Core Viewpoint - The announcement of the first batch of 15 leading smart factories marks a significant leap in China's manufacturing sector from digitization and networking to a new stage characterized by deep applications of artificial intelligence, representing the highest level of intelligent manufacturing in the country [1][3][21]. Group 1: Overview of Leading Smart Factories - The first batch of leading smart factories includes companies from key industries such as equipment manufacturing, raw materials, and electronic information, showcasing the breadth and depth of China's intelligent manufacturing development [1][19]. - The 15 selected factories are distributed across 10 provinces and regions, including Shanghai, Jiangsu, Zhejiang, Shandong, and Hubei, reflecting a "multi-point breakthrough and full coverage" layout [2][20]. Group 2: Characteristics of Leading Smart Factories - Leading smart factories integrate advanced manufacturing technologies, next-generation information technologies, and lean management concepts, taking on the responsibility of exploring future manufacturing models [3][21]. - To qualify as a leading smart factory, six key elements are required: industry leadership, AI technology application leadership, innovative smart manufacturing model leadership, performance leadership, replication leadership, and nurturing plan leadership [6][24]. Group 3: Case Studies of Selected Companies - Changfei Fiber Optic has become a benchmark in the electronic information sector by integrating AI algorithms throughout its production process, achieving a drawing speed of 3,500 meters per minute with micro-level precision control [9][27]. - Weichai Power has implemented a digital and intelligent management system that reduces customer maintenance costs by an average of 30% through remote diagnostics and alerts for every engine sold [30]. - Baosteel is innovating with an AI-driven predictive manufacturing model that anticipates market demand, optimizing the entire supply chain and production process, with plans to establish 1,200 AI scenarios and 25 benchmark production lines by 2027 [14][34]. Group 4: Future Directions and Strategic Goals - The development of leading smart factories aligns with national strategies to promote intelligent, green, and service-oriented manufacturing, aiming to enhance China's position in the global supply chain [34][35]. - The exploration of future manufacturing models focuses on achieving high customization, complex production, and maintaining high efficiency, low costs, and high quality [28][36].

Group 1 - The steel sector saw an increase of 0.68% on January 21, with Xin Steel Co. leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the steel sector showed various performance metrics, with Xin Steel Co. closing at 4.03, up 2.54%, and Baosteel Co. at 7.21, down 0.69% [1][2] Group 2 - The steel sector experienced a net inflow of 80.51 million yuan from main funds, while retail funds saw a net inflow of 52.64 million yuan [2] - Major stocks like Baosteel Co. had a significant net outflow from retail investors amounting to 76.84 million yuan, despite a net inflow of 81.51 million yuan from main funds [3] - The trading volume for key stocks varied, with Baosteel Co. recording a transaction amount of 684 million yuan, while Xin Steel Co. had a transaction amount of 424 million yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for key steel companies, indicating a positive outlook for their stock performance in the coming months [10]. Core Insights - The steel industry has experienced a fluctuating demand pattern, with a peak in early 2025 followed by a decline, leading to an increase in the material-to-steel ratio, which reached 1.69 in December [2]. - China's apparent steel consumption grew by 2.9% year-on-year in 2025, although December saw a 5.0% decline compared to the previous year [2]. - The net export of steel in 2025 reached 11.296 million tons, a year-on-year increase of 8.7%, driven by strong exports in the automotive and home appliance sectors [3]. - The report highlights a shift in economic drivers from investment to consumption, with fixed asset investment declining by 3.8% year-on-year, while retail sales increased by 3.7% [2]. Summary by Sections Steel Production and Consumption - In December 2025, crude steel production was 68.18 million tons, a 10.3% year-on-year decrease, with an annual total of 960.81 million tons, down 4.4% [6]. - Steel production in December was 115.31 million tons, a 3.8% year-on-year decrease, while the annual total was 1,446.12 million tons, up 3.1% [6]. Export and Import Dynamics - December steel exports were 11.30 million tons, up 16.2% year-on-year, with total exports for the year at 11.902 million tons, a 7.5% increase [6]. - Steel imports in December were 520,000 tons, down 16.3% year-on-year, with total imports for the year at 6.06 million tons, down 11.1% [6]. Economic Context and Policy Implications - The report notes that the Chinese economy is transitioning to a more stable phase, with GDP growth projected at 5% for 2025, reflecting a pattern of high demand followed by a decline [2]. - Recent structural interest rate cuts by the central bank are expected to support credit flow to specific industries, indicating a potential for economic stabilization [8]. - The valuation of the steel sector has improved, moving from absolute undervaluation to a moderately low position, suggesting room for further gains [8]. Recommended Stocks - The report recommends several stocks, including: - Hualing Steel (华菱钢铁) [10] - Nanjing Steel (南钢股份) [10] - Baosteel (宝钢股份) [10] - New Steel (新钢股份) [10] - Jiuli Special Materials (久立特材) [10] - Yongjin Co., Ltd. (甬金股份) [10] - Changbao Steel (常宝股份) [10]

Investment Rating - The report assigns a "Buy" rating for several steel companies, including Xining Steel, Hualing Steel, Nanjing Steel, and Baosteel, indicating a positive outlook for their stock performance in the coming months [10]. Core Insights - The steel industry has experienced a fluctuating demand pattern, with a peak in early 2025 followed by a decline. The material-to-steel ratio has reached a new high of 1.69 in December, with an annual average of 1.51, suggesting a shift in consumption patterns [2]. - China's apparent steel consumption increased by 2.9% year-on-year in 2025, although December saw a decline of 5.0% compared to the previous year. The economic growth rate is projected to be 5% for 2025, with a quarterly breakdown showing a decreasing trend [2]. - The net export of steel reached 11.296 million tons in 2025, a year-on-year increase of 8.7%, driven by strong demand in the automotive and home appliance sectors. Exports to ASEAN countries have significantly increased, despite a decline in exports to the U.S. [3]. Summary by Sections Production and Consumption - In December 2025, crude steel production was 68.18 million tons, a decrease of 10.3% year-on-year, while the total for the year was 960.81 million tons, down 4.4%. Steel production in December was 115.31 million tons, down 3.8% year-on-year, with an annual total of 1,446.12 million tons, up 3.1% [6]. - The apparent consumption of steel in China is expected to be more accurately estimated by using steel production growth rates instead of crude steel production growth rates [2]. Economic Indicators - Fixed asset investment in 2025 is projected to be 48.5186 trillion yuan, a decrease of 3.8% from the previous year, while retail sales of consumer goods are expected to grow by 3.7% [2]. - The report highlights a transition from investment-driven growth to consumption-driven growth as China's economy matures [2]. Market Outlook - The recent structural interest rate cuts by the central bank are expected to support credit growth in specific sectors, indicating a potential for economic stabilization. The steel sector's valuation has improved, moving from absolute undervaluation to a moderately low position, suggesting room for further gains [8]. - Recommended stocks include Hualing Steel, Nanjing Steel, Baosteel, and others, which are expected to benefit from various economic cycles and trends [8].

Market Performance - The steel sector saw an increase of 0.82% on January 19, with Nanjing Steel leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Nanjing Steel (600282) closed at 5.46, up 3.80% with a trading volume of 700,900 shares and a transaction value of 380 million yuan [1] - Other notable performers included: - Sijiang Steel (600808) at 4.13, up 3.77% with a transaction value of 622 million yuan [1] - Hualing Steel (000932) at 5.66, up 3.28% with a transaction value of 576 million yuan [1] - Benxi Steel (000761) at 3.30, up 3.12% with a transaction value of 51.21 million yuan [1] Capital Flow Analysis - The steel sector experienced a net outflow of 179 million yuan from main funds, while retail investors saw a net inflow of 176 million yuan [2] - Notable capital flows included: - Sijiang Steel had a main fund net inflow of 84.80 million yuan, but a retail net outflow of 76.47 million yuan [3] - Hualing Steel had a main fund net inflow of 40.99 million yuan, with a retail net inflow of 0.78 million yuan [3]

1月19日，南钢股份涨5.13%，截至发稿，报5.53元/股，成交1.62亿元，换手率0.49%，总市值340.93亿 元。 资料显示，南京钢铁股份有限公司位于江苏省南京市六合区卸甲甸，成立日期1999年3月18日，上市日 期2000年9月19日，公司主营业务涉及黑色金属冶炼及压延加工,钢材、钢坯及其他金属材料销售。主营 业务收入构成为：钢材销售62.34%，其他销售37.66%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓南钢股份。招商中证红利ETF（515080）三季度持有股数1999.57 万股，占基金净值比例为1.38%，位居第七大重仓股。根据测算，今日浮盈赚取约539.88万元。 招商中证红利ETF（515080）成立日期2019年11月28日，最新规模75.93亿。今年以来亏损0.1%，同类 排名5124/5579；近一年收益7.56%，同类排名3925/4225；成立以来收益101.99%。 招商中证红利ETF（515080）基金经理为王平、刘重杰。 刘重杰累计任职时间7年262天，现任基金资产总规模328.73亿元，任职期间最佳基金回报101.99%， 任 职期间最差基金回报-3 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The supply-demand situation is improving, leading to a potential recovery in profits for the steel industry. The report highlights that production of major steel products has increased, while total inventory has decreased, indicating a positive shift in market dynamics [7][30]. - The report emphasizes that the profitability of steel manufacturers is expected to recover in the short term due to improved supply-demand conditions and stable cost support from raw materials [7][30]. Summary by Sections 1. Domestic Steel Market - As of January 16, steel prices have risen, with HRB400 rebar priced at 3,320 CNY/ton, up 40 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price increases [13][14]. 2. Production and Inventory - The total production of five major steel products reached 8.19 million tons, an increase of 0.62 million tons week-on-week. Total inventory decreased by 11,700 tons to 865,320 tons, indicating a positive trend in inventory management [7][30]. 3. Profitability - The report notes a decline in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel decreasing by 13 CNY/ton, 4 CNY/ton, and 18 CNY/ton respectively. However, the overall outlook for profit recovery remains optimistic [7][30]. 4. Key Company Recommendations - Recommended companies include: - General Steel Leaders: Hualing Steel, Baosteel, Nanjing Steel - Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel - Pipe Manufacturers: Jiuli Special Materials, Youfa Group, Changbao Co. - Raw Material Sector: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7][30].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [9]. Core Insights - The steel market is experiencing a recovery in valuation, with absolute valuations moving from undervalued to moderately low levels, indicating potential for absolute returns [2]. - The report emphasizes the importance of structural reforms in the capital market, which are expected to facilitate a shift towards value investing in the steel industry [2]. - The report highlights that the demand for steel is improving, with significant increases in apparent consumption, particularly for rebar [6][41]. Supply Analysis - Daily molten iron production has decreased by 16,000 tons to 2.28 million tons, while steel production has slightly increased [15]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.6 percentage points week-on-week but up 1.2 percentage points year-on-year [21]. Inventory Analysis - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 0.6% [27]. - The social inventory of five major steel products is 8.663 million tons, up 0.1% week-on-week and up 8.7% year-on-year [29]. Demand Analysis - Apparent consumption of five major steel products has improved significantly, with a week-on-week increase of 3.7% [51]. - Rebar apparent consumption reached 1.903 million tons, up 8.8% week-on-week and 2.8% year-on-year [51]. Raw Material Analysis - Iron ore prices have weakened, with a decrease in the shipping volume from Australia and Brazil, while port inventories have increased [50]. - The price index for imported iron ore is reported at 106.2 USD/ton, down 2.2% week-on-week [59]. Price and Profit Analysis - Steel prices are stable with slight increases, and the gross profit margins for steel products are improving [69]. - The comprehensive steel price index is at 122.7, reflecting a week-on-week increase of 0.2% [70].

南京钢铁股份有限公司 2026 年第一次临时股东会 会 议 资 料 二〇二六年一月二十六日 | | | | | | 会议议程 一、会议时间 1、现场会议召开时间：2026 年 1 月 26 日（星期一）14 点 30 分。 2、网络投票时间：2026 年 1 月 26 日（星期一），采用上海证券交易所网 络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间 为股东会召开当日的 9:15-15:00。 二、现场会议地点 南京市六合区卸甲甸幸福路 8 号南钢办公楼 203 会议室 三、主持人 董事长黄一新先生 四、会议议程 （一）参会人员签到，股东或股东代表登记（14:00～14:30） 2、关于 2026 年度继续与中信银行股份有限公司开展存贷款等业务暨关联 交易的议案； 3、关于 2026 年度预计为全资及控股子公司申请授信提供担保的议案； 4、关于 2026 年度预计为全资子公司销售钢材提供担保的议案； 5、关于申请 2026 年度银行授信额度的议案。 （十）律师宣读关于本次股东会的见证意 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily advancing in the field of ESG responsible investment [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Corporate Governance include Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, SANY Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and promote the development of ESG investment in the asset management industry [3][6].