Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, while supply-side adjustments are beginning to show, indicating that the steel industry is slowly emerging from its low point [3]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker recovery in the industry [3]. - The profitability of steel companies has improved, with the average gross profit per ton of rebar rising to 330.1 CNY/ton, an increase of 131.5 CNY/ton [36]. Summary by Sections Steel Market Overview - Last week, the apparent consumption of five major steel products was 8.6813 million tons, a decrease of 1.98 million tons week-on-week [24]. - The total inventory of steel was 13.365 million tons, down 1.16 million tons week-on-week, maintaining the lowest level for the same period in recent years [5]. - The operating rate of blast furnaces among 247 steel mills was 83.46%, unchanged from the previous week [32]. Raw Materials - The spot price of iron ore increased by 4 CNY/ton to 779 CNY/ton, a rise of 0.52% [48]. - The total inventory of iron ore at ports rose to 137.9038 million tons, a slight increase of 0.04% [49]. - The average available days of imported iron ore for 64 domestic steel companies increased to 21 days, up by 1 day from the previous week [49]. Profitability and Production - The average gross profit for hot-rolled coils rose to 244.1 CNY/ton, an increase of 113.5 CNY/ton [36]. - The profitability rate of 247 steel companies was 63.64%, up 3.47% from the previous week [32]. - The total steel production last week was 8.6697 million tons, a decrease of 1.22 million tons week-on-week [33]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [5].

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Group 1: Market Overview - Google's earnings report indicates strong demand for AI, contributing to a rise in tech stocks, while initial jobless claims in the U.S. have decreased for six consecutive weeks, leading to new highs for the Nasdaq and S&P 500 indices [1] - The S&P 500 closed up 0.07%, while the Dow Jones fell by 0.70%, and the Nasdaq rose by 0.18% [1] Group 2: Company Performance - Google opened high but closed up by 1%, while Tesla's stock dropped over 8% due to a pessimistic outlook [2] - Nvidia reached a new closing high, whereas Intel's stock fell approximately 3% after its earnings report [2] Group 3: Economic Indicators - U.S. jobless claims data has reduced expectations for Federal Reserve interest rate cuts, with the 2-year yield rising by 5 basis points [4] - The dollar increased by 0.3%, while gold prices fell by 0.55% [4] Group 4: Domestic Events - China's State Council will focus on optimizing state-owned asset investments and resisting "involution" competition [8] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued guidelines to enhance financial services for rural reforms [7] Group 5: Industry Insights - The upcoming 2025 World Artificial Intelligence Conference will gather over 800 companies, with significant product launches expected, including over 50 AI terminals and 40 large models [18] - The Chinese IP toy market is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with a compound annual growth rate of 17% [19] Group 6: New Stock Offerings - HanSang Technology is set to launch an IPO on the ChiNext board at a price of 28.91 yuan per share, focusing on the high-end audio sector [22] Group 7: Corporate Announcements - Angel Yeast plans to acquire a 55% stake in Shengtong Sugar Industry for 506 million yuan, aiming to enhance its sugar segment and downstream business [23] - High Energy Environment intends to repurchase shares worth 100 million to 150 million yuan, reporting a net profit of 502 million yuan for the first half of the year, a year-on-year increase of 20.85% [23]

关于股东减持计划实施完毕暨与一致行动人合计持股比例减少 触及 1%整数倍的公告 证券代码：300811 证券简称：铂科新材 公告编号：2025-058 深圳市铂科新材料股份有限公司 公司股东深圳市铂科天成投资管理企业（有限合伙）保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日 披露了《关于股东减持公司股份的预披露公告》（公告编号 2025-051），公司股 东深圳市铂科天成投资管理企业（有限合伙）（以下简称"铂科天成"）持有公 司股份 2,917,373 股，占公司当前总股本的 1.01%，计划在该公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式或大宗交易方式减持本公司股份不超过 2,917,373 股，即不超过公司总股本比例 1.01%。 公司于近日收到股东铂科天成出具的《关于股份减持计划实施完毕的告知 函》，其减持计划已实施完毕。现将相关情况公告如下： 注：①本次减持股份来源系公司首次公开发行前已发行的股份及资 ...

Core Viewpoint - The company has announced that the second exercise period of its stock option incentive plan has been achieved, allowing for self-exercise of stock options by eligible participants [1][24]. Summary by Sections Incentive Plan Overview - The stock option incentive plan involves 208 eligible participants with a total of 999,356 stock options available for exercise at a price of 35.50 yuan per option [1][2]. - The self-exercise period is set from July 10, 2025, onwards [1]. Conditions for Granting Stock Options - Eligible participants must meet specific conditions, including no negative audit opinions on financial reports for the last fiscal year and no disqualifying actions by regulatory bodies in the past 12 months [2][3][4]. - The company must not have experienced any significant financial irregularities or violations of laws that would disqualify the incentive plan [3][4]. Performance Assessment Criteria - The performance assessment includes both company-level financial targets and individual performance evaluations [5][19]. - The financial performance targets for the first exercise period required a minimum revenue of 1.4 billion yuan or a net profit of 240 million yuan for 2023 [5]. Approval and Compliance - The self-exercise conditions have been approved by the Shenzhen Stock Exchange, and the company has completed the necessary registration with the China Securities Depository and Clearing Corporation [2][24]. - The board of directors has confirmed that all conditions for the second exercise period have been met, allowing for the exercise of stock options [24]. Adjustments and Future Disclosures - The company will adjust the stock option exercise price and quantity based on its profit distribution plans and other corporate actions [12][15]. - Future disclosures will include updates on changes to incentive plan participants, stock option parameters, and the status of self-exercise activities [24].

证券代码：300811 证券简称：铂科新材 公告编号：2025-057 深圳市铂科新材料股份有限公司 关于 2023 年限制性股票与股票期权激励计划之股票期权第二个 行权期采用自主行权模式的提示性公告 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。 特别提示： 1、2023 年限制性股票与股票期权激励计划之股票期权代码：036535；期 权简称：铂科 JLC1。 2、2023 年限制性股票与股票期权激励计划之股票期权第二个行权期符合 行权条件的激励对象人数 208 人，可行权的股票期权数量为 999,356 份，行权 价格为 35.50 元/份。 3、本次行权采用自主行权模式。 4、2023 年限制性股票与股票期权激励计划之股票期权共分为三个行权期， 根据自主行权业务办理的实际情况，实际可行权期限为 2025 年 7 月 10 日起至 2026 年 4 月 16 日止。 5、第二个行权期可行权的股票期权若全部行权，公司股份仍具备上市条 件。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日 召开了第四届董事会第九次会议和第四届 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-054 深圳市铂科新材料股份有限公司 第四届董事会第十次会议决议公告 表决结果：7 票同意，0 票反对，0 票弃权。 会议由董事长杜江华主持，监事、高管列席。会议召开符合有关法律、法规、 规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于调整股票期权行权价格和限制性股票授予价格的议 案》 鉴于公司实施 2024 年年度权益分派方案，根据《上市公司股权激励管理办 法》和公司 2023 年限制性股票与股票期权激励计划的相关规定，公司应对股票 期权行权价格和限制性股票授予价格进行调整。公司本次调整事项履行了必要 的审批程序，符合股东大会对董事会的授权，不存在损害公司及股东利益的情 形。因此，董事会同意公司本次对股票期权行权价格和限制性股票授予价格的 调整。 三、备查文件 1、 第四届董事会第十次会议决议。 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。 特此公告。 一、董事会会议召开情况 深圳市铂科新材料股份有限公司（以下简称"公司"）第四届 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-053 深圳市铂科新材料股份有限公司 关于调整股票期权行权价格和限制性股票 授予价格的公告 | 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。 | 5、2023 年 4 月 17 日，公司分别召开第三届董事会第十六次会议和第三届 监事会第十五次会议，审议通过了《关于向 2023 年限制性股票与股票期权激励 计划激励对象授予限制性股票与股票期权的议案》。公司独立董事对本次授予事 项发表了独立意见。监事会对授予日的激励对象名单进行核实并发表核查意见， 同意公司本激励计划授予的激励对象名单。 6、2023 年 6 月 19 日，公司第三届董事会第十九次会议和第三届监事会第 十八次会议审议通过了《关于调整股票期权行权价格及数量和限制性股票授予价 格及数量的议案》，公司独立董事发表了同意的独立意见，律师出具了相应的法 律意见。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日 召开第四届董事会第十次会议和第四届监事会第九次会议，审议通过了《关于调 整 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-055 深圳市铂科新材料股份有限公司 第四届监事会第九次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市铂科新材料股份有限公司（以下简称"公司"）第四届监事会第九 次会议于 2025 年 6 月 30 日（星期一）在深圳市南山区沙河西路 3157 号南山智 谷产业园 B 座 13F 会议室以现场的方式召开。会议通知已于 2025 年 6 月 27 日通 过邮件的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席姚红主持，公司高级管理人员列席会议。会议召开符合 有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议案进行 了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）、审议通过《关于调整股票期权行权价格和限制性股票授予价格的 议案》 鉴于公司实施 2024 年年度权益分派方案，根据《上市公司股权激励管理办 法》和公司 2023 年限制性股票与股票期权激励计划的相关规定，公司应对股票 期权行权价格和 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-056 委托方 受托 方 产品名称 金额 （万元） 产品起 息日 产品 到期 日 预期年 化收益 率 产 品 类 型 资金 来源 深圳市 铂科新 材料股 份有限 公司 广发证 券股份 有限公 司 百瑞信托安鑫广 悦 3 号 1,000.00 2025/6 /5 随用随 取 2.22% 非保 本浮 动收 益型 自有 资金 民生银 行股份 有限公 司 聚赢黄金-挂钩黄 金 AU9999 看涨二 元结构性存款 （SDGA251579V） 6,000.00 2025/6 /5 2025/9 /5 1.0%- 1.94% 保本 浮动 收益 型 募集 资金 中国银 行股份 有限公 司 人民币结构性存 款 9,000.00 2025/6 /10 2025/9 /11 0.6%- 1.98% 保本 浮动 收益 型 募集 资金 招商银 行股份 有限公 司 农银理财农银安 心·灵珑同业存 单及存款增强第 262 期理财产品 5,000.00 2025/6 /25 2025/1 0/29 2.0%- 2.3% 非保 本浮 动收 益型 自有 资金 一、近期使用部分闲置募 ...