Group 1 - The core viewpoint of the articles highlights the successful green transformation of the steel industry in Qian'an and the vibrant production of rural "micro-factories," showcasing a blend of industrial strength and rural revitalization [1][2] - Tangshan Songting Steel Co., Ltd. operates the first long-process continuous casting low-carbon steel production line in the country, achieving low-carbon emission certification and gaining access to high-end international markets [1] - The city's strategy of "quality improvement and strong chain" has led to the formation of advanced steel manufacturing clusters, with high-end products like electrical steel making up 46% of the total output, indicating a shift from "steel manufacturing" to "material services" [1] Group 2 - Over 10,000 "micro-factories" have commenced operations in Qian'an, providing stable employment and income for villagers, with monthly earnings reaching over 3,000 yuan [2] - The rural "micro-factories" are benefiting from "order-based" development and collective scaling, exporting products to international markets such as Russia and Italy [2] - Qian'an is poised for high-quality development, aiming to write a new chapter as a "modern water city" and "beautiful Qian'an" [2]

黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 黑色建材日报 2026-01-27 【策略观点】 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3143 元/吨, 较上一交易日涨 1 元/吨（0.031%）。当日注册仓单 17283 吨, 环比减少 1204 吨。主力合约持仓量为 173.09 万手，环比减少 10906 手。现货市场方面, 螺纹钢天津汇总 价格为 3170 元/吨, 环比减少 0/吨; 上海汇总价格为 3280 元/吨, 环比增加 10 元/吨。 热轧板卷主力合 约收盘价为 3302 元/吨, 较上一交易日跌 3 元/吨（-0.09%）。 当日注册仓单 179126 吨, 环比减少 0 吨。 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Steel Industry - Steel prices remained stable. The night - trading prices of rebar and hot - rolled coils closed at 3144 yuan and 3304 yuan respectively. The spot price difference between hot - rolled coils and rebar widened, and the rebar futures strengthened. The industry is in a situation of weak supply and demand. Rebar demand declined seasonally, with a significant increase in inventory, while hot - rolled coil demand declined slightly and inventory continued to decrease. It is expected that steel prices will maintain a range - bound trend. The reference range for the May rebar contract is 3050 - 3250 yuan, and for hot - rolled coils is 3200 - 3350 yuan. The strategy of long hot - rolled coil and short rebar can be continued [1]. Iron Ore Industry - The main iron ore contract oscillated weakly, and the position decreased. The supply side saw a slight increase in global shipments, but the shipment center decreased marginally and was still at a relatively high level compared to the historical average. The demand side showed that the previous period's molten iron production was flat, and the port clearance volume decreased seasonally, indicating that the resumption of molten iron production before the Spring Festival was limited. The inventory at ports continued to increase, and the increase in steel mill inventory slowed down. Iron ore is facing a situation of weak supply and demand, and prices are under pressure. Be vigilant about macro - level disturbances [3]. Coke and Coking Coal Industry - Coke futures oscillated. After the fourth round of price cuts on January 1st, the coke market was temporarily stable. The supply side had pressure on coking profits, and the start - up rate decreased slightly. The demand side saw a slight increase in molten iron production after the New Year, and steel prices rebounded from a low level. The inventory at ports and steel mills increased, while the coking plant inventory decreased. It is expected that the proposed price increase of coke can be implemented, but the market will be loose again after the Spring Festival. The price is expected to be range - bound and bearish, with a reference range of 1600 - 1800 yuan. - Coking coal futures oscillated. The supply side saw an increase in daily coal production, and the import volume increased after the New Year. The demand side had limited downstream restocking demand before the Spring Festival due to factors such as steel mill losses and safety accidents. The inventory of coal mines, coking enterprises, and steel mills increased. The price is expected to be range - bound and bearish, with a reference range of 1000 - 1200 yuan. The strategy of long coking coal and short coke is recommended [6]. Silicon Iron and Silicon Manganese Industry - Silicon iron futures oscillated weakly. The supply side had stable production, with most regions' production remaining flat compared to the previous week, and only Gansu seeing a slight decline. The demand side had less - than - expected resumption of molten iron production, and the profitability of steel mills declined. The inventory in factories remained high, and the overall non - steel demand weakened. The cost side had a downward expectation of the settlement electricity price in Inner Mongolia. It is expected that the price will be range - bound, with a reference range of 5500 - 5900 yuan. - Silicon manganese futures oscillated weakly. The supply side had stable supply, with new production capacity in Inner Mongolia and some factories having shutdown and maintenance plans at the end of the month. The demand side also had less - than - expected resumption of molten iron production, and the profitability of steel mills declined. The inventory was at a relatively high level, and the manganese ore price was supported. It is expected that the price will be range - bound, with a reference range of 5600 - 6000 yuan [7]. 3. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts showed various changes. For example, the spot price of rebar in East China increased by 10 yuan to 3280 yuan, and the 05 contract price increased by 19 yuan to 3143 yuan. The hot - rolled coil 05 contract price increased by 15 yuan to 3302 yuan [1]. Cost and Profit - The billet price increased by 10 yuan to 2950 yuan, and the plate billet price remained unchanged at 3730 yuan. The profit of hot - rolled coils in East China increased by 24 yuan to 36 yuan, while the profit of rebar in North China increased by 24 yuan but was still at - 84 yuan [1]. Supply - The daily average molten iron production decreased slightly by 0.1 to 228.1, and the output of five major steel products increased slightly by 0.4 to 819.6. The rebar output increased by 9.3 to 199.6, with a growth rate of 4.9%, and the hot - rolled coil output decreased by 2.9 to 305.4, with a decline rate of 1.0% [1]. Inventory - The inventory of five major steel products increased by 10.1 to 1257.1, with a growth rate of 0.8%. The rebar inventory increased by 14.0 to 452.1, with a growth rate of 3.2%, and the hot - rolled coil inventory decreased by 4.6 to 357.8, with a decline rate of 1.3% [1]. Transaction and Demand - The building materials transaction volume decreased by 0.2 to 7.6, with a decline rate of 2.4%. The apparent consumption of five major steel products decreased by 16.6 to 809.5, with a decline rate of 2.0%. The apparent consumption of rebar decreased by 4.8 to 185.5, with a decline rate of 2.5%, and the apparent consumption of hot - rolled coils decreased by 4.2 to 310.0, with a decline rate of 1.3% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore types such as Carajás fines, PB fines, etc. decreased. For example, the warehouse - receipt cost of Carajás fines decreased by 9.8 to 845.7, with a decline rate of 1.1%. The 05 - contract basis of various iron ore types increased slightly, and the 5 - 9 spread and 1 - 5 spread also changed [3]. Supply - The arrival volume at 45 ports decreased by 129.7 to 2530.0, with a decline rate of 4.9%. The global shipment volume increased by 48.4 to 2978.3, with a growth rate of 1.7%. The national monthly import volume increased by 910.7 to 11964.7, with a growth rate of 8.2% [3]. Demand - The daily average molten iron production of 247 steel mills increased slightly by 0.1 to 228.1. The daily average port clearance volume of 45 ports decreased by 9.2 to 310.7, with a decline rate of 2.9%. The national monthly pig iron production decreased by 162.1 to 6072.2, with a decline rate of 2.6%, and the national monthly crude steel production decreased by 169.4 to 6817.7, with a decline rate of 2.4% [3]. Inventory Changes - The inventory at 45 ports increased by 211.4 to 16766.53, with a growth rate of 1.3%. The imported iron ore inventory of 247 steel mills increased by 126.6 to 9388.8, with a growth rate of 1.4%. The inventory available days of 64 steel mills increased by 2.0 to 23.0, with a growth rate of 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse - receipt) and other coke products remained unchanged or changed slightly. The coke 05 contract price decreased by 3 to 1160, with a decline rate of 0.2% [6]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse - receipt) remained unchanged, and the price of Mongolian No. 5 raw coal (warehouse - receipt) increased by 9 to 1207, with a growth rate of 0.8%. The coking coal 05 contract price increased by 3 to 1160, with a growth rate of 0.2% [6]. Supply - The daily average output of all - sample coking plants decreased by 0.1 to 63.3, with a decline rate of 0.2%. The daily average output of 247 steel mills increased by 0.2 to 46.9, with a growth rate of 0.4% [6]. Demand - The molten iron production of 247 steel mills increased slightly by 0.1 to 228.1 [6]. Inventory Changes - The total coke inventory increased by 18.9 to 939.2, with a growth rate of 2.1%. The coking coal inventory of all - sample coking plants increased by 44.9 to 1177.7, with a growth rate of 4.0% [6]. Silicon Iron and Silicon Manganese Industry Spot Prices and Spreads - The spot prices of silicon iron and silicon manganese in different regions remained stable. The silicon iron 72% FeSi in Inner Mongolia remained at 5330 yuan, and the silicon manganese FeMn65Si17 in Inner Mongolia remained at 5680 yuan [7]. Cost and Profit - The production cost of silicon iron in Inner Mongolia remained at 5867.8 yuan, and the production profit increased by 18 to - 104. The production cost of silicon manganese in Inner Mongolia decreased by 18 to 5434.0, and the production profit increased by 18 to - 115 [7]. Supply - The weekly output of silicon iron remained at 19.3, and the weekly output of silicon manganese was relatively stable. The manganese ore shipment volume increased by 5.2 to 77.7, with a growth rate of 7.2% [7]. Demand - The demand for silicon iron and silicon manganese calculated by Steel Union showed slight changes. The demand for silicon iron was 0.0, and the demand for silicon manganese increased by 0.1 to 11.6 [7]. Inventory Changes - The inventory of 60 sample silicon iron enterprises increased by 0.3 to 6.7, with a growth rate of 5.4%. The inventory of 63 sample silicon manganese enterprises remained at 37.3 [7].

Report Investment Rating - The medium - term outlook for the black building materials industry is "Oscillation" [6] Core Viewpoints - The supply side of steel is disturbed, the resumption of production by steel mills is slow, and the high shipment and high inventory of iron ore suppress the valuation of the futures market. As the downstream replenishment of coking coal and coke progresses, the support for replenishment weakens. During the off - season, the pressure of inventory accumulation in the steel sector is emerging, the fundamentals lack highlights, and the cost - side support is loosening, causing the futures market to face pressure. The oversupply of glass and soda ash continues to suppress futures prices. Before the Spring Festival, attention should be paid to the downstream replenishment intensity, and the resumption of production by steel enterprises in January is expected to boost the replenishment expectation, with the furnace material prices having the expectation of a low - level rebound [1][2][3] Summary by Category 1. Iron Element - **Iron Ore**: Overseas mine shipments have increased, mainly due to the recovery in Australia, while Brazil and non - mainstream countries have declined. The arrival volume has weakened, and there are still expectations of supply disturbances due to weather. The demand side has a stable rigid demand, and steel mills are in the process of replenishing inventory but with weak enthusiasm. Ports and steel mills are both increasing inventory, and the total inventory pressure is accumulating. In the short term, the supply pressure eases slightly, but the inventory pressure increases. The pre - festival replenishment on the demand side supports the ore price, and the supply - demand situation remains to be verified, with the short - term trend expected to be oscillatory [8] - **Scrap Steel**: The average arrival volume this week has slightly decreased, lower than the same period in previous lunar years. The daily consumption of electric furnaces is expected to decline, and the daily consumption of long - process scrap steel has also slightly decreased. Steel enterprises' inventory has increased, and the pre - festival replenishment progress is close to last year. The supply is stable, the daily consumption is expected to decline, and the overall fundamentals will marginally weaken, with the spot price expected to follow the finished products [9] 2. Carbon Element - **Coke**: The cost - side support is strong, and there are still expectations for the resumption of production by steel mills and winter storage replenishment demand. The supply - demand structural contradiction is limited, and the spot price increase is still expected to be implemented. The futures market is expected to follow coking coal [12] - **Coking Coal**: The domestic supply is stable, and the import of Mongolian coal is at a high level. The demand side is still in the winter storage stage, and the supply of coal mines is expected to decline near the holiday. The fundamentals will continue to marginally improve, with strong spot support. However, after the futures market has factored in the winter - storage replenishment, the bullish driving force of the fundamentals is limited, and it is expected to oscillate [13] 3. Alloys - **Silicomanganese**: The cost support has loosened, the market supply - demand remains loose, and the upstream inventory reduction pressure is large, suppressing the futures price. However, the current futures price has fallen to a low level, and the further downward space is limited under the cost support, with the price expected to operate at a low level around the cost valuation [3][16] - **Ferrosilicon**: The supply - demand is weak, the fundamental contradiction is limited, but the poor market trading activity suppresses the upward space of the futures price. In the short term, the futures price is expected to oscillate around the cost valuation [3][17] 4. Glass and Soda Ash - **Glass**: The supply has expectations of disturbances, but the mid - and downstream inventories are moderately high, and the current supply - demand is still in oversupply. If there is no more cold - repair by the end of the year, high inventory will always suppress the price, and it is expected to oscillate weakly; otherwise, the price will rise [3][14] - **Soda Ash**: The overall supply - demand is in oversupply. In the short term, it is expected to oscillate, and in the long term, the oversupply pattern will intensify, the price center will continue to decline, and capacity reduction will be promoted [3][14][16] 5. Steel - The spot market trading is average, the profitability of steel mills is improving, the iron - water output has stopped falling and stabilized, and the production of the five major steel products has remained stable. During the off - season, the demand is seasonally weakening, and the pressure of inventory accumulation is emerging. Based on the subsequent resumption of production by steel mills and winter - storage replenishment, the downside space of furnace materials is limited, and the cost side has support. However, due to the inventory accumulation pressure and lack of fundamental highlights, the futures market faces upward pressure, and it is expected to oscillate widely in the short term [8] 6. Commodity Index - **Comprehensive Index**: The commodity index increased by 1.13% to 2503.03, the Commodity 20 Index increased by 1.44% to 2879.55, the industrial products index increased by 0.40% to 2369.84, and the PPI commodity index increased by 0.19% to 1461.06 [102] - **Plate Index**: The steel industry chain index on January 26, 2026, was 1989.86, with a daily decline of 0.36%, a 5 - day increase of 0.93%, a 1 - month increase of 0.69%, and a year - to - date increase of 0.70% [103]

Core Viewpoint - The article discusses the impact of geopolitical tensions and economic conditions on various commodities, particularly precious metals, oil, and stock indices, highlighting the ongoing volatility and strategic investment opportunities in these markets [2][18]. Group 1: Precious Metals - Recent international silver prices have shown significant volatility, with a peak at $117.74 per ounce before retreating below $105, reflecting a daily increase of less than 1% after a prior surge of nearly 14% [1]. - The rise in gold prices to historical highs is attributed to geopolitical instability, economic uncertainty, and a loose liquidity environment, which has increased demand for gold as a safe-haven asset [2][18]. - Concerns over the sustainability of U.S. debt and the independence of the Federal Reserve have weakened the dollar's credibility, prompting central banks to diversify their reserve assets and increase gold purchases [2][18]. Group 2: Stock Indices - The U.S. stock market has shown positive momentum, with major indices rising and a market turnover of 3.28 trillion yuan, driven by a shift towards profitability and the release of policy dividends [3][11]. - The ongoing economic recovery, coupled with the return of overseas capital, is expected to support a continued upward trend in the stock market, with supply-side reforms likely to boost commodity prices and resource stocks [3][11]. Group 3: Oil Market - Oil prices have experienced fluctuations, with recent comments from President Trump indicating potential diplomatic engagement with Iran and easing tensions in Venezuela, which could impact oil supply dynamics [13]. - The U.S. average daily crude oil production has decreased slightly to 13.732 million barrels, while still showing a year-on-year increase of 255,000 barrels [13]. Group 4: Industry News - The latest statistics from the Ministry of Public Security indicate that by the end of 2025, the number of motor vehicles in China reached 469 million, with new registrations exceeding 30 million for the 11th consecutive year [8]. - The domestic futures market has seen regulatory actions aimed at cooling down trading activities, including adjustments to trading limits and margin requirements for silver and copper futures [7].

Summary of Key Points Core Viewpoint - The article discusses the current economic indicators and trends in various sectors, highlighting the liquidity situation, construction and real estate chains, industrial products, pricing dynamics, and export conditions, with a focus on potential investment opportunities and market movements. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for January 2026 is at 50.27, an increase of 6.62% month-on-month [3] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, a decrease of 1.60 percentage points month-on-month [3] - The current price of London gold is $4,981 per ounce [3] Group 2: Infrastructure and Real Estate Chain - The capacity utilization rate of blast furnaces is expected to be at the highest level for January in five years [4] - Weekly price changes include rebar down 1.81%, cement price index down 0.87%, rubber down 0.32%, coke unchanged, coking coal up 1.07%, and iron ore down 2.92% [4] - National blast furnace capacity utilization rate increased by 0.36 percentage points, while cement and asphalt operating rates decreased by 4.30 percentage points and increased by 3.7 percentage points, respectively [4] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and glass are at low levels, with titanium dioxide price increasing by 0.76% and glass price decreasing by 0.73% [5] - The gross profit for titanium dioxide is -1,740 yuan per ton, while the flat glass operating rate is 73.89% [5] Group 4: Industrial Products Chain - Major commodity price changes include cold-rolled steel down 1.55%, copper down 0.71%, and aluminum up 0.54%, with corresponding gross profit changes showing a turnaround to profit for cold-rolled steel and an increase in losses for copper and aluminum [6] - The national semi-steel tire operating rate is at 74.56%, an increase of 1.12 percentage points [6] Group 5: Specific Products - The price of oriented silicon steel has reached a new low since 2018 [7] - The price of graphite electrodes is 19,000 yuan per ton, unchanged, with a gross profit of 2,001.58 yuan per ton [7] - The price of electrolytic aluminum is 24,130 yuan per ton, with a profit of 6,911 yuan per ton (excluding tax), an increase of 1.83% [7] Group 6: Price Comparison Relationships - The price ratio of London spot gold to silver has reached the lowest level since 2013 [8] - The price ratio of rebar to iron ore is 4.01, and the price difference between hot-rolled and rebar steel is 70 yuan per ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 150 yuan per ton, a decrease of 25% from the previous week [8] Group 7: Export Chain - The new export orders PMI for China in December is 49.00%, an increase of 1.4 percentage points month-on-month [9] - The CCFI comprehensive index for container shipping rates is 1,208.75 points, a decrease of 0.09% [9] - The U.S. crude steel capacity utilization rate is 75.90%, an increase of 0.20 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.62%, with the best-performing cyclical sector being oil and petrochemicals, which increased by 7.71% [10] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 34.11% and 100.00%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.51, with the highest value since 2013 being 0.82 [10]

（来源：辽宁日报） 转自：辽宁日报 王丽敏 本报记者 崔振波 "以前最打怵的就是办退休手续！"抚顺新钢铁有限责任公司人事行政处的劳动关系管理师崔守伦指尖划 过角落中的小推车，金属扶手上的包浆是无数次奔波留下的印记，也藏着过去办理退休业务的诸多无 奈。 这台小推车，曾是办退休手续的"标配"—— 职工档案、工资台账装满两大帆布包，拉着小车往返市、 区人社部门的窗口，常因信息不符、材料不全反复补件，几个来回下来，事儿还不一定能办成。而如 今，随着抚顺市人社部门推行退休审核现场办公服务，这台奔波多年的小推车正式"退休"了。 2025年12月16日，抚顺市人社局企业养老保险科与望花区人社局的工作人员走进抚顺新钢铁，为企业 2026年一季度即将退休的职工现场审核手续。针对以往办理中常见的信息不符、材料缺失等问题，工作 人员逐本翻阅档案、逐人核对信息，当场核实情况、即时解答疑问、同步推进审核。仅用半天时间，就 办结了原本需要往返多趟才能完成的退休审核流程，让"多次跑"变成了 "一次成"。 为破解这一难题，抚顺市人社部门深化企业退休档案预审核制度，构建"市级统筹协调、市县（区）共 同落实、两级同步联动"的工作体系，一改 "企 ...

（来源：辽宁日报） 转自：辽宁日报 省政协委员王国选： 作为石油钻采装备研发制造的高新技术企业，我认为"人工智能+"的核心在于技术与应用场景的深度融 合，尤其在生产流程优化、产品质量管控与供应链智能管理等关键环节。 "怎么加"则需要务实路径：首先聚焦核心痛点，针对进口设备价格高、效率低等问题，联合高校与用户 开展研发，以人工智能攻克"卡脖子"技术，实现国产化替代，提升产品竞争力；其次加快数字化转型， 以数据驱动生产智能化，夯实"人工智能+"基础；最后围绕"一带一路"建设，依托"辽商出海"平台，拓 展海外市场，推动"人工智能+"与产业链上下游相融合。 此外，辽宁营商环境持续优化，也让企业更敢于、更愿意、更有信心在"人工智能+"领域进行长期投 资。 省政协委员刘宏亮： "人工智能+"是传统制造业转型升级的必要手段。此前，我国制造业优势源于人口红利，如今，发展新 质生产力、推动产业转型，人工智能作为新的生产要素，赋能传统装备制造业，已成为解决问题的关 键。 核心路径在于"加数据"和"加场景"，即在研发、生产等场景中，构建数据闭环，将依赖"人脑经验"的隐 性知识，转化为可迭代、可复用的AI算法模型，从而实现效能与创新 ...

证券代码：600282 证券简称：南钢股份 公告编号：临2026-009 南京钢铁股份有限公司 2026年第一次临时股东会决议公告 (五)公司董事和董事会秘书的列席情况 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年1月26日 (二)股东会召开的地点：南京市六合区卸甲甸幸福路8号南钢办公楼203会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，采用现场投票和网络投票相结合的方式表决。本次会议由公司董事长黄 一新主持。会议的召集、召开及表决方式符合《公司法》等法律、法规、规范性文件及《南京钢铁股份 有限公司章程》《南京钢铁股份有限公司股东会议事规则》的规定。 1、公司在任董事9人，列席9人，其中副董事长杨峰，董事郭家骅、王海勇、肖玲，独立董事施设通过 腾讯会议系统参会； 2、董事会秘书唐睿出席 ...

Core Viewpoint - Xining Special Steel Co., Ltd. has revised and formulated certain governance systems to align with the latest legal and regulatory requirements, enhancing corporate governance standards [1]. Group 1: Governance Revisions - The company held its 22nd meeting of the 10th Board of Directors on January 26, 2026, where it approved the proposal to revise and formulate parts of its governance systems [4][6]. - The newly established management systems will be disclosed on the Shanghai Stock Exchange website on the same day [1]. Group 2: Financial Decisions - The Board approved a proposal to apply for a loan of 2,200 million yuan from Shanghai Pudong Development Bank, with a three-year term, guaranteed without charge by Beijing Jianlong Heavy Industry Group Co., Ltd. [5][7]. Group 3: Shareholder Meeting - The company will hold its first extraordinary general meeting of 2026 on February 11, 2026, with both on-site and online voting options available [11][12]. - The meeting will take place at 15:00 in the company's conference room, and the voting will be conducted through the Shanghai Stock Exchange's network voting system [11][12].