Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

Company Overview - The issuer is Beijing Shougang Co., Ltd., registered in Shijingshan District, Beijing [2] - The company has completed the repurchase and cancellation of all remaining restricted stocks from the 2021 stock incentive plan, totaling 19,013,650 shares, which is 0.2446% of the total share capital before the repurchase [2][10] Bond Issuance Details - The bond is named "Beijing Shougang Co., Ltd. 2025 Green Technology Innovation Corporate Bond (Phase I)" with a total issuance scale of RMB 500 million [2] - The bond has a term of 5 years and an interest rate of 1.92%, with annual interest payments scheduled from 2026 to 2030 [3][2] - The funds raised will be used to replace self-owned funds spent on green projects within the 12 months prior to the bond issuance [2] Major Events - The company has completed the repurchase of restricted stocks, with a total repurchase fund of RMB 59,384,206.31 sourced from its own funds [2][13] - After the repurchase, the total share capital will decrease from 7,773,981,020 shares to 7,754,967,370 shares [13][12] Impact on the Company - The completion of the repurchase and cancellation of the restricted stocks will not have a substantial impact on the company's financial status, operating results, or debt repayment ability [14][13]

Core Viewpoint - Beijing Shougang Co., Ltd. has completed the repurchase and cancellation of all remaining restricted stocks from the 2021 incentive plan, which will not materially affect the company's financial status, operating results, or debt repayment ability [3][4]. Group 1: Repurchase and Cancellation Details - The company repurchased and canceled a total of 19,013,650 shares of restricted stock, accounting for 0.2446% of the total share capital before the repurchase [3]. - The total repurchase amount was approximately 59.38 million yuan, sourced from the company's own funds [3]. - Following the repurchase, the total share capital will decrease from 7,773,981,020 shares to 7,754,967,370 shares [3]. Group 2: Bond Issuance Information - Beijing Shougang Co., Ltd. is issuing green technology innovation corporate bonds (Phase 1) with a total scale of 500 million yuan, a term of 5 years, and an interest rate of 1.92% [2]. - The bonds will pay interest annually, with payment dates set for July 2 each year from 2026 to 2030 [2]. - The funds raised will be used to replace self-funded expenditures on green projects incurred in the 12 months prior to the bond issuance [2].

债券代码：524339.SZ 债券简称：25 首迁 GK02 光大证券股份有限公司关于北京首钢股份有限公司 回购注销 2021 年限制性股票激励计划剩余全部限制性股票 减少注册资本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 8 月 契约锁 声明 本报告依据《公司债券发行与交易管理办法》、《北京首钢股份有限公司 2025 年面向专业投资者公开发行绿色科技创新公司债券（第一期）募集说明书》、 《北京首钢股份有限公司 2024 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》、其它相关信息披露文件以及北京首钢股份有限公司（以下简称"发 行人"、"公司"或"本公司"）出具的相关说明文件和提供的相关资料等，由本期 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北京首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、本期债券基本情况 （一） ...

Market Performance - On August 25, the general steel sector rose by 2.71% compared to the previous trading day, with Baogang Co. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Baogang Co. (600010) closed at 2.99, with a significant increase of 9.93% and a trading volume of 21.22 million shares [1] - Other notable performers included Shougang Co. (000959) with a 3.12% increase, Anyang Iron & Steel (600569) up by 3.07%, and Sangang Min Guang (002110) rising by 2.94% [1] Capital Flow Analysis - The general steel sector saw a net inflow of 2.093 billion yuan from main funds, while retail funds experienced a net outflow of 955 million yuan [2] - The main funds' net inflow for Baogang Co. was 1.9 million yuan, representing 30.67% of its trading volume, while retail funds had a net outflow of 9.72 million yuan [3] Summary of Trading Data - The trading data for various steel companies indicated a mix of performance, with some stocks like Baogang Co. showing strong gains, while others like Hangang Co. (600126) experienced a slight decline of 0.78% [2][3] - The overall trading volume and capital flow suggest a cautious sentiment among retail investors, contrasting with the positive movement in main funds [2][3]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, indicating a potential recovery in the steel industry's fundamentals [3][4]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker upward trend in the industry [3]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products reached 8.5299 million tons, an increase of 2.64% week-on-week [24]. - The total steel inventory was 14.4104 million tons, with a week-on-week increase of 2.25% [11]. - The operating rate of blast furnaces in 247 steel mills was 83.36%, a decrease of 0.23 percentage points week-on-week [28]. Production and Profitability - The total steel production was 8.7806 million tons, an increase of 0.73% week-on-week [30]. - The average gross profit for rebar was 243.7 CNY/ton, down 13.4% week-on-week, while hot-rolled coil gross profit was 201.7 CNY/ton, down 13.5% week-on-week [35]. Demand and Supply Dynamics - The report notes a decline in real estate demand, but infrastructure and manufacturing sectors are expected to maintain stable growth [3]. - Steel exports from China maintained a year-on-year growth of 9.2% in the first half of the year [3]. Raw Material Prices - Iron ore prices decreased, with the spot price dropping to 765 CNY/ton, a decline of 1.54% [42]. - Coking coal prices remained stable at 1430 CNY/ton, while coking prices increased to 1660 CNY/ton, a rise of 3.11% [42]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel and Hesteel, as well as companies with low valuations and high dividends like CITIC Special Steel [3].

Group 1 - The Shijingshan District has prepared over 300 cultural, commercial, tourism, sports, and science integration activities for citizens and tourists during the summer [1][2] - The Shougang Park and 798·751 Park have collaborated to launch a limited edition blue air bus, enhancing the visitor experience by allowing them to explore iconic landmarks [1][2] - The air bus operates daily from 9:00 AM to 7:00 PM on the elevated walkway of Shougang Park, providing a unique way to enjoy the industrial landscape and Olympic sites [2] Group 2 - The air bus features a distinctive blue exterior while maintaining the signature yellow design of the 798 Park, showcasing a blend of industrial and artistic elements [2] - In addition to the air bus, Shougang Park offers various activities such as bungee jumping and boating, contributing to a diverse summer experience [2] - The Shijingshan District's summer activities include four major segments aimed at promoting consumption, alongside dining and shopping promotions to enhance the local economy [2]

Core Insights - The company reported a revenue of 52.571 billion yuan, a year-on-year decrease of 7.35%, while achieving a net profit attributable to shareholders of 657 million yuan, a year-on-year increase of 66.45% [1] - The company emphasizes a strategy focused on "green manufacturing, intelligent manufacturing, high-quality manufacturing, lean manufacturing, and precise services," aiming to enhance its competitiveness through technological innovation [1] - The company has made significant advancements in high-end product development, particularly in electrical steel, automotive sheets, and tin-plated (chromium-plated) sheets, ensuring supply for major national projects [1] Financial Performance - The company achieved a net profit of 657 million yuan, representing a 66.45% increase year-on-year [1] - The company's non-recurring net profit reached 682 million yuan, marking a 150.28% year-on-year growth [1] Product Development - The company launched two new products in oriented electrical steel, addressing the industry's long-standing challenges of "low iron loss" and "low noise," supporting energy-efficient and environmentally friendly power grid construction [2] - The production of electrical steel increased by approximately 30% year-on-year, with high magnetic induction oriented electrical steel production rising by about 14% [2] - The company optimized its product structure, with high-grade non-oriented electrical steel production increasing by approximately 37%, and production for new energy vehicles rising by about 33% [2] Technological Advancements - The company is focusing on artificial intelligence, big data, and industrial internet technologies, advancing digital transformation projects such as integrated logistics management and smart carbon management platforms [2] - An AI model platform was launched, featuring a four-layer architecture, and the company has implemented various AI applications [3] - The cold-rolled company was recognized as a "lighthouse factory," becoming the third in the national steel industry and seventh globally, showcasing the application of advanced technologies [3]

近日，北京首钢股份有限公司发布新版《公司章程》，对公司的组织与行为、股东与股东会、董事会等 多方面做出详细规定，为公司的规范运作和长远发展提供了坚实的制度保障。 北京首钢股份经北京市人民政府批准，于1999年7月27日首次向境内社会公众发行35,000万股人民币普 通股，并在深圳证券交易所上市，目前注册资本为人民币7,754,967,370元。公司经营范围广泛，涵盖钢 铁冶炼、铜冶炼及压延加工、销售等多项业务。 股份相关规定 公司发起人为首钢集团有限公司，认购196,000万股，公司设立时发行股份总数为231,000万股。已发行 股份数为7,754,967,370股，均为普通股。公司对股份增减和回购有明确规定，可通过向不特定对象或特 定对象发行股份、派送红股等方式增加资本，减少注册资本需按规定程序办理。公司一般不得收购本公 司股份，但在减少注册资本等六种情形下除外。同时，公司对股份转让也有严格限制，如公开发行股份 前已发行的股份，上市一年内不得转让，董事、高级管理人员任职期间每年转让股份不得超过其所持股 份总数的25%等。 股东与股东会 公司依据证券登记结算机构凭证建立股东名册，股东按持股类别享有权利、承担义 ...