Core Viewpoint - CITIC Special Steel's stock price has shown a significant increase of 40.15% year-to-date, despite a recent decline of 3.91% over the last five trading days [2] Group 1: Stock Performance - As of November 19, CITIC Special Steel's stock price rose by 2.04% to 15.00 CNY per share, with a trading volume of 1.90 billion CNY and a turnover rate of 0.25%, resulting in a total market capitalization of 757.07 billion CNY [1] - The stock has experienced a 10.13% increase over the past 20 days and a 21.46% increase over the past 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, CITIC Special Steel reported a revenue of 812.06 billion CNY, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was 43.30 billion CNY, reflecting a year-on-year growth of 12.88% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Special Steel shareholders decreased by 11.57% to 38,400, with an average of 131,570 circulating shares per shareholder, which is an increase of 13.09% [2] - The company has distributed a total of 219.37 billion CNY in dividends since its A-share listing, with 99.52 billion CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 65.19 million shares, an increase of 17.04 million shares from the previous period [3] - Other notable institutional shareholders include Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3]

Investment Rating - The industry investment rating is Neutral, maintained [10] Core Views - The successful commissioning of the Simandou project and the gradual emergence of a relaxed iron ore trend are significant developments. Despite limited actual supply-demand impact on iron ore by 2025, the project's capacity of 120 million tons and the push for "anti-involution" suggest that global iron ore demand may not see significant growth. The trend towards relaxation in iron ore supply is becoming clearer [2][6] - Current global iron ore cash costs are around $90 per ton, and as the surplus increases, iron ore prices may gradually return to cost support levels. In the short term, high iron output and strong macroeconomic growth expectations at year-end support iron ore prices. However, as Simandou's capacity ramps up next year, prices may begin a smoother downward trend after the seasonal peak in April [2][6] Summary by Sections Section 1: Market Performance - The seasonal effect has deepened, with apparent steel demand continuing to weaken. The apparent consumption of the five major steel products decreased by 3.13% year-on-year and 0.82% month-on-month. The average daily pig iron output increased to 2.3688 million tons, up by 2.66 thousand tons per day [4] - Steel inventory continues to decrease, maintaining a median level. Total steel inventory decreased by 1.88% week-on-week and increased by 20.48% year-on-year. Prices for rebar and hot-rolled steel have also seen slight declines [4] Section 2: Simandou Project - The Simandou iron ore project in Guinea officially commenced operations on November 11, with a total investment exceeding $20 billion. The project includes over 600 kilometers of newly built multi-purpose railway and supporting port facilities, with an annual export capacity of up to 120 million tons [5][6] Section 3: Future Outlook - Looking ahead to 2026, the main trading theme in the steel sector may be "iron ore concessions + the realization of steel production cuts under anti-involution." The profit distribution in the black industry chain shows that iron ore occupies a significant share, indicating ample room for concessions. Major steel companies like Nanjing Steel, Hualing Steel, and Baosteel may see further performance elasticity due to cost relaxation and resilient steel sales prices [7][27]

Market Overview - The special steel sector experienced a decline of 0.82% on November 17, with CITIC Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Fushun Special Steel (code: 6682009) closed at 5.60, up 1.63% with a trading volume of 436,000 shares and a turnover of 244 million yuan [1] - Jiu Li Special Materials (code: 002318) closed at 26.06, up 1.32% with a trading volume of 139,900 shares and a turnover of 368 million yuan [1] - CITIC Special Steel (code: 000708) closed at 14.94, down 2.42% with a trading volume of 277,700 shares and a turnover of 417 million yuan [2] Capital Flow Analysis - The special steel sector saw a net outflow of 127 million yuan from institutional investors, while retail investors had a net inflow of 214 million yuan [2] - The capital flow for individual stocks showed that Jiu Li Special Materials had a net inflow of over 900,130 yuan from institutional investors, while Fushun Special Steel experienced a net outflow of 259,990 yuan [3]

Investment Rating - The report suggests a positive outlook for the steel industry, indicating a recovery in profitability and a focus on supply-side reforms [4][29]. Core Insights - The steel industry has shown significant improvement in profitability during the first three quarters of 2025, with total profits reaching 96 billion yuan, a year-on-year increase of 190% [4][6]. - The report highlights the implementation of supply-side reforms aimed at optimizing the structure of steel products and controlling production capacity [4][13]. - The demand for steel is expected to benefit from manufacturing upgrades and AI transformation, with a focus on high-end product development [4][29]. Summary by Sections 1. Industry Profit Recovery and Supply-Side Policies - In the first three quarters of 2025, the cumulative operating revenue of key steel enterprises was 4.56 trillion yuan, a year-on-year decrease of 2.36%, while total profits reached 96 billion yuan, marking a significant recovery [4][6]. - The production of crude steel was 746 million tons, down 2.9% year-on-year, while steel consumption fell by 5.7% [4][6]. - The report notes that the sales profit margin increased to 2.1%, up 1.39 percentage points year-on-year [4][6]. 2. Fund Holdings in the Steel Sector - As of September 30, 2025, the number of fund holdings in the steel sector increased to 41, with a total holding value of 21.99 billion yuan, up 22.44% year-on-year [4][17]. - The report indicates that the steel sector's holdings accounted for 0.50% of total fund holdings, with a notable increase in the number of holdings during the first and third quarters [4][17]. 3. Investment Recommendations - The report recommends focusing on leading companies in the ordinary steel sector that are expected to benefit from improved supply-demand dynamics, as well as companies in the special steel sector with strong fundamentals [4][29].

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and current state of the black metal smelting and rolling industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Overview - As of January to September 2025, there are 6,290 enterprises in the black metal smelting and rolling industry, which is an increase of 44 enterprises compared to the same period last year, representing a year-on-year growth of 0.7% [1] - The black metal smelting and rolling industry accounts for 1.2% of the total industrial enterprises in China [1] Statistical Data - The data regarding the number of enterprises in the black metal smelting and rolling industry has been compiled from the National Bureau of Statistics and organized by Zhiyan Consulting [1] - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, based on their projected earnings and valuations [3][4]. Core Insights - The Ximangdu Iron Mine has officially commenced production, with a total designed capacity of 120 million tons per year, expected to gradually ramp up over the next 2-3 years. This high-quality iron ore resource is anticipated to lower iron ore prices, alleviating pressure on steel mill profits [3][4]. - Steel prices have decreased, with notable declines in rebar and medium plates, while hot-rolled and cold-rolled prices remained stable [1][9]. - Steel production has decreased, with a total output of 8.34 million tons for major steel products, down by 223,600 tons week-on-week. Total social inventory also fell by 136,300 tons [2][6]. Summary by Sections Price Trends - As of November 14, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,170 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price changes, with hot-rolled at 3,280 CNY/ton and cold-rolled at 3,770 CNY/ton remaining stable [1][9]. Production and Inventory - The total production of major steel products was 8.34 million tons, with rebar production specifically reduced to 2 million tons, a decrease of 85,400 tons week-on-week. Total social inventory decreased to 10.602 million tons [2][6]. Profitability - Steel margins have declined, with rebar, hot-rolled, and cold-rolled margins decreasing by 29 CNY/ton, 37 CNY/ton, and 39 CNY/ton respectively. Electric arc furnace steel margins also saw a slight decrease of 2 CNY/ton [1][3]. Investment Recommendations - The report recommends several companies based on their market positioning and expected performance, including Hualing Steel, Baosteel, Nanjing Steel, and others in various segments such as special steel and pipe materials [3][4].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [3][20]. Group 1: Board Meeting Details - The 22nd meeting of the 10th Board of Directors was held on November 14, 2025, with all 9 directors present [2]. - The meeting was convened in accordance with the relevant provisions of the Company Law and the company's articles of association [2]. Group 2: Resolution on Convertible Bonds - The board approved the resolution not to adjust the conversion price of the "Zhongte Convertible Bonds" [3][20]. - The stock price has been below 80% of the conversion price for 15 trading days, triggering the adjustment clause [11][20]. - The board's decision is based on the belief in the company's long-term value and aims to protect the interests of all investors [3][20]. Group 3: Future Considerations - The company will not propose a downward adjustment for the next three months (from November 17, 2025, to February 13, 2026) even if the adjustment conditions are met again [20]. - A new assessment period for potential adjustments will begin on February 24, 2026 [20].

特别提示： 证券代码：000708 证券简称：中信特钢 公告编号：2025-073 债券代码：127056 债券简称：中特转债 中信泰富特钢集团股份有限公司 关于不向下修正"中特转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1.截至 2025 年 11 月 14 日，中信泰富特钢集团股份有限公司（以 下简称"公司"）股票已出现任意连续 30 个交易日中至少 15 个交易 日的收盘价低于当期转股价格 80%的情形，已触发"中特转债"转股 价格的向下修正条款。 2.经公司第十届董事会第二十二次会议审议通过，公司董事会决 定本次不向下修正"中特转债"的转股价格，且在未来三个月内（即 2025 年 11 月 17 日至 2026 年 2 月 13 日），如再次触发"中特转债" 转股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格 修正条件的期间从 2026 年 2 月 24 日开始重新起算，若再次触发"中 特转债"转股价格向下修正条款，届时公司董事会将再次召开会议决 定是否向下修正"中特转债"的转股价格。 公司于 2025 年 11 月 ...

Group 1 - The company, CITIC Special Steel (SZ 000708), announced on November 14 that its 10th Board of Directors held its 22nd meeting via telecommunication, discussing the proposal not to adjust the conversion price of "Zhongte Convertible Bonds" [1] - For the first half of 2025, CITIC Special Steel's revenue composition is entirely from the special steel industry, accounting for 100.0% [1] - As of the report date, CITIC Special Steel has a market capitalization of 77.3 billion yuan [1]

证券代码：000708 证券简称：中信特钢 公告编号：2025-072 中信泰富特钢集团股份有限公司 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届董 事会第二十二次会议（以下简称"本次会议"）于 2025 年 11 月 8 日 以书面、传真、邮件方式发出通知，于 2025 年 11 月 14 日以通讯表 决的方式召开，会议应到董事 9 名，实际出席会议董事 9 名，公司高 级管理人员列席了会议。公司董事长钱刚先生主持了会议。本次会议 的召集和召开程序符合《中华人民共和国公司法》及《中信泰富特钢 集团股份有限公司章程》的有关规定。 第十届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 二、董事会会议审议情况 经与会董事审议表决，通过了如下决议： 1.审议通过了《关于不向下修正"中特转债"转股价格的议案》 自 2025 年 10 月 27 日至 2025 年 11 月 14 日，公司股票已有 15 个交易日的收盘价低于当期转股价格的 80%，已触发转股价格的向下 修正条款。鉴于"中特转债"剩余存续期还 ...