中钢国际（000928）12月16日披露的投资者关系活动记录表显示，公司于当日召开分析师会议，长江证 券、博时基金、华泰资产等机构投资者参会。 中钢国际主营业务是以工程总承包为核心的工业工程、技术开发和工业服务；在节能环保、安全和职业 健康、智能制造等领域进行多元化拓展，是冶金工程领域最早"走出去"的中国企业之一。截至9月底， 公司新签合同共计106.49亿元，其中国内40.54亿元，海外65.95亿元。 近年来，中钢国际持续加强科技创新，构建了以高炉低碳化、带式球团、高端长材轧制、直接还原铁、 氢冶金、减污降碳协同增效、碳资产管理与咨询为核心的低碳冶金工程技术体系，超前谋划低碳冶金前 沿技术，做强低碳工程技术集成服务能力，积极推动低碳冶金技术工程化实践，助力钢铁行业绿色转 型。 2025年前三季度公司实现营收91.75亿元，较上年同期下降27.2%，其中海外营收占比超过70%。展望全 年，公司海外营收的逐步提升，对冲了国内行业减量调结构带来的风险，营收结构实现优化，为公司主 业发展提供了稳健动能，同时聚焦增强核心功能、不断提升自身竞争力，确保公司业绩稳健发展。 中钢国际向机构投资者介绍，公司坚持稳健经营、合 ...

证券代码：000928 证券简称：中钢国际 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-10 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 □ 其他（） 参与单位名称及 人员姓名 长江证券、博时基金、华泰资产、仁桥资产、中金资管、中信建投基 金、上海海楚资产、阳光天弘资产 时间 2025 年 12 月 16 日 地点 公司会议室 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董办主任 戚欣 投资者关系活动 主要内容介绍 公司近期经营情况，主要交流内容附后。 交流内容未涉及公司内幕信息。 附件清单 投资者关系活动记录（2025 年 12 月 16 日） 中钢国际工程技术股份有限公司 1.公司全年业绩展望？ 今年以来，公司面对国内钢铁行业"减量调结构"的趋势，主动发挥核心专 业技术优势，抓住产业整合、产线升级、工艺低碳化的机遇，开展差异化竞争。 重点专注"两优"，即重点维护资信良好、经营状况好的"优质客户"；海外市 场外需韧性犹存，但风险突出，随着全球贸易保护主义持续加剧，海外项目落地 的时 ...

Core Viewpoint - In 2025, China Baowu Steel Group is committed to strengthening and optimizing its operations, aiming to build a world-class enterprise and contribute to China's modernization efforts through significant achievements in production, technological innovation, integration, and international expansion [3][36]. Group 1: Social Responsibility and Community Engagement - China Baowu donated 12 million yuan to support earthquake relief efforts in Dingri County, Tibet, following a 6.8 magnitude earthquake on January 7 [4][36]. Group 2: Innovation and Technological Advancements - The Taiyuan Iron and Steel Group's "hand-torn steel" innovation team was awarded the "Model of Central Enterprises" title for their breakthroughs in ultra-thin stainless steel materials, achieving a thickness of 0.015 mm [4][37]. - The "2526" project was launched to accelerate the application of AI technologies, aiming to drive management transformation and industrial upgrades [4][39]. - Baowu's "high furnace smelting precision prediction and intelligent control" scenario was recognized as one of the first high-value AI strategic scenarios by the State-owned Assets Supervision and Administration Commission [4][46]. Group 3: Corporate Governance and Strategic Meetings - The first expanded meeting of the Baowu Party Committee and the second workers' representative conference were held to outline the goals and key tasks for 2025 [4][38]. - The second Party Congress of China Baowu was convened to discuss high-quality development and the company's strategic direction [4][38]. Group 4: Mergers and Acquisitions - Baosteel announced a cash acquisition of 5.139 billion yuan for a 35.42% stake in Maanshan Iron & Steel Co., along with a 3.861 billion yuan capital increase, totaling an investment of 9 billion yuan [4][41]. Group 5: Recognition and Awards - Eight employees from Baowu were honored as national labor models, reflecting the company's commitment to excellence in the workforce [4][42]. - Baowu was ranked 73rd in the 2025 Fortune Global 500 list, maintaining its position as the leading steel enterprise globally with revenues of 125.1125 billion USD [4][45]. Group 6: International Projects and Collaborations - The West Slope Iron Ore Project, a joint venture with Rio Tinto, commenced full production, with a total investment of approximately 2.4 billion AUD and an annual capacity of 25 million tons [4][43]. - The West Mangu project in Guinea was inaugurated, marking a significant milestone in global mining history and providing a sustainable resource base for the steel industry [4][50]. Group 7: Environmental and Social Governance - The Central Ecological and Environmental Protection Inspection Team began inspections at China Baowu to ensure compliance with environmental regulations and promote sustainable practices [4][48].

Core Viewpoint - The A-share market experienced a collective rise in the three major indices, with the ChiNext index showing significant gains, indicating positive market sentiment and investor confidence [1] Market Performance - The three major A-share indices closed higher, with the Shanghai Composite Index up by 0.54% to 3924.08 points, the Shenzhen Component Index up by 1.39% to 13329.99 points, and the ChiNext Index up by 2.6% to 3190.27 points [1] - The market showed a strong upward trend after a high opening, with the ChiNext index at one point rising over 3% [1] Sector Performance - Leading sectors included CPO concepts, optical communication modules, and Kirin batteries, which saw significant gains [1] - Conversely, sectors such as coal, mining, and low-carbon metallurgy experienced declines [1] Stock Performance - Out of 3409 A-shares, 78 stocks hit the daily limit up, while 1866 stocks declined, with 8 stocks hitting the daily limit down [1] Trading Volume - The trading volume in the Shanghai market reached approximately 8394.39 billion yuan, while the Shenzhen market saw a trading volume of about 11972.07 billion yuan, totaling around 2.04 trillion yuan across both markets [1]

Core Viewpoint - The stock market experienced a decline, with the Shanghai Composite Index falling by 0.81% and the Shenzhen Component Index dropping by 0.92%. However, sectors such as media and computer industries showed strength, with significant net inflows of capital into certain stocks [2][3][5]. Market Performance - The Shanghai Composite Index closed at 3939.81 points, down 0.81%, with a trading volume of 790.9 billion yuan. The Shenzhen Component Index closed at 13080.49 points, down 0.92%, with a trading volume of 1135.119 billion yuan. The ChiNext Index closed at 3069.22 points, down 1.16%, with a trading volume of 508.841 billion yuan. The total trading volume for both markets was 1926.019 billion yuan, an increase of 15.261 billion yuan from the previous trading day [2]. Sector Performance - The media, computer, education, and electronics sectors saw the highest gains, while sectors such as electric equipment, coal, non-ferrous metals, steel, chemicals, real estate, and oil and petrochemicals experienced the largest declines. Notably, ST Zhongdi achieved a remarkable 20 consecutive trading limit increases [3][4]. Capital Flow - The total net outflow of capital from the Shanghai and Shenzhen markets was 633.91 billion yuan, with the ChiNext experiencing a net outflow of 217.99 billion yuan. Only four sectors—media, computer, communication, and beauty care—saw net inflows, with media receiving 25.33 billion yuan and computers 11.72 billion yuan [5][6]. Individual Stock Performance - A total of 1913 stocks experienced net inflows, with 57 stocks receiving over 1 billion yuan in net inflows. Liou Co. led with a net inflow of 11.81 billion yuan, followed by Xinyi Sheng, Kaimeteqi, and others [7][8]. - Conversely, 3245 stocks faced net outflows, with 198 stocks seeing over 1 billion yuan in net outflows. Yangguang Electric Power had the highest outflow at 24.16 billion yuan [9][10]. Institutional Activity - Institutional investors had a net selling of approximately 14.25 billion yuan, with 12 stocks seeing net purchases. The top net purchase was for Delijia at about 1.25 billion yuan, while Tianshi Materials had the highest net selling at approximately 3.82 billion yuan [11].

Core Insights - The eighth China International Import Expo (CIIE) is witnessing significant procurement activities, with the Shanghai trading group actively engaging in large-scale purchases [1] - Major retail procurement alliance members, including Bailian Group and Bright Food Group, have signed contracts with suppliers from various regions, covering multiple sectors such as food, home goods, beauty, and medical devices [1] - China Baowu Steel Group has also made substantial procurement agreements with 13 global suppliers, focusing on advanced low-carbon metallurgical equipment and high-quality raw materials [1][2] Group 1 - The Shanghai trading group has achieved procurement intentions for 54 projects, with 25 projects signed on-site during the expo [1] - The procurement products represent advanced manufacturing levels in the global low-carbon metallurgy sector, aimed at upgrading processes and optimizing product structures for Baowu's steel production [2] - The procurement includes a range of resources such as iron ore, chromium ore, manganese, nickel, coal, and various metal materials [1][2] Group 2 - Multiple districts in Shanghai are also signing key industrial and benchmark projects during the expo [3]

Core Viewpoint - The Ministry of Industry and Information Technology has released a draft for the "Implementation Measures for Capacity Replacement in the Steel Industry," indicating a tightening of capacity replacement policies, which is expected to lead to a further decline in industry capacity replacement and establish a capacity ceiling for the steel industry [1][2]. Group 1: Capacity Replacement Policy - The capacity replacement ratio has been tightened, with the new draft eliminating regional differences and setting a uniform replacement ratio of no less than 1.5:1 for all areas [2]. - Long-term idle or unbuilt capacity is prohibited from participating in capacity replacement [2]. - Trading of capacity indicators for replacement will no longer be allowed after two years [2]. - New project acceptance will have timely regulations, enhancing the regulatory framework [2]. Group 2: Encouragement of Low-Carbon Metallurgy and Industry Consolidation - The new measures encourage low-carbon processes such as electric furnaces and hydrogen metallurgy by allowing equal capacity replacement for these technologies, reflecting the government's support for low-carbon development in the steel sector [3]. - The draft specifies that capacity trading will be eliminated after 2027, which may lead weaker steel companies to exit the market through mergers or closures, promoting industry consolidation and benefiting core assets with competitive advantages [3]. Group 3: Investment Recommendations - The current market presents opportunities for long-term investment in high-quality core assets, which are currently undervalued with P/B ratios below net asset value [4]. - Focus on two main lines: 1) Long-term perspective, as core assets are generally undervalued and may see valuation recovery with the bottoming of profit cycles, with Huazhong Steel (000932) being a top pick [4]. 2) Short-term perspective, where production control and mid-term capacity clearance will have a greater marginal impact on rebar companies, suggesting a focus on efficient steel enterprises with a high proportion of rebar production [4].

Market Performance - The Shanghai Composite Index closed at 3882.78 points, up 0.52%, with a trading volume of 973.3 billion yuan [1] - The Shenzhen Component Index closed at 13526.51 points, up 0.35%, with a trading volume of 1208.14 billion yuan [1] - The ChiNext Index closed flat at 3238.16 points, with a trading volume of 583.96 billion yuan [1] - The STAR 50 Index closed at 1495.29 points, up 1.69%, with a trading volume of 99.8 billion yuan [1] - Total trading volume for both markets reached 2181.44 billion yuan, an increase of 19.99 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance was noted in sectors such as non-ferrous metals, electric equipment, national defense, real estate, pharmaceutical biology, computers, steel, and precious metals [3] - Active concepts included storage chips, lithium mines, small metals, low-carbon metallurgy, and gold [3] - The non-bank financial sector experienced the largest net outflow of funds, totaling 5.7 billion yuan [5] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 32.79 billion yuan [4] - The ChiNext saw a net outflow of 11.97 billion yuan, while the CSI 300 experienced a net outflow of 16.78 billion yuan [5] - Only two sectors, retail and national defense, saw net inflows of 0.15 billion yuan and 0.01 billion yuan, respectively [5] Individual Stock Performance - A total of 2549 stocks rose, while 2416 stocks fell, with 63 stocks hitting the daily limit up and 11 stocks hitting the limit down [3] - 77 stocks had net inflows exceeding 0.1 billion yuan, with the highest being GoerTek at 0.97 billion yuan [7] - 127 stocks had net outflows exceeding 0.1 billion yuan, with Lingyi Technology experiencing the largest outflow of 2.07 billion yuan [9] Institutional Activity - Institutions had a net buying of approximately 0.687 billion yuan, with Huahong Semiconductor being the top net buyer at 0.684 billion yuan [10]

Market Overview - The Shanghai Composite Index closed at 3828.11 points, down 0.65%, with a trading volume of 927.9 billion yuan [1] - The Shenzhen Component Index closed at 13209.00 points, down 1.76%, with a trading volume of 1219.025 billion yuan [1] - The ChiNext Index closed at 3151.53 points, down 2.6%, with a trading volume of 570.235 billion yuan [1] - The STAR Market 50 Index closed at 1450.82 points, down 1.6%, with a trading volume of 93.9 billion yuan [1] - The total trading volume of both markets was 2146.925 billion yuan, a decrease of 224.16 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included oil and petrochemicals, environmental protection, agriculture, insurance, and public utilities [3] - Active concepts included lab-grown meat, phosphorus chemicals, ecological agriculture, low-carbon metallurgy, and rental rights [3] - Weak sectors included electronics, media, telecommunications, machinery, pharmaceuticals, power equipment, and building materials [3] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 70.187 billion yuan [4] - The ChiNext saw a net outflow of 32.676 billion yuan, while the CSI 300 experienced a net outflow of 19.733 billion yuan [5] - The automotive sector had the highest net inflow of main funds at 1.196 billion yuan, followed by agriculture and beauty care [5] Individual Stock Movement - A total of 1725 stocks rose, while 3221 stocks fell, with 58 stocks hitting the daily limit up and 24 stocks hitting the limit down [3] - 54 stocks saw net inflows exceeding 100 million yuan, with Wanxiang Qianchao leading at 570 million yuan [7] - 201 stocks experienced net outflows exceeding 100 million yuan, with Luxshare Precision leading at 2.482 billion yuan [9] Institutional Activity - Institutions had a net buy of approximately 11.0813 million yuan, with the highest net buy in Zhongdian Xinlong at about 97.0636 million yuan [10]

Group 1: Technology Innovation Efforts - In the first half of 2025, the company conducted four batches of research seminars and evaluations, screening 55 research intentions from various units and subsidiaries, resulting in 14 research projects being approved for establishment [2] - One batch of research project evaluations was completed, with 6 projects passing the acceptance review, and a new product developed, leading to 7 invention patents and 10 papers produced [2] - Contracts for technical development were signed with Shanghai University and Guangdong Academy of Sciences, focusing on key research projects and promoting the transformation and application of research results [2] Group 2: Future Technology Innovation Plans - The company’s future technology innovation strategy aligns with the "14th Five-Year Plan," emphasizing high-end, intelligent, green, and efficient development, while enhancing product variety and reducing costs [3] - There is a commitment to increase product development and innovation, aiming for comprehensive improvements in quality, quantity, and pricing of new products [3] - The company plans to accelerate the layout and transformation of low-carbon metallurgy technologies to promote green and low-carbon upgrades of products [3] Group 3: Recognition and Achievements - Technology worker Liu Mingcai was awarded the title of "Model Worker in Learning from Lei Feng" by the Guangdong Provincial Publicity Department [3] - Other technology workers were recognized as "Outstanding Scientific and Technological Workers" in 2024 by the Shaoguan High-tech Promotion Association [3] Group 4: Investor Relations Activity - The investor relations activity was held on September 19, 2025, focusing on the company's performance and technological advancements [2] - The event did not involve the disclosure of any undisclosed significant information [3]