1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports Steel Industry - The steel market shows weak supply and demand. The seasonal decline in rebar demand is significant, while the decline in hot - rolled coil demand is relatively small. The recent cost reduction may lead to a downward shift in the steel price center. The reference range for the May rebar contract is 3050 - 3250 yuan, and for hot - rolled coils, it is 3200 - 3350 yuan. Consider closing long positions on the steel - to - ore ratio when it rises, and continue to hold long positions on the hot - rolled coil to rebar spread [1]. Iron Ore Industry - Iron ore is facing a situation of weak supply and demand. The support factors for iron ore are reversing, with iron - making resumption falling short of expectations, potential changes in negotiation deadlocks, and the gradual fulfillment of steel mill restocking. The price is under overall pressure, and it is advisable to short at around 800 yuan [4]. Coke Industry - The coke market is currently stable. After the fourth - round price cut, some coke enterprises are resisting price cuts and limiting production to maintain prices. The mainstream coke enterprises are initiating a price increase, which is expected to be realized. The market is expected to be looser after the Spring Festival, and the price is expected to fluctuate within the range of 1600 - 1800 yuan [7]. Coking Coal Industry - The coking coal market shows a pattern of increasing supply and demand. Before the Spring Festival, the spot market is strong due to restocking demand, but the futures market has over - anticipated the price increase. After the Spring Festival, the market supply and demand are expected to be loose, and the price is expected to fluctuate within the range of 1000 - 1200 yuan [7]. Ferrosilicon Industry - The short - term supply - demand contradiction of ferrosilicon is limited, lacking upward drivers at the industrial level. The price is expected to fluctuate slightly within the range of 5300 - 5800 yuan, with short - term attention to macro and policy factors [8]. Ferromanganese Industry - Ferromanganese is in a situation of weak supply and demand. The price is expected to fluctuate within the range of 5800 - 6000 yuan, with short - term attention to macro and policy factors [8]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices mostly declined. The rebar spot price in East China decreased by 10 yuan/ton to 3270 yuan/ton, and the rebar 05 contract price decreased by 23 yuan/ton to 3117 yuan/ton. The hot - rolled coil spot price in North China decreased by 10 yuan/ton to 3170 yuan/ton, and the hot - rolled coil 05 contract price decreased by 13 yuan/ton to 3286 yuan/ton [1]. Cost and Profit - The billet price decreased by 20 yuan/ton to 2930 yuan/ton. The profit of hot - rolled coils in East China decreased by 10 yuan/ton to 15 yuan/ton, and the profit of rebar in North China decreased by 20 yuan/ton to - 95 yuan/ton [1]. Production - The daily average pig iron output decreased by 1.5 tons to 228.0 tons, a decline of 0.7%. The production of five major steel products increased slightly by 0.6 tons to 819.2 tons, an increase of 0.1%. Rebar production decreased by 0.7 tons to 190.3 tons, a decrease of 0.4%, while hot - rolled coil production increased by 2.9 tons to 308.4 tons, an increase of 0.9% [1]. Inventory - The inventory of five major steel products decreased by 6.9 tons to 1247.0 tons, a decrease of 0.6%. The rebar inventory remained unchanged at 438.1 tons, and the hot - rolled coil inventory decreased by 5.8 tons to 362.3 tons, a decrease of 1.6% [1]. Transaction and Demand - The building materials trading volume decreased by 0.2 to 7.6, a decrease of 2.2%. The apparent demand for five major steel products increased by 29.3 tons to 826.1 tons, an increase of 3.7%. The apparent demand for rebar increased by 15.4 tons to 190.3 tons, an increase of 8.8%, and the apparent demand for hot - rolled coils increased by 5.8 tons to 314.2 tons, an increase of 1.9% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of most iron ore varieties decreased, with the PB powder warehouse - receipt cost decreasing by 5.5 yuan/ton to 850.1 yuan/ton, a decrease of 0.6%. The 05 - contract basis of some varieties changed slightly, and the 5 - 9 spread decreased by 0.5 to 17.5, a decrease of 2.8% [4]. Supply - The 45 - port arrival volume decreased by 260.7 tons to 2659.7 tons, a decrease of 8.9%. The global shipment volume decreased by 251.0 tons to 2929.9 tons, a decrease of 7.9%. The national monthly import volume increased by 910.7 tons to 11964.7 tons, an increase of 8.2% [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 1.5 tons to 228.0 tons, a decrease of 0.6%. The 45 - port daily average ore removal volume decreased by 3.4 tons to 661.3 tons, a decrease of 1.0%. The national monthly pig iron output decreased by 162.3 tons to 6072.0 tons, a decrease of 2.6%, and the national monthly crude steel output decreased by 169.1 tons [4]. Inventory - The 45 - port inventory increased by 279.8 tons to 16555.10 tons, an increase of 1.7%. The imported ore inventory of 247 steel mills increased by 272.6 tons to 9262.2 tons, an increase of 3.0%. The inventory - available days of 64 steel mills increased by 2.0 days to 21.0 days, an increase of 10.5% [4]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The coke 05 contract price increased by 10 yuan/ton to 1684 yuan/ton, an increase of 0.6%. The coking profit decreased by 20 yuan/ton [7]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal remained unchanged, while the price of Mongolian 5 raw coal decreased by 27 yuan/ton to 1193 yuan/ton, a decrease of 2.2%. The coking coal 05 contract price increased by 5 yuan/ton to 1129 yuan/ton, an increase of 0.4%. The sample coal mine profit increased by 18 yuan/ton, an increase of 3.74% [7]. Supply - The daily average coke output of all - sample coking plants decreased by 0.1 tons to 63.5 tons, a decrease of 0.2%. The daily average coke output of 247 steel mills decreased by 0.2 tons to 46.7 tons, a decrease of 0.3%. The raw coal output of Fenwei sample coal mines decreased by 2.7 tons to 853.4 tons, a decrease of 0.3% [7]. Demand - The pig iron output of 247 steel mills decreased by 1.5 tons to 228.0 tons, a decrease of 0.6%. The daily average coke output of all - sample coking plants and 247 steel mills decreased slightly [7]. Inventory - The total coke inventory increased by 4.3 tons to 920.2 tons, an increase of 0.5%. The coke inventory of all - sample coking plants decreased by 4.3 tons to 81.8 tons, a decrease of 4.9%, while the coke inventory of 247 steel mills increased by 4.6 tons to 650.3 tons, an increase of 0.7%. The coking coal inventory of various sectors increased to varying degrees [7]. Ferrosilicon and Ferromanganese Industry Spot Prices and Spreads - The spot prices of ferrosilicon in most regions remained unchanged, with the 72% FeSi in Inner Mongolia at 5250 yuan/ton. The spot prices of ferromanganese in some regions also remained unchanged, with the FeMn65Si17 in Inner Mongolia at 5680 yuan/ton. The ferrosilicon主力合约收盘价 increased by 4.0 yuan/ton to 5556.0 yuan/ton, an increase of 0.14%, and the ferromanganese主力合约收盘价 increased by 26.0 yuan/ton to 5786.0 yuan/ton, an increase of 0.5% [8]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia decreased slightly, and the production profit increased slightly. The manganese ore prices of some varieties decreased slightly [8]. Supply - The ferrosilicon production enterprise's weekly start - up rate decreased by 0.4 percentage points to 29.2%, a decrease of 1.4%. The ferromanganese weekly output remained unchanged at 19.1 tons, and the start - up rate decreased by 0.8 percentage points to 36.1%, a decrease of 2.0% [8]. Demand - The ferrosilicon demand (calculated by Steel Union) decreased slightly, and the ferromanganese demand remained unchanged. The daily average pig iron output of 247 steel mills decreased by 1.5 tons to 228.0 tons, a decrease of 0.6% [8]. Inventory - The ferrosilicon inventory of 60 sample enterprises decreased by 0.5 tons to 6.4 tons, a decrease of 7.5%. The inventory of 63 sample enterprises of ferromanganese decreased by 1.0 tons to 37.3 tons, a decrease of 2.5% [8].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Spot Market - **Australian mainstream iron ore**: Newman powder was at 789, unchanged daily and down 29 weekly; PB powder was at 794, down 5 daily and 33 weekly; Mac powder was at 792, down 4 daily and 28 weekly; Jinbuba powder was at 747, down 5 daily and 33 weekly; Mixed powder was at 730, down 6 daily and 27 weekly; Super special powder was at 670, down 4 daily and 32 weekly; Roy Hill powder was at 781, down 5 daily and 33 weekly [1] - **Brazilian mainstream iron ore**: Ba Hun was at 825, down 5 daily and 33 weekly; Ba coarse IOC6 was at 758, down 5 daily and 29 weekly; Ba coarse SSFG was at 763, down 5 daily and 29 weekly [1] - **Other iron ore**: Ukrainian concentrate powder was at 870, down 5 daily and 31 weekly; 61% Indian powder was at 736, down 5 daily and 33 weekly; Karara concentrate powder was at 874, down 5 daily and 31 weekly; KUMBA powder was at 853, down 5 daily and 33 weekly; 57% Indian powder was at 605, down 4 daily and 32 weekly; Atlas powder was at 725, down 6 daily and 27 weekly; Tangshan iron concentrate powder was at 971, unchanged daily and down 11 weekly [1] Futures Market - **DCE contracts**: i2701 was at 752.5, down 4.5 daily and 80.0 weekly; i2605 was at 784.0, down 5.5 daily and 37.0 weekly; i2609 was at 766.5, down 5.0 daily and 32.5 weekly [1] - **SGX contracts**: FE01 was at 105.79, down 0.30 daily and 2.40 weekly; FE05 was at 103.83, down 0.77 daily and 3.58 weekly; FE09 was at 102.55, down 0.72 daily and 3.09 weekly [1]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 8 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 1 月 21 日 钢材&铁矿石日报 专业研究·创造价值 现实矛盾累积，钢矿弱势震荡 核心观点 螺纹钢：主力期价偏弱震荡，录得 0.35%日跌幅，量缩仓稳。现阶段， 螺纹需求虽有所改善，但持续性存疑，而供应弱稳运行，基本面延续季 节性弱势，叠加成本下行拖累，预计淡季钢价仍将承压，延续震荡偏弱 运行态势，关注钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 ...

Core Viewpoint - HeSteel Resources has shown a positive stock performance with a year-to-date increase of 14.08% and significant gains over various time frames, indicating strong market interest and potential growth in the mining and metallurgy sector [1]. Financial Performance - For the period from January to September 2025, HeSteel Resources reported a revenue of 4.303 billion yuan, reflecting a year-on-year decrease of 7.47%. The net profit attributable to shareholders was 538 million yuan, down 6.91% compared to the previous year [2]. - The company has distributed a total of 1.298 billion yuan in dividends since its A-share listing, with 914 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HeSteel Resources was 28,300, a decrease of 6.54% from the previous period. The average number of circulating shares per shareholder increased by 7.00% to 22,171 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 11.362 million shares, an increase of 1.7024 million shares from the previous period. HSBC Jintrust Small Cap Stock Fund holds 6.5423 million shares, up by 171,050 shares, while Guotai CSI Steel ETF is a new entrant with 4.6 million shares [3]. Stock Performance - As of January 21, the stock price of HeSteel Resources was 24.15 yuan per share, with a trading volume of 226 million yuan and a turnover rate of 1.51%. The total market capitalization stood at 15.763 billion yuan [1]. - The stock has experienced a 0.75% increase over the last five trading days, a 24.74% increase over the last 20 days, and a 31.46% increase over the last 60 days [1]. Business Overview - HeSteel Resources, established on June 29, 1999, and listed on July 14, 1999, is primarily engaged in mining development, mineral product processing and sales, as well as the production and sales of engineering machinery products and accessories. The main revenue sources are iron ore (64.84%), copper (26.63%), vermiculite (6.55%), and other products (1.98%) [1]. - The company is classified under the steel industry, specifically in the metallurgy raw materials sector, focusing on iron ore [1].

根据中国海关数据显示：2025年11月中国铁矿砂及其精矿进口数量为1.11亿吨，同比增长8.7%，进口金 额为112.18亿美元，同比增长12.6%。 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。 相关报告：智研咨询发布的《2026-2032年中国铁矿石行业市场全景评估及发展策略分析报告》 数据来源：中国海关，智研咨询整理 近一年中国铁矿砂及其精矿进口情况统计图 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2026 年 1 月 21 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：1月20日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2605 | 31 ...

格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 21 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | | | | | | | 铁矿: 【行情复盘】 周二铁矿夜盘收涨。 | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、国家 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 作者： 邝志鹏 钢材：成本支撑趋弱，钢价震荡运行 市场分析 昨日螺纹钢期货主力合约收于3111元/吨，热卷主力合约收于3276元/吨。现货方面，今日钢材现货成交 整体一般偏弱，盘面下行，投机情绪较差，期现有低价出货，下游低价有补库。全国建材成交78011。 宏观政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：成交明显增加，矿价震荡运行 供需与逻辑：建材基本面矛盾不大，行情驱动不足。板材基本面矛盾有限，高库存始终压制价格边际弹 性。短期市场情绪较弱，包钢事故检修预期影响原料支撑，关注减产情况及冬储情况，需求去库变化、 利润状况、成本支撑、原料补库、钢材出口及国内政策 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 市场分析 期现货方面：昨日铁矿石价格震荡偏弱运行。现货方面， 今日山东进口铁矿石现货市场价格小幅波 动，成交较少。卖盘方面，贸易商报盘积极性一般；山东远月市场询报情绪一般，远月市场暂无成交； 买盘方面，钢厂维持按需补库，区域内个别钢厂有招标计划，询盘较弱。根据Mysteel数据，必和必拓 （BHP）公司发布 ...

| 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 基本面表现偏弱，矿价承压运行 | 宝城期货铁矿石早报（2026 年 1 月 21 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需两端迎来变化，钢厂生产弱稳，矿石终端消耗再度回落，且钢厂盈利状况改善有限， 淡季钢市矛盾也在累积，需求弱势格局延续，相对利好的则是节前钢厂补库。与此同时，国内港口到 货高位回落，而矿商发运持续减量，按船期推算后续到货也将回落，内矿供应虽有所恢复，矿石 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For the rebar and hot - rolled coil sector, the improvement in apparent demand provides some support for futures prices, and the central bank's reduction of re - loan and re - discount rates boosts market confidence. There is still room for reserve requirement ratio and interest rate cuts in the future. Technically, futures prices face pressure after a short - term downward breakthrough. For the iron ore sector, the improvement in steel apparent demand is mainly due to year - end rush construction, and the decline in iron ore demand and supply is limited. The continuous increase in port inventory suppresses futures prices, and the upward trend may end, with short - term low - level fluctuations expected [2][4]. 3. Summary by Related Catalogs 3.1 Rebar and Hot - Rolled Coil - **Supply and Demand**: Last week, rebar production decreased, overall inventory continued to decline, rebar apparent demand rebounded significantly, and the apparent demand of five major steel products rebounded while inventory decreased and production remained basically unchanged. The improvement in apparent demand may be due to year - end rush construction and may not be sustainable. Short - term steel mill production may continue to decline [2]. - **Technical Analysis**: Futures prices rose and then fell, forming a short - term downward breakthrough and facing significant pressure [2]. - **Operation Suggestion**: Hold long positions lightly, and add positions at low prices when futures prices fall to the lower edge of the oscillation range. Conduct medium - term trading and avoid chasing up or selling down [2]. - **Data**: Rebar and hot - rolled coil futures and spot prices declined to varying degrees. The blast furnace operating rate of 247 steel mills was 79.31%, with a daily average pig iron output of 228.01 million tons, a decrease of 0.65%. The proportion of profitable steel mills was 39.83%, an increase of 2.17%. Rebar production was 190.30 million tons, a decrease of 0.39%. Hot - rolled coil production was 308.36 million tons, an increase of 0.93%. The capacity utilization rate of independent electric arc furnace steel mills was 57.99%, an increase of 1.08%. The operating rate was 72.97%. The five - major - product social inventory was 866.33 million tons, an increase of 0.13%. The rebar social inventory was 295.41 million tons, an increase of 5.23 million tons. The hot - rolled coil social inventory was 285.8 million tons, a decrease of 1.72%. The five - major - product steel mill inventory was 380.68 million tons, a decrease of 2.08% [2]. 3.2 Iron Ore - **Demand**: The overall output of five major steel products remained basically unchanged last week, and the apparent demand rebounded. The pig iron output is likely to decline seasonally. The improvement in steel apparent demand is mainly due to year - end rush construction, and the decline in steel and pig iron output is limited. An accident at a rolling mill under Baotou Steel Group may disrupt iron ore demand [4]. - **Supply**: Global shipments continued to decline, and the arrival volume decreased. The continuous increase in port inventory suppresses futures prices [4]. - **Technical Analysis**: Futures prices broke through the recent oscillation range and rose strongly but adjusted significantly in the past two days, falling below the support of the 10 - day moving average and returning to the upper edge of the previous oscillation range, where there may be some support, but the upward trend may end, with short - term low - level fluctuations expected [4]. - **Operation Suggestion**: Hold long positions and reduce or liquidate positions in time when the price rises in the future [4]. - **Data**: The settlement price of DCE iron ore futures and SGX iron ore futures declined. The global iron ore shipment volume decreased, with Australian shipments at 1440.1 million tons, a decrease of 13.22%, and Brazilian shipments at 480.1 million tons, a decrease of 25.80%. The arrival volume at northern six ports was 1442.9 million tons, a decrease of 1.79%. The average daily port clearance volume was 335.02 million tons, a decrease of 0.58%. The port inventory was 16555.1 million tons, an increase of 1.72% [4][5]. 3.3 Industry News - BHP's Pilbara iron ore production in Q4 2025 was 76.326 million tons, a quarter - on - quarter increase of 7.96% and a year - on - year increase of 4.26%. The total iron ore sales volume was 75.397 million tons, a quarter - on - quarter increase of 6.81% and a year - on - year increase of 3.86%. The target guidance for the 2026 fiscal year remains unchanged at 258 - 269 million tons [7]. - Heavy pollution weather orange alerts were activated in Henan's Xuchang and Jiaozuo on January 20, 2026, and industrial enterprises are required to implement emission reduction measures [7]. - In December 2025, China's crude steel production was 68.18 million tons, a year - on - year decrease of 10.3%. From January to December, the cumulative production was 961 million tons, a year - on - year decrease of 4.4% [7]. - On January 17, 2026, the first batch of 200,000 tons of high - grade iron ore from Guinea's Simandou project arrived at Majishan Port. The project's annual production capacity is 120 million tons, and the expected export volume in 2026 is 18 million tons [8].