Investment Rating - The industry is rated as "Buy" for several key companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [8]. Core Viewpoints - The market remains in a state of fluctuation, with the non-ferrous sector outperforming the black metal sector. Financial attributes of metals like gold, silver, and copper are expected to benefit from the current economic conditions [2]. - The macroeconomic policies are showing effectiveness, with the manufacturing PMI rising to 49.5% in May, indicating an overall expansion in economic output [4][12]. - The steel industry is experiencing a divergence in profitability across the black metal supply chain, with some companies undervalued and presenting good strategic investment opportunities [2][4]. Supply Analysis - Daily molten iron production has slightly decreased to 2.417 million tons, with a minor decline in the utilization rate of blast furnaces to 90.6% [3][11]. - The total inventory of steel has decreased by 0.1%, with a narrowing decline rate of 2.2 percentage points [23][25]. Demand Analysis - Apparent consumption of the five major steel products has weakened, with rebar consumption dropping by 7.9% week-on-week [38][49]. - The average weekly transaction volume for construction steel has increased by 2.0% [40]. Raw Material Analysis - Iron ore prices have declined, with the Platts 62% iron ore price index at $96.1 per ton, down 0.7% week-on-week [57]. - The average daily iron ore import volume at 45 ports has increased by 17.9% week-on-week [57]. Price and Profit Analysis - Steel prices are showing a slight improvement, with the current spot price for rebar in Beijing at 3,170 RMB per ton, up 1.9% week-on-week [73]. - The immediate gross profit for long-process rebar is reported at -134 RMB per ton, indicating a slight improvement in margins [72][73].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment environment [3][4]. Core Insights - The report highlights a significant increase in silver prices and resilient demand for base metals, suggesting a bullish trend in the market [3][4]. - The report emphasizes the ongoing increase in gold reserves by the People's Bank of China, which is expected to support long-term gold price growth [4][23]. - The report identifies potential investment opportunities in companies such as Zijin Mining, Luoyang Molybdenum, and Shandong Gold, among others, due to their favorable valuations and market positions [4][20]. Weekly Market Review - The Shanghai Composite Index rose by 1.13%, while the Shenzhen Component increased by 1.42%, and the CSI 300 Index gained 0.88% [5]. - The non-ferrous metals index increased by 3.74%, outperforming the CSI 300 Index by 2.86 percentage points [5][10]. - Year-to-date, the non-ferrous metals index has risen by 12.16%, exceeding the CSI 300 Index's growth by 13.70 percentage points [9]. Price Changes - Industrial metals and precious metals saw price changes, with copper, aluminum, lead, and zinc prices increasing by 2.05%, 0.27%, 1.05%, and 1.76% respectively [4][16]. - The report notes a significant rise in silver prices by 9.24% and gold prices by 0.54% [4][16]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, indicating potential growth in earnings per share (EPS) and price-to-earnings (PE) ratios for companies like Zijin Mining and Luoyang Molybdenum [20][21]. - Companies such as Shandong Aluminum and China Hongqiao are highlighted for their stable performance and dividend yields [4][20]. Copper Market Analysis - The report indicates a slight increase in copper supply costs, with the current TC at $42.9 per dry ton, reflecting a $0.55 increase [33]. - Domestic copper social inventory rose to 148,800 tons, an increase of 10,000 tons week-on-week [33]. Aluminum Market Insights - The report notes a decrease in aluminum prices, with the current average price reported at 20,230 CNY per ton, reflecting a week-on-week decline of 0.7% [48]. - The operating rate of downstream aluminum processing enterprises has decreased to 60.90% [48]. Steel Market Overview - The report highlights an increase in rebar prices, which rose by 10 CNY per ton to 3,140 CNY per ton [73]. - The total inventory of steel products remained stable, with slight fluctuations in production and demand across various steel categories [73].

Core Insights - The West Pilbara project, a joint venture between Rio Tinto and China Baowu Steel Group, is set to officially commence production, marking a significant milestone in their long-standing partnership [1][3][6] - The project has seen an investment of $2 billion (approximately 143.7 billion RMB) over the past two years for infrastructure development, including a giant crusher and conveyor systems [3][4] - The annual production capacity of the West Pilbara project is projected to be 25 million tons of iron ore, with China Baowu expected to purchase approximately 11.5 million tons annually [4][7] Company Collaboration - The partnership between Rio Tinto and China Baowu is a continuation of their previous collaboration on the East Pilbara project, which has already shipped over 200 million tons of iron ore [4][6] - The joint venture structure allows both companies to strengthen their operational ties and stabilize iron ore sales channels while mitigating investment risks [6][7] Market Context - China Baowu, as the world's largest steel producer, relies heavily on high-quality iron ore from Rio Tinto, with a significant portion of its iron ore procurement coming from this partnership [3][7] - The average iron content of the ore produced at the West Pilbara project is 62%, significantly higher than the average of 34.5% for domestic iron ore resources in China, highlighting the quality advantage [4][7] Future Plans - Rio Tinto aims to maintain sustainable operations by developing a new mine each year over the next five years, targeting an annual iron ore production of 345-360 million tons in the Pilbara region [9] - The company has invested approximately $8.5 billion (about 611 billion RMB) in the Pilbara region over the past three years and plans to invest over $13 billion (approximately 934 billion RMB) in the next three years for new mine development [9][11] Additional Projects - The Simandou project in Guinea, which has the potential to produce 120 million tons of high-quality iron ore annually, is also a key focus for Rio Tinto and China Baowu, with significant infrastructure development underway [9][11]

力拓集团首席执行官石道成（Jakob Stausholm）表示："建成西坡铁矿是力拓在皮尔巴拉扩建计划的重 要一步，确保了我们历史最悠久的采矿中心之一帕拉布尔杜的长久运行。"他指出，通过这项合作，力 拓可确保最大客户直接受益。 宝武是力拓最大的客户。宝武董事长胡望明表示，西坡铁矿不仅是宝武、力拓全球资源布局的核心支 点，也是两个行业领军企业间的战略合作，更是中澳经贸合作的典范。 胡望明说："我们致力于与西澳大利亚州政府、原住民社区和各界合作伙伴携手，建立一个包容、可持 续的合作生态系统。我们也将继续履行企业责任，通过技术创新推动产业升级，为区域繁荣和全球供应 链稳定注入新动能。" 西澳大利亚州州长罗杰·库克（Roger Cook）指出，西坡铁矿对该州经济至关重要，州政府将继续支持 资源行业，"该行业正在为西澳居民创造高质量的就业机会，同时帮助我们维持我们享有的生活水平。" 澳大利亚资源部长玛德琳·金（Madeleine King）则表示，西坡铁矿投产对皮尔巴拉地区、西澳大利亚居 民和整个澳大利亚来说都是好消息，"皮尔巴拉是国家经济的引擎，像西坡铁矿这样的项目将使引擎为 未来几代澳大利亚人保持运转。" 《日经亚 ...

当地时间6月6日上午，宝武与力拓集团联合开发的澳大利亚西坡铁矿项目全面建成投产，标志这一中澳 重大资源合作项目进入全面运营阶段。 宝武董事长胡望明出席在澳大利亚西澳州举行的投产仪式并致辞。他表示，西坡项目不仅是宝武、力拓 全球资源布局的核心支点，也是两个行业领军企业间的战略合作，更成为中澳经贸合作的典范工程。西 坡崛起为一座技术领先、绿色高效的标杆矿山，背后凝聚无数人的心血与智慧，是践行绿色低碳发展理 念、推动资源产业协同创新的重要成果。宝武将继续与西澳政府、力拓、原住民社区等合作伙伴携手， 推动资源开发与生态保护的平衡发展，使项目运营更加包容、可持续，并以科技创新驱动区域产业升 级，为区域繁荣与全球产业链稳定注入新动能。 本次西坡项目总投资约24亿澳元，力拓持股54%、宝武持股46%，是双方自2002年宝瑞吉合资项目以来 在皮尔巴拉地区深化合作的又一标志性成果。项目设计年产能为2500万吨，将为帕拉伯杜采矿中心提供 最长达20年的资源保障，进一步巩固宝武在全球铁矿资源布局中的战略支点地位。项目于2023年3月破 土动工，去年6月公路系统投产，今年3月皮带系统全线贯通。项目将为帕拉伯杜超过880名员工提供长 ...

金十数据6月6日讯，中国宝武钢铁集团与全球矿业巨头力拓集团合资开发的澳大利亚西坡铁矿项目6日 正式投产。该项目位于西澳大利亚州皮尔巴拉地区，设计年产能为2500万吨。西坡铁矿项目总投资达20 亿美元，力拓集团和中国宝武分别持股54%和46%。项目主要设施包括一座初级破碎站和一条长达18公 里的输送系统，与力拓集团现有的选矿厂相连。 （新华社） 中企与力拓合资铁矿项目在澳大利亚正式投产 ...

宝武与力拓联合开发的澳大利亚西坡铁矿项目全面投产 智通财经6月6日电，宝武与力拓集团联合开发的西坡铁矿项目全面建成投产。据了解，西坡项目总投资 约24亿澳元，力拓持股54%、宝武持股46%，项目设计年产能为2500万吨。 ...

据了解，近年来，宝钢股份坚持以低碳产品研发为内核，重点实施低碳冶金技术变革、清洁能源结构优 化、系统能效极致提升、循环经济耦合深化、智慧制造AI赋能等五大举措，同时强化全链条数字化平 台、可持续供应链建设、减污降碳协同治理的支撑作用，构建起"1+5+3"的减碳行动框架。 本次活动上，宝钢股份与宝山区一同进行了区域生物多样性状况发布。近年来，宝钢股份与宝山区共同 组织开展区域陆生生物多样性、水生生物多样性和生物多样性相关传统知识调查。 初步结果显示，宝山区生物多样性本底资源总量优于全市平均水平，其中国家二级重点保护野生动物6 种，国家二级重点保护野生植物1种，上海市新纪录29种，并出现天目疣鳞苔、尖头麦蝽等新记录物 种。宝钢股份宝山基地通过创建超低排放A级企业和无废工厂，厂区生态环境显著提升，生物多样性日 渐丰富，初步调查已发现红隼等5种国家二级保护动物，以及牛背鹭等40多种中日、中澳政府候鸟保护 协定保护鸟类。 6月5日，宝钢股份（600019）与宝山区生态环境局共同举办世界环境日活动。该活动重点展示了宝钢股 份和宝山区近年来在绿色低碳、环境治理、生物多样性保护等方面的突破性成果，以及钢铁企业与地方 政府同向 ...

中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 FANGDA PARTNERS http://www.fangdalaw.com 上海市方达律师事务所 关于 宝山钢铁股份有限公司 差异化分红事项 之 法律意见书 2025 年 5 月 20 日 致：宝山钢铁股份有限公司 上海市方达律师事务所(以下简称"本所")是具有中华人民共和国法律执业资 格的律师事务所。根据宝山钢铁股份有限公司(以下称"宝钢股份"或"公司")的委 托，本所就宝钢股份 2024 年下半年度利润分配所涉及的差异化权益分派特殊除权 除息(以下称"本次差异化分红")相关事项出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所交易 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-038 宝山钢铁股份有限公司2024年下半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利人民币0.10元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日召开的2024年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）本次差异化分红方案 公司 2024 年度股东大会审议通过了《关于 2024 年下半年度利润分配方案的 ...