Group 1 - Anning Co., Ltd. announced the resignation of Ms. Yan Mingqing from the board of directors for personal reasons, while she will continue to hold other positions within the company [1] - The board has agreed to elect Ms. Chen Xueyuan as a candidate for non-independent director [1] - For the first half of 2025, Anning's revenue composition shows that the black metal mining industry accounts for 99.79% of total revenue, with other businesses contributing 0.21% [1] Group 2 - As of the report date, Anning Co., Ltd. has a market capitalization of 15.6 billion yuan [1]

证券代码：002978 证券简称：安宁股份 公告编号：2025-074 四川安宁铁钛股份有限公司 关于高级管理人员变动的公告 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、误导性陈述或者重大遗漏。 一、高级管理人员辞职情况 四川安宁铁钛股份有限公司（以下简称"公司"）董事会于近日收到总经理 严明晴女士、财务负责人李帮兰女士、副总经理李顺泽先生的书面辞职报告。严 明晴女士因个人原因申请辞去公司总经理职务，李帮兰女士因个人原因申请辞去 财务负责人职务，李顺泽先生因个人原因申请辞去副总经理职务，严明晴女士、 李帮兰女士、李顺泽先生辞去上述职务后仍在公司担任其他职务。上述人员的辞 职申请自辞职报告送达公司董事会之日起生效。截至本公告披露日，上述人员未 直接或间接持有公司股份，不存在应当履行而未履行的承诺事项。 公司董事会对严明晴女士、李帮兰女士、李顺泽先生在职期间的勤勉工作深 表感谢。 3、辞职报告。 特此公告。 四川安宁铁钛股份有限公司董事会 2025 年 10 月 16 日 附件： 二、聘任高级管理人员情况 经公司董事会提名委员会资格审查通过，公司已于2025年10月16日召开了第 六 ...

证券代码：002978 证券简称：安宁股份 公告编号：2025-071 四川安宁铁钛股份有限公司 关于董事变动的公告 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、误导性陈述或者重大遗漏。 一、董事辞职情况 四川安宁铁钛股份有限公司（以下简称"公司"）董事会于近日收到董事严 明晴女士的书面辞职报告。严明晴女士因个人原因申请辞去公司董事职务，严明 晴女士辞去董事职务后仍在公司担任其他职务。严明晴女士的辞职申请自辞职报 告送达公司董事会之日起生效。截至本公告披露日，严明晴女士未直接或间接持 有公司股份，不存在应当履行而未履行的承诺事项。 公司董事会对严明晴女士在职期间的勤勉工作深表感谢。 二、补选董事候选人的情况 公司已于2025年10月16日召开了第六届董事会第二十八次会议，审议通过了 《关于更换公司非独立董事的议案》，董事会同意选举陈学渊女士（简历附后） 为非独立董事候选人。非独立董事候选人经股东会审议通过后任职，任期自股东 会通过之日起至第六届董事会届满之日止。非独立董事候选人任职资格已经通过 公司第六届提名委员会第五次会议审查，提名程序符合《中华人民共和国公司法》 和《公司章程 ...

证券代码：002978 证券简称：安宁股份 公告编号：2025-072 四川安宁铁钛股份有限公司 关于召开2025年第四次临时股东会的通知 一、召开会议的基本情况 1、股东会届次：2025年第四次临时股东会 2、召集人：公司董事会 3、会议召开的合法、合规性： （1）本次股东会召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》《深圳证券交易所股票上市规则》等有关法律、行政 法规、部门规章、规范性文件和《四川安宁铁钛股份有限公司章程》（以下简称 "《公司章程》"）的有关规定。 （2）公司第六届董事会第二十八次会议于2025年10月16日召开，审议通过 了《关于召开2025年第四次临时股东会的议案》。 4、股东会现场会议召开时间： （1）现场会议：2025年11月3日（星期一）下午15：00开始（参加现场会议 的股东请于会前15分钟到达开会地点，办理登记手续）。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年11月3日上午9：15—9：25，9：30-11：30，下午13：00-15：00； 通过深圳证券交易所互联网投票系统投票的具体时间为： ...

四川安宁铁钛股份有限公司 证券代码：002978 证券简称：安宁股份 公告编号：2025-073 第六届董事会第二十八次会议决议公告 一、董事会会议召开情况 1、董事会通知时间、方式：2025 年 10 月 13 日以微信、电话、当面送达等 方式通知全体董事。 2、董事会召开时间：2025 年 10 月 16 日。 3、董事会召开地点、方式：公司会议室以现场与通讯相结合的方式召开。 4、董事会出席人员：会议应出席董事 6 名，实际出席董事 6 名（其中：独 立董事李嘉岩、谢晓霞、蔡栋梁以通讯方式出席会议）。 5、董事会主持人：董事长罗阳勇先生。 6、董事会列席人员：部分高级管理人员。 7、四川安宁铁钛股份有限公司（以下简称"公司"）第六届董事会第二十 八次会议的召集和召开符合国家有关法律、法规及《公司章程》的规定，决议合 法有效。 二、董事会会议审议情况 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、误导性陈述或者重大遗漏。 （二）审议通过《关于聘任公司高级管理人员的议案》 表决结果：6 票同意，0 票反对，0 票弃权，表决结果为通过。 经董事会提名委员会任职资格审查通过，董事会同 ...

Core Viewpoint - Anning Co., Ltd. (002978.SZ) is strategically positioned in the vanadium-titanium magnetite resource sector, focusing on the mining, washing, and sales of vanadium-titanium magnetite, with significant growth in revenue driven by increased sales of vanadium-titanium iron concentrate and new product offerings [4][5]. Group 1: Company Overview - Anning Co., Ltd. is located in the Sichuan Panzhihua region, specializing in the comprehensive utilization of vanadium-titanium magnetite resources [4]. - The company primarily produces titanium concentrate and vanadium-titanium iron concentrate, which are essential raw materials for downstream industries such as titanium dioxide, sponge titanium, and special steel [4]. - As of the first half of 2025, the company reported revenue of 1.107 billion, a year-on-year increase of 30.94%, while operating costs rose by 62.72% to 441 million [4]. Group 2: Financial Performance - The gross profit margin for the black metal mining sector was 60.14%, a decrease of 7.75 percentage points year-on-year, with titanium concentrate and vanadium-titanium iron concentrate margins at 70.85% and 51.02%, respectively [4][5]. - Historical performance shows that from 2017 to 2022, the company maintained a gross margin above 60% and a net margin above 30%, accumulating a total net profit of 4.9 billion [11]. Group 3: Market Position and Strategy - The company holds a significant position in the domestic titanium concentrate supply market, with a stable and concentrated customer base including major titanium dioxide producers [5][7]. - Anning Co., Ltd. benefits from its location in a region that accounts for over 80% of the national titanium concentrate output, providing strong bargaining power in a concentrated supply market [7]. - The company’s core asset is the mining rights to the Panjiatian Iron Mine, with a total ore resource of approximately 258 million tons and an annual mining capacity of 6 million tons [8]. Group 4: Growth Initiatives - The company has introduced a new product line through the "ultra-fine particle titanium recovery technology transformation project," generating 72.42 million in sales, accounting for 6.54% of total revenue [12]. - Anning Co., Ltd. is advancing a 6,000-ton energy-grade titanium (alloy) materials project with a total investment of 7.2 billion, aiming to establish a full industry chain from titanium concentrate to high-end titanium materials [12].

Market Overview - The small metal sector experienced a decline of 1.67% on October 15, with Northern Rare Earth leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Shenghe Resources (600392) saw a closing price of 26.26, with an increase of 5.04% and a trading volume of 3.19 million shares, amounting to a transaction value of 8.597 billion [1] - Anning Co. (002978) closed at 33.85, up 2.05%, with a trading volume of 68,400 shares and a transaction value of 231 million [1] - Northern Rare Earth (600111) closed at 54.50, down 4.05%, with a trading volume of 3.03 million shares and a transaction value of 1.6617 billion [2] Capital Flow Analysis - The small metal sector experienced a net outflow of 2.092 billion from main funds, while retail investors saw a net inflow of 2.265 billion [2] - The main funds showed a significant outflow in several stocks, including Baotai Co. (600456) with a net outflow of 27.17 million [3] - Retail investors contributed positively to stocks like Shenghe Resources (600392) with a net inflow of 65.96 million [3]

Core Viewpoint - The steel industry is expected to gradually bottom out in demand, with supply-side market clearing beginning to appear, leading to a potential recovery in the industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, facilitating quicker industry recovery [1]. Demand and Supply Analysis - Steel consumption for the week of October 6-10, 2025, was 7.5143 million tons, a decrease of 1.5339 million tons week-on-week. Construction steel consumption was 2.2262 million tons, down 1.0846 million tons, while plate steel consumption was 5.2881 million tons, down 0.4493 million tons. Steel production was 8.6331 million tons, a decrease of 0.0376 million tons, and total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces at 247 steel mills was 84.27%, down 0.02 percentage points week-on-week, while electric furnace operating rates were 60.26%, down 1.28 percentage points. Despite a marginal decline in demand due to the National Day holiday, the industry remains in a traditional peak season, with expectations for gradual recovery in steel demand and inventory reduction [2]. Profitability Trends - The average gross profit per ton for rebar was 167.1 CNY, an increase of 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, up 29.3 CNY. The profitability rate for 247 steel companies was 56.28%, a decrease of 0.43% [3]. - The expectation is for iron ore production to accelerate while demand remains limited, leading to a gradual easing of iron ore prices and improvement in cost constraints for the steel industry, with a potential recovery in profitability levels [3]. Future Outlook - The negative impact of the real estate sector on steel demand is expected to diminish, with stable growth anticipated in demand from infrastructure and manufacturing sectors. Steel exports maintained a year-on-year increase from January to August [4]. - Over 40% of steel companies are currently experiencing losses, but market clearing is beginning to occur. Recent policies aim to reduce production and promote a balance between supply and demand, supporting the expectation of supply contraction and gradual recovery in the steel industry's fundamentals [4]. Recommended Companies - Key recommendations include Baosteel (600019) for its technological and product structure leadership, Hualing Steel (000932) for its product structure upgrades, and Fangda Special Steel (600507) for its low-cost advantages. Other recommendations include CITIC Special Steel (000708) for its competitive advantages and high dividend yield, as well as upstream resource companies like Hebei Steel Resources (000923) and Dazhong Mining (001203) due to their long-term growth potential [5].

Group 1 - The company currently produces titanium concentrate and vanadium-titanium iron concentrate, with no plans to extract cobalt, nickel, chromium, and gallium from its vanadium-titanium magnetite resources [2] - An investor inquired about the annual quantities of cobalt, nickel, chromium, and gallium produced alongside the main metals vanadium and titanium [2] - The company has not outlined any strategies for utilizing or maximizing the value of the associated minor metals such as cobalt, nickel, chromium, and gallium [2]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].