Market Overview - The A-share market showed a slight increase with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.57% on January 29, 2026 [1][6] - The total trading volume across both markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous day [1][6] - The number of stocks that rose was 3,566, while 1,803 remained unchanged, and 1,071 declined [1][6] Institutional Insights - Industrial Securities noted that although the market's pace has slowed, the upward trend continues, with a broadening profit effect across sectors [2][4] - The focus is shifting towards the earnings reports of A-share companies and major North American tech firms, which are expected to have a significant impact on market structure [2][4] - Key sectors with promising earnings and relatively low recent gains include AI hardware (North American computing power, consumer electronics), batteries, pharmaceuticals, steel, and non-bank financials [2][4] ETF Products - Huabao Fund has launched three major broad-based ETFs tracking the China A50 Index, China A100 Index, and A500 Index, providing diverse investment options for investors [2] - The A50 ETF (159596) focuses on 50 leading companies, while the A100 ETF (562000) encompasses the top 100 industry leaders [2] - The A500 ETF is set to launch on December 2, 2024, further expanding investment opportunities in the Chinese market [1][2]

Core Viewpoint - The company, Maanshan Iron & Steel Co., Ltd. (600808.SH), expects a net loss attributable to shareholders of RMB -2.50 billion to -1.90 billion for the fiscal year 2025, which represents a reduction in loss by approximately RMB 44.09 billion to 44.69 billion compared to the previous year [1]. Group 1: Main Business Impact - In 2025, the domestic steel industry continues to experience a reduction in production and structural adjustments, leading to severe operational challenges due to ongoing supply-demand imbalances, pressure on steel prices, and fluctuations in raw material costs [1]. - The company adheres to the "Four Have" operational principles, actively promoting institutional reforms and collaborative efficiency, optimizing product structure, and increasing the proportion of high-end products to enhance operational capabilities and production line efficiency [1]. - With support from Baosteel, the company has achieved stable improvements in the iron-making system and enhanced quality and efficiency in the steel rolling system, while also fostering collaborative development within its operational framework [1]. Group 2: Non-Recurring Gains and Losses - For 2025, the company anticipates a net gain from non-recurring items attributable to shareholders of RMB 0.22 billion, primarily influenced by the disposal of non-current assets and government subsidies [1].

Core Viewpoint - The company, Maanshan Iron & Steel Co., Ltd., has announced a projected net loss for the fiscal year 2025, estimating a loss of between RMB -2.50 billion to -1.90 billion, which represents a significant reduction in losses compared to the previous year [1] Industry Summary - The domestic steel industry is expected to continue its trend of reducing output while adjusting its structure, facing ongoing supply-demand imbalances, pressure on steel prices, and fluctuations in raw material costs [1] - The operational environment for steel companies remains challenging due to these market conditions [1] Company Summary - The company aims to adhere to its "Four Have" operational principles, focusing on institutional reform, collaborative efficiency, and optimizing product structure to increase the proportion of high-end products [1] - Maanshan Iron & Steel has achieved improvements in operational performance, with a reduction in net losses by approximately RMB 44.09 billion to 44.69 billion compared to the previous year [1] - Despite these improvements, the company did not achieve profitability due to market fluctuations in the fourth quarter and ongoing transformation challenges [1] - The company reported a non-operating income of RMB 0.22 billion, primarily from non-current asset disposals and government subsidies [1]

证券研究报告 | 2026年01月29日 策略专题研究 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民营企业多"的特点。对应行情节奏看，反内 卷行情相对波折，25 年以来"反内卷"行情呈现"预期发酵-分化降温-二次 升温-震 ...

本报记者 曹琦 1月29日，方大特钢科技股份有限公司（以下简称"方大特钢"）披露公告称，公司预计2025年度实现归 母净利润为8.35亿元到9.98亿元，同比增加236.9%到302.67%。 在钢铁行业面临强供给、弱需求的复杂环境下，这份业绩的增长得益于原燃料成本下跌幅度大于钢材销 售价格下跌幅度，以及公司精细化管理、科技创新的双重驱动。 多重因素驱动业绩增长 方大特钢表示，上游主要原燃料价格显著回落，钢材利润得到一定修复。在生产端，公司持续推进精细 化管理，大力降本增效，建设两套65MW超高温亚临界发电项目，提升能源利用效率。在销售端，公司 抢抓市场机遇，通过优化品种结构，提高高效益产品产销量，有力推动了业绩增长。 此外，2025年，公司非经常性损益金额约为1.3亿元，主要原因是受资本市场整体上涨影响，公司投资 的信托产品等公允价值变动收益增加。 作为集采矿、炼焦、烧结、炼铁、炼钢、轧材于一体的钢铁联合企业，焦炭是方大特钢高炉炼铁的核心 原料，其质量直接关乎钢铁产品品质与生产效率，而炼焦配煤作为生产焦炭的前置关键工序，对最终焦 炭质量和生产成本起着决定性作用。 "传统炼焦配煤模式多依赖技术人员经验与基础理 ...

证券研究报告 | 2026年01月29日 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 策略专题研究 证券分析师：吴信坤 021-61761046 wuxinkun@guosen.com.cn S0980525120001 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民 ...

Report Title - "Macro Favorable but Demand Constrained, Steel Prices Fluctuate - Weekly Report 20260126" [1] Report Industry Investment Rating - Not provided Core Viewpoints - The overall inventory of the five major steel products increased due to the weakening of terminal demand. The main inventory - accumulating variety was rebar, with increased production and decreased demand, showing off - season pressure. Although the inventory increased, the absolute inventory was still low. Hot - rolled coil production and demand both declined, and the inventory decline slowed down. Steel exports showed certain resilience. In the short term, the contradiction of steel inventory accumulation was limited, and the raw material end did not show significant negative feedback pressure. Steel prices were supported but lacked strong driving force and would fluctuate [3]. Summary by Directory 01 Market Review - Supported by macro - favorable factors, steel prices first fell and then rose. The weekly price slightly declined, and the basis narrowed. The inventory of rebar increased, and the decline of hot - rolled coil inventory narrowed. Terminal demand was limited [9]. - Specific price and inventory data: For example, the spot price of rebar in Shanghai was 3270 yuan/ton with a weekly change, and the futures warehouse receipt of rebar decreased by 43193. The inventory of rebar and hot - rolled coil had different changes in factory and social inventories [9]. 02 Steel Supply and Demand Analysis Production - Rebar weekly output was 199.55 tons (up 4.86% week - on - week and 14.60% year - on - year), and the national hot - rolled coil weekly output was 305.41 tons (down 0.96% week - on - week and 5.34% year - on - year). Rebar blast furnace output increased, and electric furnace output decreased. The blast furnace and electric furnace operating rates both slightly declined [15][16][19]. Profit - Rebar profit slightly decreased to +61 yuan/ton (down 11 yuan/ton week - on - week and 53 yuan/ton year - on - year), and hot - rolled coil profit slightly recovered to +1 yuan/ton (up 5 yuan/ton week - on - week and down 30 yuan/ton year - on - year) [24][26]. Demand - The apparent consumption of rebar was 185.52 tons (down 2.53% week - on - week and up 58.69% year - on - year), and the apparent consumption of hot - rolled coil was 309.96 tons (down 1.34% week - on - week and up 2.44% year - on - year). The demand for both rebar and hot - rolled coil declined [27][31]. Inventory - Rebar inventory increased, with both factory and social inventories rising. The total rebar inventory was 452.1 tons (up 3.20 week - on - week and down 6.44% year - on - year). The decline of hot - rolled coil inventory narrowed, with a slight increase in factory inventory and a decrease in social inventory. The total hot - rolled coil inventory was 357.78 tons (down 1.26% week - on - week and up 6.32% year - on - year) [32][36][37]. Downstream - In the real - estate sector, the weekly sales area of commercial housing in 30 large - and medium - sized cities decreased by 7.80% week - on - week and 32.32% year - on - year, and the land transaction area in 100 large - and medium - sized cities decreased by 49% week - on - week and 69% year - on - year. In the automotive sector, in December 2025, automobile production and sales decreased both month - on - month and year - on - year [41][43][44]. 03 Spread Analysis - The basis of rebar and hot - rolled coil slightly widened, and the 5 - 10 spread of rebar and hot - rolled coil fluctuated narrowly. The coil - to - rebar spread widened, and the 5 - 9 spread of coking coal slightly widened [48][53]

铁水微增，原料支撑有限 ——周报20260126 投 资 咨 询 编 号 ：Z0020978 研 究 所 ：林娜 联 系 方 式 ：0371-58620083 电 子 邮 箱 ：linna_qh@ccnew.com 执 业 证 书 编 号 ：F03099603 | 本期观点——铁矿石 品种 | 主要逻辑 | 策略建议 | 风险点 | | --- | --- | --- | --- | | | 供应：澳洲和巴西铁矿发运2394.3万吨（环比+6.57%，同比+37.92%），铁矿 石45港口到港量2530万吨（环比-4.88%，同比-5.77%）。 | | | | | 需求：铁水日产228.01万吨（环比+0.09万吨，同比+2.65万吨 ），铁矿石45 | | | | | 港口疏港量310.73万吨（环比-2.86%，同比-5.88%）。 | | | | | 库存：铁矿石45港口库存16766.53万吨（环比+1.28%，同比+9.10%），247家 | 单边： | 铁水超预 | | 铁矿 | 钢企进口铁矿库存9388.82万吨（环比+1.37%，同比-13.44%）。 | 震荡偏弱 | 期、宏观 | | | ...

Core Viewpoint - The company is focusing on the transformation from steel to materials, aiming to provide valuable steel materials and industrial service solutions across various industries [1] Group 1: Company Strategy - The company emphasizes its commitment to transforming its focus from traditional steel production to material solutions [1] - The company aims to deliver the most valuable steel materials and industrial service solutions to various sectors [1] Group 2: Product Applications - The company's products, particularly vanadium-titanium products, are well-received by clients in relevant fields [1] - These products are widely used in aerospace, steel metallurgy, and superconducting materials [1]

Core Viewpoint - The company focuses on transforming steel into materials, aiming to provide valuable steel materials and industrial service solutions across various industries [1] Group 1: Company Strategy - The company is committed to transitioning from traditional steel production to material solutions [1] - The products have gained popularity among clients in various fields, particularly in the aerospace, metallurgy, and superconducting materials sectors [1]