（文章来源：证券日报） 证券日报网讯 12月17日晚间，友发集团发布公告称，截至2025年12月17日，公司高级管理人员（副总 经理）韩德恒先生持有公司通过大宗交易方式共减持3，950，000股，占公司总股本的0.27%。 ...

友发集团首次公开发行股票的发行费用总计1.26亿元，其中，支付给保荐机构东兴证券、联席主承 销商中信建投证券的保荐及承销费用9855.57万元。 2022年，友发集团公开发行可转换公司债券。根据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）核准，公司公开发 行面值总额人民币20亿元可转换公司债券，扣除承销及保荐费用后实收募集资金为人民币 1,985,377,358.49元，上述募集资金已于2022年4月7日全部到位。 中国经济网北京12月17日讯 友发集团（601686.SH）今日收报6.39元，跌幅2.44%。该股目前处于 破发状态。 友发集团于2020年12月4日在上交所主板上市，公开发行股票数量为1.42亿股，发行价格为12.86元/ 股，保荐机构为东兴证券股份有限公司，保荐代表人为丁淑洪、胡孔威，联席主承销商为中信建投证券 股份有限公司。 友发集团上市次日即2020年12月7日，盘中创下上市最高价18.53元/股，此后该股股价震荡下跌， 并于2020年12月28日首次跌破发行价。 友发集团首次公开发行股票募集资金总额为18 ...

中国经济网北京12月17日讯 友发集团（601686）（601686.SH）今日收报6.39元，跌幅2.44%。该股目 前处于破发状态。 友发集团首次公开发行股票募集资金总额为18.26亿元，扣除发行费用后募集资金净额为17亿元。友发 集团于2020年11月23日发布的招股说明书显示，该公司计划募集资金17亿元，分别用于陕西友发钢管有 限公司年产300万吨钢管建设项目、补充流动资金。 友发集团首次公开发行股票的发行费用总计1.26亿元，其中，支付给保荐机构东兴证券、联席主承销商 中信建投证券的保荐及承销费用9855.57万元。 2022年，友发集团公开发行可转换公司债券。根据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）核准，公司公开发行面 值总额人民币20亿元可转换公司债券，扣除承销及保荐费用后实收募集资金为人民币1,985,377,358.49 元，上述募集资金已于2022年4月7日全部到位。 友发集团首次公开发行股票和公开发行可转债合计募集资金38.26亿元。 友发集团于2020年12月4日在上交所主板上市，公开发行股票数量 ...

| 证券代码：601686 | 证券简称：友发集团 公告编号：2025-137 | | --- | --- | | 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 关于高管减持股份结果公告 高管持股的基本情况 天津友发钢管集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 披露了《关于高管减持股份的预披露公告》（公告编号：2025-096）。 根据以上公告，公司高级管理人员（副总经理）韩德恒先生持有公司股份 15,819,000 股，占公司总股本比例为 1.08%。因自身资金需求，韩德恒先生拟自 减持计划公告披露之日起 15 个交易日之后的 3 个月内，通过集中竞价交易方 式或者大宗交易方式减持不超过 3,954,750 股公司股份，减持股份数量占公司总 股本的 0.27%，占其持有股份的 25%，减持价格视市场价格确定。 减持计划的实施结果情况 截止 2025 年 12 月 17 日，韩德恒先生通过大宗交易方式共减持 3,950,000 股，占公司总股本的 0.27%。现将有关情况公告如下： | 股东名称 | 韩德恒 | | | --- | --- | ...

友发集团公告，公司副总经理韩德恒于2025年9月18日～2025年12月17日期间，通过大宗交易方式减持 395万股，占公司总股本的0.27%，减持价格区间为5.67～5.79元/股，减持总金额为2255.49万元。减持 后，韩德恒持有公司1186.9万股，占公司总股本的0.81%。 ...

友发集团公告，公司副总经理韩德恒于2025年9月18日～2025年12月17日期间，通过大宗交易方式减持 395万股，占公司总股本的0.27%，减持价格区间为5.67～5.79元/股，减持总金额为2255.49万元。减持 后，韩德恒持有公司1186.9万股，占公司总股本的0.81%。 ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3]. Core Viewpoints - The report emphasizes the need for deep reforms to address "involution" competition in the steel industry, with the central government advocating for a unified national market and stricter export management [2]. - The introduction of export licenses for certain steel products is expected to limit the export of low-value-added products, encouraging steel companies to upgrade to higher-end products [2]. - In the short term, low-value-added products may face adjustments, while the long-term trend will see an increase in the export proportion of high-end products, benefiting leading companies in the industry [2]. Summary by Sections Domestic Steel Market - As of December 12, 2025, steel prices have decreased, with HRB400 rebar priced at 3,250 CNY/ton, down 20 CNY from the previous week [7][16]. - The report notes a decline in production and inventory levels, with total steel production at 8.06 million tons, a decrease of 227,300 tons week-on-week [7][16]. International Steel Market - The report highlights stable price increases in the U.S. and European steel markets, with U.S. hot-rolled coil prices at 985 USD/ton, up 10 USD from the previous week [28][30]. Raw Materials and Shipping Market - Domestic iron ore prices have shown a mixed trend, with some prices remaining stable while others have decreased slightly [33]. - The report indicates a decline in scrap steel prices, with the current price at 2,080 CNY/ton, down 10 CNY from the previous week [33]. Company Valuations and Stock Performance - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, with Hualing Steel projected to have an EPS of 0.29 CNY in 2024 and a PE ratio of 18 [3].

2020-2025年1-10月中国焊接钢管产量统计图 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 相关报告：智研咨询发布的《2026-2032年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年10月中国焊接钢管产量为520万吨，同比增长7.7%；2025年1-10月中 国焊接钢管累计产量为5017.3万吨，累计增长3.7%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

2025年12月12日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 605090.SH 九丰能源 | | 3.12 | 25.95 | 3.43 | | 2 | 002083.SZ | 孚日股份 | 3.00 | 131.27 | 1.35 | | 3 | 688516.SH | 奥特维 | 2.67 | 3.38 | 5.11 | | 4 | 001206.SZ | 依依股份 | 2.39 | 86.14 | 2.86 | | 5 | 002533.SZ | 金杯电工 | 1.84 | 27.16 | 2.07 | | 6 | 601686.SH | 友发集团 | 1.56 | 26.26 | 4.42 | | 7 | 600750 SH | 江中药业 | 1.54 | 13.21 | 5.00 | | 8 | 601288.SH | 农业银行 ...