证券代码：600868 证券简称： 梅雁吉祥 公告编号：2025 -034 ●交易简要内容： 公司控股子公司梅州市梅雁旋窑水泥有限公司（以下简称"梅雁旋窑"）将日 产 2000 吨新型干法熟料水泥生产线的 60 万吨/年水泥熟料产能指标转让给铜陵上 峰水泥股份有限公司（以下简称"铜陵上峰"），交易价款合计人民币 3,240.00 万 元（大写：人民币叁仟贰佰肆拾万元整）。 本次转让 60 万吨/年水泥熟料产能指标扣除各项税费后可收回现金约 2,904 万 元。转让完成后梅雁旋窑将依法关停并拆除窑炉等主体设备，因目前设备尚未拆除， 后续仍有处置收益，房屋建筑仍有使用价值，本次产能指标转让损益最终影响金额 以年度会计师审计报告为准。 广东梅雁吉祥水电股份有限公司 关于子公司转让水泥熟料产能指标的公告 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。 重要内容提示： （二）交易的目的和原因 梅雁旋窑受市场原因的影响，目前处于停产状态。根据国家工信部 2024 年 11 月 1 日发布实施的《水泥玻璃行业产能置换实施办法（2024 年本 ...

2025 年 05 月 30 日 工业硅：盘面再创新低 多晶硅：波动有所放大，建议谨慎持仓 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） | 7,215 | -125 | -665 | -1,660 | | | | Si2507成交量（手） | 539,683 | -85,158 | 331,286 | 392,397 | | | | Si2507持仓量（手） | 224,146 | -1,923 | 40,456 | 41,493 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 35,280 | 180 | -800 | - | | | | PS2507成交量（手） | 145,339 | -7,933 | 19,077 | - | | | | PS2507持仓量（手） | 78,271 | -1,59 ...

Summary of the Conference Call for Sansteel Mingguang Industry Overview - The steel industry is currently facing challenges due to a downturn in the real estate sector, leading to a shift in product structure towards industrial materials, which now account for over 58% of production, with a target of over 90% for the main plant [2][5][7]. - The company is developing high-end product lines such as nuclear power, bridges, and steel wire to meet market demand and improve profitability, benchmarking against major competitors like Baosteel and Shougang [2][8]. Company Performance and Strategy - Sansteel Mingguang has a total production capacity of 13-14 million tons per year across its three main plants, but actual production has been lower due to policy and market influences [2][12]. - The company has undergone significant capacity replacement and product transformation since 2018, with major projects expected to be completed by the end of 2024 [4]. - The company has reported stable profitability in the first five months of 2025 after two years of losses due to impairment losses from equipment upgrades [4]. Financial Metrics - The steel industry has seen a recovery in profitability since Q4 2024, aided by declining raw material prices [13]. - The company maintains a coal and coke procurement ratio of approximately 60% long-term contracts to 40% spot purchases, which helps maintain profit elasticity [13]. - Capital expenditure for 2025 is projected at 1.99 billion yuan, a decrease from previous years' investments of 5-6 billion yuan annually [19][20]. Environmental and Regulatory Compliance - The company has completed its ultra-low emissions transformation and is undergoing acceptance and public announcement processes [3][17]. - Environmental construction costs are estimated at 470-475 yuan per ton of steel, aligning with the company's actual costs [3][17]. Market Dynamics and Product Development - The shift in demand due to the real estate downturn has led to a focus on long products, with ongoing adjustments to increase the proportion of industrial materials [5][6]. - The company is also focusing on high-end industrial materials, with plans for a new production line aimed primarily at industrial materials, which can also adapt to market needs [7][8]. - There are significant differences in profitability among various steel products, with future potential seen in a balanced allocation of different product types to adapt to market demand [9][10]. Challenges and Future Outlook - The company is preparing for potential increased production restrictions in the second half of the year due to government policies aimed at controlling crude steel output [16]. - The company is actively managing production to maximize efficiency and respond to market conditions, particularly in light of the anticipated regulatory environment [16]. Conclusion - Sansteel Mingguang is strategically positioning itself to navigate the challenges of the steel industry by focusing on high-end products, optimizing production capacity, and maintaining flexibility in raw material procurement. The company is also committed to environmental compliance and adapting to market dynamics to ensure sustainable growth.

Production Capacity and Output - The production capacity of the company's Sanming base is approximately 6.27 million tons of crude steel, with main products including medium plates, round steel, and construction materials [1] - The Quanzhou base produces about 2.57 million tons of crude steel, primarily focusing on construction materials [2] - The Luoyuan base has a crude steel output of approximately 2.57 million tons, mainly producing construction materials [2] Fuel Procurement - The company has a stable supply for coke and coking coal, with long-term contracts accounting for about 66.67% of procurement [2] Capital Expenditure and Production Upgrades - The company’s capacity replacement and ultra-low emission transformation projects are nearing completion, with a planned completion date for the Quanzhou steelmaking and supporting projects by the end of October 2025 [2] - The capital expenditure plan for 2025 is set at 1.99 billion yuan, significantly reduced compared to previous years [2] Dividend Policy - The company has not distributed dividends for two consecutive years due to reported losses in 2023 and 2024, which do not meet the conditions for cash dividends [2] Mergers and Acquisitions - There are currently no plans for mergers or acquisitions, although the company is monitoring new capacity replacement management regulations that may impact the industry [2] Industry Regulations - The company acknowledges the necessity of recent policies aimed at eliminating outdated and inefficient steel production capacity, viewing them as beneficial for industry health [3][4]

Core Viewpoint - The China Iron and Steel Association (CISA) has completed the first draft of the revised "Implementation Measures for Capacity Replacement in the Steel Industry," suggesting the cancellation of capacity trading between different enterprises and promoting mergers and acquisitions for capacity integration [1][4]. Group 1: Policy Changes - CISA recommends eliminating capacity trading between enterprises to remove economic benefits attached to capacity indicators, allowing only substantial mergers and acquisitions for capacity integration [1][4]. - The Ministry of Industry and Information Technology (MIIT) suspended the capacity replacement policy in 2024 due to issues such as inadequate execution and supervision, and a mismatch with industry development needs [2]. Group 2: Industry Challenges - The steel industry faces challenges such as rising production costs, with the average investment for ultra-low emission transformation reaching approximately 474.35 yuan per ton, and average environmental operating costs around 218.43 yuan [2]. - Some enterprises are lagging in environmental upgrades, leading to unfair competition within the industry, as those with outdated facilities struggle to keep up with the costs of compliance [3]. Group 3: Market Dynamics - CISA aims to encourage strong enterprises to grow while gradually pushing out those lacking market competitiveness, thereby increasing industry concentration [1][4]. - The association emphasizes the need for a new capacity and output regulation mechanism that aligns with market principles to address the issue of "bad money driving out good" in the industry [3].

证券代码：000933 证券简称：神火股份 河南神火煤电股份有限公司 投资者关系活动记录表 编号：2025-002 投资者 关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单 位名称 及人员 姓名 东方财富：王涛 东方财富：魏河城 景林资产：周茜 时间 2025 年 5 月 16 日 9:00-11:00 地点 河南神火煤电股份有限公司本部七楼第二会议室 公司接 待人员 姓名 董事会秘书：李元勋 证券事务代表：肖雷 投资者 关系活 动主要 内容介 绍 1.是否有氧化铝板块布局的考虑，如何应对相关成本波动的风险？ 答：在当前市场情况下，电解铝供给侧结构性改革对电解铝行业产能有了"天 花板"的限制，而氧化铝供应仍在持续增加；氧化铝的核心问题在于铝土矿 资源，公司如果布局氧化铝，将从矿石端进行综合研判，有较为合适的铝土 矿资源也可以考虑。公司目前通过合资持有部分氧化铝权益产能，今后将通 过及时把握供需变动、稳定供应渠道、适时开展战略采购等途径降低成本波 动风险。 2.公司对压降负债的规划。 答：202 ...

国新国证期货早报 2025 年 5 月 16 日 星期五 品种观点： 【股指期货】 周四（5 月 15 日）A 股三大指数集体回调，截止收盘，沪指跌 0.68%，收报 3380.82 点；深 证成指跌 1.62%，收报 10186.45 点；创业板指跌 1.91%，收报 2043.25 点。沪深两市成交额 11524 亿，较昨日缩 量 1643 亿。 沪深 300 指数 5 月 15 日回调整理，收盘 3907.20，环比下跌 36.01。 【焦炭 焦煤】5 月 15 日焦炭加权指数窄幅整理，收盘价 1473.2 元，环比上涨 5.8。 5 月 15 日，焦煤加权指数窄幅震荡，收盘价 883.5 元，环比上涨 3.1。 客服产品系列•日评 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：钢厂提出节后焦炭首轮降价。国家相关部委正在积极部署和推进全国粗钢产量调控工作，工业和信息 化部正在加紧修订《钢铁行业产能置换实施办法》，目前已形成初稿。基本面，短期供应弹性好于焦煤，铁水产 量上升空间有限。利润方面，本期全国 30 家独立焦化厂平均吨焦盈利 1 元/吨，钢厂提出节后焦炭首轮降价。 焦煤：蒙 5#原煤报 820，价 ...

Financial Performance - The company reported a net profit attributable to shareholders of -1.277 billion CNY for 2024, a decrease of 91.21% year-on-year [4] - Total revenue for 2024 was 46.058 billion CNY, down 3.93% compared to the previous year [4] - The company produced 11.41 million tons of steel in 2024, a year-on-year increase of 1.51% [4] - The company’s total assets as of December 31, 2024, were 51.646 billion CNY, with equity attributable to the parent company at 19.165 billion CNY [4] Production Capacity and Profitability - The company’s production capacity includes approximately 6.27 million tons of crude steel from the Sanming base, with a gross profit margin of 10.02% for plate products [3] - The Quanzhou and Luoyuan bases each produced about 2.57 million tons of crude steel, primarily in construction materials [3] - The gross profit margins for various products in 2024 were: - Plate: 10.02% - Construction materials: 3.56% - Round steel: 4.27% - Finished products: 3.99% - Profile steel: 2% [3] Governance and Compliance - The company plans to abolish the supervisory board by January 1, 2026, in compliance with new regulations, and will establish an audit committee within the board [2] - The adjustments aim to enhance corporate governance and improve overall efficiency [2] Capital Expenditure and Future Outlook - The company’s capital expenditures are expected to significantly decrease after 2025, as most capacity replacement and ultra-low emission transformation projects are nearing completion [4] - The company aims to optimize its asset structure and reduce financing costs, maintaining a comprehensive funding cost below 2.56% in 2024 [4] Market Presence - The company does not export products overseas, with approximately 63% of sales occurring within Fujian province and 37% in other domestic markets [3]

Variety Insights Stock Index Futures - On May 13th, the three major A-share indexes fluctuated. The Shanghai Composite Index rose 0.17% to 3374.87 points, the Shenzhen Component Index fell 0.13% to 10288.08 points, and the ChiNext Index fell 0.12% to 2062.26 points. The trading volume in the Shanghai and Shenzhen stock markets reached 1.2916 trillion yuan, a slight decrease of 16.9 billion yuan from the previous day. The CSI 300 Index closed at 3896.26, up 5.65 [1]. Coke and Coking Coal - On May 13th, the weighted coke index was weak, closing at 1450.0 yuan, down 9.5. The weighted coking coal index remained weak, closing at 871.0 yuan, down 7.5. After the first round of price increase for coke, the price remained stable. The relevant national ministries are actively deploying and promoting the regulation of national crude steel production, and the Ministry of Industry and Information Technology is revising the Implementation Measures for Capacity Replacement in the Iron and Steel Industry. The short - term supply elasticity of coke is better than that of coking coal, and the increase in hot metal production is limited. The average profit per ton of coke for 30 independent coking plants nationwide is 1 yuan/ton. The price of Mongolian No. 5 raw coal is 820 yuan/ton, down 5 yuan/ton. The supply of coking coal is loose, and the mine production is stable, with a significant increase in clean coal inventory this period [1][2]. Zhengzhou Sugar - Affected by the technical adjustment of the US sugar and the bearish monthly report of the Market Early - Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, the Zhengzhou Sugar 2509 contract fluctuated downward on May 13th and rose at night due to short - covering. As of the end of April 2025, the cumulative sugar production in China was 11.11 million tons, an increase of 1.15 million tons year - on - year. The sugar production forecast for the 2024/25 season has been further raised to 11.15 million tons, and it is predicted that the sugar production in 2025/26 will continue to increase slightly to 11.2 million tons. India has set a sugarcane production target of 467 million tons for 2025 - 26, higher than last year's 436.08 million tons [2]. Rubber - Affected by the technical adjustment due to the recent sharp increase, the Shanghai rubber fluctuated and closed slightly higher on May 13th and continued to rise slightly at night. As of May 11th, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade areas was 618,700 tons, an increase of 4500 tons or 0.73% from the previous period. The bonded area inventory increased by 5.89% to 90,000 tons, and the general trade inventory decreased by 0.09% to 528,700 tons. The automobile market performed well in April, and the production and sales in the first four months of this year exceeded 10 million for the first time in history [3]. Soybean Meal - In the international market, on May 13th, the CBOT soybean futures prices closed higher. The US Department of Agriculture's supply - demand report lowered the US soybean production forecast, and the easing of Sino - US trade relations was also positive. The USDA expects the ending inventory of US soybeans in 2025/2026 to be 295 million bushels, lower than the analysts' pre - report estimate of 362 million bushels. The sown area is expected to be 83.5 million acres, the yield per acre to be 52.5 bushels, and the production to be 4.34 billion bushels. In the domestic market, on May 13th, the soybean meal futures prices fluctuated weakly. The M2509 contract closed at 2886 yuan/ton, down 0.76%. After May, the arrival of imported soybeans increased rapidly, the oil mill operating rate continued to rise, and the soybean meal inventory stopped falling and rebounded slowly, remaining at a low level. The soybean meal market may fluctuate weakly in the context of loose supply [4][5]. Live Hogs - On May 13th, the live hog futures fluctuated. The LH2509 main contract closed at 13,885 yuan/ton, up 0.11%. The overall consumer demand is weak, with more alternative consumption, and the sales of fresh pork are poor. The breeding side is normalizing the slaughter, and the average slaughter weight is high. According to the inventory of breeding sows, the theoretical supply of live hogs will increase month - by - month in the second quarter. In the long - term, the live hog futures may maintain a weak and volatile trend [6]. Palm Oil - On May 13th, palm oil rose first and then fell, continuing the weak and volatile trend. The main contract P2509 closed with a negative line, with the highest price of 8082, the lowest price of 7938, and the closing price of 7954, down 0.87% from the previous day. From May 1 - 10, 2025, the palm oil yield in Malaysia increased by 20.2%, the oil extraction rate increased by 0.4%, and the production increased by 22.31%. In April, Malaysia's palm oil imports decreased by 52.17% month - on - month, production increased by 21.52% month - on - month, and exports increased by 9.62% month - on - month [6]. Shanghai Copper - On May 13th, the main Shanghai copper contract CU2506 opened at 78,080 yuan/ton, reached a high of 78,190 yuan/ton, a low of 77,620 yuan/ton, and closed at 77,820 yuan/ton, down 0.27%. The trading volume was 39,435 lots, and the open interest was 180,978 lots. The price first rose, then fell, and then stabilized. The fundamental supply - demand relationship has weakened, with increased supply and decreased demand, but the price is also supported to some extent [7]. Iron Ore - On May 13th, the iron ore 2509 main contract fluctuated and rose, with a gain of 1.06% and a closing price of 714.5 yuan. The overseas shipment and arrival of iron ore decreased this period, the supply tightened, and the growth rate of hot metal production slowed down but remained at a high level. In the short - term, iron ore will show a volatile trend [7]. Asphalt - On May 13th, the asphalt 2506 main contract fluctuated and rose, with a gain of 0.69% and a closing price of 3485 yuan. With the recovery of refinery processing profit, the asphalt production capacity utilization rate increased month - on - month, the social inventory accumulated slightly, and the demand release was still average. In the short - term, asphalt will show a volatile trend [7]. Logs - On May 13th, the 2507 log contract opened at 804, with the lowest price of 784, the highest price of 805, and closed at 788, with a reduction of 7285 lots. The support level is at 780, and the resistance level is at 803. The spot prices of 3.9 - meter medium - grade A radiata pine logs in Shandong and 4 - meter medium - grade A radiata pine logs in Jiangsu remained unchanged from the previous day. The port log inventory decreased to a two - month low, with a slight increase in outbound volume. The overall demand is weak, and the supply - demand relationship has no major contradictions [8]. Cotton - On the night of May 13th, the main Zhengzhou cotton contract closed at 13,335 yuan/ton. The lowest basis price of cotton in the Xinjiang designated delivery (supervision) warehouse of the National Cotton Exchange on May 13th was 610 yuan/ton, and the cotton inventory decreased by 41 lots from the previous day. According to the USDA's May global cotton supply - demand forecast report, the global cotton production in 2025/26 will decrease year - on - year but remain at the second - highest level in the past five years, while consumption will increase year - on - year and reach the highest level in the past five years [9]. Steel - On May 13th, rb2510 closed at 3079 yuan/ton, and hc2510 closed at 3215 yuan/ton. The US will reduce the tariff on most Chinese goods from 145% to 30% before May 14th, and China will reduce the tariff on US products from 125% to 10%. The consensus of the Sino - US economic and trade negotiation exceeded market expectations, boosting market sentiment. The fundamental supply - demand relationship of rebar has weakened, but the macro - sentiment has strengthened. In the short - term, the rebar futures may show a volatile trend [9]. Alumina - On May 13th, ao2509 closed at 2840 yuan/ton. The spot trading price of alumina continued to rise, and the indexes in various regions increased by about 10 yuan. Recently, the capacity for maintenance and production reduction of alumina has been increasing, and the production has decreased periodically, with the industry inventory turning to decline. However, once the profit is restored, the capacity will resume production on a large scale, and new capacities in Shandong and Hebei will gradually produce finished products. The cost of Guinean bauxite has dropped from 110 US dollars at the beginning of the year to 75 US dollars, and the average cost of alumina has dropped to around 2900 yuan [10]. Shanghai Aluminum - On May 13th, al2506 closed at 20,005 yuan/ton. The result of the Sino - US tariff negotiation exceeded expectations, improving the macro - sentiment. Some short - sellers left the market, pushing up the aluminum price with reduced positions. However, the peak season is over, and the weakening demand expectation restricts the increase in aluminum price. In the short - term, pay attention to the 20,000 - yuan/ton level, and in the medium - term, pay attention to whether the tariff negotiation result will lead to enterprises' rush - to - export and improve the aluminum demand situation [10]. Lithium Carbonate - The index price of battery - grade lithium carbonate was 64,762 yuan/ton, down 46 yuan/ton from the previous working day. The price range of battery - grade lithium carbonate was 63,400 - 65,800 yuan/ton, with an average of 64,600 yuan/ton, unchanged from the previous working day. The price range of industrial - grade lithium carbonate was 62,450 - 63,450 yuan/ton, with an average of 62,950 yuan/ton, unchanged from the previous working day. The spot trading price of lithium carbonate has temporarily stabilized. The downstream procurement willingness is weak, and the overall demand is mainly met by customer - supplied and long - term contracts. The upstream lithium salt factories have a strong willingness to support the price under cost - loss pressure. Only some transactions occur between traders and downstream enterprises. There may be a rush - to - export expectation for Chinese energy - storage cells within the 90 - day tariff - exemption period, which may drive up the demand for lithium carbonate. However, considering the high inventory level and the continuous decline in ore prices, the price of lithium carbonate is likely to show a low - level volatile trend with a greater possibility of decline [10][11].

晨报 铝锭 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 5 月 8 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 证监许可【2011】1452 号 逻辑:昨日铝价向下调整。美联储将指标利率稳定在 4.25%-4.50%的区 间，但表示通胀和失业率上升的风险已经加剧，美联储判断失业率和通胀 上升的风险已经加剧，美国经济前景仍不明朗。国内央行宣布降准降息。 成材：重心下移 偏弱运行 铝锭：下游开工率施压 铝价偏弱调整 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投 ...