股票代码：000761 200761 股票简称：本钢板材 本钢板 B 债券代码：127018 债券简称：本钢转债 本钢板材股份有限公司投资者关系活动记录表 编号：2026-02 | 关于本次活动是 | | | --- | --- | | 否涉及应披露重 | 无 | | 大信息的说明 | | | 活动过程中所使 | | | 用的演示文稿、 | | | 提供的文档等附 | 无 | | 件（如有，可作 | | | 为附件） | | | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | | 财通证券-郑惠文 | | 参与活动单位及 人员 | 工银瑞信-周桐 | | | 银华基金-江珊 | | 时间 | 2026 年 2 月 25 日 15:00-16:00 | | 地点 | 本溪市 | | 形式 | 线下调研 | | 上市公司接待人 员 | 陈立文、贾晶乔 | | | 1.重大资产置换目前是否还在推进，进展情况？ | | | 答：公司于 2023 年 6 | | | 月 ...

Group 1: Report's Industry Investment Rating - No information provided in the report Group 2: Report's Core Viewpoints - This week (0126 - 0130), there were significant fluctuations in major asset classes. The short - term yields of US stocks, precious metals, and US bonds were significantly adjusted, and the US dollar was slightly repaired. The market believes that the Fed's interest rate cut path in 2026 may remain restrained. The report maintains the previous view that a low - interest - rate environment is necessary and effective, and safe - haven assets such as US bonds and gold will still face increased allocation after short - term fluctuations. Currently, there are no necessary conditions for the Fed's monetary policy to shift [1]. - Overseas uncertainties have led to significant fluctuations in domestic risk - based assets. The report previously suggested that the convertible bond strategy should prioritize "controlling drawdowns" and also pay attention to high - probability pro - cyclical targets. Subjectively, it is recommended to conduct high - low switching within convertible bonds to control drawdowns and adopt a "dumbbell" - type allocation for hedging. In the medium - term, it is difficult to infer a scenario of overall valuation compression for convertible bonds. The core is to control drawdowns, emphasize timing, and balance the rhythm and structure of convertible bond allocation [1]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are: Liqun Convertible Bond, Bengang Convertible Bond, Guotou Convertible Bond, Industrial Convertible Bond, Nenghua Convertible Bond, Hope Convertible Bond 2, Wentai Convertible Bond, Lutai Convertible Bond, Yingfeng Convertible Bond, and Lianchuang Convertible Bond [1] Group 3: Summary According to the Table of Contents 1. Weekly Market Review 1.1. Overall Decline in the Equity Market - From January 26th to January 30th, the equity market as a whole declined. The Shanghai Composite Index fell 0.44% to close at 4117.95 points, the Shenzhen Component Index fell 1.62% to close at 14205.89 points, and the ChiNext Index fell 0.09% to close at 3346.36 points. The CSI 300 rose 0.08% to close at 4706.34 points. The average daily trading volume of the two markets increased by about 2615.81 billion yuan to 30365.33 billion yuan, a week - on - week increase of 9.43% [6][9]. - Among the 31 Shenwan primary industries, 10 industries closed up, with 4 industries rising more than 2%. Petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery led the gains, rising 7.95%, 5.83%, 3.68%, 3.37%, and 1.82% respectively. National defense and military industry, power equipment, automobiles, computers, and commercial retail led the losses, with declines of 7.69%, 5.10%, 5.08%, 4.77%, and 4.18% respectively [12]. 1.2. Overall Decline in the Convertible Bond Market - From January 26th to January 30th, the CSI Convertible Bond Index fell 2.61%. Among the 29 Shenwan primary industries, 9 industries closed up, with 2 industries having a gain of more than 2%. Petroleum and petrochemicals, coal, building materials, agriculture, forestry, animal husbandry, and fishery, and building decoration led the gains, rising 5.74%, 2.73%, 1.62%, 1.22%, and 0.68% respectively. Household appliances, computers, power equipment, commercial retail, and national defense and military industry led the losses, falling 10.21%, 7.52%, 6.87%, 5.84%, and 5.56% respectively [13]. - The average daily trading volume of the convertible bond market was 902.09 billion yuan, a significant reduction of 30.87 billion yuan, a week - on - week change of 3.31%. The top ten convertible bonds in terms of trading volume were Shuangliang Convertible Bond, Guanglian Convertible Bond, Zhekuang Convertible Bond, Dazhong Convertible Bond, Aofei Convertible Bond, Tianzhun Convertible Bond, Outong Convertible Bond, Huayi Convertible Bond, Liyang Convertible Bond, and Yunji Convertible Bond. The average trading volume of the top ten convertible bonds reached 93.23 billion yuan, with the first - ranked trading volume reaching 179.39 billion yuan [13]. - Approximately 24.22% of the individual convertible bonds rose, about 6.51% of the individual convertible bonds had a gain in the 0 - 1% range, and 13.28% of the individual convertible bonds had a gain of more than 2% [13]. - The overall market conversion premium rate declined this week, with an average daily conversion premium rate of 42.75%, a decrease of 12.58 pcts compared to last week. In terms of price ranges, except for the convertible bonds in the price range below 90 yuan, the average daily conversion premium rates of convertible bonds in other price ranges widened, with the convertible bonds in the 100 - 110 yuan price range having the largest widening amplitude of 22.90 pcts. In terms of parity ranges, except for the convertible bonds in the parity range below 90 yuan, the average daily conversion premium rates of convertible bonds in other parity ranges widened, with the convertible bonds in the parity range above 120 yuan having the largest widening amplitude of 3.44 pcts [18]. - In terms of the premium rate changes of each industry, the conversion premium rates of 19 industries widened this week, with 6 industries having a widening amplitude of more than 2 pcts. Household appliances, media, food and beverages, commercial retail, and automobiles led the widening amplitude, reaching 7.00 pcts, 4.59 pcts, 3.35 pcts, 2.81 pcts, and 2.78 pcts respectively. Social services, petroleum and petrochemicals, building materials, non - bank finance, and non - ferrous metals led the narrowing amplitude, reaching 8.83 pcts, 5.29 pcts, 3.41 pcts, 3.04 pcts, and 2.62 pcts respectively [26]. - In terms of conversion parity, the parity of 13 industries increased this week, with 10 industries having a widening amplitude of more than 2%. Petroleum and petrochemicals, communications, steel, non - ferrous metals, and building materials led the widening amplitude, reaching 6.37%, 4.42%, 4.41%, 4.04%, and 3.91% respectively. Household appliances, commercial retail, building decoration, media, and beauty care led the narrowing amplitude, reaching 3.90%, 2.46%, 2.25%, 1.91%, and 1.70% respectively [29]. 1.3. Comparison of Stock - Bond Market Sentiments - From January 26th to January 30th, the weekly weighted average and median of the convertible bond and underlying stock markets were both negative, and the weekly gain of convertible bonds was greater than that of underlying stocks. In terms of trading volume, the trading volume of the convertible bond market decreased by 3.31% week - on - week and was at the 84.80% quantile level since 2022; the trading volume of the underlying stock market increased by 82.04% week - on - week and was at the 97.00% quantile level since 2022. The trading volume of the underlying stocks increased while that of the convertible bonds decreased, and the increase in the trading volume of the underlying stocks was greater and at a higher quantile level. In terms of the proportion of rising and falling stocks, about 13.04% of the convertible bonds and about 23.48% of the underlying stocks closed up this week; about 53.33% of the convertible bonds had a larger increase or decrease than the underlying stocks. In summary, the trading sentiment in the underlying stock market was better this week [32]. 2. Outlook and Investment Strategy - The report maintains the previous view that a low - interest - rate environment is necessary and effective, and safe - haven assets will still face increased allocation after short - term fluctuations. Currently, there are no necessary conditions for the Fed's monetary policy to shift [37]. - Subjectively, it is recommended to conduct high - low switching within convertible bonds to control drawdowns and adopt a "dumbbell" - type allocation for hedging. In the medium - term, it is difficult to infer a scenario of overall valuation compression for convertible bonds. The core is to control drawdowns, emphasize timing, and balance the rhythm and structure of convertible bond allocation [38]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are: Liqun Convertible Bond, Bengang Convertible Bond, Guotou Convertible Bond, Industrial Convertible Bond, Nenghua Convertible Bond, Hope Convertible Bond 2, Wentai Convertible Bond, Lutai Convertible Bond, Yingfeng Convertible Bond, and Lianchuang Convertible Bond [39]

Group 1: Investor Relations Activities - The investor relations activity was a targeted research event held on January 21, 2026, from 10:00 to 11:00 in Benxi City [2][3] - Participants included representatives from various asset management firms and funds, such as Taibao Asset and Morgan Stanley Huaxin [3] Group 2: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase reliance on controlling shareholders and affect independent operations [4] - The feasibility and compliance of the restructuring plan are under further scrutiny, with ongoing evaluations and necessary disclosures to be made [4] Group 3: Convertible Bond Management - The company is preparing for the maturity of its convertible bonds by enhancing market value management and exploring financing channels [4] - Strategies include cost reduction, efficiency improvements, and professional integration to enhance profitability [4] Group 4: Industry Competition and Strategy - Following the restructuring of the controlling shareholder, there is a recognition of overlapping competition with Angang Group, which will be addressed through asset restructuring and business adjustments [4] - The company aims to respond to industry trends and optimize production while adhering to market demands [4] Group 5: Financial Performance and Future Goals - The company has faced three consecutive years of losses, with measures in place to comply with Shenzhen Stock Exchange regulations to avoid being classified as ST [4] - The target for automotive steel sales in 2026 is to focus on high-end products, aiming for significant growth and positioning as a core supplier to mid-to-high-end customers [4][5]

Group 1 - The company held its second extraordinary general meeting of shareholders on December 25, 2025, with no proposals being rejected [1][2] - The meeting was conducted in compliance with relevant laws and regulations, and the chairman of the board, Mr. Huang, presided over the meeting [8][17] - The shareholders approved the proposal to lower the conversion price of the "Ben Gang Convertible Bonds" [11] Group 2 - The board of directors convened on December 25, 2025, with all eight directors present, and the meeting was also compliant with legal requirements [18][16] - The board approved several proposals, including the adjustment of the conversion price for the "Ben Gang Convertible Bonds" and the annual salary for senior management for 2024 [19][21] - The conversion price was adjusted from 3.95 yuan per share to 3.29 yuan per share, effective December 26, 2025 [30][31] Group 3 - The company expects to engage in daily related transactions with Ansteel Group and its subsidiaries amounting to approximately 4,124.61 million yuan in 2026, which is 347% of the company's audited net assets [44] - The board approved the expected daily related transactions, which are essential for the company's normal production and operations [50] - Independent directors confirmed that the expected transactions are fair and will not harm the interests of non-related shareholders [51]

Group 1 - The article expresses a pessimistic view on silver LOF due to excessive arbitrage positions and consecutive trading halts, leading to a decline in buying interest and a drop to net asset value levels [1] - BoShi Co., Ltd. plans to reduce its shareholding by no more than 2.93% [1] - Jinpu Garden plans to reduce its shareholding by no more than 0.8% [1] - ShenYu Convertible Bond is set to be listed on December 30 [1] - Xiangyuan Convertible Bond is approaching its last trading day [1] - Shuangle Convertible Bond is currently open for subscription [1] - Hong Kong stock market is on holiday [1] Group 2 - The table lists various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include XinHua Convertible Bond with a current price of 127.178 and a last trading date of December 22, 2025 [4] - KaiRun Convertible Bond has a current price of 114.936 and a last trading date of December 22, 2025 [6] - The article mentions specific bonds like BenGang Convertible Bond with an announcement of down adjustment and Hengshuai Convertible Bond which will not be forcibly redeemed [8]

Group 1 - The company, Benxi Steel Plate, announced that it will hold the second extraordinary general meeting of shareholders on December 25, 2025 [2] - The agenda includes a proposal from the board of directors to lower the conversion price of the "Benxi Convertible Bonds" [2]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related sales and impact its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with uncertainties remaining [2] Group 2: Convertible Bond Arrangements - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and improving profitability through cost reduction and efficiency [2] - Plans to expand financing channels are in place to ensure the smooth repayment of the convertible bonds [2] Group 3: Price Adjustment Considerations - The company will adhere to the terms outlined in the prospectus for adjusting the conversion price of the convertible bonds, ensuring it does not fall below the higher of the average trading price over the last twenty trading days or the latest audited net asset value per share [3] Group 4: Industry Policy Response - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and focusing on stable operations, risk prevention, quality improvement, structural optimization, transformation promotion, and efficiency enhancement [3]

Group 1: Asset Replacement and Financial Performance - The company is currently evaluating the feasibility and compliance of a major asset replacement plan disclosed in June 2023, which may significantly increase the proportion of related sales and impact the company's independent operational capabilities [2] - The company has faced losses due to higher sales and procurement costs compared to industry standards, exacerbated by long cold periods in Northeast China, but has seen improvements in performance year-on-year [2][3] Group 2: Profitability Improvement Measures - The company is focusing on developing high value-added products to narrow the competitive gap with leading steel enterprises, aiming to increase prices and gross margins through differentiated products [3] - Efforts to reduce procurement costs include strategic purchasing, product substitution, and optimizing inventory management to enhance operational efficiency and capacity utilization [3] Group 3: Convertible Bond and Financing Strategies - The company is preparing for the upcoming maturity of its convertible bonds by enhancing its market value management and exploring financing channels to ensure timely repayment [3] - Strategies include cost reduction, efficiency improvement, and professional integration to elevate the company's overall quality and valuation [3] Group 4: Industry Response and Operational Strategy - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and ensuring stable operations while enhancing quality and efficiency [3]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related party sales, potentially impacting its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with ongoing discussions and negotiations [2] Group 2: Convertible Bond Adjustments - The company is adjusting the conversion price of its convertible bonds to protect the interests of bondholders and optimize its capital structure [2] - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and implementing cost reduction and efficiency improvement strategies [3] Group 3: Financing and Future Plans - The company aims to expand financing channels and ensure readiness for the repayment of maturing convertible bonds [3] - Strategies include professional integration and significant asset restructuring to enhance company valuation in compliance with legal and regulatory standards [2]

Group 1 - The core viewpoint of the article is that multiple shareholders of Jiukang Bio plan to transfer a total of 5% of their shares to China National Pharmaceutical Group [1] Group 2 - The article mentions that the controlling shareholder of Zai Sheng Technology intends to transfer 6.04% of the company's shares to Zhongrong Huaxin [5] - It also notes that Jiamei Packaging is planning a change of control, leading to a suspension of its stock [5] - Additionally, Shanshi Network Technology's shareholders plan to reduce their holdings by no more than 1% of the company's shares [5]