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 差异化分红事项 之 法律意见书 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 2025 年上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。 为出具本法律意见书之目的，本所经办律师(以下称"本所律师")依照现行有 1 效的中国法律法规的要求和规定，对宝钢股份提 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-053 宝山钢铁股份有限公司2025年上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0.12元 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 | 2025/9/23 | － | 2025/9/24 | 2025/9/24 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 宝山钢铁股份有限公司（以下简称"宝钢股份"或"公司"）于2025 年 5 月 20 日召开的 2024年度股东大会授权董事会决定 2025 年中期利润分配方案，公司于 2025 年 8 月 26 日召开 的第九届董事会第二次会议审议通过《关于 2025 年上半年度利润分配的议案》。 二、 分配方案 1. 发放年度：2025年上半年度 2. 分派对象： 截至股权登记日下午上海证 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第1笔成交价格为6.93元，成交520.00万股，成交金额3,603.60万元，溢价率为0.00%，买方营业部为华 泰证券股份有限公司广州珠江西路证券营业部，卖方营业部为华泰证券股份有限公司广州珠江西路证券 营业部。 9月16日，宝钢股份收跌1.14%，收盘价为6.93元，发生1笔大宗交易，合计成交量520万股，成交金额 3603.6万元。 责任编辑：小浪快报 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为1.17亿元。该股近5个交易日累计 下跌1.98%，主力资金合计净流出3.28亿元。 ...

9月16日，宝钢股份大宗交易成交520万股，成交额3603.6万元，占当日总成交额的3.59%，成交价6.93 元，较市场收盘价6.93元持平。 | 交易日期 | 证券商稼 | 蓬券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 美出营业服 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 华泰证券股份有限 | 华泰证券股份有限 | | | 025-09-16 | 宝锅股份 | 600019 | 6.93 | 3603.6 | 520 | 公司广州珠江西路 | 公司广州珠江西路 | ya | | | | | | | | Active come comments and can into the comments of | company comes comments on the case in | | ...

Core Viewpoint - The report highlights a slight decline in China's medium and thick wide steel plate production in May 2025, while showing an overall increase in production for the first five months of 2025 compared to the same period in 2024 [1] Industry Summary - In May 2025, China's medium and thick wide steel plate production reached 18.87 million tons, representing a year-on-year decrease of 1.3% [1] - Cumulative production from January to May 2025 was 94.694 million tons, reflecting a cumulative growth of 4.8% compared to the same period in the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a 3.70% increase this week, outperforming the broader market [10] - The report highlights that the central inspection team has pointed out issues with steel production capacity, indicating a potential tightening of supply management in the industry [3] - Despite current challenges, the demand for steel is expected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3] Supply Situation - As of September 12, the capacity utilization rate for blast furnaces in sampled steel companies is 90.2%, an increase of 4.39 percentage points week-on-week [23] - The average daily pig iron production is 2.4055 million tons, which is an increase of 117,100 tons week-on-week [23] - The total production of five major steel products is 7.448 million tons, a decrease of 51,800 tons week-on-week [23] Demand Situation - The consumption of five major steel products reached 8.433 million tons as of September 12, an increase of 155,000 tons week-on-week [31] - The transaction volume of construction steel by mainstream traders is 103,000 tons, reflecting a week-on-week increase of 6.32% [31] Inventory Situation - Social inventory of five major steel products is 10.951 million tons, an increase of 174,100 tons week-on-week [39] - Factory inventory of five major steel products is 4.195 million tons, a decrease of 35,000 tons week-on-week [39] Price & Profit Situation - The comprehensive index for ordinary steel is 3,489.7 yuan/ton, a slight increase of 0.71 yuan/ton week-on-week [45] - The profit for rebar produced in blast furnaces is -14 yuan/ton, a decrease of 8.0 yuan/ton week-on-week [54] - The average cost of pig iron is 2,379 yuan/ton, a decrease of 17.0 yuan/ton week-on-week [54] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) is 796 yuan/ton, an increase of 11.0 yuan/ton week-on-week [68] - The price for primary metallurgical coke is 1,770 yuan/ton, remaining stable week-on-week [68]

Investment Rating - The investment rating for the steel industry is Neutral, maintained [5] Core Insights - The steel industry continues to experience an oversupply situation, leading to a decline in steel prices and a year-on-year revenue decrease of 9% for the first half of 2025 and 8% for Q2 2025, although there was a quarter-on-quarter increase of 4% in Q2 [2][21] - On the cost side, the decline in raw material prices has been greater than that of finished steel, resulting in a year-on-year cost reduction of 11% for the first half of 2025 and 10% for Q2 2025, with a quarter-on-quarter increase of 3% in Q2 [2][24] - Profitability has significantly improved, with a year-on-year increase of 2540% in non-recurring profit for the first half of 2025 and 211% for Q2 2025, alongside a quarter-on-quarter increase of 47% [2][24] - The return on equity (ROE) for listed steel companies has shown recovery, with an ROE of 2.67% for the first half of 2025, up by 2.01 percentage points year-on-year, and 3.22% for Q2 2025, up by 1.87 percentage points year-on-year [2][24] Summary by Sections Revenue - The steel industry continues to face an oversupply, with revenues decreasing by 9% year-on-year in the first half of 2025 and 8% in Q2 2025, despite a quarter-on-quarter increase of 4% in Q2 [2][21][22] Cost - The cost of steel companies has decreased by 11% year-on-year in the first half of 2025 and by 10% in Q2 2025, with a quarter-on-quarter increase of 3% in Q2, driven by a larger decline in raw material prices compared to finished steel [2][24] Profit - Non-recurring profits have seen a substantial increase, with a year-on-year growth of 2540% in the first half of 2025 and 211% in Q2 2025, along with a quarter-on-quarter increase of 47% in Q2 [2][24] Return on Equity - The ROE for the steel industry has improved, reaching 2.67% in the first half of 2025, an increase of 2.01 percentage points year-on-year, and 3.22% in Q2 2025, an increase of 1.87 percentage points year-on-year [2][24]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd., Jiuli Special Materials, Youfa Group, and Wujin Stainless Steel [3]. Core Viewpoints - The report indicates that pig iron production has rebounded to high levels, with daily production exceeding 2.4 million tons. Steel production has slightly decreased, but inventory accumulation has narrowed, suggesting a recovery in demand, although year-on-year demand remains weak. Steel profits are fluctuating around the breakeven point [2][3]. - The report highlights that the long-term focus will be on capacity regulation, which is expected to be more precise this time, promoting the survival of the fittest among steel companies. The profitability of steel enterprises is anticipated to recover as new iron ore capacities are gradually released [2][3]. Price Trends - As of September 12, 2025, steel prices showed mixed trends: rebar (20mm HRB400) at 3,210 CNY/ton (down 50 CNY), high line (8.0mm) at 3,360 CNY/ton (down 40 CNY), hot-rolled (3.0mm) at 3,450 CNY/ton (up 30 CNY), cold-rolled (1.0mm) at 3,800 CNY/ton (unchanged), and medium plate (20mm) at 3,460 CNY/ton (unchanged) [1][9][10]. Production and Inventory - As of September 12, 2025, the total production of five major steel products was 8.57 million tons, a decrease of 34,100 tons week-on-week. The total inventory of these products increased by 174,100 tons to 10.9391 million tons [2][5]. - The apparent consumption of rebar was estimated at 1.9807 million tons, down 40,000 tons week-on-week, while the average daily transaction volume of construction steel was 103,100 tons, up 6.32% week-on-week [2][5]. Profitability - The report estimates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have changed by -31 CNY/ton, +12 CNY/ton, and -8 CNY/ton respectively compared to the previous week. The gross profit margin for electric arc furnace steel decreased by 11 CNY/ton [1][2]. Investment Recommendations - The report recommends focusing on the following companies: 1. General Steel Sector: Hualing Steel, Baosteel, Nanjing Steel 2. Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. 3. Pipe Materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel 4. High-Temperature Alloy: Fushun Special Steel [2][3].

Core Points - Baosteel Co., Ltd. (600019) closed at 7.03 yuan on September 12, 2025, up 0.86% from last week's 6.97 yuan [1] - The company's total market capitalization is 154.653 billion yuan, ranking 1st in the flat steel sector and 96th among all A-shares [1] - The highest intraday price was 7.21 yuan on September 9, 2025, and the lowest was 6.92 yuan on September 10, 2025 [1] Trading Information Summary - From September 8 to September 12, 2025, Baosteel experienced five consecutive trading days of block trades, with a total transaction amount of 73.007 million yuan [3] - Specific block trade amounts include 18.278 million yuan on September 12, 14.12 million yuan on September 11, 16.656 million yuan on September 10, 12.019 million yuan on September 9, and 11.934 million yuan on September 8 [1][3] Company Announcement Summary - On September 8, 2025, Baosteel's board received a resignation letter from independent director Tian Yong, effective immediately due to the completion of his six-year term [1] - On September 9, 2025, the China Securities Regulatory Commission approved Baosteel's application to publicly issue corporate bonds totaling no more than 20 billion yuan to professional investors, valid for 24 months from September 1, 2025 [1][3]

Group 1 - Baosteel Co., Ltd. executed a block trade on September 12, with a transaction volume of 2.6 million shares and a transaction amount of 18.278 million yuan, at a price of 7.03 yuan per share [2] - The buyer and seller of the block trade were both from Huatai Securities Co., Ltd., Guangzhou Zhujiang West Road Securities Branch [2] - In the last three months, Baosteel Co., Ltd. has recorded a total of 6 block trades, with a cumulative transaction amount of 81.0435 million yuan [2] Group 2 - On September 12, Baosteel Co., Ltd. closed at 7.03 yuan, down 0.42%, with a daily turnover rate of 0.85% and a total transaction amount of 1.314 billion yuan [2] - The net outflow of main funds for the day was 209 million yuan, while the stock has increased by 0.86% over the past five days, with a total net outflow of 224 million yuan [2] - The latest margin financing balance for Baosteel Co., Ltd. is 1.214 billion yuan, with an increase of 4.8471 million yuan over the past five days, representing a growth rate of 0.40% [2]