Core Viewpoint - HeSteel Resources (000923) announced on October 9 that its current operating conditions are normal, and there have been no significant changes in the internal and external operating environment apart from disclosed information [1] Company Summary - The company confirmed that there are no undisclosed significant matters related to the company, its controlling shareholders, or actual controllers that are in planning or require disclosure [1]

Core Viewpoint - The stock price of Hebei Steel Resources has experienced an abnormal fluctuation, with a cumulative increase of 21.47% over three consecutive trading days [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Hebei Steel Resources rose significantly, with a cumulative increase of 21.47% on September 29, September 30, and October 9, 2025 [1] - **Company's Response** - The company confirmed that there is no major undisclosed information affecting the stock price and that its operational status remains stable [1] - The company, its controlling shareholders, and actual controllers have not engaged in any stock trading during the period of abnormal fluctuation [1] - **Investor Advisory** - The company has issued a reminder to investors to be cautious regarding investment risks [1]

证券代码：000923 证券简称：河钢资源 公告编号：2025-27 河钢资源股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、股票交易异常波动情况 4、经查询，公司、控股股东和实际控制人不存在关于本公司的应披露而未 披露的或处于筹划中的重大事项。 5、经查询，公司股票价格异常波动期间控股股东、实际控制人未买卖公司 股票。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据深交所《股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也未获悉本公司有根据深交所《股票上市规则》等有关规定应予以披露而 未披露的、对本公司股票及其衍生品种交易价格产生较大影响的信息；公司前期 本公司股票（证券简称:河钢资源,证券代码:000923）于 2025 年 9 月 29 日、 9 月 30 日及 10 月 9 日连续 3 个交易日收盘价格涨幅累计偏离 21.47%，根据相关 规定，属于股票价格异常波动。 二、公司关注、核实情况说明 针对股票价格异常波动情况，公司对有 ...

Core Viewpoint - HeSteel Resources (000923.SZ) announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of 21.47% over three consecutive trading days, but confirmed that its operations are normal and there are no undisclosed significant matters [1] Company Summary - The company stated that it has not found any information that needs to be corrected or supplemented from previous disclosures [1] - HeSteel Resources confirmed that its internal and external operating environment has not undergone significant changes [1] - The controlling shareholder and actual controller of the company do not have any undisclosed significant matters [1]

Core Viewpoint - The stock price of Hebei Steel Resources (000923) experienced an abnormal fluctuation, with a cumulative increase of 21.47% over three consecutive trading days, prompting an investigation by the company [1] Company Summary - Hebei Steel Resources conducted a review and found no need to correct or supplement previously disclosed information [1] - There have been no significant changes in the company's operational environment, and both the controlling shareholder and actual controller did not trade the company's stock during the abnormal fluctuation period [1] - The company is scheduled to release its third-quarter report on October 31 and has advised investors to rely on information from designated media sources and to invest rationally [1]

Core Viewpoint - The Shanghai Composite Index rose by 1.32% on October 9, with 23 industries experiencing gains, particularly in non-ferrous metals and steel, which increased by 7.60% and 3.38% respectively [1] Industry Summary Non-Ferrous Metals - The non-ferrous metals industry saw the highest net inflow of funds, totaling 5.36 billion yuan, contributing to its 7.60% increase [1] Steel Industry - The steel industry increased by 3.38%, with a net inflow of 906 million yuan. Out of 44 stocks in this sector, 38 rose, and 2 hit the daily limit [2] - The top three stocks by net inflow were: - Baogang Co., with an inflow of 880 million yuan and a rise of 8.40% - Hebei Steel Resources, with an inflow of 92.96 million yuan and a rise of 9.99% - Jiuli Special Materials, with an inflow of 59.17 million yuan and a rise of 8.04% [2][3] - The steel industry had 19 stocks with net outflows, with the largest being: - Hangang Co., with an outflow of 165 million yuan - Maanshan Steel, with an outflow of 29.82 million yuan - Shougang Co., with an outflow of 29.49 million yuan [2][3]

Market Overview - The steel raw materials sector increased by 4.06% compared to the previous trading day, with Jinling Mining leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Jinling Mining (000655) closed at 9.78, with a rise of 10.01% and a trading volume of 106,400 shares, totaling a transaction value of 104 million yuan [1] - Hebei Steel Resources (000923) rose by 9.99% to 19.70, with a trading volume of 496,700 shares and a transaction value of 265.96 million yuan [1] - Dazhong Mining (001203) increased by 5.91% to 13.44, with a trading volume of 346,600 shares and a transaction value of 464 million yuan [1] - Other notable stocks include Baodi Mining (601121) up 4.86%, Hainan Mining (696109) up 4.19%, and Guangdong Mingzhu (600382) up 3.14% [1] Capital Flow - The steel raw materials sector saw a net inflow of 91.68 million yuan from main funds, while retail funds experienced a net inflow of 45.44 million yuan [1] - The main funds showed a significant net inflow in Hebei Steel Resources, amounting to 88.93 million yuan, while retail funds had a net outflow of 14.83 million yuan [2] - Jinling Mining had a net inflow of 47.12 million yuan from main funds, but retail funds saw a net outflow of 25.86 million yuan [2]

Group 1 - Iron ore concept stocks have declined significantly, with Hong Kong's iron ore stock (1029.HK) dropping nearly 5%, and A-share companies such as Jinling Mining (000655.SZ) hitting the daily limit down, while Hainan Mining (601969.SH), Hebei Xuan Engineering (000923.SZ), and Hongda Mining (600532.SH) all fell over 6% [1] - The Dalian Commodity Exchange's main iron ore contract experienced a drop of over 5%, reaching a low of 856 yuan per ton [2] - Market participants believe that as steel mill profits shrink, the demand intensity for iron ore may weaken, especially if the profits do not improve in the second half of the year [3] Group 2 - Brazilian shipments have returned to normal, and Australian shipments are expected to normalize by the end of July. Last week, the decline in iron ore inventory has slowed down, and temporary production restrictions for northern steel mills are anticipated during the National Day holiday, which may put pressure on the iron ore fundamentals [4]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

Market Overview - The steel raw materials sector increased by 1.49% on September 30, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Hebei Steel Resources (000923) closed at 17.91, up 10.01% with a trading volume of 494,000 shares and a turnover of 865 million yuan [1] - Dazhong Mining (001203) closed at 12.69, up 3.93% with a trading volume of 252,900 shares and a turnover of 317 million yuan [1] - Baodi Mining (601121) closed at 7.00, up 3.40% with a trading volume of 285,700 shares and a turnover of 2.66 million yuan [1] - Other notable stocks include Jinling Mining (000655) up 2.54% and Guangdong Mingzhu (600382) up 0.17% [1] Capital Flow Analysis - The steel raw materials sector experienced a net outflow of 135 million yuan from main funds, while retail investors saw a net inflow of 202 million yuan [1] - Hebei Steel Resources had a main fund net inflow of 98.71 million yuan, but a net outflow from speculative funds of 82.70 million yuan [2] - Dazhong Mining saw a net inflow of 23.19 million yuan from retail investors despite a net outflow from main and speculative funds [2] Summary of Capital Flows by Stock - The capital flow for Hebei Steel Resources shows a significant main fund net inflow, while other stocks like Erdos (600295) and Steel Titanium Co. (000629) experienced notable net outflows from main funds [2] - Retail investors showed strong interest in several stocks, particularly in Dazhong Mining and Erdos, indicating a divergence in investment strategies among different investor types [2]