Group 1 - The core viewpoint of the article indicates that steel stocks have experienced a widespread decline, with specific companies like Ansteel (00347) down by 3.72%, Maanshan Steel (00323) down by 2.53%, and Chongqing Steel (01053) down by 2.52% [1] - The Ministry of Commerce and the General Administration of Customs announced the implementation of export license management for certain steel products, effective from January 1, 2026, covering a list of 300 products including some stainless steel and oriented silicon steel [1] - Dongfang Securities suggests that this new policy marks a new phase in domestic steel export management, potentially leading to an optimization and upgrade of the export structure [1] - Changjiang Securities notes that the implementation of export license management may create a short-term export pulse, which could put pressure on supply and demand in early next year, but is expected to benefit the industry's long-term development [1] - Long-term implications of the export license management may include a reduction in raw material demand, particularly for iron ore, which has captured a significant portion of the industry's profits, and could lead to the elimination of low-end steel companies unable to adapt to post-export conditions, ultimately improving supply and demand in the steel industry [1]

每经AI快讯，钢铁股全线下跌。截至发稿，鞍钢股份(00347.HK)跌3.72%，报1.81港元；马鞍山钢铁股 份(00323.HK)跌2.53%，报2.31港元；重庆钢铁股份(01053.HK)跌2.52%，报1.16港元。 ...

Group 1 - The core viewpoint of the article indicates that steel stocks are experiencing a widespread decline, with specific companies like Ansteel, Maanshan Steel, and Chongqing Steel reporting significant drops in their stock prices [1] - The Ministry of Commerce and the General Administration of Customs announced the implementation of export license management for certain steel products starting January 1, 2026, which includes a list of 300 products such as some stainless steel and oriented silicon steel [1] - According to Dongfang Securities, this new policy marks a new phase in domestic steel export management, potentially leading to an optimization and upgrade of the export structure [1] Group 2 - Changjiang Securities suggests that the implementation of export license management may create a short-term export pulse, which could put pressure on supply and demand in early next year, but is expected to benefit the industry in the long term [1] - In the long run, the export license management is likely to suppress raw material demand, particularly for iron ore, which has captured a significant portion of the industry's profits [1] - The article notes that low-end steel companies unable to adapt to the post-export environment may face elimination, leading to an anticipated improvement in supply and demand within the steel industry [1]

Group 1: Company Development Strategy - The company will focus on high-end, intelligent, and green development, aligning with national strategies and market demands [2] - Emphasis on integrating new information technology with production processes to create a smart manufacturing model [2] - Commitment to ecological priorities and green development through carbon reduction and resource recycling [2] Group 2: Product Competitiveness - The company offers a comprehensive product range including hot-rolled sheets, cold-rolled sheets, galvanized sheets, and seamless steel pipes [2][3] - Products are widely used across various industries such as machinery, metallurgy, petrochemicals, and construction [2] - Leading position in shipbuilding steel certification and stable supply of high-tech shipbuilding steel [2][3] Group 3: Advanced Product Capabilities - Automotive steel products can achieve strength levels up to 2000MPa and include advanced features like aluminum-silicon coating [3] - Full production capability for non-oriented silicon steel with applications in mainstream automotive and electrical industries [3] - Increasing proportion of high-grade oriented silicon steel supplied to major transformer manufacturers [3]

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

每经AI快讯，港股钢铁股集体下跌。截至发稿，重庆钢铁股份(01053.HK)跌4.72%，报1.21港元；鞍钢 股份(00347.HK)跌4.06%，报1.89港元；马鞍山钢铁股份(00323.HK)跌3.64%，报2.38港元。 ...

Group 1 - Steel stocks collectively declined, with Chongqing Steel down 4.72% to HKD 1.21, Ansteel down 4.06% to HKD 1.89, and Maanshan Steel down 3.64% to HKD 2.38 [1] - Guosheng Securities reported that the execution of production restriction policies this year has been ineffective, and there is an expectation for steel mills to implement anti-involution policies to accelerate production cuts and improve industry profitability [1] - Since the third quarter of last year, the sector's valuation has significantly recovered, moving from an absolute undervaluation to a moderately low position, indicating limited valuation bubble and still offering absolute return potential [1] Group 2 - Guotai Junan Securities indicated that demand is expected to gradually bottom out; despite not considering supply policies, the industry has been experiencing prolonged losses, and market-driven supply clearance has begun [1] - The expectation is that the fundamentals of the steel industry will gradually improve, and if supply policies are implemented, the speed of supply contraction will accelerate, leading to quicker industry recovery [1]

国泰海通证券则表示，需求有望逐步触底；供给端即便不考虑供给政策，目前行业亏损时间已经较长， 供给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政策落地，行业供给 的收缩速度更快，行业上行的进展将更快展开。 智通财经APP获悉，钢铁股集体下跌，截至发稿，重庆钢铁股份(01053)跌4.72%，报1.21港元；鞍钢股 份(00347)跌4.06%，报1.89港元；马鞍山钢铁股份(00323)跌3.64%，报2.38港元。 国盛证券发布研报称，今年限产政策执行效果不佳，供给端我们期待未来钢厂反内卷政策能尽快切实转 化为行动上的压产，加快行业盈利回归的速度。去年三季度以来板块估值大幅修复，目前绝对估值位置 已经从绝对低估修复至中等偏低的位置，估值上泡沫不多，没有计入盈利进一步回归的预期，依然具备 绝对收益的空间。 ...

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 不對因本公告全部或任何部分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。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列鞍鋼股份有限公司（「本公司」）於二零二 五 年 十二月六 日 在《中國證 券 報》、《證券時報》、《上海證券報》或巨潮資訊網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二 五 年 十二月五 日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

证券代码：000898 证券简称：鞍钢股份 公告编号：2025-056 鞍钢股份有限公司 关于变更签字会计师及质量控制复核人的公告 一、本次签字会计师及质量控制复核人变更的基本情况 立信作为公司 2025 年度财务审计机构，原委派张家辉先生、闫保瑞 先生分别为公司 2025 年度财务报表审计报告和内部控制审计报告的签 字注册会计师、质量控制复核人。由于立信内部工作调整，现将签字注 册会计师由张家辉先生变更为董其彬先生，质量控制复核人由闫保瑞先 生变更为赵丹宁女士。 本公司及其董事保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 鞍钢股份有限公司（以下简称公司）于 2025 年 3 月 28 日召开第九 届第三十五次董事会，审议通过了《关于聘任立信会计师事务所（特殊 普通合伙）担任公司 2025 年度审计师的议案》，并于 2025 年 6 月 3 日 召开 2024 年度股东大会审议通过了上述议案。具体内容详见公司于 2025 年 3 月 31 日、2025 年 6 月 4 日在巨潮资讯网上披露的相关公告。 今日，公司收到立信会计师事务所（特殊普通合伙）（以下简称立 信）出具的《关于变 ...