Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, and if supply policies are implemented, the pace of supply contraction may accelerate [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of the five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6]. - The total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6]. Production and Capacity Utilization - The production of five major steel products was 8.192 million tons, a slight increase of 0.08% week-on-week [6]. - The operating rate of blast furnaces in 247 steel mills was 78.84%, down 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. Raw Material Prices - Iron ore spot prices remained unchanged, while futures prices decreased by 0.31% to 812 CNY/ton [48]. - The port inventory of iron ore rose to 165.55 million tons, an increase of 1.72% [52]. - The total shipment volume from major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [53][61]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hesteel, as well as those with competitive advantages like CITIC Special Steel and Yongjin Materials [6].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, which could accelerate the industry's upward progress if supply policies are implemented [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6][20]. - Total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6][12]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6][41]. Production and Capacity Utilization - The operating rate of blast furnaces in 247 steel mills was 78.84%, a decrease of 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. - The total steel production was 8.1921 million tons, a slight increase of 0.08% week-on-week [6][40]. Raw Materials - Iron ore inventory at ports reached 165.55 million tons, an increase of 1.72% week-on-week, marking a historical high [6][52]. - The spot price of iron ore remained unchanged, while futures prices decreased slightly [6][48]. - The total shipment volume of the four major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [6][53][61]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [6]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [6].

Investment Rating - The report maintains a "Buy" rating for key steel companies, indicating a positive outlook for their stock performance in the coming months [10]. Core Insights - The steel industry has experienced a fluctuating demand pattern, with a peak in early 2025 followed by a decline, leading to an increase in the material-to-steel ratio, which reached 1.69 in December [2]. - China's apparent steel consumption grew by 2.9% year-on-year in 2025, although December saw a 5.0% decline compared to the previous year [2]. - The net export of steel in 2025 reached 11.296 million tons, a year-on-year increase of 8.7%, driven by strong exports in the automotive and home appliance sectors [3]. - The report highlights a shift in economic drivers from investment to consumption, with fixed asset investment declining by 3.8% year-on-year, while retail sales increased by 3.7% [2]. Summary by Sections Steel Production and Consumption - In December 2025, crude steel production was 68.18 million tons, a 10.3% year-on-year decrease, with an annual total of 960.81 million tons, down 4.4% [6]. - Steel production in December was 115.31 million tons, a 3.8% year-on-year decrease, while the annual total was 1,446.12 million tons, up 3.1% [6]. Export and Import Dynamics - December steel exports were 11.30 million tons, up 16.2% year-on-year, with total exports for the year at 11.902 million tons, a 7.5% increase [6]. - Steel imports in December were 520,000 tons, down 16.3% year-on-year, with total imports for the year at 6.06 million tons, down 11.1% [6]. Economic Context and Policy Implications - The report notes that the Chinese economy is transitioning to a more stable phase, with GDP growth projected at 5% for 2025, reflecting a pattern of high demand followed by a decline [2]. - Recent structural interest rate cuts by the central bank are expected to support credit flow to specific industries, indicating a potential for economic stabilization [8]. - The valuation of the steel sector has improved, moving from absolute undervaluation to a moderately low position, suggesting room for further gains [8]. Recommended Stocks - The report recommends several stocks, including: - Hualing Steel (华菱钢铁) [10] - Nanjing Steel (南钢股份) [10] - Baosteel (宝钢股份) [10] - New Steel (新钢股份) [10] - Jiuli Special Materials (久立特材) [10] - Yongjin Co., Ltd. (甬金股份) [10] - Changbao Steel (常宝股份) [10]

Investment Rating - The report assigns a "Buy" rating for several steel companies, including Xining Steel, Hualing Steel, Nanjing Steel, and Baosteel, indicating a positive outlook for their stock performance in the coming months [10]. Core Insights - The steel industry has experienced a fluctuating demand pattern, with a peak in early 2025 followed by a decline. The material-to-steel ratio has reached a new high of 1.69 in December, with an annual average of 1.51, suggesting a shift in consumption patterns [2]. - China's apparent steel consumption increased by 2.9% year-on-year in 2025, although December saw a decline of 5.0% compared to the previous year. The economic growth rate is projected to be 5% for 2025, with a quarterly breakdown showing a decreasing trend [2]. - The net export of steel reached 11.296 million tons in 2025, a year-on-year increase of 8.7%, driven by strong demand in the automotive and home appliance sectors. Exports to ASEAN countries have significantly increased, despite a decline in exports to the U.S. [3]. Summary by Sections Production and Consumption - In December 2025, crude steel production was 68.18 million tons, a decrease of 10.3% year-on-year, while the total for the year was 960.81 million tons, down 4.4%. Steel production in December was 115.31 million tons, down 3.8% year-on-year, with an annual total of 1,446.12 million tons, up 3.1% [6]. - The apparent consumption of steel in China is expected to be more accurately estimated by using steel production growth rates instead of crude steel production growth rates [2]. Economic Indicators - Fixed asset investment in 2025 is projected to be 48.5186 trillion yuan, a decrease of 3.8% from the previous year, while retail sales of consumer goods are expected to grow by 3.7% [2]. - The report highlights a transition from investment-driven growth to consumption-driven growth as China's economy matures [2]. Market Outlook - The recent structural interest rate cuts by the central bank are expected to support credit growth in specific sectors, indicating a potential for economic stabilization. The steel sector's valuation has improved, moving from absolute undervaluation to a moderately low position, suggesting room for further gains [8]. - Recommended stocks include Hualing Steel, Nanjing Steel, Baosteel, and others, which are expected to benefit from various economic cycles and trends [8].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [9]. Core Insights - The steel market is experiencing a recovery in valuation, with absolute valuations moving from undervalued to moderately low levels, indicating potential for absolute returns [2]. - The report emphasizes the importance of structural reforms in the capital market, which are expected to facilitate a shift towards value investing in the steel industry [2]. - The report highlights that the demand for steel is improving, with significant increases in apparent consumption, particularly for rebar [6][41]. Supply Analysis - Daily molten iron production has decreased by 16,000 tons to 2.28 million tons, while steel production has slightly increased [15]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.6 percentage points week-on-week but up 1.2 percentage points year-on-year [21]. Inventory Analysis - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 0.6% [27]. - The social inventory of five major steel products is 8.663 million tons, up 0.1% week-on-week and up 8.7% year-on-year [29]. Demand Analysis - Apparent consumption of five major steel products has improved significantly, with a week-on-week increase of 3.7% [51]. - Rebar apparent consumption reached 1.903 million tons, up 8.8% week-on-week and 2.8% year-on-year [51]. Raw Material Analysis - Iron ore prices have weakened, with a decrease in the shipping volume from Australia and Brazil, while port inventories have increased [50]. - The price index for imported iron ore is reported at 106.2 USD/ton, down 2.2% week-on-week [59]. Price and Profit Analysis - Steel prices are stable with slight increases, and the gross profit margins for steel products are improving [69]. - The comprehensive steel price index is at 122.7, reflecting a week-on-week increase of 0.2% [70].

Core Viewpoint - The company has provided guarantees for its subsidiaries to secure credit facilities, which are deemed necessary for their operational needs and are within the authorized limits set by the board and shareholders [2][4][7]. Group 1: Guarantee Details - The company signed a maximum guarantee contract with Industrial and Commercial Bank of China for its wholly-owned subsidiary Jiangsu Yongjin Metal Technology Co., Ltd., providing a guarantee of up to 144 million yuan [2]. - A guarantee of up to 1,500,000 USD (approximately 10.518 million yuan) was signed with Standard Chartered Bank for its wholly-owned subsidiary Xinnuo International Trade Co., Ltd. [2]. - The company also signed a guarantee contract with Ningbo Bank for Xinnuo International, providing a maximum guarantee of 100 million yuan [3]. - A guarantee of up to 1,000,000 USD (approximately 7.012 million yuan) was signed with China Construction Bank for its controlling subsidiary Xinyue Metal Technology Co., Ltd. [3]. Group 2: Internal Decision-Making Process - The board approved the proposal for external guarantees on April 8, 2025, which was subsequently ratified by the annual general meeting on May 6, 2025 [4]. - An additional proposal to supplement the expected external guarantee amount was approved by the board on August 13, 2025, and ratified by the second extraordinary general meeting on September 1, 2025 [4]. Group 3: Cumulative Guarantee Situation - The total expected external guarantees for 2025 are capped at 6.5 billion yuan, with an outstanding balance of no more than 4.5 billion yuan [6]. - Guarantees for subsidiaries with an asset-liability ratio of 70% or above total 1.5 billion yuan, while those below 70% total 5 billion yuan [6]. - The company has provided a total of 5.222 billion yuan in external guarantees, which accounts for 76.20% of the latest audited net assets [7].

证券日报网讯 1月15日，甬金股份在互动平台回答投资者提问时表示，二级市场股价走势受宏观经济、 市场环境及投资者偏好等多方面因素影响。公司会努力做好自身经营管理工作，还请投资者注意投资风 险，理性看待股价波动。 （文章来源：证券日报） ...

证券之星消息，1月15日特钢板块较上一交易日上涨0.08%，甬金股份领涨。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。特钢板块个股涨跌见下表： 从资金流向上来看，当日特钢板块主力资金净流入3438.47万元，游资资金净流出6629.34万元，散户资金 净流入3190.87万元。特钢板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000825 太钢不锈 | | 4673.10万 | 4.36% | -4153.27万 | -3.88% | -519.82万 | -0.48% | | 600399 抚顺特钢 | | 2576.49万 | 2.19% | -2219.51万 | -1.89% | -356.98万 | -0.30% | | 002443 | 金洲管道 | 1684.73万 | 8.64% | -548.64万 | -2.81% ...

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2026-008 | | --- | --- | --- | | 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进展公告 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： 担保对象及基本情况 | 担 | 被担保人名称 | | 江苏甬金金属科技有限公司 | | | --- | --- | --- | --- | --- | | 保 | 本次担保金额 | 14,400 | 万元 | | | 对 | 实际为其提供的担保余额 | 46,490 | 万元 | | | 象 | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | 一 | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担 | 被担保人名称 | | 新诺国际贸易有限公司 | | | 保 | 本次担保金额 | 20,518 | 万元 | | | 对 | 实际为其提供的担保余额 ...

Summary of the Conference Call for Yongjin Co., Ltd. Industry and Company Overview - **Company**: Yongjin Co., Ltd. - **Industry**: Steel manufacturing, specifically focusing on stainless steel production and processing in Vietnam Key Points and Arguments Investment Plans - Yongjin plans to invest in a phased manner to establish a steelmaking and hot-rolling industry chain in Vietnam, starting with a 500,000-ton hot-rolling production line to mitigate trade barriers and future supply chain risks [2][4] - The project will utilize overseas cash flow for funding, avoiding domestic ODI processes due to the project's cost exceeding $300 million, which requires approval from the National Development and Reform Commission [5] Environmental Considerations - The project will adopt a short-process steelmaking method, which is expected to lower carbon emissions and help address potential future carbon tariffs [6] - Research is needed on the availability of scrap steel in Vietnam and surrounding countries to ensure sufficient raw material supply [6] Financial Projections - The expected annual return on investment for the project is approximately 14%, with a per-ton investment cost of about 1,300 RMB and a projected net profit of around 200 RMB per ton once fully operational [9] - In 2024, the net profit for cold-rolled processing in Vietnam is expected to exceed 800 RMB per ton, but in 2025, profits may be significantly compressed due to anti-dumping measures from South Korea, potentially reducing gross profit to only a few hundred RMB per ton [10] Market Dynamics - China is the largest market for scrap stainless steel, but the recycling system in Europe and the U.S. is more mature. Future export controls from China and Indonesia may limit raw material sources for Vietnam [12] - Yongjin aims to gradually enhance self-sufficiency through the short-process steelmaking project, initially meeting its own needs and then expanding to neighboring countries [12] Competitive Landscape - Yongjin does not foresee direct competition with Qingshan Group due to the long investment cycle and potential for future collaboration through equity partnerships [13] Price and Demand Trends - The recent increase in nickel prices has not led to a significant rise in downstream orders, as customers are cautious about inventory accumulation ahead of the Chinese New Year [14][17] - The company employs a price-locking model to mitigate risks from price fluctuations, which has limited the impact on operations [15] Inventory Management - Inventory levels across factories are stable, with only a few thousand tons on hand, preventing significant operational impacts from inventory fluctuations [15] Future Outlook - Yongjin is confident in maintaining stable domestic operations and anticipates that overseas business will face challenges in 2026, but not worse than in 2025. The target for production is set at approximately 3.8 million tons, an increase from 3.6 million tons in 2025 [18] Aerospace Sector Involvement - Yongjin has been tracking the stainless steel supply chain for the aerospace sector but has not yet established formal partnerships due to sensitivities related to foreign ownership [19] Additional Important Information - The project will be implemented in stages, with initial tasks focused on obtaining investment permits and preparing land for construction [5] - The company is aware of potential tariffs in the European and American markets and is taking measures to address these issues, including initiating anti-dumping investigations and planning to supply the EU market through Turkey [7][8]