Core Viewpoint - The performance ranking of A-share steel companies for Q3 2025 reveals a landscape characterized by "stability among leaders, pressure on some, and increasing differentiation" in the industry, highlighting the impact of supply-demand dynamics and cost management capabilities on profitability [1][6]. Revenue Ranking - Baosteel Group leads the revenue ranking with 232.436 billion yuan, despite a slight year-on-year decline of 4.29%, maintaining its position due to a comprehensive industry chain and high-end product structure [2][7]. - Hebei Steel and Hualing Steel follow in second and third place with revenues of 96.542 billion yuan and 94.598 billion yuan, respectively, with Hualing Steel experiencing a 14.96% year-on-year decline due to temporary supply-demand adjustments in the steel industry [2][7]. - Other companies like CITIC Special Steel and Shougang Group also maintain significant revenue levels, although some have seen slight declines due to product price fluctuations [2][7]. Net Profit Differentiation - Leading companies exhibit strong profit resilience, with Baosteel reporting a net profit of 8.088 billion yuan, a year-on-year increase of 29.31%, supported by high-end product premiums and effective cost control [3][8]. - Hebei Steel's net profit reached 1.011 billion yuan, reflecting a 57.08% year-on-year increase due to regional demand recovery and cost reduction efforts [3][8]. - Conversely, companies like Ansteel and Taiyuan Iron and Steel faced significant losses, with Ansteel reporting a net loss of 1.985 billion yuan (down 260.76% year-on-year) and Taiyuan Iron and Steel a net profit of 0.586 billion yuan (down 206.99% year-on-year), primarily due to declining steel prices and high costs [3][8]. Industry Landscape - The advantages of leading companies like Baosteel and Hebei Steel are reinforced by their high-end capacity layouts and diverse product structures, allowing them to maintain profitability amid industry fluctuations [4][9]. - Some regional steel companies are under pressure due to localized supply-demand issues and a lack of product diversity, leading to declines in both revenue and net profit [4][9]. - The industry is witnessing a concentration of resources towards leading companies with cost advantages and high-end product offerings, further highlighting the differentiation at the bottom of the cycle [4][9].

（文章来源：证券日报） 证券日报网讯 12月5日，河钢股份在互动平台回答投资者提问时表示，公司截至2025年11月28日的股东 人数为232112户。 ...

- The report introduces two key tracking indicators: "Large Order Transaction Amount Proportion" and "Net Active Buy Amount Proportion" [7] - The "Large Order Transaction Amount Proportion" is designed to capture the buying behavior of large funds. It is calculated by identifying large orders from transaction data and computing the proportion of large buy orders' transaction amounts relative to the total daily transaction amount [7] - The "Net Active Buy Amount Proportion" reflects investors' active buying behavior. It is derived by distinguishing active buy and sell transactions from transaction data, calculating the net active buy amount (active buy amount minus active sell amount), and expressing it as a proportion of the total daily transaction amount [7] Factor Backtesting Results - For individual stocks, the top 10 stocks with the highest 5-day average "Large Order Transaction Amount Proportion" include Xinhua Du (90.6%, 99.2% percentile), Beichen Industrial (89.1%, 98.8% percentile), and Zhongyou Engineering (88.8%, 100.0% percentile) [9] - For individual stocks, the top 10 stocks with the highest 5-day average "Net Active Buy Amount Proportion" include Senying Windows (22.3%, 100.0% percentile), Huitong Group (20.0%, 100.0% percentile), and Yuandong Biotech (19.6%, 100.0% percentile) [10] - For broad-based indices, the 5-day average "Large Order Transaction Amount Proportion" ranges from 71.7% (Shanghai 50 Index) to 74.3% (China Securities 500 Index), while the "Net Active Buy Amount Proportion" ranges from -5.2% (Shanghai 50 Index) to 1.9% (China Securities 500 Index) [12] - For industries, the 5-day average "Large Order Transaction Amount Proportion" is highest in the banking sector (80.6%, 86.5% percentile) and lowest in the electronics sector (70.8%, 16.4% percentile). The "Net Active Buy Amount Proportion" is highest in the steel sector (7.9%, 75.8% percentile) and lowest in the banking sector (-14.6%, 3.3% percentile) [13] - For ETFs, the top 10 ETFs with the highest 5-day average "Large Order Transaction Amount Proportion" include Guotai CSI A500 ETF (92.3%, 36.1% percentile) and Guotai SSE 10-Year Treasury Bond ETF (90.7%, 89.3% percentile) [15] - For ETFs, the top 10 ETFs with the highest 5-day average "Net Active Buy Amount Proportion" include Southern SSE STAR Chip ETF (27.5%, 100.0% percentile) and E Fund Hang Seng Dividend Low Volatility ETF (23.6%, 99.6% percentile) [16]

Core Viewpoint - The steel industry in China is experiencing a decline in consumption and an increase in inventory, despite stable production levels and improved profitability for some companies [1][2][4]. Production and Consumption - From January to October, China produced 818 million tons of crude steel, a year-on-year decrease of 3.9%, with an average daily output of 2.69 million tons [1][3]. - The apparent consumption of steel in China for the first three quarters of 2025 was 649 million tons, down 5.7% year-on-year, continuing a trend of decline since the 14th Five-Year Plan [1][2]. Inventory Levels - As of November 28, the social inventory of five major steel products reached 10.073 million tons, an increase of 27.82% year-on-year [1][3]. - The inventory of key steel enterprises was reported at 15.61 million tons in mid-November 2025, reflecting a 26.3% increase since the beginning of the year [3]. Profitability and Financial Performance - The steel industry has shown overall stable operations this year, with significant improvements in profitability compared to last year, although demand has decreased [2][4]. - Among 46 listed steel companies that disclosed their third-quarter reports, 31 reported a year-on-year increase in net profit, accounting for approximately 67.39% [2]. Industry Development Strategies - The China Iron and Steel Association (CISA) emphasizes the need for steel companies to adhere to production control policies and focus on sustainable development through structural reforms [4]. - Recommendations for high-quality development include enhancing innovation capabilities, optimizing resource supply, and promoting the integration of steel structure construction [4][6]. Environmental Initiatives - By the end of October, 219 steel enterprises had completed or partially completed ultra-low emission modifications, with total investments exceeding 310 billion yuan [5]. - The industry is encouraged to accelerate technological innovation and expand applications in new energy sectors [5][6].

债券简称：23HBIS02 债券代码：148477.SZ 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 河钢股份有限公司董事变动的 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 12 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。 契约锁 一、发行人概况 二、受托债券基本情况 （一）"23HBIS02"债券概况 （7）债券还本付息方式：每年付息 1 次，到期一次还本，最后一期利息随 本金的兑付一起支付 （二）"24 河钢 Y1"、"24 河钢 Y2"债券概况 本报告不构成对投资者进行或不 ...

| 债券代码： | 148301.SZ | 债券简称： | 23HBIS01 | | | --- | --- | --- | --- | --- | | 债券代码： | 148862.SZ | 债券简称： | 24 河钢 | Y3 | | 债券代码： | 148922.SZ | 债券简称： | 河钢 24 | Y4 | 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。 河钢股份有限公司董事变动的 受托管理事务临时报告 债券受托管理人 （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 12 月 华泰联合证券有限责任公司关于 二、 影响分析和应对措施 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2023年面向专业投资者公开发行公司 债券（第一期）"、"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 ...

债券简称：25 河钢 KY1 债券代码：524435.SZ 关于河钢股份有限公司董事变动的 临时受托管理事务报告 债券受托管理人 中信证券股份有限公司 2025 年 12 月 重要声明 本报告依据《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》、河钢股份有限公司（以下简称"发行人"或"公司"）就存续公司债 券与受托管理人签署的《河钢股份有限公司2025年面向专业投资者公开发行公司 债券之债券受托管理协议》（以下简称"《受托管理协议》"）、《河钢股份有 限公司2025年面向专业投资者公开发行公司债券之持有人会议规则》（以下简称 "债券持有人会议规则"）及其它相关信息披露文件以及发行人出具的相关说明 文件和提供的相关资料等，由受托管理人中信证券股份有限公司（以下简称"中 信证券"或"受托管理人"）编制。中信证券编制本报告的内容及信息均来源发 行人提供的资料或说明。 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中信证券所作的承诺 或声明。 1 中信证券作为"河钢股份有限公司2025年面向专业投资者公开发行科技创新 可续期公 ...

河钢股份有限公司 关于 债券简称：24HBIS01 债券代码：148581.SZ 债券受托管理人 董事变动的 临时受托管理事务报告 2025 年 12 月 重要声明 本报告依据《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》、河钢股份有限公司（以下简称"发行人"或"公司"）就存续公司债 券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"）及其它 相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由受托 管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"） 编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料或说明。 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 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 中信建投证券作为"河钢股份有限公司2024年面向专业投资者公开发行公司 债券(第一期)"的受托管理人，根据《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》等相关规则，与发行人《河 ...

Core Viewpoint - Hebei Iron and Steel Co., Ltd. (000709.SZ) is actively involved in the research and development of materials related to controllable nuclear fusion devices through its subsidiary, Hebei Iron and Steel Materials Technology Research Institute [1] Group 1 - The company is a key player in the development of materials for nuclear fusion technology [1] - Hebei Iron and Steel Materials Technology Research Institute is a holding subsidiary of Hebei Iron and Steel Co., Ltd. [1]

Core Insights - The underwater pipeline steel industry is crucial for deep-sea oil and gas resource development, with increasing demand driven by the expansion of offshore oil fields into deeper waters [1][10] - The demand for underwater pipeline steel in China is projected to reach 700,000 tons in 2024, a year-on-year increase of 7.69%, and is expected to grow to 750,000 tons in 2025, with a 7.14% increase [1][10] - The market size of the underwater pipeline steel industry in China is anticipated to reach 5.5 billion yuan in 2024, up 10% year-on-year, and 6 billion yuan in 2025, reflecting a 9.09% increase [8] Industry Overview - Underwater pipeline steel is a high-performance steel material used for manufacturing underwater oil and gas transportation pipelines, characterized by high strength, toughness, corrosion resistance, and fatigue resistance [3][4] - The industry has evolved through four stages: reliance on imports, breakthrough in domestic production, full industry chain autonomy, and high-end development [4] Industry Chain - The upstream of the underwater pipeline steel industry includes core raw materials like iron ore, coal, and coke, which directly affect cost control [6] - The midstream is responsible for processing raw materials into various pipeline steel products that meet stringent environmental requirements [6] - The downstream application is primarily focused on major marine engineering projects, mainly in oil and gas development [6] Market Dynamics - The underwater pipeline steel market is dominated by large enterprises such as Baosteel, Hebei Steel, and Ansteel, which possess significant resources and technological advantages [10][11] - Smaller enterprises often focus on niche markets or customized services due to limitations in research and development capabilities [10] Development Trends - The underwater pipeline steel market is expected to continue growing due to increasing global energy demand and marine resource development [13] - Technological innovation will be a key driver, with a focus on new materials and processes to enhance product performance and quality [13] - Environmental sustainability will become increasingly important, with a shift towards eco-friendly production methods and materials [13]