Core Viewpoint - Baosteel Co., Ltd. has experienced a decline in stock price recently, with a current market value of approximately 155.09 billion yuan and a year-to-date increase of 4.95% in stock price [1][2]. Group 1: Stock Performance - As of October 28, Baosteel's stock price dropped by 2.06% to 7.12 yuan per share, with a trading volume of 4.61 billion yuan and a turnover rate of 0.29% [1]. - Year-to-date, Baosteel's stock price has increased by 4.95%, while it has decreased by 0.56% over the last five trading days and increased by 4.06% over the last 20 days [2]. Group 2: Financial Performance - For the first half of 2025, Baosteel reported operating revenue of 151.37 billion yuan, a year-on-year decrease of 7.28%, while net profit attributable to shareholders increased by 7.36% to 4.88 billion yuan [2]. - The company has distributed a total of 126.49 billion yuan in dividends since its A-share listing, with 16.08 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Baosteel had 230,800 shareholders, an increase of 6.69% from the previous period, with an average of 94,386 circulating shares per shareholder, a decrease of 6.27% [2]. - The largest circulating shareholder, Hong Kong Central Clearing Limited, holds 806 million shares, a decrease of 11.10 million shares from the previous period [3].

Core Insights - The appreciation of the Renminbi has led to a 0.68% increase in the benefiting sectors compared to the previous trading day, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary of Benefiting Stocks - Zhongshun Jierou (002511) closed at 8.81, with a rise of 4.51% and a trading volume of 265,400 shares, amounting to a transaction value of 232 million [1] - Tongling Nonferrous Metals (000630) closed at 5.86, increasing by 2.81% with a trading volume of 3.91 million shares, totaling 2.299 billion [1] - Taiyuan Iron & Steel (000825) closed at 4.16, up 2.72% with a trading volume of 658,600 shares, amounting to 273 million [1] - Baosteel (600000) closed at 7.27, rising by 1.82% with a trading volume of 1.2066 million shares, totaling 877 million [1] - Other notable stocks include Aluminum Wine Food (300892) at 35.03 (+1.24%), Hengbang Co. (002237) at 13.22 (+1.15%), and Air China (601111) at 8.46 (+1.08%) [1] Fund Flow Analysis - The benefiting sector experienced a net outflow of 198 million from institutional investors, while retail investors saw a net inflow of 80.24 million [2] - Notable net inflows from retail investors were observed in stocks like Zhongshun Jierou and Taiyuan Iron & Steel, despite overall outflows from institutional investors [3]

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-057 宝山钢铁股份有限公司 关于召开2025年第四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 召开的日期时间：2025 年 11 月 13 日 15 点 00 分 召开地点：上海市宝山区富锦路 885 号宝钢股份技术中心 (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2025 年 11 月 13 日 2025年第四次临时股东会 股东会召开日期：2025年11月13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 (一) 股东会类型和届次 (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 至2025 年 11 月 13 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 东会召开当日的交易时间段 ...

宝山钢铁股份有限公司 2025 年第四次临时股东会 会议资料 二 O 二五年十一月十三日 上海 宝山钢铁股份有限公司 2025 年第四次临时股东会会议资料 宝山钢铁股份有限公司 2025 年第四次临时股东会会议议程 股东报到登记、入场时间： 会议召开地点：上海市宝山区富锦路 885 号 宝钢股份技术中心 参加会议人员： 1.在股权登记日持有公司股份的股东。 本次股东会的股权登记日为 2025 年 11 月 5 日，于股权登记日 下午收市时中国证券登记结算有限公司上海分公司登记在册的公司 全体股东均有权出席股东会，并可以以书面形式委托代理人出席会议 和参加表决。该代理人不必是公司股东。 2.公司董事和高级管理人员。 2025 年 11 月 13 日 星期四 14:30-15:00 会议召开时间：2025 年 11 月 13 日 星期四 15:00 宝山钢铁股份有限公司 2025 年第四次临时股东会会议资料 3.公司聘请的律师。 审议议题： 1.关于聘请德勤华永会计师事务所为 2025 年度独立会计师及 内控审计师的议案 关于聘请德勤华永会计师事务所为 2025 年度独立会计师及 内控审计师的议案 一、拟聘请会计 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, indicating strong potential for price appreciation in the coming months [8]. Core Insights - The steel market is experiencing fluctuations, with black metals remaining in a low-level oscillation while precious metals have seen a significant pullback. The report suggests that these short-term fluctuations do not indicate a change in the overall cyclical trend [2]. - China's GDP for the first three quarters of the year reached 101.5 trillion yuan, with a year-on-year growth of 5.2%. The report anticipates that the overall economic growth target for the year will be met [2]. - The report highlights the importance of supply fluctuations in steel profitability, noting discrepancies in steel production data since May, which may be linked to increased production restrictions [2][4]. - The report emphasizes the potential for recovery in the steel industry, particularly for companies that are currently undervalued and have strong safety margins [2]. Supply Analysis - The average daily pig iron production has slightly decreased to 239.9 million tons, with a small decline in capacity utilization among steel mills [11][17]. - The total inventory of steel has decreased, with a week-on-week decline of 1.7%, indicating a tightening supply situation [23][24]. Demand Analysis - Apparent consumption of steel has shown a month-on-month increase, with total apparent consumption reaching 892.7 million tons, up 2.0% from the previous week [47]. - The demand for rebar has increased, with weekly average transactions rising to 10.1 million tons, reflecting a recovery in construction activity [36][37]. Price and Profitability - The report notes a slight increase in steel prices, with the Myspic comprehensive steel price index rising by 0.2% week-on-week. The report anticipates continued improvement in the industry fundamentals, which may support stronger steel prices [69]. - Current profit margins for long-process steel production remain negative, with costs for rebar and hot-rolled coils at 3,458 yuan/ton and 3,684 yuan/ton, respectively [70][71]. Key Companies to Watch - The report recommends focusing on companies such as Hualing Steel, Nanjing Steel, Baosteel, and Xining Steel, which are expected to benefit from the ongoing recovery in the steel market and favorable economic conditions [2][8].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][3][3]. Core Views - The revision of the capacity replacement plan by the Ministry of Industry and Information Technology is expected to improve the supply-demand dynamics in the steel industry marginally. The new draft includes stricter compliance requirements for capacity replacement, which may lead to a more regulated market [3][3]. - The report notes a decrease in steel profits, with specific margins for rebar, hot-rolled, and cold-rolled steel declining by 7, 17, and 23 yuan per ton, respectively, while electric arc furnace steel margins increased by 1 yuan per ton [1][1][1]. - Steel production increased to 8.65 million tons, with a notable rise in rebar production, while total inventory decreased by 260,100 tons, indicating a tightening market [2][2][2]. Summary by Sections Price Trends - As of October 24, 2025, the price of 20mm HRB400 rebar in Shanghai was 3,190 yuan per ton, down 20 yuan from the previous week. Hot-rolled steel increased by 20 yuan to 3,300 yuan per ton, while cold-rolled steel rose by 10 yuan to 3,780 yuan per ton [1][12][13]. Production and Inventory - The total production of the five major steel products reached 8.65 million tons, an increase of 83,700 tons week-on-week. The total inventory of these products decreased by 260,100 tons to 1,098.5 million tons [2][2][2]. Investment Recommendations - The report recommends focusing on companies within the steel sector, particularly those that are expected to benefit from the revised capacity replacement regulations. Specific companies highlighted include Hualing Steel, Baosteel, Nanjing Steel, and others across various segments [3][3][3].

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： 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-056 宝山钢铁股份有限公司 关于召开 2025 年三季度业绩网上说明会的公告 宝山钢铁股份有限公司（以下简称"公司"）计划于 2025 年 10 月 31 日披露公司 2025 年三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年三季度经营成果、财务状况，公司计划举行 2025 年三季度业绩网上说明会，就投资者关心的问题进行交流。 届时，公司管理层将在线就公司 2025 年三季度的业绩、生产经 营情况等问题与投资者进行互动交流。欢迎投资者踊跃参加。 特此公告。 会议召开时间：2025 年 10 月 31 日(星期五) 下午 13:30-15:00 会议召开方式：全景投资者关系互动平台 网址： https://ir.p5w.net/c/600019.shtml 一、会议召开时间： 2025 年 10 月 31 日(星期五) 下午 13:30-15:00 二、会议召开方式：全景投资者关 ...

Core Points - Zhao Kun, the former chairman of Baosteel Group Guangdong Shaoguan Steel Co., Ltd., is under disciplinary review and investigation for serious violations of discipline and law [1][6] - Zhao has held significant positions within Baosteel Group, including Vice General Manager and Party Committee Member [3] - This marks the second investigation into Zhao, highlighting the ongoing anti-corruption efforts within the organization [6] Group 1: Disciplinary Actions - Zhao Kun is currently undergoing a disciplinary review by the Central Commission for Discipline Inspection and the Hebei Provincial Commission [1] - In 2015, Zhao was previously penalized for violating the Central Eight Regulations, resulting in the revocation of his party position and vice general manager role [5] - The investigation revealed multiple instances of misuse of public funds, including extravagant receptions and personal benefits [5][6] Group 2: Organizational Context - China Baowu Steel Group Co., Ltd. is a major state-owned enterprise directly managed by the central government and is one of the largest steel conglomerates globally [6] - The company has undergone several mergers and reorganizations since 2016, including the merger with Wuhan Steel Group [6] - The ongoing investigations into various executives within China Baowu reflect a broader commitment to anti-corruption within the state-owned enterprise sector [6]

Core Viewpoint - The article highlights the disciplinary investigation of Zhao Kun, the former chairman of Baosteel Group Guangdong Shaoguan Steel Co., Ltd., for serious violations of discipline and law, reflecting the ongoing anti-corruption efforts within state-owned enterprises in China [2][8]. Group 1: Background on Zhao Kun - Zhao Kun has held multiple significant positions within Baosteel Group, including Vice General Manager and Party Committee Member [4]. - In 2015, Zhao was previously punished for violating the central eight regulations, which included using public funds for personal luxuries and receiving gifts [6]. Group 2: Details of Violations - Specific violations included using public funds for luxury accommodations, organizing lavish banquets, and accepting expensive gifts, with documented expenses totaling 49,200 yuan for improper receptions [6][7]. - Zhao's actions were characterized as a blatant disregard for regulations, engaging in hedonism and extravagance, which negatively impacted the corporate culture [7]. Group 3: Implications of the Investigation - The renewed investigation into Zhao Kun, ten years after his previous punishment, underscores the intensified anti-corruption measures within China, particularly in state-owned enterprises [8]. - Several other individuals associated with China Baowu Steel Group have also faced investigations this year, indicating a broader crackdown on corruption within the organization [8].

Key Points - Global crude steel production in September 2025 showed mixed results across different regions, with Africa and the Middle East experiencing growth, while Asia, the EU, and South America faced declines [2][3] - The total crude steel production for the 70 countries/regions reported accounts for 98% of the global crude steel output in 2024 [3] Regional Production Summary - **Africa**: Crude steel production reached 2 million tons, an increase of 8.2% year-on-year [3] - **Asia and Oceania**: Production was 102.9 million tons, down 2.1% year-on-year [3] - **EU (27 countries)**: Production totaled 10.1 million tons, a decrease of 4.5% year-on-year [3] - **Other European countries**: Production was 3.6 million tons, up 1.4% year-on-year [3] - **Middle East**: Crude steel production was 4.6 million tons, an increase of 9.3% year-on-year [3] - **North America**: Production reached 8.8 million tons, up 1.8% year-on-year [3] - **Russia and other CIS countries + Ukraine**: Production was 6.2 million tons, down 5.3% year-on-year [3] - **South America**: Production totaled 3.5 million tons, a decrease of 2.7% year-on-year [3] Top Producing Countries - **China**: Produced 73.5 million tons, a decline of 4.6% year-on-year [4][5] - **India**: Crude steel production was 13.6 million tons, an increase of 13.2% year-on-year [4][5] - **United States**: Production reached 6.9 million tons, up 6.7% year-on-year [4][5] - **Japan**: Produced 6.4 million tons, down 3.7% year-on-year [4][5] - **Russia**: Estimated production was 5.2 million tons, a decrease of 3.8% year-on-year [4][5] - **South Korea**: Production totaled 5.0 million tons, down 2.4% year-on-year [4][5] - **Turkey**: Produced 3.2 million tons, an increase of 3.3% year-on-year [4][5] - **Germany**: Crude steel production was 3.0 million tons, down 0.6% year-on-year [4][5] - **Brazil**: Production reached 2.8 million tons, a decline of 3.2% year-on-year [4][5] - **Iran**: Produced 2.3 million tons, an increase of 6.0% year-on-year [4][5]