馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）第 十 屆 董 事 會（「董事會」）、 監 事 會（「監事會」）任 期 將 於2025年12月1日 屆 滿。根 據《中 華 人 民 共 和 國 公 司 法》（「《公司法》」）及 中 國 證 券 監 督 管 理 委 員 會《上 市 公 司 章 程 指 引》、《關 於 新〈公 司 法〉配 套 制 度 規 則 實 施 相 關 過 渡 期 安 排》等 法 律 法 規、規 範 性 文 件 的 要 求，本 公 司 擬 取 消 監 事 會，由 本 公 司 董 事 會 審 計 與 合 規 管 理 委 員 會 行 使《公 司 法》規 定 的 監 事 會 職 權。鑒 於 本 公 司 新 一 屆 董 事 會 的 換 屆 選 舉 籌 備 工 作 及 取 消 監 事 會 等 相 關 工 作 尚 在 進 行 中，為 確 保 本 公 司 相 關 工 作 的 連 續 性 和 穩 定 性，本 公 司 董 事 會 的 換 屆 選 舉 工 作 將 適 當 延 期 進 行，本 公 司 董 事 會、董 事 會 各 專 門 委 員 會 成 員 以 及 高 級 管 理 人 員 的 任 期 ...

在新一届董事会换届选举工作完成前，公司第十届董事会、董事 会各专门委员会全体成员及高级管理人员将依照法律法规和《公司章 程》的相关规定，继续履行相应的职责和义务。在取消监事会工作完 成前，公司第十届监事会亦将依照法律法规和《公司章程》的相关规 定，继续履行相应的职责和义务。 延期换届不会影响公司的正常运营，亦不会导致独立董事任职时 间超过 6 年的情形。公司将积极推进董事会的换届选举及取消监事会 工作，并及时履行相应的信息披露义务。 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 11 月 26 日 股票代码：600808 股票简称：马钢股份 公告编号：2025-054 马鞍山钢铁股份有限公司 关于董事会延期换届的提示性公告 马鞍山钢铁股份有限公司（"本公司"或"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个别及连带责任。 公司第十届董事会、监事会任期将于 2025 年 12 月 1 日届满。根 据《中华人民共和国公司法》（"《公司法》"）及中国证券监督管理委 员会《上市公司章程指引》《关于新<公司法>配套制度规则实施相关 ...

Core Insights - The steel sector experienced a slight decline of 0.0% on November 24, with Sansteel Mingguang leading the losses [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Steel Sector Performance - Major steel stocks showed mixed performance, with notable gainers including: - Maanshan Iron & Steel (600808) at 3.87, up 2.11% with a trading volume of 562,600 shares and a turnover of 217 million yuan - Nanjing Steel (600282) at 5.60, up 1.63% with a trading volume of 401,900 shares and a turnover of 225 million yuan - Wujin Stainless Steel (603878) at 9.43, up 1.51% with a trading volume of 137,400 shares and a turnover of 128 million yuan [1] - Conversely, Sansteel Mingguang (002110) fell to 4.21, down 2.09% with a trading volume of 242,500 shares and a turnover of 103 million yuan [2] Capital Flow Analysis - The steel sector saw a net inflow of 120 million yuan from institutional investors, while retail investors experienced a net outflow of 131 million yuan [2] - Specific stock capital flows included: - Baogang Group (600010) with a net outflow of 57.72 million yuan from institutional investors - Chongqing Steel (601005) with a net inflow of 29.54 million yuan from institutional investors [3] - Retail investors showed a net inflow of 11.73 million yuan overall, indicating a mixed sentiment in the market [2]

Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.7 million tons in September 2025, representing a year-on-year decrease of 4.6% [1] - Cumulative crude steel production from January to September 2025 reached 7.5 million tons, showing a cumulative decline of 2.9% compared to the previous year [1] Group 2 - The article references various listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), and others, indicating a broad impact on the sector [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, emphasizing the reliability of the statistics presented [1]

Core Viewpoint - The successful development of domestically produced high-speed train wheelsets marks a significant advancement in China's high-speed rail industry, reducing reliance on imports and enhancing supply chain security [1][6]. Group 1: Development and Collaboration - The establishment of the Anhui Research Institute in 2018 aimed to address technological pain points in the high-speed rail industry through collaborative research and development [3]. - The project, led by Academician Gan Yong, involved a multi-disciplinary approach requiring deep collaboration among research institutions, manufacturing enterprises, and user units [3][4]. - The research team optimized the entire manufacturing process of high-speed wheels, focusing on material design and process control to enhance product consistency and durability [4]. Group 2: Achievements and Impact - The domestically developed high-speed train wheels are set to enter commercial application by February 2025, with over 5,000 orders expected by October 2025 [4]. - The successful localization of wheelsets signifies a breakthrough in core components of high-speed trains, ensuring supply security and supporting the development of the CR450 train series [6]. - The project has also contributed to the scaling of production capacities for companies like Maanshan Iron & Steel and CRRC, leading to cost reductions and efficiency improvements [6]. Group 3: Future Directions - The Anhui Research Institute plans to focus on future industries such as quantum information and fusion energy, continuing to leverage strategic research to transform "bottleneck" technologies into "Chinese business cards" [10].

Core Viewpoint - Maanshan Iron & Steel Company experienced a 5.08% decline in stock price, closing at 4.11 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 1.21%, resulting in a total market capitalization of 31.65 billion CNY [1] Company Overview - Maanshan Iron & Steel Company, established on September 1, 1993, and listed on January 6, 1994, is located at No. 8 Jiuhua West Road, Maanshan City, Anhui Province. The company primarily engages in the production and sales of steel products, with 99.99% of its revenue coming from industrial products and 0.01% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Maanshan Iron & Steel, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) reduced its holdings by 908,200 shares in the third quarter, now holding 34.5972 million shares, which accounts for 0.45% of the circulating shares. The estimated floating loss today is approximately 7.6114 million CNY [2] Fund Manager Details - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has been in the position for 12 years and 214 days. The total asset size of the fund is 170.445 billion CNY, with the best fund return during his tenure being 148.3% and the worst being -47.6% [3]

Core Viewpoint - UBS reported that Maanshan Iron & Steel Co., Ltd. (00323) turned a profit in the first three quarters of this year, recording a net profit of 84 million RMB, reversing a loss of 2.535 billion RMB in the same period last year [1] Financial Performance - The gross profit per ton of steel increased to 180 RMB, catching up to industry levels after underperforming the market for four years, driven by synergies from Baosteel [1] - UBS raised the target price for Maanshan from 1.9 HKD to 2.35 HKD, while downgrading the rating from "Neutral" to "Sell" [1] Market Outlook - Despite the performance meeting expectations, the outlook for Q4 remains unfavorable due to early peak season demand in Q3 and potential sales restrictions in November and December, with gross profit per ton of steel expected to drop to around 80 RMB [1] - Operational issues such as unstable blast furnace output, aging product structure, and internal competition remain unresolved [1]

Core Viewpoint - UBS reported that Maanshan Iron & Steel Co., Ltd. (00323) turned a profit in the first three quarters of this year, recording a net profit of 84 million RMB, reversing a loss of 2.535 billion RMB in the same period last year [1] Financial Performance - The gross profit per ton of steel increased to 180 RMB, catching up to industry levels after underperforming the market for four years, driven by synergies from Baosteel [1] - UBS raised the target price for Maanshan from 1.9 HKD to 2.35 HKD, while downgrading the rating from "Neutral" to "Sell" [1] Market Outlook - Despite the performance meeting expectations, the outlook for Q4 remains unfavorable due to early peak season demand in Q3 and potential sales restrictions in November and December, with the gross profit per ton of steel expected to drop to around 80 RMB [1] - Operational issues such as unstable blast furnace output, aging product structure, and internal competition have not yet been resolved [1]

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (0323.HK) experienced a decline of over 5%, trading at HKD 2.69, with a total market capitalization of HKD 20.7 billion. UBS reported that the company turned a profit in the first three quarters of this year, recording a net profit of RMB 84 million, reversing a loss of RMB 2.535 billion in the same period last year. The gross profit per ton of steel increased to RMB 180, catching up to industry levels after underperforming for four years, driven by synergies with Baosteel [1][1][1] Financial Performance - The company achieved a net profit of RMB 84 million in the first three quarters, compared to a loss of RMB 2.535 billion in the same period last year [1] - The gross profit per ton of steel rose to RMB 180, aligning with industry standards after a prolonged period of underperformance [1] Market Outlook - Despite meeting expectations, the outlook for the fourth quarter remains unfavorable due to early peak season demand in the third quarter and potential sales restrictions in November and December. The gross profit per ton of steel may decline to approximately RMB 80 [1][1] - Operational issues such as unstable blast furnace output, aging product structure, and internal competition remain unresolved [1] Analyst Recommendations - UBS raised the target price for Maanshan Iron & Steel from HKD 1.90 to HKD 2.35, while downgrading the rating from "Neutral" to "Sell" [1] - The current stock price is equivalent to a price-to-book ratio of 0.8 times, which is over two standard deviations above the five-year average [1]

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (0323.HK) reported a significant turnaround in its financial performance for the first three quarters of the year, achieving a net profit of 84 million RMB, compared to a loss of 2.535 billion RMB in the same period last year [1] Financial Performance - The company's gross profit per ton of steel increased to 180 RMB, aligning with industry standards after underperforming for four years, driven by synergies from Baosteel [1] - Despite meeting expectations, the outlook for the fourth quarter remains unfavorable due to early peak season demand in the third quarter and potential sales restrictions in November and December, with projected gross profit per ton of steel possibly dropping to around 80 RMB [1] Operational Challenges - Ongoing operational issues include unstable blast furnace output, aging product structure, and internal competition, which have yet to be resolved [1] Analyst Recommendations - UBS raised the target price for Maanshan from 1.9 HKD to 2.35 HKD, while downgrading the rating from "Neutral" to "Sell" [1] - The current stock price is noted to be approximately 0.8 times the price-to-book ratio, which is over two standard deviations above the five-year average [1]