证券代码：002478 证券简称：常宝股份 公告编号：2025-047 江苏常宝钢管股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者遗漏负连带责任。 特别提示： 1、本次回购注销2023年限制性股票激励计划已授予但尚未解除限售的限制性股 票数量合计180,000股，占回购注销前公司总股本的0.02%，涉及激励对象2人，用于 回购注销限制性股票的资金总额为595,800元。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分限制 性股票注销事宜已于2025年9月26日办理完成。 3、注销完成后，公司股份总数由900,986,228股减少至900,806,228股。 一、公司2023年限制性股票激励计划已履行的程序 （一）2023 年 7 月 6 日，公司召开第五届董事会第二十九次会议及第五届监事会 第二十四次会议，审议通过了《关于<江苏常宝钢管股份有限公司 2023 年限制性股 票激励计划（草案）>及其摘要的议案》、《关于<江苏常宝钢管股份有限公司 2023 年限制性股票激励计划实施考核管理办法>的议案》 ...

Group 1 - Maanshan Iron & Steel Co., Ltd. (马钢股份) reached the daily limit increase in stock price [1] - Vanadium Titanium Resources Co., Ltd. (钒钛股份) previously hit the daily limit increase [1] - Other companies such as Jinzhu Pipeline Co., Ltd. (金洲管道), Wujin Stainless Steel Co., Ltd. (武进不锈), Changbao Steel Pipe Industry Co., Ltd. (常宝股份), Hainan Mining Co., Ltd. (海南矿业), and Jiuli Special Materials Co., Ltd. (久立特材) also experienced stock price increases [1]

Core Insights - The A-share steel sector experienced a significant upward trend, with Maanshan Iron & Steel Co., Ltd. nearing a trading limit increase, and Jinzhou Pipeline rising over 7% [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhou Pipeline (002443) increased by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) rose by 4.97%, with a market cap of 19.6 billion, but has a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) increased by 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) rose by 3.88%, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) increased by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) rose by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also increased by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Core Viewpoint - The A-share steel sector experienced a significant upward trend, with several companies nearing their daily price limits and notable gains in stock prices [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhu Pipeline (002443) rose by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) increased by 4.97%, with a market cap of 19.6 billion but a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) gained 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) saw a 3.88% increase, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) rose by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) increased by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also rose by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Core Viewpoint - The steel sector experienced a significant surge on September 29, with notable stocks such as Vanadium Titanium Co., Ltd. hitting the daily limit, while Ba Yi Steel, Changbao Co., Ltd., Dazhong Mining, Hainan Mining, and Guangdong Mingzhu also saw increases [1] Group 1 - The steel sector showed unusual activity with a notable rise in stock prices [1] - Vanadium Titanium Co., Ltd. reached its daily trading limit, indicating strong investor interest [1] - Other companies in the sector, including Ba Yi Steel and Changbao Co., Ltd., also experienced upward movement in their stock prices [1]

Market Overview - On September 26, the special steel sector rose by 1.04%, led by CITIC Special Steel, while the Shanghai Composite Index closed at 3828.11, down 0.65% [1] - The Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - CITIC Special Steel (000708) closed at 13.28, up 2.79% with a trading volume of 248,300 shares and a turnover of 327 million yuan [1] - Fangda Special Steel (600507) closed at 5.35, up 2.10% with a trading volume of 226,500 shares and a turnover of 121 million yuan [1] - Changbao Co., Ltd. (002478) closed at 5.55, up 1.46% with a trading volume of 111,800 shares and a turnover of 61.88 million yuan [1] - Other notable performances include Jiuli Special Materials (002318) at 23.19, up 0.69%, and Xining Special Steel (600117) at 3.14, up 0.32% [1] Capital Flow - The special steel sector experienced a net outflow of 48.64 million yuan from institutional investors, while retail investors saw a net inflow of 69.25 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Fangda Special Steel saw a net inflow of 14.34 million yuan from institutional investors, while retail investors had a net outflow of 7.82 million yuan [3] - CITIC Special Steel had a net inflow of 1.44 million yuan from institutional investors, with retail investors contributing a net inflow of 12.84 million yuan [3] - Other stocks like Taigang Stainless Steel (000825) and Xining Special Steel (600117) also showed varied capital flows, reflecting differing investor sentiments across the sector [3]

Market Overview - On September 25, the special steel sector rose by 0.46% compared to the previous trading day, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Xianglou New Materials (301160) closed at 63.58, up 2.25% with a trading volume of 28,400 lots and a transaction value of 181 million [1] - CITIC Special Steel (000708) closed at 12.92, up 1.10% with a trading volume of 136,200 lots [1] - Jinzhu Pipeline (002443) closed at 7.35, up 0.68% with a trading volume of 144,800 lots [1] - Other notable performances include Jiuli Special Materials (002318) at 23.03, up 0.57%, and Taiyuan Iron & Steel (000825) at 3.87, up 0.52% [1] Capital Flow - The special steel sector saw a net inflow of 7.496 million from institutional investors, while retail investors contributed a net inflow of 29.624 million [2] - However, speculative funds experienced a net outflow of 37.1203 million [2] Individual Stock Capital Flow - Jinzhu Pipeline (002443) had a net inflow of 19.2741 million from institutional investors, while it faced a net outflow of 11.3191 million from speculative funds [3] - Xianglou New Materials (301160) saw a net inflow of 17.6055 million from institutional investors, with a net outflow of 12.4069 million from speculative funds [3] - Fushun Special Steel (600399) recorded a net inflow of 4.4309 million from institutional investors [3]

Market Overview - On September 24, the special steel sector rose by 0.11% compared to the previous trading day, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Jiuli Special Materials (002318) closed at 22.90, with a gain of 3.01% and a trading volume of 142,800 shares, amounting to a transaction value of 325 million yuan [1] - Other notable performers included: - Shengde Zhengtai (300881) at 34.04, up 2.53% [1] - Changbao Co. (002478) at 5.56, up 1.65% [1] - Shagang Group (002075) at 5.71, up 1.42% [1] Capital Flow - The special steel sector saw a net inflow of 25.36 million yuan from main funds, while retail funds experienced a net inflow of 38.95 million yuan [2] - Notably, speculative funds had a net outflow of 64.32 million yuan [2] Individual Stock Capital Flow - Jiuli Special Materials had a main fund net outflow of 33.99 million yuan, with retail funds showing a net inflow of 0.37 million yuan [3] - Tai Steel (000825) experienced a main fund net inflow of 5.32 million yuan, while retail funds also saw a net inflow of 0.52 million yuan [3] - Other stocks like Shengde Xintai (300881) and Changbao Co. (002478) faced significant net outflows from main and speculative funds [3]

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Investment Rating - The report maintains a "Buy" rating for the steel sector, specifically recommending stocks such as Hualing Steel, Nanjing Steel, Baosteel, and New Steel [3][6][9]. Core Insights - The report emphasizes that the current market is experiencing uneven performance, with a focus on the technology sector while traditional industries face significant adjustments. The report suggests that the era of capital oversupply is establishing a foundation for a golden period in capital markets [2]. - The report highlights that the average daily pig iron production has slightly increased, and the total inventory growth has narrowed, indicating a potential improvement in market conditions [14][26]. - The apparent consumption of steel has shown a month-on-month improvement, particularly in rebar demand, which has increased significantly [43]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,778.35 points, down 2.74%, underperforming the CSI 300 Index by 2.30 percentage points, ranking 25th among 30 CITIC primary sectors [1][92]. Supply and Production - The average daily pig iron production rose by 0.5 million tons to 241.1 million tons, while the production of rebar decreased slightly, and hot-rolled production saw a minor increase [14][19]. - In August 2025, crude steel production was 77.37 million tons, a year-on-year decrease of 0.7%, while steel production increased by 9.7% to 122.77 million tons [15][8]. Inventory - Total steel inventory continued to accumulate, with a weekly increase of 0.3%, but the growth rate has narrowed by 0.6 percentage points compared to the previous week [26][28]. - The social inventory of five major steel products was 11.014 million tons, up 0.6% week-on-week and 7.3% year-on-year [28]. Demand - The apparent consumption of five major steel products was 8.503 million tons, up 0.8% month-on-month but down 4.6% year-on-year, indicating a mixed demand scenario [53]. - The average weekly transaction volume of construction steel was 106,000 tons, reflecting a 3.3% increase from the previous week [44]. Raw Materials - Iron ore prices have shown a slight increase, with the Platts 62% iron ore price index at $106.6 per ton, up 0.2% week-on-week and 17.9% year-on-year [62]. - The report notes that the coal and electricity investment completion amount reached 96 billion yuan, a year-on-year increase of 52.4%, indicating a positive outlook for related sectors [8]. Prices and Profits - The comprehensive steel price index increased by 0.5% week-on-week, suggesting a potential for continued price strength as industry fundamentals improve [72]. - The current spot price for rebar in Beijing is 3,200 yuan per ton, reflecting a 0.3% increase week-on-week [73].