Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.8 million tons in August 2025, representing a year-on-year decrease of 0.7% [1] - Cumulative crude steel production from January to August 2025 reached 6.7 million tons, showing a cumulative decline of 2.8% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a trend of decreasing production in the crude steel industry [1] Group 2 - The article references several listed companies in the steel industry, including Baosteel Co., Ansteel Co., and others, which may be impacted by the declining production trends [1] - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive consulting services [1]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

Group 1 - Japan Steel's CEO expressed ambition to surpass China and reclaim the top position in the global steel industry within 10 years [1] - The confidence stems from Japan Steel's acquisition of an American steel company, significantly boosting its production capacity [3] - In 2024, Japan Steel's total production is projected to reach 57.64 million tons, closely approaching China's Ansteel Group [3] Group 2 - Japan Steel, originally established in 1897, aimed for self-sufficiency in steel production to support military and infrastructure needs [3][5] - The company faced challenges post-World War II, including forced division by the U.S., which limited its production capacity [6][10] - Japan Steel's recovery was aided by U.S. military orders during the Korean War, leading to significant economic benefits [8][10] Group 3 - By 1973, Japan's steel production peaked at over 100 million tons, making it the world's leading steel producer [9] - The rise of Chinese steel companies has posed significant challenges to Japan Steel, which has seen substantial losses in recent years [10][12] - In the 2019 fiscal year, Japan Steel reported a loss of $4 billion, with a crude steel production of 47.05 million tons [12][10] Group 4 - Japan Steel implemented aggressive measures to reduce production, including shutting down four blast furnaces and cutting workforce hours [13][14] - The company shifted focus to high-value products, resulting in a significant increase in average selling prices and profitability [16] - By the 2021 fiscal year, Japan Steel's net profit surged to 840.9 billion yen, marking a remarkable turnaround [16][17] Group 5 - Japan Steel aims to increase crude steel production to 100 million tons by 2035, competing directly with Chinese steel giants [18][20] - Despite Japan Steel's ambitions, China's Baowu Steel Group remains the largest producer with a projected output of 130.09 million tons in 2024 [19][20] - The competitive landscape indicates that Japan Steel's plans may face significant hurdles given China's established market position and ongoing advancements [20][22]

Core Viewpoint - The 2025 China Carbon Market Conference held in Shanghai focuses on enhancing carbon pricing mechanisms to stimulate green and low-carbon development, featuring discussions on China's carbon market construction, global climate change responses, and international cooperation in green innovation [2] Group 1: Main Forum Insights - The "National Carbon Market Development Report 2025" was released, with contributions from representatives of the Ministry of Ecology and Environment and the People's Bank of China, discussing market vitality and green finance innovation [2] - The conference aims to inject new momentum into achieving the "dual carbon" goals through the release of construction achievements and cutting-edge research [2] Group 2: Sub-Forum One Highlights - The first sub-forum emphasized improving the carbon market trading system and enabling market-based carbon pricing mechanisms, with diverse perspectives from government, academia, and business representatives [4][6] - Hubei Province's advantages in carbon market construction include managing accounts for 3,700 key emission enterprises, covering carbon quotas of approximately 8 billion tons, and achieving a cumulative transaction volume of 418 million tons with a transaction value of 10.328 billion yuan [6][7] Group 3: Sub-Forum Two Highlights - The second sub-forum focused on building international cooperation in carbon credits under market mechanisms to achieve the goals of the Paris Agreement, with participation from various stakeholders including government departments and international organizations [8][10] - Shanghai's carbon market has included over 400 enterprises across 28 industries, with a cumulative transaction of 265 million tons and a transaction value of 5.544 billion yuan, showcasing its role as a pilot region for carbon market development [11][12]

Group 1 - The board meeting was held in compliance with relevant laws and regulations, and the resolutions passed are legally valid [2][5][27] - The board approved the performance evaluation results and compensation settlement for senior management for the year 2024 [5][6] - The board agreed to appoint Deloitte Huayong as the independent auditor and internal control auditor for the year 2025, with audit fees decreasing by 5% compared to the previous year [8][24][27] Group 2 - The company will convene the fourth extraordinary general meeting of shareholders in 2025 to review the appointment of Deloitte Huayong [11][27] - Deloitte Huayong was selected through a bidding process and has no disagreements with the previous auditor, Ernst & Young Huaming [15][25] - Deloitte Huayong has a strong track record, with no criminal penalties or disciplinary actions against its personnel in the past three years [18][22]

Core Viewpoint - The company plans to change its accounting firm to Deloitte Huayong for the 2025 fiscal year, following a bidding process and evaluation results, with no disagreements with the previous auditor, Ernst & Young Huaming [2][12][13]. Group 1: Change of Accounting Firm - The reason for changing the accounting firm is based on the requirements set by the Ministry of Finance, State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission, along with the company's operational needs [2][13]. - The new auditor, Deloitte Huayong, has a registered capital of 86.7 million RMB and has been approved to conduct audits for H-share companies [3][4]. - Deloitte Huayong has provided audit services for 61 listed companies in 2024, with total audited revenue of 3.893 billion RMB, including 3.352 billion RMB from audit services [3]. Group 2: Auditor's Qualifications - Deloitte Huayong has a strong investor protection capability, having set aside a professional risk fund and purchased professional liability insurance with a cumulative compensation limit exceeding 200 million RMB [4]. - The firm and its personnel have not faced any criminal penalties or disciplinary actions from self-regulatory organizations in the past three years [5][9]. - The project partners and signing accountants have extensive experience and have not faced any penalties or disciplinary actions in the last three years [9][10]. Group 3: Audit Fees - The audit fees for 2025 are set at 2.961 million RMB (including tax), which is a 5% decrease from the previous year's fees of 2.167 million RMB for financial report audits and 0.95 million RMB for internal control audits [11][24]. Group 4: Board and Committee Approval - The Audit and Internal Control Compliance Management Committee approved the hiring of Deloitte Huayong, stating that the firm meets the qualifications required for securities services [16]. - The board of directors unanimously approved the proposal to hire Deloitte Huayong as the independent auditor and internal control auditor for 2025 [17][24]. - The decision is subject to approval at the upcoming shareholders' meeting [17].

Investment Rating - The report maintains a positive investment rating for the metals and new materials industry, highlighting strong performance in various segments [3][4]. Core Insights - The report indicates that supply disruptions continue to drive metal prices higher, with significant increases observed in copper and precious metals [3][10]. - The overall performance of the non-ferrous metals index has outperformed the broader market, with a year-to-date increase of 56.38%, surpassing the CSI 300 index by 40.74 percentage points [4][8]. - The report emphasizes the potential for continued price increases in precious metals, particularly gold and silver, due to central bank purchasing trends and macroeconomic factors [3][19]. Weekly Market Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index increased by 1.06%, and the CSI 300 Index gained 1.07% [4]. - The non-ferrous metals index saw a weekly increase of 3.52%, outperforming the CSI 300 by 2.46 percentage points [6][8]. - Precious metals experienced a notable rise, with gold prices increasing by 1.89% and silver by 6.92% [3][15]. Price Changes - Industrial metals and precious metals showed varied price movements, with copper prices up by 8.57% and aluminum down by 1.79% [3][10]. - Year-to-date performance for various metals includes copper up 72.50%, precious metals up 67.52%, and energy metals up 56.65% [10][15]. Supply and Demand Analysis - Copper supply is expected to face disruptions due to incidents affecting major mines, with a projected 35% reduction in output from Freeport's Grasberg mine in 2026 [3][31]. - The report notes a decrease in domestic copper inventories, with social inventory at 140,000 tons, down by 9,000 tons [3][31]. - The aluminum sector is seeing increased downstream processing activity, with operating rates rising to 63% [3][31]. Key Company Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending firms such as Huafeng Aluminum and Yatai Technology [3][10]. - For precious metals, companies like Shandong Gold and Zijin Mining are highlighted as potential beneficiaries of the ongoing market trends [3][10]. Valuation Metrics - The report provides valuation metrics for key companies in the non-ferrous metals sector, indicating a range of price-to-earnings (PE) ratios and price-to-book (PB) ratios for various firms [17][18].

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel sector is expected to continue improving due to the traditional peak season combined with production restrictions [1][2] - Despite facing supply-demand contradictions and overall profit decline, the steel demand is anticipated to stabilize or slightly increase due to government policies supporting growth in real estate, infrastructure, and manufacturing [3][2] - The industry is likely to benefit from a tightening supply situation and increasing industry concentration, leading to a stable overall supply-demand landscape [3][2] Supply Situation - As of September 26, the capacity utilization rate of blast furnaces in sampled steel companies is 90.9%, an increase of 0.51 percentage points week-on-week [25] - The average daily pig iron production is 2.4236 million tons, with a week-on-week increase of 1.34% [25] - The total production of five major steel products reached 7.536 million tons, a week-on-week increase of 1.33% [25] Demand Situation - The consumption of five major steel products was 8.741 million tons as of September 26, with a week-on-week increase of 2.79% [34] - The transaction volume of construction steel by mainstream traders was 104,000 tons, showing a week-on-week decrease of 2.41% [34] Inventory Situation - The social inventory of five major steel products was 10.892 million tons, a week-on-week decrease of 1.10% [42] - The factory inventory of five major steel products was 4.214 million tons, a week-on-week increase of 0.72% [42] Price & Profit Situation - The comprehensive index for ordinary steel was 3,497.6 yuan/ton, with a week-on-week decrease of 0.28% [48] - The profit for rebar produced in blast furnaces was 14 yuan/ton, a week-on-week decrease of 36.36% [57] - The average cost of pig iron was 2,366 yuan/ton, with a week-on-week decrease of 15 yuan/ton [57] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 787 yuan/ton, a week-on-week decrease of 1.87% [73] - The price of coking coal at the port was 1,710 yuan/ton, with a week-on-week increase of 100 yuan/ton [73] Investment Suggestions - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies with strong cost control and scale effects [3][2] - Companies such as Shandong Steel, Hualing Steel, and Baosteel are highlighted as potential investment opportunities [3][2]

重要内容提示： 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-055 宝山钢铁股份有限公司 关于变更会计师事务所的公告 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。 拟聘任的会计师事务所名称：德勤华永会计师事务所（特殊普 通合伙）（以下简称"德勤华永"） 原聘任的会计师事务所名称：安永华明会计师事务所（特殊普 通合伙）（以下简称"安永华明"） 变更会计师事务所的简要原因及前任会计师的异议情况： 根据财政部、国务院国资委及证监会《国有企业、上市公司选聘 会计师事务所管理办法》（财会〔2023〕4 号）相关条款规定，同时结 合宝山钢铁股份有限公司（以下简称"宝钢股份""公司"）经营需要 以及对审计服务的实际需求，经招标程序并根据评标结果，公司拟聘 请德勤华永为 2025 年度独立会计师和内控审计师；公司不存在与前 任会计师事务所在工作安排、收费、意见等方面存在分歧的情形。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 德勤华永会计师事务所（特殊普通合伙）的前身是 1993 年 2 月 成 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-054 宝山钢铁股份有限公司 第九届董事会第三次会议决议公告 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法律责任。 一、董事会会议召开情况 （一）会议召开符合有关法律、法规情况 本次董事会会议经过了适当的通知程序，会议程序符合有关法 律、行政法规及《公司章程》的规定，会议及通过的决议合法有效。 （二）宝山钢铁股份有限公司（以下简称"公司"或"宝钢股 份"）《公司章程》第 117 条规定：代表 1/10 以上表决权的股东、 1/3 以上董事或者审计及内控合规管理委员会可以提议召开董事会 临时会议。 《公司章程》第 122 条第二款规定：董事会临时会议在保障董 事充分表达意见的前提下，董事会将拟议的决议以书面方式发给所 有董事，且签字同意该决议的董事人数已达到法律、行政法规和本 章程规定的作出该决议所需的人数的，则可形成有效决议。 根据邹继新、刘宝军、高祥明、姚林龙董事提议，公司第九届 董事会根据上述规定，以书面投票表决的方式于 2025 年 9 月 28 日 召开临时 ...