Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8][9][10]. Core Viewpoints - The steel sector has shown a strong performance this year, with a year-to-date increase of over 30%, ranking 7th among Shenwan's primary industries [2]. - The report highlights that the average daily pig iron production has increased to 236.9 thousand tons, while steel production has decreased [11]. - The total inventory of steel has decreased, with a week-on-week decline of 1.7%, indicating a tightening supply [23]. - Apparent steel consumption has shown a slight decline, with a week-on-week decrease of 0.7% [52]. - The report notes that iron ore prices have strengthened, influenced by reduced shipments from Australia and Brazil [49]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,999.70 points, up 0.83%, outperforming the CSI 300 Index by 1.91 percentage points [1][94]. Supply Analysis - Daily pig iron production increased by 2.8 thousand tons, while steel production has decreased, particularly in rebar [11][17]. - The capacity utilization rate for 247 steel mills is reported at 88.8%, reflecting a slight increase [17]. Inventory Analysis - The total inventory of five major steel products decreased to 1,061.4 million tons, down 1.3% week-on-week [25]. - Steel mill inventories also saw a decline, with a 2.9% reduction [25]. Demand Analysis - Apparent consumption of five major steel products decreased by 0.7% week-on-week, with rebar demand dropping more significantly [40][52]. - The average weekly transaction volume for construction steel was 100 thousand tons, reflecting a 3.9% increase [41]. Price and Profitability - The report indicates a slight increase in steel prices, with the Myspic comprehensive steel price index rising to 121.2, up 0.1% week-on-week [75]. - Current costs for long-process rebar and hot-rolled coils are reported at 3,518 yuan/ton and 3,744 yuan/ton, respectively, with negative margins [75][76].

Core Insights - Molybdenum iron, an alloy composed of 55%-75% molybdenum, is essential for producing stainless steel, heat-resistant steel, acid-resistant steel, and tool steel, with a density of 9.0g/cm³ to 9.5g/cm³ and a melting point around 2700°C [2][4] Production and Demand - In 2024, China's cumulative molybdenum iron production is projected to reach 217,700 tons, reflecting a year-on-year increase of 5.1%, with apparent demand at 217,600 tons [2] - From January to August 2025, cumulative production is expected to be 161,400 tons, a significant year-on-year growth of 13.8%, with apparent demand at 161,700 tons, indicating a balanced supply-demand scenario [2] - Major production regions in China include Liaoning, Henan, and Shaanxi [2] Price Trends - The price of 60% molybdenum iron in China surged from 98,600 CNY/ton in 2020 to 252,200 CNY/ton in 2023, driven by intensified supply-demand conflicts [2] - In 2024, prices are expected to remain high but decline compared to 2023 due to supply release and weakened downstream demand [2] Import and Export Dynamics - Between 2022 and 2024, molybdenum iron exports have been declining, while imports have been increasing, indicating a shift towards a stronger import market [2] - In 2024, molybdenum iron imports are projected at 7,963.5 tons, a substantial year-on-year increase of 61.0%, while exports are expected to be 8,122.9 tons, down 4.7% [2] - For January to August 2025, import and export volumes are anticipated to be 3,834.4 tons and 3,601.0 tons, respectively [2] Industry Outlook - The demand for molybdenum iron is expected to remain resilient, supported by the stainless steel and special steel sectors, as well as the upgrading of high-end manufacturing [2]

Core Viewpoint - The announcement details the results of share reductions by major shareholders and executives of Jiangsu Wujin Stainless Steel Co., Ltd, confirming the completion of the planned share reduction [1][4]. Group 1: Shareholder and Executive Holdings - Before the reduction plan, the company's vice president and director, Mr. Zhou Zhibin, held 630,000 shares, accounting for 0.11% of the total share capital; the board secretary and vice president, Mr. Liu Yiming, held 1,380,319 shares, accounting for 0.25%; and director and vice president, Mr. Wu Fangmin, held 483,294 shares, accounting for 0.09% [2]. Group 2: Implementation of Reduction Plan - On September 30, 2025, the company disclosed a share reduction plan, where Mr. Zhou Zhibin, Mr. Liu Yiming, and Mr. Wu Fangmin intended to reduce their holdings by up to 25% of their respective shares, totaling a maximum of 623,402 shares, which represents 0.11% of the total share capital [3]. - As of November 4, 2025, the actual reductions were as follows: Mr. Zhou Zhibin reduced his holdings by 157,500 shares (0.03% of total share capital); Mr. Liu Yiming reduced his holdings by 345,000 shares (0.06%); and Mr. Wu Fangmin reduced his holdings by 120,800 shares (0.02%) [3][4]. Group 3: Completion of Reduction Plan - The share reduction plan has been fully implemented, with the actual reduction aligning with the previously disclosed plan [8][11].

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-059 | | --- | --- | --- | | 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 股东及董事、高管减持股份结果公告 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： 大股东及董监高持股的基本情况 本次减持计划实施前，江苏武进不锈股份有限公司（以下简称"公司"）董 事兼副总经理周志斌先生持有公司股份 630,000 股，占公司总股本的 0.11%；董 事会秘书兼副总经理刘一鸣先生持有公司股份 1,380,319 股，占公司总股本的 0.25%；董事兼副总经理吴方敏先生持有公司股份 483,294 股，占公司总股本的 0.09%。 减持计划的实施结果情况 2025 年 9 月 30 日，公司披露了《江苏武进不锈股份有限公司股东及董事、 高管减持股份计划公告》（公告编号：2025-050），周志斌先生、刘一鸣先生及吴 方敏先生拟通过集中竞价、大宗交易等方式，减持不超过各自所持公司 ...

Core Insights - Wujin Stainless Steel (603878.SH) reported its Q3 2025 results on October 29, 2025, indicating a total of 4 institutional investors holding shares, amounting to 45.0837 million shares, which represents 8.04% of the total share capital [1] - The institutional holding percentage decreased by 6.04 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Changzhou Fuying Investment Co., Ltd., Basic Pension Insurance Fund 1003 Portfolio, Bank of China - E Fund CSI Dividend ETF, and Hongde Huixiang Mixed A, with a combined holding of 8.04% [1] - There were 2 public funds that increased their holdings this period, namely E Fund CSI Dividend ETF and Hongde Huixiang Mixed A, with a slight increase in holding percentage [1] - A total of 74 public funds did not disclose their holdings this period, including notable funds like China Merchants CSI Dividend ETF and others [1] Pension Funds - One pension fund, Basic Pension Insurance Fund 1003 Portfolio, reduced its holdings this period, resulting in a slight decrease in holding percentage [1] - One pension fund, Basic Pension Insurance Fund 1001 Portfolio, did not disclose its holdings this period [1]

Core Viewpoint - The company announced the appointment of a new securities affairs representative, Wang Yan, to assist the board secretary in daily operations, effective until the end of the current board's term [1] Group 1 - The fifth board of directors will hold its twelfth meeting on October 27, 2025, to review the appointment [1] - Wang Yan's term as the securities affairs representative will align with the current board's term [1]

Core Points - The company announced the cancellation of the supervisory board and related system revisions during the second extraordinary general meeting of shareholders scheduled for September 25, 2025 [2] - The convertible bonds of the company will start conversion on January 15, 2024, with a total of 3,866 shares expected to be converted between April 2024 and June 30, 2025 [2] - The total number of shares will increase to 561,069,165, resulting in a change in registered capital from RMB 561,065,299 to RMB 561,069,165 [2] - The company has completed the registration change of its capital and the filing of the revised articles of association, obtaining a new business license from the Changzhou Market Supervision Administration [2]

Industry Overview - The steel industry experienced a decline of 1.35% today, with a net outflow of funds amounting to 6.92 billion yuan [1] - Among the 44 stocks in the steel sector, only 4 stocks rose, while 40 stocks fell, indicating a bearish trend in the market [1] Fund Flow Analysis - The top three stocks with the highest net outflow of funds were Baogang Co., New Steel Pipe, and Wujin Stainless Steel, with net outflows of 5.04 billion yuan, 1.47 billion yuan, and 778.64 million yuan respectively [1] - Conversely, the stock with the highest net inflow was Fangda Carbon, which saw an inflow of 3.92 billion yuan, followed by Nanjing Steel and Hebei Steel with inflows of 181.07 million yuan and 162.70 million yuan respectively [1][2] Stock Performance - Baogang Co. had a decline of 3.00% with a turnover rate of 3.53% and a net outflow of 504.05 million yuan [1] - Fangda Carbon stood out with a significant increase of 10.08% and a turnover rate of 3.81%, reflecting strong investor interest [2] - Other notable declines included Wujin Stainless Steel at -4.85% and Youfa Group at -4.24%, indicating a challenging environment for these companies [1][2]

Market Overview - The steel sector experienced a decline of 1.81% on October 28, with Wujin Stainless Steel leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Notable gainers included: - Sangang Min Guang (002110) with a closing price of 4.48, up 0.90% on a trading volume of 784,300 shares and a turnover of 356 million yuan [1] - Ben Steel Plate (000761) closed at 3.63, up 0.83% with a trading volume of 141,200 shares and a turnover of 51.01 million yuan [1] - Significant decliners included: - Wujin Stainless Steel (603878) which fell 4.85% to a closing price of 10.60, with a trading volume of 356,800 shares and a turnover of 383 million yuan [2] - Baotou Steel (600010) decreased by 3.00% to 2.59, with a trading volume of 11,064,600 shares and a turnover of 2.892 billion yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 922 million yuan from main funds, while retail investors contributed a net inflow of 668 million yuan [2] - Key stocks with significant capital flow include: - Nanjing Steel (600282) with a net inflow of 20.27 million yuan from main funds, but a net outflow of 11.52 million yuan from retail investors [3] - Heibei Steel (000709) recorded a net inflow of 18.79 million yuan from main funds, while retail investors had a net outflow of 22.39 million yuan [3]

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-054 | | --- | --- | --- | | 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 二〇二五年十月二十九日 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 七号—钢铁》中第二十二条的相关规定，江苏武进不锈股份有限公司现将 2025 年第三季度主要经营数据（未经审计）公告如下： | 主要产 | 生产量（吨） | | | | 销售量（吨） | | | 销售价格（元/吨） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 第三季度 | | 本年累计 | 第三季度 | 本年累计 | | 第三季度 | | 本年累计 | | | | （7-9 | 月） | （1-9 月） | （7-9 月） | （1-9 | 月） | （7-9 | 月） | （1-9 | 月） | | 不锈钢 无缝管 | 10579 | | 30694 | 11842 | | 33818 | ...