| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2026-031 | | --- | --- | --- | | 转债代码：113058 | 转债简称：友发转债 | | 天津友发钢管集团股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 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个别及连带责任。 重要内容提示： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准天津友发钢管集团股份有限公司公开发行可转换公司债 券的批复》（证监许可 [2022]328 号文）核准，公司于 2022 年 3 月 30 日公开发行了 2,000 万张可 转债，每张面值 100 元，发行总额 20 亿元，期限为自发行之日起 6 年。 （二）可转债上市情况 经上海证券交易所自律监管决定书 [2022]113号文同意，公司本次发行的20亿元可转债于 2022 年 4 月 26 日在上海证券交易所挂牌交易，转债简称"友发转债"，转债代码"113058"。 转股价格：4.48 元/股 转股期起止日期：2022 ...

2026 年第一季度自主行权结果暨股份变动的公告 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。 重要内容提示： 本次行权股票数量：天津友发钢管集团股份有限公司（以下简称"公司"）"共赢一 号"股票期权激励计划（以下简称"本次激励计划"）首次授予部分第二个行权期可行权股票 期权数量为 949.3218 万份，实际可行权期为 2025 年 5 月 30 日至 2026 年 5 月 13 日（行权 日须为交易日），行权方式为自主行权。2026 年 1 月 1 日至 2026 年 3 月 31 日（行权窗口 期除外），共行权并完成股份过户登记 436,624 股，占可行权股票期权总量的 4.60%。 | 证券代码：601686 | 证券简称：友发集团 | 公告编号：2026-032 | | --- | --- | --- | | 债券代码：113058 | 转债简称：友发转债 | | 本次行权股票上市流通时间：本次激励计划采用自主行权模式行权，激励对象行权 所得股票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 天津友发钢 ...

证券代码：601686 证券简称：友发集团 公告编号：2026-030 债券代码：113058 转债简称：友发转债 天津友发钢管集团股份有限公司 关于公司以自有资产抵/质押担保的进展公告 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个别及连带责任。 重要内容提示: 抵押人名称 | 序号 | 抵押人名称 | 简 称 | | --- | --- | --- | | 1 | 天津友发钢管集团股份有限公司 | 公司或本公司 | | 2 | 天津友发供应链管理有限公司 | 友发供应链 | | 3 | 邯郸市友发钢管有限公司 | 邯郸友发 | | 4 | 江苏友发钢管有限公司 | 江苏友发 | | 5 | 天津友发钢管集团销售有限公司 | 销售公司 | | 6 | 安徽友发管道科技有限公司 | 安徽管道 | 公司于 2025 年 12 月 26 日召开 2025 年第一次临时股东大会，审议通过了《关于预计 2026 年度提供与接受担保额度的议案》。在该担保计划范围内，2026 年 3 月 1 日至 3 月 31 日抵/质押的资产 账面价值为人民币 ...

证券代码：601686 证券简称：友发集团 公告编号：2026-029 债券代码：113058 转债简称：友发转债 天津友发钢管集团股份有限公司 关于公司 2026 年度对外担保的进展公告 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个别及连带责任。 重要内容提示: 被担保人名称 | 序号 | 被担保方 | 简 称 | | --- | --- | --- | | 1 | 天津友发钢管集团股份有限公司 | 公司或本公司 | | 2 | 天津友发供应链管理有限公司 | 友发供应链 | | 3 | 河北海乾威钢管有限公司 | 河北海乾威 | | 4 | 邯郸市友发钢管有限公司 | 邯郸友发 | | 5 | 江苏友发钢管有限公司 | 江苏友发 | | 6 | 天津友发钢管集团销售有限公司 | 销售公司 | | 7 | 云南友发方圆管业有限公司 | 云南友发方圆 | | 8 | 天津市友发德众钢管有限公司 | 友发德众 | | 9 | 天津友发管道科技有限公司 | 管道科技 | | 10 | 吉林华明管业有限公司 | 吉林华明 | | 11 | ...

| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2026-028 | | --- | --- | --- | | 债券代码：113058 | 转债简称：友发转债 | | 天津友发钢管集团股份有限公司 关于公司全资子公司终止与专业投资机构共同投资的公告 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个别及连带责任。 一、交易概述 2026 年 2 月 27 日，公司全资子公司唐山友发新型建筑器材有限公司（以下简称"唐山 友发新型建材"）与锦绣中和（北京）资本管理有限公司（以下简称"锦绣中和"）、于志 锋、张敬庭签署《共青城益诚中和投资管理合伙企业（有限合伙）合伙协议》（以下合称"合 伙协议"），共同投资设立共青城益诚中和投资管理合伙企业（有限合伙）。全体合伙人的 认缴规模为人民币 3,210 万元，其中，友发集团全资子公司唐山友发新型建材作为有限合伙 人以自有资金认缴出资 2,000 万元人民币，占认缴出资总额的 62.3053%。 | 上述《合伙协议》签署后，各合伙人认缴出资情况如下： | | --- | 三、份额转让 ...

Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several companies within the sector [2][3]. Core Insights - The ongoing conflict in the Middle East is expected to prolong, leading to a strong price trend in the steel market. The raw material prices are likely to fluctuate due to the conflict, with potential supply constraints affecting mining operations [9][31]. - Steel production remains stable, with a notable decrease in total inventory, indicating a healthy demand-supply balance. The report anticipates that carbon reduction requirements will impose constraints on steel supply, which may lead to a recovery in steel company profits [9][31]. Summary by Sections Domestic Steel Market - As of March 27, the price of 20mm HRB400 rebar is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel products show mixed price movements, with cold-rolled steel increasing by 10 CNY/ton to 3710 CNY/ton [14][15]. International Steel Market - In the U.S., hot-rolled steel prices are at 1120 USD/ton, down 2 USD/ton, while in Europe, prices are relatively stable with slight increases in some categories [26][28]. Raw Materials and Shipping Market - Domestic iron ore prices remain stable, while imported iron ore prices have seen slight declines. The report notes a decrease in scrap steel prices to 2150 CNY/ton [31][36]. Company Profit Forecasts and Valuations - The report provides profit forecasts for key companies, with several firms such as Hualing Steel, Baosteel, and Nanjing Steel receiving "Buy" recommendations based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [2][9].

Group 1: Key Insights on Convertible Bonds - The report highlights the top ten convertible bonds for April, including companies like Meinuohua, Tai Rui Machinery, Jiangsu Huachen, Youfa Group, Huakang Clean, Asia Pacific Technology, Fuchun Dyeing and Weaving, Ruikeda, Hongya CNC, and Hebang Bio [2][10]. - The overall market for convertible bonds shows a 1.28% increase in the China Securities Convertible Bond Index, with sectors like non-ferrous metals, public utilities, and basic chemicals leading the gains [3][55]. - The report indicates that the valuation of convertible bonds remains at a relatively high historical level, despite a recent rebound in median prices within the par value range [3][55]. Group 2: Company-Specific Insights - Meinuohua is advancing its innovative pipeline project JH389, focusing on weight loss and blood sugar control, with significant developments in patent applications and commercialization strategies [10]. - Tai Rui Machinery is recognized as a leading manufacturer of injection molding machines in China, actively pursuing high-end market segments to compete with foreign counterparts [35][36]. - Jiangsu Huachen specializes in energy-efficient transformers and smart electrical equipment, with a strategic focus on expanding its presence in overseas markets, particularly in Southeast Asia and Europe [21][23]. - Youfa Group, the largest manufacturer of welded steel pipes in China, is expected to benefit from new supply-side reforms aimed at enhancing product quality and eliminating outdated capacity [18][20]. - Huakang Clean has established itself in the cleanroom integration service sector, focusing on the semiconductor and high-tech industries, with a robust portfolio of intellectual property [45]. - Asia Pacific Technology is a key player in automotive thermal management systems and lightweight materials, with a strong emphasis on innovation and collaboration with leading automotive manufacturers [11][15]. - Fuchun Dyeing and Weaving is focusing on PEEK applications in sectors like semiconductors and medical devices, with plans for significant investment to enhance production capacity [30]. - Ruikeda is a prominent supplier of connectors for the electric vehicle market, with a growing presence in data center applications, driven by high demand for its products [50][52]. - Hongya CNC is a leader in furniture manufacturing equipment, providing comprehensive automation solutions and focusing on high-precision components for various industries [25][26]. - Hebang Bio is a major supplier of glyphosate and diquat, benefiting from industry consolidation and a strong supply chain relationship with large agricultural chemical producers [41]. Group 3: Market Trends and Outlook - The report notes that while short-term expectations for the stock market may be cooling due to overseas uncertainties, long-term inflows of capital into the market are expected to continue, supporting a bullish outlook for the stock market [3][55]. - The increasing proportion of institutional investors in the convertible bond market is expected to deepen the impact of stock market expectations on convertible bond valuations, providing stability in the short term [3][55]. - The report suggests focusing on sectors such as AI, semiconductor domestic substitution, high-end manufacturing, and supply-demand optimization in various industries for potential investment opportunities [3][57].

Investment Rating - The steel industry maintains an investment rating of "Positive" [2] Core Insights - The steel sector experienced a decline of 10.03% this week, underperforming the broader market, with specific segments such as special steel down 9.18% and iron ore down 10.96% [10][12] - Supply conditions show an increase in high furnace capacity utilization to 85.5%, while electric furnace utilization rose to 56.6% [24] - Demand for the five major steel products increased to 868.5 million tons, reflecting a week-on-week rise of 8.82% [34] - Social inventory of the five major steel products decreased by 12.26 million tons week-on-week, while factory inventory fell by 16.40 million tons [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase, while special steel is at 6622.7 yuan/ton [47] - Profit margins for rebar steel decreased to 59 yuan/ton, while electric furnace profit margins for construction steel fell to -86 yuan/ton [55] Supply Summary - As of March 20, the average daily pig iron production was 2.2815 million tons, with a week-on-week increase of 6.95% [24] - The total production of the five major steel products reached 744.1 million tons, marking a week-on-week increase of 2.41% [24] Demand Summary - The consumption of the five major steel products reached 868.5 million tons, with a week-on-week increase of 70.40 million tons [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline [34] Inventory Summary - Social inventory of the five major steel products stood at 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, also down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index increased by 2.56 yuan/ton week-on-week, while the special steel price index rose by 5.93 yuan/ton [47] - The profit for rebar steel decreased by 5.0 yuan/ton week-on-week, while the electric furnace profit for construction steel decreased by 8.0 yuan/ton [55] Raw Material Prices Summary - The spot price index for Australian iron ore (62% Fe) was 776 yuan/ton, with a week-on-week increase of 1.0 yuan/ton [73] - The price for coking coal at the port was 1600 yuan/ton, reflecting a week-on-week increase of 10.0 yuan/ton [73] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [74]