中信泰富特钢集团股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 www.lhratings.com 联合〔2025〕2515 号 联合资信评估股份有限公司 评级总监： 二〇二五年五月十六日 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中信泰富特钢集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客 观、公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意 ...

二、董事会会议审议情况 经到会董事审议表决，通过了如下决议： 公司董事会同意聘任罗元东先生为公司总裁，任期自本次董事会 审议通过之日起至公司第十届高级管理人员任期届满之日止。 证券代码：000708 证券简称：中信特钢 公告编号：2025-042 中信泰富特钢集团股份有限公司 公司第十届董事会提名委员会审议通过了该议案。 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 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届董 事会第十七次会议（以下简称"本次会议"）于 2025 年 5 月 11 日以 书面、传真、邮件方式发出通知，于 2025 年 5 月 12 日以通讯表决方 式召开，会议应到董事 9 名，实际出席会议董事 9 名。公司监事、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。 特此公告。 中信泰富特钢集团股份有限公司 董 事 会 具体内容详见公司同日刊登在《中国证券报》《证券时报》《上 海证券报》《证券日报》 ...

证券代码：000708 证券简称：中信特钢 公告编号：2025-043 董 事 会 2025 年 5 月 13 日 1 中信泰富特钢集团股份有限公司 关于聘任公司总裁的公告 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。 中信泰富特钢集团股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开第十届董事会第十七次会议，审议通过了《关于聘任 公司总裁的议案》。基于公司经营发展需要，经公司董事会提名委员 会提名，董事会审议通过，同意聘任罗元东先生为公司总裁（简历附 后），任期自本次董事会审议通过之日起至公司第十届高级管理人员 任期届满之日止。本次职务变更后，罗元东先生不再担任公司副总裁 职务。 特此公告。 中信泰富特钢集团股份有限公司 附件： 罗元东先生简历 罗元东先生，男，1972 年 2 月出生，研究生学历，硕士学位。现 任中信泰富特钢集团股份有限公司董事、副总裁，中信泰富特钢投资 有限公司董事。历任江阴兴澄特种钢铁有限公司销售部上海分公司副 经理、经理，销售公司副总经理，浙江格洛斯无缝钢管有限公司副总 经理、销售总经理，江阴兴澄特种钢铁有限公司 ...

证券代码：000708 证券简称：中信特钢 公告编号：2025-042 中信泰富特钢集团股份有限公司 公司董事会同意聘任罗元东先生为公司总裁，任期自本次董事会 审议通过之日起至公司第十届高级管理人员任期届满之日止。 公司第十届董事会提名委员会审议通过了该议案。 具体内容详见公司同日刊登在《中国证券报》《证券时报》《上 海证券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）上的 《关于聘任公司总裁的公告》。 1 该议案表决结果，同意 9 票、反对 0 票、弃权 0 票。 第十届董事会第十七次会议决议公告 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 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届董 事会第十七次会议（以下简称"本次会议"）于 2025 年 5 月 11 日以 书面、传真、邮件方式发出通知，于 2025 年 5 月 12 日以通讯表决方 式召开，会议应到董事 9 名，实际出席会议董事 9 名。公司监事、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 ...

中信特钢（000708）公告，公司于2025年5月12日召开第十届董事会第十七次会议，审议通过了《关于 聘任公司总裁的议案》。基于公司经营发展需要，董事会同意聘任罗元东先生为公司总裁，任期自本次 董事会审议通过之日起至公司第十届高级管理人员任期届满之日止。 ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [3]. Core Insights - The report highlights that daily pig iron production remains high, with an average of 2.4564 million tons as of May 9, reflecting a week-on-week increase of 0.22 million tons and a year-on-year increase of 149,700 tons [5][6]. - The steel market has shown a positive performance, with the steel sector rising by 2.09%, outperforming the broader market [5][13]. - The report indicates a marginal improvement in downstream demand, supported by increased funding availability for construction projects, which is expected to bolster steel demand [6]. Summary by Sections 1. Market Performance - The steel sector increased by 2.09%, with sub-sectors such as special steel up by 3.41% and long products up by 1.90% [5][15]. - The average capacity utilization rate for blast furnaces was 92.1%, a week-on-week increase of 0.09 percentage points [28]. 2. Production Data - As of May 9, the total production of five major steel products was 7.64 million tons, a week-on-week decrease of 93,600 tons, or 1.21% [27]. - Daily pig iron production was reported at 2.4564 million tons, with a year-on-year increase of 6.49% [28]. 3. Consumption Data - The consumption of five major steel products was 8.452 million tons, a week-on-week decrease of 125,660 tons, or 12.94% [38]. - The transaction volume of construction steel by mainstream traders was 103,000 tons, down 8.58% week-on-week [38]. 4. Inventory Levels - Social inventory of five major steel products reached 10.33 million tons, a week-on-week increase of 93,500 tons, or 0.91% [46]. - Factory inventory of five major steel products was 4.43 million tons, a week-on-week increase of 19.62%, or 4.63% [46]. 5. Price Trends - The comprehensive index for ordinary steel was 3,453.7 yuan/ton, a week-on-week decrease of 37.38 yuan/ton, or 1.07% [52]. - The comprehensive index for special steel was 6,650.3 yuan/ton, with a slight week-on-week increase of 2.55 yuan/ton [52]. 6. Profitability - The average cost of pig iron was reported at 2,297 yuan/ton, with a week-on-week decrease of 6.0 yuan/ton [60]. - The profit per ton for rebar produced in blast furnaces was 90 yuan/ton, a week-on-week decrease of 38.0 yuan/ton [60]. 7. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle [6].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing measures such as interest rate cuts and increased lending for technological innovation [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a reduction of 95,200 tons week-on-week [2]. Summary by Sections Price Trends - As of May 9, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,150 CNY/ton, down 50 CNY/ton from the previous week [1][10]. - Other steel products also saw price declines, including hot-rolled and cold-rolled sheets [1][10]. Profitability - The report indicates a decline in steel profits, with rebar, hot-rolled, and cold-rolled steel margins decreasing by 13 CNY/ton, 2 CNY/ton, and 44 CNY/ton respectively [1][2]. Production and Inventory - Total production of five major steel products decreased to 8.74 million tons, with rebar production specifically down to 2.2353 million tons [2]. - Total social inventory of these steel products increased by 94,200 tons to 1,031.93 million tons [2]. Investment Recommendations - The report suggests focusing on companies within the general steel sector such as Baosteel, Hualing Steel, and Nanjing Steel, as well as special steel companies like CITIC Special Steel and Yongjin Co., Ltd. [3]. - It also recommends monitoring high-temperature alloy companies like Fushun Special Steel [3].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing financial policies to stabilize the market and boost consumption [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a week-on-week decline of 9.52 million tons [2]. Price Trends - As of May 9, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400) at 3,150 CNY/ton, down 50 CNY/ton from the previous week - High-line (8.0mm) at 3,380 CNY/ton, down 40 CNY/ton - Hot-rolled (3.0mm) at 3,230 CNY/ton, down 30 CNY/ton - Cold-rolled (1.0mm) at 3,600 CNY/ton, down 70 CNY/ton - Common medium plate (20mm) at 3,470 CNY/ton, down 40 CNY/ton [1][10]. Production and Inventory - As of May 9, 2025, the production of five major steel products has decreased, with rebar production down to 2.2353 million tons, a reduction of 9.85 million tons week-on-week [2]. - Total social inventory of five major steel products increased by 94,200 tons to 1,031.93 million tons, with steel mill inventory rising by 196,200 tons [2]. Profitability - The report indicates a decline in steel profits, with estimated changes in gross margins for rebar, hot-rolled, and cold-rolled steel at -13 CNY/ton, -2 CNY/ton, and -44 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - For the general steel sector: Baosteel, Hualing Steel, Nanjing Steel - For special steel: CITIC Special Steel, Yongjin Co., and Xianglou New Materials - For pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3].

恢复转股时间：公司2024年度权益分派股权登记日后的第一个交易日 （即2025年5月9日） 证券代码：000708 证券简称：中信特钢 公告编号：2025-041 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（以下简称"公司"）因实施2024年 度权益分派，根据《中信泰富特钢集团股份有限公司公开发行可转换公司 债券募集说明书》及《深圳证券交易所上市公司自律监管指南第1号——业 务办理：2.4向不特定对象发行可转换公司债券》等相关规定：公司实施权 益分派方案的，如公司回购账户存在股份的，或者公司拟实施利润分配总 额不变的权益分派方法的，实施权益分派期间可转债暂停转股。公司应在 可转债暂停转股后及时办理权益分派事宜，并及时申请可转债于除权除息 日恢复转股。 中信泰富特钢集团股份有限公司 关于"中特转债"恢复转股的提示性公告 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。 特别提示： | 股票代码：000708 | 股票简称：中信特钢 | | --- | --- | | 债券代码：127056 | 债券简称：中特转债 | 根据前述规定，公 ...

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]