Core Viewpoint - The 8th China International Import Expo opened in Shanghai on November 5, showcasing China's commitment to increasing imports and fostering international trade [1] Group 1: Event Overview - The China International Import Expo is a significant event aimed at promoting global trade and investment [1] - The expo features participation from various international companies, highlighting the importance of foreign investment in the Chinese market [1] Group 2: Company Activities - Ansteel Group's General Manager and Deputy Party Secretary, Guo Bin, attended the opening ceremony and led a delegation to sign agreements with 13 renowned international companies, including Pruitt, Westmark, Siemens, and Timac [1] - The signing of these agreements indicates Ansteel Group's strategic efforts to enhance its global partnerships and expand its operational capabilities [1]

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鞍鋼股份有限公司(備註1) 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00347 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | FF301 第 2 頁 共 12 頁 v 1 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000898 | 說明 | | A股（深圳證券交易所） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,957,681,258 | RMB | | 1 RMB | | 7,957,681,258 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,957,681,258 | RMB | | 1 RMB | | 7,957,681,258 | 本月底法定/註冊股本總額： RMB 9,369,221,258 公司名稱: 鞍鋼股份有限公司(備註1) 呈交日期: ...

Core Viewpoint - Ansteel Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [1][2]. Financial Performance - As of September 30, 2025, Ansteel reported operating revenue of 73.092 billion yuan, a year-on-year decrease of 7.78% [2]. - The company recorded a net profit attributable to shareholders of -2.040 billion yuan, which represents a year-on-year increase of 59.87% [2]. Stock Performance - Ansteel's stock price increased by 13.33% year-to-date, with a recent trading price of 2.72 yuan per share [1]. - Over the last 60 days, the stock price has risen by 1.12%, while it remained unchanged over the last 5 trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 0.45% to 95,700 [2]. - The average circulating shares per person remained at 0 shares, unchanged from the previous period [2]. Dividend Distribution - Ansteel has cumulatively distributed dividends of 21.437 billion yuan since its A-share listing, with 6.392 million yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 77.9972 million shares, an increase of 25.3221 million shares from the previous period [3]. - The Southern CSI 500 ETF is the seventh-largest circulating shareholder, holding 34.9382 million shares, a decrease of 0.8428 million shares [3]. - Guotai CSI Steel ETF is a new entrant among the top ten circulating shareholders, holding 24.0346 million shares [3].

Core Viewpoint - The steel industry is experiencing improved operational performance and profitability due to ongoing "anti-involution" efforts, with a focus on quality enhancement and cost control [1][6]. Group 1: Financial Performance - In the first three quarters of the year, 36 listed steel companies reported a total revenue of 14,197.49 billion yuan, a year-on-year decrease of 6.15%, but achieved a net profit of 15.952 billion yuan, marking a turnaround from losses [1]. - In Q3, these companies generated a revenue of 4,763.61 billion yuan, a quarter-on-quarter decline of 1.06%, while net profit rose to 6.334 billion yuan, reflecting a quarter-on-quarter increase of 5.20% [2]. - The overall gross profit margin for these companies improved sequentially, recorded at 5.76%, 6.65%, and 6.73% over the first three quarters [6]. Group 2: Product Structure Optimization - Steel companies are increasingly focusing on high-value-added products, with companies like Linggang Co. reporting that special steel sales accounted for 45.90% of their main business revenue, significantly higher than the 25.94% for rebar [3]. - The industry is witnessing a structural change, with crude steel production decreasing by 2.9% year-on-year to 746 million tons, while steel product output increased by 5.4% to 1.104 billion tons from January to September [3]. Group 3: Industry Challenges and Future Outlook - The Ministry of Industry and Information Technology has highlighted that the steel industry faces challenges such as excessive supply and insufficient effective demand, which affects quality and efficiency [4]. - The "Stabilizing Growth and Preventing Involution" plan aims for an average annual growth of around 4% in value-added output from 2025 to 2026, with a focus on balancing supply and demand and enhancing green and digital development [5]. - Continued supply-side structural reforms, elimination of outdated capacity, and enhancement of product quality are essential for maintaining profitability in the steel sector [7].

Core Insights - Ansteel Co., Ltd. reported a total revenue of 73.092 billion yuan for Q3 2025, a year-on-year decrease of 7.78%, while the net profit attributable to shareholders was -2.04 billion yuan, an increase of 59.87% year-on-year [1] - The company's gross margin improved significantly, with a year-on-year increase of 103.82%, and the net margin also saw a year-on-year increase of 57.44% [1] - The company is focusing on high-end, intelligent, and green development, aiming to integrate new information technology with production and management processes [4] Financial Performance - Q3 revenue was 24.493 billion yuan, showing a year-on-year increase of 2.86%, while the net profit for the quarter was -896 million yuan, up 62.59% year-on-year [1] - The total expenses for sales, management, and finance amounted to 1.532 billion yuan, accounting for 2.1% of revenue, with a year-on-year increase of 9.44% [1] - Earnings per share were -0.22 yuan, reflecting a year-on-year increase of 59.78% [1] Financial Changes - Financial expenses increased by 40.56% due to an increase in financing scale [2] - Other income rose by 70.24% due to increased government subsidies and tax benefits [2] - Asset impairment losses decreased by 55.49% as the provision for inventory write-downs was lower than the previous year [2] Operational Strategies - The company has implemented measures to enhance operational efficiency and reduce costs, including adjusting product mix and optimizing procurement strategies [2][5] - The net cash flow from operating activities increased by 728.75% due to a rise in net profit and changes in accounts receivable [5] - Future plans include a focus on high-tech, high-value-added products and green manufacturing practices [4]

Core Viewpoint - Ansteel Corporation (00347) experienced a decline of over 7%, with a current drop of 7.17%, trading at HKD 2.07, with a transaction volume of HKD 37.85 million [1] Financial Performance Summary - For the first three quarters of 2025, Ansteel reported an operating revenue of RMB 73.092 billion, a year-on-year decrease of 7.78% [1] - The net loss attributable to shareholders narrowed to RMB 2.04 billion, a year-on-year reduction of 59.87% [1] - In the third quarter alone, the company achieved an operating revenue of RMB 24.493 billion, reflecting a year-on-year growth of 2.86% [1] - The net loss for the third quarter was approximately RMB 896 million, which represents a year-on-year narrowing of 62.59% [1]

Core Insights - Company reported a total operating revenue of 73.092 billion yuan, ranking 5th among disclosed peers [1] - The net profit attributable to shareholders was -2.04 billion yuan, an increase of 3.044 billion yuan compared to the same period last year [1] - Operating cash flow was 1.968 billion yuan, ranking 10th among disclosed peers, with an increase of 2.281 billion yuan year-on-year [1] Financial Metrics - The latest debt-to-asset ratio is 52.00%, ranking 6th among disclosed peers [3] - The latest gross profit margin is 0.14%, an increase of 3.68 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is -4.46%, an increase of 5.78 percentage points year-on-year [3] - The diluted earnings per share (EPS) is -0.22 yuan, an increase of 0.32 yuan compared to the same period last year [3] - The total asset turnover ratio is 0.74 times, ranking 8th among disclosed peers [3] - The inventory turnover ratio is 5.42 times, an increase of 0.29 times year-on-year, representing a 5.56% increase [3] Shareholder Structure - The number of shareholders is 95,700, with the top ten shareholders holding 7.671 billion shares, accounting for 81.88% of the total share capital [3] - The largest shareholder is Anshan Iron and Steel Group Co., Ltd. with 5.39 billion shares [3] - Other significant shareholders include Hong Kong Central Clearing (Agent) Co., Ltd. with 1.49 billion shares and China National Petroleum Corporation with 902 million shares [3]

Core Viewpoint - Ansteel Co., Ltd. is a major steel enterprise in China, facing challenges in profitability despite strong revenue figures, with a focus on restructuring and optimizing product lines to improve future performance [2][6]. Group 1: Company Overview - Ansteel Co., Ltd. was established on September 14, 1998, and listed on the Shenzhen Stock Exchange on December 25, 1997, with its registered office in Anshan, Liaoning Province [1]. - The company operates in the black metal smelting and steel rolling processing sectors, with a complete steel production chain and strong R&D capabilities [1]. Group 2: Financial Performance - For Q3 2025, Ansteel reported revenue of 73.092 billion yuan, ranking 5th in the industry, surpassing the industry average of 59.833 billion yuan but significantly lower than Baosteel's 232.436 billion yuan [2]. - The net profit for the same period was -1.985 billion yuan, placing it 16th in the industry, well below the industry average profit of 0.808 billion yuan [2]. - The company's gross profit margin was 0.14% in Q3 2025, an improvement from -3.55% year-on-year, but still below the industry average of 5.68% [3]. Group 3: Shareholder Information - As of September 30, 2022, the number of A-share shareholders decreased by 31.70% to 122,400, while the average number of circulating A-shares held per shareholder increased by 89.10% to 64,900 [5]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5]. Group 4: Management Compensation - The chairman, Wang Jun, received a salary of 445,800 yuan in 2024, an increase of 204,900 yuan from 2023, while the general manager, Tian Yong, saw a significant decrease in salary to 47,500 yuan [4]. Group 5: Market Outlook - According to CICC, Ansteel's Q1 2025 performance was below expectations, with revenue of 25.079 billion yuan, reflecting a decline of 8.3% year-on-year [6]. - The company is focusing on restructuring by establishing high-end steel product divisions and is expected to benefit from industry recovery amid production cuts [6].