Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Viewpoints - The report emphasizes the importance of addressing overseas electricity shortages with Chinese solutions, particularly in the context of rising industrial electricity costs due to increasing energy prices in major countries [9][14]. - It highlights the potential for significant growth in the electrolytic aluminum sector driven by export demand, as overseas power supply issues lead to production cuts [14]. - The report also points out investment opportunities in the special steel sector, particularly related to advancements in nuclear fusion technology [15]. - The lithium carbonate sector is expected to benefit from a surge in overseas energy storage demand, with prices across the supply chain showing signs of recovery [16]. Summary by Sections 1. Non-Ferrous Metals - The report suggests that electrolytic aluminum, special steel, and lithium carbonate are primarily driven by domestic demand, but it presents a contrasting view that focuses on overseas electricity shortages as a growth opportunity [9][13]. - The electrolytic aluminum sector is poised for a revaluation due to strong production cut expectations stemming from overseas electricity shortages [14]. - The special steel sector is highlighted for its potential growth linked to nuclear fusion advancements, with significant demand expected for materials that can withstand extreme conditions [15]. - The lithium carbonate sector is experiencing a price rebound, with recent contracts indicating a positive outlook for the entire supply chain [16]. 2. Steel Industry - The steel industry is facing short-term profitability pressures, with slight declines in iron and steel production noted [17][19]. - Inventory levels for both social and steel mill stocks are decreasing, indicating a tightening supply [24]. - The report notes a general decline in steel prices, with various product categories experiencing price drops [34]. - Cost pressures are evident, with mixed trends in raw material prices impacting profitability across different steel production processes [27][30]. 3. New Energy Metals - The report indicates a significant year-on-year increase in lithium carbonate production, reflecting a robust supply response to market demand [39]. - The demand for new energy vehicles remains strong, with production and sales figures showing substantial growth [43]. - Price trends for lithium and nickel are mixed, with lithium prices experiencing a notable decline while cobalt prices have seen increases [48][50].

Market Overview - The special steel sector experienced a decline of 0.3% on November 7, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Changbao Co., Ltd. (002478) rose by 3.41% to a closing price of 8.50, with a trading volume of 1.93 million shares and a turnover of 1.616 billion [1] - Fushun Special Steel (666009) increased by 1.61% to 5.68, with a trading volume of 870,900 shares [1] - Fangda Special Steel (600507) saw a rise of 1.14% to 6.19, with a turnover of 176 million [1] - Jiu Li Special Materials (002318) fell by 1.62% to 26.13, with a trading volume of 147,300 shares and a turnover of 387 million [1][2] Capital Flow - The special steel sector saw a net outflow of 180 million from main funds, while retail investors contributed a net inflow of 145 million [2] - The capital flow for specific stocks included: - Fushun Special Steel had a main fund net inflow of 58.63 million, but a net outflow from retail investors of 55.44 million [3] - Shengde Xintai experienced a net outflow of 25.61 million from main funds, while retail investors contributed a net inflow of 16.72 million [3] - Jiu Li Special Materials had a net outflow of 2.69 million from main funds, but a net inflow of 33.42 million from retail investors [3]

股票代码：600399 股票简称：抚顺特钢 编号：临 2025-055 抚顺特殊钢股份有限公司 关于回购股份专用贷款展期的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，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。 一、公司回购股份基本情况 抚顺特殊钢股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日披露了《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：临 2024-046），公司拟使用自有资金或自筹资金以集 中竞价交易的方式回购公司股份用于实施股权激励计划，回购资金总 额不低于人民币 7,000 万元（含），不高于人民币 10,000 万元（含）。 2024 年 11 月 6 日，公司披露了《关于回购股份资金来源的说明公告》 （公告编号：临 2024-049），中信银行股份有限公司抚顺分行同意 为公司股份回购事项提供不超过 10,000 万元（人民币）的贷款额度， 长至 3 年，借款用途不变。 特此公告。 抚顺特殊钢股份有限公司董事会 二〇二五年十一月七日 二、回购股份实施结果 公司于 2024 年 11 月 26 ...

股票代码：600399 股票简称：抚顺特钢 编号：临 2025-056 关于召开 2025 年第三季度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，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。 重要内容提示： 会议召开时间：2025 年 11 月 14 日（星期五）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月7日(星期五)至2025年11月13日(星 期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 抚顺特殊钢股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日（星期五）14:00-15:00 举行 2025 年第三 ...

Group 1 - The company has successfully exported its products to EU countries, including Germany and France [1] - The company plans to intensify efforts in expanding its overseas market and aims to enhance export scale [1]

Core Insights - The company Fushun Special Steel has provided key structural materials for China's first thorium-based molten salt reactor project, indicating its role as a core supplier in this sector [1] Company and Industry Summary - Fushun Special Steel has supplied multiple categories and specifications of high-performance special steel materials for the thorium-based molten salt reactor project, including the critical structural material GH3535 (UNSN 10003) alloy [1]

关于 宁波梅山保税港区锦程沙洲股权投资有限公司 要约收购 抚顺特殊钢股份有限公司 之 申万宏源证券承销保荐有限责任公司 2025 年第三季度持续督导意见 财务顾问 二〇二五年十一月 申万宏源证券承销保荐有限责任公司（以下简称"本财务顾问"）接受宁波 梅山保税港区锦程沙洲股权投资有限公司（以下简称"锦程沙洲""收购人"）的 委托，担任其要约收购抚顺特殊钢股份有限公司（以下简称"抚顺特钢""上市 公司"）的财务顾问。 根据《上市公司收购管理办法》的规定，本次要约收购的持续督导期自要约 收购报告书公告之日起至要约收购完成后的 12 个月止，即 2025 年 8 月 7 日至 2026 年 9 月 15 日。 2025 年 10 月 31 日，上市公司披露了 2025 年第三季度报告。根据相关法律 法规规定，本财务顾问出具 2025 年第三季度（即 2025 年 8 月 7 日至 2025 年 9 月 30 日，以下简称"本持续督导期"）持续督导意见。 一、要约收购履行情况 2025 年 8 月 7 日，抚顺特钢公告了《抚顺特殊钢股份有限公司要约收购报 告书》（以下简称《要约收购报告书》），锦程沙洲向除锦程沙洲及其一 ...

Group 1 - The company Fushun Special Steel announced that Jincheng Shazhou will issue a partial tender offer to all shareholders, excluding itself and its concerted parties, starting from August 7, 2025, to acquire 98.605 million shares, representing 5% of the total share capital, at a price of 5.6 yuan per share, with the offer period ending on September 10 [1] - As of September 15, the settlement and transfer procedures for the tender offer were completed, with 19.8936 million shares accepted, accounting for 1.01% of the total shares [1] - During this continuous supervision period, Jincheng Shazhou and its concerted parties operated in compliance with public commitments and did not violate any regulations [1] Group 2 - The company completed the board of directors' re-election, electing Mu Lifeng as the employee director and appointing Sun Liguo as the general manager and other senior management personnel [1]

Market Performance - The special steel sector increased by 1.71% on November 5, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 7.47, up 10.01% with a trading volume of 939,200 shares and a transaction value of 693 million [1] - Other notable performers include: - Shengde Zhengtai (300881) at 38.38, up 4.15% [1] - Fushun Special Steel (600399) at 5.62, up 3.69% [1] - Xining Special Steel (600117) at 3.19, up 2.24% [1] - Taiyuan Iron & Steel (000825) at 4.30, up 1.65% [1] Capital Flow - The special steel sector saw a net inflow of 113 million in main funds, while retail funds experienced a net outflow of 26.03 million [2] - The capital flow for specific stocks includes: - Changbao Co., Ltd. with a net inflow of 63.79 million [3] - Fushun Special Steel with a net inflow of 15.27 million [3] - Taiyuan Iron & Steel with a net inflow of 19.67 million [3]

Group 1: Thorium Molten Salt Concept - The thorium molten salt concept has recently gained market attention, leading to significant stock price increases for related companies [1] - Several listed companies have announced or responded regarding their business layouts related to thorium molten salt projects as of November 4 [1] Group 2: Company Specific Developments - Baose Co., Ltd. has been involved in the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project," specifically for the TMSR-SF0 main container equipment, with a total contract value of 2.5585 million yuan, delivered in 2018 [1] - Hailu Heavy Industry participated in the thorium molten salt experimental reactor project, successfully passing the acceptance of the safety device for the TMSR-LF1 reactor by experts from the Shanghai Institute of Applied Physics [1] - Jiangsu Shentong has begun research and technical reserves for various valve products required for thorium molten salt reactors [1] - Zhongmi Holdings' cooling salt circulation pump sealing products have been applied in the Gansu thorium molten salt nuclear reactor project, meeting similar sealing requirements as pressurized water reactors [1] - Fushun Special Steel has provided high-performance special steel materials for the thorium molten salt experimental reactor project [1] - Antai Technology is currently not involved in the 2 MW thorium molten salt experimental reactor business [1] Group 3: Asset Restructuring - Electric Power Investment Corporation is advancing a major asset restructuring, divesting existing financial businesses and acquiring quality nuclear power assets primarily engaged in the construction, operation, and management of nuclear power plants; currently, the company is not involved in thorium molten salt reactor-related businesses [2]