一、汽车玻璃升降器行业概述 玻璃升降器是汽车门窗玻璃的升降装置，主要包括电动玻璃升降器与手动玻璃升降器两大类。现在许多 轿车门窗玻璃的升降一般都改用按钮式的电动升降方式，使用电动玻璃升降器。从结构分类来看，汽车 玻璃升降器可分为臂式玻璃升降器和柔式玻璃升降器。其中臂式玻璃升降器包括单臂式玻璃升降器和双 臂式玻璃升降器。柔式玻璃升降器包括绳轮式玻璃升降器、带式玻璃升降器和软轴式玻璃升降器。臂式 玻璃升降器采用悬臂式支承结构及齿轮齿板机构，故工作阻力较大。它的传动机构为齿轮齿板、啮合传 动，除齿轮外其主要构件均为板式结构，加工方便，成本低，在国内车辆上使用较为普遍。柔式汽车玻 璃升降器的传动机构为齿轮软轴啮合传动，具有"柔式"的特点，故其设置、安装都比较灵活方便，结构 设计也比较简捷，且自身结构紧凑，总体质量轻。 内容概况：汽车玻璃升降器是现代汽车中不可或缺的一部分，主要功能是控制车窗的开闭，提供车内通 风、调节温度和提供乘车舒适性。中国作为全球最大的汽车消费市场，持续增长的汽车设备需求为汽车 玻璃升降器行业创造了巨大的发展空间，在传统燃油车产量稳定增长和新能源汽车快速普及的双重推动 下，汽车玻璃升降器市场规模呈 ...

Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.8 billion tons in June 2025, representing a year-on-year decrease of 9.2% [1] - In the first half of 2025, China's cumulative crude steel production reached 5.1 billion tons, showing a cumulative decline of 3% [1] - The report referenced is the "2025-2031 China Crude Steel Industry Market Operation Status and Development Trend Analysis Report" published by Zhiyan Consulting [1] Group 2 - Listed companies in the steel industry include Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive industry solutions [2]

特别提示： 债券简称：24 河钢 Y3 债券代码：148862.SZ 付息日：2025 年 8 月 14 日 计息期间：2024 年 8 月 14 日至 2025 年 8 月 13 日 债权登记日：2025 年 8 月 13 日 河钢股份有限公司 2024 年面向专业投资者公开发行可续期公司债券（第三 期）（以下简称"本期债券"）将于 2025 年 8 月 14 日支付 2024 年 8 月 14 日至 2025 年 8 月 13 日期间的利息，为确保付息工作的顺利进行，现将有关事宜公告 如下： 一、本期债券基本情况 | 证券代码：000709 | | | 股票简称：河钢股份 公告编号：2025-038 | | --- | --- | --- | --- | | 债券简称：24 | 河钢 | Y3 | 债券代码：148862.SZ | 河钢股份有限公司 2024年面向专业投资者公开发行可续期公司债券 （第三期）2025年付息公告 本公司及全体董事、监事、高级管理人员保证公告内容的真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 1、债券名称：河钢股份有限公司 2024 年面向专业投资者公开发行可续期 ...

Industry Overview - The medium and thick wide steel strip industry is experiencing structural growth opportunities due to the transformation and upgrading of the manufacturing industry and the rapid development of the new energy sector [1][8] - The production of medium and thick wide steel strips in China reached 114 million tons in the first half of 2025, representing a year-on-year increase of 4.47% [1][8] Industry Chain - The upstream of the medium and thick wide steel strip industry includes raw materials such as iron ore, coal, scrap steel, and electricity, as well as production equipment like blast furnaces and rolling mills [4] - The downstream applications encompass construction, machinery manufacturing, shipbuilding, energy equipment, bridges, and the automotive industry [4] Market Dynamics - The global iron ore supply is expected to increase, with major producers like Rio Tinto and BHP expanding capacity, leading to a projected global output of 2.45 billion tons in 2025, a year-on-year increase of 3.8% [6] - The price of iron ore futures in China fell to 715.5 yuan per ton by the end of June 2025, a decrease of 13.27% year-on-year, which significantly reduced production costs for medium and thick wide steel strips [6] Key Enterprises - The medium and thick wide steel strip industry has a relatively high market concentration, with a few large enterprises dominating the market, such as Baosteel Group and Ansteel [12] - Baosteel is recognized for its advanced production technology and equipment, while Ansteel has a strong market share in various sectors including construction and machinery [12][14] Development Trends - The industry is shifting towards high-end and intelligent transformation, with a focus on high-strength and corrosion-resistant steel [18] - The green and low-carbon development trend is becoming mainstream, with expectations of a 15% reduction in carbon emission intensity through the adoption of hydrogen metallurgy and short-process steelmaking technologies [19] - The application of medium and thick wide steel strips in new infrastructure projects, such as rail transit and new energy vehicles, is expected to expand significantly [20]

Core Points - The AMAC Black Metal Index (AMAC Steel, H30058) experienced a slight decline of 0.01%, closing at 1542.15 points with a trading volume of 9.617 billion [1] - Over the past month, the AMAC Black Metal Index has increased by 17.10%, by 16.81% over the last three months, and by 18.54% year-to-date [1] Index Composition - The AMAC Black Metal Index is composed of 10 major stocks, with Baosteel Co., Ltd. holding the largest weight at 20.04%, followed by Baotou Steel (17.81%) and Hualing Steel (7.38%) [1] - The market share of the AMAC Black Metal Index is predominantly from the Shanghai Stock Exchange at 71.04%, while the Shenzhen Stock Exchange accounts for 28.96% [1] Industry Classification - The AMAC Black Metal Index is entirely composed of the raw materials sector, with a 100.00% allocation [2]

Core Viewpoint - The company actively participates in national key project construction and plays a significant role in major engineering projects and national heavy equipment construction [1] Group 1 - The company has been involved in numerous well-known major projects both domestically and internationally [1] - The company will closely monitor the steel demand at various construction stages of the Yaxia Hydropower Project and seize this significant historical opportunity [1] - The company will also pay attention to the steel demand from related enterprises providing construction services for the project [1]

Core Viewpoint - The reinforcement materials industry in China is experiencing significant growth driven by urbanization, aging infrastructure, and increasing safety standards, with the market expected to reach approximately 914.2 billion yuan in 2024, reflecting a year-on-year growth of 7.7% [1][13]. Industry Overview - Reinforcement materials are essential in civil engineering, used to strengthen existing structures to meet new safety and usage requirements. Common types include structural adhesives, crack injection materials, cement-based grouting materials, polymer mortars, and fiber-reinforced composites [3][4]. Industry Development History - The reinforcement materials industry has evolved through three stages: early development, growth, and modern development, with significant advancements in carbon fiber cloth technology and chemical grouting materials [5]. Industry Chain - The reinforcement materials industry chain consists of upstream raw materials and production equipment, midstream manufacturing, and downstream application fields, including building reinforcement, bridge engineering, and water conservancy projects [7]. Key Application Areas - The bridge engineering sector is a major application area for reinforcement materials, addressing issues like structural aging and damage. The total length of roads and bridges in China is projected to grow from 5.756 million kilometers in 2019 to 6.466 million kilometers by 2024, with a compound annual growth rate of 2.35% [11]. Market Dynamics - The carbon fiber cloth market is expected to reach approximately 7.713 billion yuan in 2024, driven by its high strength, lightweight, and ease of application in various structural reinforcement projects [14]. Competitive Landscape - The global reinforcement materials industry features a diverse competitive landscape, with international brands like Sika, Hilti, and Toray competing alongside domestic companies such as Hanma and Guterbang, which leverage technological innovation to gain market share [17][20]. Future Trends - The industry is moving towards smart technology integration, with IoT and big data enhancing monitoring and predictive maintenance capabilities. Additionally, there is a shift towards green materials, with a focus on low-carbon and recyclable options, and a trend towards comprehensive service models that integrate design, construction, and maintenance [25][27][28].

Core Points - The company, Hebei Iron and Steel Co., Ltd., is set to pay interest on its second phase of corporate bonds on July 30, 2025, covering the period from July 30, 2024, to July 29, 2025 [2][3] - The bond has a face value interest rate of 4.20%, with a total interest payment of RMB 42.00 for every 10 bonds held, resulting in a total payment of RMB 1,033.60 including principal [2][4] - The bond will be delisted on July 30, 2025, with the last trading day being July 29, 2025 [4] Bond Details - The bond code is 149181.SZ, and the bondholder registration date is July 29, 2025 [1][2] - Investors who hold the bonds until the registration date will receive the principal and interest, while those who sell before this date will not [2][3] - The bond has been rated AAA, indicating a stable credit outlook [2] Tax Information - Individual bondholders are subject to a 20% personal income tax on the interest earned from the bonds, which will be withheld at the time of payment [4][5] - Non-resident enterprises will receive the full interest amount without tax deductions [2][4] Payment Process - The company will transfer the payment to the designated bank account of China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, two trading days before the payment date [3][4] - If the company fails to make the payment on time, it will be responsible for handling the bond redemption and interest payment directly [3][4] Contact Information - The company has provided contact details for inquiries related to the bond issuance and payment process [5]

本公司全体董事、监事、高级管理人员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 债券简称：20HBIS02 债券代码：149181.SZ 债权登记日：2025 年 7 月 29 日 本息兑付日：2025 年 7 月 30 日 债券摘牌日：2025 年 7 月 30 日 凡在 2025 年 7 月 29 日前（含当日）买入并持有本期债券的投资者享有本次派 发的本金及利息；2025 年 7 月 29 日前（含当日）卖出本期债券的投资者不享有本 次派发的本金及利息。 河钢股份有限公司2020年面向合格投资者公开发行公司债券(第二期)（以下简 称"本期债券"）将于2025年7月30日支付2024年7月30日至2025年7月29日期间的利 息。根据《河钢股份有限公司2020年面向合格投资者公开发行公司债券（第二期） 募集说明书》有关条款的规定，现将有关事项公告如下： 证券代码： 000709 股票简称： 河钢股份 公告编号： 2025-037 债券简称： 20HBIS02 债券代码： 149181.SZ 一、本期债券基本情况 河钢股份有限公司2020年面向合格投资者 1、债券名称 ...

Core Viewpoint - The article highlights the significance of the first global export order for hydrogen metallurgy green steel, marking a milestone for the steel industry in China and its ability to meet international carbon footprint transparency requirements [2][3]. Group 1: Hydrogen Metallurgy Green Steel - Hebei Steel Group signed the world's first export order for hydrogen metallurgy green steel, amounting to 10,000 tons, scheduled for delivery by the end of August [2]. - This order demonstrates the capability of Chinese steel enterprises to respond to the EU's Carbon Border Adjustment Mechanism (CBAM) and opens new pathways in the international market [2]. Group 2: Environmental Impact and Technology - The company employs a self-developed hydrogen-based vertical furnace direct reduction process, replacing traditional carbon with hydrogen as a reducing agent, achieving zero carbon emissions in the iron-making process [3]. - The carbon emissions per ton of steel are reduced by 50% compared to traditional methods, aligning with EU TSI certification and EN standards, thus meeting stringent European market requirements for low-carbon products [3]. Group 3: Collaboration and Standards - Hebei Steel collaborates with automotive manufacturers such as BMW and Mercedes-Benz to apply green steel in vehicle manufacturing, promoting low-carbon initiatives across the entire industry chain [3]. - The products meet the EU LESS standard (low-carbon steel standard) and the draft of the Global Steel Climate Council (GSCC), facilitating the recognition of Chinese green steel on an international level [3].