Core Viewpoint - The company has implemented its third employee stock ownership plan, which includes specific lock-up periods and performance assessment criteria for unlocking shares [1][2][3]. Summary by Sections Employee Stock Ownership Plan Overview - The third employee stock ownership plan was approved by the company's board and shareholders, with a maximum duration of 60 months and a lock-up period for the acquired shares [1][2]. - The first lock-up period will end on September 29, 2023, allowing for the release of 30% of the total equity, equivalent to 5.04 million shares, which is 0.52% of the company's total share capital [2]. Performance Assessment and Unlocking Conditions - The second lock-up period will conclude on May 29, 2024, with the same unlocking conditions as the first period [3]. - The third lock-up period will end on May 29, 2025, allowing for the release of 40% of the total equity, corresponding to 6.72 million shares, which is 0.69% of the company's total share capital [3]. Performance Targets - The performance target for the third unlocking period is set at a net profit growth rate of no less than 108.98% compared to the adjusted net profit of 2021, which was approximately 1.55 billion yuan [4]. Individual Performance Assessment - Individual performance assessments will determine the unlocking ratio for each participant, with grades ranging from A (100% unlock) to E (0% unlock) based on their performance [5]. Compliance and Regulations - The employee stock ownership plan will adhere to market trading rules and regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, including restrictions on trading during specific periods [6]. Plan Duration and Changes - The plan's duration can be extended with board approval, and changes can be made regarding stock sources, funding, and performance assessments [6][7]. Asset Distribution - After the plan's duration, assets will be liquidated within 30 working days, and distributions will be made to holders based on their shares after deducting relevant taxes [7].

证券代码：002318 证券简称：久立特材 公告编号：2025-028 浙江久立特材科技股份有限公司 关于第三期员工持股计划第三个锁定期届满的提示性公告 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。 浙江久立特材科技股份有限公司（以下简称"公司"）于2022年8月20日召开 的第六届董事会第十七次会议、第六届监事会第十三次会议以及2022年9月13日 召开的2022年第二次临时股东大会审议通过了《关于<公司第三期员工持股计划 （草案）>及其摘要的议案》等相关议案，同意公司实施第三期员工持股计划 （以下简称"本员工持股计划"）。具体内容详见公司刊登于巨潮资讯网（http: //www.cninfo.com.cn）的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》、 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等 相关规定，本员工持股计划第三个锁定期将于2025年5月29日届满，现将本员工 持股计划锁定期届满的相关情况公告如下： 一、本员工持股计划的持股情况和锁定期届满的情况说明 截至2022年9月27日，公司本员 ...

Investment Rating - The report maintains a "Buy" rating for several steel companies including Baosteel, Hualing Steel, and Nanjing Steel, among others [5]. Core Viewpoints - The report indicates that pig iron prices are gradually declining, leading to a slight recovery in steel profits. The raw material costs are expected to ease further, which may enhance the profitability of steel companies [5]. - Economic data from January to April shows a continued weakness in the real estate sector, while automotive production maintains year-on-year growth. The potential for crude steel production regulation is increasing amid uncertain external demand and weak domestic recovery [5]. Price Trends - As of May 23, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3160 CNY/ton, down 40 CNY/ton from the previous week. Other steel products also saw price declines [3][11]. - The report details specific price changes for various steel products, indicating a general downward trend in prices over the past week [12]. Production and Inventory - As of May 23, the production of five major steel products increased to 8.72 million tons, a rise of 40,900 tons week-on-week. However, the total inventory of these products decreased by 331,000 tons to 9.5954 million tons [4]. - The apparent consumption of rebar is estimated at 2.4713 million tons, reflecting a decrease of 131,600 tons week-on-week [4]. Profitability Analysis - The report notes an increase in profits for plate products, with long-process rebar, hot-rolled, and cold-rolled margins changing by 0 CNY/ton, +23 CNY/ton, and +69 CNY/ton respectively compared to the previous week [3]. Investment Recommendations - The report recommends several companies for investment: 1. General steel sector: Baosteel, Hualing Steel, Nanjing Steel 2. Special steel sector: CITIC Special Steel, Yongjin Co., and Xianglou New Materials 3. Pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - It also suggests paying attention to high-temperature alloy stocks like Fushun Special Steel [5].

证券研究报告 | 行业月报 gszqdatemark 2025 05 20 年 月 日 钢铁 4 月数据跟踪：粗钢产量同比持平，需求预期有望改善 根据 Wind 数据，2025 年 4 月钢铁行业及前期海关进出口数据汇总如 下： 粗钢产量同比持平，消费有望持续发力。4月粗钢日均产量环比下降4.3%， 钢厂生产强度有所回落，近期金融属性不足的黑色金属价格持续偏弱运 行，然而部分原燃料价格下跌，推动钢企利润持续改善，截止 5 月 16 日 当周钢厂盈利比例升至 59.3%。2024 年 8 月以来政府类债券的发行显著 提速，2025 年 4 月地方债净融资额为 5281 亿，国债净融资额为 2658 亿 元，仍处于偏高水平，截至 5 月 17 日国债当月净融资额达到 8984 亿元， 较 4 月数据显著增加，预计后续财政支出规模有望继续扩张。统计局数据 显示 2025 年 4 月全国规模以上工业增加值同比增长 6.1%，环比增长 0.2%；社会消费品零售总额 37174 亿元，同比增长 5.1%，其中除汽车以 外的消费品零售额 33548 亿元，增长 5.6%。4 月制造业采购经理指数为 49.0%，比上月下降 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

商报讯(记者汤佳烨通讯员俞晶)随着共建"一带一路"倡议的不断推进，我国与共建国家间经贸合作硕果 累累，"中国制造"出口共建"一带一路"市场已成为浙江外贸发展亮点。据杭州海关统计，今年前4个 月，浙江省对共建"一带一路"国家进出口9794.9亿元，增长7.4%，占全省进出口总值的56%。 5月的浙江宝晶玻璃科技有限公司生产车间热火朝天，自动化生产线高速运转，经过工人们严格质检和 测试后，一批批冷柜玻璃门正整齐排列在成品区，准备发往共建"一带一路"国家市场。 "今年我们有新产品镍合金不锈钢管件出口卡塔尔，海关加工贸易政策满足了企业节约成本以及客户对 产品质量高要求的双向需求，为我们在共建'一带一路'国家开拓市场、获取订单奠定了坚实基础。"浙 江久立特材科技股份有限公司冯李彬介绍，在海关的指导下，企业采用加工贸易方式后，预计可节约经 营性成本近400万元。一季度，企业出口6.14亿元，同比增长2.9%。 为帮助辖区企业更好的融入"一带一路"合作"朋友圈"，拓展多元化市场，杭州海关聚焦辖区内进出口企 业实际需求，通过"关长送政策上门"活动，持续优化政策服务供给，深化"一站式"通关服务，切实把海 关政策红利转变为服务企 ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing measures such as interest rate cuts and increased lending for technological innovation [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a reduction of 95,200 tons week-on-week [2]. Summary by Sections Price Trends - As of May 9, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,150 CNY/ton, down 50 CNY/ton from the previous week [1][10]. - Other steel products also saw price declines, including hot-rolled and cold-rolled sheets [1][10]. Profitability - The report indicates a decline in steel profits, with rebar, hot-rolled, and cold-rolled steel margins decreasing by 13 CNY/ton, 2 CNY/ton, and 44 CNY/ton respectively [1][2]. Production and Inventory - Total production of five major steel products decreased to 8.74 million tons, with rebar production specifically down to 2.2353 million tons [2]. - Total social inventory of these steel products increased by 94,200 tons to 1,031.93 million tons [2]. Investment Recommendations - The report suggests focusing on companies within the general steel sector such as Baosteel, Hualing Steel, and Nanjing Steel, as well as special steel companies like CITIC Special Steel and Yongjin Co., Ltd. [3]. - It also recommends monitoring high-temperature alloy companies like Fushun Special Steel [3].

点击注册小程序 查看完整报告 公司持续高研发投入，产品结构持续优化提升 报告摘要 事件： 2025Q1公司实现营业收入28.83亿元，同比+20.67%，环比-23.64%；实现归母净利润3.89亿元，同比 +18.59%，环比-12.64%，创历史同期新高水平；实现扣非后归母净利润3.94亿元，同比+15.72%，环 比-21.91%。 2025Q1公司扣除联营企业投资收益后归母净利润同比+26.50% 2025Q1公司对联营企业和合营企业的投资收益为0.14亿元，同比-56.29%。2025Q1公司实现扣除联营企业 投资收益后归母净利润3.75亿元，同比+26.50%。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯 ...

Core Viewpoint - The recent financial report of Jiuli Special Materials (002318) shows strong growth in revenue and net profit for Q1 2025, indicating a positive performance despite challenges in the market environment [1][5]. Financial Performance - Total revenue for Q1 2025 reached 2.883 billion yuan, a year-on-year increase of 20.67% compared to 2.389 billion yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 389 million yuan, up 18.59% from 328 million yuan in the same period last year [1]. - The gross profit margin improved to 28.08%, an increase of 4.00% year-on-year, while the net profit margin decreased to 13.82%, down 4.54% [1]. - The company reported a significant increase in operating cash flow per share, which rose to 0.04 yuan, a remarkable increase of 693.75% [1]. Accounts Receivable and Financial Health - Accounts receivable amounted to 1.479 billion yuan, representing 99.21% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - The company’s cash and cash equivalents decreased by 36.38% to 2.501 billion yuan, raising concerns about liquidity [1][3]. - The total expenses for sales, management, and finance were 193 million yuan, accounting for 6.71% of revenue, which is an increase of 6.76% year-on-year [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 16.89%, reflecting strong capital efficiency [3]. - Analysts expect the company to achieve a revenue of 1.714 billion yuan and an average earnings per share of 1.75 yuan for the year 2025 [3]. - Jiuli Special Materials has been favored by prominent fund managers, with increased holdings noted in several funds [4]. Strategic Response to Market Challenges - The company is actively monitoring macroeconomic conditions and adjusting its strategies to maintain stable performance amid market volatility and international trade tensions [5]. - Emphasis is placed on technological innovation and market expansion to optimize product structure and enhance collaboration with quality clients [5]. - The company aims to provide long-term returns to shareholders through steady operational performance and potential share buybacks and dividends [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]