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 1 月 26 日 钢材&铁矿石日报 专业研究·创造价值 现实格局弱稳，钢矿偏弱震荡 核心观点 螺纹钢：主力期价冲高回落，录得 0.29%日涨幅，量增仓缩。现阶段， 螺纹供应回升并至高位，而需求表现疲弱，基本面矛盾在累积，淡季钢 价承压运行，相对利好则是成本支撑与情绪偏暖，下行阻力增加，预计 钢价维持低位震荡运行态势，关注库存变化情况。 热轧卷板：主力期价震荡运行，录得 0.12%日涨幅，量仓扩大。目前来 看，热卷供应有所回落，但库存偏高，压力未退，且需求韧性趋弱，产 业矛盾易累积， ...

Group 1 - Thailand's Ministry of Commerce initiated an anti-circumvention investigation on cold-rolled carbon steel products from mainland China, following requests from domestic companies [1] - The investigation aims to determine if the products have been slightly altered to circumvent existing anti-dumping measures [1] - Thailand previously imposed anti-dumping duties on cold-rolled carbon steel from mainland China, Taiwan, and Vietnam, with the current measures set to expire on January 24, 2024 [1] Group 2 - Baoshan Iron & Steel Co., Ltd. and its five subsidiaries are involved in the investigation, including Baosteel Zhanjiang Iron and Steel Co., Ltd. and Wuhan Iron and Steel Co., Ltd. [2] - The Maanshan Group and its six subsidiaries, including Maanshan Iron and Steel Co., Ltd. and China BaoWu Steel Group Corporation Limited, are also implicated [2]