证券代码：600019 证券简称：宝钢股份 公告编号：2025-034 宝山钢铁股份有限公司 2024年度股东大会决议公告 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。 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)股东大会召开的时间：2025 年 05 月 20 日 (二)股东大会召开的地点：上海市宝山区富锦路 885 号宝钢股份技术中心 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,491 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 15,579,979,090 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.4519 | | 份总数的比例（%） | | 1、公司在任董事11人，出席1人，其他 10 位董事因公务未能出席本次会议； 2、公司在任监事7人，出席1人，其他 6 位监事因公务未能出席本次会议； 3、公司董事会秘书出席了本次会议，部分高管列席了本次会议。 二、 议案审议情况 ...

FANGDA PARTNERS http://www.fangdalaw.com 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 上海市方达律师事务所 关于宝山钢铁股份有限公司 2024 年度股东大会之法律意见书 经本所律师核查，公司董事会关于《宝山钢铁股份有限公司关于召开 2024 年度股东大会的通知》已于 2025 年 4 月 26 日刊登在上海证券交易所网站 （www.sse.com.cn）和符合中国证券监督管理委员会规定条件的媒体。 本次股东大会采用现场投票与网络投票相结合的表决方式召开，现场会议于 2025 年 5 月 20 日（星期二）下午 14 时在上海市宝山区富锦路 885 号宝钢股份 技术中心召开，网络投票时间为：通过上 ...

Core Viewpoint - Baoshan Iron & Steel Co., Ltd. plans to invest in Ma'anshan Iron & Steel Co., Ltd. and has commissioned an asset valuation report to assess the market value of the total equity of Ma'anshan Iron & Steel Co., Ltd. as of February 28, 2025 [1][2]. Group 1: Valuation Purpose and Methodology - The purpose of the valuation is to provide reference opinions for Baoshan Iron & Steel Co., Ltd.'s planned investment in Ma'anshan Iron & Steel Co., Ltd. [5]. - The valuation includes all audited assets and liabilities of the assessed entity, covering current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, and intangible assets [2][6]. - The valuation methods used are the asset-based approach and the income approach, with the asset-based approach being selected for the final valuation conclusion [2][5]. Group 2: Valuation Results - As of the valuation date, the total asset book value of Ma'anshan Iron & Steel Co., Ltd. is RMB 5,389,777.43 million, with a valuation of RMB 5,813,178.20 million, resulting in an increase of RMB 423,400.77 million, or 7.86% [2][4]. - The total equity value is assessed at RMB 1,450,610.62 million, reflecting an increase of RMB 197,696.83 million, or 15.78% compared to the book value of RMB 1,007,739.73 million [2][4]. - The valuation report indicates a total asset impairment of RMB 19,470.12 million, with a reduction rate of 0.44% [2][4]. Group 3: Financial Overview - As of December 31, 2024, the total assets of Ma'anshan Iron & Steel Co., Ltd. were RMB 6,364,206.42 million, with total liabilities of RMB 4,677,868.88 million, resulting in total equity of RMB 1,686,337.55 million [4][5]. - For the period of January to February 2025, the company reported an operating income of RMB 1,059,006.44 million, with a net loss of RMB 17,165.32 million [5][6]. - The financial performance indicates a significant operating loss, with total revenue for 2024 reported at RMB 7,066,040.18 million and a net loss of RMB 405,050.42 million [5][6].

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net financing of local government bonds reached 528.1 billion yuan in April 2025, indicating a significant increase in fiscal spending, which is expected to support demand in the steel sector [2][3]. - The apparent consumption of steel in April 2025 was 76.08 million tons, slightly down by 1.7% year-on-year, influenced by uncertainties from US-China tariff disputes [2][3]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, up 0.7% year-on-year, while steel production increased by 6.6% to 125.09 million tons [7]. - The manufacturing purchasing managers' index (PMI) was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Export and Import Dynamics - Steel exports in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, benefiting from price advantages [3][7]. - Iron ore imports rose by 1.3% year-on-year to 103.14 million tons in April 2025, although overall iron ore imports for the first four months decreased by 5.5% [7]. Policy and Economic Outlook - The Central Political Bureau emphasized the need for proactive macroeconomic policies, including increased fiscal spending and monetary easing to support the economy [3]. - The report suggests that with the anticipated improvement in demand and supply-side adjustments, the long-term fundamentals of the steel industry are expected to improve [3]. Investment Recommendations - The report recommends stocks such as Hualing Steel, Nanjing Steel, Baosteel, and others, highlighting their potential benefits from the current economic conditions and demand recovery [8][9].

Core Insights - The transmission line tower industry in China is experiencing significant growth, with the market size projected to reach approximately 71.1 billion yuan in 2024, driven by increasing electricity demand and urbanization [1][16] - The industry is characterized by a dual structure, with a large number of small enterprises competing in the low-end market and a few large companies dominating the high-end market [21][23] Industry Overview - Transmission line towers are essential infrastructure for supporting high and ultra-high voltage overhead power lines, primarily made of metal materials like iron and steel [3] - The industry has evolved from using low-voltage transmission lines to high-voltage lines, leading to increased demand for steel towers [5][19] Market Dynamics - The growth in electricity demand is reflected in the increase of total electricity consumption in China, which rose from 55,500 billion kWh in 2015 to 98,521 billion kWh in 2024, with a compound annual growth rate of 6.58% [11] - The length of 220 kV and above transmission lines has also increased significantly, from 609,100 km in 2015 to 952,800 km in 2024, indicating a compound annual growth rate of 5.1% [11] Investment Trends - Investment in power engineering construction is on the rise, with power source engineering investment expected to grow from 409.1 billion yuan in 2015 to 1,168.7 billion yuan in 2024, reflecting a compound annual growth rate of 12.37% [14] - The investment in grid engineering is also increasing, from 460.3 billion yuan in 2015 to 608.6 billion yuan in 2024, with a compound annual growth rate of 3.15% [14] Key Players - Major companies in the industry include China Tower Corporation, which is the leading player, and other significant firms such as Wind范股份, 东方铁塔, and 汇金通 [21][23] - China Tower Corporation reported a revenue of 75.7 billion yuan from tower-related businesses in 2024, showing a year-on-year growth of 0.89% [23] Industry Structure - The industry is divided into three tiers: a large number of small enterprises in the low-end market, a second tier of larger private companies, and a first tier of leading companies like China Tower [21] - The market for transmission line towers is highly competitive, with price wars prevalent among smaller firms producing low-end products [21] Future Trends - The industry is expected to undergo technological upgrades driven by the construction of ultra-high voltage transmission lines, leading to a shift towards new tower structures and materials [27] - The demand for intelligent operation and maintenance solutions is increasing, with the adoption of IoT and sensor technologies [28] - The push for green and low-carbon solutions is reshaping the industry, with a focus on environmentally friendly materials and recycling practices [30]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

Investment Rating - The industry is rated as "Buy" for specific stocks and "Hold" for others, indicating a positive outlook for selected companies within the steel sector [8]. Core Insights - The report highlights a decrease in tariff uncertainty, which is expected to improve economic expectations. The U.S.-China trade tensions have entered a phase of temporary easing, although future uncertainties remain significant [2][4]. - The domestic steel production has shown signs of recovery, with a notable increase in apparent consumption of steel products, particularly rebar, which has returned to levels seen in the previous year [3][39]. - The report emphasizes the implementation of proactive macroeconomic policies, including fiscal and monetary measures, which are anticipated to support the steel industry's recovery and growth [4][12]. Summary by Sections Supply - The average daily pig iron production has decreased by 10,000 tons to 2,447,000 tons, with a slight decline in long-process production [11]. - The capacity utilization rate for blast furnaces across 247 steel mills is reported at 91.7%, a decrease of 0.4 percentage points from the previous period but an increase of 4.1 percentage points year-on-year [17]. Inventory - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 3.1%. The social inventory of five major steel products stands at 9,937,000 tons, down 3.8% from the previous week and down 28.5% year-on-year [24][26]. Demand - Apparent consumption of five major steel products has significantly improved, with a week-on-week increase of 8.1%. Rebar consumption reached 2,603,000 tons, up 21.7% from the previous week [39][48]. Raw Materials - Iron ore prices have risen, with the Platts 62% iron ore price index at $101.1 per ton, reflecting a week-on-week increase of 2.5% [57]. - The report notes a slight increase in the shipping volume of iron ore from Australia, while Brazilian shipments have decreased [57]. Prices and Profits - Steel prices are showing a strong performance, with the Myspic comprehensive steel price index at 123.6, up 0.9% week-on-week. The report anticipates that steel prices may gradually strengthen due to improving fundamentals driven by macroeconomic and industry policies [70][71]. - The current profit margins for long-process rebar and hot-rolled coils remain negative, indicating ongoing cost pressures [72]. Key Stocks - The report recommends several stocks for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - New Steel (Buy) - Jiuli Special Materials (Buy) - Xinxing Ductile Iron Pipes (Hold) [8].

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-033 关于 2024 年度股东大会开设网络投票 特此公告。 提示服务的公告 宝山钢铁股份有限公司董事会 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。 -1- 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-033 -2- 宝山钢铁股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露了关于召开 2024 年度股东大会的通知，公司拟于 2025 年 5 月 20 日 14:00 召开 2024 年度股东大会，本次会议采用现场投票和网 络投票相结合的表决方式，股权登记日为 2025 年 5 月 15 日。具体 内容详见公司于 2025 年 4 月 26 日在上海证券交易所网站发布的公 告《宝钢股份关于召开 2024 年度股东大会的通知》（公告编号：临 为更好的服务广大中小投资者，确保有投票意愿的中小投资者 能够及时参会、便利投票，公司拟使用上证所信息网络有限公司（以 下简称"上证信息"）提供的股东大会提醒服务，委托上证信息通 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-033 宝山钢铁股份有限公司 关于 2024 年度股东大会开设网络投票 提示服务的公告 广大投资者若对本次服务有任何意见或建议，可通过邮件 （ir@baosteel.com）、投资者热线(021-26647000)等方式向公司反馈， 感谢广大投资者对公司的关注与支持！ 特此公告。 宝山钢铁股份有限公司董事会 -1- 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-033 2025 年 5 月 15 日 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。 宝山钢铁股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露了关于召开 2024 年度股东大会的通知，公司拟于 2025 年 5 月 20 日 14:00 召开 2024 年度股东大会，本次会议采用现场投票和网 络投票相结合的表决方式，股权登记日为 2025 年 5 月 15 日。具体 内容详见公司于 2025 年 4 月 26 日在上海证券交易所网站发布的公 告《宝钢股份关于 ...

Core Viewpoint - The Zhanjiang Lingang Economic Zone aims to achieve high-quality development by leveraging its geographical advantages and strategic location to attract industrial transfer and investment, particularly from the Pearl River Delta region [3][5][7]. Group 1: Development Plans and Objectives - The total planned area of the Zhanjiang Lingang Economic Zone is 148.81 square kilometers, including the 68.99 square kilometers of the Fen Yong Leizhou area and 79.82 square kilometers of the Wushi area [3]. - The economic zone is strategically located near the ASEAN market, with the Leizhou Wushi Port being only 158 nautical miles from Haiphong, Vietnam, and facing the Hainan Free Trade Port across the sea [3][5]. - The development plan includes a "1+4" work system, which consists of one implementation plan and four lists detailing key tasks, responsibilities, policies, and projects [7]. Group 2: Key Tasks and Focus Areas - Six key tasks have been identified to support high-quality development, including accelerating the development of the Wushi Port area, constructing a unique industrial cluster, optimizing the business environment, promoting innovation, facilitating orderly industrial transfer, and aligning with supportive policies [7][8]. - The first task focuses on the development of the Wushi Port area, which aims to become a major modern port connecting to ASEAN and the Hainan Free Trade Port [7]. - The second task emphasizes the establishment of a unique industrial cluster targeting industries such as electronic information, new materials, light textiles, and agricultural product processing, while also developing supporting industries like renewable energy and logistics [8]. Group 3: Strategic Advantages - Zhanjiang's geographical advantages include its location at the intersection of the Guangdong-Hong Kong-Macao Greater Bay Area, Hainan Free Trade Port, and the Western Land-Sea New Corridor, providing a strong foundation for industrial development [5]. - The region has abundant land resources with lower land costs compared to the Pearl River Delta, offering significant development cost advantages [5]. - The surrounding population provides a substantial labor resource for industrial development, enhancing the region's attractiveness for businesses [5].