Investment Rating - The industry is rated as "Buy" for specific stocks and "Hold" for others, indicating a positive outlook for selected companies within the steel sector [8]. Core Insights - The report highlights a decrease in tariff uncertainty, which is expected to improve economic expectations. The U.S.-China trade tensions have entered a phase of temporary easing, although future uncertainties remain significant [2][4]. - The domestic steel production has shown signs of recovery, with a notable increase in apparent consumption of steel products, particularly rebar, which has returned to levels seen in the previous year [3][39]. - The report emphasizes the implementation of proactive macroeconomic policies, including fiscal and monetary measures, which are anticipated to support the steel industry's recovery and growth [4][12]. Summary by Sections Supply - The average daily pig iron production has decreased by 10,000 tons to 2,447,000 tons, with a slight decline in long-process production [11]. - The capacity utilization rate for blast furnaces across 247 steel mills is reported at 91.7%, a decrease of 0.4 percentage points from the previous period but an increase of 4.1 percentage points year-on-year [17]. Inventory - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 3.1%. The social inventory of five major steel products stands at 9,937,000 tons, down 3.8% from the previous week and down 28.5% year-on-year [24][26]. Demand - Apparent consumption of five major steel products has significantly improved, with a week-on-week increase of 8.1%. Rebar consumption reached 2,603,000 tons, up 21.7% from the previous week [39][48]. Raw Materials - Iron ore prices have risen, with the Platts 62% iron ore price index at $101.1 per ton, reflecting a week-on-week increase of 2.5% [57]. - The report notes a slight increase in the shipping volume of iron ore from Australia, while Brazilian shipments have decreased [57]. Prices and Profits - Steel prices are showing a strong performance, with the Myspic comprehensive steel price index at 123.6, up 0.9% week-on-week. The report anticipates that steel prices may gradually strengthen due to improving fundamentals driven by macroeconomic and industry policies [70][71]. - The current profit margins for long-process rebar and hot-rolled coils remain negative, indicating ongoing cost pressures [72]. Key Stocks - The report recommends several stocks for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - New Steel (Buy) - Jiuli Special Materials (Buy) - Xinxing Ductile Iron Pipes (Hold) [8].

Investment Rating - The report assigns an "Accumulate" rating for the company [2][6]. Core Views - The company's Q1 performance is under pressure, but industry recovery may drive performance recovery [1]. - The company reported a revenue of 41.8 billion yuan in 2024, a year-on-year decrease of 41.2%, and a net profit of 0.33 billion yuan, down 93.4% year-on-year [5]. - In Q1 2025, the company achieved a revenue of 8.75 billion yuan, a year-on-year decrease of 22.5% and a quarter-on-quarter decrease of 17.7%, with a net profit of 0.12 billion yuan, an increase of 1.69 billion yuan year-on-year but a decrease of 98.0% quarter-on-quarter [5]. - The company is focusing on high-end and terminal products, with high-end products accounting for 55.27% of total production in 2024, an increase of 6.84 percentage points from 2023 [5]. - The company is implementing energy-saving and emission-reduction modifications, with a target of creating a benchmark for low-carbon practices in the industry [5]. - The controlling shareholder plans to repurchase shares, demonstrating confidence in the company's future [5]. Financial Summary - The company expects net profits of 0.89 billion yuan, 1.16 billion yuan, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 14.1x, 10.9x, and 9.3x based on the closing price on May 13 [6]. - Revenue projections for 2025, 2026, and 2027 are 37.01 billion yuan, 36.82 billion yuan, and 37.05 billion yuan, with growth rates of -11.47%, -0.50%, and 0.63% respectively [7]. - The EBITDA for 2025, 2026, and 2027 is projected to be 2.49 billion yuan, 2.89 billion yuan, and 3.25 billion yuan respectively [7]. - The company’s total assets are projected to be 52.36 billion yuan in 2024, with a slight increase to 52.99 billion yuan in 2025 [10][13].

特此公告！ 新余钢铁股份有限公司董事会 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。 2025 年 5 月 15 日 证券代码：600782 证券简称：新钢股份 公告编号：临2025-039 为进一步加强与投资者的互动交流，新余钢铁股份有限公司（以 下简称"公司"）将参加由江西省上市公司协会举办的"2025 年江 西辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如 下： 新余钢铁股份有限公司 关于参加江西辖区上市公司2025年投资者 网上集体接待日活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 21 日（周 三）15:30-17:00。届时公司将在线就 2024 年度业绩、公司治理、发 展战略、经营状况、股权激励和可持续发展等投资者关心的问题，与 投资者进行沟通与交流，欢迎广大投资者踊跃参与！ ...

Core Viewpoint - The Chinese silicon steel market is experiencing growth, with non-oriented silicon steel dominating production, accounting for 82% of the total output in the first half of 2024, while oriented silicon steel is also on the rise [1][3]. Group 1: Production and Market Trends - In the first half of 2024, China's silicon steel production reached 7.802 million tons, with non-oriented silicon steel production at 6.417 million tons and oriented silicon steel at 1.385 million tons [1]. - The total silicon steel production for 2024 is projected to exceed 15 million tons, maintaining a dominant share for non-oriented silicon steel [1]. - From 2019 to 2023, non-oriented silicon steel capacity increased from 10.96 million tons to 13.71 million tons, with a compound annual growth rate (CAGR) of 7.4% [3]. - Oriented silicon steel production grew from 1.78 million tons in 2019 to 2.96 million tons in 2023, with a forecast of 3.18 million tons for early 2024 [5]. Group 2: Company Developments - Major companies in the non-oriented silicon steel sector include Baosteel, Ansteel, and Taiyuan Iron & Steel, with Baosteel leading with a capacity of over 2 million tons, including 1 million tons of high-grade products [7]. - In the oriented silicon steel market, Baosteel also leads with a capacity of 1.16 million tons, while Wanfeng Electric is noted as the top private enterprise in this segment [7]. - Baosteel's production capabilities include a significant focus on high-grade and thin specifications, with ongoing expansions planned by companies like Shagang and New Steel [7][9].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

新余钢铁股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 1 会议须知 为维护股东的合法权益，确保本次股东大会的正常秩序，根据公司章 程和股东大会议事规则的有关规定，特制定本须知。 一、股东大会会议具体程序方面的事宜由公司董秘室负责。 二、会议议案 3 二、出席本次大会的对象为股权登记日（2025 年 5 月 15 日）在册的 股东；现场登记时间为 2025 年 5 月 19 日。 三、出席会议的股东或股东代理人请于会议开始前半个小时内到达会 议地点，并携带本人有效身份证件、股票账户卡、授权委托书等原件，以 便验证入场。 四、股东参加股东大会应遵循本次大会议事规则，共同维护大会秩序， 依法享有发言权、质询权、表决权等各项权利。 五、本次股东大会安排股东发言时间不超过一小时，股东在大会上要 求发言，需向大会秘书处(董秘室)登记。发言顺序根据持股数量的多少和 登记次序确定。发言内容应围绕大会的主要议案。每位股东的发言时间不 超过五分钟。 本次股东大会采取现场投票与网络投票相结合的方式。股东以其所持 有的有表决权的股份数额行使表决权。对于非累积投票议案，股东每一股 份享有一票表决权，出席现场会议的股 ...

证券代码：600782 证券简称：新钢股份 公告编号：临2025-038 新余钢铁股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的 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法律责任。 重要内容提示： 会议召开时间：2025年5月16日（星期五） 15:00-16:00 会议问题征集：投资者可于2025年5月16日前访问网址 https://eseb.cn/1o4RSk7hJAI或使用微信扫描下方小程序码进行会 前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 一、 说明会类型 新余钢铁股份有限公司（以下简称"公司"）已于2025年4月22 日发布公司2024年年度报告，2025年4月26日发布公司2025年第一季 度报告，为便于广大投资者更全面深入地了解公司2024年度和2025 年第一季度的经营成果、财务状况，公司定于2025年5月16日（星期 五）15:00-16:00在"价值在线"（www.ir-online.cn）平台举办公 会议召开地点：价值在线（www. ...

Core Insights - The article discusses the current state and future prospects of the silicon steel industry, highlighting key players, their performance, and strategic developments in the sector [1][3][5]. Industry Overview - The silicon steel industry comprises numerous upstream companies involved in the production of silicon iron and industrial silicon, with major players including Junzheng Group, Ansteel, and New Steel Group [1]. - Midstream production includes companies like Baosteel, Shougang, Taiyuan Iron and Steel, and others, which are significant producers of silicon steel [1]. Company Performance - Baosteel is the world's leading producer of silicon steel, with a production capacity exceeding 4 million tons and a focus on high-value products [15][18]. - Shougang's revenue for the first three quarters of 2024 reached 819.7 billion yuan, with a gross margin of 3.74%, primarily from electrical steel products [13][14]. - Companies like Ansteel and Maanshan Steel are facing challenges, with negative ROE indicating operational inefficiencies and potential market issues [6][7]. Financial Metrics - Baosteel's EPS remains positive, reflecting strong profitability, while companies like Liugang and Chongqing Steel report negative EPS, indicating financial difficulties [7][9]. - The overall profit margin in the steel industry is under pressure, with a reported loss of 34.1 billion yuan in the black metal smelting and rolling industry for the first nine months of 2024 [7]. Market Capitalization - Baosteel's market capitalization stands at 148.32 billion yuan, showcasing its strong market position, while other companies like Baogang and Shougang have lower valuations due to performance issues [9][10]. Production Capacity and Developments - Baosteel's silicon steel production capacity includes 1 million tons per year of oriented silicon steel, leading the industry [15][18]. - Future projects include Shougang's new high-end non-oriented silicon steel production line, expected to produce 350,000 tons annually [18][20]. Strategic Planning - The industry is moving towards high-end, green, and intelligent production, with companies like Baosteel investing in smart manufacturing technologies [20][22]. - Future demand for oriented silicon steel is expected to grow due to the increasing market for high-efficiency transformers, driven by advancements in supercomputing centers [20][22].

Investment Rating - The investment rating for the steel industry is Neutral, maintained [7] Core Insights - The steel prices have been fluctuating within a range since Q4 2024, supported by low inventory levels, while the dual coke prices have weakened rapidly under expectations of supply easing, which has been a key factor for steel companies' rebound [2][4] - The industry is experiencing a decline in revenue, with a projected year-on-year decrease of 10.0% in 2024 and 10.3% in Q1 2025, alongside a quarter-on-quarter decrease of 4.8% [2][4] - Cost pressures are easing, with costs expected to decrease by 8.7% year-on-year in 2024 and 12.1% year-on-year in Q1 2025, along with a quarter-on-quarter decrease of 6.1% [2][4] - Profitability is showing signs of recovery, with a rebound in net profit in Q1 2025, turning from losses in the previous year [2][4] - The return on equity (ROE) is projected to drop to -1.63% in 2024 but is expected to rebound to 2.12% in Q1 2025 [2][4] Summary by Sections Cost Pressure Easing and Profitability Improvement - The steel price decline is driven by weak demand and easing cost pressures, leading to a projected revenue decline of 10.0% in 2024 and 10.3% in Q1 2025 [2][4] - The cost of production is expected to decrease, with a year-on-year decline of 8.7% in 2024 and 12.1% in Q1 2025, alongside a quarter-on-quarter decrease of 6.1% [2][4] - The industry is experiencing a significant recovery in profitability, with a projected gross profit increase of 30% year-on-year in Q1 2025 [2][4] Investment Strategy - The report suggests focusing on undervalued leading companies in the steel sector, such as Baosteel and Nanjing Steel, which are expected to enhance shareholder returns [4] - It also highlights the potential of quality new materials in sectors like military and automotive, indicating a favorable investment environment as the industry transitions from valuation recovery to fundamental recovery [4]

证券代码：600782 证券简称：新钢股份 公告编号：临2025-037 新余钢铁股份有限公司 关于控股股东增持公司股份计划的进展公告 本公司及董事会全体成员保证公司公告内容的真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要内容提示： 增持计划主要内容：公司控股股东新余钢铁集团有限公司（以 下简称"新钢集团"）计划通过上海证券交易所增持公司 A 股股份， 增持金额不低于人民币 1.5 亿元且不超过人民币 3 亿元，增持比例不 超过公司总股本的 2%，增持期间为 2024 年 8 月 23 日（增持计划公 告日）起 12 个月内。 本次权益变动不触及要约收购，不会导致公司控股股东、实际 控制人发生变化。 增持计划进展情况：截至 2025 年 4 月 29 日，新钢集团持有 公司股份 1,460,287,497 股，持股比例由 45.42%增加至 46.42%。 近日，新余钢铁股份有限公司（简称"新钢股份"或"公司"） 收到控股股东新钢集团发来的《增持计划进展暨增持公司股份达到公 司总股本 1%的告知函》，现将有关情况公告如下： 一、增持主体的基本情况 本次增持主体为新钢集团，系公 ...