Core Viewpoint - Fushun Special Steel (600399.SH) has completed the deregistration of its wholly-owned subsidiary, Xinxing Steel, as part of a merger aimed at optimizing asset, personnel, and management structure, thereby improving operational and decision-making efficiency while reducing management costs [1] Group 1 - The company received a registration notice from the Market Supervision Administration of Wanghua District, Fushun City, on January 9, 2026, approving the deregistration of Xinxing Steel [1] - The merger will not have a substantial impact on the company's financial status or operating results, nor will it harm the interests of the company and all shareholders [1] - The financial statements of Xinxing Steel have already been included in the company's consolidated financial statements [1]

2026 年 1 月 9 日，公司收到抚顺市望花区市场监督管理局出具 的《登记通知书》，准予欣兴板材注销登记，本次公司吸收合并全资 子公司欣兴板材的工商注销登记事项已经办理完毕。 二、本次吸收合并子公司对公司的影响 公司吸收合并全资子公司欣兴板材有助于实现资产、人员和管理 架构的优化整合，提高运营和决策效率，降低管理成本。欣兴板材财 务报表已纳入公司合并报表范围，本次吸收合并不会对公司的财务状 况和经营成果产生实质性影响，也不会损害公司及全体股东的利益。 关于完成吸收合并全资子公司的公告 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、吸收合并子公司基本情况 抚顺特殊钢股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年 5 月 9 日召开第八届董事会第二十一次会议及 2024 年年度股东大会，审议通过了《关于吸收合并全资子公司的议案》， 同意公司吸收合并全资子公司抚顺欣兴特钢板材有限公司（以下简称 "欣兴板材"）。本次吸收合并完成后，欣兴板材的法人资格将被注 销，其全部资 ...

Core Viewpoint - The company has approved the absorption and merger of its wholly-owned subsidiary, Xinxing Steel, which is expected to optimize asset integration, personnel, and management structure, thereby improving operational and decision-making efficiency while reducing management costs [1] Group 1 - The company passed the resolution for the merger on April 28 and May 9, 2025 [1] - The company received the registration notice for the cancellation of Xinxing Steel on January 9, 2026, and the business registration has been completed [1] - The merger is not expected to have a substantial impact on the company's financial status and operating results [1]

（文章来源：证券时报网） 据天眼查APP显示，抚顺特殊钢股份有限公司成立于1999年06月07日，注册资本197210万人民币。（数 据宝） 数据宝统计，截至11:16，抚顺特钢成交额12.73亿元，创2025年3月14日以来新高。最新股价上涨 7.70%，换手率9.17%。上一交易日该股全天成交额为9.48亿元。 ...

Group 1 - The commercial aerospace sector is experiencing a strong rebound, with notable stock performances from various companies [1] - Galaxy Electronics has achieved six consecutive trading limits, indicating robust investor interest and confidence [1] - Companies such as Jieli Rigging and Oriental Communication have also shown strong performance, with three and two consecutive trading limits respectively [1] Group 2 - Other companies like Dahua Intelligent and Daming City have reached trading limits, reflecting a broader positive trend in the sector [1] - Oriental Rising, Liujin Technology, and Zhongtai Co. have all seen stock increases exceeding 10%, further highlighting the sector's growth [1] - Additional companies including Meg Intelligent, China Great Wall, China First Heavy Industries, Fushun Special Steel, and Zhongchao Holdings have also experienced upward movement in their stock prices [1]

Market Performance - The special steel sector increased by 0.31% on January 9, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1] Individual Stock Performance - Fushun Special Steel (code: 665009) closed at 6.49, with a rise of 2.20% and a trading volume of 1.45 million shares, amounting to a transaction value of 948 million yuan [1] - Other notable stocks include: - Jiao Jin Co. (code: 603995) at 19.19, up 2.07% [1] - Jiu Li Special Materials (code: 002318) at 28.98, up 1.61% [1] - Sha Steel Co. (code: 002075) at 5.77, up 0.52% [1] - Xining Special Steel (code: 600117) at 2.94, up 0.34% [1] - Tai Steel (code: 000825) at 5.41, down 0.55% [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 175 million yuan from institutional investors and 59.94 million yuan from speculative funds, while retail investors saw a net inflow of 235 million yuan [2] - Detailed capital flow for specific stocks includes: - Fushun Special Steel had a net inflow of 37.89 million yuan from institutional investors [3] - Xining Special Steel saw a net outflow of 11.61 million yuan from institutional investors [3] - Jiu Li Special Materials had a net outflow of 20.62 million yuan from institutional investors [3]

Core Insights - The automotive axle industry in China is experiencing significant growth driven by increasing demand for vehicles, particularly SUVs, and advancements in automotive technology [1][11] - The market size of China's automotive axle industry is projected to reach 67.158 billion yuan in 2025, reflecting a year-on-year growth of 5.93% in 2024 [1][12] - The global automotive axle market is expected to grow to 49.526 billion USD by 2030, indicating a robust demand for high-performance axles [11] Industry Overview - Automotive axles, also known as vehicle axles, connect the wheels to the vehicle frame and are crucial for transmitting forces and maintaining vehicle stability [2][9] - The industry is categorized into light, heavy, and suspension axles, with light axles primarily serving passenger vehicles and heavy axles for commercial vehicles [2][4] Industry Development History - The axle industry began in the early 20th century, evolving from simple steel and chain constructions to advanced materials and manufacturing processes [4][5] - Significant advancements occurred in the 1980s in China, transitioning from reliance on foreign technology to independent research and development [5][6] Industry Value Chain - The upstream of the axle industry includes raw materials like high-strength steel and production equipment, while the midstream focuses on manufacturing, and the downstream encompasses various vehicle applications [7][8] Current Industry Status - The global automotive market is recovering post-pandemic, with production expected to reach 93.95 million units by 2024, which positively impacts the axle industry [10][11] - China's automotive production is projected to be 31.28 million units in 2024, with a notable increase in new energy vehicles [10][11] Competitive Landscape and Key Players - The global axle market is dominated by international giants like ZF, Bosch, and Cummins, while Chinese manufacturers focus on commercial vehicle axles [12] - Key players in China include Liaoning Shuguang Automotive Group, Dongfeng Dana Axle Company, and others, with a strong emphasis on technology and product development [12][13] Industry Trends - The future of the axle industry is leaning towards specialization, with customized solutions for different vehicle types and driving conditions [14] - Lightweight designs using advanced materials and integrated systems are becoming a priority to enhance vehicle efficiency and performance [15][16]

Group 1 - Company沃尔核材 (002130) is a leading domestic high polymer nuclear radiation modified material enterprise, focusing on the research and supply of insulation and protection materials for fusion devices, with core products including radiation-resistant heat shrink tubing and high-temperature insulation sleeves [1][35] - The radiation-resistant heat shrink tubing is made from specially modified polymer materials, capable of withstanding strong radiation and high-temperature environments within fusion devices, used for insulating superconducting magnet coils and signal cables [1][35] - The high-temperature insulation sleeves developed by the company can withstand temperatures above 200℃, meeting the insulation needs of cables inside the fusion reactor vacuum chamber, and possess excellent corrosion resistance and aging resistance [1][35] Group 2 - Company宝胜股份 (600973) is a leading domestic wire and cable enterprise, focusing on the research and manufacturing of special cables for fusion devices, with core products including radiation-resistant low-smoke halogen-free cables and low-temperature superconducting cable accessories [2][36] - The radiation-resistant cables utilize cross-linked polyethylene insulation materials with added radiation stabilizers, capable of long-term stable operation in radiation doses of 10^6 Gy, already applied in the power distribution system of fusion experimental devices [2][36] - The company is also developing control cables specifically for fusion reactors, optimizing the cable shielding structure to enhance electromagnetic interference resistance, ensuring stable transmission of control signals [2][36] Group 3 - Company西部超导 (688122) is a leading domestic high-end titanium alloy and superconducting materials enterprise, focusing on the research of titanium alloy structural materials and superconducting strip substrates for superconducting magnets in fusion devices [3][37] - The high-strength and high-toughness titanium alloy produced by the company is a core material for the support frame of superconducting magnets, capable of withstanding the enormous electromagnetic forces generated during magnet excitation [3][37] - The company is also developing seamless titanium alloy pipes that are resistant to high pressure and corrosion, used for medium transmission in the cooling system of fusion reactors, becoming an important supplier in the nuclear fusion materials field [3][37] Group 4 - Company钢研高纳 (300034) is a leading domestic high-temperature alloy enterprise, focusing on the research of high-temperature alloy materials for core components of fusion reactors, with core products including nickel-based high-temperature alloys and refractory metal alloys [4][38] - The nickel-based high-temperature alloys developed by the company can withstand temperatures above 1200℃ and possess excellent radiation swelling resistance, suitable for components like the first wall and divertor in fusion reactors [4][38] - The company collaborates with research institutions to conduct research on surface coating technology for high-temperature alloys, enhancing the materials' high-temperature and corrosion resistance [4][38] Group 5 - Company中密控股 (300470) is a leading domestic mechanical sealing enterprise, focusing on the research and manufacturing of sealing components for fluid systems in fusion devices, with core products including high-temperature mechanical seals and vacuum seals [5][39] - The high-temperature mechanical seals can withstand high-temperature and high-pressure media in the cooling system of fusion reactors, with zero leakage sealing performance, already applied in the main circulation pump sealing system of fusion experimental devices [5][39] - The company is also developing dynamic sealing components for fusion devices, addressing sealing challenges for rotating components in fusion reactors [5][39] Group 6 - Company中泰股份 (300435) is a leading domestic deep cooling technology equipment enterprise, focusing on the research and manufacturing of low-temperature refrigeration systems for fusion devices, with core products including large liquid nitrogen refrigeration units and liquid helium temperature refrigeration equipment [6][40] - The large liquid nitrogen refrigeration units can provide a low-temperature cold source of -196℃, supporting the primary cooling of superconducting magnets [6][40] - The company is also developing integrated technology for low-temperature systems in fusion reactors, providing a comprehensive solution of "refrigeration equipment + low-temperature pipelines + insulation systems" [6][40] Group 7 - Company汉钟精机 (002158) is a leading domestic screw compressor enterprise, focusing on the research and manufacturing of vacuum pumps for the vacuum systems of fusion devices, with core products including dry screw vacuum pumps and Roots vacuum pumps [7][42] - The dry screw vacuum pumps can reduce the pressure in the vacuum chamber to 10^-5 Pa, featuring radiation resistance and low vibration, preventing oil vapor contamination in the vacuum environment [7][42] - The company is also optimizing the rotor structure design of vacuum pumps to enhance fatigue resistance and extend the service life in extreme environments of fusion devices [7][42] Group 8 - Company中科三环 (000970) is a leading domestic rare earth permanent magnet materials enterprise, focusing on the research of permanent magnet materials for the magnet systems of fusion devices, with core products including high-performance NdFeB permanent magnets [8][43] - The high coercivity NdFeB permanent magnets produced by the company have excellent magnetic performance and temperature stability, used in auxiliary magnet systems for fusion devices [8][43] - The company is also developing radiation-resistant NdFeB permanent magnets, optimizing the composition by adding niobium and dysprosium to reduce the impact of radiation on magnetic performance [8][43] Group 9 - Company安泰环境 (300179) is a leading domestic high-end environmental and energy chemical equipment enterprise, focusing on the research of gas purification and treatment systems for fusion devices, with core products including high-purity gas purifiers and waste gas treatment devices [9][44] - The gas purifiers can enhance the purity of deuterium-tritium gas to 99.9999%, removing impurities such as oxygen and moisture, ensuring efficient fusion reactions [9][44] - The company is also developing equipment for the recovery and reuse of deuterium-tritium gas, improving fuel utilization rates in fusion reactors [9][44] Group 10 - Company万华化学 (600309) is a leading domestic chemical new materials enterprise, focusing on the research and supply of high-performance polymer materials for fusion devices, with core products including radiation-resistant polyimide films and high-temperature fluoroplastics [10][45] - The radiation-resistant polyimide films have excellent insulation and radiation resistance, used for the insulation layer of superconducting magnets, preventing short circuits in magnet coils [10][45] - The company is also developing high-sealing, radiation-resistant silicone sealants for fusion devices, ensuring the sealing performance of various components [10][45] Group 11 - Company中核科技 (000777) is a leading domestic nuclear-grade valve enterprise, focusing on the research and manufacturing of special nuclear-grade valves for fusion devices, with core products including nuclear-grade shut-off valves, safety valves, and vacuum isolation valves [11][46] - The nuclear-grade shut-off valves are designed to withstand high temperatures, high pressures, and strong radiation, ensuring safe operation in fusion reactors [11][46] - The company is also developing vacuum isolation valves with a sealing vacuum degree of 10^-6 Pa, isolating the vacuum chamber of fusion reactors from external systems [11][46] Group 12 - Company海陆重工 (002255) is a leading domestic industrial furnace and nuclear power equipment enterprise, focusing on the research and manufacturing of heat treatment equipment for high-temperature components in fusion devices, with core products including vacuum heat treatment furnaces and high-temperature sintering furnaces [12][47] - The vacuum heat treatment furnaces can operate in a vacuum environment of 10^-3 Pa, enhancing the density and mechanical strength of components [12][47] - The company is also developing customized heat treatment solutions for fusion device components, optimizing their performance [12][47] Group 13 - Company盾安环境 (002011) is a leading domestic refrigeration and air conditioning equipment enterprise, focusing on the research and manufacturing of temperature control systems for fusion devices, with core products including high-precision constant temperature control systems and low-temperature cooling units [13][48] - The high-precision constant temperature control systems can maintain a temperature accuracy of ±0.1℃, ensuring stable operation of electronic devices in fusion reactors [13][48] - The company is also developing integrated temperature control systems for fusion devices, providing a comprehensive solution of "cooling equipment + temperature sensors + control systems" [13][48] Group 14 - Company抚顺特钢 (600399) is a leading domestic special steel enterprise, focusing on the research and supply of special alloy steels for fusion devices, with core products including martensitic stainless steel and precipitation-hardened stainless steel [14][49] - The martensitic stainless steel produced by the company has high strength and corrosion resistance, suitable for the shell manufacturing of vacuum chambers in fusion reactors [14][49] - The company is also conducting research on the radiation resistance of steel used in fusion devices, optimizing compositions by adding rare earth elements [14][49] Group 15 - Company东华科技 (002140) is a leading domestic engineering design and general contracting enterprise, focusing on the engineering design and system integration of fusion devices, providing full-chain services from process design to construction installation [15][50] - The company has participated in multiple engineering design projects for domestic fusion experimental devices, optimizing the layout design of vacuum chambers, cooling systems, and power systems [15][50] - The company is also developing technical reserves for the engineering design of commercial fusion power plants, supporting future construction [15][50]

Group 1 - The special steel sector saw a slight increase of 0.47% on January 8, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Fushun Special Steel's stock price rose by 4.10% to 6.35, with a trading volume of 1.22 million shares and a transaction value of 766 million yuan [1] Group 2 - The special steel sector experienced a net outflow of 49.13 million yuan from main funds, while retail investors saw a net inflow of 62.37 million yuan [2] - Among individual stocks, Fushun Special Steel had a main fund net inflow of 48.90 million yuan, but a net outflow of 66.85 million yuan from retail investors [3] - Changbao Co. had a main fund net inflow of 17.13 million yuan, while retail investors experienced a net outflow of 1.29 million yuan [3]

Market Overview - The special steel sector increased by 0.63% on January 7, with Taiyuan Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Taiyuan Iron & Steel (000825) closed at 5.35, up 4.90% with a trading volume of 2.5389 million shares and a transaction value of 1.343 billion [1] - Other notable performers include: - Jiao Jin Co. (603995) at 18.80, up 3.24% [1] - Xiang Lou New Materials (301160) at 79.30, up 3.05% [1] - Shengde Zhengtai (300881) at 35.22, up 1.88% [1] - Conversely, some stocks experienced declines, such as: - Changbao Co. (002478) at 8.44, down 0.12% [1] - Fangda Special Steel (600507) at 5.93, down 0.34% [1] - Shagang Group (002075) at 5.74, down 0.69% [1] Capital Flow - The special steel sector saw a net outflow of 19.32 million from institutional investors and 15.48 million from retail investors, while retail investors had a net inflow of 34.81 million [2] - Detailed capital flow for specific stocks includes: - Taiyuan Iron & Steel had a net inflow of 95.45 million from institutional investors [3] - Shengde Zhengtai saw a net inflow of 10.22 million from institutional investors [3] - Fangda Special Steel experienced a net outflow of 1.61 million from retail investors [3]