Investment Rating - The report maintains a "Buy" rating for the steel industry, indicating a positive outlook for selected companies [7]. Core Insights - The steel industry is currently experiencing a recovery from undervaluation, with significant potential for price and profit improvement as supply-side policies are implemented [2]. - The report highlights that the average daily pig iron production has decreased, while inventory reduction has slowed down, indicating a tightening supply [3][26]. - Demand for steel products has shown a decline in apparent consumption, particularly in rebar and hot-rolled coil, reflecting a temporary market adjustment [43]. - The report emphasizes the continued high growth rate of steel exports, with a net export increase of 7.6% year-on-year, suggesting robust international demand [4][14]. - The report identifies key companies that are expected to benefit from the current market conditions, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [2][10]. Summary by Sections Supply - Daily pig iron production has decreased by 21,000 tons to 2.342 million tons, with a reduction in production from long-process steelmaking [13]. - The capacity utilization rate for 247 domestic steel mills is at 87.8%, down 0.8 percentage points from the previous week [19]. Inventory - Total steel inventory has seen a reduced decline, with a week-on-week drop of 0.7%, indicating a tighter market [26]. - The social inventory of five major steel products stands at 10.75 million tons, down 0.2% week-on-week but up 29.8% year-on-year [28]. Demand - Apparent consumption of five major steel products has decreased by 5.4% week-on-week, with rebar consumption down by 5.9% [54]. - Weekly average transaction volume for construction steel has fallen to 96,000 tons, a decrease of 7.6% [44]. Raw Materials - Iron ore prices have declined, with the Platts 62% iron ore price index at $102.1 per ton, down 5.0% week-on-week [64]. - The report notes an increase in port iron ore inventory, suggesting a potential oversupply situation [53]. Prices and Profits - The comprehensive steel price index has decreased by 1.1% week-on-week, with current rebar prices in Beijing at 3,190 RMB per ton [76]. - The report indicates that the immediate gross profit margins for long-process rebar and hot-rolled coil remain relatively stable despite price fluctuations [76].

Market Overview - The special steel sector experienced a decline of 0.3% on November 7, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Changbao Co., Ltd. (002478) rose by 3.41% to a closing price of 8.50, with a trading volume of 1.93 million shares and a turnover of 1.616 billion [1] - Fushun Special Steel (666009) increased by 1.61% to 5.68, with a trading volume of 870,900 shares [1] - Fangda Special Steel (600507) saw a rise of 1.14% to 6.19, with a turnover of 176 million [1] - Jiu Li Special Materials (002318) fell by 1.62% to 26.13, with a trading volume of 147,300 shares and a turnover of 387 million [1][2] Capital Flow - The special steel sector saw a net outflow of 180 million from main funds, while retail investors contributed a net inflow of 145 million [2] - The capital flow for specific stocks included: - Fushun Special Steel had a main fund net inflow of 58.63 million, but a net outflow from retail investors of 55.44 million [3] - Shengde Xintai experienced a net outflow of 25.61 million from main funds, while retail investors contributed a net inflow of 16.72 million [3] - Jiu Li Special Materials had a net outflow of 2.69 million from main funds, but a net inflow of 33.42 million from retail investors [3]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - The top stock, Changbao Co., Ltd. (002478.SZ), experienced a daily increase of 10.04% and a year-to-date increase of 62.04%, with a dividend yield of 2.92% [1]. - Weichai Power Co., Ltd. (000338.SZ) also saw a daily rise of 10.01% and a year-to-date rise of 37.95%, with a dividend yield of 4.29% [1]. - Yunda Chemical Co., Ltd. (600096.SH) recorded a daily increase of 10.00% and a year-to-date increase of 55.69%, with a dividend yield of 5.42% [1]. Group 2: Additional Notable Stocks - Nanshan Aluminum Co., Ltd. (600219.SH) had a daily increase of 9.96% and a year-to-date increase of 34.55%, with a dividend yield of 3.67% [1]. - Luri Co., Ltd. (002083.SZ) reported a daily increase of 9.95% and a year-to-date increase of 37.33%, with a dividend yield of 2.42% [1]. - Shenhuo Co., Ltd. (000933.SZ) experienced a daily rise of 7.62% and a year-to-date rise of 64.26%, with a dividend yield of 3.18% [1].

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]