Core Viewpoint - The steel industry in Xinyu is undergoing a high-quality transformation, with a complete industrial chain established and significant growth in revenue and production capacity [1][4][9]. Industry Development - Xinyu has developed a modern industrial system led by Xinjian Steel, with various sub-industries such as metal products, special steel, electrical steel, and new materials [4]. - In 2024, the steel industry's revenue is projected to reach 71.6 billion yuan, accounting for nearly 50% of the city's industrial revenue, with steel production exceeding 30% of the province's total [4]. - The city has signed new steel industry projects with a year-on-year growth of 60%, amounting to 2.849 billion yuan [4]. Competitive Advantages - Xinyu's steel industry features leading products with high market shares, including ultra-thin electrical steel with a production capacity that ranks first globally [4][6]. - The city is focusing on high-end, intelligent, and green development, with strategic products like premium silicon steel and high-quality thick plates gaining recognition [9]. Strategic Initiatives - The merger of Xinjian Steel Group with China Baowu has led to significant investment opportunities, with over 30 billion yuan expected in key projects [6]. - The city is enhancing its industrial ecosystem through a "dual new" integration development mechanism, improving service platforms, and addressing logistical challenges [12]. Technological Advancements - Xinyu's steel industry is advancing in digital transformation, with several companies recognized as "smart factories" and a focus on green manufacturing [9]. - The establishment of intelligent factories and the development of a "steel industry brain" are part of the ongoing digitalization efforts [9]. Future Plans - The city aims to implement the "6313" action plan to further enhance the steel industry's competitiveness and expand into high-performance metal materials and downstream applications [12].

Group 1 - The steel sector showed resilience on April 28, 2025, with companies like Sansteel Minguang, Shougang Corporation, Baosteel, New Steel, and Taiyuan Iron & Steel rising over 5% [1] - Steel LOF products (A: 502023, C: 012810, I: 024184) increased by over 2%, reflecting the overall performance of the black metal industry [1] - As of April 25, steel prices have risen, with 20mm HRB400 rebar priced at 3200 CNY/ton, up 70 CNY/ton from the previous week [1] Group 2 - Minsheng Securities reported that Trump acknowledged the high 145% tariffs on China, indicating that tariffs will significantly decrease post-agreement but will not reach zero [2] - The Central Political Bureau of the Communist Party of China emphasized the need for preparedness against external shocks and may introduce policies to counteract the impact of external tariffs [2] - Long-term expectations suggest that crude steel production will be regulated, and the supply of iron ore and coking coal is expected to become more relaxed, potentially restoring profitability for steel companies [2]

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]

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, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Viewpoints - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development to address external uncertainties [2][4]. - The report highlights an increase in daily molten iron production, with a rise of 4.4 thousand tons to 244.4 thousand tons, indicating a positive trend in production capacity utilization [12][18]. - Inventory levels are decreasing, with total steel inventory down 3.2% week-on-week, suggesting a tightening supply situation [24][25]. - Apparent consumption of steel has slightly declined, with rebar consumption showing a decrease of 5.1% week-on-week [39][47]. - Steel prices are showing signs of strength, with the Myspic comprehensive steel price index increasing by 0.7% week-on-week, indicating improved profit margins for steel producers [66][67]. Summary by Sections Supply - Daily molten iron production has increased, with a capacity utilization rate of 91.6% for blast furnaces, up 1.5 percentage points week-on-week [18][24]. - The report anticipates a reduction in crude steel production as part of ongoing supply-side reforms [4][13]. Inventory - Total steel inventory has decreased by 3.2% week-on-week, with significant reductions in both social and factory inventories [24][25]. Demand - Apparent consumption of the five major steel products has decreased by 2.4% week-on-week, with rebar consumption down 5.1% [39][47]. Raw Materials - Iron ore prices have slightly decreased, with the Platts 62% iron ore price index at $99.2 per ton, down 0.7% week-on-week [55][67]. Prices and Profits - Steel prices have strengthened, with the report indicating improved profit margins for steel producers due to rising prices and reduced costs [66][67].

证券代码：600782 证券简称：新钢股份 公告编号：临2025-036 新余钢铁股份有限公司 关于首期A股限制性股票激励计划（草案）及摘要 修订说明公告 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。 新余钢铁股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第十届董事会第八次会议、第十届监事会第八次会议，审议通过了《关 于公司首期 A 股限制性股票激励计划（草案修订稿）及其摘要的议案》及 其他相关议案，现将有关事项说明如下： 一、激励计划已经履行的审批程序 2024 年 12 月 31 日，公司第十届董事会第四次会议及第十届监事会 第四次会议分别审议通过了《关于公司<首期 A 股限制性股票激励计划（草 案）及其摘要>的议案》及其他相关议案。 2025 年 4 月 25 日，公司第十届董事会第八次会议及第十届监事会第 八次会议分别审议通过了《关于公司<首期 A 股限制性股票激励计划（草 案修订稿）及其摘要>的议案》及其他相关议案。 二、激励计划主要修订内容 （一）股份支付费用 修订前：假设 2025 年 ...

本公告经营数据未经审计，请投资者注意投资风险并审慎使用。 特此公告。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》的相关规定，新余钢铁股份有限公司（以下简 称"公司"）现将 2025 年第一季度的主要经营数据公告如下： 一、公司主要会计数据和财务指标情况： | | | 单位：万元 | 币种：人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | | 本报告期比上年同期增减变 | | | | | 动幅度(%) | | 营业收入 | | 874,872.52 | -22.54 | | 归属于上市公司股东的净利润 | | 1,246.91 | 不适用 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | | -7,255.26 | 不适用 | | 经营活动产生的现金流量净额 | | 810.25 | 不适用 | | 基本每股收益（元/股） | | 0.004 | 不适用 | | 稀释每股收益（元/股） | | 0.004 | 不适用 | | 加权平均净资产收益率（%） | | 0.087 | 不适用 | | | 本报告期末 | 上年度末 ...

证券代码：600782 证券简称：新钢股份 公告编号：临2025-032 新余钢铁股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 2025 年 4 月 25 日，新余钢铁股份有限公司（以下简称"公 司"）在公司会议室召开第十届监事会第八次会议，本次会议通 知及会议材料以传真和电子邮件方式送达，会议采用现场结合通 讯方式召开。会议由公司监事会主席傅军先生主持，会议应出席 监事 5 人，实际出席监事 5 人，公司部分高级管理人员列席了会 议。会议的召集和召开方式符合有关法律法规和《公司章程》的 有关规定。会议情况如下： 二、监事会会议审议情况 （一）审议通过《新钢股份 2025 年第一季度报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 （二）审议通过《新钢股份首期 A 股限制性股票激励计划（草 案修订稿）及摘要》 经审核，监事会认为：本次修订符合《公司法》《证券法》 《上市公司股权激励管理办法》《中央企业控股上市公司实施股 权激励工作指引》等法律法 ...

证券代码：600782 证券简称：新钢股份 公告编号：临2025-031 新余钢铁股份有限公司 第十届董事会第八次会议决议公告 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法律责任。 一、董事会会议召开情况 2025 年 4 月 25 日，新余钢铁股份有限公司（以下简称"公 司"）第十届董事会第八次会议在公司会议室召开，本次会议通 知及会议材料以传真和电子邮件方式送达，会议以现场结合通讯 表决方式召开。会议由公司董事长刘建荣先生主持，会议应参加 表决董事 8 人，实际参加表决董事 8 人；公司监事会成员及部分 高级管理人员列席会议。会议的召集和召开方式符合有关法律法 规和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《新钢股份2025年第一季度报告》 表决结果：同意8票，反对0票，弃权0票。 具体内容详见公司同日发布的《新钢股份2025年第一季度报 告》。 （二）审议通过《新钢股份首期A股限制性股票激励计划（草 案修订稿）及摘要》 根据国资监管机构审核意见，公司对《首期A股限制性股票 激励计划（草案）》进行了修订，修 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 874,872.52 million, a decrease of 22.54% compared to CNY 1,129,409.99 million in the same period last year[4] - The net profit attributable to shareholders was CNY 1,246.91 million, a significant recovery from a loss of CNY 15,611.92 million in the previous year[4] - The net cash flow from operating activities was CNY 810.25 million, improving from a negative cash flow of CNY -2,352.44 million in the same period last year[4] - Total operating revenue for Q1 2025 was ¥8,748,725,206.72, a decrease of 22.5% compared to ¥11,294,099,879.88 in Q1 2024[19] - Net profit for Q1 2025 was ¥15,519,722.44, a significant recovery from a net loss of ¥153,369,708.31 in Q1 2024[20] - The company reported a total comprehensive income of ¥14,949,976.12 in Q1 2025, a recovery from a loss of ¥155,025,673.90 in the same period last year[21] - Basic and diluted earnings per share for Q1 2025 were both ¥0.004, compared to a loss of ¥0.05 per share in Q1 2024[21] Asset and Equity Management - The total assets at the end of Q1 2025 were CNY 5,007,114.64 million, down 4.37% from CNY 5,235,838.08 million at the end of the previous year[4] - The total equity attributable to shareholders increased slightly by 0.05% to CNY 2,613,862.29 million compared to CNY 2,612,672.35 million at the end of the previous year[4] - The company's total assets decreased to ¥50,071,146,359.18 in the latest report from ¥52,358,380,835.97[16] - The total equity attributable to shareholders increased slightly to ¥26,138,622,863.62 from ¥26,126,723,510.92[16] Cost Management and Efficiency - The company emphasized a focus on cost reduction and efficiency improvement, which contributed to better gross margins compared to the previous year[4] - Total operating costs for Q1 2025 were ¥8,480,716,345.86, down from ¥11,268,581,740.55 in Q1 2024, reflecting a reduction of 24.5%[19] - Research and development expenses for Q1 2025 were ¥105,033,404.88, down from ¥150,418,942.98 in Q1 2024, a decrease of 30.1%[19] Cash Flow Management - The cash management strategy has been refined to optimize cash flow and reduce capital occupation[4] - In Q1 2025, the company reported a net cash flow from operating activities of ¥8,102,532.29, a significant improvement from a net loss of ¥23,524,407.16 in Q1 2024[24] - Cash outflows for operating activities in Q1 2025 were ¥9,537,776,920.28, compared to ¥12,396,967,394.49 in Q1 2024, indicating improved cash management[25] - The company incurred a net cash outflow from investing activities of ¥833,978,145.80 in Q1 2025, compared to a net outflow of ¥618,661,913.71 in Q1 2024[25] - The company received cash inflows from investment activities totaling ¥1,259,168,812.69 in Q1 2025, slightly down from ¥1,326,801,916.19 in Q1 2024[25] - The company's cash and cash equivalents increased, contributing to improved liquidity ratios[16] - Cash and cash equivalents at the end of Q1 2025 stood at ¥1,934,149,769.35, down from ¥3,162,321,415.41 at the end of Q1 2024[25] Strategic Focus - The company has maintained its commitment to the "Four Have" operational principles, which has positively impacted its financial performance[4] - The company plans to focus on market expansion and new product development in the upcoming quarters[20] - The company did not execute any mergers or acquisitions during the reporting period, with no net profit reported from merged entities[21] Investment Income - The company reported an increase in investment income to ¥96,127,563.82 in Q1 2025, compared to ¥230,265,381.35 in Q1 2024[20]