Group 1 - The company Baosteel Co., Ltd. announced on December 2 that as of November 30, 2025, it has repurchased approximately 29.34 million shares through centralized bidding, accounting for 0.065% of the total share capital [1] - The highest transaction price for the repurchased shares was 2.72 yuan per share, while the lowest was 1.79 yuan per share [1] - The total amount paid for the share repurchase was approximately 70 million yuan [1]

| 股票代码：600010 | 股票简称：包钢股份 | 编号：（临）2025-077 | | --- | --- | --- | | 债券代码：175793 | 债券简称：GC钢联01 | | 内蒙古包钢钢联股份有限公司 关于股份回购进展情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： | 回购方案首次披露日 | 2025 年 4 月 19 日 | | | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 22 日至 2026 年 | 5 月 21 日 | | 预计回购金额 | 1 亿元（含）——2 亿元（含） | | | 回购用途 | 减少注册资本 □用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 2933.8700 万股 | | | 累计已回购股数占总股本比例 | 0.065% | | | 累计已回购金额 | 7000.0827 万元 | | | 实际回购价格区间 ...

Group 1 - The company Baosteel Co., Ltd. (600010.SH) announced a share buyback program, having repurchased a total of 29,338,700 shares as of November 30, 2025, which represents 0.065% of the company's total share capital [1] - The highest price paid for the repurchased shares was 2.72 yuan per share, while the lowest price was 1.79 yuan per share [1] - The total amount spent on the share buyback, excluding commissions and transaction fees, was 70 million 82 thousand 700 yuan [1]

包钢股份公告称，公司于2025年4月、5月审议通过股份回购方案，自2025年5月22日至2026年5月21日， 预计回购1亿-2亿元股份用于减少注册资本。2025年11月，公司回购707.32万股，占总股本0.016%，支 付1800.0483万元。截至11月30日，累计回购2933.87万股，占总股本0.065%，累计支付7000.0827万元， 回购价格1.79-2.72元/股。 ...

格隆汇12月2日丨包钢股份(600010.SH)公布，截至2025年11月30日，公司通过集中竞价交易方式累计回 购股份29338700股，占公司总股本的比例为0.065%，成交的最高价为2.72元/股、最低价为1.79元/股， 已支付的总金额为7000.0827万元（不含佣金、手续费等交易费用）。 ...

Group 1 - The core viewpoint of the article indicates a decline in rare earth stocks, with Chinese rare earths dropping over 3%, and companies like Northern Rare Earth, Wolong Electric Drive, Shenghe Resources, and Baotou Steel falling more than 2% [1] - The related rare earth ETFs also experienced a decline, with an approximate drop of 2% [1] Group 2 - Specific ETF performance includes: - Jiashi Rare Earth ETF (516150) at 1.711, down 0.035 or 2.00% - Rare Earth ETF (159713) at 1.228, down 0.024 or 1.92% - Rare Earth ETF (516780) at 1.654, down 0.031 or 1.84% [2] - Analysts suggest that rare earths, as core resources for high-end manufacturing and strategic emerging industries, are showing a resonance in both supply and demand [2] - The strategic position of the rare earth industry chain is expected to be further solidified against the backdrop of increased supply concentration and upgraded demand structure, providing long-term driving force for high-end manufacturing development [2]

每经AI快讯，12月2日，稀土指数盘中跌2%，成分股多数走低，中国稀土跌2.96%，华宏科技跌 2.28%，盛和资源跌2.19%，包钢股份跌2.01%，北方稀土跌1.96%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Baotou Steel Group is showcasing its achievements and responsibilities in the rare earth industry, emphasizing its commitment to national strategic development and high-quality growth in Inner Mongolia [1][2]. Group 1: Company Achievements - Baotou Steel Group has invested 176 million yuan in resource exploration at the Baiyun Obo site, gaining a comprehensive understanding of its rare earth resources [1]. - The company has established a green smelting upgrade project for rare earths, achieving global leadership in six aspects including capacity and technology, currently meeting over 70% of China's rare earth market demand [1]. - The market share for praseodymium-neodymium and lanthanum-cerium products has reached 66% and 80% respectively, with the company maintaining global leadership in the production capacity and output of rare earth metals and magnetic alloys [1]. Group 2: Innovation and Development - Since 2023, Baotou Steel Group has increased its R&D investment, establishing 16 national-level research platforms and participating in 25 national research projects, resulting in 399 innovation achievements [2]. - The company has developed a 500 MPa rare earth wind power steel that meets the highest global engineering application standards, with multiple innovations recognized through "three firsts" certification [2]. - Baotou Steel Group is expanding into new application fields for rare earths, achieving breakthroughs in healthcare, agriculture, and textiles, with innovative products such as rare earth antibacterial dressings and heat-retaining materials [2]. Group 3: Future Goals - The company aims to become a leading comprehensive service high-tech enterprise in the global rare earth supply chain, strengthening its entire rare earth element industry system and exploring more end-use application areas to enhance its global influence [2].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a decrease in apparent steel consumption and inventory levels, with a total apparent consumption of 8.88 million tons, down 0.69% week-on-week but up 1.2% year-on-year [5][21]. - The report anticipates that the steel demand will stabilize, with a continued expectation of supply contraction. The negative impact of the real estate sector on steel demand is expected to diminish, while demand from infrastructure and manufacturing is projected to grow steadily [5][3]. Summary by Sections Steel - Steel prices have increased week-on-week, with Shanghai rebar prices rising by 30 CNY/ton to 3260 CNY/ton, a 0.93% increase. Total steel inventory decreased by 320,000 tons to 14.01 million tons [5][8]. - The operating rate of blast furnaces in 247 steel mills decreased to 81.09%, down 1.1 percentage points from the previous week [5][27]. - The average gross profit for rebar was 91 CNY/ton, up 30 CNY/ton from the previous week, while hot-rolled coil had a gross profit of -47 CNY/ton, an increase of 18.4 CNY/ton [5][36]. Raw Materials - Iron ore spot prices increased, with the price for PB powder rising by 2 CNY/ton to 793 CNY/ton, a 0.25% increase. The total inventory of iron ore at ports rose by 1% to 15.206 million tons [5][45][51]. - The total shipment volume of the four major iron ore producers decreased by 225,000 tons to 21.2 million tons [5][60]. Special Steel and New Materials - The report notes an increase in stainless steel prices and a recovery in industrial-grade and battery-grade lithium carbonate prices [5][4]. Macroeconomic Context - The crude steel production from January to October 2025 showed a year-on-year decline, with the construction and manufacturing sectors continuing to weaken [5][5.1]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

Market Performance - On December 1, the steel sector rose by 0.92% compared to the previous trading day, with Sansteel Mingguang leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Sansteel Mingguang (002110) closed at 4.60, up 5.26% with a trading volume of 1.2715 million shares and a turnover of 593 million yuan [1] - Wujin Stainless Steel (603878) closed at 11.07, up 5.03% with a trading volume of 524,800 shares and a turnover of 568 million yuan [1] - Shougang Corporation (000959) closed at 4.30, up 3.61% with a trading volume of 413,400 shares and a turnover of 17.6 million yuan [1] - Baotou Steel (600010) closed at 2.49, up 2.47% with a trading volume of 6.3021 million shares and a turnover of 1.561 billion yuan [1] Capital Flow Analysis - The steel sector saw a net inflow of 213 million yuan from institutional investors, while retail investors experienced a net outflow of 78.2 million yuan [2] - Major stocks like Baotou Steel and Sansteel Mingguang had significant net inflows from institutional investors, indicating strong institutional interest [3] Summary of Capital Flows by Stock - Baotou Steel (600010) had a net inflow of 88.28 million yuan from institutional investors, while retail investors saw a net outflow of 33.61 million yuan [3] - Sansteel Mingguang (002110) experienced a net inflow of 56.5 million yuan from institutional investors, with a notable outflow from retail investors [3] - Wujin Stainless Steel (603878) had a net inflow of 42.86 million yuan from institutional investors, while retail investors faced a net outflow [3]