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]

Investment Rating - The investment rating for the steel industry is Neutral, maintained [9] Core Insights - The report highlights that the expansion of low-cost capacities, such as Simandou and the four major mines, is expected to drive long-term declines in iron ore prices. A significant drop in prices is anticipated in March and April, with current iron ore inventories at historical highs, suggesting a potentially larger decline [2][6] - The steel industry is experiencing a reduction in supply pressure due to self-initiated production cuts, leading to a slight improvement in profitability despite weak demand in the construction steel sector. Total steel demand is supported by resilient plate demand, with a year-on-year decline of 3.57% and a month-on-month decline of 0.56% in apparent consumption [4][5] - The report emphasizes the importance of supply-side policies aimed at reducing low-end exports and eliminating outdated capacities, with a focus on environmental and energy efficiency evaluations expected to be completed by the end of 2025 [2][6] Summary by Sections Cost Analysis - The black industrial chain's profits are largely captured by iron ore, with total profits estimated at 4,127 billion for iron ore, 337 billion for coking coal, and 1,264 billion for steel, representing 72%, 6%, and 22% of total profits respectively. The majority of iron ore is imported, leading to a significant outflow of profits overseas [5] - The Simandou project is expected to begin production by the end of 2025, with anticipated sales of 30 million tons from the northern mine and 5 to 10 million tons from the southern mine in 2026, contributing to a projected 4.3% increase in global iron ore supply [5] Supply Analysis - The report indicates that the steel industry is focused on reducing excess capacity, with policies aimed at "grading management and eliminating the weak" expected to be implemented in 2026. Non-compliant enterprises may face significant production cuts, highlighting the importance of regulatory compliance [6] - The report notes that the overall steel inventory has decreased by 2.70% week-on-week, while year-on-year it has increased by 12.34%, indicating a gradual reduction in inventory levels [4]

Market Overview - The special steel sector experienced a decline of 0.62% on January 5, with CITIC Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4023.42, up by 1.38%, while the Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Stock Performance - Notable stock performances in the special steel sector included: - Xianglou New Materials (301160) closed at 72.76, up by 1.21% with a trading volume of 49,200 shares [1] - Shengde Zhengtai (300881) closed at 34.21, up by 1.03% with a trading volume of 12,000 shares [1] - CITIC Special Steel (000708) closed at 16.10, down by 1.65% with a trading volume of 214,100 shares [2] Capital Flow - The special steel sector saw a net outflow of 21.14 million yuan from main funds, while retail investors contributed a net inflow of 45.45 million yuan [2] - The capital flow for specific stocks included: - Jiuli Special Materials (002318) had a main fund net inflow of 27.18 million yuan [3] - CITIC Special Steel (000708) experienced a main fund net inflow of 4.40 million yuan [3] - Fushun Special Steel (600399) had a main fund net inflow of 1.66 million yuan [3]

中信钢铁指数报收 1,933.16 点，下跌 0.55%，跑赢沪深 300 指数 0.03pct， 位列 30 个中信一级板块涨跌幅榜第 16 位。 重点领域分析： 投资策略：2026 年新的一年已经到来，过去两年我们用《走向成熟》、《时 代的周期》、《告别放任的年代》、《江河万古流》、《重估中国》以及《人间 正道是沧桑》六份周期深度报告去扭转过去盛行的用所谓的西方经验对中 国的悲观叙事。当 2025 年一连串事件冲击后，事实证明其实以前很多担 忧都是过虑了。社会认知开始反思，过去两三年一度流行的"中国经济的 日本叙事"论调也随之破产。其实我们生命中有很多周期很长以至于我们 不易察觉，只有有些距离感以后才能看清楚一些事情的轮廓。如今经过工 业化成熟后的转型蜕变，崭新的中国故事未来也将绽放光芒。在新的发展 阶段，后发工业国成熟后资本市场繁荣的基础是全社会总量的资本过剩， 结构上分别通过居民存款配置、金融机构大类资产配置、企业分红回购与 海外热钱等渠道注入市场，这些资金管道共同构成了增量资金的主要来 源，当其中一个部门形成较大资金流进入资本市场的时候，股市就会出现 趋势性牛市上涨的行情。当全社会将过剩资本通过以上 ...

证券代码：002318 证券简称：久立特材 公告编号：2025- 049 浙江久立特材科技股份有限公司 关于聘任公司副总经理的公告 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、误导性陈述或者重大遗漏。 浙江久立特材科技股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开第七届董事会第十七次会议，审议通过了《关于聘任公司副总经理的议 案》。基于公司发展和实际工作需要，经公司总经理提名、董事会提名委员会任 职资格审查后，董事会同意聘任沈筱刚先生担任公司副总经理，任期自本次董 事会审议通过之日起至第七届董事会任期届满时止。 沈筱刚先生简历如下： 截至目前，沈筱刚先生持有公司股份290,500股；与公司控股股东、实际控 制人、持有5%以上股权的股东及其董事、高级管理人员不存在关联关系；未受 过中国证监会及其他有关部门的处罚和证券交易所纪律处分；无因涉嫌犯罪被 司法机关立案侦查或者涉嫌违法违规被中国证监会立案稽查，尚未有明确结论 的情况；无曾被中国证监会在证券期货市场违法失信信息公开查询平台公示或 者被人民法院纳入失信被执行人名单情况；不存在《公司法》《公司章程》等规 ...

证券代码:002318 证券简称:久立特材 公告编号:2025- 048 浙江久立特材科技股份有限公司 与会董事经认真审议，以记名投票表决方式通过了如下决议： （一）会议以 11 票同意、0 票反对、0 票弃权的表决结果，审议通过了 《关于聘任公司副总经理的议案》。 本议案已经公司董事会提名委员会审核通过。具体内容详见公司在《证券 时报》、《中国证券报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn） 披露的《关于聘任公司副总经理的公告》。 三、备查文件 1、第七届董事会第十七次会议决议； 第七届董事会第十七次会议决议公告 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。 一、会议召开情况 浙江久立特材科技股份有限公司（以下简称"公司"）第七届董事会第十 七次会议于 2025 年 12 月 31 日以现场结合通讯表决的方式召开。本次会议的通 知于 2025 年 12 月 30 日以电子邮件方式送达全体董事。鉴于本次会议属于紧急 情况下召开的董事会临时会议，公司全体董事确认本次会议通知符合相关规定。 本次会议应出席董事（含独立董事）11 名，实际 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance in the coming years [2][4]. Core Insights - The expectation for iron ore replenishment has increased, while short-term steel exports are under pressure due to new regulations on low-value-added steel exports [8][30]. - Steel prices have seen a slight increase, with the price of 20mm HRB400 rebar reaching 3,320 CNY/ton, up 40 CNY/ton from the previous week [14][15]. - The overall steel production has slightly increased, with a total output of 8.15 million tons for major steel products, reflecting a week-on-week increase [8][30]. - The report highlights a decrease in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel showing a decline compared to the previous week [8][30]. Summary by Sections Domestic Steel Market - Domestic steel prices have risen, with specific increases noted in rebar and high-line steel prices [14][15]. - The report indicates stable prices for hot-rolled and cold-rolled steel, while medium plates have remained unchanged [14][15]. International Steel Market - U.S. and European steel prices have remained stable, with no significant changes reported in the last week [25][27]. Raw Materials and Shipping Market - Domestic iron ore prices are stable to slightly rising, while scrap steel prices have decreased [30][35]. - The report notes that the shipping market has seen a decline, impacting overall raw material costs [30]. Production Situation of Domestic Steel Mills - The production of major steel products has increased, with specific gains in rebar and plate production [8][30]. - Inventory levels have decreased, indicating a tightening supply in the market [8][30]. Profit Situation - The steel industry reported a profit of 1,115 billion CNY from January to November, showing a significant year-on-year increase [12][30]. - Monthly profits have shown a decreasing trend, indicating potential challenges ahead [12][30]. Key Steel Companies Valuation and Stock Performance - The report provides detailed earnings forecasts and valuations for key companies, all rated as "Buy" [2][4].

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据可知：2025年11月全国黑色金属冶炼和压延加工业出口货值为163.9亿元，同比增 长0.7%；2025年1-11月全国黑色金属冶炼和压延加工业累计出口货值为1841.7亿元，累计同比下降 3.7%。 2019年-2025年1-11月全国黑色金属冶炼和压延加工业出口货值统计图 上市公司：中信特钢（000708），河钢股份（000709），中南股份（000717），本钢板材（000761）， 三钢闽光（002110），久立特材（002318），金洲管道（002443），常宝股份（002478），盛德鑫泰 （300881），安阳钢铁（600569），八一钢铁（600581），新钢股份（600782），马钢股份（600808） 相关报告：智研咨询发布的《2026-2032年中国黑色金属矿采选业行业市场全景调查及 ...

Core Viewpoint - The company, Jiuli Special Materials, is experiencing heightened interest from the capital market, reflected in recent institutional research activities, indicating positive expectations for its long-term investment value and business development potential [1]. Group 1: Market and Business Development - Jiuli Special Materials has engaged in extensive communication with 17 institutions regarding its market expansion, main business layout, and future strategic planning [1]. - The nuclear power sector is witnessing accelerated domestic production processes, with Jiuli Special Materials positioned as a core supplier of high-value products like evaporator tubes [1]. - The global nuclear power market is projected to grow significantly, reaching approximately $37.46 billion by 2025 and $51.83 billion by 2035, presenting substantial growth opportunities for Jiuli Special Materials [2]. Group 2: Capacity Expansion and Investment - The company plans to invest 376 million yuan in a project to produce 20,000 tons of high-performance pipes for nuclear energy and oil and gas, with 120 million yuan already invested as of mid-2025 [2]. - The project is expected to enhance the company's supply capacity for nuclear pipes, supporting its ability to benefit from industry expansion and improve product structure and profitability [2]. Group 3: Customer Structure and Global Market Presence - Jiuli Special Materials has established deep partnerships with major domestic energy companies and has a global presence, exporting to over 70 countries and collaborating with Fortune 500 companies [3]. - The company’s diverse business segments, including composite pipes, alloy materials, and oil casing pipes, are driving high-quality growth [3]. Group 4: Product Development and Innovation - The composite pipe business is seeing enhanced efficiency and quality through resource integration and successful contract deliveries [3]. - The alloy materials segment is supported by a comprehensive production control system, meeting the stringent requirements of high-end industries like oil and gas and nuclear power [3]. Group 5: Strategic Initiatives and Future Outlook - The company is focusing on mergers and acquisitions to enhance its industrial chain layout and core competitiveness, with a dedicated team for project selection and advancement [5]. - Jiuli Special Materials aims to deepen its global operational layout and accelerate digital transformation to improve operational efficiency and core competitiveness [5][6]. - The company plans to expand its product offerings in high-value deep processing areas, enhancing supply chain resilience and achieving sustainable long-term development [6].

Group 1 - The company Jiuli Special Materials announced that it will accept investor research on December 30, 2025, with participation from Chairman Li Zhengzhou, Secretary of the Board Shou Haotian, and Securities Affairs Representative Yao Huiying [1] - The news highlights the emergence of a new type of chip in China that bypasses the limitations of lithography machines, supporting AI training and embodied intelligence, and can be mass-produced using mature processes of 28 nanometers and above [1]