文/曹萌 7月11日，一则山西部分钢厂收到限产口头通知的信息再度点燃了钢铁行业期 现 投资板块。其中， 螺纹钢、 热卷等 钢材品种期价涨幅超1% ，包钢股份、 抚顺特钢 股价涨停。 近年来，政策端严控粗钢新增产能，实施更为严格的产能置换方案，加快推动钢铁行业转型升级。此 前，河北、山西等地均发布了退出1000立方米以下的高炉设备政策，如2024年，全国退出高炉42 座，对应总炼铁产能3471万吨，多为1000立方米以下小型高 炉。根据相关统计，目前我国1000立 方米以下的高炉仍有300余座，产能占比在13.7%左右。 近日，钢铁、多晶硅、煤炭等行业的期现投资品种轮番上涨，而其上涨的背景是本月初召开的中央财 经委第六次会议再次强调"依法依规治理企业低价无序竞争…推动落后产能有序退出"。 从过往来看，后续相关政策的落地基本均围绕中央财经委会议的主题， 如现代产业体系、人口问题 和以旧换新等。加之中央财经委会议本身级别较高，因此，也打开了市场对后续控制行业产能、提高 相关商品价格的想象空间。 但从不同商品品类的价格波动来看，多晶 硅主力 合约期价7月以来的涨幅已超过20%，而螺纹钢、 热卷等 钢材品种主力合约期价 ...

Market Overview - The Shanghai Composite Index rose by 0.01% on July 11, with 19 out of 28 sectors experiencing gains, led by non-bank financials and steel, which increased by 2.02% and 1.93% respectively [1] - The banking and building materials sectors saw the largest declines, with decreases of 2.41% and 0.67% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 6.21 billion yuan, with 7 sectors seeing net inflows [1] - The non-bank financial sector had the highest net inflow of 8.21 billion yuan, coinciding with its 2.02% increase [1] - The computer sector followed with a 1.93% increase and a net inflow of 6.20 billion yuan [1] Steel Industry Performance - The steel sector increased by 1.93% with a net inflow of 865 million yuan, comprising 44 stocks, of which 31 rose and 12 fell [2] - Among the stocks, Baogang Co. led with a net inflow of 650 million yuan, followed by Fushun Special Steel and Anyang Steel with inflows of 321 million yuan and 63 million yuan respectively [2] - The sector also had 9 stocks with net outflows exceeding 10 million yuan, with Hangang Co., Baosteel, and Xinxing Ductile Iron Pipe leading in outflows [2] Individual Stock Highlights - Baogang Co. saw a significant increase of 10.00% with a turnover rate of 4.45% and a main fund flow of 649.71 million yuan [2] - Fushun Special Steel also performed well with a 10.06% increase and a main fund flow of 320.66 million yuan [2] - Conversely, stocks like Hangang Co. and Baosteel experienced notable outflows of 81.56 million yuan and 67.70 million yuan respectively [3]

Group 1 - The company, Fushun Special Steel Co., Ltd., expects a net profit attributable to shareholders for the first half of 2025 to be between -260 million yuan and -300 million yuan, representing a decrease of 214.06% to 231.60% compared to the same period last year [1][2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is also projected to be between -260 million yuan and -300 million yuan, reflecting a decrease of 217.24% to 235.27% year-on-year [1][2] - The previous year's net profit attributable to shareholders was 227.96 million yuan, with a net profit of 221.78 million yuan after deducting non-recurring gains and losses [2] Group 2 - The main reasons for the expected loss include lower-than-expected actual production from new projects, leading to increased fixed costs per unit, and higher quality control costs due to enhanced product quality requirements [2]

抚顺特殊钢股份有限公司 2025 年半年度业绩预亏公告 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。 重要内容提示： ●抚顺特殊钢股份有限公司（以下简称"公司"）预计 2025 年 半年度实现归属于上市公司股东的净利润为-26,000.00 万元至 -30,000.00 万元，与上年同期相比减少 214.06%至 231.60%。 ●公司预计2025年半年度实现归属于上市公司股东的扣除非经 常性损益的净利润为-26,000.00万元至-30,000.00万元，与上年同期 相比减少217.24%至235.27%。 证券代码：600399 证券简称：抚顺特钢 公告编号：临 2025-029 一、本期业绩预告情况 （一）业绩预告期间 2、经财务部门初步测算，公司预计2025年半年度实现归属于上 市公司股东的扣除非经常性损益的净利润为-26,000.00万元至 -30,000.00万元，与上年同期相比减少217.24%至235.27%。 3、本期业绩预告数据未经会计师事务所审计。 二、上年同期业绩情况 1 （一）归 ...

抚顺特钢（600399）公告，预计2025年半年度实现归属于上市公司股东的净利润为-2.6亿元至-3亿元， 与上年同期相比减少214.06%至231.60%。预计2025年半年度实现归属于上市公司股东的扣除非经常性 损益的净利润为-2.6亿元至-3亿元，与上年同期相比减少217.24%至235.27%。本期业绩预告数据未经会 计师事务所审计。受市场需求影响，本期公司部分产品订单及价格较上期均有所下降；公司新建项目陆 续转固投产，但受钢铁行业市场环境的影响，新建项目实际产量低于预期，导致单位产品分摊的固定成 本上升。 ...

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies within the industry [3][4]. Core Insights - The report indicates that iron water remains at a high level, with strong cost support. Although there is a long-term downward trend in iron water, the short-term decline is relatively slow. The supply of iron ore has not yet been released, solidifying the cost bottom in the short term [3][4]. - The overall production and inventory levels of steel are at low points year-on-year, with no significant supply-demand contradictions. The profitability of steel companies is expected to recover due to the optimization of crude steel supply and the gradual release of new iron ore production capacity [3][4]. Summary by Sections Price Trends - As of June 27, steel prices showed mixed trends, with rebar prices at 3,090 CNY/ton (up 20 CNY), high line prices at 3,300 CNY/ton (up 30 CNY), hot-rolled prices stable at 3,240 CNY/ton, cold-rolled prices down 20 CNY to 3,490 CNY/ton, and medium plate prices down 20 CNY to 3,280 CNY/ton [1][10][11]. Production and Inventory - The total production of five major steel varieties reached 8.81 million tons, an increase of 124,800 tons week-on-week. The apparent consumption of rebar was estimated at 2.1991 million tons, up 0.72 million tons from the previous week [2][3]. Profitability - The report estimates that the gross profit for rebar, hot-rolled, and cold-rolled steel changed by +1 CNY/ton, +5 CNY/ton, and -21 CNY/ton respectively compared to the previous week. Electric arc furnace steel saw a decrease of 6 CNY/ton in gross profit [1][3]. Investment Recommendations - Recommended stocks include: 1. General steel sector: Baosteel, Hualing Steel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. 3. Pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Suggested to pay attention to high-temperature alloy stocks: Fushun Special Steel [3][4]. Key Company Earnings Forecasts - Baosteel (600019.SH): EPS forecast for 2024A at 0.34 CNY, PE at 19, rated as "Buy" - Hualing Steel (000932.SZ): EPS forecast for 2024A at 0.29 CNY, PE at 15, rated as "Buy" - Nanjing Steel (600282.SH): EPS forecast for 2024A at 0.37 CNY, PE at 11, rated as "Buy" [3].

穆立峰先生及陈本柱先生具备担任上市公司高级管理人员相关 的专业知识、工作经验和管理能力，任职资格符合《公司法》《上 海证券交易所股票上市规则》等法律法规和规范性文件的规定。穆 立峰先生及陈本柱先生未受过中国证监会及其他有关部门的处罚或 证券交易所惩戒，不存在《公司法》等法律法规及规范性文件规定 的不得担任公司高级管理人员的情形。 证券代码：600399 证券简称：抚顺特钢 公告编号：临 2025-028 抚顺特殊钢股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日召开第八届董事会第二十三次会议,审议通过了《关于聘任副 总经理的议案》。根据《公司法》等法律法规以及《公司章程》的 规定，经公司董事长兼总经理孙立国先生提名，董事会提名委员会 审核，董事会同意聘任穆立峰先生、陈本柱先生（简历附后）为公 司副总经理,任期自本次董事会审议通过之日起至第八届董事会任期 届满之日止。 抚顺特殊钢股份有限公司 关于聘任副总经理的公告 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。 特此公告。 二〇二五年六月十九 ...

Core Points - The company has appointed two new deputy general managers, Mu Lifeng and Chen Benzhu, effective from the date of the board's approval until the end of the eighth board term [1][2] - Both appointees possess the necessary professional knowledge, work experience, and management capabilities to hold senior management positions in a listed company [1] - The appointments comply with relevant laws and regulations, and neither appointee has faced penalties from the China Securities Regulatory Commission or other relevant authorities [1] Summary of Appointees - Mu Lifeng, born in June 1981, holds a bachelor's degree in Material Forming and Control Engineering from Heilongjiang University of Science and Technology and has served in various roles within the company, including as the plant manager [2] - Chen Benzhu, born in March 1977, graduated from Anhui University with a degree in Management Engineering and has held significant positions in Shagang Group before joining the company as deputy general manager [2]

北京金诚同达律师事务所 关于 抚顺特殊钢股份有限公司 差异化权益分派事项的 法律意见书 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所（以下简称"本所"）接受抚顺特殊钢股份有限公 司（以下简称"公司"）的委托，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》"）、《上市公司股份 回购规则》（以下简称"《回购规则》"）、《上海证券交易所上市公司自律监管指 引第 7 号——回购股份》（以下简称"《回购指引》"）、《上海证券交易所上市公 司自律监管指南第 2 号——业务办理（2025 年 4 月修订）》（以下简称"《业务 办理指南》"）及其他有关法律、行政法规、部门规章及规范性文件的规定，并按 照律师行业公认的业务标准、道德规范和勤勉尽责精神，就公司 2024 年度利润 分配所涉及的差异化权益分派（以下简称"本次差异化权益分派"）相关事项出 具本法律意见书。 本所律师声明： 1.本所及经办律师依据《公司法》《证券法》《回购规则》 ...

证券代码：600399 证券简称：抚顺特钢 公告编号：2025-027 抚顺特殊钢股份有限公司 2024年年度权益分派实施公告 截至股权登记日 2025 年 6 月 11 日下午上海证券交易所收市后，在中国证券登记结算有 限责任公司上海分公司（以下简称"中国结算上海分公司"）扣除公司回购专用账户后登记在 册的本公司全体股东。 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.018元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 3. 差异化分红送转方案： （1）差异化分红方案 2025 年 5 月 9 日，公 ...