Group 1 - The core viewpoint of the article is that the MSCI China Materials Index has outperformed the MSCI China Index by 19% since early July, driven by stable performance of related companies, rising interest rate cut expectations, and the theme of anti-involution policies in mainland China [1] - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for copper or gold, aluminum, steel, coal, and lithium [1] - Zijin Mining (02899) is identified as the top pick due to its strong profit growth, with a maintained "Buy" rating and a target price of HKD 28 [1] Group 2 - The report suggests that investors should consider buying Luoyang Molybdenum (03993) during high stock prices, maintaining a "Buy" rating and a target price of HKD 13.5 [1] - The target price for Ansteel (00347) has been raised from HKD 1 to HKD 2.3, with the rating upgraded from "Reduce" to "Neutral" [1]

Group 1 - The core viewpoint of the report is that the MSCI China Materials Index has outperformed the MSCI China Index by 19% since early July, driven by stable performance of related companies in the first half of the year, rising interest rate cut expectations, and the theme of anti-involution policies in mainland China [1] - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for the materials index, particularly for copper or gold, aluminum, steel, coal, and lithium [1] - Zijin Mining is highlighted as the top pick due to its strong profit growth, maintaining a "buy" rating with a target price of HKD 28 [1] Group 2 - The report expresses a positive outlook on copper stocks, recommending investors to buy Luoyang Molybdenum when shares are high, maintaining a "buy" rating with a target price of HKD 13.5 [1] - The target price for Ansteel has been raised from HKD 1 to HKD 2.3, with the rating upgraded from "reduce" to "neutral" [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鞍鋼股份有限公司(備註1) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00347 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Group 1: Dividend Policy and Financial Performance - In 2024, Ansteel Co. will not distribute cash dividends or issue bonus shares due to a loss, in accordance with company bylaws, to ensure sustainable development and long-term interests of shareholders [2] - As of July 21, 2025, Ansteel's controlling shareholder, Anshan Iron and Steel, has cumulatively increased its shareholding by 36,143,538 shares, with a total investment of RMB 86.82 million [2] Group 2: Product Range and Market Applications - Ansteel offers a diverse product range including hot-rolled sheets, medium and thick plates, cold-rolled sheets, galvanized sheets, and seamless steel pipes, widely used in various industries such as machinery, metallurgy, and construction [3] - The company has leading R&D capabilities in medium and thick plate products, particularly in shipbuilding steel, which meets the current demands for various types of ship construction [3] Group 3: Production Capacity and Raw Material Procurement - In the first half of 2025, Ansteel produced 12.16 million tons of molten iron, maintaining stable production levels [4] - The company sources iron ore primarily from its own mines and has established agreements with Ansteel Group for stable procurement of iron concentrate, ensuring a reliable supply for its operations [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鞍鋼股份有限公司(備註1) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00347 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,411,540,000 | RMB | | 1 RMB | | 1,411,540,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

為鞍鋼股份有限公司（「本公司」）股本中每股面值人民幣1.00元的H股 （附註2） 股 股之在冊股東，本人╱吾等茲委任 （附註3） 二零二五年第三次臨時股東會（「臨時股東會」）主席或 ， 地址為 ， 代表本人╱吾等出席本公司將於二零二五年九月十九日（星期五）下午二時正假座中華人民共和國遼寧省鞍山市鐵西 區鞍鋼廠區本公司會議室舉行臨時股東會或其任何續會，並以本人╱吾等名義依照下列指示就下列議案投票，如無 作出指示，則按本人╱吾等代理人認為合適的方法投票： | 普通決議案 | 贊成 | （附註4） | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | | 選舉田勇先生為本公司第十屆董事會執行董事 | （附註9） | | | | | | 簽署： 日期： （股份編號：0347） 將於二零二五年九月十九日舉行之 二零二五年第三次臨時股東會適用之代理人委任表格 本人╱吾等 （附註1） 地址為 （附註1） ， 附註： ， 1. 請于空格內用正楷書寫 閣下的全名及地址。 2. 請于空格內填上本代理人委任表格所代表的股份數目。如已填上數目， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。. （股份編號：0347） 二零二五年第三次臨時股東會通告 茲通告 鞍 鋼 股 份 有 限 公 司（「本公司」）謹 定 於 二 零 二 五 年 九 月 十 九 日（星 期 五）下 午 二 時 正 假 座 中 華 人 民 共 和 國 遼 寧 省 鞍 山 市 鐵 西 區 鞍 鋼 廠 區 本 公 司 會 議 室 舉 行 臨 時 股 東 會（「臨時股東會」），以 審 議 並 酌 情 批 准 下 列 決 議 案。除 另 有 界 定 外，本 通 告 所 用 詞 彙 具 有 本 公 司 日 期 為 二 零 二 五 年 九 月 一 日 之 通 函 所 賦 予 之 相 同 涵 義。 普通決議案 選 舉 田 勇 先 生 為 公 司 第 十 屆 董 事 會 執 行 董 事。 承董事會命 鞍鋼股份有限公司 王 軍 – 1 – 於 本 通 告 日 期，董 事 會 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊 證券商、銀行經理、律師、專業會計師或其他獨立專業顧問。 閣下如已將名下的鞍鋼股份有限公司的股份全部售出或轉讓，應立即將本通函送交買主或承 讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 本通函僅供參考，並不構成購入、購買或認購證券的要約或邀請。 （股份編號：0347） (1)選舉一名第十屆董事會執行董事 及 釋 義 (2)二零二五年第三次臨時股東會通告 董事會函件載於本通函第1至4頁。 本公司謹定於二零二五年九月十九日（星期五）下午二時正假座中華人民共和國遼寧省鞍山市 鐵西區鞍鋼廠區本公司會議室舉行臨時股東會，召開股東會之通告已於二零二五年九月一日 登載於聯交所網站(www.hkexnews.hk)及本公司網站（http://angang.wspr.com.hk）。 於臨時股東 ...

Group 1 - Hong Kong gold stocks surged, with China Gold International, Zhaojin Mining, and Chifeng Jilong Gold rising over 5%, while Lingbao Gold and Tongguan Gold increased over 4%, and China Silver Group and Zijin Mining rose over 3% [1] Group 2 - President Trump announced the immediate dismissal of Federal Reserve Governor Lisa Cook, which analysts believe could lead to Trump gaining control over four seats at the Fed, raising concerns about the Fed's independence [3] - The dismissal is expected to increase rate cut expectations, driving investors towards traditional safe-haven assets like gold and the Japanese yen, as well as cryptocurrencies [3] - Selena Ling from OCBC Bank anticipates a 25 basis point rate cut in the Fed's September meeting, with a total potential reduction of up to 75 basis points for the year, predicting five rate cuts over the next two years [3] - Ling projects gold prices to reach $3,570 per ounce by the end of the year and $3,850 by mid-next year, driven by ongoing demand from central banks, institutions, and retail investors, alongside geopolitical and political factors [3]

Core Insights - The hydrogen metallurgy pilot line at Angang Steel's Bayuquan Steel Plant has achieved stable operation and entered the production phase, utilizing green hydrogen to replace coke in the iron-making process, aiming for near-zero carbon emissions [1][3] - The technology provides a low-carbon solution for the steel industry, addressing transformation challenges and positioning China to seize the high ground in hydrogen metallurgy technology [1] - The pilot line features a large scale with four systems: hydrogen production, granulation, reduction, and auxiliary systems, with a 100% localization rate for key equipment [1][3] Industry Characteristics - The fluidized bed hydrogen metallurgy technology is characterized by high adaptability to iron ore raw materials, overcoming particle agglomeration bottlenecks, high hydrogen reduction reaction efficiency, and complete autonomy in process equipment [3] - The direct reduced iron products from the pilot line have achieved a metallization rate of 95% [3] - Future plans include scaling up to a 500,000 tons per year industrial demonstration project for fluidized bed iron-making [3]