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 - The acquisition offer by Ningbo Meishan Bonded Port Area Jincheng Shazhou Investment Co., Ltd. aims to acquire 5% of Fushun Special Steel's shares at a price of 5.6 yuan per share, with the total shares accepted being only 1.01% [1][2] Group 1 - Jincheng Shazhou plans to acquire 9,860,500 shares, representing 5% of Fushun Special Steel's total share capital, with the acquisition period from August 12, 2025, to September 10, 2025 [1] - As of the end of the acquisition period, a total of 1,989,360 shares were accepted, equating to 1.01% of the company's total shares, which is below the expected acquisition amount [1] - After the completion of the acquisition, Jincheng Shazhou will hold 1.59% of Fushun Special Steel, while its concerted actions will collectively hold 31% of the company's shares [2] Group 2 - The acquisition price of 5.6 yuan per share has led to a decline in Fushun Special Steel's stock price, which has remained below this price for most of September [2] - In December 2023, Fushun Special Steel announced that Northeast Special Steel would transfer 251 million shares, accounting for 12.73% of the total share capital, to Shagang Group at a price of 9.3 yuan per share, totaling 2.334 billion yuan [2] - The historical context includes a significant investment by Shen Wenrong in Northeast Special Steel Group, which led to a 43% ownership stake and control over Fushun Special Steel [2]

Core Viewpoint - The announcement details the partial tender offer by Ningbo Meishan Bonded Port Area Jincheng Shazhou Investment Co., Ltd. for shares of Fushun Special Steel, indicating a strategic move to increase ownership in the company while highlighting the current market dynamics affecting share prices [1][2]. Group 1: Tender Offer Details - Jincheng Shazhou plans to acquire 1.01% of Fushun Special Steel's shares during the tender offer period, resulting in a total holding of 31% for the controlling shareholder post-offer [1]. - The tender offer involves 98.605 million shares, representing 5% of the total share capital, with a proposed price of 5.6 yuan per share, valid from August 12, 2025, to September 10, 2025 [1]. - By the end of the tender offer period, a total of 1,989.36 million shares were tendered, accounting for 1.01% of the company's total shares, which was below the expected acquisition amount [1]. Group 2: Shareholder Composition Post-Offer - After the completion of the tender offer, Jincheng Shazhou will hold 1.59% of Fushun Special Steel's total shares, while its concerted action partners, Northeast Special Steel Group and Jiangsu Shagang Group, will hold 13.99% and 15.43%, respectively [2]. - The combined ownership of Jincheng Shazhou and its concerted action partners will total 31% of the company [2]. Group 3: Market Reaction and Historical Context - The tender offer price of 5.6 yuan per share was below the market price of 5.97 yuan per share as of July 25, 2025, leading to a decline in Fushun Special Steel's stock price, which remained mostly below the offer price in September [2]. - In 2017, Shen Wenrong became the controlling shareholder of Northeast Special Steel Group with a 43% stake after investing 4.462 billion yuan, which included gaining control over Fushun Special Steel [2]. - In December 2023, Northeast Special Steel announced the transfer of 251 million shares (12.73% of total shares) to Shagang Group at a price of 9.3 yuan per share, totaling 2.334 billion yuan [2].

Core Points - Fushun Special Steel announced the convening of its 25th meeting of the 8th Board of Directors on September 11, 2025, to review the proposals for the election of the 9th Board of Directors [2] - The company nominated candidates for both non-independent and independent directors, with specific names listed for each category [2] - The independent director candidates have passed the review by the Shanghai Stock Exchange [2]

Core Viewpoint - Fushun Special Steel (600399.SH) announced the completion of a tender offer by Jincheng Shazhou, with a total of 1,989,360 shares accepted, representing 1.01% of the company's total shares [1] Group 1 - The tender offer period has expired, and a total of 366 shareholders participated in the offer [1] - After the completion of the acquisition, Jincheng Shazhou and its concerted parties will hold a combined 31.00% of the company's shares [1] - The company's listing status remains unaffected, and the stock will resume trading on September 12 [1]

Core Points - Fushun Special Steel (600399.SH) announced the expiration of the tender offer from Jincheng Shazhou to all shareholders excluding Jincheng Shazhou and its concerted parties [1] - A total of 366 accounts participated in the tender offer, with 19.8936 million shares tendered, representing 1.01% of the company's total shares [1] - Following the completion of the acquisition, Jincheng Shazhou and its concerted parties will collectively hold 31.00% of the company's shares, and the company's listing status will remain unaffected [1] - The company's stock is set to resume trading on September 12 [1]

抚顺特殊钢股份有限公司（以下简称"公司"）于 2025 年 8 月 7 日披露了《抚顺特殊钢股份有限公司要约收购报告书》，宁波梅山 保税港区锦程沙洲股权投资有限公司（以下简称"锦程沙洲"或"收 购人"）向除锦程沙洲及其一致行动人以外的公司全体股东发出部分 要约，要约收购股份数量为 98,605,000 股，占公司总股本的 5%，要 约收购的价格为 5.60 元/股，要约收购期限自 2025 年 8 月 12 日起至 2025 年 9 月 10 日止。 股票代码：600399 股票简称：抚顺特钢 编号：临 2025-046 抚顺特殊钢股份有限公司 关于宁波梅山保税港区锦程沙洲股权投资有限公司 要约收购公司股份的清算公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 一、本次要约收购的基本情况 股份，占公司总股本的 15.43%。收购人及其一致行动人合计持有公 司 31.00%股权。本次要约收购完成后，公司股权分布仍符合上市条 件，上市地位不受影响。 三、其他事项说明 锦程沙洲按照上海证券交易所和中国证券登记结 ...

第二条 本制度所称信息披露是指法律、法规、证券监管部门要求 披露的已经或可能对公司股票及其衍生品种交易价格产生重大影响的信 息，在规定的时间内、在规定的媒体上、按规定的程序及规定的方式向 社会公众公布，并按规定程序送达交易所和证券监管部门。 第三条 公司信息披露工作由董事会统一领导和管理。董事长是公司 信息披露的第一责任人；董事会秘书是信息披露的主要责任人。董事会 秘书应按有关法律法规、公司章程的规定以及中国证券监督管理委员会 （以下简称"中国证监会"）、上海证券交易所的要求促使公司董事会 及时、正确履行信息披露义务。 董事会秘书是公司信息披露的具体执行人和与上海证券交易所的指 定联络人，负责协调和组织公司的信息披露事项，包括健全和完善信息 1 抚顺特殊钢股份有限公司 信息披露管理制度 抚顺特殊钢股份有限公司 信息披露管理制度 抚顺特殊钢股份有限公司 信息披露管理制度 (二〇二五年九月修订) 第一章 总则 第一条 为了加强对抚顺特殊钢股份有限公司（以下简称"公 司"）信息披露工作的管理，确保对外信息披露工作的真实性、准确性 与及时性，保护公司、股东、债权人及其他利益相关人员的合法权益， 规范公司的信息披露行为 ...

抚顺特殊钢股份有限公司 重大事项报告制度 抚顺特殊钢股份有限公司 重大事项报告制度 （二〇二五年九月修订） 为了加强抚顺特殊钢股份有限公司(以下简称公司)与投资者 之间的联系、确保公司信息披露的及时、准确、完整、充分，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第1号—规范运作》《上 市公司信息披露管理办法》等法律法规及《公司章程》和《抚顺特殊钢股 份有限公司信息披露管理制度》的规定，结合公司实际情况，制定本制度。 公司重大事项报告制度是指当发生或即将发生达到《上海证 券交易所股票上市规则》所要求的披露标准事项，或者其他可能对公司 股票及其衍生品种的交易价格产生较大影响的情形或事件，且该等情形 或事件尚未公开时，按照本制度相关规定负有报告义务的单位、公司各 部门、分支机构和子公司的有关人员，应及时将相关事项向公司董事会、 董事长和董事会秘书报告的制度。 重大事项报告制度的目的是通过明确报告义务人在知悉或者 应当知悉重大事项时的报告义务和报告程序，保证公司信息披露真实、 准确、完整，信息披露及时、公平，防止出现虚假记载、误导性陈述或 ...

1 抚顺特殊钢股份有限公司制度 内幕信息知情人登记管理制度 抚顺特殊钢股份有限公司 内幕信息知情人登记管理制度 （二〇二五年九月修订） 第一章 总则 第一条 为进一步规范抚顺特殊钢股份有限公司（以下简称"公司"） 的内幕信息管理，加强内幕信息的保密工作，维护和遵循信息披露公平、 公开、公正的原则，保护广大投资者的合法权益，根据《中华人民共和国 公司法》（以下简称 《公司法》）《中华人民共和国证券法》（以下简称《证 券法》）和中国证券监督管理委员会（以下简称"中国证监会"）《上市公司 信息披露管理办法》《上市公司监管指引第 5 号—上市公司内幕信息知情 人登记管理制度》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 2 号—信息披露事务管理》等有关法律、法规、部门 规章及《公司章程》《公司信息披露事务管理制度》的有关规定，并结合公 司实际情况，特制定本制度。 第二条 公司董事会是内幕信息的最高管理机构，应保证内幕信息知 情人档案真实、准确和完整，公司董事长为内幕信息管理工作的主要负责 人。董事会秘书是公司内幕信息知情人登记管理的主要负责人，负责办理 公司内幕信息知情人的登记入档和报送事宜 ...