Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Steel prices are expected to remain volatile before the Spring Festival. The market sentiment has declined recently, but there are signs of stabilization after the decline in the futures market. Attention should be paid to the impact of macro - news on the market, as well as coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5]. 3. Summary by Directory Market Information - **Spot Prices**: Shanghai Zhongtian threaded steel is priced at 3270 yuan, Beijing Jingye at 3130 yuan, Shanghai Angang hot - rolled coil at 3280 yuan (up 10 yuan), and Tianjin Hegang hot - rolled coil at 3170 yuan [4]. Market Judgement - **Trading Strategy** - **Unilateral**: Steel futures are expected to maintain a bottom - oscillating trend [6]. - **Arbitrage**: It is recommended to short the hot - rolled coil to coking coal ratio on rallies and continue to hold the short position of the hot - rolled coil to threaded steel spread [6]. - **Options**: It is recommended to wait and see [7]. - **Important Information** - **Threaded Steel**: This week, the small - sample production of threaded steel was 199.55 tons, a week - on - week increase of 9.25 tons. The estimated apparent demand was 185.52 tons (a 6% year - on - year decrease in the lunar calendar), a week - on - week decrease of 4.82 tons. In terms of inventory, the factory inventory increased by 6.32 tons, the social inventory increased by 7.71 tons, and the total inventory increased by 14.03 tons [8]. - **Hot - Rolled Coil**: This week, the production of hot - rolled coil was 305.41 tons, a week - on - week decrease of 2.95 tons. The estimated apparent demand was 309.96 tons (a 2.39% year - on - year increase in the lunar calendar), a week - on - week decrease of 4.20 tons. In terms of inventory, the factory inventory increased by 0.11 tons, the social inventory decreased by 4.66 tons, and the total inventory decreased by 4.55 tons [9]. Relevant Attachments The report provides a series of charts, including those related to the basis of different contracts of threaded steel and hot - rolled coil, price spreads between different contracts, the spread between hot - rolled coil and threaded steel, and various profit - related charts. The data sources for these charts are Galaxy Futures, Mysteel, and Wind [12][16][18].

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22日，首钢股份收涨2.21%，收盘价为5.55元，发生1笔大宗交易，合计成交量128.4万股，成交金额 712.62万元。 第1笔成交价格为5.55元，成交128.40万股，成交金额712.62万元，溢价率为0.00%，买方营业部为机构 专用，卖方营业部为中信证券股份有限公司上海分公司。 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712.62万元。该股近5个交易日累 计上涨7.14%，主力资金合计净流入2560.14万元。 责任编辑：小浪快报 ...

Group 1: Cement Industry - National cement production in December 2025 decreased by 6.6% year-on-year to 144 million tons, with an average national cement shipment rate of 41% [1] - December cement prices showed resilience, with a nationwide average price of 354 RMB per ton, up by 5 RMB month-on-month, leading to a recovery in industry profitability with a gross profit of 63 RMB per ton, an increase of 11 RMB [1] - The industry is expected to continue capacity replacement policies in 2026, which may lead to ongoing supply clearance; recommended companies include Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and China Resources Cement Technology (01313) [1] Group 2: Glass Industry - The glass price continued to decline, with the average price of float glass at 1124 RMB per box as of January 15, 2026; companies are facing profitability pressure, leading to an accelerated cold repair process [2] - The housing completion area in 2025 decreased by 18.1% year-on-year to 603 million square meters, and the processing days for glass in December decreased by 17% to 9 days [2] - Recommended companies in the glass sector include Qibin Group (601636.SH) and Xinyi Glass (00868) [2] Group 3: Steel Industry - In December, crude steel production was 68.18 million tons, down by 10.3% year-on-year, with apparent domestic crude steel consumption at approximately 61.15 million tons, a decrease of 8.5% [3] - The steel industry is experiencing weak supply and demand, with daily molten iron production dropping below 2.3 million tons, leading to fluctuations in black series spot prices [3] - The industry is expected to focus on structural opportunities in 2026, with recommendations for Hualing Steel (000932.SZ) for its differentiated production management and Tiangong International (00826) for its high-growth potential in specialty steel [3]

Market Performance - The steel sector saw an increase of 1.92% on January 22, with Benxi Steel leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Benxi Steel (000761) closed at 3.52, up 5.07% with a trading volume of 470,900 shares and a turnover of 165 million yuan [1] - Other notable performers included: - Jiugang Hongxing (600307) at 1.88, up 5.03% [1] - Linggang Co. (600231) at 2.27, up 4.13% [1] - Chongqing Steel (601005) at 1.50, up 3.45% [1] - Anyang Steel (600569) at 2.47, up 3.35% [1] Capital Flow Analysis - The steel sector experienced a net outflow of 244 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [1] - The table of capital flow indicates that: - Baosteel (600019) had a net inflow of 57.81 million yuan from main funds [2] - Chongqing Steel (601005) saw a net inflow of 46.50 million yuan from main funds [2] - Benxi Steel (000761) had a net inflow of 21.22 million yuan from main funds [2]

Group 1 - The core focus of Ma'anshan is to break the development bottleneck of its steel industry by promoting green transformation and high-quality development through intelligent and integrated manufacturing [1][2] - The government supports Ma Steel, the leading enterprise in the steel industry, in achieving national recognition as a "Digital Pioneer Enterprise" and implementing projects that significantly reduce dust emissions [2] - The city aims to extend steel enterprises into high-end and low-carbon sectors, with a focus on special metallurgy materials, while also fostering new energy commercial vehicle clusters led by Hanma Technology [2] Group 2 - The city has implemented a multi-dimensional approach to empower top-level design through policies, funding, and mechanisms, including a comprehensive industrial policy system and a series of actions to stabilize the industrial base [3] - By the end of 2025, Ma'anshan's GDP is projected to reach 2,275.73 billion yuan, with significant growth in industrial value added and profits, indicating the effectiveness of green transformation initiatives [4] - The city has established 23 national-level green factories and 3 national-level green parks, with green factory output accounting for over 40% of the total industrial output, showcasing the successful integration of ecological and industrial development [4]

数据显示，1月22日热卷现货价格报3313.33元/吨，与上一日持平；最近一周，热卷价格累计上涨6.66 元/吨，上涨幅度为0.20%；最近一个月，热卷价格累计上涨0元/吨，上涨幅度为0.00%。 2026年1月22日热轧板卷现货价格表 | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | | 地 | | 型 | | | | 品种:普热轧板卷;材质:Q235B;规 | 沙钢 | 3310元/ | 市场价 | 上海市/普 | 上海昌墩贸易（实业）有 | | 格:5.5*1500*C; | | 吨 | | 陀区 | 限公司 | | 品种:普热轧板卷;材质:Q235B;规 | 沙钢 | 3340元/ | 市场价 | 上海市/宝 | 上海必盈实业有限公司 | | 格:5.5*1500*C; | | 吨 | | 山区 | | | 品种:普热轧板卷;材质:Q235B;规 | 沙钢 | 3340元/ | 市场价 | 上海市/金 | 上海张轩贸易有限公司 | | 格:5.5*1500*C; | | 吨 | | 山区 | | | ...

80岁接手千亿帝国后，老太太想再造一个PCB龙头？ 还记得"替夫出征"的传奇女董事长陈梅芳吗？当年近80岁的她走向台前，市场上不乏疑问：她能掌控得 了这艘千亿巨轮吗？ 结果短短两年，老太太直接用业绩"啪啪打脸"。这还不算完，不久前她再次落子，推动沪电股份正式递 交港交所上市申请，朝"A+H"双平台迈进。 这哪是简单融个资，分明是正在布一盘全球大棋。 "替夫出征"，陈梅芳不是个例。荣程集团的张荣华，从卖豆腐到执掌千亿钢企，把自己做成了"天津女 首富"；中国台湾的严陈莉莲，接手企业被称为"造车女皇"……这些女掌门，无一不是临危受命，在一 片质疑声中证明自己够狠、够稳、更够格。 毕竟在商界，从来没有什么现成的果子可摘，她们的故事，看似是命运的推手，实则是韧性与魄力的接 力。她们用行动打破偏见： 在商界，性别不是天花板，年龄不是限制，关键时刻的决断力、持久的韧性，才是真正的通 行证。 先来聊聊沪电股份，这是一段跨越海峡的夫妻创业故事。 创始人吴礼淦出生于1941年，老家在湖北天门，父亲吴善卿是民国时期大名鼎鼎的"棉花大王"。这做生 意的本事，显然传到了儿子身上。1972年，吴礼淦创办了吴氏电子，后来一路做大，成了业内 ...

本周螺纹钢总库存为452.1万吨，上周为438.07万吨，本周累库14.03万吨，上周去库0.04万吨。近年同期 表现为：2025年累库8.14万吨，2024年累库16.62万吨，2023年累库95.76万吨。 本周螺纹钢表需185.52万吨，上周190.34万吨，近年同期水平为：2025年185.15万吨，2024年217.55万 吨，2023年134.19万吨。 分析观点： 期货市场上看，1月22日收盘，螺纹钢期货主力合约报3124.00元/吨，涨幅0.35%，最高触及3135.00元/ 吨，最低下探3112.00元/吨，日内成交量达615894手。 【市场资讯】 光大期货研报：棒线材及钢坯出口量大幅增长，在很大程度上缓解了螺纹供应压力。目前螺纹整体处于 供需双弱局面，库存压力不大，但驱动也不强。预计短期螺纹盘面价格仍以窄幅震荡运行为主。 1月22日，长江钢铁对合肥地区建材出厂价调整如下，螺纹上调20元：现Φ18mm抗震螺纹价格为3320 元/吨；盘螺上调20元：现Φ8mm抗震盘螺价格为3580元/吨；线材上调20元：现Φ8mm抗震盘螺价格为 3580元/吨。以上价格含税。 2026年1月22日螺纹钢现货 ...

中国发展网讯 记者施文郁报道 为深入贯彻落实中央城市工作会议精神和《中共中央、国务院关于推动 城市高质量发展的意见》，结合辽宁实际，辽宁省委、省政府提出如下实施意见。 优化城市体系，提升综合承载能力 建设现代化都市圈和城市群。持续推进规划统筹、设施互通、产业协作、服务共享、生态共保、文旅共 建、社会共治，着力构建双核引领、多点支撑、全域协同的现代化城市体系。完善沈阳都市圈协同推进 机制，加速同城化进程。提升辽宁沿海经济带融合开放水平，优化港口群功能布局，加强与腹地互动。 联动建设沈大经济走廊，提升辽中南城市群发展能级。深化辽西地区与京津冀要素双向流动。支持辽东 地区发展绿色经济。 增强沈大双核发展能级和辐射带动作用。支持沈阳立足全国先进制造业基地、东北现代服务业中心、区 域性科技创新高地等核心功能，建设东北亚国际化中心城市、国家历史文化名城、国际性综合交通枢纽 城市。支持大连"两先区"、"三个中心"建设，建设现代海洋城市，在体制机制创新、新旧动能转换、高 水平对外开放等方面发挥示范引领作用。 促进大中小城市和小城镇协调发展。坚持特色差异发展，增强鞍山、丹东、锦州、营口辐射带动作用， 提升抚顺、阜新转型发展能力 ...

黑色商品日报 黑色商品日报（2026 年 1 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面窄幅调整，截止日盘螺纹 2605 合约收盘价格为 3117 元/吨，较上一交易收盘价格 | 窄幅震荡 | | | 上涨 6 元/吨，涨幅为 0.19%，持仓减少 0.1 万手。现货价格基本平稳，成交维持低位，唐山地区迁安普方 | | | | 坯价格持平于 2930 元/吨，杭州市场中天螺纹价格持平于 3210 元/吨，全国建材成交量 7.63 万吨。据海关 | | | | 数据，2025 年 12 月棒线材出口量 211.88 万吨，同比增长 45.24%；1-12 月棒线材出口量 1937.8 万吨，同 | | | | 比增长 61.73%。2025 年 12 月钢坯出口量 144.12 万吨，同比增长 86.43%；1-12 月钢坯出口量 1482.13 万 | | | | 吨，同比增长 134.03%。棒线材及钢坯出口量大幅增长，在很大程度上缓解了螺纹供应压力。目前螺纹整 | | | | 体处于供需双弱局面，库存压力不大， ...