Core Viewpoint - Fushun Special Steel's stock price has experienced fluctuations, with a recent decline of 2.12% and a year-to-date drop of 4.36%, indicating potential challenges in the market [1][2]. Financial Performance - For the period from January to September 2025, Fushun Special Steel reported a revenue of 5.755 billion yuan, a year-on-year decrease of 10.56%, and a net profit attributable to shareholders of -549 million yuan, reflecting a significant decline of 274.01% [2]. - The company has cumulatively distributed 290 million yuan in dividends since its A-share listing, with 146 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Fushun Special Steel had 94,000 shareholders, a decrease of 2.18% from the previous period, with an average of 20,983 circulating shares per shareholder, an increase of 2.23% [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as an increase in shares held by the Fortune CSI Military Industry Leader ETF and a decrease in shares held by the Hong Kong Central Clearing Limited [3]. Market Activity - The stock's trading activity shows a net outflow of 19.306 million yuan from main funds, with significant selling pressure compared to buying [1]. - Fushun Special Steel has appeared on the trading leaderboard once this year, with a net purchase of 247 million yuan on July 11, accounting for 32.67% of total trading volume on that day [1].

Core Insights - The report indicates a transitional phase in the cyclical consumption stage, with technology growth entering a left-side layout period [3] - The steel industry is experiencing a significant shift in the global iron ore supply-demand landscape due to the commissioning of major projects [3] Industry Strategy - The steel sector is set to benefit from the official commissioning of the West Mangdu Iron Mine on November 11, 2025, which will enhance China's position from a mere buyer to a significant resource owner, allowing for more active participation in international pricing negotiations [7] - The project includes a 670-kilometer railway and deep-water port, with the first shipment of approximately 200,000 tons of high-grade iron ore expected to be sent to China in mid-November [7] - This strategic move is anticipated to inject strong momentum into the long-term healthy development of China's steel industry across multiple dimensions, including resource security and economic benefits [7] Theme Strategy - The humanoid robot sector is experiencing a significant adjustment, with multiple catalysts emerging, suggesting it may enter a left-side layout period [4] - Key upcoming events include the 2025 China Robot Industry Development Conference and the 2025 Shenzhen High-Tech Fair, which will showcase advancements in robotics [4] - Notable company developments include the release of a new humanoid robot by Xiaopeng and Tesla's updates on the mass production of its Optimus robot [4] Market Strategy - The market is currently in a narrow range of fluctuations, with significant sector rotation and differentiation, necessitating a focus on timing for trading to achieve excess returns [7] - The cyclical and consumer sectors have shown strong performance recently, confirming previous strategies that indicated a transition and rebalancing phase [7] - The technology sector, after undergoing adjustments, is now viewed as entering a left-side layout period, with a focus on internal high-low switching [7]

Core Insights - The special steel sector experienced a slight increase of 0.15% on November 11, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Special Steel Sector Performance - Xianglou New Materials (301160) closed at 60.13, up 2.96% with a trading volume of 21,600 lots and a transaction value of 129 million [1] - Fangda Special Steel (600507) closed at 6.17, up 0.65% with a trading volume of 225,800 lots and a transaction value of 139 million [1] - Xining Special Steel (600117) closed at 3.19, up 0.63% with a trading volume of 301,500 lots and a transaction value of 95.73 million [1] - Other notable performances include Shengde Yantai (300881) up 0.62%, CITIC Special Steel (000708) up 0.20%, and Fushun Special Steel (665009) up 0.18% [1] Capital Flow Analysis - The special steel sector saw a net outflow of 86.77 million from main funds, while retail funds experienced a net inflow of 62.80 million [2][3] - Notable net inflows from retail investors were observed in Xianglou New Materials (730.63 million) and Shengde Yantai (667.25 million) [3] - Conversely, significant net outflows from main funds were recorded for CITIC Special Steel (-1,667.42 million) and Fangda Special Steel (-1,334.32 million) [3]

Core Points - The Shanghai Composite Index is at 3997.29 points, with a slight decline of 0.53%, and the total trading volume of A-shares is 16,305.61 billion yuan [1] - A total of 39 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates, including Zhu Laoliu at 14.52%, Visionox at 3.99%, and Zhongbai Group at 3.82% [1] Summary by Category Stock Performance - Zhu Laoliu has a price increase of 23.11% and a turnover rate of 19.24%, with the latest price at 24.77 yuan and a deviation rate of 14.52% from the annual line [1] - Visionox shows a price increase of 9.98%, a turnover rate of 0.54%, with a latest price of 10.25 yuan and a deviation rate of 3.99% [1] - Zhongbai Group has increased by 5.06%, with a turnover rate of 17.87%, latest price at 8.10 yuan and a deviation rate of 3.82% [1] Additional Stocks with Notable Performance - ST Nachuan has increased by 4.62% with a deviation rate of 3.79% [1] - *ST Zhongdi has a price increase of 2.72% and a deviation rate of 2.60% [1] - Guobai shares increased by 4.50% with a deviation rate of 1.99% [1] Other Stocks with Minor Deviations - Stocks like ST Panda and Wenfeng shares have minor deviations of 1.40% and 1.23% respectively, indicating they have just crossed the annual line [1]

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].

Market Overview - The special steel sector increased by 0.38% on November 10, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 8.85, up 4.12% with a trading volume of 202.77 thousand shares and a transaction value of 1.807 billion [1] - Jiuli Special Materials (002318) closed at 26.57, up 1.68% with a trading volume of 21.50 thousand shares and a transaction value of 570 million [1] - CITIC Special Steel (000708) closed at 15.37, up 0.92% with a trading volume of 18.02 thousand shares and a transaction value of 277 million [1] - Other notable performances include Jinzhou Pipeline (002443) at 8.31, up 0.12%, and Xining Special Steel (600117) at 3.17, unchanged [1] Capital Flow - The special steel sector experienced a net outflow of 27.4959 million from institutional investors and 17.9619 million from retail investors, while individual investors saw a net inflow of 45.4578 million [2] - The capital flow for specific stocks indicates varying trends, with Jiuli Special Materials seeing a net inflow of 70.0669 million from institutional investors [3] Individual Stock Analysis - Changbao Co., Ltd. had a net inflow of 800.56 thousand from retail investors, despite a net outflow of 1.78287 million from speculative funds [3] - CITIC Special Steel experienced a net outflow of 1.58266 million from institutional investors, while retail investors contributed a net inflow of 911.29 thousand [3] - Xining Special Steel faced a net outflow of 729.07 thousand from institutional investors, but retail investors contributed a net inflow of 882.76 thousand [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Viewpoints - The report emphasizes the importance of addressing overseas electricity shortages with Chinese solutions, particularly in the context of rising industrial electricity costs due to increasing energy prices in major countries [9][14]. - It highlights the potential for significant growth in the electrolytic aluminum sector driven by export demand, as overseas power supply issues lead to production cuts [14]. - The report also points out investment opportunities in the special steel sector, particularly related to advancements in nuclear fusion technology [15]. - The lithium carbonate sector is expected to benefit from a surge in overseas energy storage demand, with prices across the supply chain showing signs of recovery [16]. Summary by Sections 1. Non-Ferrous Metals - The report suggests that electrolytic aluminum, special steel, and lithium carbonate are primarily driven by domestic demand, but it presents a contrasting view that focuses on overseas electricity shortages as a growth opportunity [9][13]. - The electrolytic aluminum sector is poised for a revaluation due to strong production cut expectations stemming from overseas electricity shortages [14]. - The special steel sector is highlighted for its potential growth linked to nuclear fusion advancements, with significant demand expected for materials that can withstand extreme conditions [15]. - The lithium carbonate sector is experiencing a price rebound, with recent contracts indicating a positive outlook for the entire supply chain [16]. 2. Steel Industry - The steel industry is facing short-term profitability pressures, with slight declines in iron and steel production noted [17][19]. - Inventory levels for both social and steel mill stocks are decreasing, indicating a tightening supply [24]. - The report notes a general decline in steel prices, with various product categories experiencing price drops [34]. - Cost pressures are evident, with mixed trends in raw material prices impacting profitability across different steel production processes [27][30]. 3. New Energy Metals - The report indicates a significant year-on-year increase in lithium carbonate production, reflecting a robust supply response to market demand [39]. - The demand for new energy vehicles remains strong, with production and sales figures showing substantial growth [43]. - Price trends for lithium and nickel are mixed, with lithium prices experiencing a notable decline while cobalt prices have seen increases [48][50].

Market Overview - The special steel sector experienced a decline of 0.3% on November 7, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Changbao Co., Ltd. (002478) rose by 3.41% to a closing price of 8.50, with a trading volume of 1.93 million shares and a turnover of 1.616 billion [1] - Fushun Special Steel (666009) increased by 1.61% to 5.68, with a trading volume of 870,900 shares [1] - Fangda Special Steel (600507) saw a rise of 1.14% to 6.19, with a turnover of 176 million [1] - Jiu Li Special Materials (002318) fell by 1.62% to 26.13, with a trading volume of 147,300 shares and a turnover of 387 million [1][2] Capital Flow - The special steel sector saw a net outflow of 180 million from main funds, while retail investors contributed a net inflow of 145 million [2] - The capital flow for specific stocks included: - Fushun Special Steel had a main fund net inflow of 58.63 million, but a net outflow from retail investors of 55.44 million [3] - Shengde Xintai experienced a net outflow of 25.61 million from main funds, while retail investors contributed a net inflow of 16.72 million [3] - Jiu Li Special Materials had a net outflow of 2.69 million from main funds, but a net inflow of 33.42 million from retail investors [3]

股票代码：600399 股票简称：抚顺特钢 编号：临 2025-055 抚顺特殊钢股份有限公司 关于回购股份专用贷款展期的公告 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。 一、公司回购股份基本情况 抚顺特殊钢股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日披露了《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：临 2024-046），公司拟使用自有资金或自筹资金以集 中竞价交易的方式回购公司股份用于实施股权激励计划，回购资金总 额不低于人民币 7,000 万元（含），不高于人民币 10,000 万元（含）。 2024 年 11 月 6 日，公司披露了《关于回购股份资金来源的说明公告》 （公告编号：临 2024-049），中信银行股份有限公司抚顺分行同意 为公司股份回购事项提供不超过 10,000 万元（人民币）的贷款额度， 长至 3 年，借款用途不变。 特此公告。 抚顺特殊钢股份有限公司董事会 二〇二五年十一月七日 二、回购股份实施结果 公司于 2024 年 11 月 26 ...

股票代码：600399 股票简称：抚顺特钢 编号：临 2025-056 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 14 日（星期五）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月7日(星期五)至2025年11月13日(星 期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 抚顺特殊钢股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日（星期五）14:00-15:00 举行 2025 年第三 ...