Investment Rating - The report recommends a "Buy" rating for the steel sector, indicating strong potential for price appreciation due to undervaluation and favorable market conditions [2][8]. Core Insights - The report highlights that the Chinese industrialization phase is entering a bull market, with significant upward momentum expected in precious and small metals, while black metals are also gaining attention due to recent price increases [2]. - The steel sector is currently undervalued, with many companies showing strong safety margins, making them attractive investment opportunities [2][6]. - The report emphasizes the importance of valuation over price trends, suggesting that long-term asset pricing should consider cyclical factors [2]. - The steel industry's absolute valuation has improved from a low point to a moderately low level, indicating potential for absolute returns [2][6]. Supply Analysis - Daily molten iron production has increased by 28,000 tons to 233,300 tons, while overall steel production continues to decline, particularly in rebar [11][17]. - The capacity utilization rate of 247 steel mills is reported at 87.5%, reflecting a 1.1 percentage point increase from the previous week [17]. Inventory Analysis - Total steel inventory has continued to accumulate, with a week-on-week increase of 7.8%, and social inventory rising by 9.6% [24][26]. - The social inventory of five major steel products stands at 12.958 million tons, with rebar inventory at 5.678 million tons, reflecting a 14.7% increase week-on-week [26][39]. Demand Analysis - Apparent consumption of five major steel products improved by 23.7% week-on-week, with rebar demand showing a significant recovery [39][49]. - The report notes a notable increase in rebar apparent consumption, which reached 805,000 tons, up 95.7% from the previous week [49]. Raw Material Analysis - Iron ore prices have strengthened, with the Platts 62% iron ore price index at $99.8 per ton, reflecting a 3.4% increase week-on-week [57]. - The report indicates that the supply of iron ore from Australia and Brazil has increased, while port inventories have slightly risen [46][57]. Price and Profit Analysis - The report notes a slight decline in the comprehensive steel price index, which is at 120.8, down 0.1% week-on-week [71]. - Current spot prices for rebar in Beijing and Shanghai are reported at 3,070 yuan/ton and 3,200 yuan/ton, respectively, with minor week-on-week declines [71]. Key Stocks - The report recommends several stocks for investment, including: - Xining Special Steel (600782.SH) - Buy - Nanjing Steel (600282.SH) - Buy - Hualing Steel (000932.SZ) - Buy - Baosteel (600019.SH) - Buy - Jiuli Special Materials (002318.SZ) - Buy - Liugang (601003.SH) - Buy - Yongjin (603995.SH) - Buy - Changbao (002478.SZ) - Buy [8].

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel sector has shown a recovery in valuation, with the market performance this week indicating an 11.80% increase, outperforming the broader market [2][11] - The report highlights that the supply pressure is limited, with the overall inventory at a relatively low historical level, and the profit margins for common steel are improving [4][40] - The investment suggestion emphasizes the potential for long-term strategic opportunities in the steel sector, particularly for high-quality steel companies [4] Supply Situation - As of February 27, the capacity utilization rate for blast furnaces among sample steel companies is 87.5%, an increase of 1.04 percentage points week-on-week [3][22] - The production of five major steel products reached 6.984 million tons, a week-on-week decrease of 79,400 tons, or 1.12% [3][22] - Daily average pig iron production is 2.3328 million tons, which is an increase of 27,900 tons week-on-week and 57,700 tons year-on-year [3][22] Demand Situation - The consumption of five major steel products was 5.647 million tons, a week-on-week decrease of 688,400 tons, or 10.87% [3][32] - The transaction volume of construction steel among mainstream traders was 35,000 tons, down 3.25% week-on-week and 48.24% year-on-year [3][32] Inventory Situation - Social inventory of five major steel products reached 12.958 million tons, an increase of 1.1378 million tons week-on-week, or 9.63% [40] - Factory inventory of five major steel products was 5.504 million tons, an increase of 20.49% week-on-week [40] Price & Profit Situation - The comprehensive index for common steel is 3,406.0 CNY/ton, a week-on-week decrease of 3.56 CNY/ton [46] - The profit for rebar produced in blast furnaces is 83 CNY/ton, an increase of 15.0 CNY/ton week-on-week [54] - The average cost of pig iron is 2,332 CNY/ton, a week-on-week decrease of 11.0 CNY/ton [54] Investment Recommendations - Focus on regional leading companies with advanced equipment and environmental standards such as Hualing Steel, Shougang, and Shandong Steel [4] - Consider companies with excellent growth potential and restructuring plans like Baosteel and Nanjing Steel [4] - Pay attention to special steel companies benefiting from the new energy cycle such as CITIC Special Steel and Jiuli Special Materials [4]

股票代码：601003 股票简称：柳钢股份 柳州钢铁股份有限公司 LIUZHOUIRON & STEEL CO.,LTD （广西柳州市北雀路 117 号） 以简易程序向特定对象发行股票 发行情况报告书 保荐人（主承销商） （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 二零二六年二月 柳州钢铁股份有限公司 发行情况报告书 发行人及全体董事、高级管理人员声明 本公司全体董事、高级管理人员承诺本发行情况报告书不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 全体董事签名： 卢春宁 熊小明 莫朝兴 韦军尤 王文辉 池昭梅 罗琦 胡振华 汪建华 全体高级管理人员签名： 熊小明 邓深 赖懿 祝和利 石柳元 柳州钢铁股份有限公司 年 月 日 1 柳州钢铁股份有限公司 发行情况报告书 2 柳州钢铁股份有限公司 发行情况报告书 柳州钢铁股份有限公司 发行情况报告书 3 柳州钢铁股份有限公司 发行情况报告书 4 5 柳州钢铁股份有限公司 发行情况报告书 6 柳州钢铁股份有限公司 发行情况报告书 | 卢春宁 | 熊小明 | 莫朝兴 | | --- | --- | ...

Core Viewpoint - The company is focused on advancing financial transformation and digital intelligence construction through the establishment of a financial shared service center, enhancing service quality and standardization [2] Group 1: Financial Transformation - The company has established a financial shared service center in recent years [2] - The financial shared service center is organized by business segments [2] - The company employs intelligent approval and verification methods to improve service quality [2] Group 2: Digital Intelligence Construction - The company aims to enhance the standardization, process orientation, sharing, and intelligence levels of its financial operations [2]

国信证券股份有限公司 关于柳州钢铁股份有限公司 以简易程序向特定对象发行股票 发行过程和认购对象合规性的报告 国信证券股份有限公司（以下简称"国信证券"或"保荐人（主承销商）"） 作为柳州钢铁股份有限公司以简易程序向特定对象发行股票（以下简称"本次发 行"）的保荐人（主承销商），对公司本次发行过程及认购对象的合规性进行了 核查，认为柳钢股份本次发行过程及认购对象符合《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》"）、 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《证券 发行与承销管理办法》及《上海证券交易所上市公司证券发行与承销业务实施细 则》（以下简称"《实施细则》"）等有关法律、法规、规章制度的要求及柳钢 股份有关本次发行的董事会、股东大会决议，符合柳钢股份及其全体股东的利益。 具体情况如下： 一、发行人的概况 （一）发行股票的种类和面值 本次发行的股票类型为境内上市人民币普通股（A 股），每股面值为人民币 1.00 元。 （二）发行价格 本次以简易程序向特定对象发行股票的定价基准日为发行期首日，即 2025 1 上海证券交易所： ...

特此公告。 关于 2025 年度以简易程序向特定对象发行 A 股 股票发行情况报告书披露的提示性公告 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。 柳州钢铁股份有限公司(以下简称"公司")关于 2025 年度以简易程序向特 定对象发行 A 股股票的发行承销总结相关文件已经上海证券交易所备案通过，公 司将尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日在上海证券交易所网站(www.sse.com.cn 披露的《柳州钢铁股份有限公司以简易程序向特定对象发行股票发行情况报告 书》，敬请广大投资者查阅。 证券代码：601003 证券简称：柳钢股份 公告编号：2026-007 柳州钢铁股份有限公司 柳州钢铁股份有限公司董事会 2026 年 2 月 27 日 1 ...

柳州钢铁股份有限公司 以简易程序向特定对象发行股票认购资 金到位情况验证报告 天职业字[2026]6192 号 录 日 验证报告- 7 附 件 -3 UK HEATO ar 柳州钢铁股份有限公司 以简易程序向特定对象发行股票认购资金到位情况 验证报告 天职业字[2026]6192 号 国信证券股份有限公司: 我们接受委托,对国信证券股份有限公司(以下简称"国信证券")担任保荐人负责组织 实施的柳州钢铁股份有限公司（以下简称"柳钢股份"，股票代码:601003）以简易程序向特 定对象发行股票认购对象认购资金的到位情况进行审验。提供真实、合法、完整的验证资料是 国信证券的责任。我们的责任是对本次发行认购资金的到位情况进行验证并发表审验意见。我 们的审验是依据《中国注册会计师审计准则第 1602 号-验资》的要求,并结合认购对象认购 股票的具体情况进行的。在审验过程中,我们结合本次发行的实际情况,实施了检查、函证等 必要的审验程序。 经我们审验,截至 2026 年 2 月 11 日 15:00 时止,国信证券指定的认购资金专用账户已经 收到本次以简易程序向特定对象发行股票认购投资者缴付的认购资金 299,999,9 ...

上海市锦天城律师事务所 关于柳州钢铁股份有限公司 2025 年度以简易程序向特定对象发行股票之 发行过程和认购对象合规性的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 发行过程和认购对象合规性的法律意见书 上海市锦天城律师事务所 关于柳州钢铁股份有限公司 2025 年度以简易程序向特定对象发行股票之 发行过程和认购对象合规性的 法律意见书 致：柳州钢铁股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受柳州钢铁股份有限公司 （以下简称"发行人"或"公司"或"柳钢股份"）的委托，并根据发行人与本 所签订的《专项法律服务合同》，作为发行人 2025 年度以简易程序向特定对象 发行股票（以下简称"本次发行"）的特聘专项法律顾问。 根据《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》"）、中国证券监督管理委员会（以下 简称"中国证监会"）发布的《上市公司证券发行注册管理办法》（以下简称"《管 理办法》"）、《上 ...

Group 1 - The company has been exporting steel to EU member countries in recent years [1] - By 2025, the revenue from exports to the EU is expected to account for 14% of the company's total export revenue [1] - The exports to the EU are primarily conducted through third-party traders and agents [1]

Core Viewpoint - Several steel companies reported a strong start in January 2026, achieving production targets and setting new records in key performance indicators [1] Group 1: Production Performance - Fangda Steel achieved production completion rates of 105.01% for pig iron, 110.63% for crude steel, and 110.71% for steel products in January [1] - Yangchun New Steel reported a sales rate of 101% for the entire month of January, indicating successful sales channel breakthroughs [1] Group 2: Financial Performance - Nearly 30 steel listed companies have released their performance forecasts for 2025, with over half reporting positive net profits attributable to shareholders [1] - Companies such as Hualing Steel, Shougang Co., and Liugang Co. are expected to report net profits exceeding 500 million yuan for the 2025 fiscal year [1]