Core Viewpoint - The total steel inventory in 38 cities across the country has decreased, indicating a potential tightening in supply and possible implications for pricing in the steel market [1]. Inventory Summary - The total steel inventory across 135 warehouses in 38 cities is 7.0622 million tons, a decrease of 394,300 tons from the previous week, representing a decline of 5.29% [1]. - The inventory of construction steel is 3.1163 million tons, down by 277,000 tons (-8.16%) from the previous week, covering 30 cities and 79 warehouses [1]. - The hot-rolled coil inventory stands at 1.9929 million tons, a reduction of 60,100 tons (-2.93%) from the previous week, including 15 cities and 47 warehouses [1]. - The inventory of medium and heavy plates is 712,800 tons, down by 42,000 tons (-5.56%) from the previous week, comprising 9 cities and 14 warehouses [1]. - The cold-rolled and coated inventory totals 1.2402 million tons, a decrease of 15,200 tons (-1.21%) from the previous week, covering 5 cities and 14 warehouses [1].

Core Viewpoint - Shanghai Steel Union (300226) has shown a positive market performance with a closing price of 25.16 yuan, reflecting a 3.75% increase as of December 26, 2025 [1] Group 1: Company Performance - The trading volume on December 26 was 196,600 lots, with a total transaction value of 502 million yuan [1] - The net inflow of funds from major investors was 2.5276 million yuan, while retail investors experienced a net outflow of 14.2219 million yuan [2] Group 2: Business Strategy and Developments - The company is focused on providing pricing services for bulk commodities and has established a price index widely used in various sectors, including steel, iron ore, and coal [2] - Over 30% of China's imported iron ore transactions are settled using the Mysteel iron ore price index, and all coking coal imported from Russia to China is based on the Mysteel coal index [2] - Currently, the company has not partnered with banks to access CIPS or conduct cross-border RMB agency clearing [2]

Core Viewpoint - The company, Shanghai Steel Union, is focusing on enhancing its role in the financial support for the Western Land-Sea New Corridor, particularly in areas of RMB pricing, cross-border payments, and digital financial cooperation [1]. Group 1: RMB Pricing - The company has already implemented RMB pricing and settlement for iron ore and plans to expand this to additional products and scenarios [1]. - It aims to increase the proportion of RMB settlements in platform transactions to a target ratio and incremental scale over the next 6-12 months [1]. - Currently, over 30% of China's imported iron ore transactions are settled using the Mysteel iron ore price index published by the company [1]. Group 2: Cross-Border Payments and CIPS - The company has not yet partnered with banks to access CIPS or to conduct cross-border RMB agency clearing [1]. - The Mysteel coal index is used as the settlement benchmark for all coking coal imported from Russia to China [1].

Group 1 - The software development sector increased by 0.4% on December 26, with Guangdao Tui leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Guangdao Tui's stock price rose by 29.82% to 2.22, with a trading volume of 278,000 shares and a transaction value of 54.49 million yuan [1] Group 2 - The software development sector experienced a net outflow of 271 million yuan from institutional investors and 208 million yuan from retail investors, while retail investors saw a net inflow of 479 million yuan [2] - The stock of Zhizhen Technology decreased by 4.23% to 37.36, with a trading volume of 153,700 shares and a transaction value of 59.9 million yuan [2] - The stock of Guoneng Rixin fell by 2.56% to 51.30, with a trading volume of 15,400 shares and a transaction value of 80.55 million yuan [2] Group 3 - Major stocks like 360 (601360) saw a net inflow of 230 million yuan from institutional investors, while retail investors had a net outflow of 191 million yuan [3] - Sifang Jingchuang (300468) had a net inflow of 76.11 million yuan from institutional investors, but a net outflow of 65.62 million yuan from retail investors [3] - The stock of Chengmai Technology (300598) experienced a net inflow of 60.79 million yuan from institutional investors, with a net outflow of 5.45 million yuan from retail investors [3]

Core Viewpoint - Shanghai Steel Union (300226) is actively engaging in the financial support of the Western Land-Sea New Corridor, focusing on RMB pricing, cross-border payments, and digital financial cooperation [1] Group 1: RMB Pricing - The company has already implemented RMB pricing and settlement for iron ore and plans to expand this to additional products and scenarios [1] - The target proportion of RMB settlement in the platform's matching volume is expected to increase over the next 6-12 months, although specific figures for the incremental scale were not disclosed [1] Group 2: Cross-Border Payments and CIPS - Currently, the company has not partnered with banks to access CIPS or to conduct cross-border RMB agency clearing [1] - The company emphasizes its role in providing benchmark prices for various commodities, which are widely used in spot trade settlements and derivative contract settlements [1]

证券日报网讯 12月25日，上海钢联在互动平台回答投资者提问时表示，钢联航运大数据系统整合剖析 大宗商品航运数据、船舶AIS信号、港口数据库及货品信息库，实现商品物流全流程、全状态跟踪，并 结合钢联各类产业链资讯与数据，助力用户及时洞察相关商品市场动态，为用户提供专业的数据驱动解 决方案。 （文章来源：证券日报） ...

Group 1 - Shanghai Steel Union's stock price increased by 2.05% to 24.35 CNY per share, with a trading volume of 131 million CNY and a turnover rate of 1.77%, resulting in a total market capitalization of 7.761 billion CNY [1] - Year-to-date, Shanghai Steel Union's stock price has risen by 6.70%, with a 1.88% increase over the last five trading days, a 1.34% decrease over the last 20 days, and a 6.45% decline over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 14, where it recorded a net buy of -154 million CNY [1] Group 2 - Shanghai Steel Union, established on April 30, 2000, and listed on June 8, 2011, primarily engages in B2B e-commerce services related to steel, energy, mining, and non-ferrous metals [2] - The company's revenue composition includes 97.29% from supply chain services, 1.56% from consignment services, 0.66% from data subscription services, and smaller percentages from other services [2] - As of September 30, 2025, Shanghai Steel Union reported a revenue of 57.318 billion CNY, a year-on-year decrease of 10.65%, while net profit attributable to shareholders was 168 million CNY, reflecting a year-on-year increase of 31.78% [2] Group 3 - Since its A-share listing, Shanghai Steel Union has distributed a total of 151 million CNY in dividends, with 63.136 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 4.6887 million shares, an increase of 2.7197 million shares from the previous period [3] - The Southern CSI 1000 ETF and Huaxia CSI 1000 ETF are among the top ten circulating shareholders, with the former holding 2.3309 million shares (a decrease of 17,900 shares) and the latter being a new entrant with 1.3859 million shares [3]

Group 1 - The company, Shanghai Steel Union (300226.SZ), has not yet established a subsidiary in Hainan [1] - The company will closely monitor the policy direction and development opportunities in the Hainan Free Trade Zone [1] - The company aims to actively assess and seize relevant market opportunities [1]

Core Viewpoint - The steel industry is undergoing a significant transformation driven by energy transition, with hydrogen playing a crucial role in changing production methods and creating new opportunities for sustainable development [3][4][7] Company Overview - Shanghai Steel Union celebrates its 25th anniversary, evolving from a steel information platform to a comprehensive data service provider across various sectors including black and non-ferrous metals, energy, construction materials, and new materials [3][6] - The company aims to create value for users by providing precise trading benchmarks and commercial decision-making support through in-depth industry research and data analysis [3][6] Industry Insights - China's heavy chemical industry has made remarkable achievements, and the country now holds a significant position in global commodity production [3][6] - The traditional development model characterized by high energy and material consumption is nearing its growth limit, necessitating a shift towards energy transition as a historic opportunity for the industry [3][6] - The National Energy Administration predicts that by 2035, China's total installed capacity for wind and solar power will reach 3.6 billion kilowatts, with an additional potential of 1.9 billion kilowatts in the next decade [3][6] Technological Transformation - The fundamental logic of industrial production is set to change, with hydrogen serving as a reducing agent and chemical raw material, facilitating production method transformations in various industries [4][7] - In the steel industry, hydrogen direct reduction technology is expected to replace traditional blast furnace processes, while green hydrogen can be used in the fertilizer industry for ammonia synthesis [4][7] - The integration of energy revolution, industrial revolution, and artificial intelligence will lead the industry into a new era of "resource creation, zero-carbon development, and intelligent innovation" [4][7] Future Opportunities - This profound transformation is anticipated to generate new capital investments, business models, and technological breakthroughs, fostering numerous development opportunities [4][7] - Shanghai Steel Union plans to leverage its data services and industry insights to collaborate with clients in exploring innovative breakthroughs and sustainable development paths [4][7]

Group 1 - China's position in global commodity production is significant, and the underlying logic of industrial production is undergoing fundamental changes, emphasizing the importance of identifying and utilizing growth advantages in the new economic landscape [1] - The traditional high-energy and high-material consumption development model is nearing its growth limit, necessitating industry transformation, with energy transition presenting a historic opportunity for breakthroughs [1] - By 2035, China's total installed capacity for wind and solar power is expected to reach 3.6 billion kilowatts, with an additional potential of 1.9 billion kilowatts over the next decade, leading to electricity becoming a plentiful and low marginal cost production factor [1] Group 2 - Hydrogen is expected to serve as a reducing agent and chemical raw material, driving production method transformations across various industries, including steel and fertilizers, with green hydrogen being crucial for ammonia synthesis [2] - The integration of energy revolution, industrial revolution, and artificial intelligence will lead industries into a new era of green industrial development characterized by resource creation, zero-carbon growth, and intelligent innovation [2] - The main contradiction in China's economic growth has shifted from supply constraints to demand constraints, highlighting the need for structural reforms to enhance household income and consumption rates [2] Group 3 - China's three major advantages include catch-up potential, a new technological revolution focused on digital and green technologies, and the advantages of a super-large market economy [3] - There is a need to promote the synergy of these advantages with the strategies of becoming a manufacturing powerhouse, a consumption powerhouse, and a financial powerhouse, forming a foundational triangular structure for modernizing the nation [3]