Market Overview - On November 7, the steel sector experienced a decline of 0.25%, with Linggang Co. leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - Maanshan Iron & Steel Co. (600808) saw an increase of 2.44%, closing at 4.20, with a trading volume of 1.6126 million shares and a turnover of 670 million [1] - Shougang Co. (000959) increased by 2.04%, closing at 4.51, with a trading volume of 553,100 shares and a turnover of 247 million [1] - Linggang Co. (600231) decreased by 1.27%, closing at 2.34, with a trading volume of 429,600 shares and a turnover of 101 million [2] - Baosteel Co. (600019) decreased by 1.16%, closing at 7.65, with a trading volume of 855,900 shares and a turnover of 657 million [2] Capital Flow Analysis - The steel sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 336 million [2] - The capital flow for individual stocks indicates that Hangang Co. (600126) had a net outflow of 54.38 million from main funds, while it experienced a net inflow of 49.95 million from retail investors [3] - Baosteel Co. (600019) had a net inflow of 18.47 million from main funds, but a net outflow of 4.69 million from retail investors [3]

Market Performance - On November 6, the general steel sector rose by 1.73%, with Hualing Steel leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Hualing Steel (code: 000932) closed at 6.14, up 4.24% with a trading volume of 1.33 million shares and a transaction value of 807 million yuan [1] - Baosteel (code: 600019) closed at 7.74, up 3.48% with a trading volume of 1.44 million shares and a transaction value of 1.1 billion yuan [1] - Other notable performers include Nanjing Steel (code: 600282) up 2.93%, Shougang (code: 000959) up 2.55%, and Xinxing Ductile Iron Pipes (code: 000778) up 2.07% [1] Capital Flow Analysis - The steel sector experienced a net outflow of 139 million yuan from institutional investors, while retail investors saw a net inflow of 183 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Detailed Capital Flow for Selected Stocks - Xinxing Ductile Iron Pipes saw a net inflow of 51.83 million yuan from institutional investors, while retail investors had a net outflow of 48.95 million yuan [3] - Hualing Steel had a net inflow of 34.51 million yuan from institutional investors, with retail investors also experiencing a net outflow of 19.45 million yuan [3] - Chongqing Steel recorded a net inflow of 23.21 million yuan from institutional investors, while retail investors had a net outflow of 7.42 million yuan [3]

Core Viewpoint - Shougang Co., Ltd. has shown a significant increase in stock price and profitability, despite a decline in revenue, indicating potential resilience in its operations and market positioning [1][2]. Financial Performance - As of September 30, 2025, Shougang Co., Ltd. reported a revenue of 77.23 billion yuan, a year-on-year decrease of 5.78% [2]. - The company achieved a net profit attributable to shareholders of 0.953 billion yuan, marking a substantial year-on-year increase of 368.13% [2]. Stock Market Activity - On November 6, 2023, Shougang's stock price rose by 2.09%, reaching 4.40 yuan per share, with a total market capitalization of 34.12 billion yuan [1]. - The stock has increased by 45.31% year-to-date, with a 4.51% rise over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 91,800, reflecting a 9.59% rise [2]. - The average number of circulating shares per shareholder decreased by 8.75% to 70,890 shares [2]. Dividend Distribution - Shougang Co., Ltd. has distributed a total of 8.22 billion yuan in dividends since its A-share listing, with 0.405 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 46.31 million shares, a decrease of 7.30 million shares from the previous period [3]. - The Southern CSI 500 ETF and Guotai CSI Steel ETF were also among the top ten circulating shareholders, with respective holdings of 22.63 million shares and 15.53 million shares [3].

Core Viewpoint - New Steel Co., Ltd. has shown a significant increase in stock price and a notable change in shareholder structure, indicating potential investment opportunities and shifts in market sentiment [1][2][3]. Financial Performance - For the period from January to September 2025, New Steel Co. achieved a revenue of 27.225 billion yuan, a year-on-year decrease of 12.68%, while the net profit attributable to shareholders was 360 million yuan, reflecting a year-on-year increase of 162.21% [2]. - The company has cumulatively distributed 5.584 billion yuan in dividends since its A-share listing, with 816 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 6, New Steel Co.'s stock price increased by 2.15% to 4.27 yuan per share, with a trading volume of 160 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 13.589 billion yuan [1]. - The stock has risen by 28.23% year-to-date, with a slight increase of 0.71% over the last five trading days and a decrease of 1.61% over the past 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 11.78% to 38,200, while the average number of tradable shares per person increased by 13.35% to 82,368 shares [2]. - Significant changes in the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders such as Invesco Great Wall and E Fund [3].

Market Overview - On November 5, the steel sector experienced a slight decline of 0.08%, with Baogang Co. leading the losses [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Individual Stock Performance - Notable gainers in the steel sector included: - Chongqing Steel: closed at 1.55, up 1.97% with a trading volume of 2.43 million shares [1] - Anyang Steel: closed at 2.66, up 1.92% with a trading volume of 1.20 million shares [1] - Jiuquan Iron & Steel: closed at 1.76, up 1.73% with a trading volume of 1.05 million shares [1] - Baogang Co. was the biggest loser, closing at 2.72, down 2.86% with a trading volume of 16.15 million shares [2] Capital Flow Analysis - The steel sector saw a net outflow of 303 million yuan from major funds, while retail investors contributed a net inflow of 322 million yuan [2] - The capital flow for specific stocks showed: - Hualing Steel: major funds net outflow of 34.43 million yuan, retail net outflow of 35.83 million yuan [3] - Chongqing Steel: major funds net inflow of 25.18 million yuan, retail net outflow of 1.06 million yuan [3] - Anyang Steel: major funds net inflow of 11.44 million yuan, retail net outflow of 3.71 million yuan [3]

Core Viewpoint - Chongqing Steel's stock price has shown a positive trend with an increase of 8.33% year-to-date, reflecting investor interest and market activity [1][2]. Group 1: Stock Performance - As of November 5, Chongqing Steel's stock rose by 2.63%, trading at 1.56 CNY per share with a total market capitalization of 13.809 billion CNY [1]. - The stock has seen a trading volume of 257 million CNY, with a turnover rate of 2.01% [1]. - Year-to-date, the stock has increased by 8.33%, with a 2.63% rise in the last five trading days, 5.41% in the last 20 days, and 0.65% in the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Chongqing Steel reported operating revenue of 19.091 billion CNY, a year-on-year decrease of 7.32% [2]. - The company recorded a net profit attributable to shareholders of -218 million CNY, which represents a year-on-year increase of 83.82% [2]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Chongqing Steel reached 180,800, an increase of 3.27% from the previous period [2]. - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2]. Group 4: Business Overview - Chongqing Steel, established on August 11, 1997, and listed on February 28, 2007, primarily engages in the production and sale of hot-rolled thin plates, medium and thick plates, rebar, wire rods, steel billets, and by-products of steel and coking chemical products [1]. - The revenue composition of the main business includes hot-rolled sheets (62.03%), plates (30.41%), others (6.65%), and steel billets (0.91%) [1]. Group 5: Dividend Information - Since its A-share listing, Chongqing Steel has distributed a total of 520 million CNY in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - Ba Yi Steel's stock price has shown a significant increase of 43.32% year-to-date, despite a recent decline of 2.00% on November 4, 2023, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Ba Yi Steel reported a revenue of 14.617 billion yuan, a year-on-year decrease of 1.39%, while the net profit attributable to shareholders was -572 million yuan, reflecting a year-on-year increase of 60.43% [2][3]. Stock Market Activity - As of November 4, 2023, Ba Yi Steel's stock was trading at 4.40 yuan per share, with a total market capitalization of 6.745 billion yuan. The trading volume was 82.1746 million yuan, with a turnover rate of 1.21% [1]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent instance on September 12, 2023, where it recorded a net purchase of 639.773 million yuan [1]. Shareholder Information - As of September 30, 2025, Ba Yi Steel had 88,500 shareholders, an increase of 26.38% from the previous period. The average number of circulating shares per shareholder decreased by 20.87% to 17,326 shares [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 362.52 million shares, and several new entrants such as Invesco Great Wall and Guotai Junan [3]. Business Overview - Ba Yi Steel, established on July 27, 2000, and listed on August 16, 2002, primarily engages in steel smelting, rolling, processing, and sales, with steel products accounting for 93.89% of its revenue [1][2].

Core Viewpoint - Ling Steel Co., Ltd. has shown a significant increase in stock price and trading activity, indicating potential investor interest and market performance [1][2]. Financial Performance - For the period from January to September 2025, Ling Steel reported operating revenue of 11.759 billion yuan, a year-on-year decrease of 15.31% [2]. - The company recorded a net profit attributable to shareholders of -844 million yuan, which represents a year-on-year increase of 38.12% [2]. Stock Performance - As of November 4, Ling Steel's stock price increased by 34.08% year-to-date, with a 5.26% rise over the last five trading days and a 17.07% increase over both the last 20 and 60 days [1]. - The stock's trading volume on November 4 reached 17.572 million yuan, with a turnover rate of 0.26% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 48,400, a rise of 10.78% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 9.73% to 58,190 shares [2]. Dividends and Institutional Holdings - Ling Steel has cumulatively distributed 1.758 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, increasing its holdings by 2.7707 million shares to 15.0069 million shares [3].

Market Performance - The steel sector saw an increase of 2.27% on November 3, with Baogang Co. leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Baogang Co. (600010) closed at 2.66, up 4.72% with a trading volume of 18.53 million shares and a turnover of 498.5 million yuan [1] - Hualing Steel (000932) closed at 6.03, up 4.51% with a trading volume of 1.58 million shares and a turnover of 950 million yuan [1] - Nanjing Steel (600282) closed at 5.43, up 3.43% with a trading volume of 520,400 shares and a turnover of 278 million yuan [1] - Other notable performers include Anyang Steel (600569) up 3.16% and Baosteel (600019) up 2.71% [1] Capital Flow Analysis - The steel sector experienced a net inflow of 368 million yuan from main funds, while retail funds saw a net outflow of 85.48 million yuan [2] - Main funds showed significant inflows into Baogang Co. (3.91 billion yuan) and Hualing Steel (85.22 million yuan) [3] - Retail investors had notable outflows from Hualing Steel (-98.62 million yuan) and Anyang Steel (-27.90 million yuan) [3]

- The report tracks industry prosperity signals for sectors such as coal, livestock farming, steel, structural materials, and fuel refining based on recent industry operating indicators[9] - **Coal Industry Model**: The model estimates monthly revenue and profit growth rates for the coal industry based on changes in price factors and production capacity factors. The pricing mechanism is determined by the last price index of the previous month, which sets the sales price for the following month[10][14] - **Livestock Farming Factor**: The "outbound coefficient method" is used to calculate the supply-demand gap for pigs six months in advance. The formula is: $ \text{Outbound Coefficient} = \frac{\text{Single Quarter Pig Outbound}}{\text{Breeding Sow Inventory lag6m}} $ $ \text{6-month Potential Production Capacity} = \text{t-month Breeding Sow Inventory} \times (\text{t+6-month Last Year Outbound Coefficient}) $ $ \text{6-month Potential Pig Demand} = \text{t+6-month Last Year Single Quarter Pig Outbound} $ This method effectively identifies pig price upward cycles[15][16] - **Steel Industry Model**: Monthly profit growth and per-ton profit are predicted using a model that incorporates comprehensive steel prices and cost indicators such as iron ore, coke, pulverized coal, and scrap steel[18] - **Structural Materials and Construction Engineering Model**: Profit changes in the glass and cement manufacturing industries are tracked using price and cost indicators. Configuration signals are designed based on profitability changes. Manufacturing prosperity and real estate sales data are analyzed to assess the likelihood of infrastructure investment expectations[25] - **Fuel Refining and Oil Services Model**: Industry profit growth and cracking spreads are calculated using changes in fuel oil prices and crude oil prices. Configuration signals are designed based on oil prices, cracking spreads, and new drilling changes[27] Backtesting Results - **Coal Industry**: Profit growth is predicted to continue declining in November 2025 due to coal prices being lower than the previous year[14] - **Livestock Farming Factor**: The breeding sow inventory at the end of September 2025 was 40.35 million heads, slightly down month-on-month. The potential pig supply for Q1 2026 is estimated at 19.347 million heads, with demand forecasted at 19.476 million heads, indicating a slightly tight supply-demand balance[17] - **Steel Industry**: Profit growth for October 2025 is predicted to be negative. The rolling 12-month PMI average decreased month-on-month, maintaining a neutral configuration view for the steel industry[23] - **Structural Materials and Construction Engineering**: Flat glass profitability continued to grow year-on-year in October 2025, maintaining a positive signal for the glass industry. Cement industry profits turned negative year-on-year in October 2025, with no positive signals from new housing starts, maintaining a neutral view. Manufacturing PMI and real estate sales data suggest potential infrastructure investment expectations, leading to a positive signal for the construction decoration industry[26] - **Fuel Refining and Oil Services**: Fuel refining industry profits are predicted to grow slightly year-on-year in October 2025. Oil prices were lower than the previous year, maintaining a neutral view for the fuel refining and oil services industries[34][35]