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 ...

Group 1 - The steel sector experienced a decline at the beginning of trading, with Shougang Corporation hitting the limit down [1] - Bayi Steel fell over 4%, while other companies such as Xining Special Steel, New Steel, and Wujin Stainless Steel also saw declines [1]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, based on their projected earnings and valuation metrics [3][4]. Core Insights - The steel prices are showing a strong upward trend supported by raw material costs, with significant increases in various steel products as of September 19, 2025 [1][11]. - The overall steel profit margins have improved, with notable increases in the gross margins for rebar, hot-rolled, and cold-rolled steel [1][2]. - The report indicates a shift from inventory accumulation to inventory reduction for rebar, suggesting a recovery in demand as the industry enters its peak season [3]. Price Trends - As of September 19, 2025, the prices for key steel products in Shanghai are as follows: - Rebar (20mm HRB400) at 3280 CNY/ton, up 70 CNY/ton from the previous week - High-line (8.0mm) at 3420 CNY/ton, up 60 CNY/ton - Hot-rolled (3.0mm) at 3460 CNY/ton, up 10 CNY/ton - Cold-rolled (1.0mm) at 3830 CNY/ton, up 30 CNY/ton - Common medium plate (20mm) at 3510 CNY/ton, up 50 CNY/ton [1][11][12]. Production and Inventory - As of September 19, 2025, the total production of the five major steel products was 8.55 million tons, a decrease of 1.78 million tons week-on-week, with rebar production specifically down by 5.48 million tons to 2.0645 million tons [2]. - The total social inventory of the five major steel products increased by 63,200 tons to 11.0023 million tons, while steel mill inventory decreased by 11,400 tons [2]. Profitability - The report highlights an increase in steel profitability, with gross margins for rebar, hot-rolled, and cold-rolled steel rising by 24 CNY/ton, 28 CNY/ton, and 28 CNY/ton respectively, while electric arc furnace steel margins increased by 10 CNY/ton [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - For the general steel sector: Hualing Steel, Baosteel, Nanjing Steel - For the special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The report emphasizes the importance of the steel sector in investment allocation, particularly in light of expected policy-driven production limits in the fourth quarter [1][2] - Despite current supply-demand imbalances and declining overall industry profits, the steel demand is anticipated to stabilize or slightly increase due to supportive policies in real estate, infrastructure, and manufacturing sectors [3][2] - The report suggests that the industry is likely to maintain a stable supply-demand situation, with a focus on high-margin specialty steel companies and leading enterprises with strong cost control [3][2] Supply Situation - As of September 19, the capacity utilization rate for blast furnaces among sample steel companies is 90.4%, a week-on-week increase of 0.17 percentage points [25] - The average daily pig iron production is 2.41 million tons, with a week-on-week increase of 0.47 tons and a year-on-year increase of 176,400 tons [25] - The total production of five major steel products is 7.437 million tons, a week-on-week decrease of 11,500 tons [25] Demand Situation - The consumption of five major steel products reached 8.503 million tons as of September 19, with a week-on-week increase of 70,000 tons [35] - The transaction volume of construction steel by mainstream traders is 107,000 tons, reflecting a week-on-week increase of 3.32% [35] Inventory Situation - The social inventory of five major steel products is 11.014 million tons, a week-on-week increase of 62,700 tons [43] - The factory inventory of five major steel products is 4.184 million tons, a week-on-week decrease of 1.14% [43] Price & Profit Situation - The comprehensive index for ordinary steel is 3,507.3 yuan/ton, with a week-on-week increase of 17.52 yuan/ton [49] - The profit for rebar produced in blast furnaces is 22 yuan/ton, a significant week-on-week increase of 257.14% [58] - The average cost of pig iron is 2,381 yuan/ton, with a slight week-on-week increase [58] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) is 802 yuan/ton, a week-on-week increase of 6.0 yuan/ton [72] - The price of primary metallurgical coke is 1,715 yuan/ton, with a week-on-week decrease of 55.0 yuan/ton [72]

Market Overview - The Shanghai Composite Index decreased by 0.03% at the close, with a trading volume of 979.60 million shares and a turnover of 15,108.13 billion yuan, representing a 12.16% decrease from the previous trading day [1] Industry Performance - The coal industry showed the highest increase at 1.97%, with a transaction amount of 111.71 billion yuan, up 41.65% from the previous day, led by Huayang Co., which rose by 8.09% [1] - The defense and military industry increased by 1.66%, with a transaction amount of 431.15 billion yuan, up 6.87%, led by Guorui Technology, which rose by 9.99% [1] - The non-ferrous metals sector rose by 1.42%, with a transaction amount of 597.97 billion yuan, down 14.34%, led by Ganfeng Lithium, which increased by 10.00% [1] - The automotive sector experienced the largest decline at 1.63%, with a transaction amount of 1,040.70 billion yuan, down 7.43%, led by Haon Automotive, which fell by 11.48% [2] - The pharmaceutical and biological sector decreased by 1.04%, with a transaction amount of 682.17 billion yuan, down 8.78%, led by Saily Medical, which fell by 6.22% [2] - The real estate sector declined by 0.97%, with a transaction amount of 242.96 billion yuan, down 8.46%, led by Suning Universal, which decreased by 10.12% [2]

Group 1 - The A-share market saw a strong performance in steel stocks, with Shougang Co. hitting the daily limit, Falsen rising nearly 6%, and other companies like Bayi Steel and Guangda Special Materials increasing over 3% [1] - On September 18, the China Iron and Steel Association's Iron Ore Working Committee held a meeting in Beijing to analyze the current iron ore market situation and discuss upcoming work related to the import iron ore port spot price index [1] - The meeting was attended by procurement business leaders from domestic steel production and iron ore trading companies [1] Group 2 - Shougang Co. had a market capitalization of 39.4 billion and a year-to-date increase of 67.56% [2] - Falsen's market capitalization was 1.93 billion with a year-to-date increase of 45.11% [2] - Bayi Steel had a market capitalization of 7.17 billion and a year-to-date increase of 51.79% [2] - Guangda Special Materials had a market capitalization of 7.399 billion and a year-to-date increase of 74.20% [2] - Wujin Stainless Steel had a market capitalization of 4.146 billion with a year-to-date increase of 31.49% [2] - Xining Special Steel had a market capitalization of 10.9 billion and a year-to-date increase of 49.33% [2]

Core Viewpoint - WuJin Stainless Steel has shown significant stock price growth in 2023, with a year-to-date increase of 29.11% and a recent surge of 10.99% over the last five trading days, indicating strong market interest and potential investment opportunities [1]. Financial Performance - For the first half of 2025, WuJin Stainless Steel reported a revenue of 1.121 billion yuan, representing a year-on-year decrease of 26.82%. The net profit attributable to shareholders was 75.4975 million yuan, down 46.05% compared to the previous year [2]. - The company has distributed a total of 1.14 billion yuan in dividends since its A-share listing, with 500 million yuan distributed over the last three years [3]. Stock Market Activity - As of September 17, the stock price reached 7.27 yuan per share, with a market capitalization of 4.079 billion yuan. The trading volume was 52.74 million yuan, with a turnover rate of 1.32% [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 11 [1]. Shareholder Information - As of June 30, the number of shareholders stood at 17,900, a decrease of 3.48% from the previous period. The average number of circulating shares per shareholder increased by 3.60% to 31,381 shares [2].

New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]