Core Viewpoint - Fangda Special Steel Technology Co., Ltd. has successfully redeemed a financial product, recovering the principal amount of 300 million RMB along with investment returns of 7.5333 million RMB [1] Group 1: Financial Product Redemption - The company utilized 300 million RMB of idle self-owned funds to purchase a financial product managed by CITIC Securities, specifically the Foreign Trade Trust - Xincheng No. 8 Collective Fund Trust Plan [1] - As of the announcement date, the company has completed the redemption application for the financial product and has received the full principal amount of 300 million RMB [1] - The total investment return from the financial product amounted to 7.5333 million RMB [1]

证券代码：600507 证券简称：方大特钢 公告编号：临2025-077 方大特钢科技股份有限公司 关于赎回理财产品的公告 本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法律责任。 特此公告。 方大特钢科技股份有限公司董事会 2025 年 12 月 25 日 2025 年 2 月 13 日，方大特钢科技股份有限公司（以下简称"方大特钢""公 司"）披露了《方大特钢关于使用闲置自有资金购买理财产品的进展公告》（公告 编号：临 2025-009），公司使用 3 亿元人民币闲置自有资金购买由中信证券股份 有限公司作为投资顾问的外贸信托-信诚 8 号集合资金信托计划，上述事项在公 司第八届董事会第四十五次会议、2025 年第一次临时股东大会授权范围内。 近日，公司在上述理财产品开放期进行了赎回申请，截至本公告披露日，公 司已收回本金 3 亿元，并取得理财收益 753.33 万元。 ...

方大特钢公告称，2025年2月13日，公司用3亿元闲置自有资金购买外贸信托-信诚8号集合资金信托计 划，该事项在授权范围内。近日，公司在产品开放期申请赎回，截至公告披露日，已收回本金3亿元， 获理财收益753.33万元。 ...

Group 1 - The special steel sector increased by 1.1% on December 24, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Key stocks in the special steel sector showed various increases, with Fushun Special Steel at 5.49 (up 2.43%) and Taiyuan Iron & Steel at 5.08 (up 2.01%) [1] Group 2 - The special steel sector saw a net inflow of 84.90 million yuan from main funds, while retail investors experienced a net outflow of 85.13 million yuan [2] - The trading volume for Taiyuan Iron & Steel was 1.57 million shares, with a transaction value of 793 million yuan [2] - Fushun Special Steel had a main fund net inflow of 40.57 million yuan, representing 10.32% of its trading volume [3]

Core Viewpoint - The announcement from Fangda Special Steel indicates significant changes in the shareholding structure, with the controlling shareholder releasing and then re-pledging a substantial number of shares, which may impact the company's financial flexibility and market perception [1] Group 1: Share Pledge Changes - The controlling shareholder, Jiangxi Fangda Steel Group Co., Ltd., has released 140,000,000 shares from pledge, which accounts for 18.59% of its total holdings and 6.05% of the company's total share capital [1] - After the release, Fangda Steel re-pledged 90,000,000 shares, representing 11.95% of its holdings and 3.89% of the company's total share capital [1]

Group 1 - The controlling shareholder of Fangda Special Steel, Jiangxi Fangda Steel Group, holds approximately 753 million shares, accounting for 32.56% of the total share capital [1] - Jiangxi Fangda Steel has released 140 million shares from pledge, which is 18.59% of its holdings and 6.05% of the total share capital; after this, it has re-pledged 90 million shares, which is 11.95% of its holdings and 3.89% of the total share capital [1] - The total pledged shares by Jiangxi Fangda Steel, including this release, amount to approximately 528 million shares, representing 70.08% of its holdings and 22.82% of the total share capital [1] Group 2 - For the year 2024, Fangda Special Steel's revenue composition is as follows: 98.23% from the steel industry, 1.56% from the mining industry, and 0.21% from other businesses [2] - As of the report date, Fangda Special Steel has a market capitalization of 13.4 billion yuan [2]

证券代码：600507 证券简称：方大特钢 公告编号：临2025-076 方大特钢科技股份有限公司 关于控股股东部分股份解除质押及质押的公告 本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法律责任。 重要内容提示： 方大特钢科技股份有限公司（以下简称"方大特钢"或"公司"）控股 股东江西方大钢铁集团有限公司（以下简称"方大钢铁"）持有公司 753,204,599 股股份，占公司总股本的比例为 32.56%；方大钢铁本次将其所持公司股份 140,000,000 股股份解除质押，占其所持公司股份的比例为 18.59%，占公司总股 本的比例为 6.05%；解除质押后，方大钢铁将其所持公司股份 90,000,000 股再次 质押，占其所持公司股份的比例为 11.95%，占公司总股本的比例为 3.89%；方 大钢铁累计质押（含本次）其持有的公司股份 527,848,335 股，占其所持公司股 份的比例为 70.08%，占公司总股本的比例为 22.82%。 江西汽车板簧有限公司（以下简称"江西板簧"）为公司控股股东方大 钢铁的全资子公司，截至本公告 ...

方大特钢公告称，控股股东方大钢铁持有公司7.53亿股，占总股本32.56%。其将1.4亿股解除质押，占 所持公司股份18.59%，占总股本6.05%；后又质押9000万股，占所持公司股份11.95%，占总股本 3.89%，累计质押5.28亿股，占所持公司股份70.08%，占总股本22.82%。全资子公司江西板簧累计质押 8521.69万股，占其所持公司股份48.47%，占总股本3.68%。本次解质及质押后，二者合计质押6.13亿 股，占合计持股65.99%，占总股本26.50%。质押风险可控，对公司无重大影响。 ...

Investment Rating - The report maintains a "Buy" rating for all key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The report highlights a disturbance in raw material supply, leading to differentiated performance in rebar and wire rod prices. The recent policy changes regarding coal export tariffs and the implementation of export licenses for steel products are expected to impact supply dynamics and pricing [9][12]. - Steel prices have shown an upward trend, with specific increases noted in various steel products as of December 19, 2025. For instance, the price of 20mm HRB400 rebar rose to 3,320 CNY/ton, a 2.2% increase from the previous week [9][16]. - The report indicates a rise in steel profits, with margins for rebar, hot-rolled, and cold-rolled steel increasing by 32 CNY/ton, 23 CNY/ton, and 9 CNY/ton respectively [9][33]. - Inventory levels for major steel products have decreased, with total social inventory dropping by 351,800 tons to 9,054,600 tons as of December 19, 2025 [9][33]. Summary by Sections Domestic Steel Market - As of December 19, 2025, domestic steel prices have increased, with notable price changes across various products, including rebar and hot-rolled steel [9][16]. - The report details specific price movements, such as a 70 CNY/ton increase for rebar and a 50 CNY/ton increase for high-speed wire [9][17]. Profit Situation - The report estimates an increase in steel profits, with significant improvements in margins for both long and short process steel production [9][33]. Production and Inventory - Total production of major steel products decreased to 7.98 million tons, with a notable drop in inventory levels, indicating a tightening supply situation [9][33]. Key Companies and Valuation - The report provides a detailed valuation and earnings forecast for key companies, all of which are rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.29 CNY in 2024, with a PE ratio of 19 [2][3].

方大特钢科技股份有限公司 2025年第四次临时股东会决议公告 本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法律责任。 证券代码：600507 证券简称：方大特钢公告编号：临2025-075 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月15日 (二)股东会召开的地点：公司四楼会议室（江西省南昌市青山湖区冶金大道475号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ 注：根据《上市公司股份回购规则》第十三条，"上市公司回购的股份自过户至上市公司回购专用账户 之日起即失去其权利，不享有股东会表决权、利润分配、公积金转增股本、认购新股和可转换公司债券 等权利，不得质押和出借。上市公司在计算相关指标时，应当从总股本中扣减已回购的股份数量"，故 计算上述"出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例"时已剔除公司回购专户 中持有的股数。 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集， ...