Meeting Overview - The board meeting of Anyang Steel Co., Ltd. was held on August 16, 2025, in compliance with the Company Law and Articles of Association [1] Resolutions Passed - The board approved the 2025 semi-annual report and its summary, which was not audited by an accounting firm, with a unanimous vote of 9 in favor [1] - A proposal for the mortgaged purchase of imported iron ore was approved, allowing a subsidiary to collaborate with Shandong Portxin Capital Investment Co., Ltd. for a maximum amount of 50 million RMB, with payment made via commercial acceptance bills and equipment as collateral [1] Asset Restructuring - Due to historical issues with certain assets of Henan Angang Group Wuyuan Mining Co., Ltd., the original asset replacement plan was difficult to proceed with, leading to a change in strategy to sell subsidiary equity to the controlling shareholder, which aims to expedite the transaction process and optimize the company's asset structure [2][3] - The board's decision on the equity sale was supported by 6 votes in favor, with no opposition or abstentions [2]

2. 据Mysteel，4月8日中国47港进口铁矿石库存总量14905.39万吨，较上周一下降97.98万吨。具体区域 来看，本期进口铁矿石库存减量主要体现在华东、华北两个区域；华南、东北和沿江进口铁矿石库存有 所增量。 3. 印尼财政部长周二表示，印尼将调整毛棕榈油出口税，以减轻美国关税对出口商的负担。印尼目前根 据价格水平，对毛棕榈油征收每吨最高288美元的出口税。此举将使出口商的负担"减轻5%左右"，但没 有提供更多细节。 金十数据整理：每日期货市场要闻速递（4月9日） 1. 据Mysteel，甘肃某硅铁厂于今日停产检修2台硅铁矿热炉，涉及减少硅铁日产110吨，复产时间待 定。 4. 据欧盟委员会，截至4月6日，欧盟2024/25年度大豆进口量为1033万吨，而去年同期为985万吨；油菜 籽进口量为518万吨，而去年同期为455万吨；棕榈油进口量为208万吨，而去年同期为272万吨。 5. 高盛预计布伦特原油和WTI原油价格将分别在2025年12月跌至62美元和58美元，并在2026年12月跌至 55美元和51美元。 7. 据Mysteel，2025年3月国内碳酸锂产量为8.02万吨，环比上涨25.2% ...

Summary of Key Points Core Viewpoint - The report highlights the current trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into price movements, production levels, and economic indicators. Group 1: Liquidity - The London gold spot price decreased by 2.66% week-on-week [2] - The BCI small enterprise financing environment index for February 2025 is at 46.65, down 0.86% from the previous month [2] - The M1 and M2 growth rate difference was -6.6 percentage points in January 2025, with a month-on-month increase of 0.5 percentage points [2] Group 2: Infrastructure and Real Estate Chain - In mid-February, the average daily crude steel output of key enterprises reached a six-month high of 2.13 million tons [3] - Price changes for key materials include rebar down 2.65%, cement price index down 0.01%, rubber down 1.73%, coke down 3.60%, coking coal down 1.64%, and iron ore down 3.59% [3] - The national blast furnace capacity utilization rate increased by 0.17 percentage points, while the cement and asphalt operating rates changed by +1.00 percentage points and -2.3 percentage points, respectively [3] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by +1.38% and -0.74% respectively, with flat glass gross profit at 36 yuan/ton and titanium dioxide at -1015 yuan/ton [4] - The operating rate for flat glass this week remained stable at 76.09% [4] Group 4: Industrial Products Chain - The PMI new orders index for February is at 51.10%, an increase of 1.9 percentage points month-on-month [5] - Major commodity prices showed mixed results, with cold-rolled steel up 0.06%, copper down 0.80%, and aluminum down 1.01% [5] - The national semi-steel tire operating rate is at 82.51%, up 2.16 percentage points [5] Group 5: Subcategories - Iron ore prices have retreated from a seven-month high [6] - The price of graphite electrodes is stable at 18,000 yuan/ton, while electrolytic aluminum is at 20,620 yuan/ton, down 1.01% [6] - The price of tungsten concentrate is at 142,500 yuan/ton, down 0.70% from last week [6] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.03 this week [7] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 620 yuan/ton, down 50 yuan/ton [7] - The price difference between盘螺 (mainly used in real estate) and rebar (mainly used in infrastructure) is 290 yuan/ton, up 11.54% from last week [7] Group 7: Export Chain - The new export orders PMI for China in February 2025 is at 48.60%, an increase of 2.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is at 1250.65 points, down 5.16% [9] - The U.S. crude steel capacity utilization rate is at 74.50%, down 0.50 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 2.22%, with the best-performing cyclical sector being ordinary steel, which increased by 5.34% [10] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is 38.89% and 58.02%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB is 0.54, with the highest value since 2013 being 0.82 [10]