Core Viewpoint - The A-share steel sector experienced a significant upward trend, with several companies nearing their daily price limits and notable gains in stock prices [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhu Pipeline (002443) rose by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) increased by 4.97%, with a market cap of 19.6 billion but a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) gained 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) saw a 3.88% increase, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) rose by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) increased by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also rose by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel sector is expected to continue improving due to the traditional peak season combined with production restrictions [1][2] - Despite facing supply-demand contradictions and overall profit decline, the steel demand is anticipated to stabilize or slightly increase due to government policies supporting growth in real estate, infrastructure, and manufacturing [3][2] - The industry is likely to benefit from a tightening supply situation and increasing industry concentration, leading to a stable overall supply-demand landscape [3][2] Supply Situation - As of September 26, the capacity utilization rate of blast furnaces in sampled steel companies is 90.9%, an increase of 0.51 percentage points week-on-week [25] - The average daily pig iron production is 2.4236 million tons, with a week-on-week increase of 1.34% [25] - The total production of five major steel products reached 7.536 million tons, a week-on-week increase of 1.33% [25] Demand Situation - The consumption of five major steel products was 8.741 million tons as of September 26, with a week-on-week increase of 2.79% [34] - The transaction volume of construction steel by mainstream traders was 104,000 tons, showing a week-on-week decrease of 2.41% [34] Inventory Situation - The social inventory of five major steel products was 10.892 million tons, a week-on-week decrease of 1.10% [42] - The factory inventory of five major steel products was 4.214 million tons, a week-on-week increase of 0.72% [42] Price & Profit Situation - The comprehensive index for ordinary steel was 3,497.6 yuan/ton, with a week-on-week decrease of 0.28% [48] - The profit for rebar produced in blast furnaces was 14 yuan/ton, a week-on-week decrease of 36.36% [57] - The average cost of pig iron was 2,366 yuan/ton, with a week-on-week decrease of 15 yuan/ton [57] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 787 yuan/ton, a week-on-week decrease of 1.87% [73] - The price of coking coal at the port was 1,710 yuan/ton, with a week-on-week increase of 100 yuan/ton [73] Investment Suggestions - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies with strong cost control and scale effects [3][2] - Companies such as Shandong Steel, Hualing Steel, and Baosteel are highlighted as potential investment opportunities [3][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 these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

（文章来源：每日经济新闻） 每经AI快讯，9月26日，武进不锈涨停走出2连板，2天累计涨幅达21.07%。 ...

格隆汇9月26日｜A股市场钢铁股走强，其中，武进不锈涨停，南钢股份、中信特钢、宝钢股份、友发 集团、华菱钢铁、广大特材等跟涨。 ...

Group 1: Strong Stocks - As of September 25, the Shanghai Composite Index fell by 0.01% to 3853.3 points, while the Shenzhen Component Index rose by 0.67% to 13445.9 points, and the ChiNext Index increased by 1.58% to 3235.76 points [1] - A total of 52 stocks in the A-share market hit the daily limit up, with the top three strong stocks being: Bluefeng Biochemical (002513), Zhongdian Xindong (002298), and Shangwei New Materials (688585) [1] - The detailed data for the top 10 strong stocks includes metrics such as consecutive limit up days, turnover rates, trading volumes, and net buying amounts from the Dragon and Tiger list [1] Group 2: Strong Concept Sectors - The top three concept sectors with the highest gains are: China AI 50, Controlled Nuclear Fusion, and Kuaishou Concept, with respective increases of 2.36%, 1.39%, and 1.36% [2] - The detailed data for the top 10 concept sectors includes metrics such as percentage change, proportion of constituent stocks, and the ratios of rising and falling constituent stocks [2]

具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖二，合计净卖出2472.49万元。 资金流向方面，今日该股主力资金净流入3643.95万元，其中，特大单净流入3346.94万元，大单资金净 流入297.01万元。近5日主力资金净流入1.14亿元。 8月27日公司发布的半年报数据显示，上半年公司共实现营业收入11.21亿元，同比下降26.82%，实现净 利润7549.75万元，同比下降46.05%。（数据宝） 武进不锈(603878)今日涨停，全天换手率11.21%，成交额5.47亿元，振幅10.04%。龙虎榜数据显示，机 构净卖出2472.49万元，营业部席位合计净卖出4502.61万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.05%上榜，机构专用席位净卖出2472.49万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.88亿元，其中，买入成交额为5935.25 万元，卖出成交额为1.29亿元，合计净卖出6975.10万元。 （文章来源：证券时报网） 武进不锈9月25日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | ...

证券代码： 603878 证券简称：武进不锈 债券代码： 113671 债券简称：武进转债 国泰海通证券股份有限公司 关于江苏武进不锈股份有限公司 取消监事会之 临时受托管理事务报告 债券受托管理人 （中国（上海）自由贸易试验区商城路618号） 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》《江苏武进不锈股份有限公司向不特定对象 发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协议》"）《江 苏武进不锈股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《可转债募集说明书》"）《江苏武进不锈股份有限公司第五届董事会第十次 会议决议公告》《江苏武进不锈股份有限公司第五届监事会第七次会议决议公告》 《江苏武进不锈股份有限公司关于取消监事会并修订<公司章程>及相关制度的公 告》《江苏武进不锈股份有限公司2025年第二次临时股东大会决议公告》等相关公 开信息披露文件以及江苏武进不锈股份有限公司（以下简称"发行人"或"公司"） 提供的相关资料等，由本次债券受托管理人国泰海通证券股份有限公司（以下简称 "国泰海通"）编制。 本 ...

证券代码：603878 证券简称：武进不锈 公告编号：2025-049 债券代码：113671 债券简称：武进转债 江苏武进不锈股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 25 日 (二)股东大会召开的地点：江苏省常州市天宁区智核广场 4 幢全季酒店常州恐龙 园未来智慧城店 2 楼大会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 201 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 128,759,188 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 22.9488 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合 ...

法律意见书 致: 江苏武进不锈股份有限公司 江苏正气浩然(上海)律师事务所(以下简称"本所") 接受江苏武进不 锈股份有限公司(以下简称"公司")的委托,指派律师出席公司 2025 年第二次 临时股东大会(以下简称"本次股东大会"),并依据《中华人民共和国公司 法》(以下简称"《公司法》")、《上市公司股东大会规则》(以下简称"《股 东大会规则》"）及《江苏武进不锈股份有限公司章程》（以下简称"《公司 章程》"）的规定,就公司本次股东大会发表法律意见如下: 江苏正气浩然（上海）律师事务所 关于江苏武进不锈股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 江苏正气浩然(上海)律师事务所 法律意见书 江苏正气浩然(上海) 律师事务所 关于江苏武进不锈股份有限公司 2025 年第二次临时股东大会的 一、本次股东大会的召集、召开程序 本次股东大会由 2025 年 8 月 25 日召开的公司第五届董事会第十次会议做 出决议召集。公司董事会已于 2025年 8 月 27 日在上海证券交易所网站上发布 了《江苏武进不锈股份有限公司关于召开 2025 年第二次临时股东大会的通知》 (以下简称"本次股 ...