Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies for investment [3]. Core Viewpoints - The steel market is experiencing weak supply and demand, leading to price fluctuations. As of June 20, 2025, the price of 20mm HRB400 rebar in Shanghai is 3070 CNY/ton, unchanged from the previous week [1][10]. - Steel profits have increased slightly, with rebar, hot-rolled, and cold-rolled steel margins changing by +6 CNY/ton, +20 CNY/ton, and -26 CNY/ton respectively [1][3]. - Steel production has risen, with a total output of 8.69 million tons for major steel products, a week-on-week increase of 96,600 tons [2][3]. Summary by Sections Price Trends - As of June 20, 2025, various steel prices show mixed trends, with rebar prices stable at 3070 CNY/ton, hot-rolled steel increasing by 40 CNY/ton to 3240 CNY/ton, and cold-rolled steel decreasing by 30 CNY/ton to 3510 CNY/ton [1][10][11]. Production and Inventory - The total production of major steel products reached 8.69 million tons, with rebar production increasing by 46,100 tons to 2.12 million tons. Total social inventory decreased by 144,300 tons to 9.12 million tons [2][3]. Profitability - The report indicates a slight increase in steel profitability, with long-process steel margins showing minor increases while short-process margins have decreased [1][3]. Investment Recommendations - The report suggests focusing on the following companies: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it recommends paying attention to high-temperature alloy companies like Fushun Special Steel [3].

证券代码：000708 证券简称：中信特钢 公告编号：2025-045 中信泰富特钢集团股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）董事会于 近日收到公司董事李国忠先生提交的书面辞职申请，李国忠先生原定 任期至 2026 年 5 月 7 日，因工作变动原因，申请辞去公司董事及其 在战略、风险及 ESG 委员会中担任的职务，李国忠先生除在公司控股 子公司江阴兴富特种装备有限公司担任董事长、法定代表人外，不再 担任公司任何职务。截至本公告日，李国忠先生不存在应当履行而未 履行的承诺事项，未持有公司股份。 中信泰富特钢集团股份有限公司 董 事 会 2025 年 6 月 21 日 李国忠先生的辞职未导致公司董事会成员低于法定最低人数，其 辞职不会影响公司董事会的规范运作及公司正常生产经营，根据《公 司法》和《公司章程》的有关规定，其辞职申请自送达董事会之日起 生效。公司将按照有关规定尽快完成董事的补选工作。 李国忠先生在担任公司董事、专门委员会委员期间勤勉尽责、恪 尽职守，公司及董事 ...

Core Insights - The "Su Super" league has seen a significant increase in sponsorship, growing from 6 sponsors at the start to 19 sponsors by June 13, indicating strong commercial interest and engagement in the league [1][3]. Sponsorship Growth - The initial sponsors included Jiangsu Bank as the main title sponsor, with strategic partners and other sponsors totaling 6 [1]. - By the fourth round of matches, the number of sponsors had expanded to 19, with new strategic partners such as Longpan Technology, Ideal Auto, and KFC joining the league [1]. - The league's official sponsors increased to 5, with new additions like Nubia and Yili, while the number of official suppliers rose to 4 [1]. Comparison with Other Leagues - The number of sponsors for "Su Super" has surpassed that of the 2025 Chinese Super League (CSL), which had fewer than 10 sponsors listed [4]. - Despite the higher number of sponsors, the sponsorship fees for "Su Super" are significantly lower than those for the CSL, with the entire season's sponsorship price reaching 3 million yuan, while the CSL's title sponsorship can exceed 100 million yuan [4][5].

Core Viewpoint - CITIC Pacific Special Steel Group Co., Ltd. has issued a total of 5 billion RMB in convertible bonds, with a six-year maturity and a structured interest rate that increases over time, aimed at funding various projects and enhancing its operational capabilities [2][3][14]. Section 1: Overview of Convertible Bonds - The approval for the issuance of 5 billion RMB in convertible bonds was granted by the China Securities Regulatory Commission on December 24, 2021 [2]. - The bonds were issued at a face value of 100 RMB each, with the issuance date on February 25, 2022 [3]. - The bonds have a maturity period from February 25, 2022, to February 24, 2028, with a structured interest rate starting at 0.20% in the first year and reaching 2.00% by the sixth year [3][4]. Section 2: Financial Performance - In 2024, the company reported a revenue of 109.20 billion RMB, a decrease of 4.22% from the previous year, and a net profit of 5.36 billion RMB, down 9.15% [14][15]. - The total assets as of December 31, 2024, were 111.04 billion RMB, reflecting a 4.69% decrease from the previous year, while total liabilities decreased by 10.23% to 67.22 billion RMB [15]. - The company's net assets increased by 5.27% to 43.83 billion RMB, indicating a strengthening of its equity position [15]. Section 3: Use of Proceeds - The proceeds from the bond issuance are allocated to several projects, including a 120 million RMB investment in optimizing the "Three Highs and One Special" product system and a 140 million RMB investment in environmental upgrades at Hubei Zhongte New Chemical Energy Technology Co., Ltd. [12][16]. - As of December 31, 2024, the company had utilized approximately 393.27 million RMB of the raised funds, with a remaining balance of 1.05 billion RMB [16][18]. Section 4: Company Overview - CITIC Pacific Special Steel is a leading manufacturer of specialized steel materials, with an annual production capacity of approximately 20 million tons [13][14]. - The company operates multiple production bases across China and has a strong market presence in high-end steel products, including bearing steel and automotive steel, with exports to over 80 countries [14].

证券代码：000708 证券简称：中信特钢 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 A 股可转换公司债券 受托管理事务报告 （2024 年度） 二〇二五年六月 1 重要声明 五矿证券有限公司（以下简称"五矿证券"）编制本报告的内容及信息来源于 中信泰富特钢集团股份有限公司（以下简称"中信特钢"、"公司"或"发行人"）对外 公布的公开信息披露文件以及发行人向五矿证券提供的资料。 五矿证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》等相关规定及与中信特钢签订的《中信泰富特钢集团股份有限公司与五 矿证券有限公司关于中信泰富特钢集团股份有限公司可转换公司债券之债券受托 管理协议》（以下简称"《受托管理协议》"）的约定编制本报告。五矿证券对本报 告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内 容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为五矿证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情 ...

Group 1: Company Overview and Market Position - The company focuses on special steel production, aiming to create high-quality products and maintain a leading position in the industry [3] - The demand for special steel is expected to grow significantly due to advancements in traditional sectors like automotive and emerging fields such as aerospace and nuclear power [3] - The company is committed to building a sustainable development model, emphasizing high-quality, resilient growth, and achieving carbon peak goals [3] Group 2: Current Challenges and Responses - Despite high global steel demand due to international conflicts, the company maintains sufficient orders and operates at full capacity [3] - The management emphasizes the importance of high-quality, sustainable development and actively engages with analysts and investors to promote the company's investment value [4][5] Group 3: Market Value Management - The management is focused on enhancing both market and intrinsic value through effective operational management and strategic initiatives [4] - The company has no current plans for share buybacks, prioritizing long-term value creation and compliance with legal disclosure requirements [5]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The rebound in coking coal prices is noteworthy, with a focus on the resilience of demand during the off-season. The report indicates that domestic steel demand is gradually entering a seasonal decline, while external demand remains uncertain due to tariff adjustments by the U.S. government [3][4]. - The report highlights that the profitability of long-process steel production has increased, with specific profit margins for rebar, hot-rolled, and cold-rolled steel showing positive changes compared to the previous week [2][3]. - The overall steel production has decreased, with a total output of 8.8 million tons for major steel varieties, reflecting a slight decline from the previous week [2][3]. Summary by Sections Price Trends - As of June 6, 2025, steel prices in Shanghai showed mixed trends, with rebar prices at 3,140 CNY/ton (up 10 CNY), hot-rolled steel at 3,260 CNY/ton (up 60 CNY), and cold-rolled steel remaining stable at 3,580 CNY/ton [1][10]. Production and Inventory - The total production of major steel varieties was 8.8 million tons, with a week-on-week decrease of 0.47 million tons. Rebar production specifically decreased by 70,500 tons to 2,184,600 tons [2][3]. - Total social inventory of major steel varieties decreased by 16,100 tons to 9,298,600 tons, with rebar inventory dropping by 89,700 tons [2][3]. Investment Recommendations - The report recommends focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4].

Group 1 - The "Su Super" football league in Jiangsu has gained significant popularity, with a 16-fold increase in keyword search volume in the past week, particularly in cities like Suzhou, Wuxi, and Nanjing [2] - Jiangsu Bank is the title sponsor of the "Su Super" league, with a retail AUM of over 1.42 trillion yuan, leading among city commercial banks [2] - The event has attracted various sponsors, including high-end liquor brand Guoyuan V from Jinshiyuan, which sees this as an opportunity to enhance brand visibility [3] Group 2 - Other sponsors include Kang Shifu's bottled water brand "He Kai Shui," indicating a diverse range of corporate involvement in the league [4] - Local listed companies are also leveraging the event for brand promotion, such as Weiweijia, which aims to enhance its brand visibility through participation [5] - CITIC Special Steel, based in Jiangyin, has its logo on the Wuxi team's jersey, showcasing the regional corporate support for the league [5]

证券代码：000708 证券简称：中信特钢 公告编号：2025-044 中信泰富特钢集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 2024 年 8 月 19 日召开第十届董事会第十次会议、第十届监事会第十次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，在 确保不影响公司正常运营和募集资金投资项目建设的情况下，公司及 子公司拟使用不超过人民币 100,000 万元（含本数）闲置募集资金进 行现金管理。有效期为自公司董事会审议之日起十二个月内有效。在 上述额度及有效期内，资金可循环滚动使用，期限内任一时点的交易 金额（含前述投资的收益进行再投资的相关金额）不应超过额度。具 体内容详见公司刊登在巨潮资讯网（www.cninfo.com.cn）上的《关 于使用部分闲置募集资金进行现金管理的公告》。 | 主体 | 银行名称 | 产品名称 | 产品类型 | 金额 | 起息日 | 到期日 | 参考年化 | 实际收益 | | --- | ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].