证券日报网讯8月5日晚间，宝钢股份（600019）发布公告称，公司于近日召开六届二次职代会联席会 议，会议选举王峰涛先生为公司第九届董事会职工董事。 ...

Core Insights - Baosteel Co., Ltd. reported a total revenue of 72.88 billion yuan for Q1 2025, a year-on-year decrease of 9.82% [1] - The net profit attributable to shareholders was 2.43 billion yuan, showing a year-on-year increase of 26.37% [1] - The company's non-recurring net profit reached 2.40 billion yuan, up 52.23% year-on-year [1] Financial Performance - The stock price of Baosteel Co., Ltd. closed at 7.32 yuan, with a slight increase of 0.27% [1] - The trading volume was 622,300 hands, with a transaction amount of 456 million yuan [1] - The liquidity ratios were reported as current ratio of 1.235 and quick ratio of 0.869, while the debt-to-asset ratio stood at 39.35% [1] Investment and Intellectual Property - Baosteel has made investments in 30 companies and participated in 5,000 bidding projects [2] - The company holds 257 trademark registrations and 5,000 patents, along with 9,302 administrative licenses [2]

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（以下称"公司"）于近日召开六届二次 职代会联席会议，会议选举王峰涛先生为公司第九届董事会职工董 事，王峰涛先生将与公司 2025 年第三次临时股东大会选举产生的非 由职工代表担任的 5 名非独立董事、5 名独立董事共同组成公司第九 届董事会，任期至本届董事会届满之日止。 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-044 宝山钢铁股份有限公司 关于选举职工董事的公告 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-044 附件：职工董事简历 王峰涛 1975 年 9 月生，中国国籍，宝山钢铁股份有限公司职工董事， 总经理助理兼运营改善部部长，高级工程师。 王先生具有丰富的钢铁生产、人力资源、企业运营管理经验。曾 任宝钢冷轧厂硅钢分厂区域工程师，宝钢分公司人力资源部评价任用 组综合主管，宝钢研究院党委组织部(人力资源部)副部长、部长，钢 管条钢事业部人力资源部(党委组织部)部长，钢管条钢事业部纪委书 记、工会主席、宝 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **special steel industry** in relation to the **Yasha Hydropower Project** and its specific requirements for high-performance steel materials [2][4][5]. Core Insights and Arguments - **Demand for Special Steel**: The Yasha Hydropower Project has a significant demand for special steel materials, requiring structural support materials to meet grades of 420-450 and impact toughness greater than 50 Joules at -40 degrees Celsius. Pressure pipelines need tensile strength above 1,000 MPa, and non-oriented silicon steel for generators must meet grade 230 or higher with special coatings [2][4]. - **Production Capabilities**: Companies like **Baowu Steel**, **Wuyang Steel**, and **Taiyuan Iron and Steel (TISCO)** have production advantages in high-strength pressure pipelines and magnetic materials, having previously supplied to major projects like Baihetan [2][6][9]. - **Market Share**: Baowu Steel holds an 80% market share in the ultra-high voltage market for non-oriented silicon steel, indicating a strong competitive position [11]. - **Quality Assurance**: The Yasha project has stringent quality requirements, with a high cost of rework, necessitating 100% quality assurance from manufacturers. The profitability of special steel products is high but contingent on manufacturing capabilities [14]. Special Requirements for Steel Products - **Structural Support Steel**: Requires HRB400 or higher, with low-temperature impact toughness for use in tunnels and construction [4]. - **High-Strength Steel Plates**: For hydropower systems, typically WH80Q or higher, with tensile strength above 800 MPa and low sensitivity to welding cracks [5]. - **Generator Steel**: Requires magnetic steel to be 750-800 MPa and non-oriented silicon steel to be of the highest grade, with specific coatings [6]. Production and Supply Chain Dynamics - **Geographical Advantages**: Steel mills located near the western regions, such as Chongqing and Xinjiang, have logistical advantages due to lower transportation costs [7]. - **Profit Margins**: The market price for silicon steel can reach up to 13,000 yuan per ton in high-demand projects, with other special steels also showing high profit margins depending on manufacturing quality [14][15]. Regulatory and Environmental Considerations - **Reduction Targets**: The steel industry faces a 5% reduction target by the end of 2025, with stricter measures to follow in 2026, focusing on ultra-low emissions and carbon reduction [3][18]. - **Compliance Measures**: Companies must adapt to new regulations, with a shift from voluntary compliance to mandatory checks for those not meeting emission standards [19]. Future Outlook - **Electric Arc Furnace (EAF) Production**: The government encourages EAF production to align with carbon reduction goals, although current usage is low. Future policies may enhance the viability of EAFs as high furnace capacities are reduced [21]. Additional Important Points - **Market Dynamics**: The Yasha project is expected to consume approximately 3 million tons of special structural materials, indicating a substantial market opportunity for suppliers [5]. - **Material Specifications**: The project requires specific grades and performance characteristics that exceed those of conventional materials, highlighting the need for advanced manufacturing capabilities [4][12].

Summary of Steel Industry Conference Call Industry Overview - The steel industry has seen a recovery in profitability compared to last year, with total profits of 46 billion yuan in the first half of 2025, still at historical lows, indicating a need for further improvement in profitability [1][2][5] - The PB valuation of the steel sector is slightly above 1x, but given the industry's profit recovery and the elasticity at the bottom of the cycle, the current valuation remains attractive and has investment value [1][2][10] - The holding ratio in the steel sector has decreased further, indicating low market attention and that the industry is still in a bottom cycle, with trading not being crowded [1][2][10] Key Points and Arguments - **Profit Cycle**: The steel industry's profits have improved in the first half of 2025 but remain historically low, only slightly better than 2015 levels, with total profits around 46 billion yuan [2][5] - **Valuation Levels**: Despite the rise in the steel sector this year, the PB valuation is still considered undervalued, with the potential for profit recovery and elasticity from the bottom cycle [2][10] - **Supply and Demand**: Improvements in supply and demand are primarily driven by production cuts and mid-term capacity clearance, with marginal improvements noted from Q3 last year to Q2 this year [2][3][16] - **Short-term Catalysts**: Supply-side reforms under the anti-involution strategy, including production cuts and increased infrastructure work, are expected to positively impact the industry [1][2][3] Future Outlook - The decision-makers aim to enhance the industry's profit center through short-term production control and mid-term capacity clearance, expecting good performance in the steel industry over the next three years [3][19] - The demand for construction steel is expected to remain flat or slightly decrease for the year, while manufacturing steel demand is strong but may face export pressures in the second half [1][15][16] Recommended Stocks - **Hualing Steel**: Lowest PB valuation among quality companies, with continuous shareholder returns expected [4] - **Shougang**: High fixed costs due to relocation, but has significant potential in automotive and silicon steel if the industry recovers [4] - **Baosteel**: Currently undervalued but will benefit significantly from industry recovery [4] - **Fangda Special Steel**: Currently at historical low PB valuation, with potential for growth if production adjustments are made [4] Government Measures - The government emphasizes anti-involution policies to improve the steel industry's situation, with a focus on reducing production to maintain overall profitability [7][19] - The implementation of production reduction policies has been slow, facing challenges particularly with small steel mills [18] Current Production and Supply Situation - The steel industry is experiencing overproduction due to fixed cost absorption strategies, leading to a competitive environment [6] - The overall inventory level is low, with a year-on-year decrease of about 30%, which is favorable for price increases [20][21] Conclusion - The steel industry is currently at a cyclical bottom with significant potential for upward movement. Quality stocks that enhance product value or have strong profit elasticity are recommended for investment [24][25][27]

Core Viewpoint - The opening of a direct shipping route from Zhanjiang, Guangdong to Laem Chabang, Thailand by Baosteel Zhanjiang Steel Co., Ltd. marks a significant step in enhancing trade relations and logistics efficiency in the region [1] Group 1: Shipping Route Details - The new shipping route operates on an international liner model with a fixed schedule, aimed at shortening logistics cycles and improving turnover efficiency [1] - The maiden voyage involved the "Dinghe" vessel carrying 8,000 tons of steel and steel plates [1] Group 2: Strategic Importance - Baosteel Zhanjiang Steel Co., Ltd. leverages Zhanjiang Port's strategic position as a key node in the Belt and Road Initiative to build a global shipping network [1] - The successful operation of the Thailand shipping route is expected to strengthen economic and trade ties between Baosteel and Thailand, as well as surrounding regions [1] Group 3: Customs and Inspection Support - The Zhanjiang Border Inspection Station has implemented a tailored operational plan to ensure smooth customs processes for the inaugural voyage, focusing on zero waiting time upon arrival and immediate loading [1] - Continuous efforts have been made to enhance inspection efficiency and facilitate customs clearance, contributing to a safe and orderly entry and exit environment [1]

Core Points - The AMAC Black Metal Index (AMAC Steel, H30058) experienced a slight decline of 0.01%, closing at 1542.15 points with a trading volume of 9.617 billion [1] - Over the past month, the AMAC Black Metal Index has increased by 17.10%, by 16.81% over the last three months, and by 18.54% year-to-date [1] Index Composition - The AMAC Black Metal Index is composed of 10 major stocks, with Baosteel Co., Ltd. holding the largest weight at 20.04%, followed by Baotou Steel (17.81%) and Hualing Steel (7.38%) [1] - The market share of the AMAC Black Metal Index is predominantly from the Shanghai Stock Exchange at 71.04%, while the Shenzhen Stock Exchange accounts for 28.96% [1] Industry Classification - The AMAC Black Metal Index is entirely composed of the raw materials sector, with a 100.00% allocation [2]

Group 1 - The establishment of Baowu Resources Marketing (Nanjing) Co., Ltd. has been reported, with a registered capital of 10 million RMB [1] - The legal representative of the new company is Wang Shulin, indicating a structured leadership [1] - The company's business scope includes the sale of metal ores, coal and its products, as well as non-metallic minerals and products [1] Group 2 - Baowu Resources Marketing is wholly owned by Baowu Resources Co., Ltd., which is a subsidiary of China Baowu Steel Group Co., Ltd. [1]

Investment Rating - The industry investment rating is Neutral, maintained [7] Core Viewpoints - The long-term investment value of the steel sector remains promising under the "anti-involution" theme, similar to the supply-side reform period from 2016 to 2018, where the sector's performance was volatile until the exit of outdated capacities in late 2016 [2][6] - In the short term, the market lacks clear anchors for trading, leading to expectations that the equity market will follow steel prices, which are influenced by upstream and downstream trading [2][6] - The valuation position of steel stocks is a key focus for the market, with companies like Hualing Steel, New Steel, and Fangda Special Steel appearing relatively undervalued [6][5] Summary by Sections Market Performance - Recent tracking indicates insufficient downstream support, leading to a decline in steel prices. The apparent consumption of five major steel products decreased by 0.69% year-on-year and 2.47% month-on-month [4] - The average daily pig iron output of sample steel companies fell to 2.4071 million tons, down 1.52 million tons per day month-on-month [4] - Total steel inventory increased by 1.17% month-on-month, while year-on-year it decreased by 23.42% [4] Price Trends - Shanghai rebar prices dropped to 3,350 CNY/ton, down 100 CNY/ton month-on-month, while hot-rolled steel prices rose to 3,390 CNY/ton, down 130 CNY/ton month-on-month [5] - The estimated profit for rebar is 148 CNY/ton, with a lagging cost profit of 399 CNY/ton [5] Policy and Market Outlook - The "anti-involution" policy is expected to continue, with recent government meetings emphasizing the need to rectify disorderly competition and optimize capacity in key industries [6] - The report suggests that despite short-term volatility, the long-term outlook for the steel sector remains positive due to cost optimization and sustained policy support [6][2] - The report identifies four main investment lines: cost reduction due to new capacity, recovery of performance and valuation for low PB stocks, mergers and acquisitions under state-owned enterprise reforms, and focusing on quality processing and resource leaders [26][27][29]

Investment Rating - The report maintains a "Buy" rating for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [3][4]. Core Insights - The macroeconomic environment is stabilizing, with demand entering a seasonal lull. The political bureau meeting emphasized "anti-involution" and the need for orderly competition in key industries, shifting focus from price increases to rational competition and profit improvement [3][4]. - Short-term steel demand is expected to decline seasonally, leading to potential price corrections. However, long-term capacity governance remains a key theme, with expectations for improved profitability in steel companies as supply dynamics optimize [3][4]. - The report highlights a mixed performance in steel production and inventory levels, with total steel production rising to 8.67 million tons, while social inventory increased by 153,400 tons to 9.41 million tons [2][3]. Summary by Sections Price Trends - As of August 1, steel prices have decreased, with rebar priced at 3,350 CNY/ton (down 100 CNY), hot-rolled steel at 3,430 CNY/ton (down 120 CNY), and cold-rolled steel at 3,860 CNY/ton (down 40 CNY) [1][10][11]. Production and Inventory - Total production of five major steel products reached 8.67 million tons, with rebar production decreasing by 9,000 tons to 2.11 million tons. Social inventory rose by 153,400 tons to 9.41 million tons, indicating a mixed inventory situation [2][3]. Profitability - Steel profitability showed fluctuations, with long-process rebar and hot-rolled steel margins changing by +20 CNY/ton and -14 CNY/ton respectively. Short-process electric arc furnace steel margins increased by +38 CNY/ton [1][3]. Investment Recommendations - The report recommends several companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the flat steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector, among others [3][4].