Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

Core Viewpoint - The report indicates a decline in China's wire rod (coil) production, with a projected output of 11.38 million tons in July 2025, representing a year-on-year decrease of 1.9% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of wire rod (coil) in China from January to July 2025 is 78.96 million tons, showing a slight decline of 0.1% [1] - The report titled "Market Development Scale and Industry Demand Analysis of China's High-Speed Wire Rod Industry from 2025 to 2031" by Zhiyan Consulting provides insights into the market trends and future demand [1] Company Summary - Listed companies in the wire rod industry include Hangang Co., Ltd. (600126), Shagang Co., Ltd. (002075), Yongxing Materials (002756), Fangda Special Steel (600507), Linggang Co., Ltd. (600231), Fushun Special Steel (600399), *ST Xigang (600117), Liugang Co., Ltd. (601003), Magang Co., Ltd. (600808), and New Steel Co., Ltd. (600782) [1]

Market Overview - On September 26, the special steel sector rose by 1.04%, led by CITIC Special Steel, while the Shanghai Composite Index closed at 3828.11, down 0.65% [1] - The Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - CITIC Special Steel (000708) closed at 13.28, up 2.79% with a trading volume of 248,300 shares and a turnover of 327 million yuan [1] - Fangda Special Steel (600507) closed at 5.35, up 2.10% with a trading volume of 226,500 shares and a turnover of 121 million yuan [1] - Changbao Co., Ltd. (002478) closed at 5.55, up 1.46% with a trading volume of 111,800 shares and a turnover of 61.88 million yuan [1] - Other notable performances include Jiuli Special Materials (002318) at 23.19, up 0.69%, and Xining Special Steel (600117) at 3.14, up 0.32% [1] Capital Flow - The special steel sector experienced a net outflow of 48.64 million yuan from institutional investors, while retail investors saw a net inflow of 69.25 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Fangda Special Steel saw a net inflow of 14.34 million yuan from institutional investors, while retail investors had a net outflow of 7.82 million yuan [3] - CITIC Special Steel had a net inflow of 1.44 million yuan from institutional investors, with retail investors contributing a net inflow of 12.84 million yuan [3] - Other stocks like Taigang Stainless Steel (000825) and Xining Special Steel (600117) also showed varied capital flows, reflecting differing investor sentiments across the sector [3]

Market Overview - On September 25, the special steel sector rose by 0.46% compared to the previous trading day, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Xianglou New Materials (301160) closed at 63.58, up 2.25% with a trading volume of 28,400 lots and a transaction value of 181 million [1] - CITIC Special Steel (000708) closed at 12.92, up 1.10% with a trading volume of 136,200 lots [1] - Jinzhu Pipeline (002443) closed at 7.35, up 0.68% with a trading volume of 144,800 lots [1] - Other notable performances include Jiuli Special Materials (002318) at 23.03, up 0.57%, and Taiyuan Iron & Steel (000825) at 3.87, up 0.52% [1] Capital Flow - The special steel sector saw a net inflow of 7.496 million from institutional investors, while retail investors contributed a net inflow of 29.624 million [2] - However, speculative funds experienced a net outflow of 37.1203 million [2] Individual Stock Capital Flow - Jinzhu Pipeline (002443) had a net inflow of 19.2741 million from institutional investors, while it faced a net outflow of 11.3191 million from speculative funds [3] - Xianglou New Materials (301160) saw a net inflow of 17.6055 million from institutional investors, with a net outflow of 12.4069 million from speculative funds [3] - Fushun Special Steel (600399) recorded a net inflow of 4.4309 million from institutional investors [3]

Core Viewpoint - The company, Fushun Special Steel Co., Ltd., is set to hold a half-year performance briefing on September 30, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting will take place on September 30, 2025, from 09:00 to 10:00 [4]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The format of the meeting will be an interactive online session, where the company will address common investor inquiries [3][5]. Group 2: Participation Information - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center on the day of the meeting [5]. - A pre-question submission period is available from September 23 to September 29, 2025, allowing investors to submit questions via the website or email [5][6]. - The company will respond to widely asked questions during the briefing [2][5]. Group 3: Contact Information - For inquiries, investors can contact Ms. Zhu at the provided phone number or email [6][7].

股票代码：600399 股票简称：抚顺特钢 编号：临 2025-049 抚顺特殊钢股份有限公司 关于召开 2025 年半年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 9 月 30 日（星期二）09:00-10:00 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 9 月 23 日(星期二)至 2025 年 9 月 29 日(星 期一)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 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 30 日（星期二）09:00- ...

抚顺特殊钢股份有限公司 2025 年第一次临时股东大会会议资料 抚顺特殊钢股份有限公司董事会 二〇二五年九月二十九日 1 / 13 抚顺特殊钢股份有限公司 2025 年第一次临时股东大会会议议程 会议时间：2025 年 9 月 29 日（星期一），15 时 00 分 2、公司董事、监事和其他高级管理人员 会议议程： | 序号 | 会议议程 | | --- | --- | | 第一项 | 宣读会议须知 | | 第二项 | 说明并审议议案 | | 第三项 | 股东或股东授权代表投票表决 | | 第四项 | 宣布投票表决结果 | | 第五项 | 律师出具并宣读法律意见 | | 第六项 | 宣读股东大会决议 | | 第七项 | 股东和股东授权代表、公司董事签署会议文件 | | 第八项 | 宣布会议结束 | 2 / 13 会议地点：辽宁省抚顺市望花区鞍山路东段 8 号，公司办公楼一楼 110 号会议室 出席人员：1、公司股东或股东授权代表 3、公司聘请的律师 会议方式：现场会议结合网络投票 主持人：董事长 孙立国 1、本次会议设会务处，负责会议筹备和组织等会务工作。 2、为保证会场秩序，场内请勿大声喧哗。有资格出席本次 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, based on their projected earnings and valuation metrics [3][4]. Core Insights - The steel prices are showing a strong upward trend supported by raw material costs, with significant increases in various steel products as of September 19, 2025 [1][11]. - The overall steel profit margins have improved, with notable increases in the gross margins for rebar, hot-rolled, and cold-rolled steel [1][2]. - The report indicates a shift from inventory accumulation to inventory reduction for rebar, suggesting a recovery in demand as the industry enters its peak season [3]. Price Trends - As of September 19, 2025, the prices for key steel products in Shanghai are as follows: - Rebar (20mm HRB400) at 3280 CNY/ton, up 70 CNY/ton from the previous week - High-line (8.0mm) at 3420 CNY/ton, up 60 CNY/ton - Hot-rolled (3.0mm) at 3460 CNY/ton, up 10 CNY/ton - Cold-rolled (1.0mm) at 3830 CNY/ton, up 30 CNY/ton - Common medium plate (20mm) at 3510 CNY/ton, up 50 CNY/ton [1][11][12]. Production and Inventory - As of September 19, 2025, the total production of the five major steel products was 8.55 million tons, a decrease of 1.78 million tons week-on-week, with rebar production specifically down by 5.48 million tons to 2.0645 million tons [2]. - The total social inventory of the five major steel products increased by 63,200 tons to 11.0023 million tons, while steel mill inventory decreased by 11,400 tons [2]. Profitability - The report highlights an increase in steel profitability, with gross margins for rebar, hot-rolled, and cold-rolled steel rising by 24 CNY/ton, 28 CNY/ton, and 28 CNY/ton respectively, while electric arc furnace steel margins increased by 10 CNY/ton [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - For the general steel sector: Hualing Steel, Baosteel, Nanjing Steel - For the special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3].

Core Viewpoint - The continuous innovation in basic raw materials is essential for the industrial upgrade of China's manufacturing sector, with Fushun Special Steel focusing on strategic development in emerging fields such as aerospace and nuclear power [1][2]. Group 1: Company Overview - Fushun Special Steel, established in 1937, is recognized as the "cradle of special steel in China," having produced the country's first high-temperature alloy, ultra-high-strength steel, and stainless steel [2]. - The company joined Shagang Group in 2018, adopting advanced management practices and now boasts the largest special steel furnace group in China, with crude steel capacity of 950,000 tons and steel production capacity of 700,000 tons [2]. Group 2: Product Development and Achievements - The revenue from special steel products has consistently accounted for over 90% from 2021 to mid-2025, with a focus on product iteration and domestic substitution technology during the 14th Five-Year Plan [3]. - In 2022, Fushun Special Steel mass-produced FS450 die-casting mold steel, successfully replacing imports in large die-casting molds for companies like BYD [3]. - The company developed high-nitrogen high-strength martensitic stainless steel and corrosion-resistant alloys, addressing urgent material needs in aerospace and other sectors [3][4]. Group 3: Research and Development - Fushun Special Steel's R&D expenditure has remained above 300 million yuan from 2021 to 2024, with an increase in technical personnel from 491 in 2020 to 581 [5]. - The company’s technology center, established in 1993, has been pivotal in formulating national and military standards and managing numerous national research projects [5]. - The technology center collaborates with various universities and research institutions to enhance product innovation and meet the material demands of downstream industries [5]. Group 4: Industry Standards and Contributions - As a key player in the special steel industry, Fushun Special Steel contributes to the establishment of industry standards and has successfully overseen the approval of multiple national standards [6]. - The company has taken on four new national research projects this year, with ongoing projects totaling 44 [7]. - Fushun Special Steel aims to enhance product quality and production processes through the integration of a product R&D and quality control platform [7].

Market Performance - On September 17, the special steel sector rose by 0.77% compared to the previous trading day, with Shagang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Shagang Co., Ltd. (002075) closed at 6.10, with a gain of 3.92% and a trading volume of 1.11 million shares, amounting to a transaction value of 677 million yuan [1] - CITIC Special Steel (000708) closed at 13.10, up 1.63%, with a trading volume of 189,800 shares and a transaction value of 247 million yuan [1] - Fushun Special Steel (600399) closed at 5.42, up 0.37%, with a trading volume of 317,900 shares and a transaction value of 172 million yuan [1] - Other notable performances include Taiyuan Iron & Steel (000825) at 4.01 (up 0.25%) and Jiu Li Special Materials (002318) at 22.19 (up 0.09%) [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 13.12 million yuan from main funds, while retail funds saw a net inflow of 28.99 million yuan [2] - The individual stock capital flow indicates that Shagang Co., Ltd. had a main fund net outflow of 42.04 million yuan, while retail funds saw a net inflow of 4.30 million yuan [3] - Taiyuan Iron & Steel had a main fund net inflow of 14.73 million yuan, while retail funds experienced a net outflow of 1.76 million yuan [3]