一、股票交易异常波动情况 江苏常宝钢管股份有限公司（以下简称"公司"） 股票（证券简称：常宝 股份；证券代码：002478）于 2025 年 11 月 4 日、2025 年 11 月 5 日、2025 年 11 月 6 日连续三个交易日收盘价格涨幅偏离值累计达到 20%，根据《深圳证 券交易所股票交易规则》相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况说明 证券代码：002478 股票简称：常宝股份 编号：2025-051 江苏常宝钢管股份有限公司 关于股价异动的公告 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。 6、公司不存在违反公平信息披露规定的情形。 三、不存在应披露而未披露信息的声明 公司董事会确认，公司截止目前没有任何根据《深圳证券交易所股票上市规 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《深圳证券交易所股票上市规则》等有关 规定应予以披露而未披露的、对本公司股票交易价格产生较大影响的信息。公司 前期披露的信息不存在需要更正、补充之处。 四、风险提示 1、经自查，公 ...

Core Points - Company stock experienced a significant price fluctuation, with a cumulative closing price deviation of 20% over three consecutive trading days from November 4 to November 6, 2025 [2] - The company confirmed that there are no corrections or additional disclosures needed for previously released information [2] - No recent media reports have been identified that could have significantly impacted the company's stock price [2] - The company's production and operational conditions remain normal, with no significant changes in the internal or external business environment [2]

Market Overview - The special steel sector increased by 2.01% on November 6, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 8.22, up 10.04% with a trading volume of 415,800 shares and a transaction value of 341 million [1] - Jiuli Special Materials (002318) closed at 26.56, up 6.92% with a trading volume of 347,800 shares [1] - Shengde Zhengtai (300881) closed at 40.24, up 4.85% with a trading volume of 78,900 shares [1] - Other notable performances include: - CITIC Special Steel (000708) at 15.31, up 1.46% - Taiyuan Iron & Steel (000825) at 4.36, up 1.40% [1] Capital Flow - The special steel sector saw a net inflow of 15.29 million from institutional investors, while retail investors experienced a net outflow of 16.79 million [2] - The capital flow for key stocks includes: - Changbao Co., Ltd. had a net inflow of 49.96 million from institutional investors [3] - Shengde Zhengtai had a net inflow of 22.08 million from institutional investors [3] - CITIC Special Steel had a net inflow of 12.89 million from institutional investors [3]

Group 1 - On November 5, a total of 43 companies were investigated by institutions, with 27 companies being researched by funds, highlighting a significant interest in specific firms such as Huali Group, Botao Bio, and Jinchengzi [1] - Huali Group received the most attention, with 13 funds participating in its research, while Botao Bio and Jinchengzi were followed by 12 and 8 funds respectively [1] - The companies investigated by funds are distributed across various sectors, with the machinery and equipment sector having the highest representation at 5 companies, followed by the pharmaceutical and biological sector and electronics sector, each with 3 companies [1] Group 2 - Among the fund-researched stocks, 12 stocks increased in value over the past 5 days, with the highest gains seen in Shuangjie Electric (24.72%), Changbao Co. (14.05%), and TCL Smart Home (12.87%) [2] - Conversely, 15 stocks experienced declines, with Lingge Technology, Shanghai Xinyang, and Xunjiexing showing the largest drops at 12.37%, 11.94%, and 9.87% respectively [2] - Notably, Shuangjie Electric saw a net inflow of 254 million yuan in the past 5 days, leading the funds' net inflow, followed by Changbao Co. and Jinggong Technology with net inflows of 81.52 million yuan and 73.01 million yuan respectively [2]

Group 1 - The steel sector experienced an initial surge, with Changbao Co., Ltd. achieving a consecutive two-day increase in stock price [1] - Jiuli Special Materials saw a rise of over 8% in its stock price [1] - Other companies such as Dazhong Mining, Fangda Carbon, Baodi Mining, and Nanjing Steel also experienced stock price increases [1]

Financial Performance - The company achieved a net profit attributable to shareholders of 3.92 billion CNY for 2025 [2] - In the first three quarters of 2025, the company reported an operating income of 42.84 billion CNY and a net profit of 3.53 billion CNY after deducting non-recurring gains and losses [2] - The operating cash flow net amount was 2.49 billion CNY, indicating stable production and sales [2] Strategic Development - The company focuses on long-termism, value management, and brand management to build core competencies in niche markets [2] - Future strategies include advancing high-end, brand-oriented, and segmented development, with an emphasis on product and market structure transformation [2][3] Market Expansion Plans - The company aims to strengthen its position in the special-purpose pipe segment, particularly in high-end products like nickel-based alloy oil pipes and high-end stainless steel boiler pipes [4] - Plans to target high-tech markets such as new energy, fine chemicals, and marine equipment, while promoting high-end products with stringent technical requirements [4] Employee Incentives - The company has implemented restricted stock incentive plans in 2021 and 2023, along with an employee stock ownership plan in 2023 to enhance team motivation [5] - Future optimization of incentive mechanisms will be considered in line with development strategies and regulatory requirements [5] Product Development and Market Position - The HRSG (Heat Recovery Steam Generator) product line has become a key feature, with a leading market share in the industry [7] - The company plans to enhance HRSG product capacity and structure, focusing on stainless steel and nickel-based products to improve competitiveness [7] Capital Expenditure and Dividend Plans - Future capital expenditures will focus on technology upgrades and automation to respond flexibly to market demands [7] - The company maintains a tradition of dividends and aims to balance business development with shareholder returns, guided by a three-year shareholder return plan from 2024 to 2026 [7]

Market Performance - The special steel sector increased by 1.71% on November 5, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 7.47, up 10.01% with a trading volume of 939,200 shares and a transaction value of 693 million [1] - Other notable performers include: - Shengde Zhengtai (300881) at 38.38, up 4.15% [1] - Fushun Special Steel (600399) at 5.62, up 3.69% [1] - Xining Special Steel (600117) at 3.19, up 2.24% [1] - Taiyuan Iron & Steel (000825) at 4.30, up 1.65% [1] Capital Flow - The special steel sector saw a net inflow of 113 million in main funds, while retail funds experienced a net outflow of 26.03 million [2] - The capital flow for specific stocks includes: - Changbao Co., Ltd. with a net inflow of 63.79 million [3] - Fushun Special Steel with a net inflow of 15.27 million [3] - Taiyuan Iron & Steel with a net inflow of 19.67 million [3]

Group 1 - The A-share market experienced a low opening on November 5, with the Guozheng Free Cash Flow Index declining approximately 0.65%. Stocks such as Changbao Co. and Hailu Heavy Industry hit the daily limit up, while Yun Aluminum and Xiamen Xiangyu led the declines [1] - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 16 days, totaling 0.893 billion yuan, reaching a new high of 5.418 billion yuan in total assets [1] - According to China Merchants Securities, the market is entering a period of performance, event, and policy vacuum, leading to a phase of volatility as it awaits new developments by year-end. Corporate earnings showed a significant rebound in Q3, with a notable improvement in free cash flow, indicating stable fundamentals in the A-share market [1] Group 2 - The Free Cash Flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening. The index is characterized by high quality and strong risk resistance, suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [2]

Group 1: Company Highlights - Shenneng Shenli, a leading company in composite insulators, achieved a net profit growth of 177.52% year-on-year in the first half of the year [2] - TBEA, a leader in the power transmission and transformation industry, holds a market share of approximately 50% in the main transformer market for nuclear power plants [2] - Yiyou Co., a leading relay manufacturer in China, has developed phase-shifting transformers for data center power systems in collaboration with clients [2] - Jinpan Technology has completed a prototype of a 10kV/2.4MW solid-state transformer suitable for HVDC 800V data center power architecture, with a net profit growth of 20.27% year-on-year in the first three quarters [2] - Hainan Free Trade Port will officially start operations on December 18 [2] Group 2: Industry Developments - The focus on renewable energy sources such as hydropower, wind power, and photovoltaics is evident in the business operations of companies like Mindong Electric Power [2] - The construction of a 2MWt liquid fuel molten salt experimental reactor has been completed, indicating advancements in nuclear technology [3] - The price of lithium hexafluorophosphate continues to rise, reflecting trends in the lithium battery market [6] - The demand for energy storage systems is increasing, as evidenced by Hopu's signing of a 5 billion yuan procurement contract for energy storage systems [6] - The focus on smart city and smart transportation products is growing, with companies developing multifunctional smart lamp posts [7]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant year-to-date gains and dividend yields for various companies [1]. Group 1: Stock Performance - Xiamen Bank (601187.SH) leads with a 5.92% increase in the latest trading session and a 36.49% year-to-date gain, along with a dividend yield of 4.37% [1]. - Jiangyin Bank (002807.SZ) follows with a 3.67% daily increase and a 22.32% year-to-date gain, offering a dividend yield of 4.08% [1]. - CITIC Bank (601998.SH) shows a 3.31% rise today and an 18.58% increase year-to-date, with a dividend yield of 4.45% [1]. - Shanghai Bank (601229.SH) has a daily increase of 3.20% and a year-to-date gain of 15.04%, boasting a high dividend yield of 8.26% [1]. - Other notable performers include Changbao Co. (002478.SZ) with a 3.19% daily increase and a 33.85% year-to-date gain, and China Merchants Bank (600036.SH) with a 2.92% daily rise and a 14.17% year-to-date increase [1]. Group 2: Dividend Yields - Shanghai Bank (601229.SH) offers the highest dividend yield at 8.26%, indicating strong returns for investors [1]. - Other companies with notable dividend yields include Semei Clothing (002563.SZ) at 9.06% and Changsha Bank (601577.SH) at 6.37% [1]. - The average dividend yield among the top 20 stocks reflects a trend towards higher returns for dividend-seeking investors [1].