Core Viewpoint - The steel sector is experiencing a strong rally, with significant stock price increases for companies like Chongqing Steel, Ansteel, and Maanshan Steel, indicating a potential for further growth in the industry [1]. Industry Summary - The steel sector is characterized by high elasticity and the potential for exceeding expectations, as noted by Changjiang Securities [1]. - Current high-frequency data suggests that industry expectations are relatively low, with this year's winter storage accumulation being the weakest in recent years [1]. - The total inventory of five major steel products is at a near historical low, reflecting a cautious and pessimistic mindset within the industry after over four years of decline [1]. - Low inventory levels may alleviate post-holiday destocking pressures, and the bottoming out of prices suggests that adjustments have been sufficiently made, leading to a gradual weak balance in supply and demand for finished steel products [1]. Price Dynamics - With both fundamentals and prices having sufficiently bottomed out, any catalysts on the demand or supply side could lead to significant price increases for finished steel products [1]. - The probability of price increases for finished steel is currently greater than that of decreases, and once prices begin to rise, the elasticity of these increases is expected to be noteworthy [1].

Group 1: Steel Industry - The steel sector has shown significant growth, with major stocks like Baosteel and Lingang Steel experiencing increases of over 10% [1][2] - The overall market for steel is reported at 10,530.34, reflecting a 5.27% increase [1] - Notable performers include Angang Steel with a 9.92% rise and Shandong Steel with a 9.76% increase [1] Group 2: Rare Earth and Permanent Magnet Sector - The rare earth permanent magnet concept has gained strength, with stocks like Baogang and Zhongse reaching their daily limit [2] - Significant increases were noted in stocks such as San Chuan Wisdom, which rose by over 10%, and Northern Rare Earth, which increased by over 7% [2] - The overall market for rare earths is reported at 4,007.45, with a 3.35% increase [2] Group 3: Nonferrous Metals Sector - The nonferrous metals sector has seen a substantial rise, with companies like Huaxi Nonferrous and Yunnan Zhenye hitting their daily limits [3] - The market for nonferrous metals is reported at 31,769.06, reflecting a 3.02% increase [3] - Key stocks include Huaxi Nonferrous and Yunnan Nonferrous, both showing a 10.01% increase [3] Group 4: Precious Metals - Precious metals have shown positive movement, with gold priced at 5,189.29, reflecting a 0.88% increase, and silver at 89.11, with a 2.21% rise [4]

Group 1 - Steel stocks experienced a significant increase in early trading, with Chongqing Iron and Steel Co., Ltd. rising by 20% to HKD 1.38 [1][2] - Anshan Iron and Steel Co., Ltd. saw a rise of 7.61%, reaching HKD 2.12 [1][2] - Maanshan Iron and Steel Co., Ltd. increased by 3.95%, trading at HKD 2.63 [1][2]

Group 1 - Steel stocks have shown strong gains, with Chongqing Steel rising by 26.09% to HKD 1.45, Ansteel increasing by 9.64% to HKD 2.16, and Maanshan Steel up by 5.53% to HKD 2.67 [1] - Changjiang Securities indicates that the steel sector currently has high elasticity and potential for exceeding expectations, despite low industry sentiment and cautious outlook [1] - The current winter storage accumulation is the weakest in recent years, and total inventory of five major steel products is at a low level, which may alleviate post-holiday destocking pressure [1] Group 2 - Low inventory levels suggest that prices may have adjusted sufficiently, leading to a gradual weak balance in supply and demand for finished steel [1] - The firm believes that with both fundamentals and prices having bottomed out, any catalysts on the demand or supply side could significantly enhance the potential for price increases [1] - The probability of finished steel prices rising is currently greater than that of falling, and if prices do increase, the elasticity of such increases is expected to be noteworthy [1]

Group 1 - Steel stocks have shown strong gains, with Chongqing Steel rising by 26.09% to HKD 1.45, Ansteel increasing by 9.64% to HKD 2.16, and Maanshan Steel up by 5.53% to HKD 2.67 [1] - Changjiang Securities indicates that the steel sector has significant elasticity and potential for exceeding expectations, despite low industry sentiment and cautious outlook [1] - Current winter storage levels are the weakest in recent years, and total inventory of five major steel products is at a near historical low, reflecting a cautious and pessimistic industry mindset [1] Group 2 - Low inventory levels may alleviate post-holiday destocking pressure, and the price bottoming out suggests that price adjustments have been sufficiently made, leading to a gradual weak balance in supply and demand [1] - The firm suggests that with both fundamentals and prices having sufficiently bottomed, any catalysts on the demand or supply side could lead to significant price increases for finished steel products [1] - The probability of price increases for finished steel is currently greater than that of decreases, and once prices rise, the elasticity of such increases is expected to be notable [1]

Group 1 - The steel sector experienced a significant surge in early trading, with major companies reaching new highs [1] - Zhongjin Mining hit an intraday record, indicating strong market performance [1] - Shandong Steel, Linggang Co., Anyang Steel all reached the daily limit up, showcasing robust investor interest [1] Group 2 - Baogang Co., Jiugang Hongxing, Hualing Steel, Liugang Co., and Chongqing Steel also saw notable increases, reflecting a broader positive trend in the steel industry [1]

Core Viewpoint - The steel industry is facing dual regulatory scrutiny regarding ESG carbon emissions disclosures as it is now included in the national carbon market, with several companies needing to report their greenhouse gas emissions by March 31 and ESG reports by April 30 [1][2]. Group 1: Carbon Emissions Disclosure - A total of 232 steel companies are required to submit their 2025 greenhouse gas emissions reports to provincial environmental departments by March 31 [1]. - Six listed steel companies, including Baosteel, Baogang, Ansteel, Maanshan Steel, Chongqing Steel, and CITIC Special Steel, are mandated to disclose their 2025 ESG reports by April 30 [1]. - As of February 24, 2024, Ansteel and Baogang have not disclosed their 2024 carbon emissions totals [1][2]. - The steel industry accounts for approximately 15% of the national carbon emissions, making the task of energy conservation and carbon reduction challenging [2]. Group 2: Environmental Investment - The total environmental investment by the six listed steel companies decreased by about 16% year-on-year, totaling 24.654 billion yuan [1][8]. - Baosteel had the highest environmental investment at 10.075 billion yuan, followed by Ansteel at 5.597 billion yuan and Baogang at 3.771 billion yuan [8]. - Chongqing Steel's environmental investment dropped nearly 40.79% year-on-year, marking the highest decline among the companies [8]. Group 3: Carbon Emission Reduction Performance - Four of the six steel companies reported a year-on-year decrease in total carbon emissions for 2024, with Chongqing Steel showing the highest reduction at 25.80% [3][10]. - CITIC Special Steel reported a 0.33% decrease in carbon emissions per ton of steel for 2024, while Ansteel's carbon emissions per ten thousand yuan of output decreased by 1.4% [10]. Group 4: ESG Governance and Management - The establishment of a dedicated carbon neutrality executive position at China Baowu Steel Group reflects the industry's need for enhanced governance in ESG matters [11][12]. - Five of the six steel companies have incorporated ESG indicators into their executive compensation assessments, with Baosteel providing detailed metrics for evaluation [12][13]. - The integration of ESG metrics into executive pay is seen as a complex task, requiring clear definitions and measurable targets to ensure accountability [13].

Core Viewpoint - The inclusion of the steel industry in the national carbon market has led to increased scrutiny on carbon emissions disclosures, with several companies facing dual regulatory requirements for ESG reporting [1][2]. Group 1: Carbon Emission Disclosure - A total of 232 steel companies are required to submit their greenhouse gas emission reports for 2025 by March 31, with six listed companies needing to disclose their ESG reports by April 30 [1]. - Among the six listed steel companies, Angang Steel and Baogang Steel have not disclosed their 2024 carbon emissions [2][3]. - The carbon emissions from the steel industry account for approximately 15% of the national total, highlighting the significant challenges in energy conservation and carbon reduction [2]. Group 2: Environmental Investment - The total environmental investment by the six listed steel companies decreased by approximately 16% year-on-year, amounting to 24.654 billion yuan [6][7]. - Baosteel made the highest environmental investment at 10.075 billion yuan, while Chongqing Steel saw the largest reduction in investment, nearly halving to 0.887 billion yuan [7][8]. Group 3: Carbon Emission Reduction Performance - Four of the six steel companies reported a year-on-year decrease in total carbon emissions for 2024, with Chongqing Steel showing the highest reduction at 25.80% [3][9]. - The carbon emission intensity for several companies, including CITIC Special Steel and Baosteel, also showed a downward trend, indicating progress in reducing emissions per ton of steel produced [9]. Group 4: ESG Integration in Management - Five of the six listed steel companies have integrated ESG indicators into their executive compensation assessments, with Baosteel specifying the weight of ESG-related metrics in performance evaluations [10][12]. - The establishment of a dedicated Chief Carbon Neutrality Officer at Baowu Steel Group reflects a strategic approach to managing carbon emissions and sustainability efforts [12].

重庆钢铁股份有限公司 2026 年第一次临时股东会 2026 年第一次 A 股类别股东会 2026 年第一次 H 股类别股东会 会议资料 2026 年 3 月 13 日.中国 重庆 1 重庆钢铁股份有限公司股东会会议资料 会 议 须 知 为维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保 证股东会顺利进行，根据《中华人民共和国公司法》《上市公司股东会规 则》等法律法规和《重庆钢铁股份有限公司章程》的规定，请参会人员注 意并遵守以下各项： 三、股东和股东代理人参加股东会依法享有发言权、质询权、表决权 等权利。股东和股东代理人参加股东会，应当认真履行其法定义务，不得 侵犯其他股东的权益，不得扰乱股东会的正常秩序。 四、2026 年第一次临时股东会、2026 年第一次 A 股类别股东会会议 采用现场投票和网络投票相结合的召开方式，2026 年第一次 H 股类别股 东会采用现场投票的召开方式，故在合并统计现场投票和网络投票结果期 间，请参会人员耐心等待。 五、出席会议的股东和股东代理人对会议主席宣布结果有异议的，有 权在宣布后立即要求点票，会议主席应当即时进行点票。 六、参会人员进入会场后，根据工作人员的安 ...

2026年第一次H股類別股東會代表委任表格 本人╱吾等 （附註1） 地址為 | （附註2） 為重慶鋼鐵股份有限公司（「本公司」）股本中每股面值人民幣1.00元的股份（「股份」）共 股 的登記持有人， | | --- | | （附註3） 茲委任股東會主席 或 地址為 | 為本人╱吾等的代表，代表本人╱吾等出席 貴公司訂於2026年3月13日（星期五）下午2時30分（或緊隨2026年第一次臨時股東會 及2026年第一次A股類別股東會結束或其任何續會後）在中華人民共和國重慶市長壽區江南街道江南大道2號重慶鋼鐵股份有限 公司會議中心舉行的2026年第一次H股類別股東會（或其任何續會）（「股東會」）以審議及酌情通過載於股東會通告上的決議案，並 在股東會（或其任何續會）上按下列指示以本人╱吾等的名義就決議案投票。如無任何指示，則本人╱吾等的代表可自行酌情投 票。本人╱吾等的代表亦有權以其認為屬適當的方式對股東會上正式提呈的任何事項自行投票。除非文義另有規定，本表格所 用詞彙與本公司日期為2026年2月24日之通函所界定者具有相同涵義。 | 序號 | 審議事項 | | | | | --- | --- | --- | --- ...