Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report maintains a bullish outlook on the steel sector, emphasizing a positive quarterly rhythm for steel equities [1] Price Performance - The SW Steel Index is at 2,700, with a weekly increase of 4.0% and a year-to-date increase of 15.0% [3] - The average price of rebar (HRB400 20mm) is 3,320 CNY/ton, reflecting a weekly increase of 1.2% and no change year-to-date [3] - The iron ore price index is at 107 USD/ton, with a weekly increase of 1.7% [3] Inventory - Total social inventory of five major steel products is 865,000 tons, with a weekly increase of 0.1% and a year-to-date decrease of 8.0% [5] - Steel mill inventory stands at 381,000 tons, with a weekly increase of 2.1% and a year-to-date increase of 1.2% [5] - Port inventory of iron ore is 16,551,000 tons, with a weekly increase of 1.7% and a year-to-date increase of 4.3% [5] Supply and Demand - The weekly output of five major steel products is projected to be 900,000 tons [9] - The average daily molten iron production is expected to reach 245,000 tons [9] - The operating rate of blast furnaces across 247 mills is currently at a healthy level, indicating stable production capacity utilization [11]

Core Viewpoint - The A-share market showed mixed performance with the Deep Composite Index and ChiNext Index turning negative after an initial rise, while the Dividend Low Volatility ETF (512890) remained flat at 1.143 yuan, leading its category in trading volume and turnover [1][7]. ETF Performance - The Dividend Low Volatility ETF (512890) reported a turnover rate of 1.75% and a trading volume of 4.64 billion yuan, maintaining its position as the top ETF in its category [1][8]. - The ETF's price remained unchanged at 1.143 yuan, with a 5-day decline of 1.80% [2][8]. Top Holdings - The top ten holdings of the Dividend Low Volatility ETF showed mixed performance, with notable movements including: - COFCO Sugar rising by 0.18% - Nanjing Bank declining by 0.57% - South Steel increasing by 2.85% [2][8]. - The specific holding proportions include: - COFCO Sugar: 3.47% - South Steel: 2.83% - Chengdu Bank: 2.82% [2][8]. Fund Flows - The Dividend Low Volatility ETF (512890) has seen significant net inflows, with 290 million yuan over the last 5 trading days, 1.48 billion yuan over the last 20 days, and 3.09 billion yuan over the last 60 days [2][8]. - As of January 16, 2026, the fund's circulation scale was 26.388 billion yuan [2][8]. Market Outlook - Recent macroeconomic data indicates a GDP growth of 5.0% for 2025, with the first, second, and third industries growing by 3.9%, 4.5%, and 5.4% respectively [4][10]. - Analysts suggest that the market may experience consolidation, influenced by complex overseas conditions and domestic regulatory guidance, with a shift towards focusing on individual stock fundamentals [10]. - The sentiment in the market is gradually returning to rationality, with expectations of a transition to a more volatile trading environment as earnings reports approach [5][10]. Fund Characteristics - The Dividend Low Volatility ETF (512890) was established on December 19, 2018, with a total return of 128.48% as of January 16, 2026, outperforming its benchmark [11]. - The fund is positioned as a stable investment tool in volatile markets, with options for investors to participate through regular investment plans [11].

1月19日，南钢股份涨5.13%，截至发稿，报5.53元/股，成交1.62亿元，换手率0.49%，总市值340.93亿 元。 资料显示，南京钢铁股份有限公司位于江苏省南京市六合区卸甲甸，成立日期1999年3月18日，上市日 期2000年9月19日，公司主营业务涉及黑色金属冶炼及压延加工,钢材、钢坯及其他金属材料销售。主营 业务收入构成为：钢材销售62.34%，其他销售37.66%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓南钢股份。招商中证红利ETF（515080）三季度持有股数1999.57 万股，占基金净值比例为1.38%，位居第七大重仓股。根据测算，今日浮盈赚取约539.88万元。 招商中证红利ETF（515080）成立日期2019年11月28日，最新规模75.93亿。今年以来亏损0.1%，同类 排名5124/5579；近一年收益7.56%，同类排名3925/4225；成立以来收益101.99%。 招商中证红利ETF（515080）基金经理为王平、刘重杰。 刘重杰累计任职时间7年262天，现任基金资产总规模328.73亿元，任职期间最佳基金回报101.99%， 任 职期间最差基金回报-3 ...

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel market is expected to continue a strong oscillation in prices, supported by macroeconomic conditions and cost factors [3] - The report indicates that the steel sector underperformed the broader market, with a decline of 1.62% compared to a 0.57% drop in the CSI 300 index [10] - The report highlights a potential for profit recovery in the steel sector, driven by improved supply dynamics and favorable pricing conditions [3] Supply Summary - As of January 16, the capacity utilization rate for blast furnaces in sample steel companies was 85.5%, a decrease of 0.56 percentage points week-on-week [23] - Electric furnace capacity utilization increased to 58.0%, up by 1.08 percentage points week-on-week [23] - The total output of five major steel products reached 7.153 million tons, an increase of 1.51 million tons week-on-week [23] Demand Summary - The consumption of five major steel products was 8.261 million tons, reflecting a week-on-week increase of 29.3 thousand tons [33] - The transaction volume of construction steel by mainstream traders was 92 thousand tons, down by 0.36 thousand tons week-on-week [33] Inventory Summary - Social inventory of five major steel products was 8.663 million tons, an increase of 1.16 thousand tons week-on-week [41] - Factory inventory decreased to 3.807 million tons, down by 8.07 thousand tons week-on-week [41] Price & Profit Summary - The comprehensive index for ordinary steel was 3,457.5 CNY/ton, up by 5.28 CNY/ton week-on-week [46] - The profit for rebar produced in blast furnaces was 72 CNY/ton, an increase of 9.0 CNY/ton week-on-week [54] - The profit for construction steel produced in electric furnaces was -39 CNY/ton, a decrease of 14.0 CNY/ton week-on-week [54] Raw Material Prices Summary - The spot price index for Australian iron ore (62% Fe) was 819 CNY/ton, down by 4.0 CNY/ton week-on-week [72] - The price for coking coal at Jingtang Port was 1,750 CNY/ton, up by 100.0 CNY/ton week-on-week [72] - The price for first-grade metallurgical coke was 1,715 CNY/ton, unchanged week-on-week [72] Investment Recommendations - The report suggests focusing on high-quality steel companies with advanced equipment and environmental standards, such as Hualing Steel, Shougang, and Shandong Steel [3] - Companies involved in restructuring and with strong growth potential, such as Baosteel and Nanjing Steel, are also recommended [3] - Special steel enterprises benefiting from a new energy cycle, such as CITIC Special Steel and Jiuli Special Materials, are highlighted as potential investment opportunities [3]

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The supply-demand situation is improving, leading to a potential recovery in profits for the steel industry. The report highlights that production of major steel products has increased, while total inventory has decreased, indicating a positive shift in market dynamics [7][30]. - The report emphasizes that the profitability of steel manufacturers is expected to recover in the short term due to improved supply-demand conditions and stable cost support from raw materials [7][30]. Summary by Sections 1. Domestic Steel Market - As of January 16, steel prices have risen, with HRB400 rebar priced at 3,320 CNY/ton, up 40 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price increases [13][14]. 2. Production and Inventory - The total production of five major steel products reached 8.19 million tons, an increase of 0.62 million tons week-on-week. Total inventory decreased by 11,700 tons to 865,320 tons, indicating a positive trend in inventory management [7][30]. 3. Profitability - The report notes a decline in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel decreasing by 13 CNY/ton, 4 CNY/ton, and 18 CNY/ton respectively. However, the overall outlook for profit recovery remains optimistic [7][30]. 4. Key Company Recommendations - Recommended companies include: - General Steel Leaders: Hualing Steel, Baosteel, Nanjing Steel - Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Fangda Special Steel - Pipe Manufacturers: Jiuli Special Materials, Youfa Group, Changbao Co. - Raw Material Sector: Dazhong Mining (iron ore + lithium ore), Fangda Carbon [7][30].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [9]. Core Insights - The steel market is experiencing a recovery in valuation, with absolute valuations moving from undervalued to moderately low levels, indicating potential for absolute returns [2]. - The report emphasizes the importance of structural reforms in the capital market, which are expected to facilitate a shift towards value investing in the steel industry [2]. - The report highlights that the demand for steel is improving, with significant increases in apparent consumption, particularly for rebar [6][41]. Supply Analysis - Daily molten iron production has decreased by 16,000 tons to 2.28 million tons, while steel production has slightly increased [15]. - The capacity utilization rate of 247 steel mills is at 85.5%, down 0.6 percentage points week-on-week but up 1.2 percentage points year-on-year [21]. Inventory Analysis - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 0.6% [27]. - The social inventory of five major steel products is 8.663 million tons, up 0.1% week-on-week and up 8.7% year-on-year [29]. Demand Analysis - Apparent consumption of five major steel products has improved significantly, with a week-on-week increase of 3.7% [51]. - Rebar apparent consumption reached 1.903 million tons, up 8.8% week-on-week and 2.8% year-on-year [51]. Raw Material Analysis - Iron ore prices have weakened, with a decrease in the shipping volume from Australia and Brazil, while port inventories have increased [50]. - The price index for imported iron ore is reported at 106.2 USD/ton, down 2.2% week-on-week [59]. Price and Profit Analysis - Steel prices are stable with slight increases, and the gross profit margins for steel products are improving [69]. - The comprehensive steel price index is at 122.7, reflecting a week-on-week increase of 0.2% [70].

南京钢铁股份有限公司 2026 年第一次临时股东会 会 议 资 料 二〇二六年一月二十六日 | | | | | | 会议议程 一、会议时间 1、现场会议召开时间：2026 年 1 月 26 日（星期一）14 点 30 分。 2、网络投票时间：2026 年 1 月 26 日（星期一），采用上海证券交易所网 络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间 为股东会召开当日的 9:15-15:00。 二、现场会议地点 南京市六合区卸甲甸幸福路 8 号南钢办公楼 203 会议室 三、主持人 董事长黄一新先生 四、会议议程 （一）参会人员签到，股东或股东代表登记（14:00～14:30） 2、关于 2026 年度继续与中信银行股份有限公司开展存贷款等业务暨关联 交易的议案； 3、关于 2026 年度预计为全资及控股子公司申请授信提供担保的议案； 4、关于 2026 年度预计为全资子公司销售钢材提供担保的议案； 5、关于申请 2026 年度银行授信额度的议案。 （十）律师宣读关于本次股东会的见证意 ...

自2026年1月1日起，证监会修订发布的《上市公司治理准则》正式施行，明确规定上市公司按照证券交 易所的规定发布可持续发展报告。A股上市公司ESG（环境、社会和公司治理）信息披露逐渐从"选做 题"变为"必答题"，A股市场逐步走入ESG强制披露时代。 随着ESG在全球范围内蓬勃兴起，近年来，越来越多A股上市公司拥抱ESG理念，积极履行社会责任， 主动进行信披。数据显示，共有2481家A股上市公司披露2024年ESG报告，披露率达46.09%。与此同 时，ESG信披正成为国际市场衡量A股上市公司高质量发展的"第四张报表"。截至2025年11月初，MSCI 中国A股指数成分股有36.8%的企业ESG评级提升，全球领先评级（AAA、AA级）的家数占比由2024年 底的7.2%大幅跃升至14%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至 54家，折射出A股上市公司ESG信披的量质齐升。 "目前A股上市公司在能源消耗、水资源消耗等核心环境指标的披露率仍不足40%，供应链间接排放等关 键数据的披露率更是低至约5%，信息决策参考价值有待提高。"安永大中华区ESG可持续发展主管合伙 人李菁认为，要进一 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily advancing in the field of ESG responsible investment [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Corporate Governance include Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, SANY Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and promote the development of ESG investment in the asset management industry [3][6].

Group 1 - The core viewpoint of the news highlights the performance and significance of the state-owned enterprise dividend sector, particularly the fluctuation of the China Securities State-Owned Enterprise Dividend Index and the trading activity of the State-Owned Enterprise Dividend ETF [1][2] - The State-Owned Enterprise Dividend ETF has seen a notable increase in scale and shares over the past three months, with a growth of 716.87 million yuan in scale and 660.00 million shares [1][3] - The ETF closely tracks the China Securities State-Owned Enterprise Dividend Index, which selects 100 listed companies with high cash dividend yields and stable dividends from state-owned enterprises, reflecting the overall performance of high dividend yield securities [3] Group 2 - In the context of economic restructuring and industrial upgrading, state-owned enterprises are leveraging their financial strength and technological capabilities to lead in emerging industries and traditional industry transformations, particularly in new energy, high-end manufacturing, and digital economy sectors [2] - The new "National Nine Articles" policy encourages listed companies to enhance shareholder returns, resulting in a record high in the number and amount of cash dividends, providing a solid foundation for long-term investment in dividend ETFs [2] - The dividend strategy is gaining popularity among investors due to its bond-like attributes, especially in a low-interest-rate environment, making it a more attractive investment option [3]