Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The steel industry is expected to see a recovery in steel prices due to significant inventory reduction and improved demand as the traditional peak season approaches [9][14] - Geopolitical tensions, particularly related to the US-Iran situation, are causing fluctuations in the domestic market, but rising raw material prices are providing short-term support for steel prices [9][13] - The report emphasizes the importance of optimizing the supply structure towards low-carbon and high-quality development in the steel sector [13] Summary by Sections 1. Cycle Assessment: Inventory Reduction and Price Recovery - Inventory reduction is evident, with a notable decrease in both social and steel mill inventories [9][20] - The average daily pig iron production is 2.31 million tons, showing a week-on-week increase of 1.29% [14] - The report anticipates that the supply side will continue to shrink, leading to a more balanced supply-demand situation in 2026 [13] 2. Supply: Steady Recovery in Downstream Production - The average daily pig iron production increased by 1.29% week-on-week, while rebar production decreased by 2.69% [15][18] - The capacity utilization rates for long-process and short-process rebar production slightly declined [15] 3. Inventory: Clear Reduction in Social and Steel Mill Inventories - Total inventory decreased by 2.49% week-on-week, with social inventory at 1.388 million tons and steel mill inventory at 510 thousand tons [21] - Rebar inventory also showed a reduction, indicating improved demand [21] 4. Demand: Marginal Increase in Steel Demand - The apparent consumption of five major steel products totaled 8.88 million tons, reflecting a week-on-week increase of 2.24% [23][24] - The demand for rebar saw the highest increase, with an 8.30% rise week-on-week [24] 5. Cost and Profitability: Cost Support for Steel Prices - The average pig iron cost (excluding tax) is 2,302 CNY per ton, with a slight week-on-week increase of 0.12% [39] - The profitability rate for steel companies is 43.29%, showing a week-on-week increase of 0.87 percentage points [39] 6. Steel Prices: Positive Outlook for Price Increase - The general steel price index increased by 0.08% this week, with specific products showing varied price movements [47][48] - The report suggests that with the recovery in downstream construction, steel prices are expected to continue rising [14][45] 7. Sector Performance: Steel Sector Slightly Up Amid Market Fluctuations - The Shanghai Composite Index fell by 1.09%, while the steel sector index rose by 0.42% [52][53] - The report highlights that the steel sector is performing relatively better compared to the overall market [52]

Investment Rating - The report maintains a "Positive" outlook for the steel industry [5] Core Viewpoints - The steel industry is expected to see a turning point in profitability as seasonal inventory reduction becomes evident. Geopolitical tensions and rising raw material prices are providing short-term support for steel prices. The domestic crude steel production for January-February 2026 was 160.335 million tons, a year-on-year decrease of 3.6%, while total steel production was 221.19 million tons, down 1.1% year-on-year. The report anticipates a continued reduction in steel production capacity starting in 2026, driven by policies aimed at balancing supply and demand in key industries [2][11][12] Summary by Sections 1. Cycle Analysis: Seasonal Inventory Reduction and Profitability Turning Point - The geopolitical situation has caused market fluctuations, with rising raw material prices providing support for steel prices. The report highlights a trend of reduced steel production capacity starting in 2026, focusing on low-carbon and environmentally friendly practices [11] 2. Supply: Downstream Recovery and Increased Steel Production - Average daily pig iron production reached 2.2815 million tons, up 3.14% week-on-week. Rebar production was 2.03 million tons, up 4.11% week-on-week. The report indicates a significant increase in production capacity utilization rates for both long and short process rebar production [14][17] 3. Inventory: Downstream Demand Recovery and Slight Inventory Reduction - Total inventory decreased by 1.45% week-on-week, with social and steel mill inventories both showing a downward trend. The report notes that the apparent consumption of five major steel products increased by 8.82% week-on-week, indicating a recovery in demand [20][22] 4. Demand: Entering Traditional Peak Season with Notable Demand Increase - The apparent consumption of steel products rose to 8.68 million tons, with rebar consumption increasing by 17.69% week-on-week. The report emphasizes the recovery in demand as the industry enters its traditional peak season [22][23] 5. Cost and Profitability: Rising Steel Costs Slightly Squeeze Profits - The average pig iron cost was 2,299 yuan/ton, with a slight decrease of 0.01% week-on-week. The profitability rate for steel companies was 42.42%, up 1.29 percentage points week-on-week. The report indicates that while costs are rising, the potential for lower raw material prices exists due to high inventory levels [34][37] 6. Steel Prices: Effective Cost Support and Positive Demand Outlook - The report notes a slight increase of 0.07% in the general steel price index, with expectations for continued price increases supported by demand recovery and cost factors [43][44] 7. Sector Performance: Decline Due to Geopolitical Tensions - The Shanghai Composite Index fell by 3.38% during the week, while the steel sector index dropped by 10.29%. The report highlights the impact of geopolitical events on market performance [47][49]

Investment Rating - The steel industry is rated as "Positive" and the rating is maintained [5] Core Viewpoints - The report indicates that the peak season inventory reduction is becoming evident, and a profit turning point is expected. Geopolitical tensions, particularly the conflict involving Iran, have led to increased raw material prices, which are expected to support steel prices in the short term. The domestic crude steel production for January-February 2026 was 160.335 million tons, a year-on-year decrease of 3.6%, while steel product output was 221.19 million tons, down 1.1% year-on-year. The report anticipates a continued reduction in steel industry supply starting in 2026, driven by policies aimed at optimizing supply structures towards low-carbon and environmentally friendly practices [11][12]. Summary by Sections 1. Cycle Assessment: Peak Season Inventory Reduction and Profit Turning Point - The geopolitical situation has caused market fluctuations, with raw material prices rising, providing support for steel prices. The report expects a trend of reduced supply in the steel industry starting in 2026, promoting high-quality development [11]. 2. Supply: Downstream Recovery and Increased Steel Production - The average daily pig iron production was 2.2815 million tons, up 3.14% week-on-week, and rebar production was 2.03 million tons, up 4.11% week-on-week. The report notes a significant increase in production and capacity utilization rates for both long and short process rebar [14][17]. 3. Inventory: Downstream Demand Recovery and Slight Inventory Reduction - Total inventory decreased by 1.45% week-on-week, with social and steel mill inventories both showing a downward trend. The report highlights a recovery in downstream demand, with a total apparent consumption of steel products reaching 8.68 million tons, an increase of 8.82% week-on-week [20][22]. 4. Demand: Entering Traditional Peak Season with Notable Demand Increase - The apparent consumption of steel products has increased significantly, with rebar consumption rising by 17.69% week-on-week. The report indicates that the demand is expected to continue improving as the industry enters its traditional peak season [22][23]. 5. Cost and Profitability: Rising Steel Costs Slightly Squeeze Profits - The average pig iron cost was 2299 yuan/ton, with a slight decrease of 0.01% week-on-week. The profitability rate for steel companies was 42.42%, up 1.29 percentage points week-on-week. The report notes that while costs are rising, the high inventory levels of iron ore may provide downward pressure on prices [34][37]. 6. Steel Prices: Effective Cost Support and Positive Demand Outlook - The report states that the steel price index has seen a slight increase of 0.07%, with expectations for continued price support due to rising costs and improving demand conditions [43][44]. 7. Sector Performance: Impact of Geopolitical Tensions - The Shanghai Composite Index fell by 3.38% during the week, while the steel sector index dropped by 10.29%. The report highlights the negative impact of geopolitical tensions on market performance [47][49].

Group 1: Copper - LME copper price decreased by 7.07% to $11,834.5 per ton, while Shanghai copper fell by 5.55% to 94,700 yuan per ton [1][13] - Domestic copper inventory decreased by 8.85% week-on-week, but total inventory increased by 17,670 tons year-on-year [1][13] - The operating rate of waste anode plate enterprises dropped to 58.31%, with expectations of further decline to 54.65% next week due to falling copper prices [1][13] Group 2: Aluminum - LME aluminum price fell by 7.18% to $3,192.0 per ton, and Shanghai aluminum decreased by 3.77% to 24,000 yuan per ton [2][14] - Domestic aluminum rod inventory totaled 369,500 tons, down by 16,500 tons week-on-week [2][14] - The operating rate of downstream aluminum processing enterprises slightly increased by 1% to 62.9%, indicating a slight recovery in demand [2][14] Group 3: Gold - COMEX gold price dropped by 10.36% to $4,492.0 per ounce, with SPDR gold holdings decreasing by 13.72 tons to 1,056.99 tons [3][15] - Geopolitical risks influenced the market, leading to a strong fluctuation pattern [3][15] - The U.S. and Israel are discussing the next phase of military actions, which may impact gold prices [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 12.44% this week [4][39] - The recent price fluctuations are seen as short-term impacts, with expectations of gradual recovery [4][39] - The rare earth sector is expected to benefit from improved demand and supply adjustments [4][39] Group 5: Tungsten - Tungsten price decreased by 3.00% this week, attributed to profit-taking by traders rather than a fundamental downturn [4][42] - Recent actions against illegal mining in Ganzhou may impact supply dynamics [4][42] - The demand for tungsten is expected to remain strong due to geopolitical tensions and military needs [4][42] Group 6: Lithium - The average price of lithium carbonate decreased by 2.2% to 154,300 yuan per ton, while lithium hydroxide fell by 2.8% to 153,500 yuan per ton [4][64] - Lithium production increased to 24,200 tons this week, indicating a slight recovery in supply [4][64] - Market activity is characterized by upstream reluctance to sell and downstream opportunistic purchasing [4][64] Group 7: Cobalt - Cobalt price decreased by 0.2% to 431,000 yuan per ton, while cobalt intermediate prices remained stable [4][65] - The domestic cobalt raw material import volume has remained low, contributing to a decrease in inventory [4][65]

内蒙古包钢钢联股份有限公司 2026 年第一次临时股东会 材 料 2026 年 4 月 2026 年 4 月 目 录 | | | 2、关于公司 2026 年度债券发行业务的议案......................4 1 1、关于申请 2026 年度综合授信额度的议案 根据公司的生产经营规划、项目投资、基建技改和财务状况， 为确保完成 2026 年度生产经营目标，拟新增对外融资额度以满 足经营及投资等资金需求。结合 2025 年度商业银行授信及用信 情况，包钢股份 2026 年拟向各商业银行申请敞口授信 756.48 亿 元，与各商业银行及其他机构通过其他融资方式计划开展融资业 务不超过 80 亿元（申请明细及用信主体、用信产品详见附件）。 授信期限自公司股东大会通过之日起至下一年度股东大会 批准新的授信额度为止。 附件：2026 年度包钢股份申请商业银行及其他机构敞口授 信明细表 内蒙古包钢钢联股份有限公司董事会 2 附件 | | | | 2026年度包钢股份申请商业银行敞口授信及其他融资方式明细表 | | | | --- | --- | --- | --- | --- | --- | | 序号 | ...

证券代码：600010 证券简称：包钢股份 公告编号：2026-008 内蒙古包钢钢联股份有限公司 关于召开2026年第一次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 4 月 8 日14 点 30 分 召开地点：内蒙古包头市昆区河西工业区包钢股份办公楼 712 会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 8 日 至2026 年 4 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2026年4月8日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 东会召开当日的交易时间段，即 ...

| | | 内蒙古包钢钢联股份有限公司 第七届董事会第四十三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 内蒙古包钢钢联股份有限公司（以下简称"公司"）第七届 董事会第四十三次会议通知和议案等书面材料于 2026 年 3 月 16 日以专人及发送电子邮件方式送达各位董事，会议于 2026 年 3 月 20 以通讯表决的方式召开。本次会议应参加表决董事 12 人， 实际参加表决董事 12 人。会议的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、会议审议情况 （一）会议审议通过了《包钢股份 2026 年全面预算方案》 会议审议通过了 2026 年主要产品产量计划、经营计划、固 定资产投资计划、股权投资计划。 本议案已经公司董事会战略、风险及 ESG 委员会全体成员事 前审查认可。 议案表决结果：同意 12 票，弃权 0 票，反对 0 票。 （二）会议审议通过了《关于申请 2026 年度综合授信额度 的议案》 本议案已经公司董事会战略、风险及 ESG 委 ...

| > | D | | --- | --- | | | 1 | | | | 第一章 战略、风险及 ESG 委员会工作规则 第一节 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力， 确定公司发展规划，健全投资决策程序，加强决策科学性，提 高公司风险防范能力，提高重大投资决策的效益和决策的质量， 完善公司治理结构，提升公司环境、社会和公司治理（ESG） 管理水平，公司坚持以铸牢中华民族共同体意识为工作主线， 根据《中华人民共和国公司法》《上市公司治理准则》《上市公 司独立董事管理办法》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》《公司章程》及其他有关规定，特设立董 事会战略、风险及 ESG 委员会，并制定本规则。 第二条 董事会战略、风险及 ESG 委员会是董事会设立的 专门工作机构，主要负责对公司长期发展战略、风险管理、重 大投资决策和 ESG 有关事项进行研究并提出建议。 第二节 人员组成 第三条 战略、风险及 ESG 委员会至少应由 3 名董事组成， 其中应包含有独立董事。 第四条 战略、风险及 ESG 委员会由董事长、二分之一以 上独立董事或者全体董事的三分之一提名，并由董事会 ...

| 股票代码：600010 | 股票简称：包钢股份 | 编号：（临）2026-006 | | --- | --- | --- | | 债券代码：175793 | 债券简称：GC钢联01 | | 内蒙古包钢钢联股份有限公司 第七届董事会第四十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 内蒙古包钢钢联股份有限公司（以下简称"公司"）第七届 董事会第四十二次会议通知和议案等书面材料于 2026 年 3 月 16 日以专人及发送电子邮件方式送达各位董事，会议于 2026 年 3 月 19 日以通讯表决的方式召开。本次会议应参加表决董事 12 人， 实际参加表决董事 12 人。会议的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、会议审议情况 （一）会议审议通过了《关于调整董事会专门委员会名称和 成员的议案》 为建立健全公司风险防控体系，提高公司风险防范能力，进 一步完善公司治理结构，根据《中华人民共和国公司法》、财政 部等五部委《企业内部控制基本规范》、 ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]