Core Viewpoint - Yongjin Co., Ltd. (603995) announced that its main business involves the research, production, and sales of cold-rolled stainless steel strips, with no involvement in "solid-state battery" related products [1] Group 1: Company Operations - The company conducted a self-inspection and confirmed that its production and operational activities are normal [1] - There have been no significant changes in the market environment or industry policies affecting the company [1] - The internal production and operational order of the company remains normal [1] Group 2: Industry Application - The company's products are primarily used in downstream applications such as home appliances, building decoration, and kitchen appliances [1]

截至收盘，上证指数报收3384.82点，下跌0.44%；深证成指收于10162.18点，下跌0.86%；创业板指下 跌1.17%；科创50指数下跌1.47%。 不含当日上市新股，今日可交易A股中，上涨个股有1262只，占比23.40%，下跌个股有4035只，平盘个 股97只。其中，收盘股价涨停的有64只，跌停股有2只。 证券时报·数据宝统计显示，涨停个股中，主板有55只，北交所2只，创业板6只，科创板1只。以所属行 业来看，上榜个股居前的行业有医药生物、电力设备、交通运输行业，上榜个股分别有12只、6只、6 只。 涨停股中，*ST生物、*ST四环等17只股为ST股。连续涨停天数看，ST联合已连收9个涨停板，连续涨 停板数量最多。从收盘涨停板封单量来看，中科曙光最受资金追捧，收盘涨停板封单有5039.33万股， 其次是宁波海运、易明医药等，涨停板封单分别有2571.03万股、2122.59万股。以封单金额计算，中科 曙光、易明医药、甬金股份等涨停板封单资金较多，分别有34.31亿元、4.16亿元、1.82亿元。（数据 宝） 两市涨停股一览 | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（ ...

Investment Rating - The industry is rated as "Buy" for several key companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [8]. Core Viewpoints - The market remains in a state of fluctuation, with the non-ferrous sector outperforming the black metal sector. Financial attributes of metals like gold, silver, and copper are expected to benefit from the current economic conditions [2]. - The macroeconomic policies are showing effectiveness, with the manufacturing PMI rising to 49.5% in May, indicating an overall expansion in economic output [4][12]. - The steel industry is experiencing a divergence in profitability across the black metal supply chain, with some companies undervalued and presenting good strategic investment opportunities [2][4]. Supply Analysis - Daily molten iron production has slightly decreased to 2.417 million tons, with a minor decline in the utilization rate of blast furnaces to 90.6% [3][11]. - The total inventory of steel has decreased by 0.1%, with a narrowing decline rate of 2.2 percentage points [23][25]. Demand Analysis - Apparent consumption of the five major steel products has weakened, with rebar consumption dropping by 7.9% week-on-week [38][49]. - The average weekly transaction volume for construction steel has increased by 2.0% [40]. Raw Material Analysis - Iron ore prices have declined, with the Platts 62% iron ore price index at $96.1 per ton, down 0.7% week-on-week [57]. - The average daily iron ore import volume at 45 ports has increased by 17.9% week-on-week [57]. Price and Profit Analysis - Steel prices are showing a slight improvement, with the current spot price for rebar in Beijing at 3,170 RMB per ton, up 1.9% week-on-week [73]. - The immediate gross profit for long-process rebar is reported at -134 RMB per ton, indicating a slight improvement in margins [72][73].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The rebound in coking coal prices is noteworthy, with a focus on the resilience of demand during the off-season. The report indicates that domestic steel demand is gradually entering a seasonal decline, while external demand remains uncertain due to tariff adjustments by the U.S. government [3][4]. - The report highlights that the profitability of long-process steel production has increased, with specific profit margins for rebar, hot-rolled, and cold-rolled steel showing positive changes compared to the previous week [2][3]. - The overall steel production has decreased, with a total output of 8.8 million tons for major steel varieties, reflecting a slight decline from the previous week [2][3]. Summary by Sections Price Trends - As of June 6, 2025, steel prices in Shanghai showed mixed trends, with rebar prices at 3,140 CNY/ton (up 10 CNY), hot-rolled steel at 3,260 CNY/ton (up 60 CNY), and cold-rolled steel remaining stable at 3,580 CNY/ton [1][10]. Production and Inventory - The total production of major steel varieties was 8.8 million tons, with a week-on-week decrease of 0.47 million tons. Rebar production specifically decreased by 70,500 tons to 2,184,600 tons [2][3]. - Total social inventory of major steel varieties decreased by 16,100 tons to 9,298,600 tons, with rebar inventory dropping by 89,700 tons [2][3]. Investment Recommendations - The report recommends focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4].

XSJ!1!2025060011!08-02!217599 | 非筹 资性 现金 净流 总额 比率 | | 入量 | 与负债 | 「 ｝ | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 适用 评级 方法 与 模型 企 业 评 法 与模 型 | | | 商 | 级 方 | 钢铁 行业 | | | | | | | | 评级 要素 | | | | | | 结果 | | | | | | | ｝ | | | | | | | | | | | | | 险 | 仁务 | 风 | | | | | | | | | | | 险 | 财 | 务风 | | | | | | | | | | | 信用 级别 | | | | 初始 | | | | | | | | | 计调 整 子级数 | | | | 合 | 量 | | | | | | | | 个 体信 用 其中 ① 流动 | | | | | 性 因素 | | | | | | | | ② 因素 ③ 表外 因 素 | 调整 | 因素 | | | | | | | ...

Core Viewpoint - The credit rating for Yongjin Technology Group Co., Ltd. remains unchanged at "AA-" for both the company and its convertible bonds, with a stable outlook [1][2]. Group 1: Credit Ratings - Previous bond rating was "AA-" and the issuer rating was also "AA-", with a stable outlook [1]. - The current bond rating is "AA-" and the issuer rating is "AA-", with a stable outlook, indicating no change from the previous assessment [2]. - The rating agency responsible for the assessment is Shanghai New Century Credit Rating Co., Ltd. [2]. Group 2: Reporting and Compliance - The company has complied with the relevant regulations, including the "Measures for the Administration of Securities Issuance Registration by Listed Companies" and the "Shanghai Stock Exchange Stock Listing Rules" [1]. - The credit rating report was issued on June 5, 2025, and is available on the Shanghai Stock Exchange website [2].

根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市规 则》等有关规定，甬金科技集团股份有限公司（以下简称"公司"）委托上海新 世纪资信评估投资服务有限公司（以下简称"新世纪评估"）对公司于 2021 年 12 月 13 日发行的可转换公司债券（转债简称"甬金转债"）进行了跟踪信用评 级。 公司前次主体信用等级为"AA-"，甬金转债前次信用等级为"AA-"，评级 展望为"稳定"，评级机构为新世纪评估，评级时间为 2024 年 6 月 12 日。 | 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于公开发行可转换公司债券 2024 年跟踪评级结果 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： 披露的《甬金科技集团股份有限公司甬金转债定期跟踪评级报告》。 特此公告。 甬金科技集团股份有限公司董事会 2025 年 6 月 7 日 新世 ...

内 部编号: 2025060011 商金科技集团股份有限公司 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co. . Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息。相关信息的真实性、准确性和完整性由 资料提供方或发布方负责。本评级机构合理采信其他专业机构出具的专业意见,但不对专业机构出具的专业意见 承担任何责任。 開金转债 定期跟踪评级报告 项目负责人: 吴晓丽 当 星 成h Fra wx1@shxsj.com 学等 luwei@shxs j.com 项目组成员: 张明海 Hz - Vol 评级总监: 联系电话:(021 ...

Group 1: Industry Overview - In 2024, the domestic stainless steel industry is characterized by "supply expansion and demand differentiation," with crude steel production capacity increasing to 57.79 million tons, a year-on-year growth of 7.08% [1] - Apparent consumption increased by 4.03% year-on-year, driven by recovery in manufacturing sectors like home appliances and automobiles, while the real estate sector remains weak [1] - The overseas market recovery has boosted export growth, with domestic cold-rolled production accounting for 59% of total output, indicating a continuous increase in industry concentration [1] Group 2: Company Performance - In 2024, the company achieved operating revenue of 41.861 billion yuan, a year-on-year increase of 4.98%, and net profit attributable to shareholders of 800.5 million yuan, a significant year-on-year growth of 77.75% [2] - The core drivers of profit growth are capacity release and efficiency improvements, with cold-rolled product output surpassing 3.31 million tons, a year-on-year increase of 16.95% [2] - The company's capacity utilization rate reached a historical high, leading to improved gross and net profit margins through economies of scale and optimized product structure [2] Group 3: Emerging Opportunities - The global market for large cylindrical battery shells is expected to exceed 200 billion yuan by 2027, driven by the mass production of Tesla's 4680 battery and BMW's large cylindrical battery [3] - The company is leveraging its cold-rolled stainless steel technology to enter the cylindrical battery shell material market, with its Zhejiang project already in trial production [3] - Strategic partnerships, particularly with Midea Group, are expected to create new opportunities in the renewable energy sector as large cylindrical batteries gain traction in energy storage and electric vehicles [3] Group 4: Long-term Value Proposition - The company's performance in 2024 highlights its core competitiveness in the cold-rolled stainless steel sector, characterized by high technical barriers, efficient capacity, and quick market response [4] - Short-term profit growth is supported by an increase in high-end product ratios and cost control capabilities, while long-term growth is anticipated from new business expansions in cylindrical battery materials and titanium alloys [4] - The company demonstrates strong anti-cyclical resilience through differentiated competition and global expansion strategies, making it a noteworthy long-term investment opportunity [4]

Core Points - The company announced an adjustment to the conversion price of its convertible bonds "Yongjin Convertible Bonds" due to the implementation of the 2024 annual equity distribution [1][7] - The adjusted conversion price will decrease from 27.54 CNY/share to 27.04 CNY/share, effective from June 5, 2025 [2][7] Summary by Sections Convertible Bond Issuance Overview - The company issued 10 million convertible bonds with a total value of 1 billion CNY on December 13, 2021, with a maturity of 6 years and a tiered interest rate [2] - The bonds were approved by the China Securities Regulatory Commission and began trading on December 31, 2021 [2] Historical Adjustments to Conversion Price - The conversion price was adjusted multiple times due to various equity distributions and profit allocation decisions: - From 53.07 CNY/share to 36.05 CNY/share on May 20, 2022 [2] - From 36.05 CNY/share to 35.00 CNY/share on April 6, 2023 [3] - From 35.00 CNY/share to 34.50 CNY/share on July 7, 2023 [3] - From 34.50 CNY/share to 34.57 CNY/share on July 26, 2023 [3] - From 34.57 CNY/share to 27.66 CNY/share on August 17, 2023 [4] - From 27.66 CNY/share to 27.98 CNY/share on March 18, 2024 [5] - From 27.98 CNY/share to 27.48 CNY/share on June 5, 2024 [5] Basis for Conversion Price Adjustment - The adjustment of the conversion price is in accordance with the company's prospectus, which stipulates that the conversion price will be adjusted in the event of cash dividends, stock distributions, or other equity changes [6] - The formula used for the adjustment is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [6][7]