| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-065 | | --- | --- | --- | | 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： 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 533,779.51 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 77.88 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产 50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产 30%的情况下 | | | 70%的单位提供担保 对资产负债率超过 | | 其他风险提示（如有） | 无 | 一、担 ...

Core Viewpoint - The special steel sector experienced a 1.2% increase on November 28, with Changbao Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Group 1: Stock Performance - Changbao Co., Ltd. (002478) closed at 7.81, with a rise of 6.26% and a trading volume of 999,300 shares, amounting to a transaction value of 780 million yuan [1]. - Jinzhu Pipeline (002443) closed at 8.06, increasing by 3.47% with a trading volume of 288,800 shares, resulting in a transaction value of 233 million yuan [1]. - Jiuli Special Materials (002318) closed at 24.85, up 1.68% with a trading volume of 64,000 shares, translating to a transaction value of 159 million yuan [1]. - CITIC Special Steel (000708) closed at 15.15, rising by 1.41% with a trading volume of 115,100 shares, amounting to a transaction value of 174 million yuan [1]. - Shengde Zhengtai (300881) closed at 32.99, up 1.26% with a trading volume of 12,100 shares, resulting in a transaction value of approximately 39.52 million yuan [1]. - Tongmei Co., Ltd. (603995) closed at 17.15, increasing by 0.94% with a trading volume of 38,400 shares, translating to a transaction value of approximately 65.30 million yuan [1]. - Fushun Special Steel (600399) closed at 5.31, up 0.76% with a trading volume of 204,100 shares, amounting to a transaction value of 108 million yuan [1]. - Taiyuan Iron & Steel (000825) closed at 4.00, increasing by 0.76% with a trading volume of 332,800 shares, resulting in a transaction value of 133 million yuan [1]. - Xining Special Steel (600117) closed at 2.90, up 0.69% with a trading volume of 216,600 shares, translating to a transaction value of approximately 62.52 million yuan [1]. - Fangda Special Steel (600507) closed at 5.98, rising by 0.17% with a trading volume of 212,200 shares, amounting to a transaction value of 127 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net inflow of 62.68 million yuan from institutional investors, while retail investors experienced a net outflow of 67.63 million yuan [3].

Core Viewpoint - As of November 26, a total of 74 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Continuous Net Inflows - The stocks with the longest continuous net financing inflows are Huadian International, Lutai A, Guoke Military Industry, and Gongda High-Tech, each having recorded net inflows for 10 consecutive trading days [1] - Other notable stocks with significant net inflows include Bailong Oriental, Zhongchen Technology, Qibin Group, Yongjin Co., Zhuoyue Technology, Guizhou Gas, and Hongchuan Wisdom, which have also shown considerable financing activity [1]

Group 1 - The company, Yongjin Co., Ltd. (stock code: 603995.SH), confirmed on the investor interaction platform that it is not a supplier of stainless steel materials for the Zhuque-3 rocket [1] - The company stated that it has not established a direct business relationship with Blue Arrow Aerospace [1]

Core Viewpoint - The company, Yongjin Co., Ltd. (603995.SH), clarified that it does not have a direct business relationship with Blue Arrow Aerospace and is not a supplier of materials for the Zhuque-3 rocket [1] Group 1 - The company confirmed its lack of involvement with Blue Arrow Aerospace [1] - The company is not supplying materials for the Zhuque-3 rocket [1]

格隆汇11月19日丨甬金股份(603995.SH)在投资者互动平台表示，公司未与蓝箭航天建立直接业务关 系，不是朱雀三号的材料供应商。 ...

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].

累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 | 538,279.51 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 78.54 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产 50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产 30%的情况下 | | | 对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | | 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-064 | | --- | --- | --- | | 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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.68 CNY per share, indicating an expected upside of approximately 20% from the current price [2][9]. Core Insights - The company reported a revenue of 31.562 billion CNY for the first three quarters of 2025, a year-on-year increase of 2.01%. However, the net profit attributable to shareholders decreased by 22.95% to 450 million CNY [2][9]. - The company is experiencing short-term performance pressure but has a promising outlook due to its diversified layout in new materials and ongoing projects [9]. - The production of stainless steel continues to grow, with a total output of 206.17 million tons of 300 series cold-rolled stainless steel and 45.65 million tons of 400 series cold-rolled stainless steel in the first three quarters, reflecting increases of 11.23 million tons and 5.7 million tons year-on-year, respectively [9]. Financial Summary - For 2025, the company is projected to achieve total revenue of 43.421 billion CNY, with a year-on-year growth rate of 3.7%. The net profit is expected to decline by 21.8% to 630 million CNY [4][10]. - The earnings per share (EPS) for 2025 is estimated at 1.72 CNY, with a price-to-earnings (P/E) ratio of 11 [4][10]. - The company’s total assets are projected to reach 15.909 billion CNY by 2025, with a debt-to-equity ratio of 66.8% [10]. Market Position and Future Outlook - The company is actively expanding into the new materials sector, with projects such as the production line for battery casing materials and titanium materials already in operation [9]. - The report emphasizes that the stainless steel business remains robust, while the new materials segment is expected to provide additional growth opportunities in the medium to long term [9]. - The overall gross margin for the first three quarters of 2025 was 5.05%, showing a slight decline of 0.69 percentage points year-on-year, but still demonstrating resilience in certain sectors like home appliances and shipbuilding [9].

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].