Group 1 - The core viewpoint of the article is that the company's titanium materials business has successfully commenced production and is now in the market, with a focus on its applications in various industries including aerospace, medical, and chemical sectors [1] - The titanium materials are characterized by high strength, low density, corrosion resistance, and high-temperature resistance, making them suitable for commercial aerospace applications [1] - The subsidiary Zhongyuan Titanium Industry's project is reported to be operating at near full capacity [1]

（文章来源：证券日报） 证券日报网讯 1月7日，甬金股份在互动平台回答投资者提问时表示，截至2025年12月31日，公司股票 持有人数量为19300户。 ...

Market Overview - The special steel sector increased by 0.63% on January 7, with Taiyuan Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Taiyuan Iron & Steel (000825) closed at 5.35, up 4.90% with a trading volume of 2.5389 million shares and a transaction value of 1.343 billion [1] - Other notable performers include: - Jiao Jin Co. (603995) at 18.80, up 3.24% [1] - Xiang Lou New Materials (301160) at 79.30, up 3.05% [1] - Shengde Zhengtai (300881) at 35.22, up 1.88% [1] - Conversely, some stocks experienced declines, such as: - Changbao Co. (002478) at 8.44, down 0.12% [1] - Fangda Special Steel (600507) at 5.93, down 0.34% [1] - Shagang Group (002075) at 5.74, down 0.69% [1] Capital Flow - The special steel sector saw a net outflow of 19.32 million from institutional investors and 15.48 million from retail investors, while retail investors had a net inflow of 34.81 million [2] - Detailed capital flow for specific stocks includes: - Taiyuan Iron & Steel had a net inflow of 95.45 million from institutional investors [3] - Shengde Zhengtai saw a net inflow of 10.22 million from institutional investors [3] - Fangda Special Steel experienced a net outflow of 1.61 million from retail investors [3]

Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, indicating low conversion activity and adjustments to the conversion price over time [1][2][3][4][5][6][7][8][9][10]. Group 1: Convertible Bond Issuance Overview - The company issued 10 million convertible bonds on December 13, 2021, with a total value of 1 billion yuan and a maturity of 6 years [3]. - The initial conversion price was set at 53.07 yuan per share [4]. Group 2: Conversion Price Adjustments - The conversion price was adjusted to 36.05 yuan per share on May 20, 2022, following a profit distribution and capital increase [4]. - Subsequent adjustments occurred, with the price changing to 35.00 yuan on April 11, 2023, and further adjustments to 34.50 yuan, 34.57 yuan, and finally to 27.66 yuan by August 17, 2023 [5][6]. - The latest adjustment brought the conversion price to 27.04 yuan on June 5, 2025 [7]. Group 3: Conversion Activity - As of December 31, 2025, a total of 492,000 yuan worth of convertible bonds had been converted into 13,843 shares, representing 0.0040% of the company's total shares before conversion [2][9]. - The amount of unconverted bonds stood at 999,508,000 yuan, accounting for 99.9508% of the total issuance [10].

| | | 甬金科技集团股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 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： 累计转股情况：截至 2025 年 12 月 31 日，累计已有 492,000 元"甬金转 债"转换为公司 A 股股票，累计转股股数为 13,843 股，占可转债转股前公司已 发行股份总额的 0.0040%。 经上海证券交易所"[2021]504 号"文同意，公司 100,000.00 万元可转换公 司债券于 2021 年 12 月 31 日起在上交所挂牌交易，债券简称"甬金转债"，债 券代码"113636"。 二、可转债转股价格调整概况 根据有关规定和《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》（下称"《募集说明书》"）的约定，公司该次发行的"甬金转债" 自 2022 年 6 月 17 日起可转换为公司股份，初始转股价格为 53.07 元/股。 公司于 2022 年 5 月 6 日召开 2021 年年度股东大会，审议通过了 2021 年年 度利润分配及资本公积 ...

Core Viewpoint - Yongjin Co., as a leading enterprise in the cold-rolled stainless steel segment, focuses on the research and manufacturing of precision cold-rolled stainless steel strips, particularly noting its interest in the 30X cold-rolled stainless steel material used by SpaceX for its Starship, which is a proprietary material developed by the company with ultra-high strength and extreme environmental resistance [1]. Company Summary - Yongjin Co. is dedicated to the R&D and manufacturing of precision cold-rolled stainless steel strips [1]. - The company has developed a proprietary material, the 30X cold-rolled stainless steel, which is characterized by its ultra-high strength and performance in extreme environments [1]. - Due to the confidentiality of its composition and limitations in the cold-rolling process, the company cannot independently produce this type of product and requires collaboration with upstream steel mills for joint development [1].

Core Viewpoint - Yongjin Co., Ltd. emphasizes its commitment to shareholder returns and will carefully consider profit distribution plans, including stock transfers, based on legal requirements, annual performance, and financial status [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - Yongjin Co., Ltd. will adhere to regulatory requirements in its decision-making process regarding profit distribution [1] - The company plans to disclose information in accordance with established procedures [1]

Group 1 - The core point of the article is that Yongjin Co., Ltd. (stock code: 603995) reported that as of December 19, 2025, the number of shareholders holding its stock is 20,054 [1]

Core Viewpoint - The steel industry is experiencing a tightening supply trend, with a projected decrease in crude steel production and an increase in exports, indicating a shift towards quality and structural improvements in production policies [1][2]. Supply Side - As of November 2025, the cumulative crude steel production in China reached 890 million tons, a year-on-year decrease of 4.04%, with a reduction of 3.8 million tons compared to the same period in 2025 [1]. - The current round of regulatory policies emphasizes innovative capacity governance, focusing on quality and structure rather than merely eliminating ineffective capacity or controlling production levels [1]. Demand Side - By October 2025, China's cumulative steel exports amounted to approximately 110 million tons, an increase of 13.29 million tons year-on-year, with net steel exports accounting for about 13% of crude steel production, nearing the pre-reform high of 15% in 2015 [2]. - Although the demand for construction steel is still declining, the rate of decline is narrowing, indicating that demand is approaching its bottom [2]. - Manufacturing steel demand is expected to remain stable, driven by sectors such as automotive, home appliances, and shipbuilding, along with increased demand from new infrastructure projects like wind power and photovoltaics [2]. Cost Side - Global iron ore demand is expected to decline, with China's industrial structure upgrades leading to reduced steel demand, while growth in other emerging markets is insufficient to offset this decline [3]. - In the first half of 2025, supply looseness has put downward pressure on coking coal prices, with price movements primarily driven by supply adjustments rather than strong demand growth [3]. - The price of scrap steel is expected to remain stable with limited fluctuations, continuing to exert pressure on upstream and downstream profits [3]. Investment Recommendations - The combination of supply-side production controls and more proactive fiscal policies is likely to enhance sector valuations [4]. - Demand for construction steel is stabilizing, while manufacturing steel demand is showing positive trends, with exports shifting towards higher quality and indirect models [4]. - The elimination of outdated capacity is expected to increase the concentration of leading enterprises, with a necessary trend towards high-quality product development [4]. - Recommended companies include industry leaders with product structure advantages such as Baosteel (600019.SH), Nanjing Steel (600282.SH), and Hualing Steel (000932.SZ), as well as special steel companies with high barriers and added value like CITIC Special Steel (000708.SZ), Jiuli Special Materials (002318.SZ), and Yongjin Co., Ltd. (603995.SH) [4].

Core Insights - The steel industry is expected to recover in 2025 after three years of decline, driven by improvements in cost and supply sides [4][7][16] - The majority of profits in the black industrial chain are captured by iron ore, with profit shares of 72% for iron ore, 6% for coking coal, and 22% for steel [4][7] - The West Manganese project is seen as a potential solution to redirect profits back to the domestic steel industry [4][7] Profitability - In Q4 2025, prices for rebar, hot-rolled, iron ore, and coking coal decreased by 7.1%, 6.0%, 1.0%, and 12.5% year-on-year, respectively, with coking coal showing a significant price drop [7][18] - The decline in coking coal prices has alleviated cost pressures for steel companies, leading to a rebound in profitability [18][21] - The overall profit for the steel industry is expected to improve as demand stabilizes and costs decrease [7][21] Supply - The actual crude steel production in 2025 is expected to remain flat year-on-year, despite improved profitability encouraging production [20][21] - The supply side has not yet contracted as expected, with administrative production limits still pending implementation [16][20] - The discrepancy in production statistics indicates that crude steel output may be underestimated due to reporting practices [21][23] Demand - Steel inventory has been successfully reduced to low levels, indicating a stabilization in apparent consumption [26][27] - The demand structure shows a decline in rebar consumption by 5.4%, while hot-rolled and cold-rolled products saw increases of 1.2% and 1.5%, respectively [30][31] - Strong external demand, particularly in machinery and equipment exports, is expected to support steel demand [31][40] Outlook for 2026 - Steel demand is anticipated to remain stable, supported by infrastructure and manufacturing investments as outlined in the 14th Five-Year Plan [42][46] - The decline in new housing starts is expected to moderate, reducing the negative impact on steel demand from the real estate sector [46][48] - Global monetary and fiscal policies are expected to become more accommodative, further supporting steel demand through improved economic conditions [48][49] Policy and Regulation - The introduction of export license management for certain steel products aims to curb low-end exports and improve market stability [51][52] - The focus on "graded management" policies is expected to lead to a reduction in outdated production capacity, benefiting compliant and high-quality steel producers [52]