Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on November 6, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5150 yuan, with no daily change and a weekly decrease of 20 yuan; the latest price of Inner Mongolia 72 was 5220 yuan, a daily decrease of 30 yuan and a weekly increase of 20 yuan. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5620 yuan, with no daily change and a weekly decrease of 60 yuan [2]. - The report also presents historical price trends of various silicon ferroalloy and silicon manganese products from 2021 - 2025, including market prices in different regions, export and import prices, and contract closing prices [3][6]. Supply - The report shows the production and capacity utilization data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also provides the weekly production data of silicon manganese in China from 2021 - 2025, as well as the monthly procurement volume and price data of Hebei Iron and Steel Group for silicon manganese [6]. Demand - The report includes the demand data of silicon manganese in China from 2021 - 2025 (in accordance with the Steel Union's caliber), and also presents data on the production of crude steel, metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4][7]. Inventory - For silicon ferroalloy, it shows the weekly inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, it presents the daily warehouse receipt quantity, effective forecast quantity, warehouse receipt + effective inventory, and daily unilateral trading position data from 2021 - 2025, along with the weekly inventory data of 63 sample enterprises in China [7]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price and opening rate data of semi - coke, and the production cost, profit from converting to the main contract, and spot profit data of Ningxia and Inner Mongolia [5]. - For silicon manganese, it presents the profit data of different regions (Inner Mongolia, Guangxi, northern and southern regions) from 2021 - 2025, as well as the profit data of Guangxi and Ningxia when converted to the main contract [7].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoint - There is no clear core viewpoint presented in the provided documents. 3. Summary by Relevant Catalogs Price - For silicon iron, on September 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5330 and 5380 respectively, with daily changes of 0 and weekly changes of -20 and 30. The latest prices of the main contract and 01 contract were 5660 and 5628, with daily changes of -126 and -108, and weekly changes of -76 and -108 [1]. - For silicon manganese, on the same day, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5700, 5660, and 5730 respectively, with daily changes of 0 and weekly changes of -30, -40, and -20. The latest price of the main contract was 5848, with a daily change of -90 and a weekly change of -116 [1]. Supply - The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (capacity ratio 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are also given, including weekly production, monthly procurement prices and quantities by HeSteel Group, and the weekly and annual enterprise start - up rates [6]. Demand - The demand - related data of silicon iron and silicon manganese from 2021 - 2025 are provided, such as the estimated monthly production of crude steel in China, the demand for silicon manganese in China (Steel Union caliber), and the procurement volume of FeSi75 - B by HeSteel Group [4][6][7]. Inventory - The inventory data of 60 sample silicon iron enterprises in China from 2021 - 2025 are shown, including weekly inventory in China, Ningxia, Inner Mongolia, and Shaanxi, as well as daily CZCE silicon iron warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - The inventory data of silicon manganese from 2021 - 2025 are also presented, including daily CZCE silicon manganese warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory, as well as the weekly inventory of 63 sample enterprises in China [7]. Cost and Profit - The cost - profit data of silicon iron from 2021 - 2025 are provided, including electricity prices in different regions, the market price of blue carbon, the production profit of blue carbon, and the production cost, profit on the main contract, and spot profit of silicon iron in Ningxia and Inner Mongolia [5]. - The cost - profit data of silicon manganese from 2021 - 2025 are also given, including the profit in Inner Mongolia and Guangxi (Steel Union caliber), and the profit on the main contract in Guangxi and Ningxia [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, prices vary by region and type, e.g., Ningxia 72 natural block is 5380 with a daily change of 30 and a weekly change of 100; Tianjin 72 export price is 1025 USD with no daily or weekly change. For silicon manganese, Inner Mongolia 6517 factory - ex price is 5730 with a weekly change of 50 [1]. - Multiple price charts for different types of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, contract closing prices, and basis prices [2][6]. Supply - 136 silicon ferroalloy enterprises' production data in China is presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025. Silicon manganese production in China is also shown on a weekly basis from 2021 - 2025 [4][6]. Demand - Indicators related to demand such as China's estimated and actual crude steel production, metal magnesium production and prices, silicon ferroalloy and silicon manganese procurement volume and price of Hebei Iron and Steel Group, and silicon manganese demand in China are presented from 2021 - 2025 [4][7]. Inventory - Inventory data of silicon ferroalloy and silicon manganese are provided, including inventory of 60 sample enterprises in different regions, warehouse - receipt quantity, effective forecast, and inventory average available days from 2021 - 2025 [5][7]. Cost and Profit - Cost - related data like electricity prices in different regions, market prices of raw materials such as semi - carbonated manganese ore and manganese blocks, and profit - related data such as production profit of silicon ferroalloy and silicon manganese in different regions from 2021 - 2025 are presented [5][7].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - Various prices of silicon ferroalloys (FeSi) and silicon manganese (SiMn) in different regions from 2021 - 2025 are presented, including market prices, export/import prices, and contract closing prices [1][2][6] - Price differences between different grades and regions are also shown, such as 72%FeSi and 75%FeSi, and price spreads between regions like the north - south spread of SiMn [1][6] Supply - Production data of silicon ferroalloys and silicon manganese are provided, including monthly and weekly production volumes, and capacity utilization rates in different regions [4][6] - The supply - related data cover 136 sample enterprises for silicon ferroalloys and the overall production situation of silicon manganese in China [4][6] Demand - Demand - related data include the demand volume of silicon manganese in China, and the procurement volume and price of FeSi75 - B by HeSteel Group [4][6][7] - Production data of related industries like crude steel, stainless - steel, and metal magnesium are also presented, which are relevant to the demand for ferroalloys [4] Inventory - Inventory data of silicon ferroalloys and silicon manganese are provided, including inventory levels of sample enterprises in different regions, warehouse receipts, and effective forecasts [5][7] - Inventory average available days in different regions and the whole country are also shown [5][7] Cost and Profit - Cost - related data include electricity prices in different regions and the market price of semi - coke in Shaanxi [5] - Profit data cover the production profit of semi - coke, the profit of silicon ferroalloys in different regions, and the profit of silicon manganese in different regions [5][7]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summaries by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of various silicon - iron and silicon - manganese products from different regions, including spot prices, futures contract prices, and price differences between different contracts and regions [1][2][6] - It also shows the historical price trends of silicon - iron and silicon - manganese products from 2021 to 2025, such as the market prices of 72%FeSi in different regions, silicon - iron export and import average prices, and silicon - manganese主力合约收盘价 [2][6] Supply - For silicon - iron, it includes the production data of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72%FeSi and 75%FeSi at Tianjin Port [4] - For silicon - manganese, it shows the weekly production in China, the procurement prices and quantities of silicon - manganese 6517 by Hebei Iron and Steel Group, and the prices of various manganese ores at ports [6] Demand - The demand - related data includes the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the demand for silicon - manganese in China (Steel Union caliber) [4][7] Inventory - For silicon - iron, it shows the inventory data of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions [5] - For silicon - manganese, it includes the inventory data of 63 sample enterprises in China (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in China [7] Cost and Profit - The cost - related data includes the electricity prices in different regions for ferroalloys, the market prices of raw materials such as blue charcoal, silica dioxide, and iron oxide scale, and the production costs of silicon - iron in Ningxia and Inner Mongolia [5] - The profit - related data includes the production profit of blue charcoal in China, the profit of silicon - iron in different regions (spot and futures), the export profit of 75 silicon - iron, and the profit of silicon - manganese in different regions (Steel Union caliber) [5][7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given text Summary by Related Catalogs Price - For silicon ferroalloy on September 16, 2025, the latest price of Ningxia 72 natural block was 5280 yuan, with a daily change of 30 yuan and a weekly change of 80 yuan; the latest price of Inner Mongolia 72 was 5300 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan; the latest price of Shaanxi 75 was 5950 yuan, with no daily or weekly change. The export price of Tianjin 72 was 1025 US dollars, with no daily or weekly change, and the export price of Tianjin 75 was 1105 US dollars, with a daily change of 5 US dollars and a weekly change of 25 US dollars [2]. - For silicon - manganese alloy on September 16, 2025, the factory - ex price of Inner Mongolia 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change; the factory - ex price of Ningxia 6517 was 5600 yuan, with no daily change and a weekly change of 50 yuan; the factory - ex price of Guangxi 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, capacity utilization rate in different regions such as Inner Mongolia, Ningxia, and Shaanxi, and the production of silicon - manganese alloy in China is also shown from 2021 - 2025 [4][6]. Demand - The demand data of silicon - manganese alloy in China from 2021 - 2025 are provided, including the demand volume (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group [4][6][7]. Inventory - The inventory data of 60 silicon ferroalloy sample enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, and the inventory data of silicon - manganese alloy in China from 2021 - 2025 are also shown, including daily and weekly inventory [5][7]. Cost and Profit - The cost - profit data of silicon ferroalloy and silicon - manganese alloy from 2021 - 2025 are provided, including electricity prices in different regions, the market price of semi - coke, production costs, and profits in different regions [5][7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy on September 5, 2025, the latest prices of 72 silicon ferroalloy in Ningxia and Inner Mongolia were 5200 and 5220 respectively, with daily changes of 0 and -30, and weekly changes of -120 and -130 [2]. - The latest price of 72 silicon ferroalloy in Qinghai was 5200, with a daily change of -50 and a weekly change of -150; the latest price of 72 silicon ferroalloy in Shaanxi was 5200, with a daily change of 0 and a weekly change of -100; the latest price of 75 silicon ferroalloy in Shaanxi was 5950, with a daily change of 0 and a weekly change of 50 [2]. - For silicon manganese on September 5, 2025, the latest prices of 6517 silicon manganese in Inner Mongolia, Ningxia, Guangxi, Guizhou and Yunnan were 5680, 5500, 5680, 5650 and 5650 respectively, with different daily and weekly changes [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity - share of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are presented, including weekly production and the purchase prices and quantities of 6517 silicon manganese by Hebei Iron and Steel Group [6]. Demand - Various demand - related data from 2021 - 2025 are shown, such as the estimated and statistical monthly production of crude steel in China, the purchase volume and price of FeSi75 - B silicon ferroalloy by Hebei Iron and Steel Group, and the demand for silicon manganese in China (Steel Union's caliber) [4][6][7]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including weekly inventory in China, Ningxia, Inner Mongolia and Shaanxi, as well as daily warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - The inventory - related data of silicon manganese from 2021 - 2025 are shown, including daily warehouse receipts, effective forecasts, warehouse receipts + effective inventory, and the inventory average available days in China, as well as the inventory of 63 sample enterprises in China (weekly, in tons) [7]. Cost Profit - The cost - profit data of silicon ferroalloy from 2021 - 2025 are presented, including electricity prices in different regions, the market price of blue charcoal, production costs and profits in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [5]. - The cost - profit data of silicon manganese from 2021 - 2025 are shown, including the profit in Inner Mongolia, Guangxi, the northern and southern regions (Steel Union's caliber), and the profit of Guangxi silicon manganese converted to the main contract [7].

Report Industry Investment Rating - No relevant content found Core Viewpoints - No relevant content found Summary by Catalog Price - On July 18, 2025, the latest price of Ningxia 72 silicon - iron natural block was 5200 yuan, with a weekly increase of 50 yuan; the latest price of Inner Mongolia 72 was 5250 yuan, with a weekly increase of 50 yuan; the latest price of Qinghai 72 was 5200 yuan, with a weekly increase of 50 yuan; the latest price of Shaanxi 72 was 5150 yuan, with a weekly increase of 50 yuan; the latest price of Shaanxi 75 was 5650 yuan, with a weekly increase of 50 yuan [2]. - The latest price of Jiangsu 72 silicon - iron qualified block was 5600 yuan, with no daily or weekly change; the latest price of Tianjin 72 (trader price) was 5470 yuan, with a daily increase of 20 yuan and a weekly decrease of 130 yuan; the latest price of Tianjin 72 (export price in US dollars) was 1005 dollars, with a weekly decrease of 5 dollars; the latest price of Tianjin 75 (export price in US dollars) was 1055 dollars, with a weekly decrease of 5 dollars [2]. - For silicon - manganese, the latest ex - factory price of Inner Mongolia 6517 was 5600 yuan, with a weekly increase of 50 yuan; the latest price of Ningxia 6517 was 5600 yuan, with a weekly increase of 50 yuan; the latest price of Guangxi 6517 was 5650 yuan, with no change; the latest price of Guizhou 6517 was 5600 yuan, with no change; the latest price of Yunnan 6517 was 5600 yuan, with no change; the latest price of Guangxi 6014 was 5100 yuan, with no change [2]. - The latest price of Ningxia 6517 (trader price) was 5600 yuan, with a weekly increase of 50 yuan; the latest price of Jiangsu 6517 (trader price) was 5770 yuan, with a weekly decrease of 30 yuan [2]. Supply - The report shows long - term trends of production - related data such as the monthly production of 136 silicon - iron enterprises in China, the weekly production of 136 silicon - iron enterprises in China (with a capacity share of 95%), and the monthly capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2021 to 2025 [4]. - It also presents the long - term trends of the weekly production of silicon - manganese in China from 2021 to 2025 [6]. Demand - The report provides long - term trends of demand - related data such as the estimated and revised monthly production of crude steel in China, the monthly production of stainless - steel crude steel in China, the monthly demand for silicon - manganese in China (according to Steel Union's data), and the monthly export volume of silicon - iron and silicon - manganese in China from 2021 to 2025 [4][7]. Inventory - The report shows long - term trends of inventory - related data such as the weekly inventory of 60 sample silicon - iron enterprises in China, the weekly inventory of 60 sample silicon - iron enterprises in Ningxia, Inner Mongolia, and Shaanxi, the daily total number of silicon - iron warehouse receipts on CZCE, the daily effective forecast of silicon - iron, and the daily inventory average available days of silicon - iron in East China, South China, and the North from 2021 to 2025 [5]. - It also presents the long - term trends of inventory - related data for silicon - manganese, including the daily total number of silicon - manganese warehouse receipts on CZCE, the daily effective forecast of silicon - manganese, the daily inventory average available days of silicon - manganese in China, and the weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 to 2025 [7]. Cost Profit - The report shows long - term trends of cost - profit - related data such as the electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, the mainstream market price of semi - coke in Shaanxi, the production profit of semi - coke in China, the market price of 98% silica in the northwest region of China, the market price of 70% iron oxide scale in Shijiazhuang, the production cost of silicon - iron in Ningxia and Inner Mongolia, the profit of silicon - iron in Ningxia converted to the main contract on the futures market, the spot profit of silicon - iron in Ningxia, and the export profit of 75% silicon - iron from 2021 to 2025 [5]. - It also presents the long - term trends of cost - profit - related data for silicon - manganese, including the profit of silicon - manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to Steel Union's data), the profit of silicon - manganese in Guangxi converted to the main contract on the futures market, and the profit of silicon - manganese in Ningxia converted to the futures market from 2021 to 2025 [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on July 15, 2025, the latest price of Ningxia 72 natural block was 5200, with a weekly increase of 50; the latest price of Tianjin 72 export (in US dollars) was 1010, with no daily or weekly change. For silicon manganese, the latest price of Inner Mongolia 6517 was 5600, with a weekly increase of 50, and the latest price of Guangxi 6517 was 5650, with a weekly increase of 80 [2]. - The report also presents historical price trends of various silicon ferroalloy and silicon manganese products from 2021 - 2025, including market prices in different regions, export and import average prices, and contract closing prices [3][4][6]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are also provided, including weekly production and procurement data from Hebei Iron and Steel Group [6]. Demand - The report shows the demand - related data of silicon ferroalloy and silicon manganese in China from 2021 - 2025, such as the estimated demand for silicon manganese (in ten thousand tons) and the procurement volume of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group [4][6][7]. - It also includes data on the production of related downstream products, such as the production of crude steel, metal magnesium, and stainless - steel crude steel [4]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions, and data on warehouse receipts, effective forecasts, and inventory average available days [5]. - For silicon manganese, the inventory - related data from 2021 - 2025 are provided, including daily warehouse receipt quantity, effective forecast quantity, and inventory average available days, as well as the inventory of 63 sample enterprises in China (in tons) [7]. Cost and Profit - The cost - related data of silicon ferroalloy and silicon manganese from 2021 - 2025 are shown, such as electricity prices in different regions, market prices of raw materials like semi - carbonated manganese ore and lanthanum charcoal, and production costs in Inner Mongolia and Ningxia [5][6][7]. - The profit - related data of silicon ferroalloy and silicon manganese from 2021 - 2025 are also provided, including spot profit, profit after converting to the main contract, and export profit [5][7].

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. has signed a supplementary agreement with China Baowu Steel Group Co., Ltd. to update the transaction limits for the product sales agreement for the years 2025-2027, reflecting the company's current business conditions and the need for enhanced collaboration to address market risks [1][2]. Group 1: Related Transactions Overview - The original product sales agreement was approved at the 2024 sixth extraordinary general meeting, establishing transaction content and upper limits for sales between Maanshan Steel and China Baowu for 2025-2027 [1]. - The supplementary agreement updates the upper limits for sales of products including steel, iron ingots, and other materials, with specific annual limits set for 2025, 2026, and 2027 [3][4]. Group 2: Financial Details of the Supplementary Agreement - The updated sales limits (excluding tax) are as follows: - 2025: RMB 27,641,790,517 - 2026: RMB 39,960,768,539 - 2027: RMB 40,201,124,627 [3][4]. - The procurement limits (excluding tax) are set at: - 2025: RMB 38,301,245,112 - 2026: RMB 79,293,051,022 [3][4]. Group 3: Impact on the Company - The agreement is expected to enhance Maanshan Steel's product sales channels and service quality by leveraging China Baowu's marketing and processing networks, ultimately improving production efficiency and product competitiveness [4][5]. - The collaboration aims to create a marketing synergy that maximizes both parties' strengths, enhancing commercial value and operational efficiency [4][5]. Group 4: Stock Repurchase Plan - The company plans to repurchase and cancel a portion of restricted stock due to unmet performance targets and retirements of certain incentive plan participants [4][5]. - The repurchase will involve 21,423,400 shares at a price of RMB 2.29 per share, totaling RMB 49,135,168, funded by the company's own resources [8][9]. - The stock structure will change post-repurchase, with the total number of restricted shares reduced to zero, while the unrestricted shares remain unchanged [8][9]. Group 5: Legal and Compliance Aspects - The repurchase plan complies with relevant laws and regulations, and necessary approvals have been obtained [10]. - The company will fulfill its disclosure obligations and handle the necessary registration changes following the approval of the repurchase plan [10].