information in accordance with legal and regulatory requirements [2] - The company's main products from its "annual production of 60,000 tons of energy-grade titanium (alloy) materials full industry chain project" include titanium ingots, titanium plates, and titanium coils [2]

Group 1 - The company held its 31st meeting of the sixth board of directors on January 16, 2026, to discuss various matters including adjustments to the 2025 restricted stock incentive plan [3][5][6] - The board approved the adjustment of the incentive plan, reducing the number of recipients from 33 to 32 and the total number of restricted shares from 722,600 to 710,400 [6][19][44] - The board also approved the granting of 710,400 restricted shares to 32 recipients at a price of 20.60 yuan per share, with the grant date set for January 16, 2026 [10][28][29] Group 2 - The company appointed Yang Junwei as the board secretary, with his term starting from the date of the board's approval until the end of the current board's term [54][56] - Yang Junwei holds the necessary qualifications and has no conflicts of interest with major shareholders or other board members [58]

Group 1 - Company Anning Co., Ltd. announced the appointment of Mr. Yang Junwei as the secretary of the board of directors after passing the qualification review by the nomination committee [1] - The silver market has seen a significant increase, with prices rising over 80% in the last 50 days, indicating a potential peak in the precious metals bull market [1] - Historically, surges in silver prices often signal the climax of a bull market in precious metals, raising questions about the current market dynamics [1]

注 3：在限制性股票授予前，激励对象离职或因个人原因自愿放弃获授权益的，由董事会对授予数量 做相应调整，将激励对象放弃的权益份额直接调减或在激励对象之间进行分配，但调整后任何一名激励对 象通过全部在有效期内的股权激励计划获授的本公司股票均不得超过公司股本总额的 1%。 四川安宁铁钛股份有限公司 2025 年限制性股票激励计划激励对象名单（授予日） | 序 | | | | 获授的限制 | 占本激励 | 占本激励计划 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 姓名 | 国籍 | 职务 | 性股票数量 | 计划总量 | 公告时股本总 | | | | | | （万股） | 的比例 | 额的比例 | | 1 | 曾成华 | 中国 | 董事、总经理 | 9.71 | 13.67% | 0.02% | | 2 | 陈学渊 | 中国 | 董事、董事会秘书、财务负责人、 副总经理 | 8.74 | 12.30% | 0.02% | | 3 | 龚发祥 | 中国 | 副总经理 | 7.29 | 10.26% | 0.02% | | 4 | 李建科 | 中国 | 副总经 ...

四川安宁铁钛股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人员 买卖公司股票情况的自查报告 四川安宁铁钛股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召开 第六届董事会第三十次会议，审议通过《2025 年限制性股票激励计划（草案）》 （以下简称"激励计划"）及其摘要等相关议案，并在指定的信息披露媒体巨潮 资讯网（www.cninfo.com.cn）披露了相关公告。 根据《中华人民共和国公司法》（以下简称"公司法"）《中华人民共和国证 券法》（以下简称"证券法"）《上市公司股权激励管理办法》（以下简称"管理办 法"）和《深圳证券交易所上市公司自律监管指南第 1 号—业务办理》等有关法 律法规及规范性文件的相关规定，公司针对 2025 年限制性股票激励计划采取了 充分必要的保密措施，同时对本激励计划内幕信息知情人进行了登记管理。公司 就本激励计划内幕信息知情人及激励对象在激励计划草案公告前 6 个月内，即 2025 年 6 月 23 日至 2025 年 12 月 23 日（以下简称"自查期间"）买卖公司股票 的情况向中国证券登记结算有限责任公司深圳分公司提交了自查申请，具体情 ...