证券代码：600282 证券简称：南钢股份 公告编号：临 2025-038 （一）签订转让协议 2023年3月14日，南京钢铁股份有限公司（以下简称"公司"）召开第八届 董事会第二十五次会议审议通过了《关于拟出售浙江万盛股份有限公司暨关联交 易的议案》。同日，公司与上海复星高科技（集团）有限公司（以下简称"复星 高科"）共同签订《股份转让协议》（以下简称"《原协议》"），约定复星高 科通过协议转让方式购买公司所持有的全部浙江万盛股份有限公司（证券代码： 603010.SH，以下简称"万盛股份"）174,305,939股股份（约占其总股本的 29.5645%，以下简称"标的股份"）以及衍生的所有权益（以下简称"本次交 易"），转让价格为人民币26.5亿元（如自协议签署之日至标的股份的股份转让 过户登记完成日期间，标的股份进行分红，则标的股份相应分红款应从转让价款 中扣除）。2023年3月31日，公司召开2023年第二次临时股东大会，审议通过 了前述议案。 2023年5月17日，公司收到万盛股份分红款共计人民币34,861,187.80元， 转让价款扣减该分红后的余额为人民币2,615,138,812.20元。 ...

证券代码：603010 证券简称：万盛股份 公告编号：2025-049 浙江万盛股份有限公司 关于原控股股东签署股份转让协议交易完成的公告 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。 《浙江万盛股份有限公司关于豁免公司控股股东自愿性股份 锁定承诺的公告》（公告编号：2023-021）、《浙江万盛股份有限公司关于控股股 东签署股份转让协议暨权益变动的提示性公告》（公告编号：2023-022）及《浙 江万盛股份有限公司 2023 年第三次临时股东大会决议公告》（公告编号： 股权转让价款扣减该分红后的余额为人民币 2,615,138,812.20 元。 （二）签订补充协议（一） 星高科签订《股份转让协议之补充协议》 （以下简称"《补充协议（一）》"），对《原 协议》交易安排进行修订和补充。具体内容详见公司披露的《浙江万盛股份有限 公司关于控股股东签署股份转让协议的进展公告》（公告编号：2023-057）。 户登记确认书》和《证券质押登记证明》，上述股份转让的过户登记及质押登记 办理完成。具体内容详见公司披露的《浙江万盛股份有限公 ...

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has shown strong performance, with a 1.80% increase, driven by significant gains in constituent stocks such as Tunnel Co. (600820) and Shanxi Coking Coal (000983) [1] Group 1: Market Performance - The National State-Owned Enterprises Dividend ETF (159515) rose by 1.83%, marking a third consecutive increase [1] - Key stocks in the coal sector, including Shanxi Coking Coal and Lu'an Environmental Energy, experienced a 10% limit up [1] - The coal sector is expected to maintain a positive outlook due to strong demand and favorable pricing conditions [1] Group 2: Sector Analysis - Everbright Securities noted that the "anti-involution" expectations are strengthening, predicting a bullish trend for coal prices as the peak demand season approaches [1] - Guosen Securities highlighted the resilience of coal demand and the potential for price rebounds in the second half of the year, supported by improved supply-demand dynamics [1] - The coal sector demonstrated strong performance metrics in Q1 2025, including a low debt-to-asset ratio of 44.7%, a net profit margin of 12.7%, and a relatively high return on equity (ROE) [1] Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies with high and stable cash dividend yields, reflecting the overall performance of high-dividend state-owned enterprises [2] - The top five industries represented in the index are banking, coal, transportation, real estate, and media [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 15.81% of the total index weight, with significant contributions from companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4]

Supply Side - As of July 18, 2025, the total output of five major steel products reached 8.6819 million tons, with a week-on-week decrease of 0.52% and a year-on-year decrease of 1.79% [2] - The average daily pig iron output of 247 steel enterprises was 2.4244 million tons, showing a week-on-week increase of 1.10% and a year-on-year increase of 1.16% [2] - The capacity utilization rate of blast furnaces in 247 steel enterprises was 90.89%, with a week-on-week increase of 0.99 percentage points and a year-on-year increase of 1.27 percentage points [2] - The capacity utilization rate of 87 independent electric arc furnace steel mills was 51.79%, with a week-on-week increase of 1.43 percentage points and a year-on-year increase of 6.81 percentage points [2] - The profitability rate of 247 steel mills rose to 60.2%, stimulating some steel mills to resume production [2] Demand Side - As of July 18, 2025, the total consumption of five major steel products was 8.7011 million tons, with a week-on-week decrease of 0.34% and a year-on-year decrease of 3.28% [2] - The daily transaction volume of construction steel by mainstream traders was 94,200 tons, showing a week-on-week decrease of 6.49% and a year-on-year decrease of 10.45% [2] - In June, the total export volume of steel reached 9.678 million tons, with a month-on-month decrease of 8.51% and a year-on-year increase of 10.89% [2] - The cumulative export volume in June was 58.1466 million tons, with a month-on-month increase of 19.97% and a year-on-year increase of 9.22% [2] - Except for rebar, the consumption of other varieties showed a slight increase, driven by improved macro expectations and increased demand in the terminal manufacturing sector [2] Inventory Side - As of July 18, 2025, the total social inventory of five major steel products was 9.2211 million tons, with a week-on-week increase of 0.89% and a year-on-year decrease of 27.80% [3] - The total factory inventory of five major steel products was 4.1555 million tons, with a week-on-week decrease of 2.35% and a year-on-year decrease of 13.43% [3] - The inventory pressure decreased as inventory shifted from steel mills to downstream [3] Cost Side - As of July 18, 2025, the price index for Australian iron ore (62% Fe) at Rizhao Port was 759.4 RMB/wet ton, with a week-on-week increase of 3.29% and a year-on-year decrease of 7.66% [4] - The price for Indian iron ore (61% Fe) at Qingdao Port was 715.4 RMB/wet ton, with a week-on-week increase of 5.14% and a year-on-year decrease of 1.46% [4] - The comprehensive absolute price index for scrap steel was 2,372.81 RMB/ton, with a week-on-week increase of 0.03% and a year-on-year decrease of 14.93% [5] - The comprehensive absolute price index for foundry pig iron was 2,788.8 RMB/ton, with a week-on-week increase of 1.13% and a year-on-year decrease of 16.08% [5] - The price index for low-sulfur coking coal was 1,239.54 RMB/ton, with a week-on-week increase of 6.22% and a year-on-year decrease of 35.22% [5] Price Side - As of July 18, 2025, the Mysteel absolute price index for ordinary steel was 3,462.31 RMB/ton, with a week-on-week increase of 0.99%, a month-on-month increase of 2.91%, and a year-on-year decrease of 8.43% [5] - The Mysteel absolute price index for special steel was 9,317.6 RMB/ton, with a week-on-week increase of 0.05%, a month-on-month decrease of 0.35%, and a year-on-year decrease of 2.73% [5] - The global steel price index was 205.6 points as of July 11, 2025, with a week-on-week increase of 0.59%, a month-on-month increase of 0.54%, and a year-on-year decrease of 0.68% [5] - Steel prices are expected to rise in the off-season due to the anticipated "anti-involution" policy and the rebound in raw material prices [5] Industry News - On July 18, 2025, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first half of 2025, revealing that the Ministry of Industry and Information Technology will implement a new round of growth stabilization plans for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials [6] - The specific work plans will be released in the near future, focusing on structural adjustments, supply optimization, and the elimination of backward production capacity [6] Investment Suggestions - The anticipated "anti-involution" policy is expected to boost the valuation of the sector [6] - The industry is expected to remain stable supported by the stabilization of real estate and construction, as well as a positive outlook for manufacturing [6] - The industry is likely to see increased concentration, structural adjustments in output, and high-quality product development as part of its transformation [6] - Recommended companies include industry leaders with product structure advantages and scale effects, such as Nanjing Steel (600282.SH), Hualing Steel (000932.SZ), and Baosteel (600019.SH) [6] - Special steel companies with high barriers and high value-added products, such as Jiuli Special Materials (002318.SZ), are also recommended [6]

Investment Rating - The report maintains a "Recommendation" for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel industry is experiencing a warming sentiment combined with cost support, leading to a strong performance in steel prices. The report notes that the prices for five major steel products have shown weekly increases, with rebar prices reaching 3,316 CNY/ton, reflecting a 0.83% increase week-on-week [1][2]. - The Ministry of Industry and Information Technology is set to introduce a work plan aimed at stabilizing growth in key industries, including steel, which is expected to optimize supply structure and eliminate outdated production capacity [3]. - The report suggests that the steel industry is likely to see a long-term recovery in both valuation and performance, driven by improved profitability and a reduction in production capacity in certain regions [4][5]. Summary by Sections 1. Weekly Market Review - As of July 18, 2025, the prices for five major steel products are as follows: rebar at 3,316 CNY/ton, wire rod at 3,629 CNY/ton, hot-rolled coil at 3,345 CNY/ton, cold-rolled coil at 3,775 CNY/ton, and medium plate at 3,425 CNY/ton, with weekly changes of +0.83%, +0.76%, +1.47%, +1.16%, and +0.91% respectively [1][15]. - The total production of the five major products reached 8.6819 million tons, a decrease of 45,300 tons week-on-week [1]. - The average daily molten iron output from 247 steel enterprises was 2.4244 million tons, an increase of 26,300 tons week-on-week, with a blast furnace capacity utilization rate of 90.89%, up by 0.99 percentage points [1][18]. 2. Key Industry Data Tracking (a) Production Data - The report highlights that the production data indicates a slight increase in iron output and a recovery in electric arc furnace operation rates, suggesting a stabilization in the industry despite seasonal demand weakness [2][18]. (b) Consumption Volume of Five Major Steel Products - The total consumption of the five major products was 8.7011 million tons, reflecting a decrease of 29,600 tons week-on-week, with specific changes in consumption for rebar, wire rod, hot-rolled, cold-rolled, and medium plate [1][39]. (c) Inventory Situation - The total steel inventory stood at 13.3766 million tons, a decrease of 19,200 tons week-on-week, with social inventory increasing by 81,000 tons to 9.2211 million tons, while steel mill inventory decreased by 100,200 tons to 4.1555 million tons [1][51]. (d) Profitability Situation - The average molten iron cost for 114 steel mills was reported at 2,256 CNY/ton, remaining stable week-on-week. The gross profit per ton for high furnace rebar, hot-rolled coil, and cold-rolled coil was +171 CNY/ton, +146 CNY/ton, and +32 CNY/ton respectively, with slight variations noted [1][4]. 3. Stock Market Performance - The steel index closed at 2,294.69 points, with a weekly increase of 0.36%, while the overall A-share index rose by 1.40% [4][6]. - The report indicates that the overall valuation of the steel sector remains low, with specific companies showing potential for recovery in both valuation and profitability [10].

Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - The upcoming "stability growth plan" from the Ministry of Industry and Information Technology is expected to optimize steel production capacity, focusing on structural adjustments and the elimination of outdated capacity [3][7]. - Steel prices have shown an upward trend, with specific prices for various steel products increasing as of July 18, 2025 [1][10]. - The report indicates a decrease in steel production and inventory levels, with a total production of 8.68 million tons for the five major steel products, reflecting a week-on-week decrease [2][8]. Summary by Sections Price Trends - As of July 18, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,270 CNY/ton, up 30 CNY/ton from the previous week [1][10]. - Other steel products also saw price increases, including hot-rolled and cold-rolled steel [1][11]. Production and Inventory - The total production of the five major steel products is 8.68 million tons, down 45,300 tons week-on-week [2][8]. - Social inventory of the five major steel products increased by 81,500 tons to 9.21 million tons, while steel mill inventory decreased by 100,200 tons [2][8]. Profitability - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -19 CNY/ton, -7 CNY/ton, and +7 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends several companies for investment, including Baosteel, Hualing Steel, and Nanjing Steel in the flat steel sector, and Xianglou New Materials and CITIC Special Steel in the special steel sector [3][4].

Group 1 - The National Bureau of Statistics has announced the first batch of pilot projects for trusted data space innovation, with Nanjing Steel Co., Ltd. selected for its project "Trusted Data Space for Steel Industry Chain" [1] - Trusted data space is a data circulation infrastructure that links multiple parties based on consensus rules to achieve data resource sharing [1] - The pilot aims to select benchmark projects with industry typicality and technological foresight to provide experience for building a unified national data factor market [1] Group 2 - The selected project focuses on key development goals such as collaborative optimization of the steel industry chain, deep integration of digital technology with the real economy, and green collaborative development [1] - The project emphasizes five core scenarios: supply chain collaboration, intelligent manufacturing and production optimization, market analysis and forecasting, R&D quality and sustainable development, and customer and value-added services [1] - The project aims to create a trusted data space system that aligns with the development of the steel industry chain, fostering multi-party data integration and value co-creation [1] Group 3 - In recent years, Nanjing Steel has pursued a transformation path of "digitalizing all businesses and businessizing all digital operations," leveraging "data factors + industrial internet + artificial intelligence" as core engines [2] - The company has established a "Trusted Data Space Alliance for the Steel Industry" with upstream and downstream partners, launching an initiative to build high-quality industrial data sets [2] - The initiative aims to facilitate efficient data circulation and application across the industry chain, positioning the company as a pioneer in extracting value from industry data factors [2]

Core Viewpoint - The profitability of Chinese steel companies is significantly lower than that of Japanese steel companies, with the CEO of Nippon Steel highlighting the challenges faced by Chinese manufacturers due to low pricing strategies [1][2]. Financial Performance Comparison - In 2024, Nippon Steel's net profit was 350.2 billion yen (approximately 16.9 billion RMB), while the top five Chinese steel companies had net profits of 7.362 billion RMB (Baowu Steel), 5.126 billion RMB (CITIC Special Steel), 2.261 billion RMB (Nanjing Steel), 2.032 billion RMB (Hualing Steel), and 1.49 billion RMB (Jiuli Special Materials) [1][2]. - The combined net profit of the top four Chinese steel companies in 2024 was less than that of Nippon Steel alone [2]. Industry Challenges - The Chinese steel industry is facing overcapacity, price competition, and increasing technical standards, leading to a decline in profitability [2][6]. - In 2024, the total profit of key Chinese steel companies was 42.9 billion RMB, a year-on-year decrease of 50.3% [6][7]. - The apparent consumption of crude steel in China has decreased from 1.048 billion tons in 2020 to 892 million tons in 2024, indicating a significant drop in demand [8]. Export Dynamics - Despite increasing steel exports, the average export price has declined, with the volume of steel exports doubling from 53.67 million tons in 2020 to 111 million tons in 2024, while the average price fell from 847.2 USD/ton to 755 USD/ton [9][10]. - Trade protectionism against Chinese steel products is rising, with multiple anti-dumping investigations initiated by countries like Vietnam and South Korea [9][10]. Strategic Adjustments - Chinese steel companies are attempting to improve their competitiveness by focusing on high-end steel production and reducing costs through better management practices [13][14]. - The industry is urged to adopt a more flexible production mechanism to balance supply and demand, especially in light of declining domestic demand and increasing export challenges [15].

Core Viewpoint - The introduction of smart control technology at Nanjing Steel's first steelmaking plant has significantly improved operational efficiency and safety, allowing remote control of steel production processes from a comfortable environment, reducing the need for on-site labor in extreme heat [3][4][6]. Group 1: Technological Advancements - The smart control center allows operators to remotely manage steel production, transforming a previously labor-intensive and hazardous job into a more efficient and safer process [3][6]. - The upgrade of the dust removal system in 2022 has led to a significant reduction in smoke and dust emissions, achieving compliance with national ultra-low emission standards [5][6]. Group 2: Operational Efficiency - Each shift at the steel plant can produce approximately 12 to 14 batches of steel, indicating a high level of productivity and seamless operation [4]. - The implementation of automated sampling systems has made it possible to take samples from molten steel at 1600°C safely and efficiently, reducing the risks associated with manual sampling [6]. Group 3: Working Environment Improvements - The working conditions have improved dramatically since the plant's inception, with modern air conditioning and reduced exposure to hazardous materials, allowing workers to use fewer protective masks [5][6]. - The transition from a traditional glass observation setup to a smart monitoring system has enhanced safety and operational oversight, minimizing the need for workers to be in close proximity to dangerous processes [6].