Core Viewpoint - The steel industry has seen a profit rebound in the first half of the year, driven by cost reductions, export boosts, and proactive cost-cutting measures by companies, with self-discipline in production being a key factor for profit improvement [1][4][6]. Group 1: Company Performance - Several listed steel companies have issued positive performance forecasts for the first half of the year, with notable increases in net profits: - Shougang Co. expects a net profit of 642 million to 672 million yuan, a year-on-year increase of 62.62%-70.22% [2] - Minmetals Development anticipates a net profit of 107 million yuan, up 111% [2] - Liugang Co. projects a net profit of 340 million to 400 million yuan, a staggering increase of 530%-641% [2] - Fangda Special Steel expects a net profit of 380 million to 430 million yuan, an increase of 133.33%-164.03% [2] - Other companies like Xinyu Steel, Shandong Steel, and others forecast a turnaround in profitability for the first half of 2025 [2]. Group 2: Industry Trends - The steel industry is experiencing a reduction in production and structural adjustments, with weak steel prices prevailing [2][4]. - The overall profit for the black metal smelting and rolling industry from January to May reached 31.69 billion yuan, better than the 29.19 billion yuan for the entire year of 2024 [4]. - The self-discipline in production among steel companies is seen as a core factor for profit improvement, despite ongoing supply-demand structural contradictions [4][5]. Group 3: Future Outlook - The outlook for steel prices in the second half of the year is uncertain, with expectations of limited upward movement due to weak domestic demand and potential challenges in maintaining high export levels [6][7]. - Analysts suggest that self-discipline in production will remain a critical variable influencing price trends, with a focus on quality and efficiency rather than merely high production volumes [7][8]. - The industry is urged to enhance integration, improve industry concentration, and phase out inefficient production capacities to achieve high-quality development [8].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Group 1 - The company plans to issue debt financing instruments totaling up to RMB 2 billion to optimize its debt structure and expand financing channels [1][4][8] - The issuance plan includes medium-term notes with a total principal amount not exceeding RMB 1.2 billion and short-term financing bonds not exceeding RMB 0.8 billion, with specific issuance amounts determined based on funding needs and market conditions [1][2][3] - The company seeks authorization from the shareholders' meeting to allow the board of directors to make decisions regarding the issuance, including registration amount, issuance amount, term, pricing, interest rate, and other related matters [2][3][7] Group 2 - The approval process for the issuance of debt financing instruments has been passed by the company's temporary board meeting and will be submitted to the shareholders' meeting for review [3][4] - The issuance is subject to registration approval by the China Interbank Market Dealers Association, and the final issuance plan will be based on the registration notice from the association [3][4][6] - The issuance is expected to improve the company's liquidity and will not have a significant impact on its normal production and operations [4][5][8]

证券代码：600569 证券简称：安阳钢铁 编号：2025-070 安阳钢铁股份有限公司 2025 年第九次临时董事会会议决议公告 为进一步拓宽融资渠道，优化债务结构，公司拟在银行间债券市 场注册发行累计本金总额不超过人民币 20 亿元（含 20 亿元）的债务 融资工具，其中：中期票据（MTN）不超过 12 亿元（含 12 亿元）、短 期融资券（CP）不超过 8 亿元（含 8 亿元），最终额度以协会审核为 准。 该议案尚需提交股东会审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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个别及连带责任。 一、董事会会议召开情况 安阳钢铁股份有限公司（以下简称公司）2025 年第九次临时董 事会会议于 2025 年 7 月 14 日以通讯方式召开，会议通知和材料已于 2025 年 7 月 9 日以通讯方式发出。会议应出席董事 9 名，实际出席 董事 9 名。本次会议由董事长程官江先生主持。会议的召开符合《公 司法》和《公司章程》的有关规定。 二、董事会会议审议情况 会议审议并通过《关 ...

一、债务融资工具的发行方案 （一）中期票据发行方案 1、发行金额：公司根据经营情况于董事会审议、股东会批准之 后，在中国境内银行间债券市场发行中期票据，累计本金总额不超过 人民币 12 亿元（含 12 亿元），一次发行或分期发行，具体批次及发 行额度根据资金需求及市场情况于发行前确定。 2、发行方式：通过簿记建档方式发行。 3、发行期限：中期票据期限不超过 5 年（含 5 年）。 证券代码：600569 证券简称：安阳钢铁 编号：2025-071 安阳钢铁股份有限公司 关于拟注册发行债务融资工具的公告 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个别及连带责任。 为进一步拓宽融资渠道，优化债务结构，安阳钢铁股份有限公司 （以下简称公司）拟在银行间债券市场发行累计本金总额不超过人民 币 20 亿元（含 20 亿元）的债务融资工具。 4、发行对象：全国银行间债券市场的机构投资者（国家法律、 法规禁止购买者除外）。 5、募集资金用途：用于补充公司及下属子公司流动资金、偿还 公司及下属子公司债务或其他符合国家法律法规、产业政策的用途。 6、决 ...

[Anyang Steel 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E5%AE%89%E9%98%B3%E9%92%A2%E9%93%81%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E5%85%AC%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a return to profitability in H1 2025, with estimated net profit attributable to shareholders of approximately **RMB 38.1 million** and non-recurring net profit of **RMB 18.8 million** 2025 Semi-Annual Performance Forecast | Metric | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | Approx. 38.1 million | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | Approx. 18.8 million | - Compared to the same period last year, the company's performance is expected to achieve a **turnaround to profitability**[2](index=2&type=chunk)[3](index=3&type=chunk) - These preliminary performance forecast figures have not been audited by an accounting firm[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In H1 2024, the company reported a loss, with net profit attributable to shareholders of **RMB -1.263 billion** and basic earnings per share of **RMB -0.44** 2024 Semi-Annual Key Financial Data | Metric | Amount (RMB) | | :--- | :--- | | Total Profit | -1.739 billion | | Net Profit Attributable to Shareholders | -1.263 billion | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -1.293 billion | | Earnings Per Share | -0.44 | [Key Reasons for Expected Profitability](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The company's turnaround to profitability is primarily attributed to strategic transformation and stringent cost control, including product structure optimization and enhanced operational efficiency - Strategic Level: Steadfastly advancing the **'high-end, intelligent, green, special steel transformation'** development strategy, continuously optimizing product structure, and making solid progress in special steel transformation[6](index=6&type=chunk) - Production Level: Adhering to the **'balanced, stable, efficient, low-cost, high-quality'** production guideline, forming an operational pattern of **'high output, stable production, and low consumption'**[6](index=6&type=chunk) - Cost Control: Strengthening **'account-based management'** and adhering to the **'all costs can be reduced'** philosophy, achieving cost reductions in logistics, procurement, energy, and alloy optimization, thereby enhancing flexible operational capabilities[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no significant uncertainties currently exist that would impact the accuracy of this performance forecast - The company declares no significant uncertain factors exist that would affect the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanations](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company advises investors that these preliminary figures are subject to change, with final accurate financial data to be based on the officially disclosed 2025 semi-annual report, urging cautious investment decisions - These forecast figures are preliminary, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[8](index=8&type=chunk) - Investors are reminded to make cautious decisions and be aware of investment risks[8](index=8&type=chunk)

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]

Core Viewpoint - The steel sector has experienced a significant surge, with companies like Anyang Iron & Steel (600569) hitting the daily limit up, and others such as Shengde Xintai (300881) rising over 6% [1] Group 1: Company Performance - Anyang Iron & Steel (600569) has reached a daily limit up, indicating strong investor interest and confidence in the stock [1] - Shengde Xintai (300881) has seen an increase of over 6%, reflecting positive market sentiment towards the steel industry [1] - Other companies in the sector, including Chongqing Steel (601005), Jiugang Hongxing (600307), and Shandong Steel (600022), have also experienced upward movement in their stock prices [1] Group 2: Industry Trends - Henan Steel Group has announced a shift away from low-end, low-price competition, signaling a strategic move towards higher value-added products [1] - The company plans to clarify the weight of special steel business in performance evaluations and profit contributions, indicating a focus on enhancing product quality and profitability [1] - A rigid incentive mechanism will be implemented to drive resources towards high value-added products, suggesting a long-term strategy for industry improvement [1]

证券代码：600569 证券简称：安阳钢铁 编号：2025-069 安阳钢铁股份有限公司 关于聘任总法律顾问（首席合规官）的公告 根据《公司法》《公司章程》等有关规定，为健全公司法治工 作组织体系、满足公司合规管理需要，经公司经理提名、董事会 提名委员会审核，董事会同意聘任郝猛先生（简历附后）为公司 总法律顾问（首席合规官），任期至第十届董事会届满时止。 特此公告。 安阳钢铁股份有限公司董事会 2025 年 7 月 4 日 附件： 郝猛先生简历 郝猛，男，1977 年 4 月生，法律硕士,高级经济师。2000 年 参加工作,历任安阳钢铁集团有限责任公司审计与法律事务部法 律事务室主管、主任,安阳钢铁股份有限公司审计合规处法律事务 室主任。现任安阳钢铁股份有限公司董事会秘书、审计合规处党 支部书记、副经理。 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个别及连带 责任。 安阳钢铁股份有限公司（以下简称公司）于 2025 年 7 月 4 日 召开 2025 年第八次临时董事会会议审议通过《公司关于聘任总法 律顾问（首席合规官）的议案》。 ...

证券代码：600569 证券简称：安阳钢铁 编号：2025-068 安阳钢铁股份有限公司 2025 年第八次临时董事会会议决议公告 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个别及连带责任。 一、董事会会议召开情况 安阳钢铁股份有限公司（以下简称公司）2025 年第八次临时董 事会会议于 2025 年 7 月 4 日以通讯方式召开，会议通知和材料已于 2025 年 6 月 29 日以通讯方式发出。会议应出席董事 9 名，实际出席 董事 9 名。本次会议由董事长程官江先生主持。会议的召开符合《公 司法》和《公司章程》的有关规定。 为满足公司经营发展需要，拓宽融资渠道，公司拟与郑煤机商业保 理有限公司开展应收账款保理业务，计划融资金额为人民币不超过 10,000 万元（具体金额以实际签署合同为准），融资期限不超过 1 年。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）公司关于聘任总法律顾问（首席合规官）的议案 经公司经理提名、董事会提名委员会审核，聘任郝猛先生（个人简 历附后）为公司总法律顾问（首席合规官），任期至第十届 ...