证券代码：600782 证券简称：新钢股份 公告编号：临 2025-077 新余钢铁股份有限公司 关于首期 A 股限制性股票激励计划预留授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司的有关规定，新余钢铁股份有 限公司（以下简称"公司"）已完成公司首期 A 股限制性股票激励计划（以下简称 "本激励计划"）的预留授予登记工作，有关具体情况如下： 一、本激励计划预留授予情况 公司于 2025 年 10 月 29 日召开第十届董事会第十二次会议，审议通过了《关 于向激励对象授予预留限制性股票的议案》，确定本激励计划的预留授予日为 2025 年 10 月 31 日，向符合条件的 9 名激励对象授予 148 万股预留限制性股票， 授予价格为 2.14 元/股。公司薪酬与考核委员会已事前审议通过该议案。本激励 计划实际的预留授予情况如下： 1 / 4 限制性股票登记日：2025 年 12 月 ...

证券代码：600782 证券简称：新钢股份 公告编号：临 2025-074 新余钢铁股份有限公司 关于公司2025年度日常关联交易执行情况 暨2026年度关联交易预计情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 新余钢铁股份有限公司（以下简称"公司"）本次 日常关联交易事项已经 2025 年第五次独立董事专门会议、 第十届董事会审计与风险委员会 2025 年第八次会议和第十 届董事会第十三次会议审议通过，尚需提交股东会审议,关联 股东需回避表决。 公司与关联方发生的日常关联交易是正常和必要的 业务往来，对公司的经营和发展均具有积极意义。关联交易 定价公平合理，不存在损害公司及中小股东利益的情况，不 会影响公司独立性，不会对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.2025 年 12 月 12 日，公司召开第十届董事会第十三次 会议审议通过了《关于公司 2025 年度日常性关联交易执行 情况暨 2026 年度关联交易预计情况的议案》。该议案具有 有效表决 ...

证券代码：600782 证券简称：新钢股份 公告编号：临2025-075 新余钢铁股份有限公司 关于聘任证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新余钢铁股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开的第十届董事会第十三次会议审议通过了《关于聘任证券 事务代表的议案》。钟益俊先生因工作原因不再担任公司证券事务代 表职务，同意聘任晏莉女士为公司证券事务代表，协助董事会秘书处 理相关事务，任期自本次董事会表决通过之日起至本届董事会届满为 止。 晏莉女士具备担任上市公司证券事务代表所必需的专业知识及 任职条件，不具有《公司法》《上海证券交易所股票上市规则》中规 定不得担任证券事务代表的情形。简历附后。 证券事务代表联系方式如下： 晏莉:女，1988 年 12 月出生，中共党员，研究生学历。晏女士 毕业于澳大利亚纽卡斯尔大学，获得会计与商科硕士学位；曾任新钢 股份证券部主办科员、资产运营部室主任、公司治理部室主任，现任 新钢股份董事会办公室室主任，拥有丰富的证券事务管理工作经验。 传 ...

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]

近年来，钢铁行业面临着能源成本攀升与碳排约束收紧的双重挑战。作为高耗能行业，钢铁生产的 电力消耗占企业运营成本的比重持续上升，而日趋严格的碳排放管理，也让绿色转型成为钢企实现可持 续发展的核心课题。 面对这样的行业现状，隆基森特BIPV精准锚定钢铁生产的实际需求，以高效绿电解决方案激活空 间价值，为钢企开辟出一条全新的屋顶资源利用路径，助力行业在能源结构升级中实现效益增长。 弧形料场屋顶因曲面弧度大、受力复杂，长期被视为光伏安装"禁区"，陕钢龙钢和江苏长强钢铁的 项目则打破了这一认知。隆基森特团队采用"随坡敷设"方案，让光伏与弧形屋顶完美贴合，在不破坏原 有结构的前提下，分别实现了8.73MW和18.12MW的装机容量。 这一突破充分证明，没有"不适合"的屋顶，只有"没找对"的解决方案。这类针对性解决方案的核心 价值，在于激活了钢铁行业此前无法利用的弧形屋顶资源，两个项目全生命周期发电量分别达2.27亿千 瓦时和4.45亿千瓦时，让特殊结构的屋顶资源得到了充分利用，为行业开辟了新的光伏应用空间。 多元场景适配，全面激活钢企屋顶资源价值 ·新建厂房：同步规划建设，快速搭建绿色发电产能 对于新建厂房，隆基森特BI ...

行业研究丨行业周报丨钢铁 [Table_Title] 为何钢铁的需求侧具有韧性？ 报告要点 [Table_Summary] 回顾 2025 年钢铁需求侧表现， 1~10 月粗钢、钢材产量同比分别-3.9%、+4.7%。钢材产量由 于涉及冷轧、钢管等二次材重复计算的问题，伴随钢铁产品结构升级和二次材占比的提升，或 对实际产量有所高估。粗钢产量由于系钢企自行上报，缺乏严格监督机制，不涉及流转税数据 的检验，导致实际的产量或有所低估。由此，实际钢铁产量或介于统计局粗钢产量和钢材产量 之间。结合钢材库存整体去化至低位，当前库存水平和年初库存水平差异也不大，表明 2025 年 钢铁总需求相对 2024 年是较为平稳的。为何钢铁的需求侧具有韧性？ 丨证券研究报告丨 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% research ...

上市公司：中信特钢（000708），河钢股份（000709），中南股份（000717），本钢板材（000761）， 三钢闽光（002110），久立特材（002318），金洲管道（002443），常宝股份（002478），盛德鑫泰 （300881），安阳钢铁（600569），八一钢铁（600581），新钢股份（600782），马钢股份（600808） 根据国家统计局数据可知：2025年10月全国黑色金属冶炼和压延加工业出口货值为167.2亿元，同比下 降6.9%；2025年1-10月全国黑色金属冶炼和压延加工业累计出口货值为1679.3亿元，累计同比下降 3.6%。 2019年-2025年1-10月全国黑色金属冶炼和压延加工业出口货值统计图 相关报告：智研咨询发布的《2026-2032年中国黑色金属矿采选业行业市场全景调查及投资前景预测报 告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案， ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel sector, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [9]. Core Insights - The steel industry is experiencing a divergence in performance compared to non-ferrous metals, with non-ferrous metals benefiting more from manufacturing sectors like electrical machinery and telecommunications, while steel is more reliant on real estate and automotive industries [2]. - The average daily pig iron production has decreased, with a notable drop in steel output, particularly in rebar production [12][18]. - Total steel inventory has seen a significant reduction, with a week-on-week decline of 2.5% [24]. - Apparent consumption of steel has weakened, with rebar demand declining more than hot-rolled coil demand [40]. - Iron ore prices have strengthened, influenced by supply adjustments and market dynamics [50]. Summary by Sections Supply - Daily pig iron production has decreased by 23,000 tons to 2.323 million tons, with a significant drop in steel output [12][18]. - The capacity utilization rate for blast furnaces across 247 steel mills is at 87.1%, down 0.9 percentage points from the previous week [18]. Inventory - Total steel inventory has decreased by 2.5% week-on-week, with social inventory down 2.9% and steel mill inventory down 1.6% [24][26]. Demand - Apparent consumption of the five major steel products is 8.642 million tons, down 2.7% week-on-week [51]. - Weekly average transaction volume for construction steel is 99,000 tons, reflecting a 5.3% decrease [41]. Raw Materials - The iron ore price index for 62% Fe is at $107.1 per ton, with a week-on-week increase of 1.0% [61]. - Australian iron ore shipments have decreased slightly, while Brazilian shipments have increased [61]. Prices and Profits - The comprehensive steel price index has increased by 0.6% week-on-week, indicating a slight improvement in the industry's profitability [75]. - The current cost of long-process rebar is 3,533 RMB per ton, with a loss of 233 RMB per ton [75][81].

Industry Overview - The coal mining machinery industry includes equipment used for mining processes such as excavation, support, transportation, and washing [1][4] - Coal mining is categorized into surface mining and underground mining, with specific machinery designed for each type [1] - Key equipment includes tunneling machines, coal cutters, scraper conveyors, and hydraulic supports, collectively known as "three machines and one frame" [1][3] Industry Chain Analysis - The upstream of the coal mining machinery industry consists of raw materials and components, including metals like steel and various hydraulic and electronic parts [4][6] - The midstream involves the manufacturing of comprehensive coal mining equipment, while the downstream primarily serves the coal industry and related sectors such as power generation and construction [4][6] Industry Development History - The development of mechanized coal mining in China can be divided into four stages: exploration (1970-1990), rapid development (1990-2000), breakthrough (2000-2020), and digital intelligence (2020-present) [10][12] Industry Policy Background - Recent government policies aim to enhance safety and intelligence in coal mining production, providing guidance for the development of the coal mining machinery industry [13][15] Current Industry Status - As of 2023, there are 1,887 large-scale mining machinery enterprises in China, with projections indicating an increase to approximately 1,987 by 2024 [16] - The coal mining machinery market is entering a mature phase, with the top 50 companies dominating the majority of market share [18] Competitive Landscape - The leading companies in the coal mining machinery sector include Tiandi Technology and Zhengzhou Coal Mining Machinery, with revenues exceeding 15 billion yuan [19][24] - Market share for Tiandi Technology is projected at 15.3% in 2024, while Zhengzhou Coal Mining Machinery is at 13.5% [24] Future Development Trends - The coal mining machinery industry is undergoing a transformation driven by policies and technology, focusing on smart upgrades and green transitions [27] - Despite a declining trend in coal energy consumption, the total coal consumption continues to rise, providing stable support for the coal mining machinery market [30] - The market is expected to grow at a compound annual growth rate of 5.3% from 2025 to 2030, reaching approximately 176.7 billion yuan by 2030 [30]