Core Viewpoint - The stock of Yongjin Co., Ltd. has experienced a decline of 2.05% on October 16, with a current price of 18.15 CNY per share and a total market capitalization of 6.636 billion CNY [1] Company Performance - Yongjin Co., Ltd. has seen a year-to-date stock price increase of 3.76%, with a 1.00% rise over the last five trading days, 1.28% over the last twenty days, and 5.71% over the last sixty days [1] - For the first half of 2025, Yongjin Co., Ltd. reported a revenue of 20.125 billion CNY, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 303 million CNY, down 29.14% year-on-year [2] Shareholder Information - As of September 30, the number of shareholders for Yongjin Co., Ltd. is 19,900, a decrease of 0.82% from the previous period, with an average of 18,369 circulating shares per shareholder, an increase of 0.82% [2] - The company has distributed a total of 1.175 billion CNY in dividends since its A-share listing, with 663 million CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 12.4842 million shares, an increase of 32,800 shares from the previous period [3] - E Fund Supply-side Reform Mixed Fund (002910) is the sixth-largest circulating shareholder with 7.3469 million shares, a decrease of 610,680 shares from the previous period [3]

Core Viewpoint - The steel industry is expected to gradually bottom out in demand, with supply-side market clearing beginning to appear, leading to a potential recovery in the industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, facilitating quicker industry recovery [1]. Demand and Supply Analysis - Steel consumption for the week of October 6-10, 2025, was 7.5143 million tons, a decrease of 1.5339 million tons week-on-week. Construction steel consumption was 2.2262 million tons, down 1.0846 million tons, while plate steel consumption was 5.2881 million tons, down 0.4493 million tons. Steel production was 8.6331 million tons, a decrease of 0.0376 million tons, and total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces at 247 steel mills was 84.27%, down 0.02 percentage points week-on-week, while electric furnace operating rates were 60.26%, down 1.28 percentage points. Despite a marginal decline in demand due to the National Day holiday, the industry remains in a traditional peak season, with expectations for gradual recovery in steel demand and inventory reduction [2]. Profitability Trends - The average gross profit per ton for rebar was 167.1 CNY, an increase of 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, up 29.3 CNY. The profitability rate for 247 steel companies was 56.28%, a decrease of 0.43% [3]. - The expectation is for iron ore production to accelerate while demand remains limited, leading to a gradual easing of iron ore prices and improvement in cost constraints for the steel industry, with a potential recovery in profitability levels [3]. Future Outlook - The negative impact of the real estate sector on steel demand is expected to diminish, with stable growth anticipated in demand from infrastructure and manufacturing sectors. Steel exports maintained a year-on-year increase from January to August [4]. - Over 40% of steel companies are currently experiencing losses, but market clearing is beginning to occur. Recent policies aim to reduce production and promote a balance between supply and demand, supporting the expectation of supply contraction and gradual recovery in the steel industry's fundamentals [4]. Recommended Companies - Key recommendations include Baosteel (600019) for its technological and product structure leadership, Hualing Steel (000932) for its product structure upgrades, and Fangda Special Steel (600507) for its low-cost advantages. Other recommendations include CITIC Special Steel (000708) for its competitive advantages and high dividend yield, as well as upstream resource companies like Hebei Steel Resources (000923) and Dazhong Mining (001203) due to their long-term growth potential [5].

Investment Rating - The industry investment rating is maintained as "Buy" for several key companies [6]. Core Insights - The steel industry is experiencing a slight decline in daily molten iron production, with an average of 241.5 thousand tons, down by 0.3 thousand tons [12]. - Total steel inventory is showing seasonal accumulation post the National Day holiday, with a week-on-week increase of 8.7% [24]. - Apparent consumption of steel products has decreased seasonally, with a notable drop in rebar demand [37]. - Iron ore prices have risen, influenced by changes in shipping volumes from Australia and Brazil [46]. - Steel prices are stable with slight improvements in immediate profit margins, indicating a potential for continued industry recovery [70]. Summary by Sections Supply - Daily molten iron production has slightly decreased to 241.5 thousand tons, with a decline in rebar and hot-rolled coil production [12][17]. Inventory - Total steel inventory has increased by 8.7% week-on-week, with steel mill inventories rising more than social inventories [24][26]. Demand - Apparent consumption of the five major steel products has decreased by 17.0% week-on-week, with rebar consumption down by 36.5% [48][37]. Raw Materials - Iron ore prices have increased, with the Platts 62% iron ore price index at $107.4 per ton, up by 3.4% week-on-week [58]. Prices and Profits - The comprehensive steel price index remains stable at 122.7, with slight improvements in immediate profit margins for long-process steel products [70][71].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Viewpoints - Steel mill profits are under pressure due to rising inventory levels and escalating overseas trade frictions, with production remaining high during the National Day holiday [5]. - The EU has proposed to cut tax-free steel import quotas by 47% to 18.3 million tons per year, increasing tariffs on excess imports from 25% to 50%, which may suppress steel exports from China and the US [5]. - Long-term capacity regulation is expected to be a key theme, with potential recovery in profitability for steel companies under precise control measures [5]. Price Trends - As of October 10, steel prices have increased, with rebar prices at 3,260 CNY/ton (up 50 CNY), hot-rolled prices at 3,400 CNY/ton (up 60 CNY), and cold-rolled prices at 3,810 CNY/ton (up 10 CNY) [3][12]. - The overall steel inventory has risen, with total social inventory increasing by 691,100 tons to 11,268,900 tons [4]. Production and Inventory - Total production of major steel products decreased to 8.63 million tons, a reduction of 37,600 tons week-on-week, with rebar production down to 2.034 million tons [4]. - The apparent consumption of rebar fell to 1.4601 million tons, a decrease of 950,600 tons week-on-week [4]. Profitability - Steel margins have declined, with long-process rebar, hot-rolled, and cold-rolled margins decreasing by 11 CNY/ton, 10 CNY/ton, and 15 CNY/ton respectively [3][5]. Key Company Forecasts and Valuations - Hualing Steel (EPS: 0.29 CNY, PE: 22), Baosteel (EPS: 0.34 CNY, PE: 21), and Nanjing Steel (EPS: 0.37 CNY, PE: 15) are highlighted as recommended stocks [5].

从资金流向上来看，当日特钢板块主力资金净流入8835.18万元，游资资金净流出1377.01万元，散户资 金净流出7458.17万元。特钢板块个股资金流向见下表： 证券之星消息，10月9日特钢板块较上一交易日上涨2.67%，久立特材领涨。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。特钢板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002318 | 久立特材 | 26.33 | 8.04% | 29.51万 | | 7.57亿 | | 002443 | 金州管道 | 60'8 | 4.79% | 25.97万 | | 2.08亿 | | 301160 | 翔楼新材 | 62.05 | 3.78% | 3.61万 | | 2.24亿 | | 000825 | 太钢不锈 | 4.13 | 3.25% | 78.44万 | | 3.22亿 | | 300881 | 盛德整泰 | 35.35 | 2.58% | ...

关于可转换公司债券转股结果暨股份变动的公告 累计转股情况：截至 2025 年 9 月 30 日，累计已有 491,000 元"甬金转 债"转换为公司 A 股股票，累计转股股数为 13,806 股，占可转债转股前公司已 发行股份总额的 0.0040%。 | | | 甬金科技集团股份有限公司 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： 未转股可转债情况：截至 2025 年 9 月 30 日，"甬金转债"尚未转股的 金额为 999,509,000 元，占可转债发行总量的 99.9509%。 本季度转股情况：本季度累计有 7,000 元"甬金转债"转换为公司 A 股 股票，本季度累计转股股数为 257 股。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3286 号"文核准，甬金科技集 团股份有限公司（以下简称"公司"）于 2021 年 12 月 13 日公开发行了 1,000.00 万张可转换公司债券，每张面值 100 元，发行总额 100,000.00 万元，期限 6 年（票 面利率：第 ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the steel industry, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [5][8]. Core Viewpoints - The financial attributes of metals continue to drive prices, with the CITIC Steel Index rising by 3.18% [1][86]. - The manufacturing sector shows signs of improvement, with the PMI for September at 49.8%, indicating a slight recovery in manufacturing activity [4][12]. - The report emphasizes the importance of supply-side policies and the potential for a recovery in the steel industry, particularly in the context of energy investments and infrastructure upgrades [2][4]. Supply Analysis - Daily molten iron production has decreased by 0.6 million tons to 241.8 million tons, while the production of rebar and hot-rolled coils has slightly increased [11][16]. - The capacity utilization rate of 247 steel mills is at 90.7%, down 0.2 percentage points from the previous week but up 6.2 percentage points year-on-year [16][23]. Inventory Analysis - Total steel inventory has decreased by 2.5% week-on-week, with social inventory declining more than factory inventory [23][25]. - The social inventory of five major steel products stands at 10.589 million tons, down 2.8% week-on-week and up 16.1% year-on-year [25][27]. Demand Analysis - Apparent consumption of five major steel products improved by 3.5% week-on-week, with rebar demand showing significant recovery [37][47]. - The average weekly transaction volume for construction steel was 103,000 tons, down 1.4% from the previous week [38][47]. Raw Material Analysis - Iron ore prices remained stable, with the Platts 62% iron ore price index at $103.9 per ton, unchanged from the previous week [54][66]. - The report notes an increase in Australian iron ore shipments by 8.1% week-on-week, while Brazilian shipments decreased by 13.7% [54][66]. Price and Profit Analysis - The Myspic comprehensive steel price index decreased by 0.9% week-on-week, indicating a slight decline in steel prices [66][67]. - The current cost of long-process rebar is 3,422 yuan per ton, with a loss of 188 yuan per ton, while hot-rolled coil costs 3,648 yuan per ton, with a loss of 299 yuan per ton [67][68].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

Core Viewpoint - Yongjin Co., Ltd. announced that as of the date of the announcement, neither the company nor its controlling subsidiaries have provided guarantees for companies outside the scope of the consolidated financial statements, and there are no overdue external guarantees [2] Summary by Categories - **Company Status** - Yongjin Co., Ltd. confirmed the absence of guarantees for companies outside the consolidated financial statements [2] - The company reported no overdue external guarantees [2]