Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including new project information and the status of ongoing projects, while noting that issuance terms and progress may change and final prospectuses and underwriters should be consulted [1]. 3. Summary by Related Catalogs New Project Information Last Week - The 2025 private placement of exchangeable corporate bonds by Fujian State - owned Assets Management Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 200 million yuan (the feedback size was reduced), the underlying stock being FUGuang Co., Ltd. (688010.SH), and the lead underwriter being Guoxin Securities. The exchange update date was October 24, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by O瑞金 Technology Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 1.25 billion yuan, the underlying stock being Yongxin Co., Ltd. (002014.SZ), and the lead underwriter being CITIC Construction Investment Securities. The exchange update date was October 21, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by Hangzhou Iron & Steel Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Hangzhou Iron & Steel Co., Ltd. (600126.SH), and the lead underwriter being Zheshang Securities. The exchange update date was October 23, 2025 [2]. - The 2025 private placement of science - and - technology innovation exchangeable corporate bonds by Sichuan Jiuzhou Investment Holding Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the lead underwriter being CITIC Securities. The exchange update date was October 20, 2025 [2]. Private EB Weekly Tracking (October 24, 2025) - A table shows the information of multiple private exchangeable bond projects, including bond names, lead underwriters, sizes, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Core Viewpoint - The A-share market shows a positive trend in the third quarter of 2025, with significant revenue and profit growth among listed companies, particularly in the technology and non-ferrous metal sectors, driven by macroeconomic stability and favorable policies [3][5][8]. Group 1: Overall Performance - As of October 26, 2025, 1,096 A-share companies have disclosed their Q3 reports, with a disclosure rate of approximately 20%. Among these, 693 companies reported year-on-year revenue growth, and 882 companies achieved net profit growth attributable to shareholders, with respective proportions of 63.22% and 80.5% [3][5]. - The average year-on-year revenue and net profit growth rates for these companies are 11.67% and 30.4%, respectively, indicating a trend of recovering profitability [5]. - The median revenue and net profit growth rates are 5.27% and 8.42%, respectively, with net profit growth outpacing revenue growth [5]. Group 2: Sector Performance - The technology sector, particularly the electronics and non-ferrous metals industries, has shown outstanding performance. The electronics sector's median revenue and net profit growth rates are 15.51% and 14.94%, significantly outperforming overall averages [5][6]. - Notably, 19 companies in the electronics sector achieved a doubling of net profits, with Cambrian (688256.SH) reporting a staggering revenue increase of 2,386% year-on-year, reaching 4.607 billion yuan [5][6]. - In the non-ferrous metals sector, Zijin Mining (601899.SH) reported a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% [9]. Group 3: Policy and Market Dynamics - The performance of companies is significantly influenced by industry dynamics and policy directions. The electronics industry's success is attributed to the recovery of the global semiconductor cycle and the rapid development of AI [8]. - The "anti-involution" policy has positively impacted the steel industry, leading to improved profitability among major steel companies. For instance, Youfa Group (601686.SH) reported a net profit growth of 399.25% in Q3 [10][11]. - The Ministry of Industry and Information Technology has issued guidelines for the steel industry, mandating the elimination of outdated production equipment and aiming for significant emissions reductions by the end of 2025, which is expected to enhance cost efficiency in the sector [11].

Core Viewpoint - The company has announced significant changes in its asset structure and management, including the sale of subsidiaries and the resignation of a senior executive, which may impact its financial performance and operational focus in the near future [6][9][16]. Financial Data - The third quarter financial report for 2025 has been approved by the board, indicating that the financial statements reflect the company's financial status and operational results accurately [12][13]. - The company has completed the transfer of 97% equity in its subsidiary Zhejiang New Century Recycling Resource Development Co., Ltd. for approximately 220.98 million yuan and 100% equity in Zhejiang Deqing Hangang Fuchun Recycling Technology Co., Ltd. for about 287.21 million yuan, which will lead to a significant reduction in revenue starting from October [6][16]. Management Changes - The company has received a resignation application from Vice General Manager Chen Xiaodong due to work relocation, and his departure will not affect the company's normal operations [9]. Shareholder Information - The company has confirmed that there are no changes in the major shareholders or their holdings that would affect the company's governance or operational strategy [5]. Investor Communication - An investor performance briefing is scheduled for November 26, 2025, to discuss the third quarter results and address investor inquiries, indicating the company's commitment to transparency and stakeholder engagement [18][20].

Core Viewpoint - Hangzhou Steel's vice president Chen Xiaodong has submitted his resignation due to work-related changes, and he will no longer hold any positions within the company or its subsidiaries after stepping down [1] Company Summary - Hangzhou Steel announced the resignation of vice president Chen Xiaodong on October 24 [1] - The resignation is attributed to work changes, indicating a potential shift in the company's management structure [1] - Following his resignation, Chen Xiaodong will not continue in any role within the company or its subsidiaries [1]

Core Insights - The company reported a revenue of 15,848,193,594.78 yuan for the third quarter of 2025, reflecting a year-on-year growth of 7.70% [1] - The net profit attributable to shareholders of the listed company was 214,828,464.98 yuan for the same period [1] Financial Performance - Revenue for Q3 2025: 15.85 billion yuan, up 7.70% year-on-year [1] - Net profit for Q3 2025: 214.83 million yuan [1]

Core Insights - The company reported a revenue of 45.524 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 5.67% [1] - The net profit attributable to shareholders was 101 million yuan, marking a turnaround from a loss to profit year-on-year [1] - The net profit excluding non-recurring items was 72 million yuan, also indicating a shift from loss to profit compared to the previous year [1] - Basic earnings per share stood at 0.03 yuan [1]

Core Viewpoint - Hangzhou Steel Group Co., Ltd. reported a revenue of 15.848 billion yuan in the third quarter, reflecting a year-on-year growth of 7.70% [1] Financial Performance - The net profit attributable to shareholders of the listed company was 215 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 200 million yuan [1] - The basic earnings per share stood at 0.06 yuan [1]

Group 1 - Hangzhou Steel's revenue for the first three quarters of 2025 is approximately 45.524 billion yuan, a year-on-year decrease of 5.67% [1] - The net profit attributable to shareholders of the listed company is about 101 million yuan, with basic earnings per share of 0.03 yuan [1] - As of the report date, Hangzhou Steel's market capitalization is 30.4 billion yuan [2] Group 2 - The Chinese innovative drug sector has sold overseas authorizations worth 80 billion US dollars this year [2] - The secondary market for biomedicine is experiencing a boom, while the primary market is facing challenges in fundraising [2]

Core Insights - The company, Hangang Co., Ltd. (stock code: 600126), reported a third-quarter revenue of 15.848 billion yuan, reflecting a year-on-year growth of 7.7% [1] - The net profit for the third quarter was 215 million yuan [1] - For the first three quarters of 2025, the total revenue was 45.524 billion yuan, showing a year-on-year decline of 5.67% [1] - The net profit for the first three quarters was 101 million yuan, with a basic earnings per share of 0.03 yuan [1] - The performance changes were primarily influenced by Ningbo Steel turning profitable during the period and the recognition of investment income from the transfer of equity in recycling resources and recycling technology [1]

证券代码：600126 证券简称：杭钢股份 公告编号：临 2025-055 杭州钢铁股份有限公司 关于召开2025年第三季度业绩说明会的公告 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法律责任。 重要内容提示： （一）会议召开时间：2025 年 11 月 26 日（星期三）上午 9:00-10:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开时间：2025年11月26日（星期三）上午 9:00-10:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于2025年11月19日（星期三）至2025年11月25日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hggf@hzsteel.com进行提问。公 ...