Meeting Information - The sixth meeting of the board of directors of Hebei Iron and Steel Co., Ltd. was held on November 10, 2025, via communication methods, with all 9 directors participating in the voting [2] - The meeting was legally compliant with the Company Law and the Articles of Association [2] Resolutions Passed - The board approved the proposal to elect Han Jian and Wang Baowei as candidates for the sixth board of directors, with unanimous support (9 votes for, 0 against, 0 abstentions) [2] - The board also approved the proposal to hold the second extraordinary general meeting of shareholders on November 26, 2025, with the same unanimous voting results [2] Upcoming Shareholder Meeting - The second extraordinary general meeting of shareholders is scheduled for November 26, 2025, at 14:30, with both on-site and online voting options available [9][10] - The record date for shareholders to attend the meeting is November 18, 2025 [11] Candidate Profiles - Han Jian, born in February 1970, holds a master's degree in engineering and has held various senior positions within the company, currently serving as the general manager and vice chairman [5] - Wang Baowei, born in July 1975, is a senior economist with a background in financial management and currently serves as the chief accountant of Hebei Iron and Steel Co., Ltd. [6] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system and the internet voting system on November 26, 2025, during specified time slots [26] - The voting will follow a cumulative voting method, allowing shareholders to allocate their votes among the candidates [15]

证券代码：000709 股票简称：河钢股份 公告编号：2025-056 河钢股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 一、召开会议基本情况 1. 股东会届次：2025 年第二次临时股东会 2. 召集人：公司第六届董事会 3. 会议召开的合法、合规性：召开本次股东会的议案经公司 2025 年 11 月 10 日召开的六届五次董事会审议通过，符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 4. 召开日期和时间 （1）现场会议召开日期和时间：2025 年 11 月 26 日下午 14:30 （2）网络投票的日期和时间：深圳证券交易所交易系统投票时间为 2025 年 11 月 26 日 09:15—09:25、09:30—11:30 和 13:00 至 15:00；互联网投票系统投 票时间为 2025 年 11 月 26 日 09:15 至 15:00 期间的任意时间。 5. 召开方式：现场表决与网络投票相结合 公司将通过深圳证券交易所交易系统和互联网投票系统向全体股东提供网 络形 ...

证券代码：000709 股票简称：河钢股份 公告编号：2025-055 河钢股份有限公司 六届五次董事会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 一、会议召开情况 河钢股份有限公司六届五次董事会 2025 年 11 月 10 日以通讯方式召开。本 次会议通知于 11 月 6 日以电子邮件及直接送达方式发出，本次会议应参与表决 董事 9 人，实际参与表决董事 9 人。会议的召开符合《公司法》和《公司章程》 的有关规定，所做决议合法有效。 二、会议审议情况 1. 审议通过了《关于补选公司董事的议案》，同意提名韩健、王保卫为公 司第六届董事会董事候选人（简历附后），提请公司股东会选举。表决结果为： 韩 健：同意 9 票，反对 0 票，弃权 0 票； 王保卫：同意 9 票，反对 0 票，弃权 0 票。 2. 审议通过了《关于召开 2025 年第二次临时股东会的议案》，定于 2025 年 11 月 26 召开公司 2025 年第二次临时股东会。表决结果为：同意 9 票，反对 0 票，弃权 0 票。具体内容详见公司同日披露于《中国证券报》《上海 ...

Group 1 - The core point of the article is that Hebei Iron and Steel Co., Ltd. (SZ 000709) announced the convening of its sixth board meeting on November 10, 2025, to discuss the proposal for the re-election of company directors [1] - For the first half of 2025, the revenue composition of Hebei Iron and Steel Co., Ltd. is as follows: the steel industry accounts for 94.67%, other businesses account for 4.2%, and the chemical industry accounts for 1.13% [1] - As of the time of reporting, the market capitalization of Hebei Iron and Steel Co., Ltd. is 26.3 billion yuan [1]

Core Viewpoint - The news highlights that Chengde Vanadium Titanium has successfully produced and delivered high-purity vanadium powder (99.6%) for the energy storage sector, specifically for high-end clients in the new energy field [1] Company Summary - Chengde Vanadium Titanium has recently passed quality inspections for a batch of high-purity vanadium powder, which is a high-end product with significant competitive advantages in various applications [1] - The company is actively pursuing collaboration with a high-end client for the customized production of this high-purity vanadium powder, indicating a strategic focus on expanding its market presence in the energy storage sector [1] Industry Summary - The production of high-purity vanadium powder is crucial for manufacturing all-vanadium flow batteries, which are essential for energy storage solutions in the new energy sector [1] - The successful delivery of this product to high-end clients reflects the growing demand for advanced materials in the renewable energy industry, particularly in energy storage applications [1]

Group 1 - The company, Hebei Iron and Steel Co., Ltd., reported that as of October 31, the number of shareholders was 230,953 [2]

Core Viewpoint - The final judgment regarding the lawsuit filed by Asia United (Hong Kong) International Investment Co., Ltd. against Hebei Steel Group Co., Ltd. has been issued, with the court ruling in favor of the company and dismissing the plaintiff's claims [2][5]. Summary of Relevant Sections 1. Basic Situation of the Major Lawsuit - Asia United (Hong Kong) International Investment Co., Ltd. initiated a lawsuit against the company in September 2020, which was initially dismissed by the Shijiazhuang Intermediate People's Court in September 2021. The plaintiff appealed, leading to a higher court's decision to overturn the initial ruling and order a retrial [2]. 2. Judgment Details - The Hebei High People's Court issued two civil judgments (2024) Ji Min Zhong 1324 and 1325, maintaining the original ruling that dismissed the plaintiff's claims [3][5]. - The court ruled that the plaintiff must bear the costs of the second-instance case [5]. 3. Impact on Financials - The conclusion of this lawsuit by the Hebei High People's Court is not expected to affect the company's financial status, current profits, or future profits [10]. 4. Disclosure of Other Legal Matters - As of the announcement date, the company and its subsidiaries do not have any undisclosed minor lawsuits or arbitration matters [8][9].

二、 案件判决情况 证券代码：000709 股票简称：河钢股份 公告编号：2025-054 河钢股份有限公司 关于重大诉讼事项终审判决的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、 本次重大诉讼事项的基本情况 亚联（香港）国际投资有限公司（以下简称"亚联公司"）于2020年9月向 我公司及相关公司提起了诉讼，河北省石家庄市中级人民法院于2021年9月对该 案作出了裁定，驳回了原告亚联公司的起诉。后亚联公司不服裁定提起上诉，经 河北省高级人民法院审理后，裁定撤销河北省石家庄市中级人民法院对本案的裁 定，并指令河北省石家庄市中级人民法院审理本案。2024年7月，石家庄市中级 人民法院判决驳回原告亚联公司的诉讼请求，亚联公司不服石家庄中院判决，再 次向河北省高级人民法院提起上诉。详见公司于2020年10月9日、2020年11月7 日、2021年9月28日、2021年11月2日、2021年12月30日、2024年7月13日披露于 《中国证券报》《上海证券报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 的《重大诉讼公告》 ...

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

Core Viewpoint - The company's Q3 2025 performance slightly underperformed expectations, primarily due to profit erosion from furnace materials [1] Financial Performance - Q3 2025 revenue was 30.234 billion yuan, showing a year-on-year and quarter-on-quarter decline of 0.96% and 10.46% respectively [1] - The net profit attributable to shareholders was 0.225 billion yuan, with a year-on-year increase of 44.61% but a quarter-on-quarter decrease of 38.52% [1] - Gross margin decreased slightly to 6.9%, down 1 percentage point year-on-year and 1.1 percentage points quarter-on-quarter [1] - Financial expense ratio decreased to 3.13%, down 0.8 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, mainly due to a reduction in interest-bearing liabilities [1] - Other income decreased to 0.138 billion yuan, a quarter-on-quarter decline of 21.1%, primarily due to a reduction in VAT deductions [1] - Effective tax rate increased significantly to 20.6%, up 17.4 percentage points quarter-on-quarter, mainly due to higher profitability from low-tax subsidiaries in Q2 [1] Industry Development Trends - The company, as a leading steel enterprise in Hebei, is expected to benefit from ongoing supply-side reforms in the steel industry, guided by new policies from the Ministry of Industry and Information Technology [2] - Three major changes in the industry supply side are anticipated: continued dual control of capacity and output, cancellation of capacity trading two years later, and a shift towards green and low-carbon capabilities as core competitiveness [2] - The company is transitioning towards high-end material supply services, focusing on high-strength steel, marine engineering steel, and bridge steel, enhancing product competitiveness [2] - The company's high-purity vanadium materials have been recognized as a manufacturing industry champion, indicating its international leadership in vanadium-titanium smelting and products [2] Profit Forecast and Valuation - Due to strong furnace material prices, the company's net profit forecasts for 2025 and 2026 have been revised down by 31.3% and 25.1% to 1.03 billion yuan and 1.42 billion yuan respectively [3] - The current stock price corresponds to a P/E ratio of 25.3x for 2025 and 18.4x for 2026 [3] - The company is expected to benefit from industry supply-side reforms, maintaining a neutral rating with a target price of 2.4 yuan, implying a potential downside of 5.1% [3]