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 ...

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，现提名李志青为宝山 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 ...

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》。 一、取消监事会设置 为顺应新《公司法》及符合监管要求，进一步优化治理结构， 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 ...

宝山钢铁股份有限公司独立董事候选人声明与承诺 本人苏敏，已充分了解并同意由提名人宝山钢铁股份有限公 司董事会提名为宝山钢铁股份有限公司（以下简称"该公司"） 第九届董事会独立董事候选人。本人公开声明，本人具备独立董 事任职资格，保证不存在任何影响本人担任该公司独立董事独立 性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门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。 本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、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （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）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组织部 ...

宝山钢铁股份有限公司独立董事候选人声明与承诺 （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； 本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、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （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； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定； （六）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定； （七）中国人民银行《股份制商业银行独立董事和外部监事 制度指引》等的相关规定； 本人田雍，已充分了解并同意由提名人宝山钢铁股份有限公 司董事会提名为宝山钢铁股份有限公司（以下简称"该公司"） 第九届董事会独立董事候选人。本人公开声明，本人具备独立董 事任职资格，保证不存在任何 ...