【环球时报驻德国特约记者 青木】"如果没有雄心勃勃、行之有效且务实的产业政策，欧洲经济注定沦 为竞争对手的游戏场。" 欧盟委员会负责工业战略的执行副主席斯特凡纳·塞茹尔内2日在多家欧洲媒体 上发表文章称，欧洲需要用"欧洲制造"战略来保护其自身产业。据路透社报道，这篇文章得到超过1100 名企业首席执行官（CEO）和商界领袖的联合署名。 塞茹尔内在文章里写道："我们必须一劳永逸地在最具战略意义的领域建立真正的欧洲优先权。"这篇文 章发表于欧盟"工业加速器法案"提出之前，该法案预计将在本月提出，其可能制定优先考虑本地制造产 品的要求。该计划的目标是推进能源密集型产业的脱碳，并加强欧洲产业。然而，此举已导致欧盟国家 间产生分歧。 塞茹尔内表示，无论是公共采购、直接国家援助还是其他形式的财政支持，受惠企业必须将其生产的实 质性部分放在欧洲本土。他将此称作"一项经济独立之举，是对德拉吉报告的直接落实"。瑞士《新苏黎 世报》在其分析文章中提到，欧盟法律框架下公共采购市场规模达5500亿瑞士法郎（约合4.9万亿元人 民币）。 这篇文章得到1100余名欧洲行业领袖联合署名，其中包括钢铁制造商安赛乐米塔尔和塔塔钢铁，制药公 司 ...

Core Viewpoint - The steel industry is undergoing a significant transformation towards energy efficiency and carbon reduction, with the implementation of the "Extreme Energy Efficiency Project" aimed at achieving substantial energy savings and CO2 emissions reductions by 2025 [2][3][4]. Group 1: Energy Efficiency and Carbon Reduction Achievements - The steel industry has achieved energy savings exceeding 24 million tons of standard coal and reduced CO2 emissions by 60 million tons, surpassing the targets set in the energy-saving and carbon reduction action plan [2]. - As of now, 143 selected enterprises have a crude steel capacity of over 750 million tons, with energy consumption in blast furnaces and converters decreasing by 2.45% and 12.22% respectively compared to 2023, resulting in cumulative energy savings of 13.2 million tons of standard coal and a reduction of 34 million tons of CO2 [3]. Group 2: Cost Reduction and Efficiency Improvement - The steel industry is facing multiple pressures, leading companies to focus on extreme energy efficiency, resulting in significant cost reductions. For instance, Jiangyin Xingcheng Special Steel achieved annual cost savings of 136 million yuan by reducing energy consumption [4]. - Over 50 demonstration enterprises have invested a total of 40.9 billion yuan over three years, with an average investment of 700 million yuan per enterprise, leading to a reduction in energy costs of 29 yuan per ton of steel and an average payback period of 3.27 years [4]. Group 3: Technological Innovation and Application - Technological innovation is crucial for addressing the high carbon emissions in the steel industry, with the "Extreme Energy Efficiency Project" providing a technology list that includes 134 advanced technologies across various processes [6]. - The implementation of intelligent management systems has led to a reduction in temperature drop at the iron-steel interface, resulting in significant energy savings. For example, Baowu Steel's system reduced temperature drop by 30 degrees Celsius, saving 9,580 tons of standard coal annually [7]. Group 4: Future Directions and Collaborative Efforts - The steel industry will be included in the national carbon emissions trading market by 2025, indicating a shift towards dual control of carbon emissions in terms of total volume and intensity [8]. - The focus will shift from single-process energy efficiency to a comprehensive evaluation system integrating carbon control, emphasizing system integration and digital twin technologies [8][9]. - The China Iron and Steel Association (CISA) plans to promote collaborative innovation among enterprises, universities, and research institutions to address technological challenges and enhance the industry's carbon neutrality efforts [9][10].

Group 1 - The core point of the announcement is that Angang Steel Co., Ltd. plans to continue its commodity futures hedging business in 2026, with a maximum margin of RMB 900 million, which accounts for 1.89% of the company's audited net assets from the previous year [2][3]. - The board of directors approved the hedging business with a unanimous vote of 9 in favor, indicating strong internal support for this strategy [2][20]. - The hedging activities are aimed at mitigating price volatility risks associated with raw materials and finished products, which include iron ore, coking coal, and various steel products [4][7]. Group 2 - The company will conduct futures trading through recognized exchanges such as the Shanghai Futures Exchange and the Dalian Commodity Exchange, focusing on specific commodities like iron ore and steel [7]. - The maximum hedging volume for various products in 2026 is set at 2 million tons for steel, 4.5 million tons for iron ore, and 490,000 tons for coking coal and other related products [7]. - The funding for these futures transactions will come from the company's own funds, ensuring no reliance on raised capital or bank loans for these activities [9]. Group 3 - The company has established a management system for its hedging activities, including a dedicated supervisory department to ensure compliance and effectiveness of the hedging strategy [11]. - Risk management measures are in place to address potential market, liquidity, credit, operational, and legal risks associated with the hedging activities [12][13]. - The company has a clear policy against speculative trading, ensuring that all hedging positions are aligned with actual inventory and sales plans [14].

证券代码：600569 股票简称：安阳钢铁 编号： 2026一013 安阳钢铁股份有限公司 关于高级管理人员辞职并更换 高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 安阳钢铁股份有限公司（以下简称公司）董事会近日收到王春祥先生、王刚先生、商存亮先生辞职的报 告。王春祥先生由于工作变动原因，决定辞去公司经理职务，王春祥先生离任后继续在公司任职。王刚 先生、商存亮先生由于工作变动原因，辞去公司副经理职务，王刚先生、商存亮先生离任后不在公司及 其控股子公司任职。以上人员离任不会影响公司的正常生产经营。根据《公司法》和《公司章程》的规 定，王春祥先生、王刚先生、商存亮先生的辞职报告自送达公司时生效。 经公司2026年2月3日召开的2026年第三次临时董事会会议审议通过，聘任孙拓先生为公司经理，李爱锋 先生、王新志先生、万长友先生、樊剑峰先生为公司副经理。 经公司董事会提名委员会审核孙拓先生、李爱锋先生、王新志先生、万长友先生、樊剑峰先生个人履历 和相关资料，未发现有《公司法》和《公司章程》规定不能担任高级管 ...

Group 1 - The project titled "Research on the Control of Bainite and Toughness Mechanism of Large Cross-section Niobium-Yttrium Composite Micro-alloyed Spring Flat Steel" has been officially listed as a key project under the Nanchang Innovation Development Joint Fund of the Jiangxi Provincial Natural Science Foundation, led by Fangda Special Steel and involving Jiangxi University of Science and Technology [1] - Spring flat steel is a core material for heavy truck suspension guide arms, directly impacting vehicle safety. The material must withstand extreme conditions, including heavy loads and temperatures as low as -40°C, necessitating high strength, high plasticity, and low-temperature impact resistance [1] - The project aims to address common technical bottlenecks in the industry, such as insufficient uniformity and poor hardenability in large cross-section spring flat steel, which typically exceeds 50mm in thickness and 100mm in width [1] Group 2 - Fangda Special Steel is a leading producer of spring flat steel and automotive leaf springs in China, and it serves as a "chain master" enterprise in the new materials industry chain in Nanchang. The company has a strong focus on the spring steel niche, supported by a professional R&D team and several high-level research platforms [2] - The successful development of key material technology for heavy truck spring flat steel is expected to create a core technology system with independent intellectual property rights, potentially overcoming critical technical bottlenecks in the industry and supporting the industrialization of new hot-rolled spring flat steel [2]

近日，美国白宫在其官方账号上发帖高调宣布：美国的钢铁行业已经归来。 | Salient Statistics-United States: | 2017 | 2018 | 2019 | 2020 | 20210 | | --- | --- | --- | --- | --- | --- | | Pig iron production2 | 22.4 | 24.1 | 22.3 | 18.3 | 22 | | Raw steel production | 81.6 | 86.6 | 87.8 | 72.7 | 87 | | Distribution of raw steel production, percent: | | | | | | | Basic oxygen furnaces | 32 | 32 | 30 | 29 | 29 | | Electric arc furnaces | હક | 68 | 70 | 71 | 71 | | Continuously cast steel, percent | 99.6 | 98.2 | 99.8 | 8.66 | 99.8 | | Shipments, st ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 02 月 03 日 螺纹热卷日报 第一部分 市场信息 1/ 10 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 研究所 黑色金属研发报告 第二部分 市场研判 【交易策略】 单边：维持震荡偏弱走势 套利：建议逢高做空卷煤比，做空卷螺差继续持有。 期权：建议观望。 【重要资讯】 1.美国 1 月 ISM 制造业 PMI 录得 52.6，为 2022 年 8 月以来新高。 【相关价格】 现货：网价上海中天螺纹 3200 元（-），北京敬业 3140 元（-），上海鞍钢热卷 3260 元（-），天津河钢热卷 3160 元（-1）。 【交易策略】 今日钢材盘面维持震荡偏弱走势，现货成交整体偏弱，螺纹基本进入放假节奏， 热卷成交也偏弱，价格波动收窄。上周钢联数据公布，五大材加速增产，其中热卷增 产速度比螺纹更快；钢材总库存加快累库进度，其中螺纹累库而热卷依然去库，总体 社库压力大于厂库；近期天气转冷，下游工地陆陆续续停工，建材需求下滑；近 ...

1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - The disclosure rate and pre - happy rate of listed companies' performance forecasts have both increased. The overall performance shows significant repair characteristics, and the market's consensus expectation for the whole year is more optimistic [1][2]. - As February enters the period of performance and economic data vacuum, the market's policy - gaming sentiment may gradually heat up. The stock market generally has good expected performance after the Spring Festival and before the Two Sessions. Attention can be paid to sectors with strong performance expectations and low premium rates [22]. - The convertible bond valuation still has support and may maintain high - level fluctuations. The new bond issuance continues to be light, but the pace of pre - plans has accelerated [3][4][60]. 3. Summary by Directory 3.1 Annual Report Forecast Period Ends, Driving Force Shifts to Performance Verification - **Disclosure and Pre - happy Rates**: As of January 30, 2026, the disclosure rate of performance forecasts of listed companies was 54.98%, a year - on - year increase of 1.83pct. The overall pre - happy rate was 36.87%, a year - on - year increase of 4.46pct [10]. - **Performance Repair**: The median year - on - year growth rate of the net profit attributable to the parent of the whole market in 2025 was 20.29%, a significant improvement compared with - 18.58% in 2024. The growth of industrial added value and the narrowing of PPI decline contributed to the positive growth of industrial enterprise profits [12]. - **Sector Performance**: The net profit growth rate of the GEM was relatively strong, with a growth rate center of 26.57% and a year - on - year increase of 74.62pct, driven by the low - base effect and the performance explosion in the computing power sector [12]. - **Industry Performance**: The pre - happy rates of the non - bank finance and non - ferrous metals industries led, and the net profit growth rate centers of these two industries were also among the top [18]. - **Convertible Bond Underlying Stocks**: The disclosure rate of convertible bond underlying stocks was 49.86%, and the pre - happy rate was 31.11%. The year - on - year growth rate center of the net profit in 2025 turned from loss to profit [20]. 3.2 Valuation Outlook - **Valuation Increase in January**: The convertible bond ETF share continued to grow, and major holders such as public funds increased their holdings. The convertible bond valuation rose to a new high, with the 100 - yuan parity fitted conversion premium rate reaching 37.11% as of January 30, 2026, a 3.05pct increase from the end of 2025 [23]. - **Future Valuation**: The probability of the spring rally continuing is not low. The adjustment of positions of financial products and insurance may be the key incremental factor in the first half of the year. The valuation may maintain high - level fluctuations [23]. 3.3 Key Focused Convertible Bonds - **January Performance**: From December 31, 2025, to January 30, 2026, the convertible bond portfolio rose 13.79%, outperforming the benchmark index by 7.95pct. Huayi and Huachen had obvious increases [36]. - **February Portfolio Adjustment**: The "Huachuang Convertible Bond" February key - focused portfolio was adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Bengang, Peidi, Ziyin, Qingnong, Zhongyin, and Xingye [38]. 3.4 Market Review - **Market Performance in January**: The convertible bond market fluctuated strongly, with the small - cap style leading. The Shanghai Composite Index, Shenzhen Component Index, and other major indexes all rose, and the convertible bond valuation increased by 3.05pct month - on - month [45]. - **Market Trends**: The TMT and manufacturing sectors were popular, while the financial and real - estate sectors were relatively stable. Most industries in the convertible bond and underlying stock markets rose, and there was obvious rotation among sectors [49]. - **Fund Performance**: The daily trading volume of the equity and convertible bond markets increased, and the margin trading balance also increased. Most industries received net margin purchases [55][56]. 3.5 Supply and Demand Situation - **New Bond Issuance in January**: Five new convertible bonds were issued, with a total scale of 57.80 billion yuan, and four new convertible bonds were listed, with a total scale of 41.97 billion yuan. The online new - bond subscription decreased [60]. - **Pending Issuance and New Plans**: The total pending issuance scale was about 129.911 billion yuan. Eleven new board plans were added in January, with a total scale of 137.99 billion yuan, showing both month - on - month and year - on - year increases [67]. - **Redemption and Downward Revision**: Sixteen convertible bonds announced redemption, and five convertible bonds announced proposals for downward revision [75]. - **Holder Changes**: The total scale of convertible bonds held by various entities in the Shanghai and Shenzhen Stock Exchanges decreased. The scale of convertible bonds held by public funds increased, while that of enterprise annuities and securities companies decreased [82][85][89].

Core Viewpoint - The company emphasizes that the construction and renovation of underground pipelines, projected to exceed 700,000 kilometers during the 14th Five-Year Plan, represents a significant opportunity for the welding steel pipe industry, driven by increased demand from downstream sectors [2] Group 1: Industry Insights - The underground pipeline construction and renovation is a crucial initiative for advancing new urbanization and urban renewal in China, contributing to high-quality economic development and improving people's livelihoods [2] - The projected investment demand for this initiative is over 5 trillion yuan, indicating substantial growth potential for related industries [2] Group 2: Company Preparedness - The company offers a wide range of products, including welded round pipes, galvanized round pipes, steel-plastic composite pipes, spiral steel pipes, insulated steel pipes, anti-corrosion steel pipes, polyethylene pipes, and various fittings, all of which are applicable in underground pipeline systems [2] - The company plans to closely monitor policy implementation and project progress, ensuring readiness in production, innovation, product quality, marketing, brand qualifications, and supporting services to enhance operational performance [2]

Core Viewpoint - Youfa Group (601686) is a leading manufacturer of welded steel pipes in China, with a strong market presence and continuous growth in production and sales [1] Group 1: Company Overview - The main business of the company is various types of welded steel pipes, with 10 production bases in operation and 3 additional bases under construction [1] - The company has maintained the largest production and sales scale in the industry for 19 consecutive years, with an annual production capacity exceeding 20 million tons and a net sales volume of over 13 million tons [1] - Youfa Group owns brands such as "Youfa" and "Zhengjinyuan," and holds a market share of over 35% in hot-dip galvanized round pipes [1] Group 2: Industry Position - The company is recognized as a national champion in the manufacturing sector for welded steel pipes and steel-plastic composite pipes [1] - Welded steel pipes are crucial for fluid transportation and structural support, with applications in water supply, drainage, gas supply, heating, fire protection, steel structures, construction projects, equipment manufacturing, modern agriculture, renewable energy, and transportation facilities [1] - The products of Youfa Group have a wide range of applications both domestically and internationally [1]