Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

山东金岭矿业股份有限公司 内部控制审计报告 大信审字[2026]第 3-00040 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2026]第 3-00040 号 山东金岭矿业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了山 东金岭矿业股份有限公司（以下简称贵公司）2025 年 12 月 31 日的财务报告内部控制的有效 ...

山东金岭矿业股份有限公司 审 计 报 告 大信审字[2026]第 3-00039 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 大信审字[2026]第 3-00039 号 山东金岭矿业股份有限公司全体股东： 一、审计意见 我们审计了山东金岭矿业股份有限公司（以下简称"贵公司"）的财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母公司 现金流量表 ...

2025 年度独立董事述职报告 山东金岭矿业股份有限公司 （金岭矿业 000655） 二〇二六年三月 山东金岭矿业股份有限公司 独立董事述职报告 本人作为山东金岭矿业股份有限公司（以下简称"公司"） 第十届董事会独立董事，能够严格按照《中华人民共和国公司法》 《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第1号—主板上市公司规范运作》等有关规定和要求， 恪尽职守、勤勉尽责，积极出席公司2025年召开的相关会议，认 真行使职权，及时了解公司经营信息，全面关注公司的发展状况， 认真审议董事会及相关专业委员会各项议案，忠实履行了独立董 事的职责，切实维护了公司整体利益及全体股东的合法权益。现 就2025年度工作情况报告如下： 一、个人基本情况 刘元锁，男，1972年4月出生，研究生学历，高级会计师， 注册会计师，1994年参加工作，先后在济南钢铁集团、山东正源 和信会计师事务所、中和正信会计师事务所济南分所和山东和信 会计师事务所（特殊普通合伙）工作，现任中汇会计师事务所（特 殊普通合伙）合伙人、济南分所所长，内蒙古西水创业股份有限 公司独立董事，瑞阳制药股份有限公司独立董事，山东金岭矿业 股份 ...

根据《上市公司独立董事管理办法》《深圳证券交易所上市公司 自律监管指引第 1 号—主板上市公司规范运作》《公司章程》《独立 董事工作制度》等有关规定，山东金岭矿业股份有限公司（以下简称 "公司"）第十届董事会全体独立董事，于 2026 年 3 月 26 日以现场 和电子通信相结合的方式召开了第十届董事会独立董事专门会议第 八次会议，审议通过了以下议案并发表审核意见： 山东金岭矿业股份有限公司 第十届董事会独立董事专门会议第八次会议审核意见 1.《关于山东钢铁集团财务有限公司 2025 年度风险持续评估报 告》的审核意见 公司出具的《关于山东钢铁集团财务有限公司 2025 年度风险持 续评估报告》全面、真实地反映了山东钢铁集团财务有限公司的经营 资质、业务和风险状况，其结论客观、公正。山东钢铁集团财务有限 公司作为非银行金融机构，其业务范围、业务内容和流程、内部的风 险控制制度等措施都受到监管机构的严格监管，与公司之间的关联存 款业务风险可控，不存在损害公司及股东特别是中小股东利益的情形。 因此，我们同意将该议案提交公司第十届董事会第十六次会议审议， 董事会审议本议案时，关联董事应按规定回避表决。 2.关于与山 ...

山东金岭矿业股份有限公司 薪酬管理制度 第一章 总则 第一条 为进一步完善山东金岭矿业股份有限公司（以下简 称"公司"）薪酬管理体系，建立与现代企业制度相适应、责权 利相匹配的激励与约束机制，提高公司经营管理水平，根据《中 华人民共和国公司法》《上市公司治理准则》《山东金岭矿业股 份有限公司章程》（以下简称"《公司章程》"）及其他相关法 律法规、规范性文件的规定，结合公司实际，制定本制度。 第二条 本制度是公司薪酬管理的基本制度，明确了薪酬管 理的总体原则、决策机制、组成架构和考核调整等。具体适用人 员范围按照以下规定执行： （一）公司董事、高级管理人员的薪酬管理，除遵循本制度 外，还需符合上市公司监管规定。 （二）公司其他人员的薪酬管理，依照公司内部专项制度执 行。 第三条 基本原则 （一）合法性原则。严格遵守国家法律法规及上市公司监管 要求，确保薪酬管理合规有序。 （二）战略导向原则。薪酬体系与公司发展战略相匹配，支 撑公司经营目标实现。 （三）公平公正原则。薪酬分配兼顾岗位价值、绩效表现及 员工贡献，保障内部公平与外部竞争力。 （四）激励约束原则。强化薪酬与绩效的联动，实现激励先 进、约束落后的效果。 ...

2025 年度独立董事述职报告 作为山东金岭矿业股份有限公司（以下简称"公司"）第十 届董事会独立董事，本人能够严格按照《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第1号—主板上市公司规范 运作》以及《公司章程》《独立董事工作制度》等有关规定和要 求，始终保持独立判断，积极出席公司相关会议，不受公司主要 股东、关联人及利害关系方影响，勤勉尽责履行了独立董事各项 职责。现就2025年度履职情况报告如下： 一、独立董事的基本情况 刘江宁，女，1979年2月出生，博士研究生学历，教授，博 士生导师，历任山东财经大学教师，北京大学经济学博士后，对 外经济贸易大学副教授，现任对外经济贸易大学教授兼共同富裕 研究院副院长及博士生导师，中石化石油工程技术服务股份有限 公司独立董事，山东金岭矿业股份有限公司独立董事。 2025年度，本人持续符合《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第1号—主板上市公司规范 运作》等规则对独立董事独立性的全部要求，无任何影响履职独 立性的情形发生，并按要求完成独立性自查，确保履职决策的客 山东金 ...

2025 年度独立董事述职报告 山东金岭矿业股份有限公司 （金岭矿业 000655） 二〇二六年三月 山东金岭矿业股份有限公司 独立董事述职报告 | 姓名 | 应出席股东会次数 | 实际出席股东会次数 | | --- | --- | --- | | 肖岩 | 4 | 4 | （二）董事会出席情况 2025年公司共召开十四次董事会，作为独立董事，出席情况 如下： 本人作为山东金岭矿业股份有限公司（以下简称"公司"） 第十届董事会独立董事，能够严格按照《中华人民共和国公司法》 《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第1号—主板上市公司规范运作》等有关规定和要求， 恪尽职守、勤勉尽责，积极出席相关会议，认真审议各项议案， 并就相关事项发表独立意见，切实维护了公司和股东特别是中小 股东的利益。现就2025年度工作情况报告如下： 一、独立董事基本情况 肖岩，男，1968 年 6 月出生，中共党员，硕士研究生学历， 律师，1990 年 7 月参加工作，先后在烟台北极星钟表集团、烟 台电子外贸公司、烟台通讯广播设备开发公司工作，现任北京德 恒（济南）律师事务所合伙人、证券专业委员会委员，山东金岭 ...

证券代码：000655 证券简称：金岭矿业 公告编号：2026－008 山东金岭矿业股份有限公司 关于使用自有资金进行委托理财的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.投资种类：投资安全性高、流动性好、风险较低、期限不超过一年 的理财产品。 2.投资金额：公司及控股子公司使用不超过（含）人民币 6 亿元的闲 置自有资金进行委托理财。上述投资额度自董事会审议通过之日起 12 个 月内有效，有效期内，投资额度可以滚动使用，期限内任一时点的交易金 额（含前述投资的收益进行再投资的相关金额）不超过该投资额度。 3.特别风险提示：委托理财可能存在政策风险、收益风险、信用风险 等，实际收益存在不确定性，敬请广大投资者注意投资风险。 一、投资情况概述 1.投资目的：山东金岭矿业股份有限公司（以下简称"公司"）及控 股子公司运用暂时闲置的自有资金购置低风险理财产品，目的在于提升闲 置资金使用效率、增加现金资产收益，进而为股东创造更高回报，本次理 财投资不会影响公司主营业务的开展。 2.投资金额：公司及控股子公司使用不超过（含）人民币 6 亿元 ...