Report Overview - Report Title: Steel & Iron Ore | Daily Report - Report Date: October 10, 2025 - Report Type: Daily Report - Report Industry: Steel & Iron Ore 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - **Rebar**: The main contract futures price rose and then fell, with a daily increase of 0.52%, and both trading volume and open interest increased. Currently, rebar supply is contracting while demand is weak. The fundamentals have not improved substantially under the situation of weak supply and demand. The inventory increased significantly during the holiday, putting pressure on steel prices. The relative positive factor is cost support. It is expected that the price will continue to fluctuate at a low level. Attention should be paid to the demand recovery after the holiday [4]. - **Hot - rolled coil**: The main contract futures price fluctuated, with a daily increase of 0.37%, and both trading volume and open interest increased. At present, the supply of hot - rolled coils remains at a high level, while demand is weak. The fundamentals are continuously weakening. The inventory increased significantly during the holiday, and the price of hot - rolled coils is under pressure and running weakly. Attention should be paid to the demand performance after the holiday, and beware of the intensification of industrial contradictions caused by weakening demand [4]. - **Iron ore**: The main contract futures price fluctuated upwards, with a daily increase of 1.02%, trading volume decreased and open interest increased. Currently, the sentiment in the commodity market is warm after the holiday, and demand shows some resilience, which supports the ore price. However, the supply of iron ore remains at a high level, and the fundamentals are expected to weaken, so the upward driving force is not strong. It is expected that the ore price will maintain a high - level fluctuating trend under the game of multiple and short factors. Attention should be paid to the performance of steel products [4]. 3. Summary According to Relevant Catalogs 3.1 Industry Dynamics - **Price Order Governance**: The National Development and Reform Commission and the State Administration for Market Regulation recently issued an announcement on governing disorderly price competition and maintaining a good market price order. Operators of goods and services subject to market - regulated prices should follow the principles of fairness, legality, and good faith, and exercise their independent pricing power in accordance with the law [6]. - **Real Estate Sales**: In September, the total sales of TOP100 real - estate enterprises increased by 11.9% month - on - month. From January to September, the total sales of TOP100 real - estate enterprises were 260.659 billion yuan, and the decline rate narrowed by 1.1 percentage points compared with January - August [7]. - **Anti - dumping Ruling**: On September 30, 2025, Brazil's Foreign Trade Commission's Executive Management Committee (GECEX) issued Resolution No. 789 of 2025, making a positive final ruling on the second anti - dumping sunset review of certain flat - rolled steel products. China will be subject to an anti - dumping duty of $678.51 per ton for 5 years [8]. 3.2 Spot Market - **Steel Products**: The spot prices of rebar in Shanghai and Tianjin are 3,220 yuan, and the national average is 3,262 yuan. The spot prices of hot - rolled coils in Shanghai and Tianjin are 3,350 yuan and 3,290 yuan respectively, and the national average is 3,399 yuan. The price of Tangshan billet is 2,960 yuan, and the price of Zhangjiagang heavy scrap is 2,150 yuan. The spread between hot - rolled coils and rebar is 130 yuan, and the spread between rebar and scrap is 1,070 yuan [9]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports is 789 yuan, and the price of Tangshan iron concentrate powder (wet basis) is 807 yuan. The freight rates from Australia and Brazil are 9.57 yuan and 24.16 yuan respectively. The SGX swap price (current month) is 104.91 yuan, and the Platts index (CFR, 62%) is 105.85 yuan [9]. 3.3 Futures Market | Product | Active Contract | Closing Price | Change (%) | High | Low | Volume | Volume Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,103 | 0.52 | 3,124 | 3,093 | 1,039,362 | 215,679 | 1,926,153 | 18,024 | | Hot - rolled coil | - | 3,285 | 0.37 | 3,311 | 3,276 | 414,002 | 44,214 | 1,397,651 | 23,065 | | Iron ore | - | 795.0 | 1.02 | 802.0 | 791.0 | 224,798 | - 15,968 | 476,191 | 16,626 | [11] 3.4 Related Charts - **Steel Inventory**: The report provides charts on the weekly changes in rebar inventory, hot - rolled coil inventory, and the total inventory of hot - rolled coils (steel mills + social inventory) [14][16][19]. - **Iron Ore Inventory**: Charts on the inventory of 45 ports in China, the seasonal inventory of 45 ports in China, and the inventory of 247 steel mills are presented [21][22][26]. - **Steel Mill Production**: The report shows charts on the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the profit - making steel mill ratio of 247 steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 independent electric arc furnace steel mills for building materials [28][31][30][34]. 3.5 Market Outlook - **Rebar**: During the holiday, both supply and demand of rebar weakened. The weekly output decreased by 3.62 tons, and the inventory was high. Demand was weak, and the weekly apparent demand decreased. It is expected that the price will continue to fluctuate at a low level, and attention should be paid to the demand recovery after the holiday [35]. - **Hot - rolled coil**: The supply - demand pattern continued to weaken. The weekly output decreased by 1.40 tons but remained at a high level. The inventory was high, and demand was weak. The weekly apparent demand decreased by 33.64 tons. Although the production of cold - rolled products provided some support, there were concerns about demand. The price is expected to run weakly, and attention should be paid to the demand performance after the holiday [35]. - **Iron Ore**: The supply and demand situation has changed. The consumption of iron ore by steel mills remained at a high level, but the resilience of demand is expected to weaken. The supply pressure is increasing as the port arrivals increased and overseas miners' shipments are still at a high level. It is expected that the price will fluctuate at a high level, and attention should be paid to the performance of steel products [36].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - After the holiday, the supply of domestic coking coal decreased slightly, the mine end accumulated a small amount of inventory, and the inventory of sample coal washing plants decreased significantly. The overall upstream inventory pressure is not large. With limited domestic supply increase after the holiday, Mongolian coal will make up for the supply, and the overall supply - demand is relatively balanced. The coking coal futures market is significantly affected by external macro - sentiment, and its fundamental driving force is limited. The short - term price has support below, and the upward space needs macro - and micro - resonance [6][35]. - Supported by coking coal costs, the first round of coke price increase was implemented on October 1st, improving the profitability of coke enterprises compared to before the holiday. However, the high - level fluctuations of raw material prices erode steel enterprises' profits, intensifying the game between steel and coke enterprises, and suppressing the upward space of coke enterprises' per - ton profit. Currently, the inventory pressure of independent coke enterprises has been significantly reduced. With the improvement of the inventory structure, the influence of the cost side increases, and the coke futures market follows the coking coal market [6][38]. 3. Summary by Directory 3.1 Report Summary - Market Focus: The US will impose new port fees on three types of China - related ships from October 14th; the EU plans to cut the steel import quota eligible for tariff exemption and raise the steel tariff from 25% to 50%; China's relevant departments will guide the assessment of industry average costs to maintain market price order; 22 central safety inspection teams will conduct inspections in 31 provincial - level regions in November; a coal mine in Shaanxi has fully resumed production [6]. - Fundamental Overview: Domestic coking coal supply decreased slightly; upstream coking coal inventory pressure is not large; independent coke enterprises reduced coking coal inventory, and steel mills' raw material inventory decreased slightly; overall coke production was stable; hot metal production remained at a high level, supporting coke consumption; a new round of coke price increase was implemented [6]. 3.2 Multi - and Short - Focus - Bullish Factors: Reduced coking coal inventory pressure; high hot metal production supporting coke demand; environmental and safety inspections in autumn and winter affecting coal supply expectations [9]. - Bearish Factors: Recovery of Mongolian coal imports; low enthusiasm of steel mills for replenishing inventory; suppressed profitability of steel mills [9]. 3.3 Data Analysis - Domestic Coking Coal Supply: During the National Day holiday, the开工 rate and daily output of 523 sample mines and 314 sample coal washing plants decreased. Before the holiday, the customs clearance volume of Mongolian coal at the Ganqimaodu Port was at a high level. With limited domestic supply increase, Mongolian coal makes up for the supply [14]. - Coking Coal Upstream Inventory: As of October 10th, 523 sample mines' clean coal inventory increased, 314 sample coal washing plants' clean coal inventory decreased, and port coking coal inventory remained unchanged. The overall upstream inventory pressure is not large [17]. - Independent Coke Enterprises' Coking Coal Inventory: As of October 10th, the coking coal inventory of all - sample independent coking enterprises decreased, and the inventory - available days decreased. The coke inventory increased slightly [20]. - Steel Mills' Raw Material Inventory: As of October 10th, the coking coal and coke inventory of 247 steel enterprises decreased, and the inventory - available days decreased [24]. - Coke Production: As of October 10th, the capacity utilization rate and daily output of all - sample independent coking enterprises were relatively stable, while those of 247 steel enterprises decreased slightly. Overall coke production remained stable [26]. - Coke Consumption: As of the week of October 10th, China's coke consumption and 247 steel enterprises' hot metal daily output decreased slightly. Hot metal production remained at a high level, supporting coke demand [28]. - Coke Price Increase: As of October 9th, the average per - ton profit of 30 independent coking plants was 9 yuan/ton. The first - round coke price increase was implemented on October 1st, improving the profitability of coke enterprises. As of the week of October 10th, the profitability of 247 steel enterprises decreased, and the game between steel and coke enterprises intensified [30]. - Basis Structure of Coking Coal and Coke Futures: The spot and futures prices of coking coal and coke maintained a volatile trend [32]. 3.4后市研判 - Coking Coal: After the holiday, the supply - demand of coking coal is relatively balanced. The futures market is affected by macro - sentiment, and the fundamental driving force is limited. Future attention should be paid to the increase in upstream supply, downstream demand, and the impact of important domestic meetings in October [35]. - Coke: The first - round price increase improved the profitability of coke enterprises, but the game between steel and coke enterprises intensified, suppressing the profit space of coke enterprises. The coke futures market follows the coking coal market [38].

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to regulate chaotic price competition and maintain a fair market price order in accordance with national policies [1] Group 1: Market Regulation and Pricing Principles - Operators of goods and services with market-regulated prices must adhere to the principles of fairness, legality, and good faith, basing their pricing on production costs and market supply and demand [1] - The announcement emphasizes the importance of creating a fair and orderly competitive market environment [1] Group 2: Industry Average Cost Assessment - The announcement allows industry associations to assess average industry costs under the guidance of relevant authorities, providing a reference for operators to set reasonable prices [2] - This initiative aims to help operators optimize pricing strategies, improve production management, and evaluate industry competition [2] Group 3: Regulatory Measures Against Price Chaos - The announcement outlines three regulatory measures for operators engaged in chaotic price competition: reminders to comply with pricing norms, enforcement actions for non-compliance, and credit-based penalties for violations [3] - Operators will be closely monitored if they fail to rectify their pricing behavior after receiving warnings [3] Group 4: Bidding Regulations - The announcement reiterates that operators must not bid below their own costs, as stipulated by existing laws and regulations governing bidding practices [4] - It clarifies that bids below industry average costs but above an operator's own costs are not subject to rejection [4]

Report Investment Rating - The investment rating for the steel sector in the black building materials is "oscillating" [1] Core View - After the holiday, the first trading day saw the screw and coil steel oscillating to build a bottom, with a gap - up opening at night and continued gains. The steel market has both supply and demand decreasing and continuous inventory accumulation. The market expectations are divided, and the price is expected to oscillate and rebound but with insufficient upward momentum [1] Summary by Directory Market Review - After the holiday, the first trading day saw the screw and coil steel oscillating to build a bottom, and they opened higher with a gap at night and continued to close up [1] Important Information - The National Development and Reform Commission and the State Administration for Market Regulation issued an announcement on governing price disorderly competition and maintaining a good market price order [1] - This week, the supply of five major steel products was 863,310 tons, a week - on - week decrease of 3,760 tons or 0.4%. The total inventory was 1.60072 million tons, a week - on - week increase of 127,860 tons or 8.7%. The weekly consumption was 751,430 tons, among which the building materials consumption decreased by 32.8% week - on - week and the plate consumption decreased by 7.8% week - on - week [1] - New York Fed President Williams clearly stated that he supports further interest rate cuts in 2025 to cope with the possible sharp slowdown risk in the labor market [1] - The European Central Bank kept interest rates unchanged in September and gave a moderately optimistic assessment of the euro - zone economy, implying a high threshold for further policy easing [1] Market Logic - On the first day after the holiday, the spot prices of screw and coil steel had both increases and decreases, and the trading volume was average. The supply and demand of steel both decreased, and the inventory continued to accumulate. Currently, the market expectations are divided, with half expecting an increase and half expecting a decrease. Attention should be paid to the demand in October [1] Trading Strategy - It is expected that the screw and coil steel will oscillate and rebound, but the upward momentum is insufficient. Short - term long positions can be held continuously with stop - loss orders set. The expected resistance level for rebar is 3230, and the support level is 3000. The resistance level for hot - rolled coils is 3450, and the support level is 3200 [1]

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to address disorderly price competition while maintaining fair market pricing order through various regulatory measures [1][2]. Group 1: Regulatory Measures - The announcement emphasizes the need for a combination of pre-guidance and ongoing supervision to maintain a fair competitive market environment [1]. - It includes measures such as researching and evaluating industry average costs, strengthening price regulation, and standardizing bidding behaviors [1][2]. - The announcement allows industry associations to assess average costs in industries with significant price competition issues under the guidance of relevant authorities [1][3]. Group 2: Impact on Businesses - The initiative is expected to provide businesses with a reference for reasonable pricing, guide improvements in production management, and assess industry competition [2]. - Businesses are encouraged to optimize pricing strategies based on their own costs and industry averages, which will help them offer reasonably priced goods and services [2][3]. - The announcement clarifies that bids below the operator's own costs are considered improper, while bids above their own costs but below industry averages are acceptable [3]. Group 3: Enforcement and Compliance - The announcement outlines three regulatory measures for businesses engaging in disorderly price competition: warnings, regulatory enforcement, and credit punishment [3]. - Businesses that fail to comply after warnings will be closely monitored, and necessary investigations into costs and price supervision will be conducted [3]. - The announcement stresses the importance of adhering to the bidding law and regulations to ensure product and service quality [3]. Group 4: Market Trends - Recent data from the National Bureau of Statistics indicates improvements in profits and prices in related industries, such as a 22.1% year-on-year profit increase in the raw materials manufacturing sector [4]. - The steel industry has reported a turnaround from losses to profits, reflecting positive market adjustments [4]. - The Producer Price Index (PPI) has shown a year-on-year decline of 2.9%, with a narrowing of the decline compared to previous months, indicating a potential stabilization in pricing trends [5].

Core Viewpoint - The announcement from the National Development and Reform Commission and the State Administration for Market Regulation aims to address chaotic price competition and maintain a sound market price order through three regulatory measures [1][2]. Regulatory Measures - **Reminder and Warning**: Operators suspected of engaging in chaotic price competition will receive reminders and warnings, urging them to self-regulate their pricing behavior and adhere to the bottom line of price competition [1]. - **Regulatory Enforcement**: Operators who fail to comply after receiving warnings will be closely monitored, and necessary investigations into costs and price supervision will be conducted. Any identified violations will be dealt with according to the law [1]. - **Credit Punishment**: The announcement emphasizes the importance of credit regulation, implementing penalties for those who are untrustworthy in accordance with laws and regulations [2].

Group 1: Industry Investment Rating - The industry is rated to be in low - level operation [3] Group 2: Core Viewpoints - The report focuses on the steel industry, with the government taking measures to address price competition. There are changes in production costs, capacity utilization, and supply - demand and inventory. The market shows a slight price rebound after the festival, and the overall situation is relatively stable with weak actual terminal performance [1][2] Group 3: Summary According to Content Policy - The National Development and Reform Commission and the State Administration for Market Regulation issued an announcement on governing price disorderly competition and maintaining a good market price order, guiding relevant institutions to investigate and evaluate the average industry cost [2] Cost - A survey of 91 blast - furnace steel mills in the country showed that the average含税 cost of rebar at the end of September was 3,106 yuan/ton, a month - on - month increase of 37 yuan/ton, with a loss of 60 yuan/ton [2] Production Capacity - The average capacity utilization rate of 90 independent electric - arc furnace steel mills in the country this week was 51.07%, a month - on - month increase of 0.23 percentage points and a year - on - year increase of 3.01 percentage points; the average operating rate was 67.06%, a month - on - month increase of 1.19 percentage points and a year - on - year increase of 1.8 percentage points [2] Supply - Demand and Inventory - The supply of five major steel products this week was 863,310 tons, a week - on - week decrease of 3,760 tons, a decrease of 0.4%; the total inventory was 1,600,720 tons, a week - on - week increase of 127,860 tons, an increase of 8.7%; the weekly consumption was 751,430 tons, with a month - on - month decrease of 32.8% in building materials consumption and a month - on - month decrease of 7.8% in plate consumption [2] Market Performance - After the festival, the first - day performance of finished products fluctuated, with two varieties closing in the red but with small increases. The market was calm during the festival. The significant decline in the apparent demand of the five major steel products on a weekly basis was mainly due to the holiday. The overall supply - demand and inventory situation was relatively stable, and the actual terminal performance was weak. After the release of the government's price competition governance announcement, the night - trading of the black series was generally strong [2] Future Concerns - Macro - policies and downstream demand conditions should be monitored [3]

Report Industry Investment Ratings - **偏空**: 沪锌、棕榈油、白糖、沪锡、沪金、沪铜、聚丙烯、热轧卷板、鸡蛋、锰硅、铁矿石、菜油、塑料、螺纹钢、豆二、焦煤、焦炭、沥青、PTA、玻璃、沪银、玉米淀粉 [6] - **震荡**: 沪铅、PVC、豆油、甲醇、橡胶、玉米、沖铝 [6] - **偏多**: 郑棉、菜粕、豆粕、橡胶 [6] Core Views of the Report - **Macro**: The cease - fire agreement in Gaza has been reached, China has implemented export controls on related items, and policies such as the adjustment of new energy vehicle purchase tax exemption requirements and the governance of price disorder have been introduced. The US government shutdown issue remains unresolved, and the Fed has different views on interest rate cuts [8][9][10] - **Macro Finance**: For stock index futures, consider buying on dips and focus on IH; for treasury bond futures, adopt an oscillatory approach and focus on the odds of short - term bonds [12][13] - **Black Metals**: Black metals are expected to maintain an oscillatory mid - term trend. Steel may experience an oscillatory or under - performing peak season. Double - coking prices may continue to oscillate weakly in the short term, and ferroalloys should be shorted on rallies in the medium - to - long term [16][17][18] - **Soda Ash and Glass**: Adopt a short - on - rallies approach for soda ash and a wait - and - see approach for glass [21] - **Non - ferrous Metals and New Materials**: For aluminum, adopt a wait - and - see approach; for alumina, consider shorting on rallies. Lithium carbonate is expected to oscillate, and industrial silicon and polysilicon will continue to oscillate within a range [23][24][25] - **Agricultural Products**: For cotton, short on rallies; for sugar, short on rallies in the medium - term and wait - and - see in the short - term. For eggs, short near - month contracts on rallies and adopt an oscillatory approach for far - month contracts. Go long on apples on dips, stay on the sidelines for corn, wait - and - see for red dates, and short near - month hog contracts on rallies [28][29][31] - **Energy and Chemicals**: Hold existing short positions in crude oil. Fuel oil, asphalt, and polyester chains are expected to follow the cost trend and be weak. For plastics, methanol, and caustic soda, adopt a weak - oscillatory approach. For liquefied petroleum gas, maintain a short - term bullish view and a long - term bearish view [37][38][44] Summaries Based on Related Catalogs Macro Information - **International**: A cease - fire agreement in Gaza has been reached. The US is selecting a new Fed chairman, and the US government shutdown bill has not passed. The Fed has different views on interest rate cuts, and spot silver prices have reached a high [8][9][10] - **Domestic**: China has implemented export controls on related items, adjusted new energy vehicle purchase tax exemption requirements, and issued a notice on governing price disorder. Some A - share stocks' margin trading conversion ratios have been adjusted to zero, and the property market during the holiday was generally flat [8][9] Macro Finance Stock Index Futures - **Strategy**: Consider buying on dips and focus on IH. The A - share market was high on the first trading day after the holiday, with sector differentiation. Some stocks' margin trading conversion ratios were adjusted to zero [12] Treasury Bond Futures - **Strategy**: Adopt an oscillatory approach and focus on the odds of short - term bonds. The capital market was balanced and loose, and the bond market was affected by multiple factors and is expected to oscillate [13][14] Black Metals - **Policy**: After the Politburo meeting in late July, the "anti - involution" policy cooled down. Pay attention to relevant meetings in October [16] - **Market Rhythm**: The peak season is approaching, but the real demand improvement for steel is limited. The market may oscillate or have an under - performing peak season [16] - **Supply and Demand**: Real estate demand is weak, while coil demand is okay. Steel mills' profits are low, and raw material costs are oscillating [16] - **Trend**: Black metals are expected to oscillate in the medium term. Steel spot prices vary in different regions, and iron ore trading volume has increased [17] - **Coal and Coke**: Double - coking prices may continue to oscillate weakly in the short term, and pay attention to the demand for finished products in the "Golden September and Silver October" [17] - **Ferroalloys**: Short on rallies in the medium - to - long term. The spread between silicon iron and manganese silicon is not currently worth participating in [18] Soda Ash and Glass - **Soda Ash**: Adopt a short - on - rallies approach. Inventory has increased, production is high, and the supply - demand contradiction is difficult to resolve [21] - **Glass**: Adopt a wait - and - see approach. Inventory has increased, and the market is affected by the macro environment and demand [21] Non - ferrous Metals and New Materials Aluminum and Alumina - **Aluminum**: Adopt a wait - and - see approach. Aluminum prices are high, demand is average, and prices are expected to oscillate at a high level [23] - **Alumina**: Consider shorting on rallies. Supply is high, inventory is increasing, and prices are expected to oscillate weakly at the bottom [23] Lithium Carbonate - **Trend**: Oscillate. Supply is approaching its peak, and demand is in the peak season, resulting in a de - stocking state [24] Industrial Silicon and Polysilicon - **Industrial Silicon**: Oscillate within a range. Consider going long on far - month contracts at the lower range limit [25] - **Polysilicon**: Oscillate within a range. The industry is affected by policies and terminal feedback [25][26] Agricultural Products Cotton - **Strategy**: Short on rallies. Supply is increasing, demand is uncertain, and the market is expected to be under pressure [28][29] Sugar - **Strategy**: Short on rallies in the medium - term and wait - and - see in the short - term. Global sugar supply is expected to be in surplus, and domestic production may be affected by weather [29][30] Eggs - **Strategy**: Short near - month contracts on rallies and adopt an oscillatory approach for far - month contracts. Supply is high, demand is weak, and the market is in a surplus state [31] Apples - **Strategy**: Go long on dips. The opening price of new - season apples is expected to be high, and pay attention to the impact of weather on quality [33] Corn - **Strategy**: Stay on the sidelines and sell out - of - the - money call options on the 01 contract. New - season supply is increasing, and prices are under pressure [34] Red Dates - **Strategy**: Wait - and - see. The market price is stable, and the opening price is expected to be high [35] Hogs - **Strategy**: Short near - month contracts on rallies. The market is in a state of high supply and low demand after the holidays [35] Energy and Chemicals Crude Oil - **Trend**: Prices are expected to decline. OPEC+ is increasing production, demand is weakening, and existing short positions can be held [37] Fuel Oil - **Trend**: Follow the oil price trend. Supply is loose, demand is weak, and it is affected by geopolitical and supply - demand factors [38] Plastics - **Trend**: Weakly oscillate. Supply pressure is high, and demand is weak [38] Rubber - **Trend**: Oscillate. The raw material price has support and pressure, and it is affected by multiple factors [39] Methanol - **Trend**: Weakly oscillate. Port inventory is high, and the supply - demand pattern is weak [39][40] Caustic Soda - **Trend**: Bearish. The supply - demand pattern is oversupplied [40] Asphalt - **Trend**: Follow the oil price trend. The spot price has declined, and the demand peak season is critical [41] Polyester Industry Chain - **Trend**: Follow the cost and be weak. Supply pressure is high, and the supply - demand pattern is loose [42][43] Liquefied Petroleum Gas - **Trend**: Bearish in the long - term. Supply is abundant, and demand may weaken [44]

Group 1 - Huanxin Cement (600801) shares rose over 7%, currently up 7.74% at HKD 16.7, with a trading volume of HKD 143 million [1] - The company announced plans to grant 2.578 million restricted shares to 11 incentive targets and intends to repurchase A-shares worth between HKD 32.25 million and HKD 64.5 million at a price not exceeding HKD 25 per share [1] - Huanxin Cement has terminated plans for the spin-off listing of its overseas subsidiary, which reduces dilution effects on the parent company and indicates healthy development of its overseas business [1] Group 2 - The company plans to change its name to "Huanxin Building Materials," reflecting a strategic shift from cement to a broader building materials focus [1] - The National Development and Reform Commission and the State Administration for Market Regulation recently issued a notice addressing disordered price competition, which may positively impact industry expectations [1] - Guoxin Securities suggests that the introduction of a stable growth work plan and tightening supply controls could gradually restore profitability in the cement sector [1]

Core Viewpoint - Huanxin Cement (06655) shares rose over 7%, currently at 16.7 HKD, with a trading volume of 143 million HKD, following the announcement of a new incentive plan and share repurchase [1] Company Developments - The company plans to grant 2.578 million restricted shares to 11 incentive targets [1] - A share repurchase plan is set to buy back A-shares worth between 32.25 million to 64.5 million CNY, with a maximum price of 25 CNY per share [1] - Huanxin Cement has terminated plans for the spin-off listing of its overseas subsidiary, which may reduce dilution effects on the parent company [1] - The company will change its name to "Huanxin Building Materials," while the stock code remains unchanged, indicating a strategic shift from cement to broader building materials [1] Industry Insights - The National Development and Reform Commission and the State Administration for Market Regulation issued a notice addressing disordered price competition, which may impact key industries [1] - Industry associations may conduct assessments of average costs to assist operators in reasonable pricing [1] - Guoxin Securities suggests that the introduction of a growth stabilization plan and the reduction of internal competition may boost industry expectations, particularly in the cement sector, where supply control and profitability are expected to improve gradually [1]