Core Viewpoint - Hualing Steel has shown a significant stock price increase of 36.98% year-to-date, with a recent rise of 2.01% in intraday trading, indicating positive market sentiment despite some fluctuations in the past 60 days [1]. Group 1: Stock Performance - As of December 18, Hualing Steel's stock price reached 5.59 CNY per share, with a market capitalization of 38.619 billion CNY [1]. - The stock has experienced a 6.88% increase over the last five trading days, but a decline of 4.61% over the past 20 days and 13.06% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hualing Steel reported operating revenue of 94.598 billion CNY, a year-on-year decrease of 14.96%, while net profit attributable to shareholders increased by 41.72% to 2.510 billion CNY [2]. - Cumulative cash dividends since the A-share listing amount to 10.436 billion CNY, with 3.934 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.78% to 84,200, while the average number of circulating shares per person increased by 7.27% to 82,063 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 23.41 million shares to 157 million shares [3].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Insights - The steel sector has shown a slight increase of 0.54% this week, underperforming compared to the broader market, which rose by 1.28% [10] - The report indicates that while the steel industry faces supply-demand imbalances, the implementation of "stability growth" policies is expected to support steel demand, particularly in real estate and infrastructure sectors [3] - The report suggests that the overall industry structure is likely to improve, with specific companies being undervalued and presenting structural investment opportunities [3] Supply Summary - As of December 5, the capacity utilization rate for blast furnaces among sample steel companies is 87.1%, a decrease of 0.90 percentage points week-on-week [27] - The average daily pig iron production is 2.323 million tons, down 2.38% week-on-week [27] - The total production of five major steel products is 7.187 million tons, a decrease of 3.78% week-on-week [27] Demand Summary - The consumption of five major steel products is 8.642 million tons, down 2.68% week-on-week [35] - The transaction volume of construction steel among mainstream traders is 99,000 tons, a decrease of 5.31% week-on-week [35] Inventory Summary - The social inventory of five major steel products is 9.785 million tons, down 2.86% week-on-week [43] - The factory inventory of five major steel products is 3.871 million tons, down 1.64% week-on-week [43] Price & Profit Summary - The comprehensive index for ordinary steel is 3,473.6 CNY/ton, an increase of 0.60% week-on-week [49] - The profit for rebar produced in blast furnaces is 34 CNY/ton, an increase of 383.33% week-on-week [55] - The profit for electric arc furnace-produced construction steel is -25 CNY/ton, an increase of 59.02% week-on-week [55] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) is 790 CNY/ton, down 0.75% week-on-week [71] - The price of primary metallurgical coke is 1,880 CNY/ton, down 55 CNY/ton week-on-week [71]

Core Viewpoint - The steel industry in China is expected to face a supply surplus, with total apparent steel consumption projected to reach 930 million tons by October 2025, reflecting a year-on-year increase of 5% [1][2]. Group 1: Supply and Demand Dynamics - By November 2025, the average daily pig iron output is expected to be 2.38 million tons, a year-on-year increase of 3.7% [2]. - The total crude steel output in China is projected to be 820 million tons by October 2025, showing a year-on-year decrease of 4% [2]. - The demand for steel is primarily affected by the real estate sector, while shipbuilding, automotive, manufacturing, and exports are expected to provide some compensation [1][2]. Group 2: Price Trends - Steel prices are anticipated to exhibit a downward trend in 2025, fluctuating between 3,000 to 3,500 RMB per ton, with Q3 expected to be the lowest point of the year due to weak downstream demand [4]. - The decline in coking coal prices is expected to contribute to the decrease in steel prices, with iron ore prices also projected to have room for further decline in 2026 [5]. Group 3: Profitability Outlook - The steel industry's gross profit margins are expected to remain at a high level during July to September 2025, with the average profitability for the year being the best from 2021 to 2025 [6]. - The anticipated supply-side reform 2.0 may constrain crude steel production by 5% to 10%, focusing on environmental and carbon emission standards [7]. Group 4: Investment Strategy - The investment strategy for 2026 suggests focusing on companies with stable performance in the top-tier steel sector and those benefiting from growth in downstream niche markets [8]. - Recommended companies include Baosteel (600019.SH), Hualing Steel (000932.SZ), Nanjing Steel (600282.SH), and CITIC Special Steel (000708.SZ) for their quality product structures [8].

Core Viewpoint - Hualing Steel experienced a decline in stock price by 2.14% on November 18, with a current price of 5.95 CNY per share, despite a year-to-date increase of 45.80% [1] Group 1: Stock Performance - As of November 18, Hualing Steel's stock price is 5.95 CNY, with a market capitalization of 41.106 billion CNY [1] - The stock has seen a net outflow of 31.9889 million CNY in principal funds, with significant selling pressure [1] - Over the past five trading days, the stock has decreased by 1.82%, while it has increased by 8.58% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Hualing Steel reported operating revenue of 95.048 billion CNY, a year-on-year decrease of 14.88% [2] - The company achieved a net profit attributable to shareholders of 2.510 billion CNY, reflecting a year-on-year growth of 41.72% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hualing Steel is 84,200, a decrease of 6.78% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.27% to 82,063 shares [2] - Cumulatively, Hualing Steel has distributed 10.436 billion CNY in dividends since its A-share listing, with 3.934 billion CNY distributed in the last three years [3]

Core Viewpoint - The steel industry is experiencing fluctuations in production and demand, with a notable increase in capacity utilization rates, while prices and profits remain under pressure. The overall outlook suggests potential for recovery driven by government policies and market stabilization efforts. Supply Situation - As of November 14, the capacity utilization rate for blast furnaces in sample steel companies is 88.8%, an increase of 0.99 percentage points week-on-week [2][3] - The capacity utilization rate for electric furnaces is 53.2%, up by 2.31 percentage points week-on-week [2][3] - The production of five major steel products is 7.261 million tons, a decrease of 229,800 tons or 3.07% week-on-week [2][3] - Daily average pig iron production is 2.3688 million tons, an increase of 26,600 tons week-on-week and 28,200 tons year-on-year [2][5] Demand Situation - The consumption of five major steel products is 8.606 million tons, down by 63,300 tons or 0.73% week-on-week [2][3] - The transaction volume of construction steel by mainstream traders is 100,000 tons, an increase of 3,700 tons or 3.87% week-on-week [2][3] Inventory Situation - Social inventory of five major steel products is 10.614 million tons, a decrease of 136,100 tons or 1.27% week-on-week, but an increase of 306,100 tons year-on-year [3] - Factory inventory of five major steel products is 4.16 million tons, down by 126,100 tons or 2.94% week-on-week, with a year-on-year increase of 6.35% [3] Steel Prices & Profits - The comprehensive index for ordinary steel is 3,422.3 yuan/ton, an increase of 2.47 yuan/ton or 0.07% week-on-week, but down by 6.85% year-on-year [3] - The comprehensive index for special steel is 6,581.9 yuan/ton, a decrease of 10.59 yuan/ton or 0.16% week-on-week, and down by 3.37% year-on-year [3] - The profit for rebar from blast furnaces is -29 yuan/ton, an increase of 10.0 yuan/ton or 25.64% week-on-week [3] - The profit for construction steel from electric furnaces is -155 yuan/ton, an increase of 7.0 yuan/ton or 4.32% week-on-week [3] Raw Material Situation - The spot price index for Australian powder ore (62% Fe) at Rizhao Port is 786 yuan/ton, up by 10.0 yuan/ton or 1.29% week-on-week [4] - The price for main coking coal at Jingtang Port is 1,830 yuan/ton, an increase of 30.0 yuan/ton week-on-week [4] Market Outlook - The initiation of the 2025 Central Safety Production Assessment is expected to stabilize market confidence and positively impact steel prices [5] - The steel industry is anticipated to maintain a stable supply-demand balance, supported by government "stability growth" policies, with potential improvements in demand from real estate and infrastructure sectors [6] - The industry is expected to see structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [6]

Core Viewpoint - Maanshan Iron & Steel Company Limited (Ma Steel) is a major player in the domestic steel industry, with a diversified product structure and significant advantages in the wheel axle segment. The company has a steel production capacity of 23 million tons and is involved in various sectors including central enterprise reform and nuclear power [1]. Financial Performance - For Q3 2025, Ma Steel reported a revenue of 57.572 billion yuan, ranking 6th in the industry, which is lower than the top competitor Baosteel's 232.436 billion yuan and the industry average of 59.833 billion yuan. The net profit for the same period was 356 million yuan, placing it 9th in the industry, significantly below Baosteel's 8.908 billion yuan and the industry average of 808 million yuan [2]. - The company's main business revenue was 38.072 billion yuan, accounting for 99.99% of total revenue, while other income was only 372,590 yuan [2]. Financial Ratios - As of Q3 2025, Ma Steel's debt-to-asset ratio was 60.56%, a decrease from 63.74% year-on-year and below the industry average of 63.37%. The gross profit margin was 5.09%, an improvement from -0.35% year-on-year but still below the industry average of 5.68% [3]. Leadership - The chairman of Ma Steel, Jiang Yuxiang, born in 1968, has been with the company since 1990 and took office in April 2024. He holds a doctorate in management and has held various positions within the company [4]. Shareholder Information - As of December 31, 2008, the number of A-share shareholders increased by 28.81% to 444,500, with an average holding of 4,681.89 shares, up 35.21%. By September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5]. Production and Cost Management - In H1 2025, Ma Steel achieved a revenue of 38.076 billion yuan and a net profit of -74.78 million yuan, with Q2 showing a turnaround to profitability due to increased steel production and effective cost control. The company produced 9.63 million tons of steel products, with a 22% year-on-year increase in key product categories [6]. - The company has successfully reduced procurement costs for raw materials, with port iron ore prices outperforming the index by 4.58 USD/ton and coking coal costs being 10.67 yuan/ton lower than the industry average [6]. Product Structure - Ma Steel, controlled by China Baowu Steel Group, has a diversified product structure focusing on special steel, wheel axles, long products, and plates. The long products and plates contributed 41% and 44% of revenue, respectively, in 2024 [6].

Core Insights - Maanshan Iron & Steel Co., Ltd. (stock code: 00323) reported its key operating data for the first three quarters of 2025, indicating strong production and sales figures across various product categories [1] Production and Sales Data - The production volume of flat steel reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - Long steel production was recorded at 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

Core Insights - The company Maanshan Iron & Steel Co., Ltd. (stock code 00323) reported its key operating data for the first three quarters of 2025, highlighting significant production and sales figures across various product categories [1] Production and Sales Data - The production volume of sheet products reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - The production volume of long products was 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

（在中華人民共和國註冊成立之股份有限公司） 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告的內 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 就因本公告全部或任何部份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。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited | 主要產品 | | 生產量 | 銷售量 | 銷售價格 | | --- | --- | --- | --- | --- | | | | | | （元╱噸） | | 長 | 材 | 706 | 705 | 3,128 | | 板 | 材 | 722 | 728 | 3,659 | | 輪 | 軸 | 19 | 19 | 11,104 | | 商品坯 | | 73 | 73 | 4,601 | | | | | 承董事會命 | | | | | | 馬鞍山鋼鐵股份有限公司 | | 蔣育翔 董事長 2025年10月30日 中國安徽省馬鞍山市 （股票代號：00323） 海外監管公告 2025年前三季度主要經 ...

股票代码：600808 股票简称：马钢股份 公告编号： 2025-052 单位：万吨 | 主要产品 | 生产量 | 销售量 | 销售价格（元/吨） | | --- | --- | --- | --- | | 长材 | 706 | 705 | 3128 | | 板材 | 722 | 728 | 3659 | | 轮轴 | 19 | 19 | 11104 | | 商品坯 | 73 | 73 | 4601 | 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 10 月 30 日 马鞍山钢铁股份有限公司 2025 年前三季度主要经营数据公告 马鞍山钢铁股份有限公司（"公司"）董事会及全体董事保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 根据上海证券交易所的相关规定，公司现将 2025 年前三季度的 主要经营数据公告如下： ...