➢ 风险提示：下游需求不及预期；钢价大幅下跌；原材料价格大幅波动。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（倍） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 000932.SZ 华菱钢铁 | | 6.61 | 0.29 | 0.50 | 0.58 | 22 | 13 | 11 | 推荐 | | 600019.SH 宝钢股份 | | 7.03 | 0.34 | 0.47 | 0.52 | 21 | 15 | 13 | 推荐 | | 600282.SH 南钢股份 | | 5.01 | 0.37 | 0.45 | 0.49 | 14 | 11 | 10 | 推荐 | | 301160.SZ 翔楼新材 | | 63.20 | 2.69 | 2.99 | 3.63 | 23 | 21 | 17 | 推荐 | | 000708.SZ 中信特 ...

自2020年上市以来，友发集团持续回报股东，累计派发现金红利19.05亿元，并通过股份回购动用资金 4.58亿元，展现了公司与投资者共享发展成果的坚定意愿。 目前，友发集团正通过深耕主业、推进技术创新和营销转型等方式，不断提升内在价值和市场竞争力。 公司以扎实业绩和稳定回报，践行对投资者的长期承诺，为市场注入更多信心与正能量。 此次集体接待日活动不仅增强了企业与投资者的互动互信，也彰显了友发集团积极、稳健、负责任的企 业形象。 本次活动更多详情，请点击：https://rs.p5w.net/html/175644705770327.shtml 在9月11日举行的天津辖区上市公司2025年投资者网上集体接待日活动中，天津友发钢管集团股份有限 公司（以下简称"友发集团"）针对投资者普遍关心的定向增发进展及股价表现等问题作出了详细回应。 公司管理层强调，定增工作正按程序推进，并将持续通过提升经营业绩和优化分红回购政策回报投资者 信任。 对于定增进度，董事兼副总经理刘振东多次回应称，公司向特定对象发行股票事项已于2024年经董事会 和股东大会审议通过，目前尚未提交材料，处于有效期内。他呼吁投资者关注公司后续公告，体现 ...

钢铁周报 20250907 环保限产下供需双弱，关注旺季修复情况 2025 年 09 月 07 日 ➢ 价格：本周钢材价格涨跌互现。截至 9 月 5 日，上海 20mm HRB400 材质 螺纹价格为 3260 元/吨，较上周升 10 元/吨。高线 8.0mm 价格为 3400 元/吨， 较上周降 10 元/吨。热轧 3.0mm 价格为 3420 元/吨，较上周升 20 元/吨。冷轧 1.0mm 价格为 3800 元/吨，较上周降 20 元/吨。普中板 20mm 价格为 3460 元 /吨，较上周降 30 元/吨。本周原材料中，国产矿市场价格稳中有升，进口矿市 场价格稳中有升，废钢价格下跌。 ➢ 利润：本周钢材利润下降。长流程方面，我们测算本周行业螺纹钢、热轧和 冷轧毛利分别环比前一周变化-46 元/吨，-38 元/吨和-36 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化-21 元/吨。 ➢ 产量与库存：截至 9 月 5 日，五大钢材产量下降，总库存环比上升。产量方 面，本周五大钢材品种产量 861 万吨，环比降 23.96 万吨，其中建筑钢材产量周 环比减 4.18 万吨，板材产量周环比降 19.78 ...

Market Performance - On September 5, the general steel sector rose by 0.55% compared to the previous trading day, with Benxi Steel leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Benxi Steel (000761) closed at 3.68, up 2.51% with a trading volume of 189,800 shares and a transaction value of 69.31 million yuan [1] - Other notable performers include: - Hualing Steel (000932) at 5.90, up 1.90% with a trading volume of 744,000 shares [1] - Liugang (601003) at 5.62, up 1.81% with a trading volume of 258,500 shares [1] - Sijiang Steel (600808) at 3.58, up 1.70% with a trading volume of 724,300 shares [1] Capital Flow Analysis - The steel sector experienced a net outflow of 83.49 million yuan from institutional investors, while retail investors saw a net inflow of 191 million yuan [2] - The capital flow for individual stocks shows: - New Steel (600782) had a net inflow of 23.35 million yuan from institutional investors [3] - Hebei Steel (000709) had a net inflow of 22.33 million yuan from institutional investors [3] - Chongqing Steel (601005) had a net inflow of 22.06 million yuan from institutional investors [3]

为进一步加强与投资者的互动交流，天津友发钢管集团股份有限公司（以下简称 "公司"） 将 参加由天津证监局指导、天津上市公司协会及深圳市全景网络有限公司联合举办的"2025 年天津辖 区上市公司投资者网上集体接待日活动"，现将有关事项公告如下： 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 关于参加 2025 年天津辖区上市公司投资者 网上集体接待日活动的公告 证券代码：601686 证券简称：友发集团 公告编号：2025-100 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）；或 关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）13:30-17:00（其中公司与投资者线上交流时间为:15:00-17:00）。 出席本次活动的有公司董事长、财务负责人、董事会秘书、证券事务代表及董秘办相关人员（如 有特殊情况，出席人员会 ...

证券代码：601686 证券简称：友发集团 公告编号：2025-100 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 关于参加 2025 年天津辖区上市公司投资者 网上集体接待日活动的公告 天津友发钢管集团股份有限公司董事会 2025 年 9 月 3 日 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。 为进一步加强与投资者的互动交流，天津友发钢管集团股份有限公司（以下简称 "公司"） 将 参加由天津证监局指导、天津上市公司协会及深圳市全景网络有限公司联合举办的"2025 年天津辖 区上市公司投资者网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）；或 关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）13:30-17:00（其中公司与投资者线上交流时间为:15:00-17:00）。 出席本次活动的有公司董事长、财务负责人、董 ...

Group 1 - The company plans to provide guarantees for its subsidiaries in 2025, with a total guarantee amount of 50,000 million RMB from August 1 to August 31, 2025 [2][4] - As of August 31, 2025, the total guarantee balance provided by the company is 456,595.43 million RMB, which accounts for 58.17% of the company's latest audited net assets [18] - The board of directors approved the guarantee plan, allowing a total guarantee amount not exceeding 1,477,700 million RMB, with new guarantees not exceeding 363,459.40 million RMB [4][23] Group 2 - The company has provided guarantees for subsidiaries with an asset-liability ratio exceeding 70%, which poses potential risks [3] - The company has no overdue guarantees as of the announcement date [3][18] - The guarantees are intended to meet the funding needs of subsidiaries and are considered manageable risks by the company [17][26] Group 3 - The company has also engaged in asset pledges, with a total pledged asset value of 52,456 million RMB from August 1 to August 31, 2025, and a cumulative pledged asset value of 263,412.94 million RMB, accounting for 33.56% of the company's latest audited net assets [21][24] - The pledged assets are intended to support normal business operations and will not adversely affect the company's financial health or shareholder interests [26] Group 4 - The company is in the process of acquiring a 70.96% stake in Jilin Huaming Pipe Industry Co., Ltd., which will become a subsidiary after the acquisition [30] - The acquisition has received approval from the State Administration for Market Regulation, allowing the company to proceed with the transaction [32]

Investment Overview - Tianjin Youfa Steel Pipe Group Co., Ltd. plans to acquire 70.96% equity of Jilin Huaming Pipe Industry Co., Ltd. and increase capital through cash transactions using its own funds [1][2] - The acquisition involves purchasing shares from Panshi Jianlong Steel Co., Ltd. and Shenyang Leiming Steel Pipe Co., Ltd. [1] Transaction Progress - The company has received a non-prohibition decision from the State Administration for Market Regulation regarding the antitrust review of the acquisition [2] - The decision allows the company to proceed with the acquisition and control of Jilin Huaming Pipe Industry Co., Ltd. as per the Anti-Monopoly Law of the People's Republic of China [2]

Summary of Key Points Core Viewpoint - The company has announced its plan for external guarantees for the year 2025, detailing the amounts and conditions under which these guarantees will be provided to its subsidiaries, emphasizing the control and management over these entities to mitigate risks [3][11]. Group 1: Guarantee Overview - The company approved a guarantee plan at the 2024 sixth extraordinary general meeting, allowing for a total guarantee amount of up to 1,477,700.00 million RMB for 2025, with new guarantees not exceeding 363,459.40 million RMB [3][5]. - As of August 31, 2025, the company provided guarantees amounting to 50,000.00 million RMB, with an actual usage balance of 456,595.43 million RMB [3][11]. - There are no overdue guarantees as of the announcement date, and the company has not provided guarantees for any entities outside its subsidiaries [3][11]. Group 2: Financial Data of Subsidiaries - Jiangsu Youfa Steel Pipe Co., Ltd. has total assets of 372,529.41 million RMB and total liabilities of 280,358.30 million RMB as of December 31, 2024 [5][6]. - Tangshan Youfa New Building Materials Co., Ltd. has total assets of 309,140.39 million RMB and total liabilities of 140,547.04 million RMB as of December 31, 2024 [6]. - Shaanxi Youfa Steel Pipe Co., Ltd. has total assets of 238,385.65 million RMB and total liabilities of 137,560.54 million RMB as of December 31, 2024 [6]. Group 3: Necessity and Reasonableness of Guarantees - The guarantee plan is based on the operational needs and financial arrangements of the company and its subsidiaries, ensuring that all guaranteed entities are under the company's control, which allows for effective monitoring and management [10][11]. - The board of directors believes that these guarantees will facilitate daily business operations and align with the company's long-term interests, maintaining manageable risk levels [11].

证券代码：601686 证券简称：友发集团 公告编号：2025-097 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 2025 年度对外担保预计的进展公告 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: | 序号 | 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 | 公司于 2024 年 12 月 30 日召开 2024 年第六次临时股东大会，审议通过了《关于预计 2025 年度提供与接受担保额度的议案》。在该担保计划范围内，2025 年 8 月 1 日至 8 月 31 日，公司为子 公司（含分公司、孙公司，下同）提供的（已开始使用授信额度的）担保合同金额为 50,000.00 万元；截 至 2025 年 8 月 31 日，公司（为实际使用的授信额度提供的）担保余额为 456,595.43 万元。 2025 年 8 月份发生的担保中不存在反担保；截至本公告披露日，公司无逾期担保。 特别风险提 ...