格隆汇1月19日丨友发集团(601686.SH)公布，近日，公司收到部分实际控制人函告，自2025年7月10 日-2026年1月16日，实际控制人减持公司可转债200.35万张，占公司发行总量的10.02%。 ...

Group 1 - The core viewpoint of the news is that Youfa Group's stock has shown a positive trend with a 5.10% increase year-to-date and a 2.01% rise on January 19, 2023, reaching a price of 6.60 CNY per share [1] - As of January 9, 2023, Youfa Group had 33,000 shareholders, a decrease of 2.94% from the previous period, with an average of 44,579 circulating shares per shareholder, an increase of 3.03% [2] - The company reported a revenue of 37.99 billion CNY for the period from January to September 2025, a year-on-year decrease of 5.19%, while the net profit attributable to shareholders increased by 399.25% to 502 million CNY [2] Group 2 - Youfa Group has distributed a total of 2.33 billion CNY in dividends since its A-share listing, with 1.27 billion CNY distributed over the past three years [3] - The company's main business revenue composition includes galvanized steel pipes (47.51%), welded steel pipes (38.07%), and other segments [1] - Youfa Group is classified under the steel industry, specifically in the sub-sector of steel pipes, and is associated with concepts such as hydropower, Xiong'an New Area, new urbanization, underground pipelines, and low-cost initiatives [1]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The supply-demand situation is improving, leading to a potential recovery in profits for the steel industry. The report highlights that production of major steel products has increased, while total inventory has decreased, indicating a positive shift in market dynamics [7][30]. - The report emphasizes that the profitability of steel manufacturers is expected to recover in the short term due to improved supply-demand conditions and stable cost support from raw materials [7][30]. Summary by Sections 1. Domestic Steel Market - As of January 16, steel prices have risen, with HRB400 rebar priced at 3,320 CNY/ton, up 40 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price increases [13][14]. 2. Production and Inventory - The total production of five major steel products reached 8.19 million tons, an increase of 0.62 million tons week-on-week. Total inventory decreased by 11,700 tons to 865,320 tons, indicating a positive trend in inventory management [7][30]. 3. Profitability - The report notes a decline in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel decreasing by 13 CNY/ton, 4 CNY/ton, and 18 CNY/ton respectively. However, the overall outlook for profit recovery remains optimistic [7][30]. 4. Key Company Recommendations - Recommended companies include: - General Steel Leaders: Hualing Steel, Baosteel, Nanjing Steel - Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel - Pipe Manufacturers: Jiuli Special Materials, Youfa Group, Changbao Co. - Raw Material Sector: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7][30].

Core Viewpoint - The company is actively expanding its overseas operations, particularly in the EU market, through direct export trade and overseas capacity layout, while maintaining a focus on sustainable development and market competitiveness [1] Group 1: Export Activities - The company has exported approximately tens of thousands of tons of steel pipes to the EU market in recent years, which constitutes a small proportion of its overall revenue [1] - Key export destinations include Germany, Greece, the Netherlands, and Belgium [1] Group 2: Overseas Expansion - The company has established subsidiaries, "Tianjin Youfa International Trade Co., Ltd." and "Youfa (Hainan) International Trade Co., Ltd." to develop direct export trade [1] - The company is also investing in trade and production projects through "Tianjin Youfa International Pipe Industry Co., Ltd." to enhance its international trade capabilities [1] Group 3: Strategic Goals - The company promotes industrial cooperation and green development, aiming to lead the industry towards healthy and sustainable growth [1] - The company is focused on increasing its market share and brand influence, showcasing a competitive advantage in both domestic and international markets [1] - The ultimate goal is to achieve global development for Youfa steel pipes [1]

（文章来源：证券日报） 证券日报网讯 1月14日，友发集团发布公告称，近日，公司已完成经营范围工商变更登记、《公司章 程》工商备案手续并已取得天津市静海区市场监督管理局换发的《营业执照》。 ...

Market Overview - On January 14, the general steel sector experienced a decline of 0.2% compared to the previous trading day, with Lingang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Hangang Co., Ltd. saw a significant increase in its stock price, closing at 65.6 with a rise of 8.12%, and a trading volume of 2.91 million shares, amounting to 2.772 billion yuan [1] - Other notable performers included Jiugang Hongxing, which rose by 3.74% to close at 1.94, and Xinxing Ductile Iron Pipes, which increased by 2.83% to close at 4.36 [1] - Conversely, Lingang Co., Ltd. closed at 2.11, down 2.76%, with a trading volume of 402,500 shares and a transaction value of 86.302 million yuan [2] Capital Flow Analysis - The general steel sector saw a net inflow of 278 million yuan from main funds, while retail investors experienced a net outflow of 227 million yuan [2] - The main funds showed significant net inflows in stocks like Hangang Co., Ltd. (495.1 million yuan) and Xinxing Ductile Iron Pipes (49.14 million yuan) [3] - Retail investors had notable outflows in stocks such as Hangang Co., Ltd. (-263 million yuan) and Xinxing Ductile Iron Pipes (-45.12 million yuan) [3]

注册资本：人民币 1,433,560,637 元 | | | 天津友发钢管集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 天津友发钢管集团股份有限公司（以下简称"公司"）于 2025 年 12 月 10 日召开第 五届董事会第二十四次会议及 2025 年 12 月 26 日召开 2025 年第一次临时股东大会，审议通 过《关于变更公司经营范围、修改公司章程并办理工商变更登记的议案》。具体内容详见公 司公告（公告编号：2025-134）。 近日，公司已完成经营范围工商变更登记、《公司章程》工商备案手续并已取得天津市 静海区市场监督管理局换发的《营业执照》，变更后的《营业执照》登记信息如下： 统一社会信用代码：91120000586440256D 类型：股份有限公司（上市） 成立日期：2011 年 12 月 26 日 法定代表人：李茂津 营业期限：2011 年 12 月 26 日 至 长期 住所：天津市静海区大邱庄镇百亿元工业区 经营范围：高频焊管、热镀锌钢管、钢塑 ...

Group 1 - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility. As of January 13, the index has a one-year dividend yield of 4.45% [1] - The Low Volatility Dividend ETF (华夏 159547) tracks this index and has the lowest comprehensive fee rate among ETFs. It evaluates dividends quarterly [1] - The Quality Dividend Index (931468.CSI) consists of 50 listed companies that provide continuous cash dividends, have high payout ratios, and exhibit strong profitability. As of January 13, this index has a one-year dividend yield of 3.55% [1] Group 2 - Huangshan Tourism announced a cash dividend of 0.07 yuan per share (tax included), with a record date of January 20, 2026, and an ex-dividend date of January 21, 2026. It is classified under the social services sector and is not part of the Low Volatility Dividend or Quality Dividend indices [1] - Youfa Group declared a cash dividend of 0.30 yuan per share (tax included), with a record date of January 20, 2026, and an ex-dividend date of January 21, 2026. It is classified under the steel industry and is not part of the Low Volatility Dividend or Quality Dividend indices [2] - Longxin General announced a cash dividend of 0.20 yuan per share (tax included), with a record date of January 19, 2026, and an ex-dividend date of January 20, 2026. It is classified under the automotive industry and is not part of the Low Volatility Dividend or Quality Dividend indices [2]

Group 1 - The core point of the article is that Youfa Group announced the approval of a proposal to adjust the exercise price of the "Win-Win No. 1" stock option incentive plan during the 26th meeting of its fifth board of directors [2] Group 2 - The adjustment of the stock option exercise price is part of the company's strategy to enhance employee motivation and align their interests with the company's performance [2] - The announcement reflects the company's ongoing efforts to implement incentive mechanisms that can drive growth and improve overall performance [2] - This decision may have implications for the company's stock performance and investor sentiment moving forward [2]

Core Viewpoint - Youfa Group announced a reduction in the conversion price of its convertible bonds due to the implementation of the 2025 third-quarter equity distribution, adjusting from 4.77 CNY per share to 4.48 CNY per share [1] Summary by Relevant Sections - **Convertible Bond Adjustment** - The conversion price for "Youfa Convertible Bonds" will be adjusted to 4.48 CNY per share, effective from January 21, 2026 [1] - **Conversion Suspension Period** - The conversion of "Youfa Convertible Bonds" will be suspended from January 13, 2026, to January 20, 2026, which is the equity distribution registration date [1] - **Resumption of Conversion** - Conversion will resume on January 21, 2026, following the equity distribution [1]