Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a 3.70% increase this week, outperforming the broader market [10] - The report highlights that the central inspection team has pointed out issues with steel production capacity, indicating a potential tightening of supply management in the industry [3] - Despite current challenges, the demand for steel is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3] Supply Situation - As of September 12, the capacity utilization rate for blast furnaces in sampled steel companies is 90.2%, an increase of 4.39 percentage points week-on-week [23] - The average daily pig iron production is 2.4055 million tons, which is an increase of 117,100 tons week-on-week [23] - The total production of five major steel products is 7.448 million tons, a decrease of 51,800 tons week-on-week [23] Demand Situation - The consumption of five major steel products reached 8.433 million tons as of September 12, an increase of 155,000 tons week-on-week [31] - The transaction volume of construction steel by mainstream traders is 103,000 tons, reflecting a week-on-week increase of 6.32% [31] Inventory Situation - Social inventory of five major steel products is 10.951 million tons, an increase of 174,100 tons week-on-week [39] - Factory inventory of five major steel products is 4.195 million tons, a decrease of 35,000 tons week-on-week [39] Price & Profit Situation - The comprehensive index for ordinary steel is 3,489.7 yuan/ton, a slight increase of 0.71 yuan/ton week-on-week [45] - The profit for rebar produced in blast furnaces is -14 yuan/ton, a decrease of 8.0 yuan/ton week-on-week [54] - The average cost of pig iron is 2,379 yuan/ton, a decrease of 17.0 yuan/ton week-on-week [54] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) is 796 yuan/ton, an increase of 11.0 yuan/ton week-on-week [68] - The price for primary metallurgical coke is 1,770 yuan/ton, remaining stable week-on-week [68]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd., Jiuli Special Materials, Youfa Group, and Wujin Stainless Steel [3]. Core Viewpoints - The report indicates that pig iron production has rebounded to high levels, with daily production exceeding 2.4 million tons. Steel production has slightly decreased, but inventory accumulation has narrowed, suggesting a recovery in demand, although year-on-year demand remains weak. Steel profits are fluctuating around the breakeven point [2][3]. - The report highlights that the long-term focus will be on capacity regulation, which is expected to be more precise this time, promoting the survival of the fittest among steel companies. The profitability of steel enterprises is anticipated to recover as new iron ore capacities are gradually released [2][3]. Price Trends - As of September 12, 2025, steel prices showed mixed trends: rebar (20mm HRB400) at 3,210 CNY/ton (down 50 CNY), high line (8.0mm) at 3,360 CNY/ton (down 40 CNY), hot-rolled (3.0mm) at 3,450 CNY/ton (up 30 CNY), cold-rolled (1.0mm) at 3,800 CNY/ton (unchanged), and medium plate (20mm) at 3,460 CNY/ton (unchanged) [1][9][10]. Production and Inventory - As of September 12, 2025, the total production of five major steel products was 8.57 million tons, a decrease of 34,100 tons week-on-week. The total inventory of these products increased by 174,100 tons to 10.9391 million tons [2][5]. - The apparent consumption of rebar was estimated at 1.9807 million tons, down 40,000 tons week-on-week, while the average daily transaction volume of construction steel was 103,100 tons, up 6.32% week-on-week [2][5]. Profitability - The report estimates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have changed by -31 CNY/ton, +12 CNY/ton, and -8 CNY/ton respectively compared to the previous week. The gross profit margin for electric arc furnace steel decreased by 11 CNY/ton [1][2]. Investment Recommendations - The report recommends focusing on the following companies: 1. General Steel Sector: Hualing Steel, Baosteel, Nanjing Steel 2. Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. 3. Pipe Materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel 4. High-Temperature Alloy: Fushun Special Steel [2][3].

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

Core Viewpoint - The company, Wujin Stainless Steel, announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from September 9 to September 11, 2025 [1] Summary by Relevant Sections - **Stock Performance** - The stock price of Wujin Stainless Steel showed a cumulative increase of over 20% during the trading days of September 9, 10, and 11, 2025, indicating significant market activity [1] - **Company Disclosure** - Following the stock price fluctuation, the company conducted a self-examination and consulted with its controlling shareholders and actual controllers, confirming that there were no undisclosed significant information regarding the company [1]

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | （一）生产经营情况 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： 江苏武进不锈股份有限公司（以下简称"公司"）股票于2025年9月9日、9 月10日、9月11日连续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于 股票交易异常波动。 经公司自查并书面征询控股股东及实际控制人，不存在关于本公司应披 露而未披露的重大信息。 一、股票交易异常波动的具体情况 江苏武进不锈股份有限公司 公司股票于2025年9月9日、9月10日、9月11日连续三个交易日内日收盘价格 涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的相关规定，属于 股票交易异常波动。 股票交易异常波动公告 二、公司关注并核实的相关情况 经核实，本次股票交易异常波动期间，未发现公司董事、监事、高级管理人 员、控股股东及其一致行动人买卖公司股票的情况。 经公司自 ...

本人作为贵公司的实际控制人,截至目前,不存在影响公司股票 交易价格异常波动的重大事宜;不存在其他应披露而未披露的重大信 息,包括但不限于并购重组、股份发行、债务重组、业务重组、资产 剥离和资产注入等重大事项。 本人亦将严格遵守《上海证券交易所股票上市规则》等有关规定, 依法履行信息披露义务。 关于对江苏武进不锈股份有限公司 股票交易异常波动问询函的回复 江苏武进不锈股份有限公司: 本人于2o25年 1月 ||日收到贵公司发来的《关于对江苏武进不锈 股份有限公司股票交易异常波动问询函》,经本人自查确认,现回复 如下: 特此回复。 实际控制人 顾坚劫 沈卫蛋 日期: 2025年 9月 1/日 ...

Market Performance - On September 11, the general steel sector rose by 1.15%, with Wujin Stainless Steel leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Wujin Stainless Steel (603878) closed at 7.05, with a gain of 7.63% and a trading volume of 683,900 shares, amounting to a transaction value of 472 million yuan [1] - Shougang Co. (000959) closed at 4.22, up 2.43%, with a trading volume of 364,500 shares and a transaction value of 152 million yuan [1] - Baotou Steel (600010) closed at 2.48, up 2.06%, with a trading volume of 9,690,400 shares and a transaction value of 2.377 billion yuan [1] - Other notable performances include Baosteel (600019) at 7.06 (+1.73%), and Maanshan Steel (600808) at 3.64 (+1.39%) [1] Capital Flow Analysis - The steel sector saw a net inflow of 106 million yuan from institutional investors, while retail investors experienced a net inflow of approximately 89.64 million yuan [2] - Notably, Wujin Stainless Steel had a net inflow of 4.02 million yuan from institutional investors, while retail investors saw a net outflow of 10.98 million yuan [3] - Baotou Steel had a significant net inflow of 103 million yuan from institutional investors, indicating strong institutional interest [3]

Core Viewpoint - Wujin Stainless Steel (603878) experienced a trading halt today with a daily turnover rate of 12.67% and a transaction amount of 444 million yuan, indicating significant market activity and interest in the stock [2]. Trading Activity - The stock reached a daily price increase deviation of 10.53%, leading to its listing on the Shanghai Stock Exchange's watchlist [2]. - The total net buying from brokerage seats amounted to 65.68 million yuan, with the top five brokerage seats contributing a total transaction of 132 million yuan, including 98.87 million yuan in buying and 33.19 million yuan in selling [2]. - The leading buying brokerage was Caitong Securities, which purchased 44.67 million yuan worth of shares, while the largest selling brokerage was Guotai Junan Securities, selling 7.39 million yuan [2]. Fund Flow - The stock saw a net inflow of 98.13 million yuan from major funds today, with a significant single order net inflow of 102 million yuan, while large orders experienced a net outflow of 3.91 million yuan [2]. - Over the past five days, the net inflow of major funds totaled 107 million yuan [2]. Financial Performance - The company reported a revenue of 1.12 billion yuan for the first half of the year, reflecting a year-on-year decline of 26.82%, and a net profit of 75.50 million yuan, down 46.05% year-on-year [2].

Core Insights - The steel sector saw a slight increase of 0.34% on September 9, with Wujin Stainless Steel leading the gains at 10.02% [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Steel Sector Performance - Wujin Stainless Steel (603878) closed at 6.37 with a rise of 10.02%, trading volume of 710,900 shares and a transaction value of 444 million [1] - Hangang Co. (600126) increased by 3.45% to close at 656, with a trading volume of 1,530,300 shares and a transaction value of 1.448 billion [1] - Other notable performers include Maanshan Steel (600808) up 1.96% to 3.65, and Nanjing Steel (600282) up 1.00% to 5.05 [1] Declining Stocks - Sansteel Minguang (002110) fell by 2.45% to 4.38, with a trading volume of 374,700 shares and a transaction value of 166 million [2] - Liugang Co. (601003) decreased by 1.22% to 5.65, with a trading volume of 270,100 shares and a transaction value of 154 million [2] - Other declining stocks include Lingsteel (600231) down 0.99% and Bayi Steel (600581) down 0.93% [2] Capital Flow - The steel sector experienced a net inflow of 263 million from main funds, while retail investors saw a net outflow of 47.886 million [2] - The overall capital flow indicates a mixed sentiment among institutional and retail investors within the steel sector [2]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][4]. Core Viewpoints - The steel industry is experiencing a dual weakness in supply and demand due to environmental production restrictions, with a focus on the recovery during peak demand seasons [3][4]. - Short-term impacts from environmental restrictions are expected to ease, leading to a gradual recovery in both supply and demand [3][4]. - Long-term capacity regulation remains a key theme, with expectations for more precise management to promote industry consolidation and improve profitability for steel companies [3][4]. Price Trends - As of September 5, 2025, steel prices showed mixed trends, with rebar prices at 3,260 CNY/ton, up 10 CNY/ton from the previous week, while other products like high-line and cold-rolled steel saw price declines [1][9]. - The report notes that the average price changes for various steel products over the past month and year reflect a complex market environment, with some products experiencing price increases while others decline [10][24]. Production and Inventory - As of September 5, 2025, total steel production decreased to 8.61 million tons, a reduction of 239,600 tons week-on-week, with rebar production specifically down by 18,800 tons [2][3]. - Total social inventory of major steel products increased by 311,800 tons to 10.765 million tons, indicating a build-up in stock levels despite reduced production [2][3]. Profitability - The report indicates a decline in steel margins, with estimated changes in gross profit for rebar, hot-rolled, and cold-rolled steel being -46 CNY/ton, -38 CNY/ton, and -36 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and companies like Xianlou New Materials and CITIC Special Steel in the special steel sector [3][4].