证券研究报告 钢铁周报：权益底部继续修复 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格表现 | | 【浙商金属】 | | 钢铁周度数据 | | （2026年1月11日） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | 上证指数 | | 4 , | 120 | 3 | 8% . | 3 8% . | | | 沪深300 | | 4 , | 759 | 2 | 8% . | 2 8% . | | | SW钢铁指数 | | 2 , | 752 | 3 | 5% . | 3 5% . | | 板块 | | SW普钢指数 | 2 | 591 | 3 | 0% | 3 0% | | | | SW特钢指数 | , 4 | 929 | ...

01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润和库存 短期驱动不足， 延续震荡格局 钢材周报 2026/01/10 0755-23375155 zhaoh3@wkqh.cn 陈张滢（黑色建材组） 从业资格号：F03098415 交易咨询号：Z0020771 赵航 （联系人） 从业资格号：F03133652 CONTENTS 目录 06 需求与进出口 01 周度评估及策略推荐 周度小结 ◆ 供应：本周螺纹总产量191万吨，环比+1.50%，同比-7.27%，累计产量379.26万吨，同比-6.45%。长流程产量158万吨，环比+0.50%，同比- 10.88%，短流程产量33万吨，环比+6.61%，同比+15.31%。本周热轧板卷产量306万吨，较上周环比变化+1.0万吨，较上年单周同比约+0.9%， 累计同比约+0.6%。 本周铁水日均产量为229.5万吨，铁水小幅回升，螺纹产量持续回落，热卷产量偏高，供应端仍具有一定压力。利润方面，华东地区螺纹高炉 利润维持68元/吨附近，高炉利润中性；谷电利润为81元/吨，电炉利润水平偏高。 ◆ 需求：本周螺纹表需175万吨，前值200万 ...

黑色建材日报 2026-01-09 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3168 元/吨, 较上一交易日跌 19 元/吨（-0.59%）。当日注册仓单 55633 吨, 环比减少 1211 吨。主力合约持仓量为 178.18 万手，环比增加 40419 手。现货市场方面, 螺纹钢天津汇总 价格为 3210 元/吨, 环比增加 30/吨; 上海汇总价格为 3320 元/吨, 环比减少 0 元/吨。 热轧板卷主力合 约收盘价为 3317 元/吨, 较上一交易日跌 15 元/吨（-0.45%）。 当日注册仓单 108701 吨, 环比增加 4706 吨。主力合约持仓量 ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 01 月 08 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3290 元（-），北京敬业 3180 元（+20），上海鞍钢热 卷 3320 元（+20），天津河钢热卷 3220 元（+10）。 :qichunyi_qh@chinastock.c om.cn 1/ 10 【交易策略】 今日钢材盘面出现小幅下滑，钢材采购偏弱。本周钢联数据公布，五大材仍然增 产，受利润水平的修复影响铁水产量继续上涨；钢材总库存转向累库，钢材进入累库 拐点，但热轧仍然去库，库存从厂库向社库转移，螺纹库存整体累计；季节性影响建 材表需进一步转弱，下游工地资金到位情况下滑，热卷需求小幅消化，尽管年前制造 业存在补库需求，但 1 月受出口许可证影响钢材出口出现下滑；原料端煤矿库存有所 下滑，受市场消息影响近期出现大涨，带动钢价上涨； pb 粉结构性短缺问题尚未解 决，1 季度同样为铁矿传统发运淡季 ...

从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 钢材 黑色建材组 陈张滢 黑色建材日报 2026-01-08 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 螺纹钢主力合约下午收盘价为 3187 元/吨, 较上一交易日涨 76 元/吨（2.442%）。当日注册仓单 56844 吨, 环比减少 0 吨。主力合约持仓量为 174.14 万手，环比增加 178435 手。现货市场方面, 螺纹钢天津汇总价 格为 3180 元/吨, 环比增加 30/吨; 上海汇总价格为 3320 元/吨, 环比增加 40 元/吨。 热轧板卷主力合约 收盘价为 3332 元/吨, 较上一交易日涨 69 元/吨（2.114%）。 当日注册仓单 103995 吨, 环比减少 593 吨。 主力合约持仓量为 137.79 万手，环比增加 103802 手。 现货方面, 热轧板卷乐从汇总价格为 3300 元/吨, 环比增加 50 元/吨; 上海汇总价格为 3300 元/吨, 环比增加 40 元/吨 ...

黑色建材日报 2026-01-07 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3111 元/吨, 较上一交易日涨 7 元/吨（0.225%）。当日注册仓单 56844 吨, 环比减少 0 吨。主力合约持仓量为 156.29 万手，环比增加 14597 手。现货市场方面, 螺纹钢天津汇总价 格为 3150 元/吨, 环比减少 10/吨; 上海汇总价格为 3280 元/吨, 环比减少 10 元/吨。 热轧板卷主力合约 收盘价为 3263 元/吨, 较上一交易日涨 15 元/吨（0.461%）。 当日注册仓单 104588 吨, 环比减少 0 吨。 主力合约持仓量为 127 ...

6日，全国主流城市热轧板卷报价上涨10-20元/吨，出口价格上涨1美元/吨。 6日，全国主流城市热轧板卷报价上涨10-20元/吨，出口价格上涨1美元/吨。 新浪合作大平台期货开户 安全快捷有保障 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 责任编辑：陈平 ...

黑色建材日报 2026-01-06 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 【行情资讯】 螺纹钢主力合约下午收盘价为 3104 元/吨, 较上一交易日跌 18 元/吨（-0.57%）。当日注册仓单 56844 吨, 环比减少 0 吨。主力合约持仓量为 154.8351 万手，环比增加 43067 手。现货市场方面, 螺纹钢天津汇总 价格为 3160 元/吨, 环比减少 10/吨; 上海汇总价格为 3290 元/吨, 环比减少 10 元/吨。 热轧板卷主力合 约收盘价为 3248 元/吨, 较上一交易日跌 22 元/吨（-0.67%）。 当日注册仓单 104588 吨, 环比减少 0 吨。 主力合约持仓量为 129.4526 万手，环比增加 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, at the beginning of the year, institutional allocation funds are expected to flow back into the market, and with the unchanged policy support for the capital market, the medium - to long - term strategy is mainly to go long on dips [2][3]. - For treasury bonds, the improvement of market expectations for the economy may put pressure on the bond market. Although the central bank maintains an attitude of caring for funds, the bond market is expected to be weak and volatile in the first quarter, mainly affected by the spring rally in the stock market, government bond supply, and interest - rate cut expectations [4][6]. - For precious metals, there may be a short - term significant correction in January, but it does not mean the end of the upward cycle of gold and silver. In the long term, there are expectations of loose fiscal and monetary policies [7][8]. - For non - ferrous metals, most non - ferrous metals are affected by factors such as supply - demand relationships, cost, and market sentiment, with different trends. For example, copper prices are expected to slow down in their upward trend; aluminum prices are expected to be volatile and strong; zinc prices are expected to be volatile in the medium term and strong in the short term; lead prices are expected to be weak in the short term; nickel prices may have bottomed out in the short term; tin prices are expected to fluctuate with market sentiment; and the prices of some non - ferrous metal products such as stainless steel and casting aluminum alloy also have their own trends [10][11][13] [16][17][18]. - For black building materials, steel prices are expected to continue to oscillate in the bottom range; iron ore prices are expected to oscillate, with upside space limited by high inventory and supply expectations and downside supported by restocking expectations; glass prices may have some upward potential; and the supply - surplus pattern of soda ash has not changed fundamentally [32][33][35]. - For energy chemicals, different products have different trends. For example, rubber is recommended to be observed; the valuation of heavy - oil products in crude oil is expected to increase; methanol is considered to have the feasibility of going long on dips; urea is recommended to take profits on rallies; and the trends of pure benzene, styrene, and other products are also affected by factors such as cost, supply, and demand [49][50][55]. - For agricultural products, the short - term logic of rising pig prices is strong, but the medium - term support may collapse; egg prices have limited upside and downside space; the prices of soybean meal and rapeseed meal are expected to oscillate; the current fundamentals of oils and fats are weak, but the medium - and long - term expectations are optimistic; sugar prices may rebound after the northern hemisphere's harvest; and cotton prices are recommended to go long on dips after a correction [78][79][83]. Summary by Relevant Catalogs Stock Index - **Market Information**: The CSRC will strengthen the coordination of administrative, criminal, and civil actions to combat financial fraud. Goldman Sachs recommends overweighting Chinese stocks, expecting a 15% - 20% annual increase in 2026 and 2027. The basis ratios of stock - index futures are provided [2]. - **Strategy Viewpoint**: At the beginning of the year, institutional allocation funds are expected to flow back into the market, and with policy support, the medium - to long - term strategy is to go long on dips [3]. Treasury Bonds - **Market Information**: The prices of Treasury bond futures contracts have different changes. The National Development and Reform Commission has introduced policies for Yangtze River protection projects. The central bank conducted 135 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 4688 billion yuan [4]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market. Although the central bank maintains an attitude of caring for funds, the bond market is expected to be weak and volatile in the first quarter, mainly affected by the spring rally in the stock market, government bond supply, and interest - rate cut expectations [6]. Precious Metals - **Market Information**: The prices of Shanghai gold and silver, and COMEX gold and silver have increased. Weak US manufacturing PMI data and geopolitical issues have strengthened the expectations of the Fed's loose monetary policy, leading to a short - term increase in precious - metal prices [7]. - **Strategy Viewpoint**: There may be a short - term significant correction in January, but it does not mean the end of the upward cycle of gold and silver. In the long term, there are expectations of loose fiscal and monetary policies [8]. Non - Ferrous Metals Copper - **Market Information**: The price of LME copper has reached 13,000 US dollars for the first time. The price of domestic copper has continued to be strong, with changes in inventory and basis [10]. - **Strategy Viewpoint**: The upward trend of copper prices is expected to slow down, with support from supply - side factors and pressure from demand - side factors [11]. Aluminum - **Market Information**: The prices of domestic and international aluminum have accelerated their upward movement, with changes in inventory and basis [12]. - **Strategy Viewpoint**: Aluminum prices are expected to be volatile and strong, affected by factors such as supply - side disturbances and the high prices of precious metals and copper [13]. Zinc - **Market Information**: The prices of zinc futures and spot have changed, with changes in inventory and basis [14][15]. - **Strategy Viewpoint**: Zinc prices are expected to be volatile in the medium term and strong in the short term, affected by factors such as inventory and supply - demand relationships [16]. Lead - **Market Information**: The prices of lead futures and spot have changed, with changes in inventory and basis [17]. - **Strategy Viewpoint**: Lead prices are expected to be weak in the short term, affected by factors such as inventory and market sentiment [17]. Nickel - **Market Information**: The price of nickel has oscillated, with changes in spot premiums and cost factors [18]. - **Strategy Viewpoint**: The short - term bottom of nickel prices may have appeared, and it is recommended to observe in the short term [18]. Tin - **Market Information**: The price of tin has increased, with changes in supply, demand, and inventory [20][21]. - **Strategy Viewpoint**: Tin prices are expected to fluctuate with market sentiment, and it is recommended to observe [22]. Carbonate Lithium - **Market Information**: The price of carbonate lithium has increased, with changes in futures prices and inventory [23]. - **Strategy Viewpoint**: The fundamentals of carbonate lithium are expected to improve, but there are concerns about demand if prices remain high. It is recommended to observe or take a light - position attempt [23]. Alumina - **Market Information**: The price of alumina has decreased, with changes in inventory and basis [24]. - **Strategy Viewpoint**: It is recommended to observe. If there is no actual production - reduction action, short positions can be considered on rallies [26]. Stainless Steel - **Market Information**: The price of stainless steel has decreased, with changes in inventory and basis [27]. - **Strategy Viewpoint**: It is recommended to consider going long on dips and pay attention to the implementation of policies [28]. Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy has accelerated its upward movement, with changes in inventory and basis [29]. - **Strategy Viewpoint**: Casting aluminum alloy prices are expected to be volatile and strong, affected by cost and supply - side factors [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil have decreased, with changes in inventory and basis [32]. - **Strategy Viewpoint**: Steel prices are expected to continue to oscillate in the bottom range, affected by factors such as supply, demand, and macro - policies [33]. Iron Ore - **Market Information**: The price of iron ore has increased, with changes in inventory and basis [34]. - **Strategy Viewpoint**: Iron ore prices are expected to oscillate, with upside space limited by high inventory and supply expectations and downside supported by restocking expectations [35]. Glass and Soda Ash - **Market Information**: The price of glass has decreased, and the price of soda ash has decreased. There are changes in inventory and basis [36][38]. - **Strategy Viewpoint**: Glass prices may have some upward potential, and the supply - surplus pattern of soda ash has not changed fundamentally [37][38]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon have decreased, with changes in inventory and basis [39]. - **Strategy Viewpoint**: The future trends of manganese silicon and ferrosilicon are affected by factors such as market sentiment, cost, and supply - side disturbances [41][42]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon has decreased, and the price of polysilicon has increased, with changes in inventory and basis [43][46]. - **Strategy Viewpoint**: Industrial silicon prices are expected to oscillate, and polysilicon prices are expected to be volatile, affected by factors such as supply, demand, and market sentiment [44][47]. Energy Chemicals Rubber - **Market Information**: The price of rubber has oscillated and increased, with different views from bulls and bears [49][50]. - **Strategy Viewpoint**: It is recommended to observe and partially close the hedging position of buying RU2605 and selling RU2609 [53]. Crude Oil - **Market Information**: The price of crude oil has decreased, and the prices of refined - oil products have also changed, with changes in inventory [54]. - **Strategy Viewpoint**: The valuation of heavy - oil products is expected to increase [55]. Methanol - **Market Information**: The regional spot prices of methanol have changed [56]. - **Strategy Viewpoint**: Methanol is considered to have the feasibility of going long on dips [57]. Urea - **Market Information**: The regional spot and futures prices of urea have changed, with a certain basis [58]. - **Strategy Viewpoint**: It is recommended to take profits on rallies [59]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene have changed, with changes in cost, supply, demand, and basis [60]. - **Strategy Viewpoint**: It is considered that the non - integrated profit of styrene has room for upward repair, and it is recommended to go long on the non - integrated profit of styrene before the first quarter of next year [61]. PVC - **Market Information**: The price of PVC has decreased, with changes in cost, supply, demand, and inventory [62][63]. - **Strategy Viewpoint**: It is recommended to short on rallies before significant production cuts in the industry [64]. Ethylene Glycol - **Market Information**: The price of ethylene glycol has decreased, with changes in supply, demand, and inventory [65]. - **Strategy Viewpoint**: The supply - demand pattern of ethylene glycol needs to be improved through increased production cuts, and the valuation may need to be compressed in the medium term [66]. PTA - **Market Information**: The price of PTA has decreased, with changes in supply, demand, and inventory [67]. - **Strategy Viewpoint**: PTA is expected to enter the Spring Festival inventory - accumulation stage after short - term destocking. It is recommended to pay attention to the risk of correction in the short term and the opportunity of going long on dips in the medium term [69]. Para - Xylene - **Market Information**: The price of para - xylene has decreased, with changes in supply, demand, and inventory [70]. - **Strategy Viewpoint**: PX is expected to maintain a small inventory - accumulation pattern before the maintenance season. It is recommended to pay attention to the risk of correction in the short term and the opportunity of going long on dips in the medium term [71]. Polyethylene (PE) - **Market Information**: The price of PE has changed, with changes in supply, demand, and inventory [72]. - **Strategy Viewpoint**: It is recommended to go long on the LL5 - 9 spread on dips [73]. Polypropylene (PP) - **Market Information**: The price of PP has changed, with changes in supply, demand, and inventory [74][75]. - **Strategy Viewpoint**: The supply - surplus pattern of PP may change in the first quarter of next year, and the price may bottom out [76]. Agricultural Products Live Pigs - **Market Information**: The prices of live pigs in different regions have changed, with different supply and demand situations in the north and south [78]. - **Strategy Viewpoint**: The short - term logic of rising pig prices is strong, but the medium - term support may collapse. It is recommended to short on rallies and pay attention to the support of far - month contracts [79]. Eggs - **Market Information**: The prices of eggs have changed, with stable supply and different digestion speeds in the terminal market [80]. - **Strategy Viewpoint**: Egg prices have limited upside and downside space. It is recommended to short on rallies [81][82]. Soybean Meal and Rapeseed Meal - **Market Information**: The prices of soybean meal and rapeseed meal futures have changed, with changes in spot prices and inventory [83]. - **Strategy Viewpoint**: The prices of soybean meal and rapeseed meal are expected to oscillate, affected by factors such as import costs and inventory [84]. Oils and Fats - **Market Information**: The prices of oils and fats futures have decreased, with changes in spot prices and inventory [85][86]. - **Strategy Viewpoint**: The current fundamentals of oils and fats are weak, but the medium - and long - term expectations are optimistic. The prices are not far from the bottom range [87][88]. Sugar - **Market Information**: The price of sugar futures has increased, with changes in spot prices and production data in different regions [89][90]. - **Strategy Viewpoint**: Sugar prices may rebound after the northern hemisphere's harvest, and the short - term downside space of domestic sugar prices is limited [91]. Cotton - **Market Information**: The price of cotton futures has changed, with changes in spot prices, supply, demand, and inventory [92]. - **Strategy Viewpoint**: It is recommended to go long on cotton after a correction, affected by factors such as supply - demand relationships and policy expectations [93].

钢材产量增加，钢价震荡运行 钢材周报 20250105 周贵升 从业资格证：F3036194 投资咨询证：Z0015986 段怡雯 从业资格证：F03131526 成材：钢材产量增加，钢价震荡运行 （1）供给：钢厂复产，供应增加。全国主要钢厂螺纹钢当周产量为188.22万吨（+3.83），热轧当周产量为304.51万吨（+10.97）。 （2） 需求：螺纹需求季节性偏弱，热卷需求回升。上周螺纹表观需求为200.44万吨（-2.24），热轧表观需求310.77万吨(+3.73）。 螺纹钢总库存422.03万吨(-12.22），社会库存282.66万吨(-11.53)，钢厂库存139.37万吨(-0.69); 热轧总库存370.96万吨(-6.26),社会库存288.64万吨(-8.06)，钢厂库存82.32万吨(+1.8)。 （4）基差：截至12月31日，螺纹主力合约基差178元/吨（+6），热轧主力合约基差0元/吨（+13）。 （5）总结： 钢厂盈利率上升至38.1%，钢厂利润有所修复; 铁水产量227.43万吨，环比增加0.85万吨。 高炉开工率78.94%，环比上升0.62%，高炉产能利用率85.26%， ...