截至9月30日，太钢不锈股东户数13.86万，较上期减少2.31%；人均流通股41098股，较上期增加 2.36%。2025年1月-9月，太钢不锈实现营业收入680.04亿元，同比减少9.67%；归母净利润5.68亿元，同 比增长202.48%。 分红方面，太钢不锈A股上市后累计派现125.70亿元。近三年，累计派现1.43亿元。 1月9日，太钢不锈盘中上涨2.57%，截至09:35，报5.58元/股，成交2.51亿元，换手率0.78%，总市值 317.85亿元。 资金流向方面，主力资金净流入602.12万元，特大单买入1752.99万元，占比6.98%，卖出1203.38万元， 占比4.79%；大单买入3908.38万元，占比15.55%，卖出3855.87万元，占比15.34%。 太钢不锈今年以来股价涨14.11%，近5个交易日涨14.11%，近20日涨27.40%，近60日涨33.49%。 资料显示，山西太钢不锈钢股份有限公司位于山西省太原市尖草坪区尖草坪街2号，成立日期1998年6月 11日，上市日期1998年10月21日，公司主营业务涉及不锈钢及其它钢材、钢坯、钢锭、黑色金属、铁合 金、金属制品的生 ...

太钢不锈所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：复兴号、核电、折叠屏、航天军 工、特种钢等。 截至9月30日，太钢不锈股东户数13.86万，较上期减少2.31%；人均流通股41098股，较上期增加 2.36%。2025年1月-9月，太钢不锈实现营业收入680.04亿元，同比减少9.67%；归母净利润5.68亿元，同 比增长202.48%。 1月6日，太钢不锈盘中上涨2.04%，截至10:54，报5.00元/股，成交2.73亿元，换手率0.97%，总市值 284.81亿元。 资金流向方面，主力资金净流入2117.74万元，特大单买入2988.71万元，占比10.96%，卖出1439.76万 元，占比5.28%；大单买入5288.63万元，占比19.39%，卖出4719.85万元，占比17.30%。 太钢不锈今年以来股价涨2.25%，近5个交易日跌1.19%，近20日涨14.42%，近60日涨19.62%。 资料显示，山西太钢不锈钢股份有限公司位于山西省太原市尖草坪区尖草坪街2号，成立日期1998年6月 11日，上市日期1998年10月21日，公司主营业务涉及不锈钢及其它钢材、钢坯、钢锭、黑色金属 ...

资料显示，山西太钢不锈钢股份有限公司位于山西省太原市尖草坪区尖草坪街2号，成立日期1998年6月 11日，上市日期1998年10月21日，公司主营业务涉及不锈钢及其它钢材、钢坯、钢锭、黑色金属、铁合 金、金属制品的生产、销售;钢铁生产所需原辅材料的国内贸易和进出口等业务。主营业务收入构成 为：不锈钢材68.83%，普通钢材24.73%，普碳钢坯4.04%，风水电气等其他商品2.01%，其他(补 充)0.39%。 太钢不锈所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：航天军工、折叠屏、复兴号、传 感器、富士康概念等。 12月25日，太钢不锈盘中下跌2.17%，截至09:35，报4.97元/股，成交7188.45万元，换手率0.25%，总市 值283.10亿元。 资金流向方面，主力资金净流出856.10万元，特大单买入181.85万元，占比2.53%，卖出463.51万元，占 比6.45%；大单买入1051.82万元，占比14.63%，卖出1626.26万元，占比22.62%。 太钢不锈今年以来股价涨42.82%，近5个交易日涨2.90%，近20日涨25.19%，近60日涨29.09%。 分红方面，太钢 ...

12月24日，太钢不锈盘中上涨2.01%，截至10:14，报5.08元/股，成交2.53亿元，换手率0.90%，总市值 289.37亿元。 分红方面，太钢不锈A股上市后累计派现125.70亿元。近三年，累计派现1.43亿元。 机构持仓方面，截止2025年9月30日，太钢不锈十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.07亿股，相比上期增加5063.49万股。南方中证500ETF（510500）位居第五大流通股 东，持股3322.81万股，相比上期减少63.04万股。国泰中证钢铁ETF（515210）位居第六大流通股东， 持股2290.30万股，相比上期增加1441.29万股。天弘中证500指数增强A（001556）退出十大流通股东之 列。 责任编辑：小浪快报 资料显示，山西太钢不锈钢股份有限公司位于山西省太原市尖草坪区尖草坪街2号，成立日期1998年6月 11日，上市日期1998年10月21日，公司主营业务涉及不锈钢及其它钢材、钢坯、钢锭、黑色金属、铁合 金、金属制品的生产、销售;钢铁生产所需原辅材料的国内贸易和进出口等业务。主营业务收入构成 为：不锈钢材68.83%，普通钢材24.73 ...

Core Viewpoint - Taiyuan Iron and Steel (Group) Co., Ltd. (Tai Steel) has seen a stock price increase of 5.11% on December 2, reaching 4.32 CNY per share, with a trading volume of 367 million CNY and a market capitalization of 24.608 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 4.05% during this period [1]. Company Overview - Tai Steel, established on June 11, 1998, and listed on October 21, 1998, is located in Shanxi Province, China. The company specializes in the production and sales of stainless steel and other steel products, including steel billets, steel ingots, black metals, alloys, and metal products. It also engages in domestic trade and import-export of raw materials required for steel production [1]. - The revenue composition of Tai Steel is as follows: stainless steel accounts for 68.83%, ordinary steel for 24.73%, carbon steel billets for 4.04%, other products (including wind and water electrical goods) for 2.01%, and miscellaneous for 0.39% [1]. Shareholder Insights - Among the top ten circulating shareholders of Tai Steel, Guotai Fund's Guotai Zhongzheng Steel ETF (515210) increased its holdings by 14.41 million shares in the third quarter, bringing its total to 22.903 million shares, which represents 0.4% of the circulating shares. The estimated floating profit from this increase is approximately 4.8096 million CNY, with a floating profit of 3.6645 million CNY during the three-day price increase [2]. - The Guotai Zhongzheng Steel ETF was established on January 22, 2020, with a current scale of 3.66 billion CNY. Year-to-date returns are 26.38%, ranking 1817 out of 4206 in its category; the one-year return is 24.28%, ranking 1806 out of 4012; and since inception, the return is 67.37% [2]. Fund Management - The fund manager of Guotai Zhongzheng Steel ETF is Wu Zhonghao, who has been in the position for 3 years and 310 days. The total asset size of the fund is 25.391 billion CNY, with the best fund return during his tenure being 73.59% and the worst being -18.06% [3].

12月1日，太钢不锈涨5%，截至发稿，报4.20元/股，成交1.31亿元，换手率0.57%，总市值239.24亿元。 资料显示，山西太钢不锈钢股份有限公司位于山西省太原市尖草坪区尖草坪街2号，成立日期1998年6月 11日，上市日期1998年10月21日，公司主营业务涉及不锈钢及其它钢材、钢坯、钢锭、黑色金属、铁合 金、金属制品的生产、销售;钢铁生产所需原辅材料的国内贸易和进出口等业务。主营业务收入构成 为：不锈钢材68.83%，普通钢材24.73%，普碳钢坯4.04%，风水电气等其他商品2.01%，其他(补 充)0.39%。 截至发稿，罗文杰累计任职时间12年227天，现任基金资产总规模1704.45亿元，任职期间最佳基金回报 145.85%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从太钢不锈十大流通股东角度 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居太钢不锈十大流通股东。南方中证500ETF（510500）三季 ...

Core Viewpoint - Taiyuan Iron and Steel Co., Ltd. (TISCO) has experienced a decline in stock price and net outflow of funds, despite a year-to-date increase in stock price and significant growth in net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 28, TISCO's stock price decreased by 2.16% to 4.07 CNY per share, with a trading volume of 1.51 billion CNY and a turnover rate of 0.65%, resulting in a total market capitalization of 23.184 billion CNY [1]. - Year-to-date, TISCO's stock price has increased by 16.95%, with a 0.97% decline over the last five trading days, a 4.36% increase over the last 20 days, and a 4.24% decline over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, TISCO reported operating revenue of 45.967 billion CNY, a year-on-year decrease of 7.54%, while net profit attributable to shareholders reached 393 million CNY, reflecting a year-on-year increase of 182.74% [2]. Group 3: Shareholder Information - As of June 30, 2025, TISCO had 141,900 shareholders, a decrease of 1.25% from the previous period, with an average of 40,149 circulating shares per shareholder, an increase of 1.27% [2]. - TISCO has distributed a total of 12.570 billion CNY in dividends since its A-share listing, with 143 million CNY distributed over the past three years [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.545 million shares to 56.331 million shares, and Southern CSI 500 ETF, which increased its holdings by 4.502 million shares to 33.859 million shares [3].

Core Viewpoint - Taiyuan Iron and Steel (Group) Co., Ltd. (Tai Steel) has experienced fluctuations in stock price and trading volume, with a notable decline in recent trading days despite a year-to-date increase in stock price [1][2]. Financial Performance - For the first half of 2025, Tai Steel reported operating revenue of 45.967 billion yuan, a year-on-year decrease of 7.54% [2]. - The net profit attributable to shareholders for the same period was 393 million yuan, showing a significant year-on-year increase of 182.74% [2]. Stock Market Activity - As of September 22, Tai Steel's stock price was 3.85 yuan per share, with a market capitalization of 21.931 billion yuan [1]. - The stock has increased by 10.63% year-to-date but has seen a decline of 3.75% over the last five trading days and 8.77% over the last twenty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 1.25% to 141,900, while the average number of circulating shares per person increased by 1.27% to 40,149 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 9.5454 million shares [3]. Dividend Distribution - Since its A-share listing, Tai Steel has distributed a total of 12.570 billion yuan in dividends, with 143 million yuan distributed over the past three years [3]. Business Overview - Tai Steel, established on June 11, 1998, primarily engages in the production and sales of stainless steel and other steel products, with stainless steel accounting for 68.83% of its main business revenue [1].

Core Viewpoint - The company has shown a significant improvement in net profit attributable to shareholders in the first half of 2025, with a notable enhancement in the gross margin of ordinary steel and carbon steel products compared to stainless steel products. The demand for stainless steel remains positive, indicating no need for excessive pessimism [1]. Financial Performance - In the first half of 2025, the company achieved a revenue of 45.967 billion yuan, a year-on-year decrease of 7.54%. However, the net profit attributable to shareholders was 0.393 billion yuan, an increase of 0.254 billion yuan year-on-year. The decline in raw material prices was greater than the decline in steel prices, leading to improved profitability for ordinary steel products. The net profit forecasts for 2025-2026 have been raised to 0.847 billion and 0.974 billion yuan respectively, with a new forecast for 2027 at 1.112 billion yuan [2]. Product Margin Analysis - The company's overall gross margin for the first half of 2025 was 2.59%, an increase of 0.55 percentage points year-on-year. The gross margins for stainless steel, ordinary steel, and ordinary steel billets were 2.35%, 2.37%, and 6.13% respectively, with year-on-year increases of 0.12, 1.09, and 3.83 percentage points. The improvement in profitability for ordinary steel products was more pronounced than for stainless steel, primarily due to a larger decline in raw material prices compared to product prices [2]. Market Trends - The average price of hot-rolled carbon steel sheets in the first half of 2025 decreased by 14.5% year-on-year, while the prices of key raw materials like iron ore and coking coal fell by 14.4% and 41.8% respectively. In contrast, the average prices of stainless steel 304 cold plates and hot rolls decreased by 4.0% and 5.3%, while the price of high nickel iron, a key raw material for stainless steel, increased by 2.1%. This indicates that profitability for stainless steel products has not shown significant improvement [3]. Strategic Outlook - The company is committed to a differentiated competition strategy, with over 60% of sales coming from unique, high-margin, and strategic products. Projects such as high-end cold-rolled oriented silicon steel and high-end stainless steel alloy materials are progressing well, with completion rates of 86.09% and 97.59% respectively. As these new projects come online, the product structure is expected to continue to optimize [3]. Demand for Stainless Steel - According to Mysteel data, the apparent consumption of stainless steel in China from January to July 2025 was 19.3618 million tons, reflecting a year-on-year increase of 3.47%. Although the growth rate of stainless steel demand has slowed, it remains positive, suggesting that there is no need for excessive pessimism regarding stainless steel demand [3].

Core Insights - The controlled nuclear fusion industry in China is characterized by high technical barriers and limited participation from companies, with significant involvement from research institutions like the Hefei Institute of Physical Science and the Southwest Institute of Physics [1][4] Industry Overview - The industry is still in the technological breakthrough phase, with commercialization being insufficient. Key players include China Nuclear Engineering and Construction Corporation (CNEC) and China National Nuclear Power, which are leading the development of controlled nuclear fusion technology [1][4] - The industry is supported by various companies that supply critical components and materials, including superconducting materials and radiation-resistant materials [4][6] Market Competition Landscape - As of March 25, 2025, there are 170 institutions related to controlled nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19), and Beijing (17) [3] - The distribution of these institutions indicates a focus on regions rich in research resources and complete supporting industries [3] Company Contributions - Key companies involved in the controlled nuclear fusion sector include: - **Orient Lithium**: Specializes in superconducting materials essential for controlled nuclear fusion [6] - **Tianli Composite**: Supplies thermal barrier coatings for fusion reactors [6] - **Yongding Co.**: Provides superconducting magnets and is actively involved in the ITER project [6] - **Baotai Co.**: Produces nuclear-grade aluminum materials critical for nuclear power applications [6] Regional Distribution of Companies - The distribution of listed companies in the controlled nuclear fusion sector shows a concentration in Jiangsu Province (8 companies), followed by Sichuan (7) and Shaanxi (6) [4][7] - The industry is centered around Hefei and Shanghai, forming a key industrial circle, with significant facilities located in these areas [7]