Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several companies within the sector [2][3]. Core Insights - The ongoing conflict in the Middle East is expected to prolong, leading to a strong price trend in the steel market. The raw material prices are likely to fluctuate due to the conflict, with potential supply constraints affecting mining operations [9][31]. - Steel production remains stable, with a notable decrease in total inventory, indicating a healthy demand-supply balance. The report anticipates that carbon reduction requirements will impose constraints on steel supply, which may lead to a recovery in steel company profits [9][31]. Summary by Sections Domestic Steel Market - As of March 27, the price of 20mm HRB400 rebar is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel products show mixed price movements, with cold-rolled steel increasing by 10 CNY/ton to 3710 CNY/ton [14][15]. International Steel Market - In the U.S., hot-rolled steel prices are at 1120 USD/ton, down 2 USD/ton, while in Europe, prices are relatively stable with slight increases in some categories [26][28]. Raw Materials and Shipping Market - Domestic iron ore prices remain stable, while imported iron ore prices have seen slight declines. The report notes a decrease in scrap steel prices to 2150 CNY/ton [31][36]. Company Profit Forecasts and Valuations - The report provides profit forecasts for key companies, with several firms such as Hualing Steel, Baosteel, and Nanjing Steel receiving "Buy" recommendations based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [2][9].

Investment Rating - The report maintains a recommendation for the steel industry, indicating an improvement in supply and demand during the peak season, leading to a slight recovery in industry profitability [2][4]. Core Insights - The steel industry is experiencing a dual increase in supply and demand, with pig iron production rising above 2.3 million tons and consumption of the five major steel products reaching 8.8797 million tons, a week-on-week increase of 194,900 tons. This improvement in supply and demand has led to a rebound in steel prices and a slight expansion in corporate profitability. However, the overall demand recovery remains slow, resulting in inventory levels still under pressure compared to the same period last year, leading to cautious market sentiment [3][4]. - The report highlights that the upstream raw material-related stocks have performed relatively stable, while the prices of major steel products have shown slight fluctuations. The steel industry is currently in a phase of stable supply and demand, with a potential for recovery in industry prosperity as policies on both supply and demand sides are implemented [4][5]. Industry Data Tracking Production Data - As of March 27, the total production of the five major steel products was 8.3958 million tons, with a week-on-week decrease of 0.24 million tons. The average daily pig iron production from 247 steel enterprises was 2.3109 million tons, a week-on-week increase of 29,400 tons. The utilization rate of blast furnace capacity was 86.63%, and the operating rate was 81.03% [10][21]. Consumption Data - The total consumption of the five major steel products reached 8.8797 million tons, with week-on-week increases in rebar (+172,800 tons), wire rod (+73,000 tons), and hot-rolled products (+31,200 tons). However, cold-rolled and medium-thick plates saw decreases of 34,000 tons and 48,100 tons, respectively [10][21]. Inventory Situation - The total steel inventory was 18.9784 million tons, a week-on-week decrease of 483,900 tons. Social inventory accounted for 13.8769 million tons, down 23.33% week-on-week, while steel mill inventory was 5.1015 million tons, down 25.06% week-on-week [10][21]. Profitability - As of March 27, the profitability of various steel products was as follows: high furnace rebar (55 CNY/ton), building steel (electric furnace, -91 CNY/ton), hot-rolled sheets (16 CNY/ton), and cold-rolled sheets (-139 CNY/ton). Approximately 43.29% of the sampled steel enterprises were profitable [10][21].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The raw material prices are showing strong performance, while the finished steel products exhibit mixed results. The ongoing conflict in the Middle East is pushing up shipping costs and affecting coal and coke prices, leading to a strong trend in raw material prices. In contrast, the supply and demand dynamics for different steel products are showing structural differentiation, with medium and thick plates and cold-rolled products performing well, while hot-rolled products are weaker [7][30]. Summary by Sections 1. Domestic Steel Market - As of March 20, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 50 CNY/ton from the previous week. The price of 8.0mm high line is 3,380 CNY/ton, down 70 CNY/ton. Hot-rolled 3.0mm is priced at 3,300 CNY/ton, down 10 CNY/ton, while cold-rolled 1.0mm is at 3,700 CNY/ton, up 40 CNY/ton. The price of common medium plate 20mm is 3,380 CNY/ton, up 20 CNY/ton [13][14]. 2. Profitability Analysis - The report indicates fluctuations in steel profits. For long-process steel, the average weekly gross profit for rebar, hot-rolled, and cold-rolled products changed by -17 CNY/ton, -12 CNY/ton, and +10 CNY/ton respectively. For short-process steel, the average gross profit for electric arc furnace steel increased by +7 CNY/ton [7]. 3. Production and Inventory - As of March 20, 2026, the total production of five major steel products reached 8.4 million tons, an increase of 188,500 tons week-on-week. The total inventory of these products decreased by 121,400 tons to 14.0954 million tons. The apparent consumption of rebar was estimated at 2.0809 million tons, up 312,800 tons week-on-week [7][30]. 4. Key Company Valuations - The report provides earnings forecasts and valuations for key companies in the steel sector, all rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.50 CNY in 2025 with a PE ratio of 10, while Baosteel is expected to have an EPS of 0.49 CNY with a PE of 13 [2][3]. 5. Raw Material and Shipping Market - The report notes that domestic iron ore prices are fluctuating, with prices for various grades showing mixed trends. For instance, the price of Anshan iron concentrate is 750 CNY/ton, unchanged from last week, while Benxi iron concentrate is 901 CNY/ton, up 17 CNY/ton. The shipping market is also experiencing fluctuations [30].

华泰联合证券有限责任公司 关于 苏州翔楼新材料股份有限公司 向特定对象发行股票并在创业板上市 之 上市保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋 401） 二〇二六年三月 上市保荐书 华泰联合证券有限责任公司 关于苏州翔楼新材料股份有限公司 向特定对象发行股票并在创业板上市 之 上市保荐书 深圳证券交易所： 作为苏州翔楼新材料股份有限公司（以下简称"翔楼新材"、"发行人"、"公 司"）向特定对象发行股票并在创业板上市的保荐人，华泰联合证券有限责任公 司及其保荐代表人已根据《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》（以下简称《证券法》）等法律法规和中国证券监督管理委 员会（以下简称中国证监会）及贵所的有关规定，诚实守信，勤勉尽责，严格按 照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真 实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 | 中文名称 | 苏州翔楼新材料股份有限公司 | | | --- | --- | --- | | 英文名称 | Suzhou Xianglou ...

关于苏州翔楼新材料股份有限公司 向特定对象发行股票并在创业板上市之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 发行保荐书 华泰联合证券有限责任公司 关于苏州翔楼新材料股份有限公司 向特定对象发行股票并在创业板上市之发行保荐书 苏州翔楼新材料股份有限公司（以下简称"发行人"、"公司"、"翔楼新材"） 申请向特定对象发行股票并在创业板上市，依据《公司法》《证券法》《上市公司 证券发行注册管理办法》（以下简称"《注册管理办法》"）《深圳证券交易所上市 公司证券发行上市审核规则》（以下简称"《审核规则》"）等相关的法律、法规的 有关规定，提交发行申请文件。华泰联合证券有限责任公司（以下简称"华泰联 合证券"、"保荐人"）作为其本次发行的保荐人，章天欣和姚泽安作为具体负责 推荐的保荐代表人，特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人章天欣和姚泽安承诺：本保荐人和保荐代 表人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易 所的有关规定，诚实守信、勤勉尽责，严格按照依法制定的业务规则、行业执业 规范和道德准则出具本发行保荐 ...

股票简称：翔楼新材 股票代码：301160 苏州翔楼新材料股份有限公司 （Suzhou Xianglou New Material Co.,Ltd.） （注册地址：苏州市吴江区八坼街道新营村学营路 285 号） 向特定对象发行股票并在创业板上市 募集说明书 （注册稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2026 年 3 月 保荐人（主承销商） 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作 ...

申请文件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州翔楼新材料股份有限公司（以下简称"公司"）向特定对象发行股票事 项已于 2026 年 3 月 11 日获得深圳证券交易所上市审核中心审核通过，具体内容 详见公司于 2026 年 3 月 11 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公 告。 根据本次向特定对象发行股票事项相关审核要求，公司会同相关中介机构对 募集说明书等申请文件内容进行了更新和修订，具体内容详见公司同日刊载于巨 潮资讯网（www.cninfo.com.cn）上的《苏州翔楼新材料股份有限公司 2025 年度 向特定对象发行股票募集说明书（注册稿）》等相关文件。 证券代码：301160 证券简称： 翔楼新材 公告编号：2026-007 苏州翔楼新材料股份有限公司 关于向特定对象发行股票提交募集说明书（注册稿）等 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会（以下 简称"中国证监会"）作出同意注册的决定后方可实施，最终能否获得中国证监 会同意注册的决定及其时间尚存在不确定性。公司将根据该事 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [4]. Core Insights - Demand is expected to gradually stabilize, and supply-side adjustments are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [2]. - The report highlights that approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The report emphasizes the importance of balancing supply and demand, optimizing product structure, and the necessity for structural reforms in the steel industry during the "14th Five-Year Plan" period [4]. Summary by Sections Demand and Supply - Demand is projected to stabilize, with a decrease in the real estate sector's contribution to steel demand becoming less impactful. Growth in steel demand from infrastructure and manufacturing is expected to be steady [4]. - The total social inventory of major steel products reached 14.23 million tons, an increase of 200,000 tons week-on-week. Steel mill inventories also rose to 5.52 million tons, up by 30,000 tons [9][29]. Profitability - The report notes a rebound in production profits for rebar and hot-rolled steel, with average gross margins for hot-rolled steel increasing by 2 CNY/ton to 46 CNY/ton, and for rebar, the average gross margin rose by 34 CNY/ton to 182 CNY/ton [33][39]. Price Trends - Steel prices have shown a week-on-week increase, with Shanghai rebar prices rising by 60 CNY/ton to 3,260 CNY/ton, and hot-rolled coil prices increasing by 60 CNY/ton to 3,310 CNY/ton [7][39]. - International steel prices have decreased, with U.S. rebar prices dropping by 19 USD/ton to 1,026 USD/ton, and European prices falling by 58 USD/ton to 715 USD/ton [36]. Raw Material Prices - Iron ore spot prices have rebounded, with the price at Rizhao Port increasing by 20 CNY/ton to 799 CNY/ton, while futures prices rose by 21.5 CNY/ton to 772 CNY/ton [39][46]. - The report indicates an increase in iron ore port inventories, which rose by 700,000 tons to 17.182 million tons [46]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel, Hualing Steel, and Shougang, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [4].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][4]. Core Insights - The report highlights increased disturbances in the raw material sector, emphasizing the need to monitor geopolitical changes and negotiation developments [8]. - Steel prices have risen, with specific increases noted in various steel products, indicating a potential upward trend in the market [13][14]. - The report suggests that while short-term uncertainties exist due to geopolitical tensions and raw material negotiations, long-term prospects for steel companies remain positive due to supply-side constraints and carbon reduction requirements [8]. Summary by Sections Domestic Steel Market - As of March 13, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,260 CNY/ton, up 90 CNY/ton from the previous week [13]. - Other steel products also saw price increases, with hot-rolled steel at 3,310 CNY/ton and cold-rolled steel at 3,660 CNY/ton, both rising by 40 CNY/ton [14]. Profitability - The report indicates a decrease in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel declining by 5 CNY/ton, 12 CNY/ton, and 12 CNY/ton respectively [8]. Production and Inventory - Total production of major steel products reached 8.21 million tons, an increase of 237,300 tons week-on-week, with rebar production specifically increasing by 219,900 tons to 1.953 million tons [8]. - Total inventory of major steel products rose by 201,900 tons to 14.2168 million tons, indicating a growing supply in the market [8]. Investment Recommendations - Recommended stocks include: 1. General steel leaders: Hualing Steel, Baosteel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel 3. Pipe materials: Jiuli Special Materials, Youfa Group, Changbao Co. 4. Raw materials: Dazhong Mining (iron ore + lithium), Fangda Carbon [8].

特此公告。 苏州翔楼新材料股份有限公司董事会 上市审核中心审核通过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州翔楼新材料股份有限公司（以下简称"公司"）于 2026 年 3 月 11 日收 到深圳证券交易所（以下简称"深交所"）上市审核中心出具的《关于苏州翔楼 新材料股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深交所 上市审核机构对公司向特定对象发行股票的申请文件进行了审核，认为公司符合 发行条件、上市条件和信息披露要求，后续深交所将按规定报中国证券监督管理 委员会（以下简称"中国证监会"）履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会作出同意注册的决 定后方可实施，最终能否获得中国证监会同意注册的批复及其时间尚存在不确定 性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者审慎 决策，注意投资风险。 证券代码：301160 证券简称： 翔楼新材 公告编号：2026-006 苏州翔楼新材料股份有限公司 关于申请向特定对象发行股票获得深圳证券交易所 2026 年 3 月 11 日 ...