Group 1 - Maanshan Iron & Steel Co., Ltd. (马钢股份) reached the daily limit increase in stock price [1] - Vanadium Titanium Resources Co., Ltd. (钒钛股份) previously hit the daily limit increase [1] - Other companies such as Jinzhu Pipeline Co., Ltd. (金洲管道), Wujin Stainless Steel Co., Ltd. (武进不锈), Changbao Steel Pipe Industry Co., Ltd. (常宝股份), Hainan Mining Co., Ltd. (海南矿业), and Jiuli Special Materials Co., Ltd. (久立特材) also experienced stock price increases [1]

Core Insights - The steel sector saw an increase of 1.74% on September 29, with Maanshan Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Steel Sector Performance - Maanshan Iron & Steel (600808) closed at 3.99, with a rise of 9.92% and a trading volume of 2.407 million shares [1] - Other notable performers included: - Wujin Stainless Steel (603878) at 9.34, up 3.78% [1] - Hebei Iron & Steel (000709) at 2.48, up 3.33% [1] - Baotou Steel (600010) at 2.34, up 2.63% with a trading volume of 7.855 million shares [1] Capital Flow Analysis - The steel sector experienced a net inflow of 488 million yuan from main funds, while retail investors saw a net outflow of 168 million yuan [2] - Main fund inflows were led by: - Maanshan Iron & Steel with a net inflow of 18 million yuan [3] - Baotou Steel with a net inflow of 82 million yuan [3] - Retail investors showed significant outflows in several stocks, including: - Maanshan Iron & Steel with a net outflow of 89 million yuan [3] - Hebei Iron & Steel with a net outflow of 1.061 million yuan [3]

Core Insights - The A-share steel sector experienced a significant upward trend, with Maanshan Iron & Steel Co., Ltd. nearing a trading limit increase, and Jinzhou Pipeline rising over 7% [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhou Pipeline (002443) increased by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) rose by 4.97%, with a market cap of 19.6 billion, but has a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) increased by 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) rose by 3.88%, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) increased by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) rose by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also increased by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Core Viewpoint - Hong Kong steel stocks experienced significant gains in the afternoon trading session on September 29, with multiple companies showing notable increases in their stock prices [1] Company Summaries - China Hanking Holdings (03788.HK) saw its stock price rise by 5.3%, reaching HKD 4.37 [1] - Maanshan Iron & Steel Company (00323.HK) increased by 4.92%, with a stock price of HKD 2.56 [1] - China Oriental Group (00581.HK) rose by 4.69%, trading at HKD 1.34 [1] - Ansteel Company (00347.HK) experienced a 4.33% increase, with its stock priced at HKD 2.17 [1]

Core Viewpoint - The A-share steel sector experienced a significant upward trend, with several companies nearing their daily price limits and notable gains in stock prices [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhu Pipeline (002443) rose by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) increased by 4.97%, with a market cap of 19.6 billion but a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) gained 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) saw a 3.88% increase, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) rose by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) increased by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also rose by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Group 1 - Steel stocks saw significant gains, with China Hanking (03788) up 5.3% to HKD 4.37, Maanshan Iron & Steel (00323) up 4.92% to HKD 2.56, China Oriental Group (00581) up 4.69% to HKD 1.34, and Ansteel (00347) up 4.33% to HKD 2.17 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," providing a pathway for structural adjustment and high-quality development in China's steel industry [1] - The work plan includes measures for precise control of capacity and output, promoting graded management of steel enterprises, prohibiting new capacity, and guiding resource allocation towards competitive enterprises to achieve dynamic balance between supply and demand [1] Group 2 - Guosheng Securities reported that from January to August 2025, the total profit of large-scale industrial enterprises nationwide reached CNY 46,929.7 million, a year-on-year increase of 0.9% [2] - The profit of the black metal smelting and rolling processing industry totaled CNY 837 million from January to August, compared to a loss of CNY 169.7 million in the same period last year [2] - In August 2025, the industry's profit reached CNY 193.4 million, an increase of CNY 12.6 million from the previous month, marking a new monthly profit high for the year [2] - The industry's profit is expected to continue improving due to supply-side adjustments and expectations of transformation and upgrading, along with a trend of improving demand, indicating a positive long-term outlook for steel fundamentals [2]

Group 1 - Steel stocks saw significant gains in the afternoon, with China Hanking (03788) up 5.3% to HKD 4.37, Maanshan Iron & Steel (00323) up 4.92% to HKD 2.56, China Oriental Group (00581) up 4.69% to HKD 1.34, and Ansteel (00347) up 4.33% to HKD 2.17 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," providing a clear implementation path for structural adjustment and high-quality development in China's steel industry [1] Group 2 - From January to August 2025, profits of large-scale industrial enterprises reached CNY 46,929.7 million, a year-on-year increase of 0.9% [2] - The black metal smelting and rolling industry reported a total profit of CNY 837 million from January to August 2025, compared to a loss of CNY 169.7 million in the same period last year [2] - In August 2025, the industry's profit reached CNY 193.4 million, an increase of CNY 12.6 million from the previous month, marking a new monthly profit high for the year [2] - The industry's profit is expected to continue improving due to supply-side adjustments and transformation upgrades, along with a trend of improving demand, indicating a positive long-term outlook for steel fundamentals [2]

寶武水務的淨利潤 寶武水務分別於截至2023年12月31日 及2024年12月31日年度的稅前和稅 後 淨 利 潤 如 下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 關 於 關 連 交 易－減 資 協 議 的 補 充 公 告 茲 提 述 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）日 期 為2025年9月 22日 的 公 告（「該公告」），內 容 有 關 關 連 交 易－減 資 協 議。除 另 有 說 明 者 外， 在 本 公 告 中 所 用 詞 彙 的 釋 義 與 在 該 公 告 中 所 界 定 者 相 同。 本 公 司 謹 此 就 該 公 告 提 供 以 下 補 充 資 料： 截 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 關 於 關 連 交 易－減 資 協 議 的 補 充 公 告 茲 提 述 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）日 期 為2025年9月 22日 的 公 告（「該公告」），內 容 有 關 關 連 交 易－減 資 協 議。除 另 有 說 明 者 外， 在 本 公 告 中 所 用 詞 彙 的 釋 義 與 在 該 公 告 中 所 界 定 者 相 同。 本 公 司 謹 此 就 該 公 告 提 供 以 下 補 充 資 料： 寶武水務的淨利潤 寶武水務分別於截至2023年12月31日 及2024年12月31日年度的稅前和稅 後 淨 利 潤 如 下： 截 ...

Core Viewpoint - The announcement details a change in the equity structure of Maanshan Iron & Steel Company due to the repurchase and cancellation of restricted stocks, resulting in a passive increase in the shareholding percentage of the actual controller and its concerted parties, without triggering a mandatory tender offer [2][3][9]. Group 1: Equity Change Details - The equity change is a result of the company's repurchase and cancellation of all restricted stocks corresponding to the 2024 assessment year, leading to a passive increase in the shareholding ratio of the actual controller and its concerted parties [2][9]. - Following the equity change, the actual controller, China Baowu Steel Group Co., Ltd., and its concerted parties, Maanshan Group and Baosteel Hong Kong Investment Co., Ltd., increased their combined shareholding from 52.999% to 53.146% [3][7]. - The company completed the repurchase and cancellation of 21,423,400 restricted stocks on September 25, 2025, reducing the total share capital from 7,722,104,586 shares to 7,700,681,186 shares [7]. Group 2: Stakeholder Information - China Baowu Steel Group Co., Ltd. is the actual controller, indirectly controlling 53.146% of the company's shares through Maanshan Group and Baosteel Hong Kong Investment [4]. - Maanshan Group holds 3,733,677,149 A-shares, representing 48.485% of the company's shares [5]. - Baosteel Hong Kong Investment holds 358,950,000 H-shares, accounting for 4.661% of the company's shares [6].