Market Overview - The special steel sector increased by 0.36% on November 12, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Fangda Special Steel (600507) closed at 6.32, up 2.43% with a trading volume of 428,500 shares and a turnover of 268 million yuan [1] - CITIC Special Steel (000708) closed at 15.61, up 1.36% with a trading volume of 194,900 shares and a turnover of 304 million yuan [1] - Other notable performances include: - Xianglou New Materials (301160) at 60.74, up 1.01% [1] - Taiyuan Iron & Steel (000825) at 4.35, up 0.69% [1] - Jiao Jin Co. (603995) at 18.85, up 0.27% [1] - Decliners included: - Xining Special Steel (600117) at 3.18, down 0.31% [1] - Shagang Group (002075) at 5.77, down 0.52% [1] - Jiu Li Special Materials (002318) at 26.31, down 0.72% [1] Capital Flow - The special steel sector experienced a net outflow of 199 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The capital flow for individual stocks showed: - Xianglou New Materials had a net inflow of 8.07% from institutional investors [3] - Fangda Special Steel had a net outflow of 2.71% from institutional investors [3] - Jiu Li Special Materials had a net outflow of 3.43% from institutional investors [3]

Core Insights - The special steel sector experienced a slight increase of 0.15% on November 11, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Special Steel Sector Performance - Xianglou New Materials (301160) closed at 60.13, up 2.96% with a trading volume of 21,600 lots and a transaction value of 129 million [1] - Fangda Special Steel (600507) closed at 6.17, up 0.65% with a trading volume of 225,800 lots and a transaction value of 139 million [1] - Xining Special Steel (600117) closed at 3.19, up 0.63% with a trading volume of 301,500 lots and a transaction value of 95.73 million [1] - Other notable performances include Shengde Yantai (300881) up 0.62%, CITIC Special Steel (000708) up 0.20%, and Fushun Special Steel (665009) up 0.18% [1] Capital Flow Analysis - The special steel sector saw a net outflow of 86.77 million from main funds, while retail funds experienced a net inflow of 62.80 million [2][3] - Notable net inflows from retail investors were observed in Xianglou New Materials (730.63 million) and Shengde Yantai (667.25 million) [3] - Conversely, significant net outflows from main funds were recorded for CITIC Special Steel (-1,667.42 million) and Fangda Special Steel (-1,334.32 million) [3]

Market Overview - The special steel sector increased by 0.38% on November 10, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 8.85, up 4.12% with a trading volume of 202.77 thousand shares and a transaction value of 1.807 billion [1] - Jiuli Special Materials (002318) closed at 26.57, up 1.68% with a trading volume of 21.50 thousand shares and a transaction value of 570 million [1] - CITIC Special Steel (000708) closed at 15.37, up 0.92% with a trading volume of 18.02 thousand shares and a transaction value of 277 million [1] - Other notable performances include Jinzhou Pipeline (002443) at 8.31, up 0.12%, and Xining Special Steel (600117) at 3.17, unchanged [1] Capital Flow - The special steel sector experienced a net outflow of 27.4959 million from institutional investors and 17.9619 million from retail investors, while individual investors saw a net inflow of 45.4578 million [2] - The capital flow for specific stocks indicates varying trends, with Jiuli Special Materials seeing a net inflow of 70.0669 million from institutional investors [3] Individual Stock Analysis - Changbao Co., Ltd. had a net inflow of 800.56 thousand from retail investors, despite a net outflow of 1.78287 million from speculative funds [3] - CITIC Special Steel experienced a net outflow of 1.58266 million from institutional investors, while retail investors contributed a net inflow of 911.29 thousand [3] - Xining Special Steel faced a net outflow of 729.07 thousand from institutional investors, but retail investors contributed a net inflow of 882.76 thousand [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Viewpoints - The report emphasizes the importance of addressing overseas electricity shortages with Chinese solutions, particularly in the context of rising industrial electricity costs due to increasing energy prices in major countries [9][14]. - It highlights the potential for significant growth in the electrolytic aluminum sector driven by export demand, as overseas power supply issues lead to production cuts [14]. - The report also points out investment opportunities in the special steel sector, particularly related to advancements in nuclear fusion technology [15]. - The lithium carbonate sector is expected to benefit from a surge in overseas energy storage demand, with prices across the supply chain showing signs of recovery [16]. Summary by Sections 1. Non-Ferrous Metals - The report suggests that electrolytic aluminum, special steel, and lithium carbonate are primarily driven by domestic demand, but it presents a contrasting view that focuses on overseas electricity shortages as a growth opportunity [9][13]. - The electrolytic aluminum sector is poised for a revaluation due to strong production cut expectations stemming from overseas electricity shortages [14]. - The special steel sector is highlighted for its potential growth linked to nuclear fusion advancements, with significant demand expected for materials that can withstand extreme conditions [15]. - The lithium carbonate sector is experiencing a price rebound, with recent contracts indicating a positive outlook for the entire supply chain [16]. 2. Steel Industry - The steel industry is facing short-term profitability pressures, with slight declines in iron and steel production noted [17][19]. - Inventory levels for both social and steel mill stocks are decreasing, indicating a tightening supply [24]. - The report notes a general decline in steel prices, with various product categories experiencing price drops [34]. - Cost pressures are evident, with mixed trends in raw material prices impacting profitability across different steel production processes [27][30]. 3. New Energy Metals - The report indicates a significant year-on-year increase in lithium carbonate production, reflecting a robust supply response to market demand [39]. - The demand for new energy vehicles remains strong, with production and sales figures showing substantial growth [43]. - Price trends for lithium and nickel are mixed, with lithium prices experiencing a notable decline while cobalt prices have seen increases [48][50].

Core Viewpoint - The report from Industrial Securities highlights significant volatility in global risk assets due to concerns over tightening overseas liquidity and discussions surrounding an "AI bubble" [1] Group 1: Market Conditions - Global risk assets have experienced substantial fluctuations this week, influenced by a lack of economic data, frequent hawkish statements from the Federal Reserve, and rising liquidity pressures in the money market due to government shutdown and fiscal constraints [1] - The strong dollar has suppressed global stock markets and commodity prices, with technology-heavy indices like Nikkei 225, Korean stock index, and Nasdaq leading the decline [1] Group 2: Future Outlook - The probability of overseas liquidity tightening evolving into systemic risk is low, as solutions from the Federal Reserve and bipartisan negotiations to reopen the government are progressing, which may gradually alleviate external disturbances on risk appetite [2] - If the U.S. government shutdown ends as expected in mid-November and more economic data is released, market expectations for Federal Reserve rate cuts will be recalibrated, potentially creating a window for global recovery [3] Group 3: AI Industry Analysis - The current discussions around the "AI bubble" have caused some disturbances in the domestic AI industry chain, but Industrial Securities believes that AI's empowerment of traditional industries is still in its early stages, making it incomparable to the internet bubble of 1999-2000 [4] - The development logic of the AI industry is clear, with major global tech companies continuously defining their AI strategies, and the fundamentals of leading companies in the U.S. stock market remain strong due to ongoing R&D investments and capital expenditures [4] Group 4: Investment Strategies - The "14th Five-Year Plan" emphasizes AI as a key driver for national competition and technological innovation, indicating that the AI industry chain will be a focus area with favorable prospects next year [5] - The year-end market is seen as an important window for positioning in sectors expected to perform well in the coming year, with a focus on cyclical sectors such as steel, chemicals, construction materials, and new consumption [6][7] - High-growth sectors expected to see net profit growth of over 30% next year include AI hardware, new energy, and military industries, while sectors with expected growth of 10%-30% include pharmaceuticals and AI downstream applications [7][8]

Market Overview - The special steel sector experienced a decline of 0.3% on November 7, with Shengde Xintai 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] Stock Performance - Notable stock performances included: - Changbao Co., Ltd. (002478) rose by 3.41% to a closing price of 8.50, with a trading volume of 1.93 million shares and a turnover of 1.616 billion [1] - Fushun Special Steel (666009) increased by 1.61% to 5.68, with a trading volume of 870,900 shares [1] - Fangda Special Steel (600507) saw a rise of 1.14% to 6.19, with a turnover of 176 million [1] - Jiu Li Special Materials (002318) fell by 1.62% to 26.13, with a trading volume of 147,300 shares and a turnover of 387 million [1][2] Capital Flow - The special steel sector saw a net outflow of 180 million from main funds, while retail investors contributed a net inflow of 145 million [2] - The capital flow for specific stocks included: - Fushun Special Steel had a main fund net inflow of 58.63 million, but a net outflow from retail investors of 55.44 million [3] - Shengde Xintai experienced a net outflow of 25.61 million from main funds, while retail investors contributed a net inflow of 16.72 million [3] - Jiu Li Special Materials had a net outflow of 2.69 million from main funds, but a net inflow of 33.42 million from retail investors [3]

Market Overview - The special steel sector increased by 2.01% on November 6, with Changbao Co., Ltd. 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] Stock Performance - Changbao Co., Ltd. (002478) closed at 8.22, up 10.04% with a trading volume of 415,800 shares and a transaction value of 341 million [1] - Jiuli Special Materials (002318) closed at 26.56, up 6.92% with a trading volume of 347,800 shares [1] - Shengde Zhengtai (300881) closed at 40.24, up 4.85% with a trading volume of 78,900 shares [1] - Other notable performances include: - CITIC Special Steel (000708) at 15.31, up 1.46% - Taiyuan Iron & Steel (000825) at 4.36, up 1.40% [1] Capital Flow - The special steel sector saw a net inflow of 15.29 million from institutional investors, while retail investors experienced a net outflow of 16.79 million [2] - The capital flow for key stocks includes: - Changbao Co., Ltd. had a net inflow of 49.96 million from institutional investors [3] - Shengde Zhengtai had a net inflow of 22.08 million from institutional investors [3] - CITIC Special Steel had a net inflow of 12.89 million from institutional investors [3]

Market Performance - The special steel sector increased by 1.71% on November 5, with Changbao Co., Ltd. leading the gains [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] Stock Performance - Changbao Co., Ltd. (002478) closed at 7.47, up 10.01% with a trading volume of 939,200 shares and a transaction value of 693 million [1] - Other notable performers include: - Shengde Zhengtai (300881) at 38.38, up 4.15% [1] - Fushun Special Steel (600399) at 5.62, up 3.69% [1] - Xining Special Steel (600117) at 3.19, up 2.24% [1] - Taiyuan Iron & Steel (000825) at 4.30, up 1.65% [1] Capital Flow - The special steel sector saw a net inflow of 113 million in main funds, while retail funds experienced a net outflow of 26.03 million [2] - The capital flow for specific stocks includes: - Changbao Co., Ltd. with a net inflow of 63.79 million [3] - Fushun Special Steel with a net inflow of 15.27 million [3] - Taiyuan Iron & Steel with a net inflow of 19.67 million [3]

Group 1 - The company has approved a share repurchase plan using a combination of bank loans and self-raised funds, with a total amount between RMB 200 million and RMB 400 million, and a maximum repurchase price of RMB 39.52 per share [1] - The repurchase period is set for 12 months from the date of board approval, which was on June 17, 2025 [1] - The repurchased shares will be used for employee stock ownership plans and/or equity incentives, or for converting convertible bonds issued by the company [1] Group 2 - As of October 31, 2025, the company has repurchased a total of 1,594,574 shares, accounting for 0.5685% of the total share capital, with a total expenditure of RMB 39,994,363.09 [2] - The highest repurchase price recorded was RMB 26.06 per share, while the lowest was RMB 24.34 per share [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations in a timely manner [2]

Market Performance - The special steel sector increased by 1.46% on November 3, with Fangda Special Steel 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 - Fangda Special Steel (600507) closed at 6.16, up 4.05% with a trading volume of 659,700 shares and a turnover of 401 million yuan [1] - CITIC Special Steel (000708) closed at 14.92, up 2.26% with a trading volume of 275,700 shares and a turnover of 408 million yuan [1] - Xining Special Steel (600117) closed at 3.18, up 1.60% with a trading volume of 375,000 shares and a turnover of 118 million yuan [1] - Other notable performances include Shagang Group (002075) up 1.56% and Fushun Special Steel (600399) up 1.53% [1] Capital Flow Analysis - The special steel sector saw a net inflow of 45.40 million yuan from institutional investors, while retail investors experienced a net outflow of 63.44 million yuan [2][3] - The main capital inflow was observed in CITIC Special Steel with a net inflow of 31.80 million yuan, while Fangda Special Steel had a net outflow of 28.75 million yuan from retail investors [3]