Group 1 - The steel sector experienced a significant rise on the 5th, with major companies like Maanshan Iron & Steel reaching the daily limit, and others such as Hualing Steel, Fangda Special Steel, New Steel, and Baotou Steel increasing by over 3% [1] - Institutions indicate that the ongoing supply-side reform is leading to a concentration of production capacity among quality leading companies. The recent commencement of the Yajiang Hydropower Project is expected to boost demand for basic steel and special steel [1] - The State Council's announcement of the "Rural Road Regulations" signals a push for rural infrastructure renovation, which is likely to benefit the steel industry through the release of demand from infrastructure projects and accelerated capacity regulation [1] Group 2 - The "anti-involution" focus is on improving quality and efficiency, with accelerated capacity regulation in the steel supply side. The Central Financial Committee's meeting on July 1 emphasized the construction of a unified national market and the need to eliminate low-price disorderly competition [2] - The National Development and Reform Commission's report proposed revisions to the capacity replacement implementation methods in the steel industry, promoting the orderly exit of outdated and inefficient capacity, and continuing to implement crude steel production controls [2] - The steel industry's anti-involution will concentrate on "quality improvement and efficiency enhancement," aiming to transition manufacturing from "low-price homogeneous competition" to "high-end differentiated competition" through technological upgrades and innovation [2]

Investment Rating - The industry investment rating is Neutral, maintained [7] Core Viewpoints - The long-term investment value of the steel sector remains promising under the "anti-involution" theme, similar to the supply-side reform period from 2016 to 2018, where the sector's performance was volatile until the exit of outdated capacities in late 2016 [2][6] - In the short term, the market lacks clear anchors for trading, leading to expectations that the equity market will follow steel prices, which are influenced by upstream and downstream trading [2][6] - The valuation position of steel stocks is a key focus for the market, with companies like Hualing Steel, New Steel, and Fangda Special Steel appearing relatively undervalued [6][5] Summary by Sections Market Performance - Recent tracking indicates insufficient downstream support, leading to a decline in steel prices. The apparent consumption of five major steel products decreased by 0.69% year-on-year and 2.47% month-on-month [4] - The average daily pig iron output of sample steel companies fell to 2.4071 million tons, down 1.52 million tons per day month-on-month [4] - Total steel inventory increased by 1.17% month-on-month, while year-on-year it decreased by 23.42% [4] Price Trends - Shanghai rebar prices dropped to 3,350 CNY/ton, down 100 CNY/ton month-on-month, while hot-rolled steel prices rose to 3,390 CNY/ton, down 130 CNY/ton month-on-month [5] - The estimated profit for rebar is 148 CNY/ton, with a lagging cost profit of 399 CNY/ton [5] Policy and Market Outlook - The "anti-involution" policy is expected to continue, with recent government meetings emphasizing the need to rectify disorderly competition and optimize capacity in key industries [6] - The report suggests that despite short-term volatility, the long-term outlook for the steel sector remains positive due to cost optimization and sustained policy support [6][2] - The report identifies four main investment lines: cost reduction due to new capacity, recovery of performance and valuation for low PB stocks, mergers and acquisitions under state-owned enterprise reforms, and focusing on quality processing and resource leaders [26][27][29]

Group 1 - The July Politburo meeting decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the "14th Five-Year Plan" proposals, emphasizing the need for "solid foundation and comprehensive efforts" for achieving socialist modernization [12][13] - The macro policy focus has shifted from "quantity" to "quality," with the removal of phrases like "timely reserve requirement ratio and interest rate cuts," indicating a more cautious approach to economic stimulus [12][13] - The "de-rolling" policy has been officially defined, with a focus on "key industries" and a shift away from real estate-related discussions, reflecting a new development model in the real estate sector [13] Group 2 - The manufacturing PMI for July was reported at 49.3%, a decrease of 0.4 percentage points, indicating a contraction in the manufacturing sector, with both supply and demand showing signs of decline [14] - Recent supply-demand policies have led to price increases in some commodities, which may boost PPI expectations; however, historical data suggests that price increases driven by strong reality tend to be more sustainable than those driven by strong expectations [14][15] Group 3 - The recent US-China trade talks have resulted in a temporary suspension of tariffs, but the long-term risks associated with reciprocal tariffs should not be underestimated, as the situation remains fluid and subject to change [17][20] - The trade talks have not yielded unexpected results, merely postponing risk points by 90 days, and the experience from the 2018 trade war indicates that the US stance can be unpredictable [20] Group 4 - The A-share market has seen a significant improvement in liquidity, with financing balances exceeding 2024 levels, indicating a potential for continued market performance [22] - The relationship between the stock and bond markets is characterized by a "see-saw" effect, where funds are shifting from the bond market to the stock market, driven by improved expectations for fundamentals [22][23] Group 5 - The overall profit expectations for A-shares in 2025 are likely to be weak, with a downward trend expected in the second and third quarters, followed by a potential recovery in the fourth quarter [25] - The profit growth in A-shares is primarily driven by year-on-year net profit margin increases, while revenue growth remains under pressure, indicating a challenging demand environment [25][27] Group 6 - The upcoming mid-year report disclosures in August are expected to enhance the importance of performance trading, with stocks showing high growth and strong opening characteristics likely to yield good returns [30] - Key industries to focus on in August include motorcycles and others, optical electronics, traditional Chinese medicine, lighting equipment, and agriculture [30][36] Group 7 - The recommended stocks for August include Lu'an Huanneng, which is positioned as a top choice for coking coal due to its resilient demand and potential for production capacity increases [37][38] - China Aluminum is highlighted for its strong position in the global aluminum industry, with expected profit increases driven by rising production volumes [37]

Core Points - The controlling shareholder, Xinyu Steel Group, plans to increase its stake in the company by investing between RMB 150 million and RMB 300 million within a 12-month period starting from August 23, 2024 [1][4] - As of July 31, 2025, Xinyu Steel Group has completed the share buyback, acquiring a total of 40,319,500 A-shares, representing approximately 1.27% of the company's total equity, for a total investment of RMB 152,936,530 [5] - Following the completion of the buyback, Xinyu Steel Group's total shareholding in the company increased to 1,469,118,997 A-shares, accounting for 46.16% of the total equity [5] Summary of Buyback Plan - The purpose of the buyback is to demonstrate confidence in the company's future development and long-term investment value, as well as to enhance investor confidence [2] - The buyback involves A-shares of the company [3] - The buyback will be executed through centralized bidding or block trading [4] - The funding for the buyback will come from the controlling shareholder's own and self-raised funds [4] Implementation Results - The buyback plan was successfully completed by July 31, 2025, with the total shares acquired and the corresponding investment amount detailed [5] - The company's total equity was adjusted from 3,145,652,149 to 3,182,542,149 shares due to the issuance of restricted stock options [5] Legal Compliance - The buyback actions comply with relevant laws and regulations, including the Securities Law and the Acquisition Management Measures [6][7] - The buyback will not result in a change of control for the company [7] - The company has fulfilled its disclosure obligations as required by the Shanghai Stock Exchange and other regulatory bodies [7]

Core Viewpoint - The legal opinion letter from Jiangxi Huabang Law Firm confirms that Xinyu Steel Group Co., Ltd. is legally qualified to increase its shareholding in Xinyu Steel Co., Ltd. and that the increase complies with relevant laws and regulations [1][9]. Group 1: Shareholding Increase Details - Xinyu Steel Group held 1,428,799,497 shares of Xinyu Steel Co., Ltd., accounting for approximately 45.42% of the total share capital before the increase [7]. - The increase plan involves acquiring shares worth between RMB 150 million and RMB 300 million, with a maximum increase of 2% of the total issued shares within 12 months starting from August 23, 2024 [7][8]. - After the completion of the increase, Xinyu Steel Group holds 1,469,118,997 shares, representing 46.16% of the total share capital [8]. Group 2: Compliance with Regulations - The increase qualifies for exemption from mandatory tender offer requirements as Xinyu Steel Group's shareholding exceeded 30% prior to the increase, and the increase does not exceed 2% within the specified period [9]. - The company has fulfilled its information disclosure obligations regarding the increase plan, as announced on August 23, 2024 [9].

证券代码：600782 证券简称：新钢股份 公告编号：2025-054 新余钢铁股份有限公司 关于控股股东增持计划完成暨增持结果的公告 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。 （一）增持主体：新钢集团，系公司控股股东 （二）增持主体持股情况：本次增持计划实施前，新钢集团持有 公司 1,428,799,497 股 A 股股份，约占公司总股本的 45.42%。 二、本次增持计划的主要内容 （一）增持股份的目的：基于对公司未来发展的信心和长期投资 价值的认可，同时为促进公司持续、稳定、健康发展，增强投资者信 心。 （二）增持股份的种类：公司 A 股股份。 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"）计划以上海证券交易所允许的方式（包括但不 限于集中竞价交易、大宗交易等）增持公司股份，增持金额不低于人 民币 1.5 亿元且不高于人民币 3 亿元。增持期间为 2024 年 8 月 23 日 （增持计划公告披露之日）起 12 个月内。 增持计划实施完成情况：截止 2025 年 7 月 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600010 | 包钢股份 | -5.95 | 6.86 | -47880.67 | | 600126 | 杭钢股份 | -2.34 | 2.33 | -18234.80 | | 600581 | 八一钢铁 | -4.93 | 8.15 | -2759.30 | | 002110 | 三钢闽光 | -3.64 | 1.75 | -2372.66 | | 600307 | 酒钢宏兴 | -2.27 | 1.56 | -2060.54 | | 600399 | 抚顺特钢 | -0.53 | 1.92 | -1741.60 | | 000708 | 中信特钢 | -0.93 | 0.31 | -1506.00 | | 000655 | 金岭矿业 | 0.49 | 1.91 | -1405.11 | | 300881 | 盛德鑫泰 | -0.38 | 6.10 | -1104.94 | | 000923 | 河钢资源 | 0.07 | 0.84 | -783 ...

格隆汇8月1日丨新钢股份(600782.SH)公布，截止2025年7月31日，新钢集团通过上海证券交易所交易系 统以集中竞价交易方式累计增持公司A股股份40,319,500股，约占公司总股本的1.27%，累计增持金额为 人民币152,936,530元（不含手续费）。本次增持计划已实施完成。 ...

江西华邦律师事务所 关于新余钢铁股份有限公司 控股股东增持公司股份的 法律意见书 二〇二五年八月 地址：中国江西南昌市赣江北大道 1 号保利中心 7-8 楼 电话: (0791) 86891286，传真: (0791)86891347 邮编:330038 江西华邦律师事务所 关于新余钢铁股份有限公司 控股股东增持公司股份的 法律意见书 致：新余钢铁股份有限公司 根据江西华邦律师事务所受新余钢铁股份有限公司（以下简称"新钢股份" 或"公司"）委托，就新余钢铁集团有限公司（以下简称"新钢集团"或"增持 人"）增持公司股份（以下简称"本次增持"）有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司收购管理办法》（以下 简称"《收购管理办法》"）《上海证券交易所股票上市规则（2025 年 4 月修订）》 《上海证券交易所上市公司自律监管指引第 8 号-股份变动管理（2025 年 4 月修 订）》及其他相关在本法律意见书出具之日前中国境内已公开颁布并生效的法律、 法规和中国证券监督管理委员会（以下简称"中国证监会"） ...

天眼查商业履历信息显示，新余钢铁股份有限公司，成立于2003年，位于新余市，是一家以从事黑色金 属冶炼和压延加工业为主的企业。企业注册资本314565.2149万人民币，实缴资本314565.2149万人民 币。公司法定代表人为刘建荣。 通过天眼查大数据分析，新余钢铁股份有限公司共对外投资了34家企业，参与招投标项目5000次，知识 产权方面有商标信息47条，专利信息727条，此外企业还拥有行政许可264个。 来源：金融界 金融界消息 截至2025年8月1日收盘，新钢股份（600782）报收于4.23元，下跌2.53%，换手率2.4%，成 交量75.50万手，成交金额3.23亿元。 资金流向方面，今日主力资金净流入3997.79万元，占比成交额12.4%。其中，超大单净流入1134.79万 元、占成交额3.52%，大单净流入2863.00万元、占成交额8.88%，中单净流出流出3331.59万元、占成交 额10.33%，小单净流出666.19万元、占成交额2.07%。 新钢股份最新一期业绩显示，截至2025一季报，公司营业总收入87.49亿元、同比减少22.54%，归属净 利润1246.91万元，同比增长10 ...