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 6 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关 于<2026 年员工持股计划（草案）>及其摘要的议案》，其中董事李郑周、王长 城、徐阿敏、苏诚、沈筱刚回避表决。 为更进一步健全完善劳动者与所有者的利益共享机制，提高员工的凝聚力 和公司整体竞争力，确保公司未来发展战略和经营目标的实现，根据《公司法》 《证券法》《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交 易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关法律、行 政法规和规范性文件以及《公司章程》的有关规定，结合公司实际情况，制定 了《浙江久立特材科技股份有限公司 2026 年员工持股计划（草案）》及其摘要。 证券代码:002318 证券简称:久立特材 公告编号:2026-002 浙江久立特材科技股份有限公司 第七届董事会第十八次会议决议公告 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 八次会议于 2026 年 1 ...

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为373.54万元。该股近5个交易日累 计上涨5.47%，主力资金合计净流出5307.1万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月27日，久立特材收涨4.53%，收盘价为33.00元，发生1笔大宗交易，合计成交量11.9万股，成交金额 373.54万元。 第1笔成交价格为31.39元，成交11.90万股，成交金额373.54万元，溢价率为-4.88%，买方营业部为光大 证券股份有限公司宁波柳汀街证券营业部，卖方营业部为光大证券股份有限公司宁波柳汀街证券营业 部。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | 2026-01-27 | 002318 | 久立特材 | 31.39 | 11.90 | 373.54 光大证券股份有限 | 光大证券股份有限 | | | | | | | 公司宁波柳汀街证 | 公司宁波柳汀街证 | | | | | | | 劳营业部 | 券营业部 | 1月27日，久立特材大宗交易成交11.9万股，成交额373.54万元，占当日总成交额的0.74%，成交价31.39 元，较市场收盘价33元折价4.88%。 | 权益类证券大宗交易(协议交易) | | --- | ...

Investment Rating - The report maintains a "Buy" rating for Harbin Electric with a target price of HKD 27.05 [6][4]. Core Insights - Harbin Electric is expected to achieve a net profit of RMB 2.65 billion in 2025, representing a year-on-year increase of 57%, exceeding expectations by 10.5% [1][4]. - The profit growth is attributed to the fulfillment of new equipment orders and improved internal management efficiency, alongside the realization of high-margin orders [1][4]. - The company is positioned to benefit from increasing domestic electricity demand and the emphasis on multi-energy supply in the "14th Five-Year Plan" [1][2]. Summary by Sections Financial Performance - The forecast for net profit for 2025-2027 is adjusted to RMB 2.65 billion, RMB 3.48 billion, and RMB 4.08 billion, reflecting increases of 57%, 31%, and 17% respectively [4][10]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 1.19, RMB 1.55, and RMB 1.82 [4][10]. Market Opportunities - The demand for traditional baseload power sources is expected to drive a significant increase in equipment orders, with new orders projected at RMB 56.87 billion and RMB 35.56 billion for 2024 and the first half of 2025, respectively [11]. - The company has optimized its contracting strategy since 2022, focusing on high-margin quality orders, which may further enhance profitability [11]. Industry Trends - The report highlights a potential growth opportunity in the overseas market due to a shortage of electricity, particularly in data centers and re-industrialization efforts [3]. - Harbin Electric has developed capabilities in heavy-duty gas turbine systems and is positioned to benefit from global electricity shortages, with its small gas turbines expected to see export demand [3][4]. Valuation - The report employs a segmented valuation approach, assigning a price-to-earnings (PE) ratio of 20.86x for the fourth-generation nuclear power business and 14.17x for the power equipment segment [4][14]. - The target price has been raised to HKD 27.05 from HKD 21, reflecting a positive outlook on the company's growth prospects [4][6].

Market Overview - The special steel sector experienced a decline of 1.28% on January 26, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable stock performances in the special steel sector included: - Fangda Special Steel: Closed at 6.40, up 2.07% with a trading volume of 494,500 shares and a turnover of 313 million yuan [1] - Changbao Co.: Closed at 9.88, down 3.42% with a trading volume of 397,600 shares and a turnover of 393 million yuan [2] - Xining Special Steel: Closed at 3.01, down 1.31% with a trading volume of 391,400 shares and a turnover of 118 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 349 million yuan from main funds, while retail investors contributed a net inflow of 379 million yuan [2] - Specific capital flows for selected stocks included: - Fangda Special Steel: Main funds net inflow of 27.06 million yuan, retail net outflow of 10.95 million yuan [3] - Changbao Co.: Main funds net outflow of 60.73 million yuan, retail net inflow of 69.76 million yuan [3]

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。 2019年-2025年全国黑色金属冶炼和压延加工业出口货值统计图 数据来源：国家统计局，智研咨询整理 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》 根据国家统计局数据可知：2025年12月全国黑色金属冶炼和压延加工业出口货值为159亿元，同比增长 0.1%；2025年全国黑色金属冶炼和压延加工业累计出口货值为2000.6亿元，累计同比下降3.5%。 ...

证券研究报告 钢铁周报：春季躁动，钢铁躁动 2026 年 01 月 25 日 行业评级：看好 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 1 价格表现 | | | | 【浙商金属】钢铁周度数据(2026年1月25日) | | | | --- | --- | --- | --- | --- | --- | | | 价格 | | | 周涨跌幅 | 年初至今涨跌幅 | | | 上证指数 | | 4.136 | 0.8% | 4.2% | | | 沪深300 | | 4.702 | -0.6% | 1.6% | | | SW钢铁指数 | | 2,897 | 7.3% | 8.9% | | 板块 | | SW普钢指数 | 2,688 | 6.5% | 6.8% | | | | SW特钢指数 | 5.280 | 7.6% | 9.8% | | | | SW冶钢原料指数 | ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a spring surge in the steel industry, indicating a positive market sentiment and potential growth opportunities [1] Price Performance - The SW Steel Index has increased by 7.3% week-on-week and 8.9% year-to-date, outperforming the Shanghai Composite Index which rose by 0.8% and the CSI 300 Index which decreased by 0.6% [3] - Specific steel products show varied price changes, with rebar (HRB400 20mm) priced at 3,260 CNY/ton, down 1.8% week-on-week [3] - Iron ore prices have seen a decline, with the Platts index at 103 USD/ton, down 2.5% [3] Inventory - Total social inventory of the five major steel products stands at 867 million tons, reflecting a slight increase of 0.3% week-on-week but a decrease of 0.5% year-to-date [4] - Steel mill inventory is at 389 million tons, up 2.1% week-on-week and 0.8% year-to-date [4] - Port inventory of iron ore is reported at 16,763 million tons, increasing by 1.3% week-on-week and 5.7% year-to-date [4] Supply and Demand - The report indicates a steady production rate, with weekly output of the five major steel products being monitored [7] - The average daily molten iron production is projected to remain stable, reflecting consistent demand in the market [7]

Investment Rating - The report maintains a "Buy" rating for the steel sector, indicating a positive outlook for selected companies within the industry [4][11]. Core Insights - The steel industry is experiencing a slight increase in daily molten iron production, with an average of 228.2 thousand tons, reflecting a 0.2 thousand ton increase [14]. - Total steel inventory has shifted from a decrease to an increase, with a week-on-week rise of 0.8%, indicating a change in market dynamics [26]. - Apparent steel consumption has weakened on a week-on-week basis, with a notable decline in rebar demand, which decreased by 15.3% [40]. - The report highlights a decrease in steel prices and immediate profit margins, suggesting a challenging pricing environment for steel products [71]. Summary by Sections Supply - Daily molten iron production has slightly increased, with long-process production rising [14]. - The capacity utilization rate of 247 steel mills is at 85.5%, showing a 0.1 percentage point increase [20]. Inventory - Total steel inventory has increased, with social inventory at 8.685 million tons, up 0.2% week-on-week [28]. - Steel mill inventory has also risen significantly, indicating a potential oversupply situation [26]. Demand - Apparent consumption of five major steel products has decreased by 2.0% week-on-week, with rebar consumption down by 2.5% [50]. - The average weekly transaction volume for construction steel has dropped to 78 thousand tons [42]. Raw Materials - Iron ore prices have weakened, with a decrease in shipments from Australia and Brazil, leading to a rise in port inventories [49]. - The report notes that the current "anti-involution" policy may influence future production rhythms and pricing [49]. Prices and Profits - The comprehensive steel price index has decreased by 0.7% week-on-week, with specific prices for rebar and hot-rolled sheets also declining [71]. - Immediate profit margins for long-process steel products have decreased, indicating pressure on profitability [71]. Key Companies - The report recommends several companies for investment, including Hualing Steel, Nanjing Steel, and Baosteel, highlighting their potential benefits from the current market conditions [7].

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 [2][3]. Core Insights - The report highlights a tightening security expectation in the steel industry following a serious safety incident at Baogang Steel, which has led to increased scrutiny and potential impacts on production [9]. - It notes that while steel prices have decreased recently, the overall demand-supply dynamics are showing signs of marginal improvement, with steel mills expected to recover profits in the near term [9]. - The report emphasizes the shift towards high-end product exports, suggesting that leading companies will benefit from a transition from scale expansion to quality and efficiency improvements [9]. Summary by Sections Domestic Steel Market - As of January 23, 2026, steel prices have declined, with rebar priced at 3,260 CNY/ton, down 60 CNY from the previous week [15][16]. - The report indicates an increase in production, with total output for major steel products reaching 8.2 million tons, a slight increase from the previous week [9][12]. International Steel Market - The U.S. steel market shows stable prices, with hot-rolled coil prices at 1,050 USD/ton, unchanged from the previous week [27][29]. - European steel prices have seen slight increases, with hot-rolled prices rising to 745 USD/ton [27][29]. Raw Materials and Shipping Market - Domestic iron ore prices are fluctuating, with local prices for iron concentrate around 750 CNY/ton, while imported iron ore prices are showing a downward trend [31][34]. - The report notes that the shipping market has seen an increase, indicating potential cost pressures for raw material imports [31]. Production and Inventory - The report states that as of January 23, 2026, total steel inventory has increased, with social inventory rising by 21,400 tons to 8.6746 million tons [9][12]. - The production of rebar has increased to 1.9955 million tons, reflecting a recovery in output levels [9][12]. Profitability Analysis - The report provides a profitability outlook, indicating that the average gross margins for rebar and hot-rolled steel have shown fluctuations, with rebar margins decreasing by 8 CNY/ton [9][12]. - It suggests that the profitability of steel mills is expected to improve as demand conditions stabilize [9].