Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) took place on July 16 in Beijing, showcasing an increase in participating companies and innovative products from Nanjing [1][2] - The event highlighted the importance of innovation, featuring advanced products such as a dual-use flying motorcycle and zero-carbon products like milk powder and solar panels [2][3] - The expo emphasized a "chain" mentality, focusing on collaboration among businesses of all sizes to create a win-win ecosystem [4][5] Group 2 - Nanjing Steel Group showcased its global supply chain operations, importing materials from over 30 countries and exporting products to more than 80 countries, demonstrating a commitment to resource security and green transformation [4][5] - The introduction of AI-driven models, such as the "Yuan Ye Steel Model," aims to enhance production efficiency and reduce costs by accurately predicting operational parameters [5] - The expo attracted international interest, with companies from various countries engaging in discussions about innovative agricultural drones and other advanced technologies [6][7] Group 3 - The event featured a variety of cutting-edge technologies, including a robot capable of significantly reducing inspection time and a holographic display technology that captivated attendees [7] - Nanjing enterprises are leveraging the expo to connect with global resources and explore new development opportunities, reflecting a strong commitment to high-level openness and quality development [7]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

在先进制造链南京钢铁展区，有个会"讲故事"的钢铁空间。 在智慧大屏上，汇聚了26条生产线，一块来自非洲或者澳大利亚的小矿石，在这里逐渐成长为钢筋铁骨的全流程清晰可见。 大屏幕下边展示的是智慧连铸生产场景，很多重要材料都由它生产而来。沙特的海上油田、非洲首条电气化轻轨、克罗地亚佩列沙茨跨海大桥等，都有它的 身影。 在南钢的"朋友圈"里，全球400多个大国重器和超级工程中，都能找到这样"你中有我"的合作印记。把它们链接起来的特殊的钢铁是怎样炼成的？ 链博会的"链"，是全球伙伴手拉手的纽带。这条看不见的"链"，一头扎根中国的工厂车间、智慧港口，一头串联起世界经济齿轮的高效运转。数智化时代， 钢铁产业链也已经被重新定义，一块铁矿石的旅程不再只是滚烫的炉火与锻造，而是冷静的云端与算法。 南京钢铁集团数字应用研究院联席院长 徐发喜：通过大数据、人工智能和数字孪生等技术，实现钢铁管理远程化、集约化、智能化，重塑钢铁生产运营模 式。 7天后，这款耐磨钢将用在矿山工程机械的铲斗上，远销非洲、澳大利亚等地。根据全球需求实现数智化定制，北极的LNG项目中，企业生产的低温钢 在-162℃下依然坚韧；在3000米海底，抗大变形管线钢承 ...

Summary of Key Points Core Viewpoint - The company has announced new guarantees for its subsidiaries to support their credit needs, ensuring business continuity and stability in operations [1]. Group 1: Guarantee Details - The company’s subsidiary, Henan Nanjing Steel Helix New Materials Co., Ltd., signed a maximum guarantee contract with China Construction Bank for a principal amount of 35.7 million yuan [1]. - The company also signed a maximum guarantee contract with Jiangsu Bank for a principal amount of 48 million USD for its subsidiary, Jinxin New Energy [1]. - The total new guarantee amount for Henan Nanjing Steel in 2025 is 56.1 million yuan, with an available guarantee amount of 17.05 million yuan [1]. - The total new guarantee amount for Jinxin New Energy in 2025 is 972.28 million yuan, with an available guarantee amount of 467.72 million yuan [1]. Group 2: Internal Decision-Making Process - The company’s board approved the guarantee proposals during meetings held on December 26, 2024, and January 22, 2025, allowing for a maximum guarantee of 73.15 million yuan for Henan Nanjing Steel and 1.44 billion yuan for Jinxin New Energy in 2025 [1]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the subsidiaries and are expected to support their stable development [7]. - The company has established strict credit review and corresponding security measures to ensure that these guarantees do not adversely affect its normal operations or financial status [7]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 10.281 billion yuan, with guarantees to subsidiaries totaling 7.683 billion yuan, representing 39.50% and 29.52% of the company's latest audited net assets, respectively [7]. - The company has not provided guarantees to controlling shareholders or related parties, and there are no overdue guarantees [7].

Overview - The metallurgical industry in China is focusing on energy conservation and emission reduction, aiming to minimize energy consumption and pollutant emissions while ensuring product quality and output [1][9][21] - In 2024, total investment in energy conservation and emission reduction by metallurgical enterprises is projected to decrease to 42 billion yuan, with energy-saving benefits dropping to 13 billion yuan [11] Market Policies - The Chinese government has implemented a series of policies to promote energy conservation and carbon reduction in the metallurgical industry, including action plans and guidelines aimed at reducing energy consumption and carbon emissions [4][6] - Specific targets for comprehensive energy consumption and carbon emission intensity in the steel industry have been established to guide the development of energy conservation and emission reduction efforts [4][6] Industry Chain - The energy conservation and emission reduction industry in metallurgy includes manufacturers of energy-saving equipment, technology providers, and software service providers [7] - The upstream supply chain consists of raw material suppliers, component manufacturers, and research institutions, while the downstream market primarily targets the steel and non-ferrous metal industries [7] Current Development - In 2023, the metallurgical industry consumed 680 million tons of standard coal and emitted 1.98 billion tons of CO2, with significant reductions expected in 2024 due to policy support [9][11] - The environmental cost per ton of steel is approximately 138 yuan, with carbon trading revenues estimated at 3.5 billion yuan [11] Competitive Landscape - Major players in the industry include large metallurgical groups like Baowu Steel and Hebei Iron and Steel, which are leading the development of energy-saving technologies [13][16] - Specialized energy-saving technology companies, such as China Metallurgical Group, focus on specific areas like waste heat recovery and flue gas purification [13][18] Future Trends - The dual carbon goals and related policies will continue to drive the metallurgical industry towards stricter energy consumption and emission standards [21] - The adoption of electric furnace short-process steelmaking technology is expected to increase, gradually shifting the industry away from traditional long-process methods [21]

证券代码：600282 证券简称：南钢股份 公告编号：临 2025-037 南京钢铁股份有限公司 关于为控股子公司提供担保的进展公告 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： 担保对象及基本情况 | 担保对象 | 被担保人名称 | 湖南复星合力新材料有限公司（以下简称湖 南合力） | | | --- | --- | --- | --- | | | 本次担保金额 | 3,570 万元 | | | 一 | 实际为其提供的担保余额 | 万元 12,120.83 | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担保对象 | | PT. KinXiang | New Energy Technologies | | | 被担保人名称 | | Indonesia（中文名称：印尼金祥新能源科技 | | | | | 有限责任公司，以下简称金祥新能源） | | | 本次担保金额 | 万美元 4, ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The current market performance of the non-ferrous steel sector is driven by political policy risk premiums rather than fundamental earnings or growth adjustments [8][14] - There is a significant concern regarding the supply chain security in the context of long-term US-China competition, particularly with strategic metals like copper [15] - The imposition of high tariffs on copper is seen as a market manifestation of political policy risk premiums, influencing inventory behaviors [16] - Non-market strategies, such as US government investments in rare earths, highlight the strategic importance of these materials beyond mere economic considerations [17] Summary by Sections Non-Ferrous and Steel Industry Overview - The report discusses the political policy risk premium affecting the non-ferrous steel sector, suggesting that current valuations may exceed fundamental support [8][14] - It emphasizes the need to consider long-term supply chain and national defense requirements when evaluating market premiums [14] Steel Industry Dynamics - Steel demand and production have both decreased, with a slight week-on-week decline in rebar consumption by 1.50% and a year-on-year drop of 5.85% [18][23] - Total steel inventory is expected to decline further, with social inventory down by 0.23% and year-on-year down by 29.02% [25] - The report anticipates a rebound in steel prices due to industry restructuring and reduced competition, with the overall steel price index rising by 1.14% [38][39] New Energy Metals - In May 2025, China's lithium carbonate production surged by 31.37% year-on-year, indicating strong supply growth [43] - The demand for new energy vehicles remains robust, with production and sales of electric vehicles increasing significantly [47] - Lithium and cobalt prices are on the rise, while nickel prices have shown a downward trend [52][53]

Investment Rating - The report maintains a "Recommended" rating for the steel industry, suggesting to focus on the bottom repair opportunities in steel stocks [1]. Core Viewpoints - The steel market is currently experiencing a dual weakness in supply and demand during the off-season, but improved market sentiment has led to an increase in steel prices [2][3]. - The overall profitability of the steel industry has improved in the first half of the year due to a significant decline in raw material prices, which has positively impacted steel production costs [3][9]. - The "anti-involution" policy proposed by the Central Financial Committee is expected to enhance market conditions for the steel industry, leading to both valuation and performance recovery in the long term [4][10]. Industry Data Summary Production Data - As of July 11, the production of five major steel products totaled 8.7272 million tons, a week-on-week decrease of 124,000 tons [1]. - The average daily molten iron output from 247 steel enterprises was 2.3981 million tons, down 10,400 tons week-on-week, with a blast furnace capacity utilization rate of 89.9%, a decrease of 0.39 percentage points [1][2]. Consumption Data - The apparent consumption of the five major steel products was 8.7307 million tons, a week-on-week decrease of 121,900 tons [1][2]. - The consumption changes for specific products included a decrease of 33,700 tons for rebar, 29,100 tons for wire rod, and 18,600 tons for hot-rolled products [1]. Inventory Situation - Total steel inventory was reported at 13.3958 million tons, with a slight week-on-week decrease of 3,500 tons [1]. - Social inventory decreased by 21,200 tons to 9.1401 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [1]. Profitability Data - The average cost of molten iron for 114 steel mills was stable at 2,256 yuan per ton [1]. - As of July 11, the gross profit per ton for high furnace rebar was 196 yuan, hot-rolled sheets 142 yuan, and cold-rolled sheets 31 yuan, with week-on-week increases of 9 yuan, 16 yuan, and 20 yuan respectively [1][3].

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting strong price performance and potential recovery in profitability for steel companies [5][6]. Core Insights - The "anti-involution" policy continues to influence the market, leading to stronger expectations for supply-side constraints and supporting higher steel prices [5]. - As of July 11, 2025, steel prices have increased, with notable rises in various categories such as rebar and hot-rolled steel [3][11]. - The report indicates a decrease in steel production and inventory levels, suggesting a tightening supply situation [4][5]. Price Summary - As of July 11, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400): 3,240 CNY/ton, up 60 CNY/ton from last week - High-line (8.0mm): 3,410 CNY/ton, up 50 CNY/ton - Hot-rolled (3.0mm): 3,350 CNY/ton, up 60 CNY/ton - Cold-rolled (1.0mm): 3,680 CNY/ton, up 70 CNY/ton - Common medium plate (20mm): 3,330 CNY/ton, up 10 CNY/ton [3][11][12]. Production and Inventory - As of July 11, 2025, total steel production for the five major categories was 8.73 million tons, a decrease of 124,400 tons week-on-week [4]. - Total social inventory of the five major steel products decreased by 20,200 tons to 9.1278 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [4]. Profitability Analysis - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -14 CNY/ton, -13 CNY/ton, and +33 CNY/ton respectively week-on-week [3][4]. Investment Recommendations - The report recommends several companies based on their performance and market position: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].

Group 1 - Nanjing Steel Co., Ltd. has applied for a patent for a type of steel plate designed for icebreaking ships in extremely cold environments, with a yield strength of ≥390MPa and tensile strength of ≥510MPa [1] - The chemical composition of the steel plate includes specific percentages of elements such as C, Si, Mn, P, S, V, Ni, Cr, Nb, Al, Ti, Ca, and N, ensuring its mechanical performance at temperatures as low as -60°C [1] - The patent application was filed on April 2025, and the publication number is CN120272838A [1] Group 2 - Nanjing Steel Co., Ltd. was established in 1999 and is primarily engaged in the smelting and rolling processing of ferrous metals [2] - The company has a registered capital of approximately 616.51 million RMB and has invested in 58 enterprises [2] - Nanjing Steel has participated in around 5000 bidding projects and holds 4537 patents along with 18 trademark registrations [2]