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].

Core Viewpoint - The special steel sector experienced a significant increase, with a 2.67% rise on October 9, led by Jiuli Special Materials, amidst a broader market uptrend in the Shanghai Composite Index and Shenzhen Component Index [1][3]. Group 1: Market Performance - On October 9, the Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1]. - The special steel sector stocks showed varied performance, with Jiuli Special Materials leading the gains at 8.04%, closing at 26.33 [1]. Group 2: Individual Stock Performance - Key performers in the special steel sector included: - Jiuli Special Materials (002318): Closed at 26.33, up 8.04%, with a trading volume of 295,100 shares and a turnover of 757 million [1]. - Jinzhu Pipeline (002443): Closed at 60.8, up 4.79%, with a trading volume of 259,700 shares [1]. - Xianglou New Materials (301160): Closed at 62.05, up 3.78%, with a trading volume of 36,100 shares [1]. - Taiyuan Iron & Steel (000825): Closed at 4.13, up 3.25%, with a trading volume of 784,400 shares [1]. - Other notable stocks included Shengde Zhengtai (300881), Tongjin Co., Ltd. (603995), and Xining Special Steel (600117), all showing positive gains [1]. Group 3: Capital Flow - The special steel sector saw a net inflow of 88.35 million in main funds, while retail investors experienced a net outflow of 74.58 million [3]. - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew [3].

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]

担保对象及基本情况 | 证券代码：603995 证券简称：甬金股份 公告编号：2025-059 | | --- | | 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 | 被担保人名称 | | 广东甬金金属科技有限公司 | | | --- | --- | --- | --- | --- | | 保 | 本次担保金额 | 15,000.00 | 万元 | | | 对 | 实际为其提供的担保余额 | 28,828.28 | 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 | | | 江苏甬金金属科技有限公司 | | 保 | 本次担保金额 | 15,000.00 | 万元 | | | 对 | 实际为其提供的担保余额 | 55,320 ...

Market Overview - On September 25, the special steel sector rose by 0.46% compared to the previous trading day, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Xianglou New Materials (301160) closed at 63.58, up 2.25% with a trading volume of 28,400 lots and a transaction value of 181 million [1] - CITIC Special Steel (000708) closed at 12.92, up 1.10% with a trading volume of 136,200 lots [1] - Jinzhu Pipeline (002443) closed at 7.35, up 0.68% with a trading volume of 144,800 lots [1] - Other notable performances include Jiuli Special Materials (002318) at 23.03, up 0.57%, and Taiyuan Iron & Steel (000825) at 3.87, up 0.52% [1] Capital Flow - The special steel sector saw a net inflow of 7.496 million from institutional investors, while retail investors contributed a net inflow of 29.624 million [2] - However, speculative funds experienced a net outflow of 37.1203 million [2] Individual Stock Capital Flow - Jinzhu Pipeline (002443) had a net inflow of 19.2741 million from institutional investors, while it faced a net outflow of 11.3191 million from speculative funds [3] - Xianglou New Materials (301160) saw a net inflow of 17.6055 million from institutional investors, with a net outflow of 12.4069 million from speculative funds [3] - Fushun Special Steel (600399) recorded a net inflow of 4.4309 million from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the steel sector, specifically recommending stocks such as Hualing Steel, Nanjing Steel, Baosteel, and New Steel [3][6][9]. Core Insights - The report emphasizes that the current market is experiencing uneven performance, with a focus on the technology sector while traditional industries face significant adjustments. The report suggests that the era of capital oversupply is establishing a foundation for a golden period in capital markets [2]. - The report highlights that the average daily pig iron production has slightly increased, and the total inventory growth has narrowed, indicating a potential improvement in market conditions [14][26]. - The apparent consumption of steel has shown a month-on-month improvement, particularly in rebar demand, which has increased significantly [43]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,778.35 points, down 2.74%, underperforming the CSI 300 Index by 2.30 percentage points, ranking 25th among 30 CITIC primary sectors [1][92]. Supply and Production - The average daily pig iron production rose by 0.5 million tons to 241.1 million tons, while the production of rebar decreased slightly, and hot-rolled production saw a minor increase [14][19]. - In August 2025, crude steel production was 77.37 million tons, a year-on-year decrease of 0.7%, while steel production increased by 9.7% to 122.77 million tons [15][8]. Inventory - Total steel inventory continued to accumulate, with a weekly increase of 0.3%, but the growth rate has narrowed by 0.6 percentage points compared to the previous week [26][28]. - The social inventory of five major steel products was 11.014 million tons, up 0.6% week-on-week and 7.3% year-on-year [28]. Demand - The apparent consumption of five major steel products was 8.503 million tons, up 0.8% month-on-month but down 4.6% year-on-year, indicating a mixed demand scenario [53]. - The average weekly transaction volume of construction steel was 106,000 tons, reflecting a 3.3% increase from the previous week [44]. Raw Materials - Iron ore prices have shown a slight increase, with the Platts 62% iron ore price index at $106.6 per ton, up 0.2% week-on-week and 17.9% year-on-year [62]. - The report notes that the coal and electricity investment completion amount reached 96 billion yuan, a year-on-year increase of 52.4%, indicating a positive outlook for related sectors [8]. Prices and Profits - The comprehensive steel price index increased by 0.5% week-on-week, suggesting a potential for continued price strength as industry fundamentals improve [72]. - The current spot price for rebar in Beijing is 3,200 yuan per ton, reflecting a 0.3% increase week-on-week [73].