Core Points - The steel sector experienced a rise of 0.97% on November 28, with Wujin Stainless Steel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Group 1: Stock Performance - Wujin Stainless Steel (603878) closed at 10.54, with a significant increase of 10.02% and a trading volume of 243,200 shares, amounting to a transaction value of 248 million yuan [1] - Other notable performers include: - Sansteel Minguang (002110) at 4.37, up 3.55% with a trading volume of 250,600 shares, totaling 108 million yuan [1] - Sijiang Steel (600808) at 3.91, up 2.36% with a trading volume of 469,300 shares, totaling 181 million yuan [1] - Shougang Group (000959) at 4.15, up 2.22% with a trading volume of 353,600 shares, totaling 146 million yuan [1] Group 2: Capital Flow - The steel sector saw a net inflow of 83.03 million yuan from main funds, while retail investors experienced a net outflow of 40.77 million yuan [3] - The overall capital flow indicates a mixed sentiment among retail investors, contrasting with the positive movement from institutional investors [3]

Core Insights - A new company named Fuxi Qilin Chain Jin (Shanghai) Digital Technology Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The legal representative of the company is Guo Linghuan, and its business scope includes blockchain technology-related software and services, industrial internet data services, data processing and storage support services, and IoT technology services [1] - The company is wholly owned by Fujian Sansteel Group Co., Ltd. [1]

Core Viewpoint - Maanshan Iron & Steel Company Limited (Ma Steel) has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - For the period from January to September 2025, Ma Steel reported operating revenue of 57.572 billion yuan, a year-on-year decrease of 6.41% [2]. - The net profit attributable to shareholders reached 83.6289 million yuan, reflecting a significant year-on-year growth of 103.30% [2]. Stock Performance - As of November 28, Ma Steel's stock price increased by 2.09%, reaching 3.90 yuan per share, with a total market capitalization of 30.033 billion yuan [1]. - Year-to-date, the stock price has risen by 26.21%, with a 2.90% increase over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 131,400, up by 3.11% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]. Dividend Distribution - Since its A-share listing, Ma Steel has distributed a total of 15.903 billion yuan in dividends, with 1.55 million yuan distributed over the last three years [3].

Group 1 - The State Intellectual Property Office of China has granted a patent for a "tractionless metallurgical vehicle with multiple control methods" to Ansteel Group Engineering Technology Co., Ltd. and Ansteel Co., Ltd. The patent authorization announcement number is CN116873010B, with an application date of July 2023 [1] - Ansteel Group Engineering Technology Co., Ltd. was established in 2001 and is located in Anshan City. The company primarily engages in professional technical services and has a registered capital of 6,489.77 million RMB. It has invested in 7 enterprises, participated in 5,000 bidding projects, and holds 673 patents along with 30 administrative licenses [1] - Ansteel Co., Ltd. was founded in 1998 and is also based in Anshan City, focusing on black metal smelting and rolling processing. The company has a registered capital of 93,692.21 million RMB. It has invested in 54 enterprises, participated in 5,000 bidding projects, and possesses 5 trademarks and 5,000 patents, in addition to 615 administrative licenses [1]

Group 1 - The company announced that the term of the 10th Board of Directors and Supervisory Board will expire on December 1, 2025 [1] - The company plans to abolish the Supervisory Board, transferring its responsibilities to the Audit and Compliance Management Committee of the Board of Directors [1] - To ensure continuity and stability, the election for the new Board of Directors will be postponed, and the terms of the current directors, committee members, and senior management will be extended accordingly [1]

馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）第 十 屆 董 事 會（「董事會」）、 監 事 會（「監事會」）任 期 將 於2025年12月1日 屆 滿。根 據《中 華 人 民 共 和 國 公 司 法》（「《公司法》」）及 中 國 證 券 監 督 管 理 委 員 會《上 市 公 司 章 程 指 引》、《關 於 新〈公 司 法〉配 套 制 度 規 則 實 施 相 關 過 渡 期 安 排》等 法 律 法 規、規 範 性 文 件 的 要 求，本 公 司 擬 取 消 監 事 會，由 本 公 司 董 事 會 審 計 與 合 規 管 理 委 員 會 行 使《公 司 法》規 定 的 監 事 會 職 權。鑒 於 本 公 司 新 一 屆 董 事 會 的 換 屆 選 舉 籌 備 工 作 及 取 消 監 事 會 等 相 關 工 作 尚 在 進 行 中，為 確 保 本 公 司 相 關 工 作 的 連 續 性 和 穩 定 性，本 公 司 董 事 會 的 換 屆 選 舉 工 作 將 適 當 延 期 進 行，本 公 司 董 事 會、董 事 會 各 專 門 委 員 會 成 員 以 及 高 級 管 理 人 員 的 任 期 ...

在新一届董事会换届选举工作完成前，公司第十届董事会、董事 会各专门委员会全体成员及高级管理人员将依照法律法规和《公司章 程》的相关规定，继续履行相应的职责和义务。在取消监事会工作完 成前，公司第十届监事会亦将依照法律法规和《公司章程》的相关规 定，继续履行相应的职责和义务。 延期换届不会影响公司的正常运营，亦不会导致独立董事任职时 间超过 6 年的情形。公司将积极推进董事会的换届选举及取消监事会 工作，并及时履行相应的信息披露义务。 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 11 月 26 日 股票代码：600808 股票简称：马钢股份 公告编号：2025-054 马鞍山钢铁股份有限公司 关于董事会延期换届的提示性公告 马鞍山钢铁股份有限公司（"本公司"或"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。 公司第十届董事会、监事会任期将于 2025 年 12 月 1 日届满。根 据《中华人民共和国公司法》（"《公司法》"）及中国证券监督管理委 员会《上市公司章程指引》《关于新<公司法>配套制度规则实施相关 ...

Core Insights - The steel sector experienced a slight decline of 0.0% on November 24, with Sansteel Mingguang leading the losses [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Steel Sector Performance - Major steel stocks showed mixed performance, with notable gainers including: - Maanshan Iron & Steel (600808) at 3.87, up 2.11% with a trading volume of 562,600 shares and a turnover of 217 million yuan - Nanjing Steel (600282) at 5.60, up 1.63% with a trading volume of 401,900 shares and a turnover of 225 million yuan - Wujin Stainless Steel (603878) at 9.43, up 1.51% with a trading volume of 137,400 shares and a turnover of 128 million yuan [1] - Conversely, Sansteel Mingguang (002110) fell to 4.21, down 2.09% with a trading volume of 242,500 shares and a turnover of 103 million yuan [2] Capital Flow Analysis - The steel sector saw a net inflow of 120 million yuan from institutional investors, while retail investors experienced a net outflow of 131 million yuan [2] - Specific stock capital flows included: - Baogang Group (600010) with a net outflow of 57.72 million yuan from institutional investors - Chongqing Steel (601005) with a net inflow of 29.54 million yuan from institutional investors [3] - Retail investors showed a net inflow of 11.73 million yuan overall, indicating a mixed sentiment in the market [2]

Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.7 million tons in September 2025, representing a year-on-year decrease of 4.6% [1] - Cumulative crude steel production from January to September 2025 reached 7.5 million tons, showing a cumulative decline of 2.9% compared to the previous year [1] Group 2 - The article references various listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), and others, indicating a broad impact on the sector [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, emphasizing the reliability of the statistics presented [1]

Core Viewpoint - The successful development of domestically produced high-speed train wheelsets marks a significant advancement in China's high-speed rail industry, reducing reliance on imports and enhancing supply chain security [1][6]. Group 1: Development and Collaboration - The establishment of the Anhui Research Institute in 2018 aimed to address technological pain points in the high-speed rail industry through collaborative research and development [3]. - The project, led by Academician Gan Yong, involved a multi-disciplinary approach requiring deep collaboration among research institutions, manufacturing enterprises, and user units [3][4]. - The research team optimized the entire manufacturing process of high-speed wheels, focusing on material design and process control to enhance product consistency and durability [4]. Group 2: Achievements and Impact - The domestically developed high-speed train wheels are set to enter commercial application by February 2025, with over 5,000 orders expected by October 2025 [4]. - The successful localization of wheelsets signifies a breakthrough in core components of high-speed trains, ensuring supply security and supporting the development of the CR450 train series [6]. - The project has also contributed to the scaling of production capacities for companies like Maanshan Iron & Steel and CRRC, leading to cost reductions and efficiency improvements [6]. Group 3: Future Directions - The Anhui Research Institute plans to focus on future industries such as quantum information and fusion energy, continuing to leverage strategic research to transform "bottleneck" technologies into "Chinese business cards" [10].