Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a week-on-week increase in steel consumption and a decrease in inventory levels, suggesting a positive trend in demand recovery post-holiday [5][12]. - Profit margins for steel production have decreased, with average gross margins for rebar and hot-rolled coils declining significantly [5][42]. Summary by Sections Steel Prices and Inventory - Last week, the price of Shanghai rebar fell by 50 CNY/ton to 3210 CNY/ton, a decrease of 1.54%. Hot-rolled coil prices dropped by 120 CNY/ton to 3280 CNY/ton, a decline of 3.53% [8]. - Total inventory of major steel products decreased to 15.82 million tons, down 1.15% week-on-week [12]. Raw Materials - Iron ore spot prices decreased by 10 CNY/ton to 780 CNY/ton, while futures prices fell by 24.5 CNY/ton to 771 CNY/ton [51]. - Iron ore port inventory rose to 142.78 million tons, an increase of 1.81% [53]. Production and Profitability - The total steel production last week was 8.57 million tons, a decrease of 6.36 million tons week-on-week [36]. - The average gross margin for rebar was 111.6 CNY/ton, down 34.3 CNY/ton, while for hot-rolled coils, it was 21.6 CNY/ton, down 67.6 CNY/ton [42]. Market Outlook - The report anticipates that the demand for steel will stabilize, with a gradual recovery expected in the construction and manufacturing sectors, despite ongoing challenges in the real estate market [5][8]. - The steel industry is expected to benefit from policies aimed at reducing inefficient production capacity and promoting high-quality development [5].

Summary of Key Points Core Viewpoint - On October 20, a total of 22 companies had their restricted shares unlocked, with a total unlock volume of 2.095 billion shares, amounting to a market value of 40.69 billion yuan based on the latest closing prices [1]. Group 1: Unlock Volume and Market Value - The unlock volume of 2.095 billion shares is significant, with 16 companies having more than 10 million shares unlocked [1]. - The companies with the highest unlock volumes include Shougang Co., Ltd. (10.15 billion shares), Sanbai Shuo (1.78 billion shares), and Huibo Yuntong (1.57 billion shares) [1]. - In terms of market value, Huibo Yuntong (8.428 billion yuan), Fengcai Technology (7.075 billion yuan), and Shougang Co., Ltd. (4.153 billion yuan) lead the list [1]. Group 2: Unlock Ratio - Eleven companies have an unlock ratio exceeding 10% of their total share capital [1]. - The companies with the highest unlock ratios are Sanbai Shuo (72.84%), Yongxin Zhicheng (51.71%), and Bangji Technology (51.03%) [1].

Core Insights - On October 20, a total of 22 companies had their restricted shares unlocked, with a total unlock volume of 2.095 billion shares, amounting to a market value of 40.69 billion yuan based on the latest closing prices [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes were Shougang Co., Ltd. (10.15 million shares), Sanbai Shuo (1.78 million shares), and Huibo Yuntong (1.57 million shares) [1] Unlock Market Value - The companies with the highest unlock market values were Huibo Yuntong (8.428 billion yuan), Fengcai Technology (7.075 billion yuan), and Shougang Co., Ltd. (4.153 billion yuan) [1] Unlock Ratio - The companies with the highest unlock ratios relative to their total share capital were Sanbai Shuo (72.84%), Yongxin Zhicheng (51.71%), and Bangji Technology (51.03%) [1]

Market Overview - On October 17, the general steel sector declined by 0.68% compared to the previous trading day, with Wujin Stainless Steel leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Lingang Co. (600231) saw a significant increase of 10.00%, closing at 2.42, with a trading volume of 596,400 shares and a transaction value of 142 million [1] - Other notable performers included Sansteel Minguang (002110) with a 1.90% increase, and Liugang Co. (601003) with a 1.73% increase [1] - Conversely, Wujin Stainless Steel (603878) experienced the largest drop of 8.54%, closing at 10.17, with a trading volume of 699,000 shares and a transaction value of 723 million [2] Capital Flow Analysis - The steel sector experienced a net outflow of 337 million from main funds, while retail investors contributed a net inflow of 244 million [2] - The main funds showed a significant net inflow in Liugang Co. (649.51 million) and Lingang Co. (586.69 million), while experiencing outflows in Wujin Stainless Steel and other companies [3] - Retail investors primarily contributed to the net inflow in stocks like Wujin Stainless Steel and Sansteel Minguang, despite overall sector outflows [3]

Core Viewpoint - The announcement details the lifting of restrictions on 1,015,417,369 shares of Beijing Shougang Co., Ltd., which will become tradable on October 20, 2025, representing 13.0938% of the company's total share capital [2][3][7]. Group 1: Basic Information on Restricted Shares - The company received approval from the China Securities Regulatory Commission on March 18, 2022, to issue shares to Shougang Group for asset acquisition and fundraising [4]. - The shares were listed on the Shenzhen Stock Exchange starting April 20, 2022, following the issuance to Shougang Group [4]. Group 2: Shareholder Commitments and Compliance - Shougang Group has fulfilled its commitments regarding the transaction, with no violations affecting the listing of the restricted shares [5]. - There are no non-operational fund occupations by Shougang Group or any violations of guarantees that would harm the company's interests [5]. Group 3: Listing Arrangement for Restricted Shares - The lock-up period for the shares will automatically extend by six months if the company's stock price remains below the issuance price for 20 consecutive trading days within six months post-transaction [6]. - The total number of shares that will be tradable is 1,015,417,369, which constitutes 13.0938% of the current total share capital [7]. Group 4: Changes in Share Capital Structure - The announcement includes details on the changes in the company's capital structure before and after the lifting of restrictions on the shares [9]. Group 5: Independent Financial Advisor's Opinion - The independent financial advisors confirmed that the lifting of restrictions on the shares complies with relevant laws and regulations, and there are no issues with the commitments made by the shareholders [9].

Core Points - Shougang Co., Ltd. announced the release of certain restricted shares for trading, totaling 1,015,417,369 shares, which represents 13.0938% of the company's total share capital [1] Summary by Category - **Company Announcement** - The company has issued a notice regarding the lifting of restrictions on a portion of its shares, allowing for their listing and circulation [1] - The date for the restricted shares to become tradable is set for October 20, 2025 [1]

特别提示： （一）本次限售股份可上市流通数量为1,015,417,369股，占公司 总股本的13.0938%。 证券代码：000959 证券简称：首钢股份 公告编号：2025-044 北京首钢股份有限公司 关于部分限售股份解除限售上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 （二）本次限售股份可上市流通日期为2025年10月20日。 一、本次解除限售股份取得的基本情况 北京首钢股份有限公司（以下简称"公司"或"首钢股份"）于 2022年3月18日收到中国证券监督管理委员会出具的《关于核准北京 首钢股份有限公司向首钢集团有限公司发行股份购买资产并募集配 套资金的批复》（证监许可[2022]553号），核准公司向首钢集团有限 公司（以下简称"首钢集团"）发行1,015,417,369股股份购买相关资 产并募集配套资金事项。 2022年4月7日，公司收到中国证券登记结算有限责任公司深圳分 公司出具的《股份登记申请受理确认书》等材料，公司向首钢集团非 公开发行的1,015,417,369股股票自2022年4月20日起在深圳证券交易 所上市。 具 ...

华泰联合证券有限责任公司 关于北京首钢股份有限公司发行股份购买资产并募集配套 资金暨关联交易之部分限售股份解除限售 上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 作为北京首钢股份有限公司（以下简称"首钢股份"、"公司"、"上市公司"） 发行股份购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独 立财务顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》 《深圳证券交易所股票上市规则》等有关法律、法规和规范性文件的要求，对 首钢股份关于本次交易部分限售股份解除限售上市流通事项进行了审慎核查， 并出具本核查意见，具体核查情况如下： 一、本次解除限售股份取得的基本情况 | | | 1 | | 1、本公司将及时向上市公司提供本次交易相关信息和文件，并保证为本次 | | --- | --- | | | 交易所提供的有关信息和文件真实、准确和完整，不存在虚假记载、误导性 | | | 陈述或者重大遗漏，如违反上述承诺，给上市公司或者投资者造成损失的， | | | 将依法承担赔偿责任； | ...

中信建投证券股份有限公司 2022 年 4 月 7 日，公司收到中国证券登记结算有限责任公司深圳分公司出 具的《股份登记申请受理确认书》等材料，公司向首钢集团非公开发行的 1,015,417,369 股股票自 2022 年 4 月 20 日起在深圳证券交易所上市。 具体内容详见公司于 2022 年 4 月 19 日发布的《北京首钢股份有限公司发 行股份购买资产并募集配套资金暨关联交易实施情况暨新增股份上市公告书》。 二、本次申请解除限售的股东所作承诺及履行情况 上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"独立财务顾问"） 作为北京首钢股份有限公司（以下简称"首钢股份"、"公司"、"上市公司"） 发行股份购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独 立财务顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》 《深圳证券交易所股票上市规则》等有关法律、法规和规范性文件的要求，对 首钢股份关于本次交易部分限售股份解除限售上市流通事项进行了审慎核查， 并出具本核查意见，具体核查情况如下： 一、 ...

Core Viewpoint - The report highlights the growth and production statistics of China's medium and thick wide steel plate industry, indicating a positive trend in production volume and market demand from 2025 to 2031 [1] Industry Summary - According to the National Bureau of Statistics, the production of medium and thick wide steel plates in China reached 18.47 million tons in April 2025, representing a year-on-year increase of 1% [1] - From January to April 2025, the cumulative production of medium and thick wide steel plates in China was 75.83 million tons, showing a cumulative growth of 7% [1] - The report is part of a comprehensive market research analysis by Zhiyan Consulting, focusing on the industry demand and market trends for the medium and thick wide steel plate sector in China from 2025 to 2031 [1] Company Summary - Listed companies in the medium and thick wide steel plate sector include Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Shougang Co., Ltd. (000959), and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports and tailored consulting services to support investment decisions [1]