证券代码：000709 股票简称：河钢股份 公告编号：2025-058 河钢股份有限公司 六届六次董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 河钢股份有限公司（以下简称"公司"）第六届董事会六次会议于 2025 年 12 月 12 日以通讯方式召开。本次会议通知于 12 月 10 日以传真、电子邮件及直 接送达方式发出，本次会议应参与表决董事 11 人，实际参与表决董事 11 人。本 次会议的召开符合《公司法》和《公司章程》的有关规定，所做决议合法有效。 二、董事会会议审议情况 1. 审议通过了《关于 2026 年日常关联交易预计的议案》，表决结果为：同 意 6 票，反对 0 票，弃权 0 票，关联董事邓建军、张弛、韩健、张振全、王保卫 回避了表决。详见公司同日披露于《中国证券报》《上海证券报》《证券时报》及 巨潮资讯网（http://www.cninfo.com.cn）的《2026 年度日常关联交易预计公告》 （公告编号：2025-059）。 2. 审议通过了《关于向控股子公司河钢乐亭钢铁有限公司增资的议案》，同 ...

Core Viewpoint - The company is increasing its capital investment in its subsidiary, LeGang, to enhance its financial structure and support its operations [1] Group 1: Capital Increase - The company is injecting 4.7 billion yuan into LeGang to supplement its capital [1] - After the capital increase, LeGang's registered capital will rise to 21.272 billion yuan [1] - The company will hold an 80.21% stake in LeGang, while the transformation fund will hold 19.79% [1] Group 2: Related Transactions - The capital increase constitutes a related party transaction that requires approval from the company's shareholders [1] - Related shareholders must abstain from voting on this matter [1]

Core Viewpoint - The report highlights a significant decline in China's crude steel production, indicating a downward trend in the industry for the year 2025, with a notable year-on-year decrease of 12.1% in October alone [1]. Industry Overview - As of October 2025, China's crude steel production reached 0.7 million tons, reflecting a 12.1% year-on-year decline [1]. - From January to October 2025, the cumulative crude steel production in China was 8.2 million tons, which represents a 3.9% decrease compared to the same period in the previous year [1]. Companies Mentioned - The report references several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), Shagang Group (002075), Shougang Group (000959), Baotou Steel (600010), Taiyuan Iron & Steel (000825), Hualing Steel (000932), Hebei Iron & Steel (000709), and Bayi Steel (600581) [1]. Research Report - The insights are derived from a report by Zhiyan Consulting titled "Analysis of the Market Operation Status and Development Trends of China's Crude Steel Industry from 2026 to 2032," which provides a comprehensive analysis of the industry's future [1].

该联合实验室是国家级对外科技合作创新平台，由河钢集团有限公司和塞尔维亚贝尔格莱德大学共同建 设运营。该实验室汇聚中塞钢铁领域知名专家学者，将围绕钢铁绿色制造领域开展基础理论研究、关键 技术攻关、产业应用及转化示范，旨在提升中塞钢铁领域科技创新、产能合作和协同发展能力，为钢铁 产业的可持续、高质量发展贡献重要力量。 中国—塞尔维亚钢铁绿色制造"一带一路"联合实验室中方主任张彩东称，今年4月，联合实验室建设与 联合研究项目正式启动，目前已布局7项科研项目，在氢冶金、绿色低碳汽车板研发等领域取得多项技 术突破。中塞双方已配备面积达14000平方米的专属科研场地，配置主体设备57台套，建设工作已取得 初步成效。(完) 中新社石家庄12月9日电 (赵丹媚 余天门)中国—塞尔维亚钢铁绿色制造"一带一路"联合实验室揭牌仪式 9日在河北石家庄举行。 据介绍，该联合实验室于2024年10月获中国科学技术部批准建设，是中国钢铁行业首个"一带一路"联合 实验室。该实验室下设科技管理中心、绿钢产品中心、低碳技术中心、减污降碳中心及科研保障中心， 并致力于建设具有全球影响力的技术研发与成果转化中心、人才培养与合作交流平台。 ...

Core Viewpoint - The performance ranking of A-share steel companies for Q3 2025 reveals a landscape characterized by "stability among leaders, pressure on some, and increasing differentiation" in the industry, highlighting the impact of supply-demand dynamics and cost management capabilities on profitability [1][6]. Revenue Ranking - Baosteel Group leads the revenue ranking with 232.436 billion yuan, despite a slight year-on-year decline of 4.29%, maintaining its position due to a comprehensive industry chain and high-end product structure [2][7]. - Hebei Steel and Hualing Steel follow in second and third place with revenues of 96.542 billion yuan and 94.598 billion yuan, respectively, with Hualing Steel experiencing a 14.96% year-on-year decline due to temporary supply-demand adjustments in the steel industry [2][7]. - Other companies like CITIC Special Steel and Shougang Group also maintain significant revenue levels, although some have seen slight declines due to product price fluctuations [2][7]. Net Profit Differentiation - Leading companies exhibit strong profit resilience, with Baosteel reporting a net profit of 8.088 billion yuan, a year-on-year increase of 29.31%, supported by high-end product premiums and effective cost control [3][8]. - Hebei Steel's net profit reached 1.011 billion yuan, reflecting a 57.08% year-on-year increase due to regional demand recovery and cost reduction efforts [3][8]. - Conversely, companies like Ansteel and Taiyuan Iron and Steel faced significant losses, with Ansteel reporting a net loss of 1.985 billion yuan (down 260.76% year-on-year) and Taiyuan Iron and Steel a net profit of 0.586 billion yuan (down 206.99% year-on-year), primarily due to declining steel prices and high costs [3][8]. Industry Landscape - The advantages of leading companies like Baosteel and Hebei Steel are reinforced by their high-end capacity layouts and diverse product structures, allowing them to maintain profitability amid industry fluctuations [4][9]. - Some regional steel companies are under pressure due to localized supply-demand issues and a lack of product diversity, leading to declines in both revenue and net profit [4][9]. - The industry is witnessing a concentration of resources towards leading companies with cost advantages and high-end product offerings, further highlighting the differentiation at the bottom of the cycle [4][9].

（文章来源：证券日报） 证券日报网讯 12月5日，河钢股份在互动平台回答投资者提问时表示，公司截至2025年11月28日的股东 人数为232112户。 ...

- The report introduces two key tracking indicators: "Large Order Transaction Amount Proportion" and "Net Active Buy Amount Proportion" [7] - The "Large Order Transaction Amount Proportion" is designed to capture the buying behavior of large funds. It is calculated by identifying large orders from transaction data and computing the proportion of large buy orders' transaction amounts relative to the total daily transaction amount [7] - The "Net Active Buy Amount Proportion" reflects investors' active buying behavior. It is derived by distinguishing active buy and sell transactions from transaction data, calculating the net active buy amount (active buy amount minus active sell amount), and expressing it as a proportion of the total daily transaction amount [7] Factor Backtesting Results - For individual stocks, the top 10 stocks with the highest 5-day average "Large Order Transaction Amount Proportion" include Xinhua Du (90.6%, 99.2% percentile), Beichen Industrial (89.1%, 98.8% percentile), and Zhongyou Engineering (88.8%, 100.0% percentile) [9] - For individual stocks, the top 10 stocks with the highest 5-day average "Net Active Buy Amount Proportion" include Senying Windows (22.3%, 100.0% percentile), Huitong Group (20.0%, 100.0% percentile), and Yuandong Biotech (19.6%, 100.0% percentile) [10] - For broad-based indices, the 5-day average "Large Order Transaction Amount Proportion" ranges from 71.7% (Shanghai 50 Index) to 74.3% (China Securities 500 Index), while the "Net Active Buy Amount Proportion" ranges from -5.2% (Shanghai 50 Index) to 1.9% (China Securities 500 Index) [12] - For industries, the 5-day average "Large Order Transaction Amount Proportion" is highest in the banking sector (80.6%, 86.5% percentile) and lowest in the electronics sector (70.8%, 16.4% percentile). The "Net Active Buy Amount Proportion" is highest in the steel sector (7.9%, 75.8% percentile) and lowest in the banking sector (-14.6%, 3.3% percentile) [13] - For ETFs, the top 10 ETFs with the highest 5-day average "Large Order Transaction Amount Proportion" include Guotai CSI A500 ETF (92.3%, 36.1% percentile) and Guotai SSE 10-Year Treasury Bond ETF (90.7%, 89.3% percentile) [15] - For ETFs, the top 10 ETFs with the highest 5-day average "Net Active Buy Amount Proportion" include Southern SSE STAR Chip ETF (27.5%, 100.0% percentile) and E Fund Hang Seng Dividend Low Volatility ETF (23.6%, 99.6% percentile) [16]

Core Viewpoint - The steel industry in China is experiencing a decline in consumption and an increase in inventory, despite stable production levels and improved profitability for some companies [1][2][4]. Production and Consumption - From January to October, China produced 818 million tons of crude steel, a year-on-year decrease of 3.9%, with an average daily output of 2.69 million tons [1][3]. - The apparent consumption of steel in China for the first three quarters of 2025 was 649 million tons, down 5.7% year-on-year, continuing a trend of decline since the 14th Five-Year Plan [1][2]. Inventory Levels - As of November 28, the social inventory of five major steel products reached 10.073 million tons, an increase of 27.82% year-on-year [1][3]. - The inventory of key steel enterprises was reported at 15.61 million tons in mid-November 2025, reflecting a 26.3% increase since the beginning of the year [3]. Profitability and Financial Performance - The steel industry has shown overall stable operations this year, with significant improvements in profitability compared to last year, although demand has decreased [2][4]. - Among 46 listed steel companies that disclosed their third-quarter reports, 31 reported a year-on-year increase in net profit, accounting for approximately 67.39% [2]. Industry Development Strategies - The China Iron and Steel Association (CISA) emphasizes the need for steel companies to adhere to production control policies and focus on sustainable development through structural reforms [4]. - Recommendations for high-quality development include enhancing innovation capabilities, optimizing resource supply, and promoting the integration of steel structure construction [4][6]. Environmental Initiatives - By the end of October, 219 steel enterprises had completed or partially completed ultra-low emission modifications, with total investments exceeding 310 billion yuan [5]. - The industry is encouraged to accelerate technological innovation and expand applications in new energy sectors [5][6].

债券简称：23HBIS02 债券代码：148477.SZ 债券简称：24 河钢 Y1 债券代码：148794.SZ 债券简称：24 河钢 Y2 债券代码：148795.SZ 债券简称：25 河钢 Y1 债券代码：524154.SZ 债券简称：25 河钢 Y2 债券代码：524208.SZ 光大证券股份有限公司关于 河钢股份有限公司董事变动的 临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 12 月 契约锁 声明 本报告依据《公司债券发行与交易管理办法》、其它相关信息披露文件以及 河钢股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件和提供的 相关资料等，由债券受托管理人光大证券股份有限公司（以下简称"光大证券"） 编制。光大证券编制本报告的内容及信息均来源于河钢股份有限公司提供的资料 或说明。 契约锁 一、发行人概况 二、受托债券基本情况 （一）"23HBIS02"债券概况 （7）债券还本付息方式：每年付息 1 次，到期一次还本，最后一期利息随 本金的兑付一起支付 （二）"24 河钢 Y1"、"24 河钢 Y2"债券概况 本报告不构成对投资者进行或不 ...

| 债券代码： | 148301.SZ | 债券简称： | 23HBIS01 | | | --- | --- | --- | --- | --- | | 债券代码： | 148862.SZ | 债券简称： | 24 河钢 | Y3 | | 债券代码： | 148922.SZ | 债券简称： | 河钢 24 | Y4 | 声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制本报告的内 容及信息均来源于河钢股份有限公司（以下简称"发行人""公司"）对外披露的 文件。 河钢股份有限公司董事变动的 受托管理事务临时报告 债券受托管理人 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 2025 年 12 月 华泰联合证券有限责任公司关于 二、 影响分析和应对措施 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。 1 华泰联合证券作为"河钢股份有限公司2023年面向专业投资者公开发行公司 债券（第一期）"、"河钢股份有限公司2024年面向专业投资者公开发行可续期公 ...