Group 1 - The core viewpoint of the news is that the steel sector experienced a decline, with the overall steel index dropping by 1.53% on January 16, led by Hangzhou Steel [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] - The main steel stocks showed varied performance, with New Steel Pipe rising by 2.30% and Hangzhou Steel falling by 4.21% [1][2] Group 2 - The steel sector saw a net outflow of 468 million yuan from major funds, while retail investors contributed a net inflow of 162 million yuan [2] - The trading volume for major steel stocks included New Steel Pipe with 1.1547 million shares and Hangzhou Steel with 1.1385 million shares [2] - The net inflow from retail investors was notable in stocks like New Steel Pipe and Hualing Steel, while major funds showed a preference for stocks like New Steel Pipe and Hualing Steel [3]

Market Overview - On January 14, the general steel sector experienced a decline of 0.2% compared to the previous trading day, with Lingang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Hangang Co., Ltd. saw a significant increase in its stock price, closing at 65.6 with a rise of 8.12%, and a trading volume of 2.91 million shares, amounting to 2.772 billion yuan [1] - Other notable performers included Jiugang Hongxing, which rose by 3.74% to close at 1.94, and Xinxing Ductile Iron Pipes, which increased by 2.83% to close at 4.36 [1] - Conversely, Lingang Co., Ltd. closed at 2.11, down 2.76%, with a trading volume of 402,500 shares and a transaction value of 86.302 million yuan [2] Capital Flow Analysis - The general steel sector saw a net inflow of 278 million yuan from main funds, while retail investors experienced a net outflow of 227 million yuan [2] - The main funds showed significant net inflows in stocks like Hangang Co., Ltd. (495.1 million yuan) and Xinxing Ductile Iron Pipes (49.14 million yuan) [3] - Retail investors had notable outflows in stocks such as Hangang Co., Ltd. (-263 million yuan) and Xinxing Ductile Iron Pipes (-45.12 million yuan) [3]

Core Viewpoint - The report highlights a decline in China's welded steel pipe production in November 2025, indicating a potential downturn in the industry [1] Group 1: Industry Overview - In November 2025, China's welded steel pipe production was 5.02 million tons, representing a year-on-year decrease of 7.1% [1] - From January to November 2025, the cumulative production of welded steel pipes in China reached 55.213 million tons, showing a slight increase of 0.6% compared to the previous year [1] Group 2: Companies Involved - Listed companies in the welded steel pipe sector include Baosteel Co., Ltd. (600019), Xinxing Cathay International Group (000778), Changbao Steel Pipe (002478), Jiuli Special Materials (002318), Honglu Steel Structure (002541), Youfa Group (601686), CITIC Special Steel (000708), Jinzhu Pipeline (002443), and Yulong Steel (601028) [1] Group 3: Research and Analysis - The report titled "Analysis of Development Models and Future Prospects of China's Welded Steel Pipe Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to support investment decisions [1]

债券代码：149504 债券简称：21 新兴 01 光大证券股份有限公司 关于 新兴铸管股份有限公司修订《公司章程》 并取消监事会的 临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2026 年 1 月 契约锁 重要声明 本报告依据《公司债券发行与交易管理办法》、《新兴铸管股份有 限公司 2021 年面向合格投资者公开发行公司债券（第一期）募集说 明书》、《新兴铸管股份有限公司 2018 年面向合格投资者公开发行公 司债券债券受托管理协议》等相关文件、第三方机构出具的专业意见 以及新兴铸管股份有限公司（以下简称"新兴铸管"或"发行人"或 "公司"）出具的相关说明文件等，由"21 新兴 01"受托管理人光大 证券股份有限公司（以下简称"光大证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜做出独立判断，而不应将本报告中的任何内容据以作 为光大证券所作的承诺或声明。 一、 发行人概况 （七） 登载本临时受托管理事务报告的中国证监会指定网站： 巨潮资讯网（www.cninfo.com.cn） 二、 公司债券基本情况 （一）新兴铸管股份有限公司 ...

Core Viewpoint - The acquisition of Jiangyin Huaren Steel by Wuhu Xinxing Foundry, a subsidiary of Xinxing Casting, is a strategic move approved by relevant authorities, aimed at optimizing the steel product structure and accelerating the transformation towards high-end special steel [1][1]. Group 1 - The acquisition has been officially completed, leading to the establishment and unveiling of Jiangyin Xinxing Special Steel Co., Ltd [1][1]. - This strategic initiative is part of Xinxing Casting's focus on its core business and is expected to enhance collaboration between Wuhu Xinxing and Jiangyin Xinxing Special Steel [1][1]. - The move is anticipated to leverage the channel advantages of both companies, accelerating the transition of products towards high-end markets [1][1]. Group 2 - The acquisition is expected to promote the construction of a cross-regional collaborative and resource-sharing steel industry system [1][1]. - The overall goal is to facilitate the transformation of the steel sector towards high-end, green, and integrated development [1][1].

Core Insights - The water supply and drainage valve industry plays a crucial role in China's infrastructure development, directly impacting the stability of fluid transport systems and water resource safety [1][10] - The market size of China's water supply and drainage valve industry is projected to reach 31.8 billion yuan in 2024, with a year-on-year growth of 6% [1][10] - The industry is expected to continue growing due to advancements in urbanization, industrial automation, and smart technology [1][10] Industry Overview - Water supply and drainage valves are essential for controlling flow and water levels in various applications, including domestic water supply, fire protection systems, and industrial water supply [3] - The industry has evolved from relying on foreign technology in the 1950s to achieving significant technological advancements and market competitiveness by the 21st century [4][3] Market Dynamics - The upstream of the valve industry includes raw materials such as cast iron, carbon steel, stainless steel, and various alloys, while the downstream applications encompass urban water supply systems, wastewater treatment, and fire protection systems [6] - The demand for valves is closely tied to investments in infrastructure, which are expected to maintain high growth rates [6] Key Statistics - In 2024, China's total water supply is expected to reach 5,928 billion cubic meters, with a year-on-year growth of 0.36% [8] - The number of wastewater treatment plants in China is projected to reach 15,259, reflecting a year-on-year increase of 4.37% [8] - The daily treatment capacity of urban wastewater is expected to be 24,407 million cubic meters, with a growth of 3.03% [8] Industry Trends - The future of the valve industry is leaning towards smart technology integration, enabling valves to become intelligent nodes within water management systems [11] - There is an anticipated increase in demand for large-diameter valves due to national water network projects and modern water treatment facilities [14] - The domestic production rate of high-performance valves is expected to rise, focusing on specialized applications such as seawater desalination and industrial wastewater treatment [15] Key Companies - Notable companies in the industry include Crown Dragon Energy Saving, Xinxing Ductile Iron Pipes, and Wuhan Dayu Valve Co., among others [2][11] - Crown Dragon Energy Saving specializes in water-saving valve products and has a significant market presence in water conservancy projects [11]

Group 1 - The company, Emerging Foundry, announced that its 17th meeting of the 10th board of directors was held on December 30, 2025, via telecommunication voting (fax) [1] - The meeting reviewed documents including the proposal for the appointment of senior management personnel [1]

| 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份 | 3 | | 第一节 | 股份发行 3 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东会 5 | | | 第一节 | 股东 | 5 | | 第二节 | 控股股东和实际控制人 8 | | | 第三节 | 股东会的一般规定 9 | | | 第四节 | 股东会的召集 10 | | | 第五节 | 股东会的提案与通知 12 | | | 第六节 | 股东会的召开 13 | | | 第七节 | 股东会的表决和决议 15 | | | 第五章 | 公司党委 | 19 | | 第一节 | 党组织的机构设置 19 | | | 第二节 | 公司党委职责 19 | | | 第六章 | 董事和董事会 20 | | | 第一节 | 董事的一般规定 20 | | | 第二节 | 董事会 | 23 | | 第三节 | 独立董事 28 | | | 第四节 | 董事会专门委员会 30 | | | 第七章 | 高级管理人员 32 | | ...

新兴铸管股份有限公司 市 值 管 理 制 度 （经 2025 年 12 月 30 日召开的第十届董事会第十七次会议审议通过） 第一章 总则 第一条 为进一步加强新兴铸管股份有限公司（以下简称"公司"）市值管 理工作，切实推动公司投资价值提升，规范公司的市值管理行为，增强投资者回 报，维护投资者利益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》等 法律法规、规范性文件和《新兴铸管股份有限公司章程》等规定，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公司质量为基础，通过 规范治理、强化投资者关系管理等方式为提升投资者回报能力和水平而实施的战 略管理行为。 第三条 市值管理的主要目的是牢固树立回报股东意识，采取措施保护投资 者特别是中小投资者利益，诚实守信、规范运作、专注主业、稳健经营，不断推 动上市公司质量的有效提升，并在此基础上做好投资者关系管理，提高信息披露 质量和透明度。必要时积极采取措施提振投资者信心，推动公司投资价值合理反 映公司质量。 第四条 市值管理的基本原则包括： （一）合规性原则：公司将在严格遵守相 ...

第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，并在定期报告、临 时报告中豁免披露按照中国证券监督管理委员会（以下简称"中国证监会"）及深圳证 券交易所（以下简称"深交所"）相关规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人将真实、准确、完整、及时、公平地披露信息， 不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、操纵 市场等违法行为。 第二章 暂缓、豁免披露信息的范围 新兴铸管股份有限公司 信息披露暂缓与豁免业务管理制度 （经 2025 年 12 月 30 日召开的第十届董事会第十七次会议审议通过） 第一章 总 则 第一条 为规范新兴铸管股份有限公司（以下简称"本公司"或"公司"）及与公 司相关的其他信息披露义务人的信息披露暂缓与豁免行为，确保信息披露的真实性、准 确性、完整性、及时性、公平性，维护公司和投资者的合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《深圳证券交易 所股票上市规则》（以下简称"《股票上市规则》"）《上市公司信息披露暂缓与豁免 管理规定》等有关法律法规和部门规章，以及《新兴铸管股份有限 ...