Investment Rating - The steel industry is rated as "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 0.86% week-on-week, while factory inventory fell by 2.97% [41] - The average price index for common steel is 3448.0 yuan/ton, with a slight week-on-week increase [47] - The report anticipates a long-term improvement in supply-demand dynamics, supported by cost factors and low valuations in the steel sector [3] 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] - High furnace capacity utilization increased by 2.61 percentage points to 85.5% [24] - Electric furnace capacity utilization rose by 6.13 percentage points to 56.6% [24] - Total production of the five major steel products reached 7.441 million tons, up 2.41% week-on-week [24] Demand Summary - Consumption of the five major steel products reached 8.685 million tons, with a week-on-week increase of 8.82% [34] - The transaction volume of construction steel by mainstream traders was 94,000 tons, showing a slight decline of 3.17% [34] - The transaction area of commercial housing in 30 major cities increased to 1.696 million square meters, reflecting a week-on-week rise [34] Inventory Summary - Social inventory of the five major steel products was 14.11 million tons, down 0.86% week-on-week [41] - Factory inventory of the five major steel products was 5.352 million tons, down 2.97% week-on-week [41] Price & Profit Summary - The common steel price index is 3448.0 yuan/ton, with a year-on-year decrease of 2.78% [47] - The special steel price index is 6622.7 yuan/ton, with a year-on-year decrease of 1.30% [47] - The profit for rebar production was 59 yuan/ton, down 7.81% week-on-week [55] - The profit for electric furnace construction steel was -86 yuan/ton, down 10.26% week-on-week [55] Raw Material 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 [73] - The price of coking coal at the port was 1600 yuan/ton, up 10.0 yuan week-on-week [73] - The price of first-grade metallurgical coke remained stable at 1715 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 for growth [74]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The raw material prices are showing strong performance, while the finished steel products exhibit mixed results. The ongoing conflict in the Middle East is pushing up shipping costs and affecting coal and coke prices, leading to a strong trend in raw material prices. In contrast, the supply and demand dynamics for different steel products are showing structural differentiation, with medium and thick plates and cold-rolled products performing well, while hot-rolled products are weaker [7][30]. Summary by Sections 1. Domestic Steel Market - As of March 20, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 50 CNY/ton from the previous week. The price of 8.0mm high line is 3,380 CNY/ton, down 70 CNY/ton. Hot-rolled 3.0mm is priced at 3,300 CNY/ton, down 10 CNY/ton, while cold-rolled 1.0mm is at 3,700 CNY/ton, up 40 CNY/ton. The price of common medium plate 20mm is 3,380 CNY/ton, up 20 CNY/ton [13][14]. 2. Profitability Analysis - The report indicates fluctuations in steel profits. For long-process steel, the average weekly gross profit for rebar, hot-rolled, and cold-rolled products changed by -17 CNY/ton, -12 CNY/ton, and +10 CNY/ton respectively. For short-process steel, the average gross profit for electric arc furnace steel increased by +7 CNY/ton [7]. 3. Production and Inventory - As of March 20, 2026, the total production of five major steel products reached 8.4 million tons, an increase of 188,500 tons week-on-week. The total inventory of these products decreased by 121,400 tons to 14.0954 million tons. The apparent consumption of rebar was estimated at 2.0809 million tons, up 312,800 tons week-on-week [7][30]. 4. Key Company Valuations - The report provides earnings forecasts and valuations for key companies in the steel sector, all rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.50 CNY in 2025 with a PE ratio of 10, while Baosteel is expected to have an EPS of 0.49 CNY with a PE of 13 [2][3]. 5. Raw Material and Shipping Market - The report notes that domestic iron ore prices are fluctuating, with prices for various grades showing mixed trends. For instance, the price of Anshan iron concentrate is 750 CNY/ton, unchanged from last week, while Benxi iron concentrate is 901 CNY/ton, up 17 CNY/ton. The shipping market is also experiencing fluctuations [30].

证券代码：601686 证券简称：友发集团 公告编号：2026-027 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"友发转债"2026 年付息的公告 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： 天津友发钢管集团股份有限公司（以下简称"本公司"）于 2022 年 3 月 30 日发行的可转换 公司债券将于 2026 年 3 月 30 日开始支付自 2025 年 3 月 30 日至 2026 年 3 月 29 日期间 的利息。根据本公司《可转换公司债券募集说明书》有关条款的规定，现将有关事项公告如下： 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（票面利率：第一年 0.30%、 第二年 0 ...

Group 1 - China’s Ministry of Commerce reported that during recent negotiations, both China and the U.S. reached preliminary consensus on several issues, indicating a constructive dialogue [2] - The Financial Regulatory Bureau emphasized the need to effectively manage risks in key areas and support the resolution of debt risks for financing platforms, while preventing illegal financial activities [2] - The Ministry of Industry and Information Technology highlighted the importance of optimizing and upgrading the industrial system, promoting new technologies, and developing emerging industries such as integrated circuits and aerospace [3] Group 2 - Meta plans to invest up to $27 billion in AI company Nebius over the next five years, with Nebius set to provide dedicated computing power starting in 2027 [4] - The recent price fluctuations in major chemical products have not significantly impacted the profitability or gross margins of Sanlianban Sanfangxiang [6] - The methanol market has seen a slight price increase, but Chitianhua has not engaged in any export sales of its methanol products [7] Group 3 - Xiangyou Technology is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [9] - Huichuang Data plans to distribute a dividend of 3.4 yuan per share and expects a 68.32% year-on-year increase in net profit for 2025 [10] - Jinfang Energy anticipates a 176.06% year-on-year increase in net profit for 2025 and plans to distribute a dividend of 2.5 yuan per share [11]

| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2026-026 | | --- | --- | --- | | 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 关于董事减持股份的预披露公告 本公司董事会、全体董事及相关股东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： 上述减持主体无一致行动人。 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时间相应顺延。 (一)相关股东是否有其他安排 □是 √否 减持主体的基本情况 截至本公告披露日，公司董事张德刚先生持有天津友发钢管集团股份有 限公司（以下简称"公司"）股份 12,250,000 股，占公司总股本比例为 0.83%， 其所持股份全部来源于公司首次公开发行前股份；根据公司于 2021 年 3 月 12 日发布的《关于控股股东、实际控制人、董事和高级管理人员承诺延 长限售股锁定期的公告》（公告编号：2021-040），公司董事张德刚持有的公 司首次公开发行股票前已发行的股份锁定期延长 6 个月至 2022 年 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][4]. Core Insights - The report highlights increased disturbances in the raw material sector, emphasizing the need to monitor geopolitical changes and negotiation developments [8]. - Steel prices have risen, with specific increases noted in various steel products, indicating a potential upward trend in the market [13][14]. - The report suggests that while short-term uncertainties exist due to geopolitical tensions and raw material negotiations, long-term prospects for steel companies remain positive due to supply-side constraints and carbon reduction requirements [8]. Summary by Sections Domestic Steel Market - As of March 13, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,260 CNY/ton, up 90 CNY/ton from the previous week [13]. - Other steel products also saw price increases, with hot-rolled steel at 3,310 CNY/ton and cold-rolled steel at 3,660 CNY/ton, both rising by 40 CNY/ton [14]. Profitability - The report indicates a decrease in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel declining by 5 CNY/ton, 12 CNY/ton, and 12 CNY/ton respectively [8]. Production and Inventory - Total production of major steel products reached 8.21 million tons, an increase of 237,300 tons week-on-week, with rebar production specifically increasing by 219,900 tons to 1.953 million tons [8]. - Total inventory of major steel products rose by 201,900 tons to 14.2168 million tons, indicating a growing supply in the market [8]. Investment Recommendations - Recommended stocks include: 1. General steel leaders: Hualing Steel, Baosteel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe materials: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw materials: Dazhong Mining (iron ore + lithium), Fangda Carbon [8].

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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《天津友发钢管集团股 份有限公司章程》（以下简称"《公司章程》"）等有关规定，天津友发钢管集团股份有限 公司（以下简称"公司"）于 2026 年 3 月 10 日召开 2026 年第一次职工代表大会，选举 孙忠利女士（简历见附件）为公司第五届董事会职工董事，任期自本次员工代表大会审议通 过之日起至第五届董事会届满之日止。 孙忠利女士符合《公司法》和《公司章程》有关董事任职的资格和条件。 | | | 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 关于选举职工董事的公告 特此公告。 天津友发钢管集团股份有限公司董事会 2026 年 3 月 10 日 附件：孙忠利女士简历 孙忠利女士，1980 年 12 月 25 日出生，中国国籍，无境外永久居留权，专科学历。2004 年 3 月—2009 年 6 月任天津天丰钢铁有限公司办公室主任；2009 年 6 月— 2010 年 10 月任 友发集团办公室副主任 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The report emphasizes the urgency of carbon reduction goals, with the government targeting a 3.8% reduction in carbon intensity per unit of GDP. This highlights the steel industry's significant role as the second-largest carbon emitter after electricity [7]. - International tensions are driving up raw material prices, with costs remaining relatively firm due to rising oil and coal prices. The supply-demand recovery in the steel sector is slow, but the long-term carbon reduction requirements are expected to constrain supply, potentially leading to a recovery in steel company profits [7]. - The report identifies leading companies in various segments: 1. General steel leaders: Hualing Steel, Baosteel, Nanjing Steel 2. Special steel segment: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe materials: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw materials: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7]. Summary by Sections Domestic Steel Market - As of March 6, 2026, steel prices in Shanghai showed fluctuations, with rebar (20mm HRB400) priced at 3170 CNY/ton, down 30 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also experienced minor changes [14][15]. Profit Situation - The report indicates a decline in steel profits, with average weekly gross margins for rebar, hot-rolled, and cold-rolled steel decreasing by 31 CNY/ton, 11 CNY/ton, and 21 CNY/ton respectively compared to the previous week [7]. Production and Inventory - As of March 6, 2026, the total production of five major steel varieties reached 7.97 million tons, with a slight increase of 0.47 million tons week-on-week. Total inventory also rose by 1.07 million tons to 14.01 million tons [7]. Raw Material Market - The report notes that domestic iron ore prices are fluctuating, while imported ore prices are stable to slightly increasing. As of March 6, 2026, domestic iron ore prices varied, with Anshan iron concentrate at 750 CNY/ton and imported Brazilian powder at 888 CNY/ton [30].

被担保人名称 | 序号 | 被担保方 | 简 称 | | --- | --- | --- | | 1 | 吉林华明管业有限公司 | 吉林华明 | | 2 | 天津友发供应链管理有限公司 | 友发供应链 | | 3 | 江苏友发钢管有限公司 | 江苏友发 | | 4 | 唐山正元管业有限公司 | 唐山正元 | | 5 | 天津市友发德众钢管有限公司 | 友发德众 | | 6 | 唐山友发新型建筑器材有限公司 | 唐山友发新型建材 | 担保人名称 | 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 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 2 月 1 日至 2 月 28 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 33,500.00 万元；截 至 2026 年 2 月 28 日，公司（为实际使用的授信额度提供的）担保余额为 468,498.92 元 ...

证券代码：601686 证券简称：友发集团 公告编号：2026-023 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 | 唐山友发新型建筑器材有限公司 | 唐山友发新型建材 | | 2 | 河北海乾威钢管有限公司 | 河北海乾威 | 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 2 月 1 日至 2 月 28 日抵/质押的资产 账面价值为人民币 7,146.02 万元；截至 2026 年 2 月 28 日，公司累计抵/质押资产账面价值合计 299,493.34 万元，占公司最近一期经审计净资产的 37.77%。 一、 基本情况概述 天津友发钢管集团股份有限公司（ ...