Market Overview - On September 15, the special steel sector declined by 1.51%, with Fangda Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the special steel sector showed varied performance, with notable declines in Fangda Special Steel, which fell by 5.50% to a closing price of 5.50 [2] - Other significant declines included Sha Steel Co., down 1.67% to 5.90, and Jiu Li Special Materials, down 1.18% to 22.61 [2] Trading Volume and Capital Flow - The special steel sector experienced a net outflow of 268 million yuan from main funds, while retail funds saw a net inflow of 85.74 million yuan [2] - The trading volume for Fangda Special Steel was 575,800 shares, with a transaction value of 320 million yuan [2] Individual Stock Capital Flow - Major stocks like Tai Steel and CITIC Special Steel saw significant net outflows from main funds, with Tai Steel experiencing a net outflow of 53.12 million yuan [3] - Conversely, retail investors showed a net inflow into stocks like Sha Steel, with a net inflow of 891.85 million yuan [3]

Core Viewpoint - Fushun Special Steel's stock price has experienced a decline of 5.91% year-to-date, with a recent drop of 2.16% in the last five trading days, indicating potential challenges in the market [1][2]. Company Overview - Fushun Special Steel Co., Ltd. is located in Fushun City, Liaoning Province, and was established on June 7, 1999. It was listed on December 29, 2000. The company specializes in steel smelting, steel rolling processing, metallurgical technology services, and the manufacturing and sales of industrial gases [1]. - The main revenue composition of the company includes: alloy structural steel (27.18%), stainless steel (24.74%), tool steel (20.20%), high-temperature alloys (18.86%), and others (9.02%) [1]. Financial Performance - For the first half of 2025, Fushun Special Steel reported an operating income of 3.823 billion yuan, a year-on-year decrease of 10.62%. The net profit attributable to shareholders was -278 million yuan, reflecting a significant year-on-year decline of 221.83% [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 Information - As of June 30, 2025, the number of shareholders for Fushun Special Steel was 96,100, a decrease of 4.48% from the previous period. The average number of circulating shares per shareholder increased by 4.69% to 20,526 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 33.892 million shares (a decrease of 1.6341 million shares), and new entrants such as the Fortune China Securities Military Industry ETF [3].

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]

抚顺特钢（600399）9月11日晚间公告，宁波梅山保税港区锦程沙洲股权投资有限公司(下称"锦程沙 洲")在要约收购期间，计划接受要约收购的股权数量为1.01%，要约收购实施后，抚顺特钢控股股东持 股合计31%。 抚顺特钢于2025年8月7日披露《抚顺特殊钢股份有限公司要约收购报告书》，锦程沙洲作为收购人，向 除自身及其一致行动人以外的公司全体股东发出部分要约。此次要约收购股份数量为9860.5万股，占公 司总股本的5%，要约收购价格为5.6元/股，收购期限自2025年8月12日起至2025年9月10日止。 本次要约收购完成后，锦程沙洲持有抚顺特钢总股本的1.59%；收购人的一致行动人东北特殊钢集团股 份有限公司持有抚顺特钢总股本的13.99%；收购人的一致行动人江苏沙钢集团有限公司持有抚顺特钢 总股本的15.43%。收购人及其一致行动人合计持有公司31%股权。 锦程沙洲给出的要约收购价格为5.6元/股，而当时股价已达到5.97元/股(截至2025年7月25日)。该要约收 购报告出炉后，抚顺特钢股价不涨反跌，9月份至今多数时间在5.6元之下，这也是有部分投资者接受要 约收购的原因，不过沙钢集团远未达到收购5% ...

证券日报网讯 9月11日晚间，抚顺特钢发布公告称，公司于2025年9月11日召开第八届董事会第二十五 次会议，审议通过了《关于公司董事会换届选举暨提名第九届董事会非独立董事的议案》及《关于公司 董事会换届选举暨提名第九届董事会独立董事的议案》，提名孙立国、钱正、孙久红、祁勇、景向为非 独立董事候选人；姚宏、史金艳、阎其华为独立董事候选人。独立董事候选人均已通过上海证券交易所 审核。 （文章来源：证券日报） ...

抚顺特钢（600399）(600399.SH)发布公告，锦程沙洲向除锦程沙洲及其一致行动人以外抚顺特钢全体 股东发出的要约收购期限届满，预受要约的股东账户总数为366户，预受要约股份总数共计1989.36万 股，占公司目前股份总数的1.01%。收购完成后，锦程沙洲及其一致行动人合计持有公司31.00%股份， 公司上市地位不受影响。公司股票将于9月12日复牌。 ...

智通财经APP讯，抚顺特钢(600399.SH)发布公告，锦程沙洲向除锦程沙洲及其一致行动人以外抚顺特 钢全体股东发出的要约收购期限届满，预受要约的股东账户总数为366户，预受要约股份总数共计 1989.36万股，占公司目前股份总数的1.01%。收购完成后，锦程沙洲及其一致行动人合计持有公司 31.00%股份，公司上市地位不受影响。公司股票将于9月12日复牌。 ...

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 ...

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 ...