12月12日 山钢集团资金中心前瞻研判，大幅前置超短融注册工作，较预定时间提前近一个月取得注册批文，抢抓 年前宝贵融资窗口，将市场机遇转化为实实在在的真金白银，资金中心将不断提升资金管理的前瞻性、 精准性和创新性，为集团公司高质量发展提供坚实有力的资金保障。 山钢集团成功发行 欢迎合作·联系小编 10亿元 超短期融资券 实现了四季度以来 发行利率第五次突破 版权声明：本文来源于厚道山钢等，由冶金信息网整理发布，版权归原作者所有，如标错来源或侵权， 请跟我们联系。其他第三方若要转载此文章请事先联系沟通并注明来源；文章内容如有偏颇，敬请各位 指正。 冶金信息研究所 票面利率低至1.78% 再创历史新低 3）企业跟踪：追踪超过220家钢铁企业及行业内各大设计院的最新的技术、产线装备、兼并重组、重点 项目实施等动态。其中包括了宝武、鞍钢、河钢、首钢、建龙、沙钢、华菱、中信特钢等重点钢铁集团 业务介绍 冶金信息研究所依托国家科技图书文献中心（NSTL）冶金分中心、中国工程科技知识中心 （CKCEST）冶金分中心、国家产业技术基础公共服务平台、中国金属学会情报分会、中国知识产权发 展联盟冶金专业委员会、国家一级科技查新咨 ...

Core Viewpoint - Suzhou is actively promoting the integration of quality enhancement for enterprises, supply chains, and counties, aligning with the national goal of building a strong manufacturing and quality nation [1] Group 1: Quality Enhancement in Enterprises - Jiangsu Hengtong Optic-Electric Co., Ltd. won the fifth China Quality Award, showcasing its "Four Full and Two Aspects" quality management model, which integrates product technology innovation and design to ensure high reliability [2] - Suzhou Samsung Electronics received a nomination for the China Quality Award, focusing on advanced technology and enhancing local supply chain quality through its "3S Digital Quality Management" model, which improves product quality and customer satisfaction [3] - The local market supervision department is guiding 2,064 key enterprises to enhance quality by adopting advanced management models, aiming for a transition from quality control to quality-driven enterprises by 2025 [3] Group 2: Quality Chain Empowerment - The market supervision department is focusing on over 30 key industrial chains within the "1030" industrial system to promote quality enhancement actions, creating a quality innovation joint body to facilitate cross-sector collaboration [4] - In 2023, 18 new quality innovation joint bodies were established, involving 45 chain-leading enterprises and 1,064 chain enterprises to address quality issues and implement key technical projects [5] - Shagang Group, as a chain leader, achieved a tenfold increase in welding efficiency and reduced defect rates in shipbuilding through collaboration with downstream enterprises and research institutions [5] Group 3: Comprehensive Quality Improvement - Suzhou is advancing the construction of quality-driven cities and counties, focusing on institutional design, foundational support, and brand empowerment to enhance overall regional quality development [6] - Zhangjiagang City has been recognized as a national quality strong county pilot, implementing innovative policies to promote quality governance and establishing quality innovation joint bodies to enhance industrial collaboration [6] - Kunshan City has maintained its position as a top county for 21 consecutive years, supported by strong quality initiatives from leading enterprises and collaborative efforts in various quality innovation sectors [7]

交易咨询业务资格：证监许可【2012】1091号 锰硅周报12.08-12.12 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每周观点 本周观点： 从成本端来看，硅锰合金成本支撑力度依旧较强。虽焦炭价格小幅回落，但核心原料锰矿价格保持坚挺，其中高度氧 化矿涨幅尤为显著，成本端坚挺格局有效托底合金价格。 从供应端来看，期货层面，硅锰盘面近期仍维持震荡走 势，多呈现"开盘拉涨，尾盘回落"特点，但上行空间有限。现货层面，工厂零售报价意愿较低，多捂货不出，等待 盘面冲高后再出货，由此厂家库存压力有所抬升。北方地区合金厂近期新增硅锰产能稳定运行，后续将缓慢出铁，届 时供应压力进一步加大；南方地区等地受枯水期电价上涨带来的成本抬升影响，多数厂家选择避峰减产，减产企业较 多。其余地区合金厂开工维持低位，传统生产淡季出现减产情况。 从需求端来看，12月河 ...

转自：中国质量报 将质量命题写进一城的万家灯火 质量是企业安身立命的根本，是穿越市场周期、赢得长期信任的核心密码。 在江苏永钢集团的生产车间里，一套新投入运行的低倍数字化检测系统正高速运转，精准捕捉钢材内部 结构的细微瑕疵。"过去这项检测全靠老师傅的经验，不仅效率低，还存在一致性差的问题。"永钢集团 检测中心主任余超介绍说。转变，始于一笔20万元的政府质量攻关引导资金。这笔"种子资金"成功撬动 企业投入超200万元用于研发，新系统彻底解决了行业痛点，累计为企业创效5300万元，实现"四两拨千 斤"的倍增效应。 张家港众辉医用塑料科技有限公司通过导入卓越绩效管理体系，眼药水瓶良品率从80%跃升至96%，每 年节约成本53万元；矩阵光电在"中小企业卓越成长"项目支持下攻关新型霍尔电流传感芯片，关键指标 达到国际先进水平；千里马袜业在"质量管家"服务护航下顺利跨越国际贸易门槛，内销额同比增长 20%。这些企业的成长轨迹，印证了张家港市坚持"以质取胜"系统化培育经营主体的成功实践。 近年来，张家港市持续深化"质量第一"战略，构建以《质量强县建设实施方案》为总纲的"1+N"政策体 系，大力推广卓越绩效模式等先进质量管理 ...

Core Viewpoint - The steel sector is positioned for a strong recovery due to favorable conditions such as PPI at a cyclical low, ample market liquidity, and an improved risk premium, indicating significant medium to long-term investment opportunities in quality steel companies [1] Supply Side - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement [2] - Total supply is contracting with a weak growth trend in capital expenditure, expected to enter negative growth by 2025 due to multiple factors including "anti-involution" policies and a downturn in the real estate sector [2] - From January to October, China's crude steel production reached 820 million tons, a year-on-year decrease of 3.9%, with a notable decline in monthly production [2] - There is a significant structural differentiation in production, with high-end manufacturing steel products like cold-rolled sheets and seamless pipes showing growth, while construction steel rebar production has declined by approximately 1.2% [2] Demand Side - Domestic demand continues to shrink, with a 6.4% year-on-year decline in crude steel demand for January to October 2025, totaling 710 million tons [3] - Traditional steel demand from real estate and infrastructure remains weak, with new construction areas and ongoing construction areas in real estate dropping significantly [3] - Despite high net financing from local government special bonds, the impact on steel consumption has weakened, making exports a crucial support for the steel industry [3] - Steel exports reached 97.74 million tons from January to October, a 6.4% increase year-on-year, with expectations to exceed 110 million tons for the year, effectively offsetting domestic demand decline [3] Profitability - The profit distribution pattern in the coal-coke-steel supply chain has led to a noticeable improvement in the steel industry's profitability [4] - The industry is gradually recovering from low levels since 2022, with gross profit margins rising to 6.4% in Q3 2025, at the 45th percentile level since 2012 [4] - From January to October 2025, profits for large-scale industrial enterprises in the black metal smelting and rolling processing industry reached 105.3 billion yuan, showing significant growth compared to the same period in 2024 [4] Policy and Price Dynamics - The steel industry is a key focus of "anti-involution" policies, which aim to guide steel prices to a reasonable range, essential for achieving positive PPI [5] - Steel prices significantly influence the PPI, with the steel sector accounting for approximately 5.9% of PPI, and its price fluctuations typically exceeding those of most industries [5] - As of November 11, 2025, the steel price index is around 3,500 yuan/ton, reflecting a return to historical low levels, with current prices at 3,415 yuan/ton indicating weak industry conditions [5] Future Outlook - The steel PPI is expected to turn positive by the second quarter of 2026, supported by seasonal trends and anticipated price recoveries in Q4 2025 [6] - The transition of PPI from negative to positive is a critical indicator of industrial economic recovery and presents an important investment window [7] - Historical data shows that prior PPI recovery phases have led to significant increases in steel sector valuations, particularly for small to mid-cap companies with strong growth potential [7] Investment Recommendations - Focus on regional leading companies with advanced equipment and environmental standards such as Hualing Steel, Shougang, and Shandong Steel [8] - Consider companies with excellent growth potential and restructuring capabilities like Baosteel and Nanjing Steel [8] - Target high-quality special steel enterprises benefiting from the new energy cycle [8] - Invest in upstream raw material suppliers with competitive advantages [8]

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

从资金流向上来看，当日特钢板块主力资金净流入5311.24万元，游资资金净流入5928.62万元，散户资 金净流出1.12亿元。特钢板块个股资金流向见下表： 证券之星消息，12月11日特钢板块较上一交易日下跌0.55%，沙钢股份领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。特钢板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

每经AI快讯，沙钢股份（SZ 002075，收盘价：5.91元）12月10日晚间发布公告称，公司第八届第二十 一次董事会会议于2025年12月10日以通讯表决方式召开。会议审议了《关于召开2025年第三次临时股东 会的议案》等文件。 截至发稿，沙钢股份市值为130亿元。 每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ 2025年1至6月份，沙钢股份的营业收入构成为：钢铁行业占比93.25%，其他业务占比5.21%，齿轮行业 占比1.35%，服务行业占比0.18%。 （记者 曾健辉） ...

江苏沙钢股份有限公司 2025 年第三次独立董事专门会议审查意见 江苏沙钢股份有限公司 1 江苏沙钢股份有限公司 2025 年第三次独立董事专门会议审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独 立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等法律、法规和规范性文件及《公司章程》《独立董事制度》 《独立董事专门会议工作制度》的规定和要求，江苏沙钢股份有限公司（以下 简称"公司"）独立董事于2025年12月9日以通讯方式召开了第八届董事会2025 年第三次独立董事专门会议。 本次会议应出席独立董事3人，实际出席独立董事3人，独立董事共同推举 黄雄先生为独立董事专门会议的召集人和主持人。公司董事会秘书列席了本次 会议。本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 独立董事基于独立判断的立场，秉承实事求是、客观公正的原则，在认真 阅读和审核相关材料的基础上，对公司第八届董事会第二十一次会议所审议案 的相关情况进行了核查，并发表审查意见如下： 一、关于2026年度日常关联交易预计的审查意见 公司及 ...

证券代码：002075 证券简称：沙钢股份 公告编号：临2025-036 江苏沙钢股份有限公司 关于2026年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 根据江苏沙钢股份有限公司（以下简称"公司"）及控股子公司江苏沙钢集 团淮钢特钢股份有限公司、东北特钢集团山东鹰轮机械有限公司日常生产经营需 要，为充分利用控股股东江苏沙钢集团有限公司（以下简称"沙钢集团"）及其 关联方的资源优势，2026 年度公司预计向沙钢集团及其关联方采购原材料及产 成品、销售原材料及产成品、提供劳务、接受劳务等事项，预计总金额不超过 47.77 亿元，其中：关联采购预计总额为 24.85 亿元；关联销售预计总额为 22.92 亿元。 2025 年 12 月 10 日，公司召开第八届董事会第二十一次会议，审议通过了 《关于 2026 年度日常关联交易预计的议案》，关联董事季永新先生、钱正先生 回避了表决。该议案尚需提交公司 2025 年第三次临时股东会审议，关联股东沙 钢集团需回避表决。 （二）预计日常关联交易 ...