Investment Rating - The industry is rated as "Buy" for key stocks such as Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, with a recommendation to increase holdings in New Steel Pipe and Ningjin Steel [6][9]. Core Insights - The black metallurgy industry is gradually recovering its profitability, with a total profit of 31.69 billion yuan from January to May 2025, compared to a loss of 12.72 billion yuan in the same period last year [4][13]. - The average daily pig iron production has slightly increased to 2.423 million tons, indicating a recovery in production capacity utilization [12][18]. - The total inventory of steel has shifted from a decrease to an increase, with social inventory showing a slower depletion rate [25][39]. - The demand for steel products has weakened, with apparent consumption of major steel varieties decreasing by 0.5% week-on-week [39][50]. - The iron ore price has slightly rebounded, with the Platts 62% iron ore price index at 94.4 USD/ton, reflecting a week-on-week increase of 1.5% [57][70]. Summary by Sections Supply - Daily pig iron production has increased by 0.1 million tons to 2.423 million tons, with a slight rise in production capacity utilization for blast furnaces [12][18]. Inventory - The total inventory of five major steel varieties has increased by 0.1%, with social inventory decreasing by 0.7% year-on-year [25][27]. Demand - Apparent consumption of five major steel varieties has decreased by 0.5% week-on-week, with rebar consumption slightly increasing by 0.3% [39][50]. Raw Materials - Iron ore prices have shown a slight increase, while coke prices have decreased, indicating potential pressure on raw material costs [50][57]. Prices and Profits - The current steel price index has slightly declined, but immediate gross margins have improved, with long-process steel products showing a cost of 3,177 yuan/ton and a loss of 77 yuan/ton [69][71].

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies within the industry [3][4]. Core Insights - The report indicates that iron water remains at a high level, with strong cost support. Although there is a long-term downward trend in iron water, the short-term decline is relatively slow. The supply of iron ore has not yet been released, solidifying the cost bottom in the short term [3][4]. - The overall production and inventory levels of steel are at low points year-on-year, with no significant supply-demand contradictions. The profitability of steel companies is expected to recover due to the optimization of crude steel supply and the gradual release of new iron ore production capacity [3][4]. Summary by Sections Price Trends - As of June 27, steel prices showed mixed trends, with rebar prices at 3,090 CNY/ton (up 20 CNY), high line prices at 3,300 CNY/ton (up 30 CNY), hot-rolled prices stable at 3,240 CNY/ton, cold-rolled prices down 20 CNY to 3,490 CNY/ton, and medium plate prices down 20 CNY to 3,280 CNY/ton [1][10][11]. Production and Inventory - The total production of five major steel varieties reached 8.81 million tons, an increase of 124,800 tons week-on-week. The apparent consumption of rebar was estimated at 2.1991 million tons, up 0.72 million tons from the previous week [2][3]. Profitability - The report estimates that the gross profit for rebar, hot-rolled, and cold-rolled steel changed by +1 CNY/ton, +5 CNY/ton, and -21 CNY/ton respectively compared to the previous week. Electric arc furnace steel saw a decrease of 6 CNY/ton in gross profit [1][3]. Investment Recommendations - Recommended stocks include: 1. General steel sector: Baosteel, Hualing Steel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. 3. Pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Suggested to pay attention to high-temperature alloy stocks: Fushun Special Steel [3][4]. Key Company Earnings Forecasts - Baosteel (600019.SH): EPS forecast for 2024A at 0.34 CNY, PE at 19, rated as "Buy" - Hualing Steel (000932.SZ): EPS forecast for 2024A at 0.29 CNY, PE at 15, rated as "Buy" - Nanjing Steel (600282.SH): EPS forecast for 2024A at 0.37 CNY, PE at 11, rated as "Buy" [3].

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies for investment [3]. Core Viewpoints - The steel market is experiencing weak supply and demand, leading to price fluctuations. As of June 20, 2025, the price of 20mm HRB400 rebar in Shanghai is 3070 CNY/ton, unchanged from the previous week [1][10]. - Steel profits have increased slightly, with rebar, hot-rolled, and cold-rolled steel margins changing by +6 CNY/ton, +20 CNY/ton, and -26 CNY/ton respectively [1][3]. - Steel production has risen, with a total output of 8.69 million tons for major steel products, a week-on-week increase of 96,600 tons [2][3]. Summary by Sections Price Trends - As of June 20, 2025, various steel prices show mixed trends, with rebar prices stable at 3070 CNY/ton, hot-rolled steel increasing by 40 CNY/ton to 3240 CNY/ton, and cold-rolled steel decreasing by 30 CNY/ton to 3510 CNY/ton [1][10][11]. Production and Inventory - The total production of major steel products reached 8.69 million tons, with rebar production increasing by 46,100 tons to 2.12 million tons. Total social inventory decreased by 144,300 tons to 9.12 million tons [2][3]. Profitability - The report indicates a slight increase in steel profitability, with long-process steel margins showing minor increases while short-process margins have decreased [1][3]. Investment Recommendations - The report suggests focusing on the following companies: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it recommends paying attention to high-temperature alloy companies like Fushun Special Steel [3].

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 关于为子公司提供担保的公告 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法律责任。 重要内容提示： 被担保人：福建甬金金属科技有限公司（以下简称"福建甬金"） 本次担保金额：甬金科技集团股份有限公司（下称"公司"）本次为控 股子公司福建甬金向招商银行股份有限公司宁德分行（下称"招行宁德分行"） 申请的借款按持股比例70%提供最高不超过人民币7,000万元的连带责任保证担 保。 已实际为上述被担保人提供的担保余额：截至2025年6月13日，公司及 子公司向福建甬金提供的担保余额为21,562.50万元。 本次担保是否有反担保：否 对外担保逾期的累计数量：0 一、担保情况概述 （一）担保基本情况 1、公司与招行宁德分行签署了《最高额不可撤销担保书》（编号： 591XY250422T00015701），为控股子公司福建甬金申请的借 ...

Core Viewpoint - The report outlines the issuance and management of convertible bonds by Yongjin Technology Group Co., Ltd., detailing the bond's terms, financial performance, and the company's operational status in 2024 [2][3][4]. Section 1: Bond Issuance Details - The company has approved the public issuance of convertible bonds totaling RMB 1 billion, with a face value of RMB 100 per bond, and a total of 10 million bonds issued [3][4]. - The bonds were issued on December 13, 2021, and are set to mature in six years, with an annual interest rate that increases progressively from 0.30% in the first year to 3.00% in the sixth year [5][6]. Section 2: Financial Performance - In 2024, the company produced 3.3163 million tons of cold-rolled stainless steel, a year-on-year increase of 16.95%, and achieved sales of 3.3139 million tons, up 17.52% [23]. - The total revenue for 2024 reached RMB 4,186.08 million, reflecting a 4.98% increase compared to the previous year, while the net profit attributable to shareholders rose by 77.75% to RMB 805.23 million [23]. Section 3: Fund Utilization - The funds raised from the bond issuance have been fully utilized, amounting to RMB 996.48 million, including interest income [26]. - The company has established a dedicated account for managing the raised funds, which has now been closed following the complete utilization of the funds [19][26]. Section 4: Credit Rating - The company's credit rating has been consistently rated at AA- by Shanghai New Century Credit Rating Co., Ltd., with a stable outlook maintained through various assessments conducted in 2021, 2022, and 2023 [20][21]. Section 5: Company Overview - Yongjin Technology Group Co., Ltd. specializes in the research, production, and sales of cold-rolled stainless steel products, with an annual production capacity exceeding 3 million tons [22][23]. - The company has been recognized as a national high-tech enterprise and has made significant advancements in product development and technological innovation [22][23].

证券代码：603995 证券简称：甬金股份 债券代码：113636 债券简称：甬金转债 甬金科技集团股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 1 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》"）、 《浙江甬金金属科技股份有限公司（作为发行人）与华泰联合证券有限责任公司 （作为受托管理人）关于浙江甬金金属科技股份有限公司公开发行可转换公司债 券之债券受托管理协议》1（以下简称"《受托管理协议》"）、《浙江甬金金属科技 股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 《甬金科技集团股份有限公司 2024 年年度报告》等相关公开信息披露文件、第 三方中介机构出具的专业意见等，由本期债券受托管理人华泰联合证券有限责任 公司（以下简称"华泰联合证券"）编制。华泰联合证券对本报告中所包含的从 上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实 性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而 ...

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 股票交易异常波动公告 经营业绩风险：甬金科技集团股份有限公司（下称"公司"）2025 年一季度 归属于上市公司股东的净利润 1.04 亿元，同比下降 15.41%，归属于上市公司股东 的扣除非经常性损益的净利润 0.98 亿元，同比下降 14.65%（具体内容详见公司于 2025 年 4 月 26 日披露的《2025 年第一季度报告》）。敬请广大投资者注意业绩波动 风险。 相关概念澄清：公司主营业务为冷轧不锈钢板带的研发、生产和销售。业务 下游主要应用于家用电器、建筑装潢、厨电厨具等行业，不涉及"固态电池"相关 产品。敬请投资者注意风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 6 月 6 日、6 月 9 日、6 月 10 日连续三个交易日内日收 盘价格涨幅偏离值累计超 20%。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。 二、公司 ...

公司发来的《甬金科技集团股份有限公司股票交易异常波动的问询函》已收悉， 经认真核查，现回复如下： 关于《甬金科技集团股份有限公司股票交易异常波动的问询函》 的回函 甬金科技集团股份有限公司： （以下无正文） （此页无正文，为《甬金科技集团股份有限公司股票交易异常波动的问询函》的 回函之签署页） 控股股东、实际控制人： 2025 年 6 月 10 日 本人作为甬金科技集团股份有限公司控股股东、实际控制人，截止目前不存在 影响贵公司股票交易异常波动的重大事项，不存在涉及贵公司应予披露而未披露的 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。 特此回复。 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including asset restructuring, acquisitions, and financial performance updates, which may present investment opportunities and risks for investors [2]. Major Events - Zhongke Shuguang will hold an investor briefing on June 11 regarding a major asset restructuring with Haiguang Information Technology [3]. - Redik plans to acquire 51% of Chengzhan Precision Technology for a total consideration of 104 million yuan, aiming to enter the embodied intelligence sector [4]. - *ST King Kong signed a restructuring investment agreement with Ouhao Group, with a share price of 4.96 yuan per share, raising between 268 million yuan and 402 million yuan [5]. - *ST Bosen clarified that its upcoming shareholder meeting is unrelated to any plans for a reverse merger with Xifeng Liquor [6]. - Guotou Capital announced the resignation of its chairman due to work relocation [7]. - Vanke A sold 22 million A-shares for 146 million yuan to enhance liquidity without impacting current profits [8]. Financial Performance - Tiankang Biological reported May sales of 22.97 million pigs, with revenue of 345 million yuan, reflecting a year-on-year decline of 19.95% [18]. Shareholding Changes - Qu Mei Home's director reduced holdings by 58,000 shares during a period of significant stock price volatility [19]. Financing Activities - Founder Technology plans to raise up to 1.98 billion yuan through a private placement to fund an AI and high-density interconnect circuit board project [20]. Major Contracts - Tengda Construction won a bid for the Fanglin Automotive Cloud Warehouse project, valued at 349 million yuan, representing 9.38% of its projected 2024 revenue [21].

Core Viewpoint - The company reported a decline in net profit for Q1 2025, indicating potential challenges in its operational performance and market conditions [1][3]. Group 1: Financial Performance - The net profit attributable to shareholders for Q1 2025 was 104 million yuan, a year-on-year decrease of 15.41% [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 98 million yuan, reflecting a year-on-year decline of 14.65% [1][3]. Group 2: Business Operations - The company specializes in the research, production, and sales of cold-rolled stainless steel strips, primarily serving industries such as home appliances, construction decoration, and kitchenware [1][3]. - The company confirmed that its production and operational activities are normal, with no significant changes in market environment or industry policies [2]. Group 3: Stock Trading Activity - The company's stock experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three consecutive trading days [1]. - The board of directors confirmed that there are no undisclosed significant matters affecting stock trading, including mergers, restructuring, or asset transactions [2].