证券日报网讯常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，特材项目是公司 高端化转型的核心项目，也是公司成立至今投资强度最大、技术要求最高、产业链延伸最关键的国产替 代标杆项目，该项目对于公司突破高端管材"卡脖子"技术、拓展高附加值应用场景具有重要价值，将成 为公司未来高端化升级的核心项目。公司即将正式举办常宝特材项目竣工仪式暨产品发布会，向全球客 户展示项目建设成果、核心技术优势，后续项目将逐步正式进入生产运营阶段。特材项目聚焦国产替代 领域，产品技术含量高，生产工艺复杂。公司已通过外部引进与内部培养选拔组建了行业一流的专业技 术与管理团队，为项目落地后生产运行提供核心支撑。项目投产后需经历市场拓展、工艺调试、客户认 证、挂样测试等必要流程，产能释放需一定周期，项目的投产和后续达产是一个逐步释放的过程。公司 将依托多年积累的市场资源、客户基础、品牌知名度，将在现有延伸产品上加快市场开发进度，如不锈 钢锅炉管及HRSG产品、高端换热器用管、镍基合金油管等，同时将有计划地做好海洋脐带缆、EP管等 国产替代产品的开发。公司将集中优势资源和团队力量，争取特材项目早日实现既定建设目标。 ...

证券日报网讯常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，公司的主要原材 料为特钢管坯，主要与国内的品牌特钢企业合作。不同产品使用的钢种、合金元素及含量、技术要求不 一样。特钢企业根据公司的技术要求提供符合公司需要的管坯。目前，公司与国内主要品牌特钢企业建 立了长期稳定的战略合作关系，重点产品与特钢企业建立了联合研发平台，能够保障管坯的稳定供应和 质量的稳定性。同时，公司根据市场供需情况，采取原料采购和销售接单联动的锁价机制，适时管控原 料异常波动对公司造成的影响，保障利润水平的稳定性，降低原材料价格波动对经营的影响。 ...

Market Overview - The special steel sector experienced a decline of 0.37% on November 20, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances in the special steel sector include: - Shagang Co. closed at 5.61, up 0.36% with a trading volume of 219,500 shares and a turnover of 123 million yuan - Fushun Special Steel remained unchanged at 5.50 with a trading volume of 355,900 shares and a turnover of 195 million yuan - CITIC Special Steel closed at 15.03, unchanged with a trading volume of 159,900 shares and a turnover of 242 million yuan - Changbao Co. closed at 7.42, down 1.20% with a trading volume of 297,600 shares and a turnover of 22.3 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 52.883 million yuan from institutional investors, while retail investors had a net inflow of 53.626 million yuan [2] - The capital flow for specific stocks indicates: - South Jin Co. had a net inflow of 2.2815 million yuan from institutional investors - CITIC Special Steel experienced a net outflow of 6.8486 million yuan from institutional investors [3]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY and a net profit attributable to shareholders of 392 million CNY, with a net profit excluding non-recurring items of 353 million CNY [2] - The operating cash flow reached 249 million CNY, indicating stable operational performance [2] Product Development - The HRSG product line has become a key feature since its development began in 2010, with increasing production and sales, maintaining a leading market share [4] - The company plans to enhance HRSG product capacity and develop stainless steel and nickel-based products to improve competitiveness and value [4] Strategic Projects - The special materials project is a core initiative for high-end transformation, representing the highest investment and technical requirements since the company's establishment [5] - The project aims to address high-end pipe technology challenges and expand high-value application scenarios, with a completion ceremony planned to showcase achievements [5] Supply Chain Management - The main raw material is special steel pipe blanks, sourced from established partnerships with domestic steel enterprises, ensuring stable supply and quality [7] - A price-locking mechanism is in place to mitigate the impact of raw material price fluctuations on profitability [7] Future Growth Strategies - Over the next 3-5 years, the company will focus on new project implementation, product structure upgrades, international development, and operational efficiency improvements [8] - Emphasis will be placed on expanding the market for special materials and precision pipe projects, while enhancing the proportion of high-value products [8] - The company aims to improve overseas market competitiveness and customer satisfaction, while exploring international opportunities [9]

Core Insights - The special steel sector experienced a slight increase of 0.74% on November 19, with CITIC Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - CITIC Special Steel (000708) closed at 15.03, up 2.24% with a trading volume of 178,900 shares and a turnover of 266 million yuan [1] - Fangda Special Steel (600507) closed at 6.17, up 2.15% with a trading volume of 316,700 shares and a turnover of 193 million yuan [1] - Other notable performances include Jiu Li Special Materials (002318) at 25.47, up 0.59%, and Taiyuan Iron & Steel (000825) at 4.17, up 0.48% [1] Capital Flow - The special steel sector saw a net outflow of 112 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 94.6 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Jiu Li Special Materials (002318) experienced a net outflow of 6.41 million yuan from institutional investors, but a net inflow of 30.62 million yuan from retail investors [3] - CITIC Special Steel (000708) had a significant net outflow of 11.09 million yuan from institutional investors, while retail investors contributed a net inflow of 7.61 million yuan [3] - Fangda Special Steel (600507) also faced a net outflow of 12.72 million yuan from institutional investors, with retail investors showing a net inflow of 1.12 million yuan [3]

（编辑 楚丽君） 证券日报网讯 11月18日晚间，常宝股份发布公告称，近日，公司取得了常州市政务服务管理办公室换 发的《营业执照》，完成了工商变更登记手续，公司注册资本由"90098.6228万元整"变更为"90080.4228 万元整"，营业执照其他登记事项未变。 ...

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。 股票代码：002478 股票简称：常宝股份 公告编号：2025-052 江苏常宝钢管股份有限公司 关于完成工商变更登记的公告 江苏常宝钢管股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开 第六届董事会第十四次会议及2025年9月8日召开2025年第一次临时股东大会， 先后审议通过了《关于减少注册资本并修改公司章程的议案》，同意变更公司注 册资本并修订公司章程。具体详见公司在指定的信息披露媒体《证券时报》及巨 潮资讯网（www.cninfo.com.cn）上披露的相关公告。 近日，公司取得了常州市政务服务管理办公室换发的《营业执照》，完成了 工商变更登记手续，公司注册资本由"90098.6228 万元整"变更为"90080.4228 万元整"，营业执照其他登记事项未变。 特此公告。 江苏常宝钢管股份有限公司董事会 2025 年 11 月 19 日 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and current state of the black metal smelting and rolling industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Overview - As of January to September 2025, there are 6,290 enterprises in the black metal smelting and rolling industry, which is an increase of 44 enterprises compared to the same period last year, representing a year-on-year growth of 0.7% [1] - The black metal smelting and rolling industry accounts for 1.2% of the total industrial enterprises in China [1] Statistical Data - The data regarding the number of enterprises in the black metal smelting and rolling industry has been compiled from the National Bureau of Statistics and organized by Zhiyan Consulting [1] - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1]

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8][9][10]. Core Viewpoints - The steel sector has shown a strong performance this year, with a year-to-date increase of over 30%, ranking 7th among Shenwan's primary industries [2]. - The report highlights that the average daily pig iron production has increased to 236.9 thousand tons, while steel production has decreased [11]. - The total inventory of steel has decreased, with a week-on-week decline of 1.7%, indicating a tightening supply [23]. - Apparent steel consumption has shown a slight decline, with a week-on-week decrease of 0.7% [52]. - The report notes that iron ore prices have strengthened, influenced by reduced shipments from Australia and Brazil [49]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,999.70 points, up 0.83%, outperforming the CSI 300 Index by 1.91 percentage points [1][94]. Supply Analysis - Daily pig iron production increased by 2.8 thousand tons, while steel production has decreased, particularly in rebar [11][17]. - The capacity utilization rate for 247 steel mills is reported at 88.8%, reflecting a slight increase [17]. Inventory Analysis - The total inventory of five major steel products decreased to 1,061.4 million tons, down 1.3% week-on-week [25]. - Steel mill inventories also saw a decline, with a 2.9% reduction [25]. Demand Analysis - Apparent consumption of five major steel products decreased by 0.7% week-on-week, with rebar demand dropping more significantly [40][52]. - The average weekly transaction volume for construction steel was 100 thousand tons, reflecting a 3.9% increase [41]. Price and Profitability - The report indicates a slight increase in steel prices, with the Myspic comprehensive steel price index rising to 121.2, up 0.1% week-on-week [75]. - Current costs for long-process rebar and hot-rolled coils are reported at 3,518 yuan/ton and 3,744 yuan/ton, respectively, with negative margins [75][76].

Market Overview - The special steel sector experienced a decline of 1.4% on November 14, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable stock performances in the special steel sector included: - Xianglou New Material (301160) rose by 0.67% to 60.26 - Xining Special Steel (600117) increased by 0.31% to 3.21 - Changbao Co. (002478) fell by 2.82% to 7.92, leading the decline [1][2] - The trading volume and turnover for key stocks were as follows: - Changbao Co.: 686,400 shares, turnover of 54.71 million - Xining Special Steel: 392,200 shares, turnover of 126 million [2] Capital Flow - The special steel sector saw a net outflow of 164 million from institutional investors, while retail investors contributed a net inflow of 200 million [2] - Detailed capital flow for specific stocks indicated: - Changbao Co. had a net outflow of 17.22 million from institutional investors [3] - Xianglou New Material experienced a net inflow of 838.78 million from institutional investors [3] Individual Stock Analysis - The following stocks had significant net inflows or outflows: - Changbao Co.: -17.22 million from institutional investors, +18.11% from retail investors [3] - Xining Special Steel: -96.84 million from institutional investors, +2.87% from retail investors [3] - Taigang Stainless Steel (000825): -17.22 million from institutional investors, +8.86% from retail investors [3]