（文章来源：证券日报） 证券日报网讯 2月27日，南钢股份在互动平台回答投资者提问时表示，公司上游资源核心平台子公司金 安矿业系一家集采矿、选矿以及铁精粉的生产、销售为一体的矿业公司，资源禀赋良好，铁精粉品位可 达68%以上，现有草楼矿矿区具备300万吨/年铁矿石开采、100万吨/年铁精粉生产能力。2025年5月，金 安矿业成功竞得范桥矿探矿权。根据《安徽省霍邱县范桥铁矿勘探探矿权评估报告》，范桥矿正常生产 年具备350万吨/年铁矿石开采、104万吨/年铁精粉生产能力。金安矿业以"资源+新材料"双轮驱动发 展，目前建成全国首条9系永磁铁氧体超纯铁精粉预烧料生产线，6系永磁铁氧体预烧料与纳米级铁红成 功量产，实现在永磁材料领域的关键技术突破，新能源配套材料研发能力进一步提升。 ...

2月26日，大中矿业涨7.13%，截至发稿，报42.68元/股，成交1.70亿元，换手率0.30%，总市值654.32亿 元。大中矿业股价已经连续8天上涨，区间累计涨幅40.83%。 截至发稿，陈志伟累计任职时间2年208天，现任基金资产总规模4.72亿元，任职期间最佳基金回报 39.74%， 任职期间最差基金回报2.54%。 赵远飞累计任职时间112天，现任基金资产总规模1264万元，任职期间最佳基金回报6%， 任职期间最 差基金回报6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，大成基金旗下1只基金重仓大中矿业。大成颐禧积极养老目标五年持有混合发起式(FOF) （017768）四季度持有股数2000股，占基金净值比例为0.48%，位居第十大重仓股。根据测算，今日浮 盈赚取约5680元。连续8天上涨期间浮盈赚取2.31万元。 大成颐禧积极养老目标五年持有混合发起式(FOF)（017768）成立 ...

业绩经营情况 经济观察网 广东明珠全资子公司诉讼纠纷获检察支持，同时公司披露2025年业绩预计大幅增长。 近期事件 根据广东明珠在2026年2月5日发布的公告，其全资子公司置地公司与祺盛实业的合作纠纷诉讼获得检察 支持，梅州市人民检察院作出不支持祺盛实业监督申请的决定，案件进入执行阶段。这一法律进展为子 公司主张权益提供了依据，但公司也提示执行结果及款项收回时间仍存不确定性，暂无法判断对利润的 具体影响。 在诉讼落定前后，广东明珠披露了2025年业绩预增公告，预计归母净利润同比增幅达2908.49%至 3577.04%，主要受益于明珠矿业铁精粉产销量提升及生产线技术改造。2025年前三季度公司归母净利 润已达2.34亿元，超过2024年全年水平。 股票近期走势 从股价表现看，2026年2月24日广东明珠收盘价为9.16元，当日上涨3.39%，年初至今累计涨幅为 31.99%。市场分析认为，股价异动可能反映了投资者对业绩预增的乐观情绪，以及诉讼进展带来的正 面预期，但需注意案件执行及矿业业务持续性等因素的潜在影响。 以上内容基于公开资料整理，不构成投资建议。 ...

2月24日，大中矿业涨6.5%，截至发稿，报36.68元/股，成交6990.59万元，换手率0.15%，总市值562.33 亿元。大中矿业股价已经连续6天上涨，区间累计涨幅21.74%。 鹏华国证钢铁行业指数(LOF)A（502023）成立日期2015年8月13日，最新规模3.4亿。今年以来收益 2.91%，同类排名3343/5580；近一年收益29.28%，同类排名2115/4297；成立以来收益37.22%。 鹏华国证钢铁行业指数(LOF)A（502023）基金经理为闫冬。 资料显示，大中矿业股份有限公司位于内蒙古自治区包头市黄河大街55号，成立日期1999年10月29日， 上市日期2021年5月10日，公司主营业务涉及铁矿石采选、铁精粉和球团的生产销售以及机制砂石的加 工销售。主营业务收入构成为：铁精粉71.07%，球团20.48%，硫酸4.58%，砂石2.73%，其他0.81%，锌 精粉0.32%，锂矿石0.02%。 截至发稿，闫冬累计任职时间6年345天，现任基金资产总规模217.96亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-41.27%。 从基金十大重仓股角度 声明：市场有 ...

⾹港交易及結算所有限公司及⾹港聯合交易所有限公司對本公佈的內容概不負責, 對 其準確性或完整性亦不發表任何聲明, 並明確表示概不就因本公佈全部或任何部分內 容⽽產⽣或因倚賴該等內容⽽引致的任何損失承擔任何責任。 China Baoli Technologies Holdings Limited 中國寶力科技控股有限公司 甲⽅： 本公司 本集團主要從事礦⽯乾磨乾選（「乾磨乾選」）業務及融媒體業務。 ⼄⽅：桌盈環球礦業有限公司 （於百慕達註冊成⽴之有限公司） （股份代號：164） ⾃願公告 戰略合作協議 本公告由中國寶⼒科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） ⾃願作出，旨在向本公司股東及潛在投資者提供本集團業務發展之最新情況。 本公司董事會（「董事會」）欣然宣佈，於⼆零⼆六年⼆⽉⼗⼀⽇，本公司與桌盈環 球礦業有限公司（「桌盈環球」）訂⽴合作協議（「合作協議」），就蒙古⼀鐵礦的開 採⽣產建⽴⻑期戰略合作。本次合作標誌著本集團乾磨乾選技術落地應⽤的第⼀步， 亦是重要⾥程碑，並將成為本集團與其他礦業項⽬合作的示範案例。 合作協議之主要條款 合作協議訂約⽅ 桌盈環球為⼀間於英屬處⼥群島註冊成⽴之有限 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment based on its growth potential and valuation recovery [2]. Core Insights - The company, as a leading steel enterprise in Jiangxi, has significant cost advantages and growth potential. With ongoing capacity optimization and industry profitability improvements, earnings are expected to recover significantly by the third quarter of 2025 [1][2]. - The company is positioned as a strategic investment opportunity due to its undervalued market capitalization relative to its fixed asset value per ton of steel [1]. - The steel industry is a core business segment of the parent company, with substantial capacity for growth. The company has a current production capacity of 4.2 million tons, with potential for further expansion as the group accelerates capacity integration [1][2]. Summary by Sections Company Overview and Product Structure - The company has evolved from its establishment in 1999 to become a comprehensive steel production enterprise, specializing in various steel products including spring flat steel and automotive leaf springs [12]. - The company’s stock structure is clear, with the largest shareholder holding 40.16% of the shares as of Q3 2025 [12][13]. - The main products include rebar, wire rods, spring flat steel, automotive leaf springs, and iron concentrate, primarily serving the construction and automotive industries [17][18]. Capacity Growth Potential - The company has significant room for capacity growth, with the parent group’s total capacity far exceeding that of the listed entity. The successful relocation of Dazhou Steel is expected to accelerate capacity integration [1][2][9]. Competitive Advantages and Valuation - The company demonstrates comprehensive competitive advantages in terms of per capita steel production, labor costs, and depreciation expenses per ton of steel. Its profitability metrics indicate substantial earnings elasticity [1]. - The current valuation of the company is considered low, with a price-to-earnings ratio of approximately 1.0 times the fixed asset value per ton of steel, suggesting potential for upward valuation adjustments as industry conditions improve [1][2]. Financial Performance - The company’s revenue is projected to decline from 26.51 billion yuan in 2023 to 21.56 billion yuan in 2024, with a subsequent recovery expected in 2025 [3]. - The net profit attributable to shareholders is forecasted to rebound significantly in 2025, reaching approximately 975 million yuan, a 293.4% increase year-on-year [3]. - The company’s earnings per share (EPS) is expected to improve from 0.30 yuan in 2023 to 0.42 yuan in 2025, reflecting a recovery in profitability [3]. Investment Recommendations - Given the anticipated recovery in earnings and the company's strategic position within the industry, the report suggests that the company is a rare investment opportunity for incremental improvement in the market [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][4]. Core Insights - The company, as a leading steel enterprise in Jiangxi, shows significant growth potential with a clear cost advantage and is expected to recover its profitability by 2025 [1][2]. - The company has a substantial capacity for growth, with ongoing integration expected to accelerate as the group’s capacity is significantly larger than that of the listed entity [1]. - The current valuation of the company is considered undervalued, with a strong strategic investment value indicated by the low ratio of market value to fixed asset value [1][2]. Summary by Sections Company Overview and Product Structure - The company has evolved from its establishment in 1999 to become a comprehensive steel enterprise, producing various products including spring flat steel and automotive leaf springs [12]. - The company’s stock structure is clear, with the controlling shareholder being Jiangxi Fangda Steel Group, holding over 40% of the shares [12][13]. - The main products include rebar, wire rods, spring flat steel, automotive leaf springs, and iron concentrate, primarily serving the construction and automotive industries [17][18]. Capacity Growth Potential - The company has a production capacity of 4.2 million tons, with significant room for growth as it serves as a platform for the integration of steel assets within the group [1][2]. - The successful relocation of Dazhou Steel is expected to facilitate further capacity integration [1]. Competitive Advantages and Valuation - The company demonstrates comprehensive competitive advantages in terms of per capita steel production, salary, and depreciation costs per ton of steel, indicating strong profitability elasticity [1]. - The current valuation metrics show that the company is trading at approximately 1x the fixed asset value per ton of steel, which is at a historical low, suggesting potential for valuation recovery as industry conditions improve [1][2]. Financial Performance - The company’s revenue is projected to decline from 26.5 billion yuan in 2023 to 21.6 billion yuan in 2024, with a gradual recovery expected thereafter [3]. - The net profit attributable to shareholders is forecasted to rebound significantly in 2025, reaching approximately 975 million yuan, reflecting a year-on-year growth of 293.4% [3]. - The company’s earnings per share (EPS) is expected to increase from 0.30 yuan in 2023 to 0.42 yuan in 2025, indicating improving profitability [3].

Group 1 - The core viewpoint of the report indicates that the domestic steel industry is experiencing a mixed trend in raw material prices, with export policies driving external prices higher while domestic prices remain under pressure [1][2] - Steel mills are currently in a raw material stocking phase, with iron ore imports increasing but steel inventory remaining low, suggesting a cautious approach to restocking due to weak price differentials and expectations of low post-holiday production [2][3] - The profitability of steel companies has slightly decreased to 39.4%, indicating that previous raw material price increases may have started to impact financial statements [1][2] Group 2 - The average price of hot-rolled coils in major markets is reported at 3355 CNY/ton, showing a slight decrease of 1 CNY/ton from the previous week, while the inventory of hot-rolled coils has decreased by 2.82 million tons week-on-week [3] - The price index for metallurgical coke has remained stable, with trade prices for first-grade coke at 1470 CNY/ton and second-grade coke at 1570 CNY/ton, while inventory levels at major ports have decreased [4] - The price index for domestic iron concentrate shows mixed results, with the price for 66% concentrate at 978 CNY/ton, reflecting a 0.72% increase, while overall iron ore inventory at ports continues to rise [5]

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it discusses various performance metrics and market conditions that may influence investment decisions [96]. Core Insights - The steel industry is currently in a raw material stocking phase, with steel mills increasing iron ore imports while steel inventories remain low, indicating a cautious approach to production amid weak price differentials and expectations of low post-holiday activity [1][11]. - Raw material prices have remained stable, with external prices driven higher by export policies while domestic prices face downward pressure, leading to a current loss of 37.9 yuan per ton for steel mills [1][11]. - The profitability of steel companies has slightly decreased to 39.4%, reflecting the impact of rising raw material costs on financial performance [1][11]. - The CITIC Steel Index has decreased by 2.0% this week, underperforming the broader market by 1.6%, although the performance of general steel stocks has remained relatively stable [1][11]. Summary by Sections 1. Steel Industry Overview & Index Performance - Steel mills are in a raw material stocking phase, with increasing iron ore imports and low steel inventories [1][11]. - The domestic steel price differential has decreased by 2.9 yuan, indicating financial strain on steel mills [1][11]. - The CITIC Steel Index has shown a decline, reflecting broader market trends [1][11]. 2. Sub-Industry Fundamentals - Hot-rolled coil prices have slightly decreased, with the average price for 3.0mm hot-rolled coil at 3355 yuan per ton, down 1 yuan from last week [2][12]. - Social inventory of hot-rolled coils has decreased, with a total of 278.33 million tons, down 2.82 million tons week-on-week [2][12]. 3. Black Industry Chain Price Data Update - The price index for metallurgical coke has remained stable, with trade-out prices for first-grade coke at 1470 yuan per ton [3][13]. - The average daily production of iron concentrate has increased slightly to 469,500 tons, with iron ore prices showing mixed trends [4][14]. 4. Black Industry Chain Supply and Demand Data Update - Iron ore inventory at ports continues to rise, indicating a supply-side pressure on prices [4][14]. - The report highlights the need to monitor the recovery speed of coal mines and its impact on coke prices post-holiday [3][13].

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it implies a cautious outlook based on current market conditions and inventory levels [96]. Core Insights - The steel industry is currently in a raw material stocking phase, with steel mills increasing iron ore imports while steel inventories remain low, indicating a potential weak willingness to stockpile due to low price differentials and weak expectations for post-holiday production [1][11]. - Raw material prices have remained stable, with domestic steel price differentials decreasing by 2.9 CNY, leading to a loss of 37.9 CNY per ton for steel companies, and a slight decline in profitability to 39.4% [1][11]. - The CITIC Steel Index decreased by 2.0%, underperforming the broader market by 1.6%, while the performance of general steel stocks remained relatively stable [1][11]. Summary by Sections 1. Steel Industry Overview & Index Performance - Steel mills are in a raw material stocking phase, with iron ore imports increasing and steel inventories low, indicating a cautious approach to stocking [1][11]. - The profitability of steel companies has slightly decreased to 39.4%, reflecting the impact of rising raw material prices on financial performance [1][11]. 2. Subsector Fundamentals - Hot-rolled coil prices have slightly decreased, with the average price for 3.0mm hot-rolled coil at 3355 CNY/ton, down 1 CNY/ton from last week [12]. - Social inventory of hot-rolled coils decreased by 2.82 million tons week-on-week, and 10.30 million tons month-on-month [12]. 3. Black Industry Chain Price Data Update - The price index for metallurgical coke has remained stable, with trade-out prices for first-grade coke at 1470 CNY/ton and second-grade coke at 1570 CNY/ton [13]. - The average daily production of iron concentrate from 186 mining companies is 469,500 tons, with a slight increase in inventory [14]. 4. Black Industry Chain Supply and Demand Data Update - Iron ore prices have shown mixed trends, with the 66% iron concentrate price in Tangshan at 978 CNY/ton, reflecting a 0.72% increase [14]. - The report indicates a continued increase in iron ore inventory at ports, suggesting a potential for price fluctuations in the coming weeks [14].