Group 1 - The core viewpoint is that China Baowu Steel Group plans to fully subscribe to Chongqing Steel's 1 billion yuan private placement through its wholly-owned subsidiary, increasing its shareholding to 35.07% after the issuance [1][2] - The funds raised from the private placement will be used to supplement working capital and repay bank loans, enhancing control over Chongqing Steel [2] - The private placement shares will have a lock-up period of 36 months [2] Group 2 - Chongqing Steel expects a net profit loss of 2.5 billion to 2.8 billion yuan for the full year of 2025, which is a reduction in loss compared to the previous year [3] - For the first three quarters of 2025, the company reported revenue of 19.091 billion yuan and a net profit loss of 218 million yuan, reflecting an 83.82% reduction in loss year-on-year [3] - The steel market's supply-demand adjustments and asset impairment provisions are the main factors affecting the company's financial performance [3] Group 3 - The steel industry is expected to promote capacity optimization and ultra-low emission transformation according to the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" [4] - Chongqing Steel is advancing environmental upgrades in line with policy requirements, aiming to complete ultra-low emission transformation by the end of 2025 [4] Group 4 - On February 10, 2026, Chongqing Steel had a net financing inflow of 563,700 yuan, with financing balance rising to 1.97 billion yuan, although the stock price faced short-term pressure with a 2.46% decline over the past week [5] - The A-share steel sector was boosted by industry policy expectations during the same period [5] Group 5 - Between July 2024 and July 2025, China Baowu increased its stake in Chongqing Steel by acquiring 137 million shares (1.55% of total share capital) for a total investment of 150.5 million yuan, demonstrating long-term confidence in the company [6]

本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 每月更新資料 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 執 行 人 員 可 能 會 或 可 能 不 會 授 予 清 洗 豁 免，倘 獲 授 予，須 待（其 中 包 括） 獨立股東於臨時股東會上分別就清洗豁免及向特定對象發行A股股票以 投票表決方式獲至少75%及超過50%票 數 批 准 後，方 可 作 實。 要約須待(1)清 洗 豁 免 不 獲 執 行 人 員 授 予 及╱或 不 獲 獨 立 股 東 批 准 而 華 寶投資決定在該等情況下豁免有關清洗豁免的先決條件並繼續進行向 特定對象發行A股 股 票，及(2)向特定對象發行A股 股 票 完 成 後 方 會 作 出。 因 此，要 約 未 必 會 進 行。 有 關 (1)主要股東認購新A股 的 關 連 交 易；及 ( ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 每月更新資料 有 關 誠 如 延 遲 寄 發 公 告 所 披 露，根 據 收 購 守 則 規 則8.2，本 公 司 已 申 請 將 寄 發該通函的最後日期由2026年1月9日延長至不遲於2026年2月27日。執 行 人 員 已 同 意 有 關 延 期。 於 本 公 告 日 期，本 公 司 正 在 落 實 該 通 函 的 內 容（其 中 包 括 有 關 本 集 團 的 財 務 資 料 及 獨 立 財 務 顧 問 函 件）。預 期 該 通 函 將 於2026年2月27日或之前 寄 發 予 股 東。 本 公 司 將 遵 照 上 市 規 則 及 收 購 守 則 另 行 刊 發 公 告，以 就 任 何 進 一 步 發 展 適 時 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶鋼鐵股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01053 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 538,127,200 | RMB | | 1 RMB | | 538,127,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 538,127,200 | RMB | | 1 RMB | | 538,127,200 | | 2. 股份分類 | 普通股 | 股份類別 | ...

2025年，中国钢铁行业上演了充满张力的"冰与火之歌"。在需求连续第五年下滑、市场供强需弱的背景 下，行业整体利润却迎来爆发式反弹。国家统计局数据显示，2025年黑色金属冶炼和压延加工业实现利 润总额1098.3亿元，同比增长高达299.2%。然而，A股上市钢企的悲欢并不相通。 《每日经济新闻》记者梳理发现，截至1月30日晚间，多家A股钢铁类上市公司披露业绩预告：一方 面，首钢股份、山东钢铁凭借产品结构优化和降本增效，业绩强势扭亏或实现大增；另一方面，尽管原 材料成本大幅下移助推全行业减亏，但鞍钢股份、重庆钢铁等老牌巨头依然未能爬出亏损泥潭。 值得注意的是，业绩分化的背后，不仅是企业经营策略的较量，更是中国钢铁行业从建筑用钢主导向制 造业用钢主导的历史性跨越。当房地产红利退潮，高端化转型已不再是选择题，而是关乎企业生死的必 答题。 谁在寒冬中突围？ 2025年的钢铁市场，原材料价格的显著下行成为企业减亏的最强助攻。据中国钢铁工业协会披露，进口 粉矿、炼焦煤、冶金焦采购成本同比分别下降8%、27%和24%，均为近3年最大降幅。 这股成本端的"暖风"，吹暖了部分头部钢企的财务报表。在已经披露业绩预告的企业中，山东 ...

Core Viewpoint - In 2025, despite a continuous decline in demand for the fifth consecutive year, the overall profit of China's steel industry experienced a significant rebound, with profits reaching 109.83 billion yuan, a year-on-year increase of 299.2% [1] Group 1: Industry Performance - The steel industry is witnessing a divergence in performance among A-share listed companies, with some like Shougang Co. and Shandong Steel turning losses into profits due to product optimization and cost reduction, while others like Ansteel and Chongqing Steel remain in the loss zone [1][3] - The significant drop in raw material costs, including an 8% decrease in imported iron ore and a 27% drop in coking coal, has aided some leading steel companies in reducing losses [2] - The shift from construction steel to manufacturing steel marks a historic transition in the industry, driven by the retreat of real estate profits and the necessity for high-end transformation [1][5] Group 2: Company-Specific Insights - Shandong Steel is projected to achieve a net profit of approximately 100 million yuan in 2025, a turnaround from a loss of 2.891 billion yuan the previous year, aided by deep collaboration with China Baowu and cost-saving measures [2] - Shougang Co. expects a net profit between 920 million and 1.06 billion yuan, reflecting a significant growth of 95.29% to 125.01% year-on-year, driven by a high-end and differentiated product strategy [3] - Ansteel anticipates a loss of around 4.077 billion yuan, a reduction of 42.75% from the previous year's loss, while Chongqing Steel expects a loss between 2.5 billion and 2.8 billion yuan, indicating ongoing challenges despite some improvements [4] Group 3: Market Dynamics - The demand structure in the steel industry has fundamentally reversed, with the proportion of steel used in construction dropping from 53% in 2020 to 36% in 2025, while manufacturing steel usage rose from 42% to 53% [6] - The export of steel reached 119 million tons in 2025, a year-on-year increase of 7.5%, although the average export price fell by 8.1% to 694 USD per ton, indicating a competitive "volume for price" scenario [7] - The industry faces a challenging market environment, with domestic steel demand declining for five consecutive years and a strong supply-demand imbalance [7][8]

Core Viewpoint - The report indicates a decline in China's pig iron production, with a projected output of 60 million tons in December 2025, representing a year-on-year decrease of 9.9% and a cumulative production of 840 million tons for the year, down 3% compared to the previous year [1]. Group 1: Industry Overview - The report is based on data from the National Bureau of Statistics, highlighting a significant downward trend in pig iron production in China [1]. - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research and strategic investment reports [1]. Group 2: Company Implications - The companies listed, including Baosteel Co., Ltd. (600019), Maanshan Iron & Steel Co., Ltd. (600808), and others, may face challenges due to the declining production trends in the pig iron sector [1]. - The report suggests that the industry may need to adapt its strategies in response to the projected decrease in production and market demand [1].

大额买入与资金流向跟踪（20260119-20260123） [Table_Authors] 郑雅斌(分析师) 本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。 投资要点： 021-23219395 zhengyabin@gtht.com 登记编号 S0880525040105 张耿宇(分析师) 021-23183109 zhanggengyu@gtht.com 登记编号 S0880525040078 [Table_Report] 相关报告 高频选股因子周报（20260119-20260123） 2026.01.25 低频选股因子周报（2026.01.16-2026.01.23） 2026.01.24 量化择时和拥挤度预警周报（20260124） 2026.01.24 黄金再度领涨大类资产，全球资产配置模型均录正 收益 2026.01.22 绝对收益产品及策略周报（260112-260116） 2026.01.21 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 金 融 工 程 融 工 程 周 报 金融工 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-26 | 重庆钢铁 | COTOOS | 1.54 3080 | 2000 | | 中信建投证券股份 有限公司重庆龙山 | | 1月26日，重庆钢铁大宗交易成交2000万股，成交额3080万元，占当日总成交额的3.98%，成交价1.54元，较市场收盘价1.57元折价1.91%。 ...

Group 1 - The steel sector saw a slight increase of 0.41% on January 26, with Wujin Stainless Steel leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the steel sector showed varied performance, with Wujin Stainless Steel closing at 9.30, up 3.56%, and Baosteel closing at 7.30, up 0.83% [1] Group 2 - The steel sector experienced a net outflow of 334 million yuan from main funds, while retail investors saw a net inflow of 304 million yuan [2] - Among individual stocks, Baosteel had a net inflow of 87.72 million yuan from main funds, while Chongqing Steel saw a net inflow of 44.03 million yuan [3] - The overall trading volume for the steel sector was significant, with Baosteel recording a transaction amount of 1.167 billion yuan [1][2]