证券日报网12月25日讯 ，常宝股份在接受投资者提问时表示，近年来，公司分红比例始终保持在30% 以上，较好平衡了公司当前和长期的发展关系。目前，公司财务情况和现金流健康稳健，公司将遵循业 务发展与股东回报相平衡的核心原则，在综合考量年度经营业绩、盈利规模及现金流状况的基础上，统 筹兼顾设备升级改造、数字化与智能化转型、核心项目建设等核心资本开支需求，平衡股东合理回报与 公司长期战略发展。公司将持续优化利润分配机制，努力为全体投资者创造稳定、可持续的投资回报， 持续构建公司与投资者共赢的良好生态。 （编辑 袁冠琳） ...

Core Viewpoint - Changbao Co., Ltd. has officially completed the construction and commenced production operations of the Changbao Special Materials project as of November 21, 2025, and is currently optimizing processes and expanding market reach [2] Group 1: Project Development - The Changbao Special Materials project is in the phase of process debugging, customer certification, sample testing, and market expansion [2] - The company aims to leverage its accumulated market resources, customer base, and strong brand reputation to accelerate the market development of its existing extended products [2] Group 2: Product Focus - Key products for market development include stainless steel boiler tubes, HRSG products, high-end heat exchanger tubes, and nickel-based alloy oil pipes [2] - The company plans to systematically advance the research and promotion of domestic substitute products in fields such as marine umbilical cable pipes and EP pipes [2] Group 3: Strategic Goals - The company intends to concentrate its resources and core team efforts to achieve its established construction goals as soon as possible [2]

Core Viewpoint - The company has established HRSG products as a key feature through years of technological research and market development, leading to increased production and sales [2] Group 1: Product Development and Production - The company can produce ultra-long, ultra-thin, and high-strength HRSG products, leveraging core technological processes to achieve competitive advantages in quality, delivery speed, and product variety [2] - HRSG product output and sales have been increasing year-on-year, with stable supply relationships maintained with leading domestic and international brands [2] Group 2: Future Plans and Market Adaptation - The HRSG production line is currently operating at full capacity, with plans to optimize production organization and enhance capacity and structural upgrades by 2026 based on market demand [2] - The company aims to further develop stainless steel and nickel-based HRSG products to flexibly respond to market demand growth and changes, continuously improving product competitiveness and value [2]

Core Viewpoint - The company has identified boiler pipes as its largest revenue-generating product, focusing on the small and medium diameter boiler pipe sector, and has established a strong brand reputation in the industry through continuous technological development and stable product quality [2] Industry Summary - The company primarily targets two application areas for its boiler pipes: coal-fired power generation boiler pipes and HRSG pipes for gas turbine combined cycle power generation [2] - Coal-fired power generation has been a core pillar of electricity supply in China, and it is expected to continue playing a key role in power supply responsibilities in the coming years, driven by ongoing electricity demand from new energy peak shaving, data centers, and the maintenance and upgrading of old units [2] - The international market for gas turbine combined cycle power generation is steadily increasing, leading to stable demand for HRSG pipes [2] - Overall, the boiler pipe market is expected to maintain a favorable outlook due to industry policy guidance, downstream demand support, and current market needs [2] Company Strategy - The company plans to enhance boiler pipe production capacity and optimize product structure, focusing on promoting high-end stainless steel boiler pipes and specialty boiler pipes [2] - The company aims to strengthen its customer demand response and service capabilities to improve its overall competitive advantage [2]

Core Viewpoint - The company is adapting to increasing demand for high-performance pipes in oil and gas extraction due to higher extraction conditions and technical requirements [2] Group 1: Product Development - The company has adjusted its product structure in response to market changes, promoting the value transformation of oil casing pipes [2] - The product range now includes a full series of API steel grades, as well as self-developed anti-H2S, anti-CO2, high-strength and high-toughness series, shale gas extraction pipes, and special coupling series [2] - The company is focusing on unconventional oil and gas extraction products such as 13Cr oil casing, special thick small oil pipes, and high-performance gas-tight special couplings to meet the needs of high-temperature, high-pressure, and high-corrosion well conditions [2] Group 2: Market Expansion - The company aims to enhance product profitability by promoting nickel-based alloy oil pipes, small oil pipes, 13Cr series, and non-API series products for unconventional oil and gas extraction [2] - The company is actively expanding into new overseas markets, acquiring new customers, and obtaining new steel grade product certifications [2]

Group 1: Company Overview and Product Development - The company is focusing on the transformation of oil casing products to meet the increasing demand for high-performance materials in oil and gas extraction, with a full range of API steel grades and proprietary series [2][3] - The company has developed unconventional oil and gas extraction pipes, including 13Cr oil casing and special thick small oil pipes, to cater to high-temperature, high-pressure, and corrosive well conditions [3] Group 2: Boiler Pipe Market Outlook - Boiler pipes have become the largest revenue contributor for the company, with a strong brand reputation established in the small-diameter boiler pipe sector [4] - The company anticipates sustained demand in the coal-fired power generation sector and stable growth in the HRSG pipe market due to increasing gas turbine installations [4] Group 3: HRSG Product Capacity Plans - The HRSG product line has seen a steady increase in production and sales, with plans to optimize production organization and enhance capacity based on market demand in 2026 [6] - The company aims to develop stainless steel and nickel-based HRSG products to adapt to market changes and enhance competitiveness [6] Group 4: Project Progress and Market Strategy - The Changbao Special Materials project was completed on November 21, 2025, and is currently in the production phase, focusing on market development for high-end products [7] - The company plans to accelerate the market development of stainless steel boiler pipes and HRSG products, as well as domestic substitutes for marine cable pipes and EP pipes [7] Group 5: Dividend Policy - The company has maintained a dividend payout ratio above 30%, balancing current and long-term development needs [8] - The financial health and cash flow are stable, and the company aims to optimize profit distribution while ensuring reasonable returns for shareholders [8]

Group 1 - The special steel sector increased by 1.1% on December 24, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Key stocks in the special steel sector showed various increases, with Fushun Special Steel at 5.49 (up 2.43%) and Taiyuan Iron & Steel at 5.08 (up 2.01%) [1] Group 2 - The special steel sector saw a net inflow of 84.90 million yuan from main funds, while retail investors experienced a net outflow of 85.13 million yuan [2] - The trading volume for Taiyuan Iron & Steel was 1.57 million shares, with a transaction value of 793 million yuan [2] - Fushun Special Steel had a main fund net inflow of 40.57 million yuan, representing 10.32% of its trading volume [3]

Core Viewpoint - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields as of December 22, 2025. Group 1: Top Gainers - The top stock, 常宝股份 (Changbao Co., Ltd.), experienced a daily increase of 3.98% and a year-to-date increase of 65.00%, with a dividend yield of 2.71% over the past 12 months [1][9]. - 云天化 (Yuntianhua Co., Ltd.) ranked second with a daily increase of 2.88% and a year-to-date increase of 47.30%, offering a dividend yield of 5.36% [1][9]. - 中远海能 (COSCO Shipping Energy Transportation Co., Ltd.) saw a daily increase of 2.84% and a year-to-date increase of 5.08%, with a dividend yield of 1.58% [1][9]. Group 2: Dividend Yields and Performance - The index's average dividend yield is reported at 4.85%, with a historical price-to-earnings ratio of 11.57 times and a price-to-book ratio of 1.32 times [3]. - The stocks listed in the index are subject to a weight limit of 3% per stock and a maximum of 33% per GICS industry, ensuring diversified exposure [4]. Group 3: Additional Notable Stocks - Other notable performers include 天山铝业 (Tianshan Aluminum Co., Ltd.) with a year-to-date increase of 90.30% and a dividend yield of 2.78% [1][9]. - 南山铝业 (Nanshan Aluminum Co., Ltd.) achieved a year-to-date increase of 34.76% and a high dividend yield of 8.15% [1][9]. - 农业银行 (Agricultural Bank of China) reported a year-to-date increase of 50.87% with a dividend yield of 4.79% [1][9].

Core Viewpoint - The article provides insights into the performance of the constituents of the S&P China A-Share Dividend Opportunity Index, highlighting the top-performing stocks based on daily and year-to-date gains, as well as their dividend yields. Group 1: Stock Performance - The top stock by daily gain is Jianlin Home (建霖家居) with a daily increase of 6.15% and a year-to-date increase of 13.83% with a dividend yield of 3.89% [6] - Tianshan Aluminum (天山铝业) shows a significant year-to-date increase of 87.79% with a daily gain of 4.79% and a dividend yield of 2.92% [6] - Yiyi Co. (依依股份) has a year-to-date increase of 94.66% with a daily gain of 4.75% and a dividend yield of 2.80% [6] Group 2: Dividend Yields - The article lists several companies with notable dividend yields, including Nanshan Aluminum (南山铝业) at 8.36% and Semir Apparel (森马服饰) at 9.03% [6] - Other companies with competitive dividend yields include Jiangsu Guotai (江苏国泰) at 5.33% and Xiamen Bank (厦门银行) at 3.90% [6] - The overall dividend yield for the index is reported at 4.85% [2]

Investment Rating - The report maintains a "Buy" rating for all key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The report highlights a disturbance in raw material supply, leading to differentiated performance in rebar and wire rod prices. The recent policy changes regarding coal export tariffs and the implementation of export licenses for steel products are expected to impact supply dynamics and pricing [9][12]. - Steel prices have shown an upward trend, with specific increases noted in various steel products as of December 19, 2025. For instance, the price of 20mm HRB400 rebar rose to 3,320 CNY/ton, a 2.2% increase from the previous week [9][16]. - The report indicates a rise in steel profits, with margins for rebar, hot-rolled, and cold-rolled steel increasing by 32 CNY/ton, 23 CNY/ton, and 9 CNY/ton respectively [9][33]. - Inventory levels for major steel products have decreased, with total social inventory dropping by 351,800 tons to 9,054,600 tons as of December 19, 2025 [9][33]. Summary by Sections Domestic Steel Market - As of December 19, 2025, domestic steel prices have increased, with notable price changes across various products, including rebar and hot-rolled steel [9][16]. - The report details specific price movements, such as a 70 CNY/ton increase for rebar and a 50 CNY/ton increase for high-speed wire [9][17]. Profit Situation - The report estimates an increase in steel profits, with significant improvements in margins for both long and short process steel production [9][33]. Production and Inventory - Total production of major steel products decreased to 7.98 million tons, with a notable drop in inventory levels, indicating a tightening supply situation [9][33]. Key Companies and Valuation - The report provides a detailed valuation and earnings forecast for key companies, all of which are rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.29 CNY in 2024, with a PE ratio of 19 [2][3].