Core Viewpoint - Nanjing Steel Co., Ltd. (南钢股份) celebrates its 25th anniversary since listing, highlighting its growth into a leading producer of medium and heavy plates and special steel long products, with a cumulative stock price increase of 384% and a market capitalization of 30 billion yuan [1][3]. Group 1: Financial Performance - Since its listing, Nanjing Steel's market value has increased nearly sevenfold, reaching 30 billion yuan, and it has distributed over 13.6 billion yuan in cash dividends, representing more than 50% of cumulative net profit [1]. - The company has implemented 23 cash dividend distributions, showcasing its commitment to returning value to shareholders [1]. Group 2: Technological Innovation - Nanjing Steel invests over 3% of its revenue in R&D annually, establishing an integrated research and development system and an open high-end R&D framework [3]. - The company has achieved significant product advancements, with its advanced steel materials sales ratio increasing from 14% to 29%, and gross profit contribution from these products reaching 47% [3]. Group 3: Global Expansion - Nanjing Steel is extending its industrial chain with an overseas project for an annual production of 6.5 million tons of coke and has participated in high-profile international projects such as the Pelješac Bridge in Croatia and the Qatar offshore oil and gas field [4]. Group 4: Digital Transformation - The company is advancing its digital transformation with a focus on smart manufacturing and has developed a comprehensive smart operation center integrating data governance, industrial internet, and artificial intelligence [5]. - Nanjing Steel is collaborating with Huawei to enhance its digital capabilities and has launched the "Yuanye Steel Model" to promote intelligent manufacturing [5]. Group 5: Sustainability Initiatives - Nanjing Steel aims to be a global leader in green steel production, implementing a three-step low-carbon strategy and achieving recognition for its carbon management efforts [6][5]. - The company has received multiple green product certifications and has completed comprehensive low-emission upgrades, earning an A-level environmental performance rating in the steel industry [6]. Group 6: Strategic Development - Nanjing Steel has undertaken significant capital market operations, including the first public tender offer in China and various fundraising initiatives to support key projects [9]. - The company has restructured its internal organization to enhance efficiency and has expanded its focus to include new materials alongside steel production [9].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The report emphasizes the importance of the steel sector in investment allocation, particularly in light of expected policy-driven production limits in the fourth quarter [1][2] - Despite current supply-demand imbalances and declining overall industry profits, the steel demand is anticipated to stabilize or slightly increase due to supportive policies in real estate, infrastructure, and manufacturing sectors [3][2] - The report suggests that the industry is likely to maintain a stable supply-demand situation, with a focus on high-margin specialty steel companies and leading enterprises with strong cost control [3][2] Supply Situation - As of September 19, the capacity utilization rate for blast furnaces among sample steel companies is 90.4%, a week-on-week increase of 0.17 percentage points [25] - The average daily pig iron production is 2.41 million tons, with a week-on-week increase of 0.47 tons and a year-on-year increase of 176,400 tons [25] - The total production of five major steel products is 7.437 million tons, a week-on-week decrease of 11,500 tons [25] Demand Situation - The consumption of five major steel products reached 8.503 million tons as of September 19, with a week-on-week increase of 70,000 tons [35] - The transaction volume of construction steel by mainstream traders is 107,000 tons, reflecting a week-on-week increase of 3.32% [35] Inventory Situation - The social inventory of five major steel products is 11.014 million tons, a week-on-week increase of 62,700 tons [43] - The factory inventory of five major steel products is 4.184 million tons, a week-on-week decrease of 1.14% [43] Price & Profit Situation - The comprehensive index for ordinary steel is 3,507.3 yuan/ton, with a week-on-week increase of 17.52 yuan/ton [49] - The profit for rebar produced in blast furnaces is 22 yuan/ton, a significant week-on-week increase of 257.14% [58] - The average cost of pig iron is 2,381 yuan/ton, with a slight week-on-week increase [58] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) is 802 yuan/ton, a week-on-week increase of 6.0 yuan/ton [72] - The price of primary metallurgical coke is 1,715 yuan/ton, with a week-on-week decrease of 55.0 yuan/ton [72]

Core Viewpoint - Nanjing Steel Group (南钢股份) celebrates its 25th anniversary since its establishment and listing, highlighting its growth and commitment to innovation, sustainability, and shareholder returns [2][3]. Group 1: Company Overview - Nanjing Steel was established on March 18, 1999, and listed on September 19, 2000, becoming a leading producer of medium and heavy plates globally and a competitive player in special steel long products in China [3]. - Since its listing, the company's stock price has increased by 384%, with a market capitalization reaching 30 billion yuan, growing nearly sevenfold [3]. Group 2: Innovation and Development - The company emphasizes technological innovation, with R&D investment consistently exceeding 3% of revenue, and has developed an integrated R&D system [5]. - Nanjing Steel has achieved significant product advancements, including the 9% Ni steel for ultra-low temperature applications and ultra-high strength wear-resistant steel, recognized as national champion products [6]. Group 3: Digital Transformation - The company is undergoing a digital transformation, implementing a strategy that integrates data governance, industrial internet, and artificial intelligence [8]. - Nanjing Steel has developed a smart manufacturing and digital operation system, enhancing its operational efficiency and production management [8]. Group 4: Sustainability Initiatives - Nanjing Steel aims to be a global leader in green steel production, aligning with the "30-60" carbon goals and implementing a three-step strategy for emissions reduction [10]. - The company has received multiple green product certifications and has made significant progress in energy efficiency and environmental upgrades [10]. Group 5: Strategic Upgrades - The company has actively engaged in capital market opportunities, including public offerings and asset restructuring, to enhance its strategic capabilities [12][13]. - Nanjing Steel has adopted a value management system to ensure stable shareholder returns and effective communication with investors [13].

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]

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。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。 中信股份(00267)发布附属南钢股份（600282）(600282.SH)的公告，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。 ...

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]