Investment Rating - Industry View for China Materials is rated as Attractive [6] - Industry View for China Cement is rated as In-Line [6] - Industry View for China Coal is rated as Cautious [9] Core Insights - The Trump administration has initiated a tariff probe on all US critical mineral imports, which may impact supply chains and pricing in the sector [6][20] - Baosteel is continuing its industry consolidation efforts, investing Rmb9 billion to acquire a 49% stake in Magang Limited [3][6] - Base metals have shown price increases, with Shanghai copper prices up 2.5% week-over-week (WoW) and aluminum prices up 1.3% WoW, while inventories for both metals have decreased [6][10] - Battery metals are under pressure, with prices for lithium hydroxide and lithium carbonate declining slightly, and stockpiling expected to continue [2][20] - Gold prices have increased by 2.8% WoW, attributed to Zijin Mining's acquisition of the Akyem Gold Project in Ghana, which has significant production potential [3][34] Summary by Sections Base Metals - Shanghai copper prices increased by 2.5% WoW to Rmb76,380/t, with inventories down 6.2% [10] - Shanghai aluminum prices rose by 1.3% WoW to Rmb19,830/t, with inventories down 7.4% [10] Battery Metals - Domestic industrial-grade lithium hydroxide prices decreased by 0.3% WoW to Rmb62,750/t, while battery-grade prices also fell by 0.3% to Rmb68,830/t [2][10] - Industrial-grade lithium carbonate prices dropped by 0.2% WoW to Rmb69,650/t, and battery-grade prices fell by 0.4% to Rmb71,450/t [2][10] - Mysteel anticipates continued stockpiling of lithium carbonate in April, with prices under pressure due to flat demand [20] Gold - Gold prices rose by 2.8% WoW to US$3,327/oz, following Zijin Mining's acquisition of the Akyem Gold Project [3][34] Steel - Shanghai HRC prices decreased by 1.8% WoW to Rmb3,220/t, while CRC prices fell by 1.3% to Rmb3,961/t [10] - Long steel inventories decreased by 6.4% WoW, while flat steel inventories fell by 2.0% WoW [10] Cement - Cement prices decreased by 0.7% WoW to Rmb389/t [4][10] Coal - Coal prices remained flat WoW at Rmb678/t, with Qinhuangdao inventory increasing by 11.2% to 6.85 million tons [4][10] - The NDRC has issued a plan to upgrade coal-fired power plants from 2025 to 2027 [28][29]

Investment Rating - The industry view is rated as Attractive, with a preference for gold, cement, building materials, and steel for 2Q25 [7]. Core Insights - Demand in the materials sector showed signs of recovery in 1Q25, but the outlook for 2Q25 is uncertain due to tariff concerns. Domestic excavator sales increased by 38% YoY, and orders from cathode producers rose by 20% due to strong demand from electric vehicles (EV) and energy storage [2]. - The report anticipates that metals-related stocks may outperform in 2H25 as further stimulus is expected [1][6]. - The tariff impact is projected to weigh heavily on the materials space, with a forecasted GDP growth reduction of 30 basis points to 4.2% for 2025 due to tariff shocks and domestic demand impacts [2][18]. Summary by Sections Gold - Gold is identified as the top pick within commodities, supported by ongoing central bank buying and rising ETF inflows. Lower Treasury yields are expected to enhance gold's macro backdrop. Preferred stocks include Zhaojin (1818.HK) and Zijin Mining (2899.HK, 601899.SS) [3]. Cement and Steel - Cement supply-side controls were announced in November 2024, leading to a focus on profitability rather than price wars. The report expects a significant increase in gross profit per ton due to lower coal prices and higher cement prices. For steel, a production cut of 30 million tons and an export cut of 15-20 million tons are anticipated in 2025. Preferred stocks include Anhui Conch (0914.HK, 600585.SS), CNBM (3323.HK), and Baosteel (600019.SS) [4]. Copper and Aluminum - In 2H25, copper and aluminum are expected to outperform due to continued demand from grid and EV-related green infrastructure. Additional fiscal stimulus could further support demand. Preferred stocks include Zijin (2899.HK, 601899.SS), CMOC (3993.HK, 603993.SS), and Hongqiao (1378.HK) [5]. Tariff Impact - The report highlights that the current cumulative US tariffs could have a more significant growth drag than in 2018-19, with expectations of trade talks to lower tariffs to 34% by year-end. The tariff shocks are expected to impact both trade channels and domestic demand [17][18].

Core Viewpoint - The strategic investment of approximately 9 billion yuan by Baosteel Co., Ltd. in Maanshan Iron & Steel Co., Ltd. marks a significant step in the internal asset integration of China Baowu Steel Group, aimed at optimizing capacity layout and enhancing market influence in the steel industry [2][4][7]. Investment Details - Baosteel plans to acquire a 35.42% stake in Maanshan Iron & Steel for 5.139 billion yuan and simultaneously increase its capital by 3.861 billion yuan, resulting in a total investment of about 9 billion yuan [3][4]. - After the transaction, Baosteel will hold 49% of Maanshan Iron & Steel, becoming the second-largest shareholder, while Maanshan Iron & Steel will retain a controlling stake of 51% [4]. Industry Context - The steel industry has been facing challenges due to market supply-demand imbalances and fluctuating raw material prices, leading to a divergence in company performance [5][6]. - Baosteel has demonstrated strong resilience and profitability, with a reported revenue of 242.856 billion yuan in the first three quarters of 2024, a decrease of 4.77% year-on-year, and a net profit of 5.882 billion yuan, down 29.56% [5]. Strategic Implications - The investment is seen as a crucial part of China Baowu's internal asset integration strategy, which aims to address competition issues between Baosteel and Maanshan Iron & Steel and enhance overall industry consolidation [4][7]. - The collaboration is expected to optimize production capacity and improve product structure, as Baosteel's strengths in certain steel products complement Maanshan's capabilities in others [8]. Market Positioning - Baosteel's entry into Maanshan Iron & Steel is anticipated to strengthen its market presence in East China, enhancing its competitive edge and market share in the region [8]. - The investment aligns with Baosteel's strategic goals, allowing for better resource allocation and increased competitiveness in high-end steel products [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant recovery in Q1 2025, with a net profit of 2.434 billion yuan, a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [2] - The company's 2024 net profit was 7.362 billion yuan, a decrease of 38.36% year-on-year, but the decline was less severe than the industry average, indicating resilience [2] - The company is focusing on optimizing its product structure and deepening its international strategy, with plans to invest approximately 7.23 billion yuan in a joint venture in Saudi Arabia [3] Financial Performance - In 2024, the company achieved an operating revenue of 322.116 billion yuan, a decrease of 6.5% year-on-year, and a basic earnings per share of 0.34 yuan, down 37.04% [1] - The sales gross margin for Q1 2025 was 7.22%, showing a recovery trend compared to previous quarters [2] - The company has successfully reduced costs by 7.43 billion yuan in the first three quarters of 2024, exceeding its annual target [4] Product and Market Strategy - The company produced 51.41 million tons of steel in 2024, a decrease of 1.0% year-on-year, but its high-value product sales increased by 9.6% [3] - The company is expanding its production capacity for high-value products, including non-oriented silicon steel and oriented silicon steel, which is expected to enhance its profitability [3] Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share for the second half of 2024, with a total cash dividend amounting to approximately 4.516 billion yuan, representing 61.34% of the net profit attributable to shareholders [4]

宝山钢铁股份有限公司 经查询，财务公司不是失信被执行人，资信情况及履约能力良好。 二、内部控制基本情况 （一）内部控制目标 财务公司构建起以完善的公司治理结构和先进的内部控制文化 为基础，以健全的内部控制制度和严密的控制措施为核心，以合规梳 理、稽核监督和内控评价体系为手段，以信息系统和通畅的沟通交流 1 渠道为依托的内部控制体系，基本达到内控管理的目标。确保财务公 司的战略和经营目标得以实施和实现；确保业务活动符合国家法规； 提高财务公司的经营效率和效果；确保各项业务稳健运行和资产的安 全与完整；确保业务记录、财务信息和其他管理信息的及时、完整和 真实；确保经营过程中的问题得到及时纠正。 对宝武集团财务有限责任公司的风险评估报告 按照证监会及上海证券交易所信息披露工作要求，通过查验宝武 集团财务有限责任公司（以下简称"财务公司"）《金融许可证》《企 业法人营业执照》等证件，根据《企业集团财务公司管理办法》等相 关规定，在审阅包括资产负债表、利润表、现金流量表等在内的定期 财务报表和内部控制制度的基础上，对财务公司2024年度风险管理情 况进行了评估，具体风险评估情况如下： 一、基本情况 财务公司是1992年 ...

其中达到股东大会审议标准的关联交易需提交股东大会审议。 关联交易按照公开、公允、公正的原则进行交易，不损害交易 双方的利益。 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-023 宝山钢铁股份有限公司 2025 年度日常关联交易公告 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。 重要内容提示： 一、日常关联交易基本情况 1.日常关联交易履行的审议程序 宝山钢铁股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第八届董事会第四次独立董事专门会议，审查了《关于 2025 年度日常关联交易的议案》。经审查，全体独立董事认为，公司 2025 年日常关联交易额预计符合公司正常业务发展需要，关联交易定价公 允、合理，不损害关联交易双方的利益，符合公司及全体股东的最大 利益，公司减少和规范关联交易的措施合法、有效。全体独立董事一 致同意将本议案提交董事会审议。 公司于 2025 年 4 月 25 日召开第八届董事会第五十二次会议，审 议了《关于 2025 年度日常关联交易的议案》，关联董事高祥明、 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-030 宝山钢铁股份有限公司 2025 年估值提升计划暨提质增效重回报行动方案 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: 估值提升计划的触发情形及审议程序：宝山钢铁股份有限公司 （以下简称"宝钢股份"或"公司"）股票连续 12 个月每个交易日 收盘价均低于其最近一个会计年度经审计的每股归属于公司普通股 股东的净资产，根据《上市公司监管指引第 10 号——市值管理》的 相关规定，宝钢股份制定估值提升计划暨提质增效重回报行动方案， 经公司第八届董事会第五十二次会议审议通过。 估值提升计划暨提质增效重回报行动方案概述：宝钢股份将围 绕生产经营、并购重组、股权激励、现金分红、股份回购、投资者关 系管理、信息披露、ESG 管制等方面展开，增强投资者信心，维护全 体股东利益，推动公司资本市场表现合理反映公司内在价值。 相关风险提示：本估值提升计划暨提质增效重回报行动方案， 不代表公司对业绩、股价、重大事件等任何指标或事项的承诺。公司 业绩及二级市场表 ...

宝山钢铁股份有限公司2024年度 安永华明（2025）专字第70049385_B03号 宝山钢铁股份有限公司 宝山钢铁股份有限公司董事会： 我们审计了宝山钢铁股份有限公司的2024年度财务报表，包括2024年12月31日的 合并及公司资产负债表，2024年度的合并及公司利润表、现金流量表和股东权益变动 表以及相关财务报表附注，并于2025年4月25日出具了编号为安永华明（2025）审字 第70049385_B01的无保留意见审计报告。 按照中国证券监督管理委员会《关于规范上市公司与企业集团财务公司业务往来 的通知》的要求，宝山钢铁股份有限公司编制了后附的2024年度涉及宝武集团财务有 限责任公司关联交易汇总表（以下简称"汇总表"）。 涉及财务公司关联交易的专项说明 涉及财务公司关联交易的专项说明 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是宝山钢铁股份 有限公司的责任。我们对汇总表所载资料与我们审计宝山钢铁股份有限公司2024年度 财务报表时所复核的会计资料和经审计的财务报表的相关内容进行了核对，在所有重 大方面没有发现不一致之处。除了对宝山钢铁股份有限公司2024年度财务报表出具审 计报告而执 ...

宝山钢铁股份有限公司 1.2024 年 3 月 8 日召开八届三十八次董事会审计及内控合规管理 委员会会议，审议《关于 2024 年金融衍生品操作计划、交易授权及 2023 年金融衍生品开展情况的议案》。 2.2024 年 4 月 24 日召开八届三十九次董事会审计及内控合规管 理委员会会议，审议以下事项：（1）《关于 2023 年末母公司提取各 项资产减值准备的议案》；（2）《关于 2023 年度母公司资产损失情况 的报告》；（3）《2023 年年度报告（全文及摘要）》；（4）《关于 2023 年度财务决算报告的议案》；（5）《关于 2023 年下半年度利润分配方 案及维持利润分配周期的议案》；（6）《关于 2024 年度预算的议案》； （7）《关于 2024 年一季度末母公司提取各项资产减值准备的议案》； （8）《2024 年第一季度报告》；（9）《关于<2023 年度内部控制评价报 董事会审计及内控合规管理委员会 2024 年度履职情况报告 2024 年度，宝山钢铁股份有限公司董事会审计及内控合规管理 委员会按照《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和宝 山钢铁股份有限公司（以下简称"公司"）《公司章程》《董事会审计 及内控合规管理委员会议事规则》等规定和要求，董事会审计及内控 合规管理委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将公 司及董事会审计及内控合规管理委员会对会计师事务所 2024 年度履 职情况评估及履行监督职责情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"）， 于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作 的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设 在北京，注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2024 年末拥有合伙人 251 人，首席合伙人为毛 鞍宁先生。安永华明一直以来注重人才培养，截至 2024 年末拥有执 业注册会计师逾 1700 人，其中拥有证券相 ...