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 ...

Core Points - The article discusses the preliminary evaluation results of the 2025 National Science and Technology Awards, highlighting the projects that have passed the initial review [2][3][5]. Group 1: National Natural Science Award - A total of 60 projects have passed the preliminary evaluation for the National Natural Science Award [2]. - These projects will be publicly announced on the National Science and Technology Management Information System platform [2]. Group 2: National Technology Invention Award - 51 general projects and 20 specialized projects have passed the preliminary evaluation for the National Technology Invention Award [2]. - The specialized projects will be internally announced within the relevant management and nomination units [2]. Group 3: National Science and Technology Progress Award - 134 general projects and 37 specialized projects have passed the preliminary evaluation for the National Science and Technology Progress Award [2]. - Similar to the Technology Invention Award, specialized projects will be internally announced [2]. Group 4: Objection Process - Individuals or organizations can raise objections to the announced projects within 15 days of the public announcement, following specific regulations [2]. - Objections must be submitted in writing and include necessary evidence, with personal submissions requiring identification details [2].

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 these stocks [3][4]. Core Viewpoints - The introduction of the "Steel Industry Stabilization Growth Work Plan (2025-2026)" aims to address the supply-demand imbalance in the steel industry by implementing precise capacity and production controls, promoting resource allocation to leading enterprises, and achieving dynamic balance in supply and demand [3][7]. - The report highlights that the long-term focus will remain on capacity regulation, which is expected to restore profitability for steel companies, particularly benefiting leading firms from the new regulatory measures [3][7]. Price Trends - As of September 26, 2025, steel prices have decreased, with HRB400 rebar priced at 3,240 CNY/ton, down 40 CNY/ton from the previous week [1][9]. - The report details price changes for various steel products, including hot-rolled and cold-rolled sheets, indicating a general downward trend in prices [1][10]. Production and Inventory - The total production of five major steel products reached 8.65 million tons, an increase of 94,700 tons week-on-week, while total inventory decreased by 121,200 tons to 10.88 million tons [2][3]. - The apparent consumption of rebar was estimated at 2.2044 million tons, reflecting a week-on-week increase of 104,100 tons [2][3]. Profitability Analysis - The report notes a decline in profitability for plate products, with the gross margins for rebar, hot-rolled, and cold-rolled steel changing by +3 CNY/ton, -36 CNY/ton, and -20 CNY/ton respectively [1][3]. - Electric arc furnace steel showed a gross margin increase of 10 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [3][4]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel for potential investment opportunities [3].

Core Insights - The steel sector saw a slight increase of 0.5% on September 26, with Nanjing Steel leading the gains. The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1]. Group 1: Stock Performance - Nanjing Steel (600282) closed at 5.08, up 5.39% with a trading volume of 534,800 shares and a turnover of 268 million yuan [1]. - Youfa Group (601686) closed at 6.29, up 3.80% with a trading volume of 309,100 shares and a turnover of 193 million yuan [1]. - Baosteel (600019) closed at 6.96, up 2.50% with a trading volume of 1,399,200 shares and a turnover of 970 million yuan [1]. - Hualing Steel (000932) closed at 6.53, up 2.03% with a trading volume of 692,700 shares and a turnover of 450 million yuan [1]. - Wujin Stainless Steel (603878) closed at 9.00, up 1.35% with a trading volume of 901,000 shares and a turnover of 830 million yuan [1]. Group 2: Fund Flow Analysis - The steel sector experienced a net outflow of 443 million yuan from main funds, while retail investors saw a net inflow of 268 million yuan [2]. - Hualing Steel had a main fund net outflow of 55.14 million yuan, accounting for 12.26% of its total [3]. - Nanjing Steel saw a main fund net inflow of 19.65 million yuan, representing 7.34% of its total [3]. - The overall trend indicates a mixed sentiment among institutional and retail investors within the steel sector [2][3].

Market Overview - On September 25, the general steel sector declined by 0.32% compared to the previous trading day, with Youfa Group leading the decline [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Notable gainers included: - Wujin Stainless Steel (603878) with a closing price of 8.88, up 10.04% on a trading volume of 628,800 shares and a turnover of 547 million yuan [1] - Hualing Steel (000932) closed at 6.40, up 2.56% with a trading volume of 794,500 shares and a turnover of 505 million yuan [1] - Hangang Co. (600126) closed at 10.69, up 2.49% with a trading volume of 4,740,300 shares and a turnover of 5.072 billion yuan [1] - Decliners included: - Youfa Group (601686) closed at 6.06, down 4.27% with a trading volume of 275,900 shares and a turnover of 170 million yuan [2] - Sansteel Minguang (002110) closed at 4.00, down 1.96% with a trading volume of 201,500 shares and a turnover of 80.93 million yuan [2] Capital Flow Analysis - The general steel sector experienced a net outflow of 401 million yuan from main funds, while retail investors saw a net inflow of 407 million yuan [2] - Key stocks with significant capital flow include: - Hualing Steel (000932) had a main fund net inflow of 95.62 million yuan, but retail investors had a net outflow of 57.84 million yuan [3] - Baogang Co. (600010) saw a main fund net inflow of 32.43 million yuan, with retail investors contributing a net inflow of 17.85 million yuan [3] - HeSteel Group (000709) had a main fund net inflow of 29.29 million yuan, but retail investors experienced a net outflow of 22.60 million yuan [3]

Core Viewpoint - Recently, Nantong Fuzhou Biotechnology Partnership (Limited Partnership) was established, focusing on the production, quality inspection, operation, and import-export of edible mushroom strains, with investment from China Baowu Steel Group's Huabao Trust [1] Company Summary - Nantong Fuzhou Biotechnology Partnership's business scope includes edible mushroom strain production, quality inspection, operation, and import-export activities [1] - The company is backed by investments from Huabao Trust, which is a subsidiary of China Baowu Steel Group [1]