Core Viewpoint - Fushun Special Steel's stock price has experienced a decline of 9.72% year-to-date, with significant net outflows of capital and a decrease in revenue and profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 16, Fushun Special Steel's stock price dropped by 2.06% to 5.22 CNY per share, with a trading volume of 95.87 million CNY and a turnover rate of 0.92% [1]. - The company has seen a year-to-date stock price decline of 9.72%, with a 2.43% drop over the last five trading days, 6.62% over the last 20 days, and 5.61% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Fushun Special Steel reported a revenue of 3.823 billion CNY, a year-on-year decrease of 10.62%, and a net profit attributable to shareholders of -278 million CNY, a significant decline of 221.83% [2]. - The company has cumulatively distributed 290 million CNY in dividends since its A-share listing, with 146 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Fushun Special Steel had 96,100 shareholders, a decrease of 4.48% from the previous period, with an average of 20,526 circulating shares per shareholder, an increase of 4.69% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 33.89 million shares, and new entrants such as the Fortune China Securities Military Industry ETF [3].

Core Viewpoint - The special steel sector experienced a 0.8% increase on October 15, with Xianglou New Materials leading the gains. The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1]. Group 1: Stock Performance - Xianglou New Materials (301160) closed at 58.55, with a rise of 2.83% and a trading volume of 23,300 lots, amounting to 136 million yuan [1]. - CITIC Special Steel (000708) closed at 66.ET, increasing by 2.12% with a trading volume of 236,100 lots, totaling 329 million yuan [1]. - Shengde Yantai (300881) closed at 35.50, up 2.01% with a trading volume of 14,600 lots, amounting to 51.49 million yuan [1]. - Shagang Group (002075) closed at 5.70, rising by 1.42% with a trading volume of 306,200 lots, totaling 173 million yuan [1]. - Xining Special Steel (600117) closed at 3.32, up 1.22% with a trading volume of 333,300 lots, amounting to 110 million yuan [1]. - Jinzou Pipeline (002443) closed at 8.25, increasing by 0.98% with a trading volume of 113,600 lots, totaling 93.01 million yuan [1]. - Jiuli Special Materials (002318) closed at 26.18, up 0.96% with a trading volume of 145,100 lots, amounting to 379 million yuan [1]. - Taiyuan Iron & Steel (000825) closed at 4.18, rising by 0.72% with a trading volume of 395,600 lots, totaling 165 million yuan [1]. - Changbao Co. (002478) closed at 6.28, up 0.64% with a trading volume of 242,000 lots, amounting to 152 million yuan [1]. - Fangda Special Steel (600507) closed at 5.50, increasing by 0.55% with a trading volume of 180,300 lots, totaling 99.54 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net inflow of 8.99 million yuan from institutional investors, while retail investors contributed a net inflow of 6.64 million yuan. However, there was a net outflow of 15.64 million yuan from speculative funds [2][3]. - Xining Special Steel (600117) experienced a net outflow of 13.01 million yuan from institutional investors, while retail investors had a net inflow of 3.46 million yuan [3]. - Shagang Group (002075) had a net inflow of 9.45 million yuan from institutional investors, with a net outflow of 4.10 million yuan from retail investors [3]. - CITIC Special Steel (000708) saw a net inflow of 2.56 million yuan from institutional investors, while retail investors had a net inflow of 2.98 million yuan [3].

证券之星消息，10月14日特钢板块较上一交易日下跌0.81%，翔楼新材领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002478 | 常宝股份 | 6.24 | 2.13% | 27.09万 | | 1.67亿 | | 603995 | 角金股份 | 18.55 | -0.22% | 8.69万 | | 1.61亿 | | 000708 | 中信特钢 | 13.90 | -0.36% | 23.29万 | | 3.26亿 | | 000825 | 太钢不锈 | 4.15 | -0.48% | 48.84万 | | 2.04亿 | | 600507 | 方大特钢 | 5.47 | -0.91% | 23.78万 | | 1.31亿 | | 002318 | 久立特材 | 25.93 | -1.11% | 14.81万 | | 3.88亿 | | 00 ...

Core Viewpoint - The steel industry is expected to gradually bottom out in demand, with supply-side market clearing beginning to appear, leading to a potential recovery in the industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, facilitating quicker industry recovery [1]. Demand and Supply Analysis - Steel consumption for the week of October 6-10, 2025, was 7.5143 million tons, a decrease of 1.5339 million tons week-on-week. Construction steel consumption was 2.2262 million tons, down 1.0846 million tons, while plate steel consumption was 5.2881 million tons, down 0.4493 million tons. Steel production was 8.6331 million tons, a decrease of 0.0376 million tons, and total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces at 247 steel mills was 84.27%, down 0.02 percentage points week-on-week, while electric furnace operating rates were 60.26%, down 1.28 percentage points. Despite a marginal decline in demand due to the National Day holiday, the industry remains in a traditional peak season, with expectations for gradual recovery in steel demand and inventory reduction [2]. Profitability Trends - The average gross profit per ton for rebar was 167.1 CNY, an increase of 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, up 29.3 CNY. The profitability rate for 247 steel companies was 56.28%, a decrease of 0.43% [3]. - The expectation is for iron ore production to accelerate while demand remains limited, leading to a gradual easing of iron ore prices and improvement in cost constraints for the steel industry, with a potential recovery in profitability levels [3]. Future Outlook - The negative impact of the real estate sector on steel demand is expected to diminish, with stable growth anticipated in demand from infrastructure and manufacturing sectors. Steel exports maintained a year-on-year increase from January to August [4]. - Over 40% of steel companies are currently experiencing losses, but market clearing is beginning to occur. Recent policies aim to reduce production and promote a balance between supply and demand, supporting the expectation of supply contraction and gradual recovery in the steel industry's fundamentals [4]. Recommended Companies - Key recommendations include Baosteel (600019) for its technological and product structure leadership, Hualing Steel (000932) for its product structure upgrades, and Fangda Special Steel (600507) for its low-cost advantages. Other recommendations include CITIC Special Steel (000708) for its competitive advantages and high dividend yield, as well as upstream resource companies like Hebei Steel Resources (000923) and Dazhong Mining (001203) due to their long-term growth potential [5].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Viewpoints - Steel mill profits are under pressure due to rising inventory levels and escalating overseas trade frictions, with production remaining high during the National Day holiday [5]. - The EU has proposed to cut tax-free steel import quotas by 47% to 18.3 million tons per year, increasing tariffs on excess imports from 25% to 50%, which may suppress steel exports from China and the US [5]. - Long-term capacity regulation is expected to be a key theme, with potential recovery in profitability for steel companies under precise control measures [5]. Price Trends - As of October 10, steel prices have increased, with rebar prices at 3,260 CNY/ton (up 50 CNY), hot-rolled prices at 3,400 CNY/ton (up 60 CNY), and cold-rolled prices at 3,810 CNY/ton (up 10 CNY) [3][12]. - The overall steel inventory has risen, with total social inventory increasing by 691,100 tons to 11,268,900 tons [4]. Production and Inventory - Total production of major steel products decreased to 8.63 million tons, a reduction of 37,600 tons week-on-week, with rebar production down to 2.034 million tons [4]. - The apparent consumption of rebar fell to 1.4601 million tons, a decrease of 950,600 tons week-on-week [4]. Profitability - Steel margins have declined, with long-process rebar, hot-rolled, and cold-rolled margins decreasing by 11 CNY/ton, 10 CNY/ton, and 15 CNY/ton respectively [3][5]. Key Company Forecasts and Valuations - Hualing Steel (EPS: 0.29 CNY, PE: 22), Baosteel (EPS: 0.34 CNY, PE: 21), and Nanjing Steel (EPS: 0.37 CNY, PE: 15) are highlighted as recommended stocks [5].

Core Insights - The special steel sector experienced a rise of 1.28% on October 10, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Fangda Special Steel (600507) closed at 5.58, up 3.91% with a trading volume of 351,000 shares and a turnover of 193 million yuan [1] - Changbao Co. (002478) closed at 6.03, up 3.79% with a trading volume of 274,400 shares and a turnover of 163 million yuan [1] - Other notable performers include Jinzhu Yidao (002443) up 1.73%, Xining Special Steel (600117) up 1.54%, and CITIC Special Steel (000708) up 1.52% [1] Capital Flow - The special steel sector saw a net outflow of 45.41 million yuan from institutional investors and 51.81 million yuan from speculative funds, while retail investors had a net inflow of 97.22 million yuan [2] - Fangda Special Steel had a net inflow of 18.05 million yuan from institutional investors, while retail investors contributed a net inflow of 110,400 yuan [3] - Other companies like Changbao Co. and Xining Special Steel also experienced mixed capital flows, with varying levels of net inflows and outflows from different investor types [3]

从资金流向上来看，当日特钢板块主力资金净流入8835.18万元，游资资金净流出1377.01万元，散户资 金净流出7458.17万元。特钢板块个股资金流向见下表： 证券之星消息，10月9日特钢板块较上一交易日上涨2.67%，久立特材领涨。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002318 | 久立特材 | 26.33 | 8.04% | 29.51万 | | 7.57亿 | | 002443 | 金州管道 | 60'8 | 4.79% | 25.97万 | | 2.08亿 | | 301160 | 翔楼新材 | 62.05 | 3.78% | 3.61万 | | 2.24亿 | | 000825 | 太钢不锈 | 4.13 | 3.25% | 78.44万 | | 3.22亿 | | 300881 | 盛德整泰 | 35.35 | 2.58% | ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

证券之星消息，9月30日特钢板块较上一交易日上涨0.58%，盛德鑫泰领涨。当日上证指数报收于 3882.78，上涨0.52%。深证成指报收于13526.51，上涨0.35%。特钢板块个股涨跌见下表： 从资金流向上来看，当日特钢板块主力资金净流出1.18亿元，游资资金净流出4218.3万元，散户资金净流 入1.6亿元。特钢板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002075 沙钢股份 | | 1412.82万 | 11.29% | -810.14万 | -6.47% | -602.68万 | -4.82% | | 000825 太钢不锈 | | 1107.68万 | 7.61% | -694.84万 | -4.77% | -412.84万 | -2.84% | | 300881 盛德鑫泰 | | 660.88万 | 12.82% | -379.45万 | -7.36% | -281. ...

证券代码：600399 证券简称：抚顺特钢公告编号：2025-050 抚顺特殊钢股份有限公司 2025年第一次临时股东大会 决议公告 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。 (二)股东大会召开的地点：辽宁省抚顺市望花区鞍山路东段8号，公司办公楼110号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，由董事长孙立国先生主持。本次股东大会 采用现场投票和网络投票 相结合的表决方式，会议的召集、召开程序符合《公司 法》《证券法》《上市公司股东大会规则》等 有关法律、法规、规范性文件及《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月29日 1、公司在任董事9人，出席9人； 2、公司在任监事3人，出席3人； 3、公司董事会秘书出席会议；副总经理崔鸿先生因出差原因未能 ...