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 ...

内容概要：双抗管线钢是管线钢系列中性能质量要求最为严格、生产难度最大的一类品种，作为具备优 异性能的双抗管线钢，在石油天然气输送领域广泛应用，近年来，随着我国油气管道建设不断推进，双 抗管线钢市场快速发展。据统计，2024年我国双抗管线钢行业市场规模达28.86亿元，同比增长 11.25%，未来，随着"一带一路"倡议的推进，众多沿线国家油气合作项目纷纷落地，我国双抗管线钢企 业凭借技术和成本优势，积极参与沿线国家油气管道建设，产品出口量有望不断增加，海外市场有望成 为我国双抗管线钢行业新的增长点。 上市企业：河钢股份（000709）、山东钢铁（600022）、宝钢股份（600019）、沙钢股份（002075） 关键词：双抗管线钢市场政策、双抗管线钢产业链、双抗管线钢发展现状、双抗管线钢竞争格局、双抗 管线钢发展趋势 一、概述 双抗管线钢是指同时具备抗硫化氢应力腐蚀开裂（SSCC）和抗硫化物应力腐蚀开裂（SCC）能力的钢 材，属于特种钢材，这类钢材主要用于输送含腐蚀性介质的油气管道系统，能在恶劣的腐蚀环境中保证 管道的安全性和耐久性，是油气长输管道建设中的关键材料。 | | 双抗钢管的优点及应用方向 | | - ...

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].

Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. Core Viewpoints of the Report - In the volatile market, credit bonds outperformed interest - rate bonds. Interest - rate bond yields slightly declined, while credit bond yields dropped more significantly. Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline [2][5]. - Urban investment bond spreads generally compressed slightly. Spreads of external ratings AAA, AA +, and AA platforms decreased by 1BP respectively. Spreads also declined when classified by administrative levels [2][9][15]. - Most industrial bond spreads decreased. Central and state - owned enterprise real - estate bond spreads declined, mixed - ownership real - estate bond spreads decreased, and private - enterprise real - estate bond spreads increased. Spreads of coal, steel, and chemical bonds also decreased [2][18]. - The yields of secondary and perpetual bonds followed the decline of certificates of deposit, with the short - to - medium - term performing relatively strongly [2][21]. - The excess spreads of 5Y industrial bonds and 3Y urban investment bonds slightly decreased [2][24]. Summary by Directory 1. Credit Bonds Outperformed Interest - Rate Bonds in the Volatile Market - Interest - rate bond yields slightly declined. The yields of 1Y, 5Y, and 7Y China Development Bank bonds decreased by 2BP, 1BP, and 1BP respectively, while the 3Y and 10Y remained flat [2][5]. - Credit bond yields dropped more significantly. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y credit bonds decreased to varying degrees [2][5]. - Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline. Rating spreads and term spreads showed obvious differentiation [5]. 2. Urban Investment Bond Spreads Slightly Compressed - By external ratings, the spreads of AAA, AA +, and AA platforms decreased by 1BP respectively, with different changes in different regions [9]. - By administrative levels, the spreads of provincial, municipal, and district - level platforms decreased by 2BP, 1BP, and 1BP respectively, with different changes in different regions [15]. 3. Most Industrial Bond Spreads Decreased - Real - estate bonds: Central and state - owned enterprise real - estate bond spreads decreased by 2 - 4BP, mixed - ownership real - estate bond spreads decreased by 1BP, and private - enterprise real - estate bond spreads increased by 7BP [2][18]. - Other industrial bonds: The spreads of AAA, AA +, and AA coal bonds decreased by 2BP, 2BP, and 1BP respectively; the spreads of AAA and AA + steel bonds decreased by 2BP and 4BP respectively; and the spreads of all levels of chemical bonds decreased by 3BP [2][18]. 4. The Yields of Secondary and Perpetual Bonds Followed the Decline of Certificates of Deposit, with the Short - to - Medium - Term Performing Relatively Strongly - 1Y secondary and perpetual bonds: Yields decreased by 2 - 3BP, and spreads compressed by 1 - 2BP [21]. - 3Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 2BP, and spreads decreased by 2 - 3BP; the yields of perpetual bonds decreased by 3 - 4BP, and spreads decreased by 3 - 4BP [21]. - 5Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 1 - 2BP, and spreads compressed by 0 - 1BP; the yields of AA + and above perpetual bonds decreased by 1BP, and spreads increased by 1BP, while the yields of AA perpetual bonds decreased by 4BP, and spreads decreased by 2BP [21]. 5. The Excess Spreads of 5Y Industrial Bonds and 3Y Urban Investment Bonds Slightly Decreased - AAA 3Y industrial perpetual bond excess spreads remained at 3.82BP, at the 1.32% quantile since 2015; 5Y industrial perpetual bond excess spreads decreased by 0.86BP to 7.65BP, at the 4.18% quantile since 2015 [24]. - Urban investment AAA 3Y perpetual bond excess spreads decreased by 0.65BP to 3.75BP, at the 0.29% quantile; urban investment AAA 5Y perpetual bond excess spreads increased by 0.09BP to 10.21BP, at the 10.93% quantile [24]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and industrial/urban investment perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. Historical quantiles are since the beginning of 2015 [28]. - Industrial and urban investment bond credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [28]. - Specific calculation methods and sample selection criteria are provided, including how to calculate spreads, which samples to select, and which samples to exclude [31].

Group 1 - The issuer, Hebei Iron and Steel Co., Ltd., has approved the profit distribution plan for the year 2024, which will be executed on July 16, 2025, for all shareholders registered by the close of trading on that date [1] - The profit distribution to shareholders is a normal profit allocation and will not have a significant adverse impact on the issuer's daily management, production operations, or debt repayment capacity [2] - Huatai United Securities, as the trustee manager for the bond "23HBIS01," will continue to monitor the issuer's repayment of principal and interest, as well as other significant matters affecting bondholders [2]

光大证券股份有限公司关于 河钢股份有限公司分配股利的 临时受托管理事务报告 债券简称：20HBIS02 债券代码：149181.SZ 债券简称：23HBIS02 债券代码：148477.SZ 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 7 月 契约锁 声明 本报告依据《公司债券发行与交易管理办法》、其它相关信息披露文件以及 河钢股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件和提供的 相关资料等，由债券受托管理人光大证券股份有限公司（以下简称"光大证券"） 编制。光大证券编制本报告的内容及信息均来源于河钢股份有限公司提供的资料 或说明。 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光大证券所作的承诺 或声明。 1 契约锁 一、发行人概况 （一）公司名称：河钢股份有限公司 （二）公司注册地址：河北省石家庄市体育南大街 385 号 （三）公司法定代表人：王兰玉 （四）信息披露事务负责人：王文多 （五）联系电话：0311-66770709 （六）联系传真：0311-66778711 （1）债券简称 ...

债券简称：24 河钢 Y1 债券代码：148794.SZ 债券简称：24 河钢 Y2 债券代码：148795.SZ 债券简称：25 河钢 Y1 债券代码：524154.SZ 债券简称：25 河钢 Y2 债券代码：524208.SZ 光大证券股份有限公司关于 河钢股份有限公司分配股利及触发强制付息事件的 临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 7 月 契约锁 声明 1 契约锁 一、发行人概况 （一）"24 河钢 Y1"、"24 河钢 Y2"债券概况 本报告依据《公司债券发行与交易管理办法》、其它相关信息披露文件以及 河钢股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件和提供的 相关资料等，由债券受托管理人光大证券股份有限公司（以下简称"光大证券"） 编制。光大证券编制本报告的内容及信息均来源于河钢股份有限公司提供的资料 或说明。 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光大证券所作的承诺 或声明。 （二）"25 河钢 Y1"债券概况 （六）联系传真：0311-66 ...

（住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 2025 年 7 月 | 债券代码： | 148862.SZ | 债券简称： | 24 | 河钢 | Y3 | | --- | --- | --- | --- | --- | --- | | 债券代码： | 148922.SZ | 债券简称： | 24 | 河钢 | Y4 | 华泰联合证券有限责任公司关于 河钢股份有限公司分配股利及触发强制付息事件的 受托管理事务临时报告 债券受托管理人 声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制本报告的内 容及信息均来源于河钢股份有限公司（以下简称"发行人""公司"）对外披露的 文件。 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华泰联合证券所作的 承诺或声明。 1 华泰联合证券作为"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）"和"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（第四期）"的受托管理人，根据《公司债券发行与交易管理办 法》 ...