Core Viewpoint - Nanjing Steel Co., Ltd. (南钢股份) has experienced fluctuations in stock price and trading volume, with a notable increase in stock price year-to-date, despite a recent decline in trading activity [1][2]. Financial Performance - For the first half of 2025, Nanjing Steel reported operating revenue of 28.944 billion yuan, a year-on-year decrease of 14.06%, while net profit attributable to shareholders increased by 18.63% to 1.463 billion yuan [2]. - Cumulatively, the company has distributed 13.436 billion yuan in dividends since its A-share listing, with 4.954 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 13, the stock price was 5.27 yuan per share, with a market capitalization of 32.49 billion yuan. The stock has increased by 17.48% year-to-date [1]. - The trading volume on October 13 was 131 million yuan, with a turnover rate of 0.40%. There was a net outflow of 1.6957 million yuan in main funds [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 63,700, with an average of 96,856 circulating shares per person, a decrease of 4.85% [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings among major institutional investors [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After the holiday, the silicon - manganese market showed a weak and volatile trend. The black - series commodity sector had a narrow - range oscillation, and the alloy market lacked directional drivers. The futures price was waiting for a single - side driving factor. Currently, the fundamental driving force of silicon - manganese itself was limited, and it would continue to resonate with the black - series sector in the short term. The future trend of black - series commodities and macro - sentiment needed continuous attention. It was predicted that the market would continue to oscillate in the short term [2] 3. Summary by Relevant Catalog Manganese Silicon Supply Capacity - A chart shows the monthly production capacity of Chinese silicon - manganese enterprises from 2016 - 06 to 2025 - 06 [6][7] Annual Output - A chart presents the annual production of silicon - manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and China from 2008 to 2025 [8][9] Weekly, Monthly Output and开工率 - A chart displays the weekly and monthly production of Chinese silicon - manganese and the weekly开工率 of Chinese silicon - manganese enterprises from 2020 - 01 - 01 to 2025 - 07 - 01 [10][11] Regional Output - Charts show the monthly production of silicon - manganese in Inner Mongolia, Ningxia, and Guizhou, and the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13] Manganese Silicon Demand Steel Tender Purchase Price - A chart shows the monthly purchase prices of silicon - manganese 6517 by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron & Steel, Jilin Jianlong, and Nanjing Iron & Steel Co., Ltd. from 2020 - 01 to 2025 - 06 [15][16] Daily Average Hot Metal and Profit - A chart shows the weekly daily average hot metal production and profit rate of 247 Chinese steel enterprises from 2020 - 01 - 01 to 2025 - 07 - 01 [17][18] Manganese Silicon Import and Export - A chart shows the monthly import and export quantities of Chinese ferromanganese - silicon from 2020 - 01 to 2025 - 07 [19][20] Manganese Silicon Inventory - A chart shows the weekly inventory of 63 sample silicon - manganese enterprises in China, and the monthly average available inventory days in China, the northern region, and the eastern region from 2019 - 09 - 30 to 2025 - 03 - 31 [21][22] Manganese Silicon Cost - Manganese Ore Import Volume - A chart shows the monthly import volume of manganese ore by trade method, from Gabon to China, from southern Africa to China, and from Australia to China from 2020 - 01 to 2025 - 04 [23][24] Port Inventory and Available Days - A chart shows the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the weekly average available inventory days in China from 2020 - 01 - 01 to 2025 - 07 - 01 [25][26] High - Grade Ore Port Inventory - A chart shows the weekly port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port from 2020 - 01 - 01 to 2025 - 07 - 01 [27][28] Tianjin Port Manganese Ore Price - A chart shows the daily price of South African semi - carbonate manganese lump (Mn36.5%), Australian manganese ore (Mn45%), and Gabonese manganese lump (Mn44.5%) in Tianjin Port from 2020 - 01 - 01 to 2025 - 07 - 01 [29] Regional Cost - A chart shows the daily cost of silicon - manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30][31] Manganese Silicon Profit - Regional - A chart shows the daily profit of silicon - manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi from 2020 - 01 - 01 to 2025 - 04 - 01 [32][33]

Group 1 - The core viewpoint of the article highlights the production and growth trends of pig iron in China, indicating a slight increase in production in early 2025 [1] - According to the National Bureau of Statistics, China's pig iron production in April 2025 reached 0.7 million tons, reflecting a year-on-year growth of 0.7% [1] - The cumulative pig iron production from January to April 2025 was 2.9 million tons, with a cumulative growth rate of 0.8% [1] Group 2 - The article references several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Maanshan Iron & Steel Co., Ltd. (600808), and others [1] - It cites a report by Zhiyan Consulting titled "Market Production and Sales Status and Investment Strategy Analysis of China's High-Purity Pig Iron Industry from 2026 to 2032" [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Core Viewpoint - The report highlights the growth in China's steel production, indicating a positive trend in the industry with a year-on-year increase in output. Group 1: Industry Overview - In April 2025, China's steel production reached 130 million tons, marking a year-on-year growth of 6.6% [1] - From January to April 2025, the cumulative steel production in China totaled 480 million tons, reflecting a cumulative growth of 6% [1] Group 2: Companies Mentioned - The report lists several key companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), and others [1]

Core Insights - The article discusses the performance and projections of the rebar production industry in China, highlighting a growth trend in production volume for 2025 [1] Industry Overview - According to the National Bureau of Statistics, China's rebar production in April 2025 is projected to reach 17.3 million tons, representing a year-on-year increase of 5.9% [1] - Cumulatively, from January to April 2025, China's rebar production is reported at 65.385 million tons, showing a slight decline of 0.9% compared to the previous year [1] Market Research - The article references a comprehensive market research report by Zhiyan Consulting, which covers the rebar processing equipment industry in China from 2025 to 2031 [1] - Zhiyan Consulting is noted for its extensive experience in industry research, providing in-depth reports and strategic consulting services [1]

Investment Rating - The industry investment rating is Neutral, maintained [8] Core Views - The recent agreement between China Mineral Resources Group and BHP to implement RMB settlement for iron ore spot trading indicates a strengthening of domestic pricing power for iron ore. This is expected to lead to a more reasonable profit distribution within the black industry chain as iron ore prices may decrease due to an increase in supply from new projects like West Simandou [2][6] - The steel industry is currently experiencing a "weak reality, strong expectations" scenario, with a significant drop in apparent consumption due to holiday-related workday discrepancies. However, recent government announcements regarding price regulation and safety inspections may catalyze improvements in the industry's profitability [4][5] Summary by Sections Iron Ore Pricing Power - The proportion of iron ore settled in RMB is increasing, reflecting a strengthening of domestic pricing power. China’s annual iron ore trade exceeds $1.2 trillion, with about 80% settled in USD. The concentration of procurement power among state-owned enterprises is expected to enhance negotiation capabilities [5][6] Supply and Demand Dynamics - Apparent consumption of steel has decreased significantly, with a year-on-year drop of 21.14% and a month-on-month drop of 21.55%. Steel inventory has accumulated, indicating an oversupply situation [5] - Daily average pig iron production has slightly decreased to 2.4154 million tons, with total steel production showing a year-on-year decline of 0.16% and a month-on-month decline of 0.66% [5] Market Expectations - The steel market is currently characterized by strong expectations despite weak realities. Recent government measures aimed at regulating prices and ensuring safety in production may lead to a more favorable environment for profitability in the steel sector [4][5] Investment Opportunities - The report suggests focusing on four main investment lines: 1. Companies benefiting from the release of new capacities in iron and coke, such as Nanjing Steel and Baosteel [25] 2. Companies with low market value relative to their earnings, like New Steel and Fangda Special Steel [26] 3. Mergers and acquisitions in the context of state-owned enterprise reforms [26] 4. High-quality processing leaders and resource companies, particularly in the context of macroeconomic recovery expectations [26]

Investment Rating - The industry investment rating is maintained as "Buy" for several key companies [6]. Core Insights - The steel industry is experiencing a slight decline in daily molten iron production, with an average of 241.5 thousand tons, down by 0.3 thousand tons [12]. - Total steel inventory is showing seasonal accumulation post the National Day holiday, with a week-on-week increase of 8.7% [24]. - Apparent consumption of steel products has decreased seasonally, with a notable drop in rebar demand [37]. - Iron ore prices have risen, influenced by changes in shipping volumes from Australia and Brazil [46]. - Steel prices are stable with slight improvements in immediate profit margins, indicating a potential for continued industry recovery [70]. Summary by Sections Supply - Daily molten iron production has slightly decreased to 241.5 thousand tons, with a decline in rebar and hot-rolled coil production [12][17]. Inventory - Total steel inventory has increased by 8.7% week-on-week, with steel mill inventories rising more than social inventories [24][26]. Demand - Apparent consumption of the five major steel products has decreased by 17.0% week-on-week, with rebar consumption down by 36.5% [48][37]. Raw Materials - Iron ore prices have increased, with the Platts 62% iron ore price index at $107.4 per ton, up by 3.4% week-on-week [58]. Prices and Profits - The comprehensive steel price index remains stable at 122.7, with slight improvements in immediate profit margins for long-process steel products [70][71].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The alloy market has a strong wait - and - see sentiment, and the alloy prices are oscillating. Manganese ore prices are firm this week, the fluctuation range of manganese silicon is limited, and the price of ferrosilicon is oscillating weakly due to fundamental pressure [3][6]. - Macroscopically, domestically, relevant departments issued an announcement on governing price disorderly competition; overseas, there are differences in the Fed's interest - rate cuts, and tariff events may lead to an escalation of the Sino - US trade war. Microscopically, the molten iron output decreased slightly, the support for raw material demand is limited, and the cost of ferrosilicon is expected to decline, resulting in a higher price fluctuation range than that of manganese silicon [5]. 3. Summary According to Relevant Catalogs 3.1 Futures Contract Performance - The FeSi2511 contract oscillated this week, closing at 5,436 yuan/ton, a decrease of 58 yuan/ton compared to the pre - holiday closing price, with a trading volume of 234,128 lots and an open interest of 118,193 lots, an increase of 112 lots compared to the previous period [8]. - The MnSi2601 contract oscillated this week, closing at 5,760 yuan/ton, an increase of 2 yuan/ton compared to the pre - holiday closing price, with a trading volume of 279,333 lots and an open interest of 376,591 lots, an increase of 28,300 lots compared to the previous period [8]. 3.2 Spot Price - The spot price of ferrosilicon in major regions across the country oscillated weakly this week. The aggregated quotation of 75B ferrosilicon in the main production areas was 5,150 - 5,380 yuan/ton, a week - on - week change of - 50 yuan/ton [9]. - The aggregated quotation range of silicon - manganese spot in major regions across the country was 5,620 - 5,980 yuan/ton, with a price fluctuation of - 120 - 0 yuan/ton [9]. 3.3 Manganese Silicon Fundamentals 3.3.1 Production - The weekly output of manganese silicon was 204,200 tons, a decrease of 2,200 tons compared to last week, with a week - on - week change rate of - 1.1%. The weekly operating rate was 43.19%, a decrease of 0.99 percentage points compared to last week [17]. 3.3.2 Steel Tendering - After the holiday, the steel tendering price showed a downward trend, and the market was mainly in a wait - and - see mode [24]. 3.3.3 Demand - From the performance of downstream steel mills, production remained at a high level, but the actual output of molten iron decreased. The blast furnace operating rate of 247 steel enterprises was 90.55%, a decrease of 0.1 percentage points compared to last week; the daily average molten iron output was 241,540 tons, a decrease of 2,700 tons compared to last week. The overall demand for manganese silicon was weak [27]. 3.3.4 Inventory - As of October 10, the number of manganese silicon warehouse receipts was 54,041, a decrease of 2,070 compared to September 26, with a converted inventory of 270,205 tons and a warehouse receipt destocking of 10,360 tons [31]. - In September, the average available days of silicon - manganese inventory in steel mills were 15.93 days (+0.95 days) [32]. - As of October 10, the inventory of 63 domestic silicon - manganese sample enterprises was 242,500 tons, an increase of 8,700 tons compared to September 26 [36]. 3.3.5 Manganese Ore - The global manganese ore departure volume recovered, and the departure volume from Ghana increased month - on - month. The major port aggregated departure volume was 984,400 tons, an increase of 48,900 tons compared to the previous period [40]. - After the holiday, the arrival of manganese ore at ports may increase. The expected future arrival volume at Tianjin Port is 503,900 tons, and at Qinzhou Port is 82,800 tons [47]. - The manganese ore port quotations were firm. For example, in November 2025, Comilog's Gabonese lump was reported at 4.35 US dollars/ton - degree, a month - on - month increase of 0.08 US dollars/ton - degree [52]. 3.4 Ferrosilicon Fundamentals 3.4.1 Production - The weekly output of ferrosilicon was 115,800 tons, with no change compared to last week and an increase of 13,000 tons compared to the week before the holiday. The weekly operating rate was 35.94%, an increase of 0.61 percentage points compared to the pre - holiday operating rate [58]. 3.4.2 Steel Tendering - Steel mills have not launched a new round of tendering quotations, and the price of traders' point - price shipments is relatively low [65]. 3.4.3 Demand - From the performance of downstream steel mills, production remained at a high level, but the actual output of molten iron decreased. The blast furnace operating rate of 247 steel enterprises was 90.55%, a decrease of 0.1 percentage points compared to last week; the daily average molten iron output was 241,540 tons, a decrease of 2,700 tons compared to last week [75]. - The non - steel demand: the stainless - steel crude steel output in September was 3.0661 million tons, a month - on - month increase of 163,300 tons and a year - on - year increase of 7.65%. The metal output in September was 76,800 tons, a month - on - month increase of 10.5% and a year - on - year increase of 2.4%. The ferrosilicon export volume in August was 35,000 tons, a month - on - month decrease of 2.6% [75]. 3.4.4 Inventory - As of October 10, the number of ferrosilicon warehouse receipts was 15,040, a decrease of 2,333 compared to September 26, with a converted inventory of 75,200 tons and a warehouse receipt destocking of 11,665 tons [77]. - In September, the average available days of ferrosilicon inventory in steel mills were 15.52 days (+0.85 days) [78]. - As of October 10, the inventory of 60 domestic ferrosilicon sample enterprises was 66,030 tons, an increase of 4,570 tons compared to September 26 [82]. 3.4.5 Cost - The raw material price decreased, and the production cost center of ferrosilicon moved down [85].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a weekly increase of 3.67%, outperforming the broader market, while specific segments like special steel and long products also saw gains [10][12] - The report highlights a potential restructuring of steel prices due to government efforts to curb disorderly competition and excess capacity, which may lead to improved profitability for steel companies [3][4] - Despite current supply-demand imbalances and declining profits, the implementation of "stabilization growth" policies is expected to support steel demand, particularly in real estate and infrastructure sectors [3][4] Supply Situation - As of October 10, the capacity utilization rate for blast furnaces among sampled steel companies is 90.6%, a slight decrease of 0.10 percentage points week-on-week [26] - The production of five major steel products reached 7.535 million tons, reflecting a week-on-week decrease of 2.44 million tons [26] - Daily average pig iron production was 2.4154 million tons, down 0.27 million tons week-on-week but up 135,200 tons year-on-year [26] Demand Situation - The consumption of five major steel products was 7.514 million tons as of October 10, down 153,390 tons week-on-week, marking a 16.95% decrease [36] - The transaction volume of construction steel among mainstream traders was 91,000 tons as of October 17, down 1.78 tons week-on-week [36] Inventory Situation - Social inventory of five major steel products increased to 11.282 million tons as of October 10, up 69,230 tons week-on-week, a 6.54% increase [44] - Factory inventory for the same products reached 4.726 million tons, up 58,630 tons week-on-week, a 14.16% increase [44] Steel Prices & Profits - The comprehensive index for ordinary steel was 3,460.3 yuan/ton as of October 11, down 20.27 yuan/ton week-on-week, a 0.58% decrease [50] - The profit for rebar produced in blast furnaces was -22 yuan/ton, a significant drop of 52 yuan/ton week-on-week [58] - The profit for electric arc furnace-produced construction steel was -152 yuan/ton, down 17 yuan/ton week-on-week [58] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 793 yuan/ton as of October 11, up 6.0 yuan/ton week-on-week [72] - The price for primary metallurgical coke was 1,770 yuan/ton, an increase of 55.0 yuan/ton week-on-week [72]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Viewpoints - Steel mill profits are under pressure due to rising inventory levels and escalating overseas trade frictions, with production remaining high during the National Day holiday [5]. - The EU has proposed to cut tax-free steel import quotas by 47% to 18.3 million tons per year, increasing tariffs on excess imports from 25% to 50%, which may suppress steel exports from China and the US [5]. - Long-term capacity regulation is expected to be a key theme, with potential recovery in profitability for steel companies under precise control measures [5]. Price Trends - As of October 10, steel prices have increased, with rebar prices at 3,260 CNY/ton (up 50 CNY), hot-rolled prices at 3,400 CNY/ton (up 60 CNY), and cold-rolled prices at 3,810 CNY/ton (up 10 CNY) [3][12]. - The overall steel inventory has risen, with total social inventory increasing by 691,100 tons to 11,268,900 tons [4]. Production and Inventory - Total production of major steel products decreased to 8.63 million tons, a reduction of 37,600 tons week-on-week, with rebar production down to 2.034 million tons [4]. - The apparent consumption of rebar fell to 1.4601 million tons, a decrease of 950,600 tons week-on-week [4]. Profitability - Steel margins have declined, with long-process rebar, hot-rolled, and cold-rolled margins decreasing by 11 CNY/ton, 10 CNY/ton, and 15 CNY/ton respectively [3][5]. Key Company Forecasts and Valuations - Hualing Steel (EPS: 0.29 CNY, PE: 22), Baosteel (EPS: 0.34 CNY, PE: 21), and Nanjing Steel (EPS: 0.37 CNY, PE: 15) are highlighted as recommended stocks [5].