Investment Rating - The report maintains a "Buy" rating for several steel companies, indicating a positive outlook for the sector [5][8]. Core Insights - The black industrial chain has experienced significant price fluctuations, with the CITIC Steel Index rising by 7.55% during the week, outperforming the CSI 300 Index by 5.86 percentage points [1][85]. - The report highlights a rebound in steel prices due to a reversal in inventory cycles, driven by strong domestic and external demand in the first half of the year, although uncertainties remain due to tariff frictions [2][6]. - The report anticipates that the implementation of "anti-involution" policies will accelerate the recovery of industry profitability, with a focus on reducing production capacity [2][6]. Supply Analysis - Daily molten iron production has decreased slightly to 242.2 thousand tons, with a marginal decline in long-process production [11][14]. - The capacity utilization rate for domestic blast furnaces is reported at 90.8%, a slight decrease of 0.1 percentage points week-on-week [14][20]. Inventory Analysis - Total steel inventory has slightly decreased by 0.1 percentage points, with social inventory increasing while steel mill inventory has significantly declined [20][22]. - The social inventory of five major steel products stands at 9.271 million tons, up 0.5% week-on-week but down 27.4% year-on-year [22][27]. Demand Analysis - Apparent consumption of five major steel products has shown a slight decline of 0.2% week-on-week, indicating resilient demand despite the overall weakness [36][46]. - Weekly average transaction volume for construction steel has increased by 22.4% compared to the previous week, reaching 115 thousand tons [36][37]. Raw Material Analysis - Iron ore prices have strengthened, with the Platts 62% Fe iron ore price index rising to $102.6 per ton, a week-on-week increase of 2.4% [45][54]. - The report notes a decrease in Australian iron ore shipments by 10.5% week-on-week, while Brazilian shipments increased by 17.4% [54][68]. Price and Profit Analysis - The report indicates a significant improvement in immediate gross margins for steel products, with the Myspic comprehensive steel price index rising by 4.2% week-on-week [66][67]. - Current prices for rebar in Beijing and Shanghai have increased by 7.7% and 5.5% respectively, reflecting a positive trend in the market [67][70]. Key Stocks - The report recommends several stocks for investment, including: - Xinxing Ductile Iron Pipes (Buy) - Nanjing Steel (Buy) - Hualing Steel (Buy) - Baosteel (Buy) - Jiuli Special Materials (Buy) - New Steel (Increase Holding) [8][89].

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [3]. Core Insights - The demand for special steel is expected to rise due to the commencement of the Yajiang Hydropower Station project, with an estimated special steel demand of approximately 4-6 million tons, significantly exceeding similar hydropower projects [3][7]. - Steel prices have increased, with notable weekly price rises across various steel products, indicating a strengthening market [1][10]. - The profitability of steel manufacturers is recovering, with significant increases in gross margins for rebar, hot-rolled, and cold-rolled steel [1][2]. Price Trends - As of July 25, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,450 CNY/ton, up 180 CNY/ton from the previous week, while hot-rolled and cold-rolled steel prices also saw increases of 170 CNY/ton [1][10]. - The report highlights a 5.5% weekly increase in rebar prices and a 4.6% increase in cold-rolled prices, reflecting a positive price trend in the steel market [11]. Production and Inventory - The total production of the five major steel products decreased to 8.67 million tons, with a slight weekly decline of 1.22 million tons, while total inventory also saw a decrease [2]. - Rebar production increased by 2.9 million tons to 2.1196 million tons, indicating a positive trend in production for this specific category [2]. Profitability Analysis - The report indicates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have increased by 46 CNY/ton, 45 CNY/ton, and 79 CNY/ton respectively, showcasing a recovery in profitability for steel manufacturers [1][2]. Investment Recommendations - The report recommends several 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, among others [3].

Core Viewpoint - The article emphasizes the importance of innovation in the steel industry, particularly in the production of high-end silicon steel, which has historically been dominated by foreign companies. The success in overcoming technical challenges has led to significant advancements in production capabilities and cost savings [1][2][3]. Group 1: Innovation in Silicon Steel Production - The production of high-end silicon steel in China faced a long-standing gap, with domestic capabilities being nearly non-existent until recent innovations were made [1]. - A breakthrough method called "decarbonization annealing" was developed, increasing the qualification rate of high-end oriented silicon steel products by over 10 times, enabling stable production of high-quality products for large transformers [1]. - The article highlights the continuous pursuit of innovation, with over 60 technical challenges overcome and 15 technical records set by the company [1]. Group 2: Problem-Solving and Cost Efficiency - A significant issue in the silicon steel production process was the high viscosity and slow flow of magnesium oxide coating liquid, which had plagued the industry for over 30 years [2]. - A simple yet effective solution was implemented by adding spray pipes to the coating machine, which resolved the scaling problem and extended the usage cycle by 1 time, while also significantly improving coating quality and reducing costs by over 10 million yuan annually [3]. - The article underscores the importance of persistence and creativity in problem-solving, stating that focusing on issues, cost considerations, and innovation can lead to successful outcomes [3]. Group 3: Commitment to Excellence - The narrative reflects a strong commitment to craftsmanship and excellence within the industry, emphasizing the need for workers to pursue extreme standards and break conventional boundaries [3]. - The transformation from a regular operator to a recognized craftsman in the industry is driven by a relentless pursuit of quality and innovation, showcasing the dedication of workers to produce high-quality steel products [3].

宝山钢铁股份有限公司 2025 年第三次临时股东大会 会议资料 二 O 二五年八月八日 上海 宝山钢铁股份有限公司 2025 年第三次临时股东大会会议资料 宝山钢铁股份有限公司 2025 年第三次临时股东大会会议议程 股东报到登记、入场时间： 2025 年 8 月 8 日 星期五 14:00-14:30 会议召开时间：2025 年 8 月 8 日 星期五 14:30 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。 2.关于修订《公司章程》的议案 3.关于选举公司第九届董事会非独立董事的议案 4.关于选举公司第九届董事会独立董事的议案 本次股东大会的股权登记日为 2025 年 8 月 1 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大会，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、监事和高级管理人员。 3.公司聘请的律师。 审议议题： 1.关于取消监事会的议案 宝山钢铁股份有限公司 2025 年第三次临时股东大会会议资料 宝山钢铁股份有限公司 ...

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

Group 1 - The board of directors of Baosteel Co., Ltd. held its 55th meeting of the 8th session on July 22, 2025, to discuss various resolutions [4][5][6] - The meeting was legally convened and all resolutions passed were valid [2][8] - The board unanimously approved the proposal for the election of the 9th board of directors, which will consist of 11 members, including 1 employee representative and 10 non-employee representatives [7][8] Group 2 - The board approved the cancellation of the supervisory board, transferring its responsibilities to the audit and internal control compliance management committee [9][10] - A comprehensive revision of the company's articles of association was approved to align with the new Company Law and improve corporate governance [11][12] - The board also approved the convening of the 2025 third extraordinary general meeting of shareholders on August 8, 2025 [12][31] Group 3 - The board approved a donation project by Baosteel Zhanjiang Steel Co., Ltd. amounting to 5 million yuan for rural revitalization efforts [14] - Additionally, a targeted donation project of 4.5 million yuan for community improvement and school facility repairs was also approved [15] Group 4 - The independent director candidates for the 9th board include professionals with extensive experience in finance, law, and corporate governance [17][23][25] - The company will submit the independent director candidates' qualifications to the Shanghai Stock Exchange for review [34]

Core Viewpoint - The nomination of Tian Yong as an independent director candidate for Baoshan Iron & Steel Co., Ltd. has been made, emphasizing his qualifications and independence in accordance with relevant regulations [1][2][4]. Summary by Sections Nomination and Qualifications - Tian Yong has been nominated as an independent director candidate for the ninth board of Baoshan Iron & Steel Co., Ltd. The nominator has confirmed that Tian Yong possesses the necessary qualifications and has agreed to the nomination [1]. - The nominee has over 5 years of relevant work experience in law, economics, accounting, finance, or management, and has completed training recognized by the stock exchange [1]. Compliance with Regulations - The nominee meets the requirements set forth by various laws and regulations, including the Company Law of the People's Republic of China and the Management Measures for Independent Directors of Listed Companies by the China Securities Regulatory Commission [1][2]. - The nominee is not involved in any relationships that could affect his independence, such as holding significant shares or positions in related companies [2][3]. Independence and Integrity - The nominee has no adverse records, such as administrative penalties from the China Securities Regulatory Commission or criminal investigations related to securities and futures violations within the last 36 months [3][4]. - The nominee has not been dismissed from previous independent director positions due to absence from board meetings [4]. Professional Background - Tian Yong is a professional accountant with extensive knowledge and experience in accounting, holding qualifications as a certified public accountant, tax advisor, and senior auditor [4]. - The nominator has verified that the nominee's qualifications comply with the requirements of the Shanghai Stock Exchange's self-regulatory guidelines [4].

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-041 宝山钢铁股份有限公司 关于取消监事会并修订《公司章程》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。 新《公司法》已于 2024 年 7 月 1 日起正式施行，为深入贯彻新 《公司法》精神，进一步规范中央企业公司章程制定和管理，国务 院国资委于 2024 年 8 月印发修订后的《中央企业公司章程指引》； 为进一步提升上市公司规范运作水平，中国证监会修订形成《上市 公司章程指引》 ，并于 2025 年 3 月 28 日公布施行。 为贯彻和承接新《公司法》精神，做好与《上市公司章程指引》 《中央企业公司章程指引》等上位规定的衔接，持续推动提升公司 治理和规范运作水平，宝山钢铁股份有限公司(以下简称"公司") 拟取消监事会设置，由董事会审计及内控合规管理委员会行使《公 司法》规定的监事会的职权，并全面修订《公司章程》。 公司于 2025 年 7 月 22 日召开了第八届董事会第五十五次会议， 审议通过了《关于取消监事会的议案》《关于修订 <公司章程> ...

（待股东大会审议） 宝山钢铁股份有限公司 章 程 - 1 - | 第二章 | 经营宗旨和范围 4 | | --- | --- | | 第三章 | 股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 9 | | 第三节 | 股份转让 10 | | 第四章 | 股东和股东会 11 | | 第一节 | 股东的一般规定 11 | | 第二节 | 控股股东和实际控制人 13 | | 第三节 | 股东会的一般规定 15 | | 第四节 | 股东会的召集 17 | | 第五节 | 股东会的提案与通知 19 | | 第六节 | 股东会的召开 20 | | 第七节 | 股东会的表决和决议 23 | | 第五章 | 董事和董事会 26 | | 第一节 | 董事的一般规定 26 | | 第二节 | 董事会 29 | | 第三节 | 独立董事 33 | | 第四节 | 董事会专门委员会 35 | | 第六章 | 党委 37 | | 第七章 | 高级管理人员 38 | | 第八章 | 职工民主管理与劳动人事制度 40 | | 第九章 | 财务会计制度、利润分配、审计和法律顾问制度 41 | | 第一节 | ...

宝山钢铁股份有限公司独立董事提名人声明与承诺 提名人宝山钢铁股份有限公司董事会，现提名苏敏为宝山钢 铁股份有限公司第九届董事会独立董事候选人，并已充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有无重 大失信等不良记录等情况。被提名人已同意出任宝山钢铁股份有 限公司第九届董事会独立董事候选人（参见该独立董事候选人声 明）。提名人认为，被提名人具备独立董事任职资格，与宝山钢 铁股份有限公司之间不存在任何影响其独立性的关系，具体声明 并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共 ...