Market Overview - On November 17, the general steel sector rose by 0.01% compared to the previous trading day, with Hangzhou Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Hangzhou Iron & Steel (600126) closed at 9.25, up 2.21% with a trading volume of 1,096,300 shares and a transaction value of 1.013 billion [1] - Shougang Group (000959) closed at 4.63, up 1.76% with a trading volume of 516,500 shares [1] - Other notable performers include Nanjing Steel (600282) up 1.25%, Linggang Steel (600231) up 0.78%, and Baosteel (600581) up 0.77% [1] Fund Flow Analysis - The general steel sector experienced a net outflow of 44.86 million from institutional funds and 90.84 million from speculative funds, while retail investors saw a net inflow of 136 million [2] - Hangzhou Iron & Steel had a net inflow of 15 million from institutional funds, but a net outflow of 69.36 million from speculative funds [3] - Other companies like Hualing Steel (000932) and Shandong Steel (600022) also showed mixed fund flows, with Hualing Steel experiencing a net inflow of 30.44 million from institutional funds [3]

Investment Rating - The report suggests a positive outlook for the steel industry, indicating a recovery in profitability and a focus on supply-side reforms [4][29]. Core Insights - The steel industry has shown significant improvement in profitability during the first three quarters of 2025, with total profits reaching 96 billion yuan, a year-on-year increase of 190% [4][6]. - The report highlights the implementation of supply-side reforms aimed at optimizing the structure of steel products and controlling production capacity [4][13]. - The demand for steel is expected to benefit from manufacturing upgrades and AI transformation, with a focus on high-end product development [4][29]. Summary by Sections 1. Industry Profit Recovery and Supply-Side Policies - In the first three quarters of 2025, the cumulative operating revenue of key steel enterprises was 4.56 trillion yuan, a year-on-year decrease of 2.36%, while total profits reached 96 billion yuan, marking a significant recovery [4][6]. - The production of crude steel was 746 million tons, down 2.9% year-on-year, while steel consumption fell by 5.7% [4][6]. - The report notes that the sales profit margin increased to 2.1%, up 1.39 percentage points year-on-year [4][6]. 2. Fund Holdings in the Steel Sector - As of September 30, 2025, the number of fund holdings in the steel sector increased to 41, with a total holding value of 21.99 billion yuan, up 22.44% year-on-year [4][17]. - The report indicates that the steel sector's holdings accounted for 0.50% of total fund holdings, with a notable increase in the number of holdings during the first and third quarters [4][17]. 3. Investment Recommendations - The report recommends focusing on leading companies in the ordinary steel sector that are expected to benefit from improved supply-demand dynamics, as well as companies in the special steel sector with strong fundamentals [4][29].

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and current state of the black metal smelting and rolling industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Overview - As of January to September 2025, there are 6,290 enterprises in the black metal smelting and rolling industry, which is an increase of 44 enterprises compared to the same period last year, representing a year-on-year growth of 0.7% [1] - The black metal smelting and rolling industry accounts for 1.2% of the total industrial enterprises in China [1] Statistical Data - The data regarding the number of enterprises in the black metal smelting and rolling industry has been compiled from the National Bureau of Statistics and organized by Zhiyan Consulting [1] - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1]

证券日报网讯河钢股份（000709）11月14日在互动平台回答投资者提问时表示，公司截至11月10日的股 东人数为230，923户。 ...

（编辑 姚尧） 证券日报网讯 河钢股份11月14日在互动平台回答投资者提问时表示，前不久，北铁指数推出，该指数 以人民币计价，聚焦中国主要港口铁矿石现货成交价。北铁指数各品位指数产品正在逐步构建，公司将 对此保持积极关注。 ...

Group 1 - The core viewpoint of the news is that the steel sector experienced a rise, with the overall index showing positive performance on November 13, 2023, where the steel sector increased by 1.33% and the Shanghai Composite Index rose by 0.73% [1] - Hangzhou Iron & Steel Co., Ltd. led the gains in the steel sector with a closing price of 9.30, reflecting a 4.38% increase [1] - The trading volume for Hangzhou Iron & Steel was 1.0644 million hands, with a transaction value of 975 million yuan [1] Group 2 - The net capital flow in the steel sector showed a net outflow of 55.4152 million yuan from main funds and a net outflow of 123 million yuan from speculative funds, while retail investors saw a net inflow of 179 million yuan [2] - Specific stocks like Hualing Steel reported a net inflow of 55.1534 million yuan from main funds, while Hangzhou Iron & Steel had a net outflow of 41.6871 million yuan from speculative funds [2] - The overall sentiment in the market indicates a mixed response, with some stocks experiencing significant retail inflows despite the outflows from main and speculative funds [2]

| 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: 24 河钢 Y4 | | 华泰联合证券有限责任公司关于 河钢股份有限公司重大诉讼事项进展的 受托管理事务临时报告 债券受托管理人 泰联合证券有限责任公司 UATAI UNITED SECURITIES CO.,LTD 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 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》 《公司债券受托管理人执业行为准则》等相关规则,与发行人《河钢股份有限公 司关于重大诉讼事项终审判决的公告》，现就公司债券重大事项报告如下: 一、重大事项 根据发行人2025年11月6日披露的《河钢股份有限公司关于重大诉讼事项终 审 ...

重大诉讼事项进展的 临时受托管理事务报告 债券简称：24HBIS01 债券代码：148581.SZ 债券受托管理人 2025 年 11 月 关于 河钢股份有限公司 根据发行人2025年11月6日披露的《河钢股份有限公司关于重大诉讼事项终 审判决的公告》，发行人发生的重大事项如下： （一）本次重大诉讼事项的基本情况 亚联（香港）国际投资有限公司（以下简称"亚联公司"）于2020年9月向 发行人及相关公司提起了诉讼，河北省石家庄市中级人民法院于2021年9月对该 案作出了裁定，驳回了原告亚联公司的起诉。后亚联公司不服裁定提起上诉，经 河北省高级人民法院审理后，裁定撤销河北省石家庄市中级人民法院对本案的裁 定，并指令河北省石家庄市中级人民法院审理本案。2024年7月，石家庄市中级 人民法院判决驳回原告亚联公司的诉讼请求，亚联公司不服石家庄中院判决，再 次向河北省高级人民法院提起上诉。详见发行人于2020年10月9日、2020年11月 7日、2021年9月28日、2021年11月2日、2021年12月30日、2024年7月13日披露于 《中国证券报》《上海证券报》《证券时报》和巨潮资讯网（http://www.cni ...

债券简称：25 河钢 KY1 债券代码：524435.SZ 关于河钢股份有限公司重大诉讼事项进展 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 11 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 ...

（住所：上海市静安区新闸路 1508 号） 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 河钢股份有限公司重大诉讼事项进展的 临时受托管理事务报告 债券受托管理人 2025 年 11 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 二、受托债券基本情况 （一）"23HBIS02"债券概况 （7）债券还本付 ...