1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The terminal demand has not started yet, and raw materials are under short - term pressure. The iron ore and coking coal and coke markets are both showing a weak - running trend. Attention should be paid to the subsequent changes in molten iron [3][4] 3. Summary by Directory 3.1 Market Review - Before the holiday, the raw material market showed a slight decline. Iron ore prices dropped, while the spot prices of coking coal and coke remained stable with light trading volume. The finished products had a seasonal inventory build - up, and the raw material restocking ended. The market was waiting for post - holiday guidance. For example, the price of imported iron ore (PB powder 61.5%, Australia) in Qingdao Port increased by 11 yuan/ton to 756 yuan/wet ton, and the price of hot - rolled coil in Guangzhou increased by 10 yuan/ton to 3250 yuan/ton [9] 3.2 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore shipment decreased by 22.70% month - on - month and 29.65% year - on - year, reaching 1948.8 tons. The arrival volume at 45 ports decreased by 10.98% month - on - month but increased by 2.36% year - on - year, reaching 2152.4 tons [16] - **Demand**: The daily output of molten iron increased by 1.91 tons month - on - month and 2.98 tons year - on - year, reaching 230.49 tons. The port clearance volume at 45 ports increased by 2.96% month - on - month and 17.98% year - on - year, reaching 351.19 tons. The inventory - to - sales ratio of 247 steel enterprises was 37.49 days, increasing by 2.57% month - on - month and 15.75% year - on - year [21] - **Inventory**: The inventory at 45 ports decreased by 1.13% month - on - month but increased by 11.33% year - on - year, reaching 16946.32 tons. The imported iron ore inventory of 247 steel enterprises increased by 3.75% month - on - month and 16.72% year - on - year, reaching 10703.93 tons. The average available days of iron ore for 114 steel enterprises decreased by 1.41% month - on - month but increased by 24.55% year - on - year, reaching 30.85 days [26] 3.3 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The coking coal mine operating rate decreased by 2.76% month - on - month but increased by 4.17% year - on - year, reaching 86.67%. The daily average of Mongolian coal customs clearance volume decreased by 34.88% month - on - month and 24.67% year - on - year, reaching 10.06 tons. The capacity utilization rate of coal washing plants decreased by 9.17% month - on - month and 3.18% year - on - year, reaching 32.28% [31] - **Coking Enterprises**: The profit per ton of coke for independent coking plants increased by 2 yuan/ton month - on - month and 63 yuan/ton year - on - year, reaching - 8 yuan/ton. The capacity utilization rate of independent coking plants decreased by 0.06% month - on - month but increased by 0.73% year - on - year, reaching 72.89%. The capacity utilization rate of steel mill coke remained stable month - on - month but decreased by 0.30% year - on - year, reaching 86.33% [38] - **Coking Coal Inventory**: The coking coal inventory of independent coking plants increased by 4.09% month - on - month and 2.22% year - on - year, reaching 1036.09 tons. The coking coal inventory of steel mills increased by 1.38% month - on - month but decreased by 3.99% year - on - year, reaching 814.12 tons. The coking coal port inventory decreased by 1.04% month - on - month and 36.82% year - on - year, reaching 286.38 tons [44] - **Coke Inventory**: The coke inventory of independent coking plants increased by 26.90% month - on - month but decreased by 45.92% year - on - year, reaching 55.52 tons. The coke inventory of steel mills decreased by 1.33% month - on - month but increased by 1.35% year - on - year, reaching 688.61 tons. The coke port inventory decreased by 2.70% month - on - month but increased by 3.08% year - on - year, reaching 199.06 tons [49] - **Spot Price**: The price of low - sulfur coking coal in Shanxi remained stable week - on - week but increased by 210 yuan/ton year - on - year, reaching 1570 yuan/ton. The ex - factory price of quasi - first - grade metallurgical coke in Handan remained stable month - on - month but increased by 30 yuan/ton year - on - year, reaching 1390 yuan/ton [52] 3.4 Spread Analysis - The spread between hot - rolled coil and rebar slightly narrowed, and the spread between iron ore contracts 5 - 9 also slightly narrowed [54]

Group 1: Steel Industry - The steel sector has shown significant growth, with major stocks like Baosteel and Lingang Steel experiencing increases of over 10% [1][2] - The overall market for steel is reported at 10,530.34, reflecting a 5.27% increase [1] - Notable performers include Angang Steel with a 9.92% rise and Shandong Steel with a 9.76% increase [1] Group 2: Rare Earth and Permanent Magnet Sector - The rare earth permanent magnet concept has gained strength, with stocks like Baogang and Zhongse reaching their daily limit [2] - Significant increases were noted in stocks such as San Chuan Wisdom, which rose by over 10%, and Northern Rare Earth, which increased by over 7% [2] - The overall market for rare earths is reported at 4,007.45, with a 3.35% increase [2] Group 3: Nonferrous Metals Sector - The nonferrous metals sector has seen a substantial rise, with companies like Huaxi Nonferrous and Yunnan Zhenye hitting their daily limits [3] - The market for nonferrous metals is reported at 31,769.06, reflecting a 3.02% increase [3] - Key stocks include Huaxi Nonferrous and Yunnan Nonferrous, both showing a 10.01% increase [3] Group 4: Precious Metals - Precious metals have shown positive movement, with gold priced at 5,189.29, reflecting a 0.88% increase, and silver at 89.11, with a 2.21% rise [4]

Core Viewpoint - The industrial enterprises in Nanjing have swiftly transitioned from the "Spring Festival mode" to an "active mode" to boost production, expand markets, and improve efficiency, aiming for a strong start in the first quarter of the year [1] Group 1: Production and Market Demand - Jinling Petrochemical is focusing on high-end carbon materials, implementing a "daily optimization and measurement" system to enhance production efficiency and meet the strong market demand for high-value products [2][5] - Yangzi Petrochemical has successfully sold its first batch of 5,600 tons of high-end carbon material anode coke, achieving a strong start in production and sales for the year [3] - Nanjing Steel Group has maintained a high production level, with an average daily output of over 5,000 tons, equivalent to the steel required for one ship per day, supported by a smart operation center [6] Group 2: Operational Efficiency and Quality Control - Meigang has set historical records for daily production during the Spring Festival, demonstrating strong production organization and equipment reliability [4] - The company has implemented precise strategies for maintenance and production, ensuring that key users' material needs are fully met [4] - Jinling Petrochemical has enhanced product quality as a core strategy for market expansion, achieving over 80% year-on-year increase in the production of various high-end carbon materials in January [5] Group 3: Innovation and New Market Development - Nanjing Chemical Company has adopted a proactive approach to increase the production of high-value-added products, successfully developing the South American market and achieving significant export growth [7] - The company has formed six task forces to tackle key challenges in production load and environmental compliance, ensuring stable and increased output [7] Group 4: Overall Industrial Momentum - The collective efforts of Nanjing's industrial enterprises reflect a vigorous start to the new year, with a focus on transforming enthusiasm into tangible results for high-quality development [7]

Group 1 - Steel stocks experienced a significant increase in early trading, with Chongqing Iron and Steel Co., Ltd. rising by 20% to HKD 1.38 [1][2] - Anshan Iron and Steel Co., Ltd. saw a rise of 7.61%, reaching HKD 2.12 [1][2] - Maanshan Iron and Steel Co., Ltd. increased by 3.95%, trading at HKD 2.63 [1][2]

Group 1 - The core viewpoint of the news is that Jiangsu Shagang Co., Ltd. has seen a stock price increase of 5.05%, reaching 5.83 yuan per share, with a trading volume of 223 million yuan and a turnover rate of 1.78%, resulting in a total market capitalization of 12.79 billion yuan [1] - Jiangsu Shagang Co., Ltd. was established on September 28, 1999, and listed on October 25, 2006, primarily engaged in the production and sales of special steel through black metal smelting and rolling processing [1] - The main business revenue composition of Jiangsu Shagang is 93.25% from steel and steel billet sales, while other sales account for 6.75% [1] Group 2 - From the perspective of the top ten circulating shareholders of Jiangsu Shagang, a fund under Southern Fund ranks among them, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 155,100 shares in the third quarter, now holding 16.0571 million shares, representing 0.73% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion yuan, achieving a year-to-date return of 9.26% and a one-year return of 30.14% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years and 112 days, with the fund's total asset scale at 137.02 billion yuan, achieving the best return of 250.66% and the worst return of -15.93% during the tenure [2]

Group 1 - Steel stocks have shown strong gains, with Chongqing Steel rising by 26.09% to HKD 1.45, Ansteel increasing by 9.64% to HKD 2.16, and Maanshan Steel up by 5.53% to HKD 2.67 [1] - Changjiang Securities indicates that the steel sector currently has high elasticity and potential for exceeding expectations, despite low industry sentiment and cautious outlook [1] - The current winter storage accumulation is the weakest in recent years, and total inventory of five major steel products is at a low level, which may alleviate post-holiday destocking pressure [1] Group 2 - Low inventory levels suggest that prices may have adjusted sufficiently, leading to a gradual weak balance in supply and demand for finished steel [1] - The firm believes that with both fundamentals and prices having bottomed out, any catalysts on the demand or supply side could significantly enhance the potential for price increases [1] - The probability of finished steel prices rising is currently greater than that of falling, and if prices do increase, the elasticity of such increases is expected to be noteworthy [1]

Group 1 - Steel stocks have shown strong gains, with Chongqing Steel rising by 26.09% to HKD 1.45, Ansteel increasing by 9.64% to HKD 2.16, and Maanshan Steel up by 5.53% to HKD 2.67 [1] - Changjiang Securities indicates that the steel sector has significant elasticity and potential for exceeding expectations, despite low industry sentiment and cautious outlook [1] - Current winter storage levels are the weakest in recent years, and total inventory of five major steel products is at a near historical low, reflecting a cautious and pessimistic industry mindset [1] Group 2 - Low inventory levels may alleviate post-holiday destocking pressure, and the price bottoming out suggests that price adjustments have been sufficiently made, leading to a gradual weak balance in supply and demand [1] - The firm suggests that with both fundamentals and prices having sufficiently bottomed, any catalysts on the demand or supply side could lead to significant price increases for finished steel products [1] - The probability of price increases for finished steel is currently greater than that of decreases, and once prices rise, the elasticity of such increases is expected to be notable [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The apparent demand for rebar and hot-rolled coil is weak, and both are in wide-range oscillations [2]. - The trend strength of rebar and hot-rolled coil is 0, indicating a neutral outlook [4]. 3. Summary by Related Catalogs Macro and Industry News - On February 19, according to Steel Union's weekly data, rebar production increased by 1.22 million tons, hot-rolled coil production increased by 2.05 million tons, and the total production of five major varieties increased by 10.69 million tons. Total inventory of rebar increased by 129.22 million tons, hot-rolled coil increased by 69.08 million tons, and the total inventory of five major varieties increased by 269.11 million tons. The apparent demand for rebar decreased by 60.75 million tons, and for hot-rolled coil decreased by 49.46 million tons, with a total decrease of 153.44 million tons [2]. - In late January 2026, key steel enterprises produced 21.28 billion tons of crude steel, with an average daily output of 1.935 billion tons, a 2.2% decrease in daily output compared to the previous period; 19.15 billion tons of pig iron, with an average daily output of 1.741 billion tons, a 3.0% decrease in daily output; and 21.3 billion tons of steel, with an average daily output of 1.936 billion tons, a 3.2% increase in daily output [4]. - In late January 2026, the steel inventory of key steel enterprises was 14.71 billion tons, a decrease of 1.42 billion tons (8.8%) from the previous ten-day period, an increase of 0.57 billion tons (4.0%) from the beginning of the year, an increase of 0.57 billion tons (4.0%) from the same ten-day period of the previous month, a decrease of 0.64 billion tons (4.2%) from the same ten-day period of last year, and an increase of 2.51 billion tons (20.6%) from the same ten-day period of the year before last [4]. - In December, the output of medium and heavy plate mills of key enterprises increased year-on-year, while the output of hot continuous rolling mills and cold continuous rolling mills decreased year-on-year. Among the main plate varieties, the output of shipbuilding plates, home appliance plates, and engineering machinery steel plates increased significantly year-on-year, while the output of container plates and wind power steel plates decreased significantly year-on-year. In terms of product prices, except for medium and heavy wide steel strips, which increased month-on-month, the prices of other products decreased [4]. - From January to December, the cumulative output of medium and heavy plate mills and cold continuous rolling mills increased year-on-year, while the cumulative output of hot continuous rolling mills remained flat year-on-year. Among the main plate varieties, the cumulative output of shipbuilding plates increased significantly year-on-year, while the output of container plates decreased significantly year-on-year [4]. - BHP Billiton announced that its iron ore production in the first half of the year reached a record high, and in the annual contract negotiation with China, the company has accepted a partial reduction in iron ore prices [4]. - According to customs statistics, in December 2025, China imported 517,000 tons of steel, a month-on-month increase of 21,000 tons (4.2%); the average price was $1,810.3 per ton, a month-on-month increase of $179.0 (11.0%). From January to December, the cumulative import of steel was 6.059 million tons, a year-on-year decrease of 756,000 tons (11.1%) [4]. - The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [4]. Fundamental Tracking - **Futures Data**: The closing price of RB2605 was 3,027 yuan/ton, a decrease of 27 yuan/ton (-0.88%); the closing price of HC2605 was 3,195 yuan/ton, a decrease of 28 yuan/ton (-0.87%). The trading volume of RB2605 was 746,349 lots, with a position of 2,034,509 lots and an increase of 92,067 lots; the trading volume of HC2605 was 373,301 lots, with a position of 1,500,880 lots and an increase of 18,657 lots [2]. - **Spot Price**: The spot prices of rebar and hot-rolled coil in various regions decreased to varying degrees, while the price of Tangshan billet remained unchanged [2]. - **Basis and Spread**: The basis of RB2605 increased by 18 yuan/ton to 183 yuan/ton; the basis of HC2605 increased by 7 yuan/ton to 25 yuan/ton. The spreads of RB2605 - RB2610, HC2605 - HC2610 decreased by 5 yuan/ton; the spreads of HC2605 - RB2605, HC2610 - RB2610 increased by 1 yuan/ton; the spot coil - rebar spread decreased by 10 yuan/ton to -86 yuan/ton [2].

1. Report's Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] 2. Core Viewpoints of the Report - After the Spring Festival, the first trading day for rebar and hot-rolled coils ended lower, but they rose in the night session. The prices are currently at a relatively low level, so short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On the first trading day after the Spring Festival, rebar and hot - rolled coils ended lower, and rose in the night session [1] 3.2 Important Information - As of February 22, 2026, the consumer goods trade - in program has benefited 30.532 million people, driving sales of 204.54 billion yuan. During the Spring Festival holiday, the sales of smart glasses and water - saving sanitary ware on key platforms increased by 47.3% and 23.2% respectively [1] - From February 16 to February 22, 2026, global shipyards received 23 new ship orders, among which Chinese shipyards received 14, Japanese shipyards received 4, and Finnish and American shipyards also received relevant orders [1] - As of the end of 2025, the ultra - low emission renovation project of China's steel industry has been successfully completed, with over 80% of crude steel production capacity achieving ultra - low emissions. The energy consumption of blast furnaces and converters of 143 cultivated enterprises decreased by 2.5% and 12.2% respectively compared with 2023, saving a total of 13.2 million tons of standard coal and reducing carbon dioxide emissions by 34 million tons [1] - During the "14th Five - Year Plan" period, a total of 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission renovations, establishing the world's largest clean power supply system and clean steel production system [1] 3.3 Market Logic - During the Spring Festival, the production of the five major steel products increased, and the inventory continued to rise, but the inventory accumulation rate was low. The spot price of steel was stable, and the market was basically closed [1] 3.4 Trading Strategies - After the Spring Festival, the intraday decline of rebar and hot - rolled coils was relatively large, and the decline stopped in the night session. At the current low price, short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1]

Group 1 - The steel sector experienced a significant surge in early trading, with major companies reaching new highs [1] - Zhongjin Mining hit an intraday record, indicating strong market performance [1] - Shandong Steel, Linggang Co., Anyang Steel all reached the daily limit up, showcasing robust investor interest [1] Group 2 - Baogang Co., Jiugang Hongxing, Hualing Steel, Liugang Co., and Chongqing Steel also saw notable increases, reflecting a broader positive trend in the steel industry [1]