Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - The market is expected to shift towards low-risk, high-dividend sectors, making the allocation in non-ferrous and steel sectors timely. The operating performance of most sub-sectors in the non-ferrous and steel industry has shown significant improvement in both year-on-year and quarter-on-quarter comparisons [15][16] - Copper prices have surpassed $10,000 per ton, with expectations for profitability and dividend rates to gradually increase for copper mining companies. For instance, Zangge Mining reported a mid-term dividend of 1.569 billion yuan, with a dividend rate significantly raised to 87% [15][16] - Aluminum prices have risen, leading to upward revisions in profitability and dividend expectations. The aluminum price has reached 21,000 yuan per ton, and companies like Tianshan Aluminum have increased their dividend rates to 50% [16] - The rare earth sector is anticipated to enter a new phase of price increases due to the resumption of bidding by downstream magnetic material manufacturers, with companies like Jinkeli Yongci reporting a mid-term dividend rate of 81% [16] - Steel companies are expected to enhance their dividend capabilities as profitability improves and capital expenditures decline. For example, Huazhong Steel has seen an increase in shareholding by Xintai Life Insurance, which plans to continue increasing its stake [16] Summary by Sections Non-Ferrous and Steel Industry - The report highlights the positive outlook for low-risk, high-dividend sub-sectors within the non-ferrous and steel industry, driven by improving operating performance and rising commodity prices [15][16] - The copper market is experiencing tight supply, pushing prices above $10,000 per ton, which is expected to enhance profitability and dividends for mining companies [15][16] - The aluminum sector is benefiting from a favorable supply-demand balance, with prices rising and companies increasing their dividend rates [16] - The rare earth market is poised for growth as bidding resumes in downstream sectors, leading to improved profitability and dividend stability [16] - Steel companies are likely to see enhanced profitability and dividend capabilities due to reduced capital expenditures and improved market conditions [16]

Core Viewpoint - The announcement by CITIC Limited regarding its subsidiary Nanjing Steel Group highlights the company's efforts to enhance corporate governance and operational standards through amendments to its articles of association [1] Group 1: Corporate Governance - Nanjing Steel Group will hold its second extraordinary general meeting on September 5, 2025, to review the proposal for amending its articles of association [1] - The amendment stipulates that the board of directors must include one employee representative, elected through democratic means by the employees, without requiring shareholder meeting approval [1] Group 2: Board Composition - On September 16, 2025, the company will convene an employee representative assembly to elect Chen Bin as the employee representative director for the ninth board of directors [1] - Chen Bin will join eight directors elected by the shareholders to form the ninth board, with a term starting from the resolution of the employee representative assembly until the term of the ninth board expires [1]

Core Viewpoint - The announcement by CITIC Limited regarding its subsidiary Nanjing Steel Group emphasizes the company's commitment to enhancing corporate governance and operational standards through the inclusion of an employee representative on the board of directors [1] Group 1 - Nanjing Steel Group will hold its second extraordinary general meeting of shareholders on September 5, 2025, to review the proposal for amending its articles of association [1] - The amendment stipulates that the board of directors must include one employee representative, elected through democratic means by the employees, without requiring shareholder meeting approval [1] - On September 16, 2025, the company will convene an employee representative assembly to elect Chen Bin as the employee representative director for the ninth board of directors [1]

陈斌具备相关法律、法规等规定的相应任职资格，具备履行相关职责所必需 的工作经验，符合《南京钢铁股份有限公司章程》规定的其他条件，不存在《公 司法》《南京钢铁股份有限公司章程》中规定的不得担任公司董事的情形。 特此公告 根据《中华人民共和国公司法》（2023 年修订）（以下简称《公司法》） 的相关规定，为持续推动提升公司治理和规范运作水平，南京钢铁股份有限公司 （以下简称公司）于 2025 年 9 月 5 日召开 2025 年第二次临时股东会审议通过 《关于修订<南京钢铁股份有限公司章程>的议案》，公司董事会成员中应当有 一名公司职工代表，由公司职工通过职工代表大会、职工大会或者其他形式民主 选举产生，无需提交股东会审议。 2025 年 9 月 16 日，公司召开职工代表大会，选举陈斌为公司第九届董事 会职工代表董事（简历详见附件）。陈斌将与公司股东会选举产生的八名董事共 同组成公司第九届董事会，任期自公司职工代表大会决议通过之日起至公司第九 届董事会任期届满之日止。 证券代码：600282 证券简称：南钢股份 公告编号：临 2025-056 南京钢铁股份有限公司 关于职工代表董事选举结果的公告 本公司董事会及 ...

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and the related ETF, highlighting the shift in investment logic from style-driven to stock-driven, with a focus on high-quality stocks in traditional high-dividend sectors [1][2]. Group 1: Market Performance - As of September 16, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.26% [1]. - The leading stocks included Huamao Logistics (603128) up by 2.76%, Jianfa Co. (600153) up by 2.08%, and Jinkong Coal Industry (601001) up by 1.83% [1]. - The National Enterprise Dividend ETF (159515) was adjusted to a latest price of 1.14 yuan, with an intraday turnover of 0.89% and a total transaction of 428,400 yuan [1]. Group 2: Investment Trends - The investment logic in the dividend sector is transitioning from style-driven to stock-driven, with traditional high-dividend industries like construction materials, coal, and steel seeing significant gains [2]. - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with notable companies including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4].

Group 1 - The event marks the first employee swimming competition held at the newly constructed South Steel Sports Park swimming pool [2] - The competition includes six events, featuring men's and women's 50-meter freestyle and four fun events, attracting over 100 employees from various units of South Steel [2] - The participation reflects the positive and active sports culture among the employees of South Steel [2]

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a 3.70% increase this week, outperforming the broader market [10] - The report highlights that the central inspection team has pointed out issues with steel production capacity, indicating a potential tightening of supply management in the industry [3] - Despite current challenges, the demand for steel is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3] Supply Situation - As of September 12, the capacity utilization rate for blast furnaces in sampled steel companies is 90.2%, an increase of 4.39 percentage points week-on-week [23] - The average daily pig iron production is 2.4055 million tons, which is an increase of 117,100 tons week-on-week [23] - The total production of five major steel products is 7.448 million tons, a decrease of 51,800 tons week-on-week [23] Demand Situation - The consumption of five major steel products reached 8.433 million tons as of September 12, an increase of 155,000 tons week-on-week [31] - The transaction volume of construction steel by mainstream traders is 103,000 tons, reflecting a week-on-week increase of 6.32% [31] Inventory Situation - Social inventory of five major steel products is 10.951 million tons, an increase of 174,100 tons week-on-week [39] - Factory inventory of five major steel products is 4.195 million tons, a decrease of 35,000 tons week-on-week [39] Price & Profit Situation - The comprehensive index for ordinary steel is 3,489.7 yuan/ton, a slight increase of 0.71 yuan/ton week-on-week [45] - The profit for rebar produced in blast furnaces is -14 yuan/ton, a decrease of 8.0 yuan/ton week-on-week [54] - The average cost of pig iron is 2,379 yuan/ton, a decrease of 17.0 yuan/ton week-on-week [54] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) is 796 yuan/ton, an increase of 11.0 yuan/ton week-on-week [68] - The price for primary metallurgical coke is 1,770 yuan/ton, remaining stable week-on-week [68]

Investment Rating - The investment rating for the steel industry is Neutral, maintained [5] Core Insights - The steel industry continues to experience an oversupply situation, leading to a decline in steel prices and a year-on-year revenue decrease of 9% for the first half of 2025 and 8% for Q2 2025, although there was a quarter-on-quarter increase of 4% in Q2 [2][21] - On the cost side, the decline in raw material prices has been greater than that of finished steel, resulting in a year-on-year cost reduction of 11% for the first half of 2025 and 10% for Q2 2025, with a quarter-on-quarter increase of 3% in Q2 [2][24] - Profitability has significantly improved, with a year-on-year increase of 2540% in non-recurring profit for the first half of 2025 and 211% for Q2 2025, alongside a quarter-on-quarter increase of 47% [2][24] - The return on equity (ROE) for listed steel companies has shown recovery, with an ROE of 2.67% for the first half of 2025, up by 2.01 percentage points year-on-year, and 3.22% for Q2 2025, up by 1.87 percentage points year-on-year [2][24] Summary by Sections Revenue - The steel industry continues to face an oversupply, with revenues decreasing by 9% year-on-year in the first half of 2025 and 8% in Q2 2025, despite a quarter-on-quarter increase of 4% in Q2 [2][21][22] Cost - The cost of steel companies has decreased by 11% year-on-year in the first half of 2025 and by 10% in Q2 2025, with a quarter-on-quarter increase of 3% in Q2, driven by a larger decline in raw material prices compared to finished steel [2][24] Profit - Non-recurring profits have seen a substantial increase, with a year-on-year growth of 2540% in the first half of 2025 and 211% in Q2 2025, along with a quarter-on-quarter increase of 47% in Q2 [2][24] Return on Equity - The ROE for the steel industry has improved, reaching 2.67% in the first half of 2025, an increase of 2.01 percentage points year-on-year, and 3.22% in Q2 2025, an increase of 1.87 percentage points year-on-year [2][24]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd., Jiuli Special Materials, Youfa Group, and Wujin Stainless Steel [3]. Core Viewpoints - The report indicates that pig iron production has rebounded to high levels, with daily production exceeding 2.4 million tons. Steel production has slightly decreased, but inventory accumulation has narrowed, suggesting a recovery in demand, although year-on-year demand remains weak. Steel profits are fluctuating around the breakeven point [2][3]. - The report highlights that the long-term focus will be on capacity regulation, which is expected to be more precise this time, promoting the survival of the fittest among steel companies. The profitability of steel enterprises is anticipated to recover as new iron ore capacities are gradually released [2][3]. Price Trends - As of September 12, 2025, steel prices showed mixed trends: rebar (20mm HRB400) at 3,210 CNY/ton (down 50 CNY), high line (8.0mm) at 3,360 CNY/ton (down 40 CNY), hot-rolled (3.0mm) at 3,450 CNY/ton (up 30 CNY), cold-rolled (1.0mm) at 3,800 CNY/ton (unchanged), and medium plate (20mm) at 3,460 CNY/ton (unchanged) [1][9][10]. Production and Inventory - As of September 12, 2025, the total production of five major steel products was 8.57 million tons, a decrease of 34,100 tons week-on-week. The total inventory of these products increased by 174,100 tons to 10.9391 million tons [2][5]. - The apparent consumption of rebar was estimated at 1.9807 million tons, down 40,000 tons week-on-week, while the average daily transaction volume of construction steel was 103,100 tons, up 6.32% week-on-week [2][5]. Profitability - The report estimates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have changed by -31 CNY/ton, +12 CNY/ton, and -8 CNY/ton respectively compared to the previous week. The gross profit margin for electric arc furnace steel decreased by 11 CNY/ton [1][2]. Investment Recommendations - The report recommends focusing on the following companies: 1. General Steel Sector: Hualing Steel, Baosteel, Nanjing Steel 2. Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. 3. Pipe Materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel 4. High-Temperature Alloy: Fushun Special Steel [2][3].

Core Viewpoint - Nanjing Steel Co., Ltd. (南钢股份) has shown a significant increase in stock price and trading activity, with a year-to-date increase of 11.23% and a recent 60-day increase of 25.66% [1] Financial Performance - For the first half of 2025, Nanjing Steel reported operating revenue of 28.944 billion yuan, a year-on-year decrease of 14.06%, while net profit attributable to shareholders increased by 18.63% to 1.463 billion yuan [2] - Cumulative cash dividends since the company's A-share listing amount to 13.436 billion yuan, with 4.954 billion yuan distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 5.10% to 63,700, while the average circulating shares per person decreased by 4.85% to 96,856 shares [2] - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings indicating shifts in institutional interest [3] Stock Market Activity - On September 12, 2023, Nanjing Steel's stock price reached 4.99 yuan per share, with a trading volume of 1.04 billion yuan and a market capitalization of 30.764 billion yuan [1] - The stock experienced a net outflow of 12.1611 million yuan from main funds, with significant buying and selling activity from large orders [1] Business Overview - Nanjing Steel, established on March 18, 1999, and listed on September 19, 2000, primarily engages in the smelting and processing of ferrous metals, with steel sales accounting for 62.34% of its revenue [1] - The company operates within the steel industry, specifically in the sub-sector of general steel and plate materials, and is associated with various investment themes such as C2M and the Belt and Road Initiative [1]