（文章来源：证券日报） 证券日报网讯 2月25日，久立特材在互动平台回答投资者提问时表示，公司始终密切关注并深入分析全 球能源领域的项目机遇，包括中东地区的大型天然气及油气基础设施相关项目，致力于积极捕捉市场的 新动态与发展新契机。若涉及具体投标事宜或重大合同进展，公司将严格遵守相关法律法规及监管规 定，及时履行信息披露义务。在此特别提示：所有信息请以公司在法定信息披露渠道及平台发布的公告 为准，敬请广大投资者理性投资、审慎决策，注意投资风险。 ...

Group 1: Core Insights - The steel industry in 2025 is characterized by supply contraction, export growth, price stabilization at low levels, and gradual improvement in profitability, with crude steel and pig iron production decreasing by 4.4% and 3.0% respectively, while steel output increased by 3.1% to 1.446 billion tons [2][10][81] - Steel exports reached a record high of 11.9 million tons in 2025, reflecting a 7.5% year-on-year increase, while the average export price fell by 8.1% to 694 USD per ton [10][81] - The China Steel Price Index (CSPI) averaged 93.19 points in 2025, down 9.1% year-on-year, indicating a narrow fluctuation range and a balance in market supply and demand [11][81] Group 2: Supply and Demand Dynamics - The raw material prices for iron ore and coking coal showed a mixed trend in 2025, with expectations for stable supply and weak price fluctuations in 2026 [2][19][81] - The steel supply side is constrained by government policies, leading to further reductions in pig iron and crude steel production capacity, while steel mills adopted a "production based on demand" strategy [2][23][81] - The demand structure for steel is shifting, with manufacturing steel usage surpassing construction steel for the first time, accounting for 51% of total demand, while construction steel dropped to 49% [2][44][82] Group 3: Industry Transformation and Profitability - The steel industry is expected to focus on "controlling total volume, optimizing supply, increasing efficiency, and promoting transformation" as it enters the 14th Five-Year Plan period [12][82] - Profitability is anticipated to stabilize and improve, supported by structural optimization and cost control, with special steel and green steel sectors likely to benefit from industry development [12][82] - Investment recommendations include companies such as CITIC Special Steel, Hualing Steel, Jiuli Special Materials, Yongjin Co., and Yongxing Materials, which are expected to perform well in the evolving market [81][83]

久立特材产品线丰富多元，涵盖DSS/SDSS、CRA-OCTG、HRB/MLP/WOL、SG-U管、油气输送用大口 径厚壁不锈钢焊接管、大型换热器用超长不锈钢焊接U型管、海水腐蚀铁素体不锈钢焊接U型管、海水 淡化及电站用钛及钛合金焊接管等近百个品种，广泛应用于油气、电力、化工等多个核心工业领域。其 中，公司部分高端产品成功打破国外技术垄断，填补国内相关领域空白，构建显著技术壁垒与市场竞争 优势。截至2025年上半年，久立特材应用于高端装备制造及新材料领域的高附加值、高技术含量产品实 现营业收入12.20亿元，占公司营收比重约20%，同比增长15.42%。 依托优质的产品品质与高效的服务能力，久立特材赢得了国内外众多大中型企业的广泛信赖与深度合 作。在国内市场，公司是中石油、中石化、中海油、中国化工集团、国家能源集团、中国广核 （003816）集团、哈尔滨电气、上海电气（601727）、东方电气（600875）等国内核心能源及装备企业 的重要供应商，深度绑定国内能源基建核心需求；在国际市场，久立特材产品远销70多个国家和地区， 成功与沙特阿美（Aramco）、英荷壳牌（Shell）、埃克森美孚（ExxonMob ...

[Table_Title] 如何展望节后的钢铁行情？ 丨证券研究报告丨 行业研究丨行业周报丨钢铁 报告要点 [Table_Summary] 当前钢铁板块是一个弹性大且可能超预期的板块。从高频数据上看，产业的预期无疑是比较低 的。今年冬储累库的力度为近年来最弱，五大钢材总库存的高度也处于近年低位，映射经过四 年多的下行期后，产业在心态上比较谨慎和悲观。但另一维度，低库存有助于缓解节后去库的 压力；价格底部或意味着价格的调整较为充分，成材从供需维度逐步达到弱平衡。由此，在基 本面和价格均充分筑底的状态下，若需求或供给侧受到催化，成材涨价的弹性或较为显著。当 前时点，成材价格上涨的概率或大于下跌的概率；且一旦涨价，涨价弹性值得期待。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 [Table ...

【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核 【中信证券新材料/机械/电新】核电行业重点推荐——高端制造估值重估，短期业绩高增远期空间广阔 ‼核心观点：①核电为低位、低估值、高科技属性大容量板块，同时国内外利好催化密集；②大部分标的长期估值 受限，但短期板块将业绩高增，同时四代堆/小堆/核应用/出口/乏燃料将贡献增量；③聚变资本开支基准有望迎事 件切换，大幅拔高远期估值。 ‼高利润率高成长，估值长期受限。 25年我国核电发电占比约4.82%，世界平均水平10%，发达国家普遍在20%以上，AI需求引发行业复兴，空间广 阔。 行业壁垒导致核岛核心设备毛利率在30%以上。 在历史业绩稳健增长、毛利率较高的背景下，零部件企业估值提升长期受限，我们认为核心原因是市场对核电"远 期成长"信心不足 ...

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投资前景预测报 告》 2025年1-12月，黑色金属冶炼和压延加工业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为6325个，和上年同期相比，减少了1个，同比下降0.02%，占工业总企业的比重为1.2%。 2016-2025年黑色金属冶炼和压延加工业企业数统计图 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 ...

Core Viewpoint - The steel sector is expected to have strong "anti-involution" characteristics and significant profit recovery potential, making it a strategic investment opportunity in the medium to long term, with a "positive" industry rating maintained [1] Market Performance - Last week, the steel sector rose by 1.01%, outperforming the broader market; the special steel sector increased by 1.80%, while long products fell by 3.15% and flat products rose by 1.24% [2] - Iron ore sector increased by 4.12%, while steel consumption materials and trade circulation sectors fell by 1.61% and 1.78% respectively [2] Supply Situation - As of February 13, the capacity utilization rate of blast furnaces among sample steel companies was 86.4%, up by 0.72 percentage points week-on-week [2] - Electric furnace capacity utilization was 21.0%, down by 27.11 percentage points week-on-week [2] - The production of five major steel products was 6.96 million tons, a decrease of 248,600 tons or 3.45% week-on-week [2] Demand Situation - As of February 13, the consumption of five major steel products was 6.891 million tons, down by 715,800 tons or 9.41% week-on-week [2] - The transaction volume of construction steel among mainstream traders was 35,000 tons, down by 48.24% week-on-week [2] Inventory Situation - As of February 13, social inventory of five major steel products was 10.267 million tons, up by 9.17% week-on-week [3] - Factory inventory was 4.161 million tons, also up by 4.71% week-on-week [3] Price and Profit Situation - As of February 13, the comprehensive index for ordinary steel was 3,409.5 yuan/ton, down by 0.14% week-on-week [3] - The comprehensive index for special steel was 6,579.7 yuan/ton, down by 0.03% week-on-week [3] - The profit for rebar was 80 yuan/ton, up by 23.08% week-on-week [3] Raw Material Situation - As of February 14, the spot price index for Australian powder ore (62% Fe) was 754 yuan/ton, down by 1.44% week-on-week [4] - The price for primary metallurgical coke was 1,770 yuan/ton, unchanged week-on-week [4] Overall Assessment - The current inventory pressure for the five major steel products is relatively limited, with overall inventory at a historically low level and accumulation speed slower than previous years [5] - The profit margins for ordinary steel are favorable, indicating significant improvement potential for ordinary steel companies, which may lead to value recovery in the steel sector [5]

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Insights - The steel sector has shown resilience with a weekly increase of 1.01%, outperforming the broader market [10] - The supply situation indicates a high furnace capacity utilization rate of 86.4%, with a slight increase of 0.72 percentage points week-on-week [27] - Demand has decreased, with a total consumption of 689.1 million tons of steel, down 9.41% week-on-week [36] - Social inventory of steel has increased by 9.17% week-on-week, totaling 1,026.7 million tons, while factory inventory has also risen by 4.71% [45] - Steel prices have shown a slight decline, with the comprehensive index for ordinary steel at 3,409.5 CNY/ton, down 0.14% week-on-week [51] - Profit margins for rebar steel have improved, with a profit of 80 CNY/ton, an increase of 23.08% week-on-week [59] Supply Summary - As of February 13, the average daily pig iron production was 2.3049 million tons, reflecting a week-on-week increase of 1.91% [27] - The capacity utilization for electric furnaces has decreased significantly by 27.11 percentage points to 21.0% [27] - The total production of the five major steel products was 6.96 million tons, down 3.45% week-on-week [27] Demand Summary - The consumption of the five major steel products was 6.891 million tons, a decrease of 71.58 million tons week-on-week [36] - The transaction volume of construction steel by mainstream traders was 35,000 tons, down 48.24% week-on-week [36] - The transaction area of commercial housing in 30 major cities was 1.443 million square meters, down 21.2% week-on-week [36] Inventory Summary - Social inventory of the five major steel products reached 10.267 million tons, with a week-on-week increase of 86.26 million tons [45] - Factory inventory of the five major steel products was 4.161 million tons, up 4.71% week-on-week [45] Price & Profit Summary - The comprehensive index for ordinary steel is 3,409.5 CNY/ton, down 4.73 CNY/ton week-on-week [51] - The comprehensive index for special steel is 6,579.7 CNY/ton, down 2.29 CNY/ton week-on-week [51] - The average cost of pig iron is 2,343 CNY/ton, down 8.0 CNY/ton week-on-week [59] - The profit for electric furnace steel was -48 CNY/ton, while the profit for rebar steel was 80 CNY/ton [59] Investment Recommendations - Focus on regional leading companies with advanced equipment and environmental standards such as Hualing Steel, Shougang, and Shandong Steel [3] - Consider companies with excellent growth potential and restructuring plans like Baosteel and Nanjing Steel [3] - Pay attention to special steel companies benefiting from the new energy cycle [3]

Company Performance - On February 13, 2026, Jiuli Special Materials (002318) experienced a stock price decline of 4.16%, closing at 34.06 yuan, while the steel sector dropped by 2.46% and the special steel sector fell by 3.05% [1][2] - The stock price reached a new high of 35.98 yuan on February 12 before declining, breaking below the 5-day moving average of 34.57 yuan but remaining above the 20-day moving average of 33.20 yuan [1] - The company's net profit for the first three quarters of 2025 increased by 20.73% year-on-year, but forecasts indicate a potential decline of 5.08% in net profit for 2026 [4] Industry Context - The overall A-share market saw major indices decline, with the Shanghai Composite Index down 1.26% and the Shenzhen Component Index down 1.28%, influenced by macroeconomic expectations [2] - Despite Jiuli Special Materials' solid fundamentals, the company was affected by negative sentiment in the steel sector [2] Market Sentiment - On February 13, the net inflow of main funds was 830,800 yuan, but there was a net outflow of 6,656,600 yuan from large orders, indicating a divergence in fund flows and differing institutional views on short-term valuations [3] - The company's price-to-earnings ratio (TTM) was 19.50 times, and the price-to-book ratio was 4.08 times, which, while lower than some high-temperature alloy peers, is still at a relatively high level historically for the company [5] Future Outlook - The comprehensive target price set by institutions is 40.00 yuan, suggesting a potential upside of 17.44% from the current price, indicating limited short-term valuation recovery potential [5] - Investors are advised to monitor the progress of the company's high-end production capacity release and the disclosure of the 2025 annual report [5]

Meeting Overview - The company held its 2026 first extraordinary general meeting on February 13, 2026, at 14:30, combining on-site and online voting methods [6][8] - A total of 637 participants attended the meeting, representing 596,678,701 shares, which is 61.7277% of the total voting shares [4][5] Attendance Details - Out of the total participants, 9 attended the on-site meeting, representing 369,499,346 shares (38.2255% of total voting shares) [5] - 628 shareholders participated via online voting, representing 227,179,355 shares (23.5022% of total voting shares) [5] - Among the attendees, 630 were small investors, representing 227,469,655 shares (23.5322% of total voting shares) [7] Proposals and Voting Results - The meeting approved the proposal for the 2026 Employee Stock Ownership Plan (draft) with 243,512,705 votes in favor (99.7586% of valid votes) [8] - The proposal for the 2026 Employee Stock Ownership Plan Management Measures was also approved with 243,518,705 votes in favor (99.7610% of valid votes) [9] - The proposal to authorize the board to handle matters related to the 2026 Employee Stock Ownership Plan received 243,518,705 votes in favor (99.7610% of valid votes) [10] Legal Opinion - The meeting was witnessed by lawyers from Guohao Law Firm, who confirmed that the meeting's procedures complied with relevant laws and regulations, making the meeting's attendance and voting results valid [11][12]