格隆汇2月26日丨八一钢铁（维权）(600581.SH)公布，公司于近日收到公司非独立董事柯善良、刘文壮 先生提交的书面辞职报告。柯善良、刘文壮先生因工作原因，辞去公司董事职务。鉴于上述情况，经董 事会提名委员会审查通过，公司于2026年2月26日召开第九届董事会第三次会议，审议通过了《关于改 选第九届董事会部分非独立董事的议案》。同意张志刚先生为公司董事候选人，任期从股东会决议通过 之日起计算，至第九届董事会任期届满时为止。依据《公司章程》规定，公司董事会由9名董事组成。 本次改选暂缺一名非独立董事候选人，不会影响公司董事会的正常运作。公司后续将依据《公司章 程》，尽快完成相关补选程序。 ...

Market Overview - A-shares experienced slight fluctuations with major indices showing mixed results; Shenzhen Component Index and Sci-Tech Innovation Index rose steadily while Shanghai Composite Index and ChiNext Index saw minor declines. Total trading volume increased to 2.56 trillion yuan [1][12]. Index Performance - Shenzhen Component Index: 14,503.79 (+0.19%) - Shanghai Composite Index: 4,146.63 (-0.01%) - ChiNext Index: 3,344.98 (-0.29%) - Sci-Tech Innovation Index: 1,843.20 (+1.29%) - Other indices such as FiFF50 and CSI 300 also showed slight declines [2][13]. Sector Performance - Sectors such as new energy, special steel, components, and optical communication saw significant gains, while sectors like film and television, real estate, medical beauty, and general retail faced declines [2][13]. - The electronic industry attracted over 29.3 billion yuan in net inflow, while the communication sector saw over 17.3 billion yuan. Other sectors like machinery and defense also received substantial inflows [2][12]. Individual Stock Highlights - Huadian Technology (沪电股份) hit the daily limit with over 4.2 billion yuan in net inflow. Other notable stocks include Runze Technology and Shenghong Technology, each with over 3 billion yuan in net inflow [3][14]. - Specific stocks with significant net inflows include: - Huadian Technology: 42.09 billion yuan - Runze Technology: 33.37 billion yuan - Shenghong Technology: 32.05 billion yuan [5][16]. Future Outlook - Xiangcai Securities anticipates that the upcoming Two Sessions in March will clarify fiscal and monetary policies for 2026, emphasizing new productive forces. Focus is recommended on sectors benefiting from the "14th Five-Year Plan" and traditional sectors with structural opportunities [6][14]. - Debon Securities notes a clear shift in market style post-Spring Festival, with a preference for cyclical stocks and a focus on real estate policies and commodity prices as the Two Sessions approach [6][17]. Environmental Sector Developments - The upcoming review of the "Ecological Environment Code (Draft)" by the National People's Congress is expected to drive growth in the environmental sector. The procurement of unmanned sanitation equipment is projected to exceed 12.6 billion yuan, marking a 150% year-on-year increase [9][20]. - Environmental stocks saw significant activity, with Zhongke Environmental (中科环保) experiencing a rapid increase, hitting a 20% limit up within minutes [6][17]. Special Steel Demand - The rise of commercial aerospace is reshaping the demand for high-end special steel, with projections indicating a significant increase in consumption due to the deployment of satellites and rockets. The demand from sectors like defense, new energy, and high-end equipment is also expected to grow steadily [11][22].

Core Viewpoint - The launch of coking coal options on January 16, 2026, at Dalian Commodity Exchange has shown stable operation in its first month, enhancing price discovery and risk management functions, and increasing participation from industry enterprises, thereby injecting new momentum into the high-quality development of the real economy [3][8]. Group 1: Market Performance - Coking coal options have provided a more flexible and precise risk hedging choice for enterprises in the coal-coke-steel industry chain, especially during the weak supply and demand conditions around the Spring Festival [3][8]. - As of February 24, 2026, coking coal options have recorded a total trading volume of 1.1843 million contracts and a transaction value of 3.137 billion yuan, with an average daily trading volume of 53,800 contracts [10]. Group 2: Company Strategies - Zhongji Ningbo Group has actively utilized the "futures + options" combination to optimize management, applying options tools for inventory management to effectively avoid the devaluation risk of coking coal stocks [4][8]. - Shanxi Yaxin Energy Group has achieved dual objectives of risk avoidance and profit enhancement by employing coking coal futures and options to lock in high sales profits and further increase returns through selling options [4][9]. Group 3: Future Outlook - Industry insiders express optimism about the future development of coking coal options, anticipating that more enterprises will seek to lock in raw material prices and future profits as market conditions mature and liquidity improves [12]. - The Dalian Commodity Exchange plans to deepen cooperation with industry organizations and leading enterprises to enhance market cultivation and investor education, thereby improving the quality and effectiveness of derivative markets in serving the real economy [12].

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 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 2 月 26 日 钢材&铁矿石日报 专业研究·创造价值 预期现实博弈，钢矿震荡回落 螺纹钢：主力期价震荡回落，录得 0.20%日涨幅，量仓收缩。现阶段， 供需双弱局面下螺纹钢基本面表现弱稳，库存持续增加，钢价仍易承 压，但政策预期在增强，钢市运行逻辑在现实与预期之间切换，预计走 势维持震荡运行态势，破局有待利好政策持续推出。 热轧卷板：主力期价高位回落，录得 0.09%日涨幅，量仓收缩。目前来 看，热卷需求开始恢复，但韧性有待跟踪，且供应压力未退，基本面表 现弱稳，价格仍将承压，相 ...

要点速览版 宏观背景切换 商品主线转向"控通胀与保增长"的平衡，国内告别大基建，进入存量博弈。 核心矛盾 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 黑色系只剩"弱现实+弱预期"，过剩矛盾突出，价格中枢下移、波动收窄。 作者：董良/F3065228、Z0020800/ 一德期货黑色分析师 后市展望 趋势向下但难一次性大跌。钢材端有出口对冲预期，矿价大跌将触发供给成本弹性。 年后以来，黑色板块依然"沉闷"，从宏观背景看是商品交易主逻辑的切换，外部矛盾从"防衰退"转 向"控通胀与稳增长的平衡"，国内则彻底告别"大基建+房地产"，进入"高质量存量需求博弈"阶段，全 球竞争分化，国内产业分化，黑色需求仍有韧性，但直接利好不足。 黑色市场较去年失去"低库存≈高弹性"的逻辑后，只剩下"弱现实+弱预期"组合，所以过剩矛盾较强，结 果是整体价格下移伴随波动区间收窄。2月25日的上涨则是受到唐山减产以及上海地产放开消息的利好 刺激，实际基本面变化不大。 对于铁矿石来说，春节前后的海外天气扰动已消除，全球铁矿石发运总量回升至高位，海飘库存和到港 量虽然有下滑，但同比水平仍高，小周期上又面临至三月中旬的限产， ...

Core Viewpoint - The company is committed to providing advanced special steel products for domestic large aircraft, enhancing aviation safety through improved material quality [1] Group 1: Product Application - The company's "two high and one special" products are being utilized in domestic large aircraft engine systems, transmission systems, and structural components [1] Group 2: Commitment to Aviation Safety - The company aims to offer more, stronger, lighter, and more durable special steel products to solidify the material foundation for aviation safety [1]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related sales and impact its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with uncertainties remaining regarding related matters [2] Group 2: Loss Reduction Measures - The company is implementing benchmarking and cost reduction initiatives across production lines and processes to enhance cost advantages [2] - Focus areas include reducing costs in processes, improving yield rates, stabilizing ultra-low emissions projects, and strictly controlling various expenses [2] Group 3: Convertible Bond Arrangements - The company is managing its market value and implementing plans to enhance valuation through cost reduction, efficiency improvement, and professional integration [2] - It is also preparing for the redemption of convertible bonds by actively expanding financing channels [2] Group 4: Production Strategy and Market Response - The company is responding to the "anti-involution" initiative by aligning production with market trends and optimizing output [2] - Key operational goals include stabilizing operations, mitigating risks, enhancing quality, optimizing structure, promoting transformation, and increasing efficiency [2]

Core Viewpoint - The European steel industry is advocating for the inclusion of steel in the EU's upcoming regulations prioritizing the use of locally manufactured materials, with a narrow definition of "local" focusing primarily on EU member states and closely integrated neighboring countries like the UK and Norway [1][2]. Group 1: EU Regulations and Definitions - The EU plans to introduce the "Industrial Accelerator Act" next Wednesday, which will mandate the prioritization of locally manufactured products when using public funds [1]. - The focus on "European manufacturing" aims to cover key strategic industries, including batteries, solar and wind energy, hydrogen production, nuclear energy, and electric vehicles, although it remains unclear if low-carbon steel will be included [1]. - The definition of "local" may also encompass Norway, Iceland, and Liechtenstein, which are members of the EU single market and share similar internal market rules [2]. Group 2: Industry Perspectives - Axel Eggert, Director General of Eurofer, supports including countries with similar systems to the EU, such as the UK, but opposes including all Free Trade Agreement (FTA) countries due to concerns over excess capacity and differing decarbonization efforts [2][5]. - The steel industry is concerned that broadening the definition of "local" to include all FTA countries could undermine the effectiveness of policies aimed at promoting EU steel decarbonization and combating global overcapacity [5]. - Eggert noted that many other trading partners, including India, China, and the US, prioritize local products, but emphasized that the current discussion is specifically about low-carbon steel [4].

Group 1 - The company has been exporting steel to EU member countries in recent years [1] - By 2025, the revenue from exports to the EU is expected to account for 14% of the company's total export revenue [1] - The exports to the EU are primarily conducted through third-party traders and agents [1]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down 0.01% to 4146 points, the Shenzhen Component Index up 0.19%, and the ChiNext Index down 0.29% [1] - The total market turnover reached 2.56 trillion yuan, an increase of 75.7 billion yuan compared to the previous trading day, with over 2800 stocks declining [1] Sector Performance - Nvidia's earnings exceeded expectations, leading to a surge in AI hardware sectors, including CPO concepts, copper cable high-speed connections, and liquid-cooled servers, with stocks like Fenghuo Communication, Hengtong Optic-Electric, and Zhongtian Technology hitting the daily limit [1] - The PCB and electronic components sectors also saw gains, with stocks like Huhua Electronics reaching the daily limit [1] - The controllable nuclear fusion sector strengthened, with stocks like Dongfang Electric hitting the daily limit [1] - Fertilizer, wind power, and rare metals sectors performed well, showing significant gains [1] - Conversely, the real estate sector opened high but closed low, with Hualian Holdings dropping over 6% [1] - The film and media sector continued to decline, with Bona Film Group hitting the limit down [1] - The aquaculture, tax refund stores, and oil and petrochemical sectors experienced the largest declines [1] Capital Inflow - The top sectors by capital inflow included power generation equipment, communication equipment, and the internet, with respective five-day gains of 4.19%, 2.68%, and 2.91% [2] - Other notable sectors with positive performance included electronic components, fertilizers and pesticides, and steel, with gains of 1.78%, 2.24%, and 1.66% respectively [2]