证券研究报告 策略 PPI 上行如何影响 AH 权益？ 需求拉动型通胀：由于内生需求回暖推动价格上行，全产业链利润扩张，风 险偏好提升，行业轮动呈现明显的上游->大金融->消费的顺序，回测上看， 非金属材料、能源金属、乘用车、光伏设备、其他电源设备、玻璃玻纤等板 块主要受益，消费电子、专业服务、一般零售、厨卫电器、通信服务等板块 可能受损。 2026 年 3 月 02 日│中国内地 专题研究 宏观视角，PPI 同比有望于 5-6 月转正 考虑到 PPI 中石油化工相关商品价格、CPI 中运输和与能源相关性较高的分 项或表现强于此前预期。此外，随着 AI 投资相关需求以及外需走强，叠加 国内"反内卷"政策的稳步推进，对 PPI 波动率贡献较为显著的黑色系、有 色系上游商品价格有望延续温和回升态势，中下游（光伏设备、汽车等）价 格亦有望企稳，共同推动 PPI 指标同比降幅收窄。华泰宏观团队预测中国 PPI 或将在今年 5-6 月转正，为 2022 年 10 月来首次；2026 全年平均 PPI 或将从去年的-2.6 回升至+0.1%，而今年年底 PPI 可能达到 1%左右（《PPI 何时转正?》2026 年 3 ...

Market Overview - The steel raw materials sector increased by 1.76% compared to the previous trading day, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 25.95, up 6.97%, with a trading volume of 281,100 shares and a transaction value of 710 million [1] - Fangda Carbon (600516) closed at 5.87, up 3.35%, with a trading volume of 930,300 shares and a transaction value of 536 million [1] - Guangdong Mingzhu (600382) closed at 8.79, up 3.17%, with a trading volume of 332,600 shares and a transaction value of 288 million [1] - Steel Titanium Co. (000629) closed at 3.78, up 2.16%, with a trading volume of 1,859,200 shares and a transaction value of 693 million [1] - Ordos (600295) closed at 15.21, up 1.88%, with a trading volume of 163,700 shares and a transaction value of 244 million [1] - Other stocks such as Dazhong Mining (001203) and Baodi Mining (601121) experienced slight declines [1] Capital Flow Analysis - The steel raw materials sector saw a net inflow of 60.03 million from main funds, while retail funds experienced a net inflow of 10.52 million [1] - Retail investors showed a net outflow of 70.55 million from the sector [1] Detailed Capital Flow for Key Stocks - Guangdong Mingzhu (600382) had a main fund net inflow of 35.69 million, but retail funds saw a net outflow of 15.02 million [2] - Hebei Steel Resources (000923) experienced a main fund net inflow of 16.26 million, with retail funds showing a net outflow of 28.09 million [2] - Ordos (600295) had a main fund net inflow of 15.83 million, while retail funds had a net inflow of 29.21 million [2] - Dazhong Mining (001203) saw a main fund net inflow of 13.88 million, with retail funds showing a net inflow of 1.17 million [2] - Fangda Carbon (600516) had a main fund net inflow of 13.67 million, but retail funds experienced a net outflow of 25.97 million [2]

Group 1 - The steel raw materials sector increased by 2.99% compared to the previous trading day, with Dazhong Mining leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Dazhong Mining's closing price was 29.57, with a rise of 5.16%, and a trading volume of 262,400 shares, amounting to 768 million yuan [1] Group 2 - The net inflow of main funds in the steel raw materials sector was 27.21 million yuan, while retail funds saw a net inflow of 57.98 million yuan [1] - The table shows various companies' fund flows, with Dazhong Mining having a main fund net inflow of 66.46 million yuan, but a retail net outflow of 35.17 million yuan [2] - Other companies like Steel Titanium Co. and Baodi Mining also experienced mixed fund flows, with significant retail inflows despite main fund outflows [2]

Market Overview - The steel raw materials sector experienced a decline of 4.38% on February 2, with Guangdong Mingzhu leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Major stocks in the steel raw materials sector showed significant declines, with Guangdong Mingzhu down 9.98% to 8.57, and other notable declines including: - HeSteel Resources down 4.34% to 23.12 - Fangda Carbon down 5.39% to 5.44 - Steel Titanium down 5.74% to 3.61 [1] - The trading volume and turnover for key stocks included: - Dazhong Mining: 325,800 shares, turnover of 266 million - HeSteel Resources: 295,700 shares, turnover of 701 million - Fangda Carbon: 915,400 shares, turnover of 511 million [1] Capital Flow Analysis - The steel raw materials sector saw a net outflow of 362 million from main funds, while retail investors contributed a net inflow of 287 million [1] - Detailed capital flow for selected stocks included: - Guangdong Mingzhu: Main funds net inflow of 15.23 million, retail net outflow of 33.08 million - Dazhong Mining: Main funds net inflow of 14.45 million, retail net outflow of 16.51 million - HeSteel Resources: Main funds net outflow of 73.01 million, retail net inflow of 83.08 million [2]

Group 1 - The steel raw materials sector experienced a decline of 4.65% on January 30, with Vanadium Titanium Co. leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Key stocks in the steel raw materials sector showed significant declines, with Hebei Steel Resources down 8.52% and Steel Titanium Co. down 8.59% [1] Group 2 - The net outflow of main funds in the steel raw materials sector was 348 million yuan, while retail investors saw a net inflow of 348 million yuan [1] - The table of fund flows indicates that Hebei Steel Resources had a main fund net inflow of 13.61 million yuan, but a retail net outflow of 50.30 million yuan [2] - Guangdong Mingzhu and Erdos both experienced negative net inflows from main funds, indicating a trend of capital withdrawal from these stocks [2]

证券之星消息，1月29日冶钢原料板块较上一交易日下跌0.39%，钒钛股份领跌。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000923 河钢资源 | | 6982.75万 | 7.36% | -577.78万 | -0.61% | -6404.97万 | -6.75% | | 600295 | 鄂尔多斯 | 2417.30万 | 6.59% | -61.25万 | -0.17% | -2356.06万 | -6.42% | | 001203 大中矿业 | | 1954.14万 | 2.15% | 1145.55万 | 1.26% | -3099.69万 | -3.42% | | 601121 宝地矿业 | | 1089.19万 | 1.86% | 1023.35万 | 1.74% | ...

Group 1 - The steel raw materials sector increased by 3.51% compared to the previous trading day, with Vanadium Titanium Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the steel raw materials sector showed significant price increases, with Steel Titanium Co. rising by 8.52% to a closing price of 4.33 [1] Group 2 - The net inflow of main funds in the steel raw materials sector was 545 million yuan, while retail investors experienced a net outflow of 496 million yuan [1] - The table of fund flows indicates that Steel Titanium Co. had a main fund net inflow of 1.83 billion yuan, but a retail net outflow of 1.62 billion yuan [2] - Other notable stocks included Hainan Mining with a main fund net inflow of 136 million yuan and a retail net outflow of 1.43 billion yuan [2]

Core Insights - The Hong Kong Stock Connect 50 ETF (159712) rose over 2% on January 28, indicating increased institutional interest in the value of Hong Kong stocks [1] - Huatai Securities noted that during periods of RMB appreciation, AH equities typically perform well, with Hong Kong stocks being more sensitive to these changes [1] Group 1: Investment Opportunities - Beneficiaries of the configuration effect include white goods, batteries, engineering machinery, power grid equipment, and beverage dairy sectors, which are favored by foreign capital [1] - Industries with high total dollar borrowings relative to net assets and high exchange gains relative to operating income, such as motorcycles, seed industry, auto parts, engineering machinery, and photovoltaic equipment, are expected to benefit from the liability effect [1] - Industries with high external dependence are likely to see improvements in gross margins, including electronic chemicals, seed industry, and steel raw materials, due to cost effects [1] Group 2: Sector Performance - Sectors that drive relative fundamental cycles upward, such as real estate chains and advanced manufacturing, as well as high beta industries like non-bank financials, are expected to benefit from relative fundamental effects [1] - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index (930931), focusing on the 50 largest listed companies within the Stock Connect framework, primarily large-cap leading enterprises across new and traditional economic sectors [1] - The index emphasizes financials, discretionary consumption, and information technology, aiming to reflect the overall performance of related listed company securities while combining high growth potential with low valuation characteristics [1]

Core Insights - The steel raw materials sector experienced a 1.9% increase on January 26, with Vanadium Titanium Co. leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Sector Performance - Steel Titanium Co. (000629) saw a closing price of 4.24, with a significant increase of 10.13% and a trading volume of 2.42 million shares, amounting to a transaction value of 1.006 billion [1] - Other notable performers included My Industry (000655) with a 4.68% increase, closing at 11.18, and Hebei Steel Resources (000923) with a 3.52% increase, closing at 25.90 [1] - The overall net inflow of funds into the steel raw materials sector was 404 million, while retail investors experienced a net outflow of 435 million [1] Fund Flow Analysis - Steel Titanium Co. had a net inflow of 321 million from major funds, representing 31.93% of its total trading volume, while retail investors had a net outflow of 176 million [2] - Hebei Steel Resources recorded a net inflow of 69.2 million from major funds, with retail investors experiencing a net outflow of 109 million [2] - Guangdong Mingzhu (600382) faced a significant net outflow of 29.85 million from retail investors, despite a minor net inflow from major funds [2]

证券之星消息，1月23日冶钢原料板块较上一交易日上涨4.55%，大中矿业领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001203 | 大中矿业 | 33.15 | 9.99% | 57.26万 | 18.34 乙 | | 000923 | 河钢资源 | 25.02 | 5.21% | 19.44万 | 4.76亿 | | 600516 | 方大炭素 | 6.05 | 4.67% | 115.26万 | 6.88亿 | | 696109 | 示范围换 | 11.83 | 4.32% | 62.11万 | 7.27亿 | | 000655 | 金岭矿业 | 10.68 | 3.29% | 19.61万 | 2.07亿 | | 600382 | 广东明珠 | 9.38 | 3.08% | 50.59万 | 4.74亿 | | 000629 | 钢钛股份 | 3.8 ...