Group 1 - The steel raw materials sector increased by 0.65% on August 4, with Ordos leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] - Key stocks in the steel raw materials sector showed varied performance, with Ordos rising by 2.30% to a closing price of 10.22 [1] Group 2 - The main capital flow in the steel raw materials sector showed a net inflow of 23.91 million yuan, while retail investors experienced a net outflow of 14.89 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors showing a positive trend [2]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, while supply-side adjustments are beginning to show, indicating that the steel industry is slowly emerging from its low point [3]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker recovery in the industry [3]. - The profitability of steel companies has improved, with the average gross profit per ton of rebar rising to 330.1 CNY/ton, an increase of 131.5 CNY/ton [36]. Summary by Sections Steel Market Overview - Last week, the apparent consumption of five major steel products was 8.6813 million tons, a decrease of 1.98 million tons week-on-week [24]. - The total inventory of steel was 13.365 million tons, down 1.16 million tons week-on-week, maintaining the lowest level for the same period in recent years [5]. - The operating rate of blast furnaces among 247 steel mills was 83.46%, unchanged from the previous week [32]. Raw Materials - The spot price of iron ore increased by 4 CNY/ton to 779 CNY/ton, a rise of 0.52% [48]. - The total inventory of iron ore at ports rose to 137.9038 million tons, a slight increase of 0.04% [49]. - The average available days of imported iron ore for 64 domestic steel companies increased to 21 days, up by 1 day from the previous week [49]. Profitability and Production - The average gross profit for hot-rolled coils rose to 244.1 CNY/ton, an increase of 113.5 CNY/ton [36]. - The profitability rate of 247 steel companies was 63.64%, up 3.47% from the previous week [32]. - The total steel production last week was 8.6697 million tons, a decrease of 1.22 million tons week-on-week [33]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [5].

金融界消息 截至2025年7月29日收盘，河钢资源（000923）报收于14.5元，上涨0.97%，换手率1.45%， 成交量9.10万手，成交金额1.31亿元。 河钢资源最新一期业绩显示，截至2025一季报，公司营业总收入12.36亿元、同比减少23.32%，归属净 利润1.26亿元，同比减少47.59%，扣非净利润1.26亿元，同比减少48.06%，流动比率8.752、速动比率 7.660、资产负债率22.32%。 天眼查商业履历信息显示，河钢资源股份有限公司，成立于1999年，位于张家口市，是一家以从事黑色 金属冶炼和压延加工业为主的企业。企业注册资本65272.8961万人民币，实缴资本19800万人民币。公 司法定代表人为王耀彬。 通过天眼查大数据分析，河钢资源股份有限公司共对外投资了3家企业，参与招投标项目135次，专利信 息45条，此外企业还拥有行政许可3个。 来源：金融界 资金流向方面，今日主力资金净流出1669.50万元，占比成交额12.71%。其中，超大单净流入222.41万 元、占成交额1.69%，大单净流出1891.91万元、占成交额14.41%，中单净流出流入1576.62万元、占成 ...

Market Overview - The steel raw materials sector increased by 0.68% on July 29, with Ordos leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Ordos (600295) closed at 10.30, up 3.83% with a trading volume of 294,300 shares and a turnover of 301 million yuan [1] - Hebei Steel Resources (000923) closed at 14.50, up 0.97% with a trading volume of 91,000 shares and a turnover of 131 million yuan [1] - Fangda Carbon (600516) closed at 4.94, up 0.82% with a trading volume of 256,500 shares and a turnover of 126 million yuan [1] - Guangdong Mingzhu (600382) closed at 5.50, up 0.73% with a trading volume of 75,400 shares and a turnover of 41.07 million yuan [1] - Hainan Mining (696109) closed at 8.21, up 0.24% with a trading volume of 365,500 shares and a turnover of 301 million yuan [1] - Jinling Mining (000655) closed at 8.43, unchanged with a trading volume of 152,000 shares and a turnover of 128 million yuan [1] - Baodi Mining (601121) closed at 6.51, down 0.15% with a trading volume of 94,100 shares and a turnover of 61.03 million yuan [1] - Steel Titanium Co. (000629) closed at 2.80, down 0.36% with a trading volume of 1,062,400 shares and a turnover of 2.95 million yuan [1] - Dazhong Mining (001203) closed at 12.16, down 1.06% with a trading volume of 176,100 shares and a turnover of 214 million yuan [1] Fund Flow Analysis - The steel raw materials sector experienced a net outflow of 74.95 million yuan from main funds, while retail investors saw a net inflow of 74.04 million yuan [1] - Ordos had a main fund net inflow of 6.24 million yuan, while retail investors contributed a net inflow of 32.98 million yuan [2] - Guangdong Mingzhu saw a main fund net inflow of 4.36 million yuan, but retail investors had a net outflow of 4.89 million yuan [2] - Hainan Mining had a main fund net inflow of 4.00 million yuan, with retail investors contributing a net inflow of 0.87 million yuan [2] - Fangda Carbon experienced a main fund net inflow of 3.34 million yuan, while retail investors had a slight net outflow [2] - Jinling Mining faced a main fund net outflow of 3.11 million yuan, but retail investors had a net inflow of 9.88 million yuan [2] - Baodi Mining had a significant main fund net outflow of 7.05 million yuan, with retail investors contributing a net inflow of 1.58 million yuan [2] - Hebei Steel Resources saw a main fund net outflow of 16.70 million yuan, while retail investors had a small net inflow [2] - Dazhong Mining experienced a main fund net outflow of 27.02 million yuan, but retail investors had a substantial net inflow of 28.58 million yuan [2] - Steel Titanium Co. faced a main fund net outflow of 39.02 million yuan, while retail investors had a net inflow of 22.44 million yuan [2]

Core Insights - The report highlights the steel industry's two main contradictions: weak demand and strong costs, with the industry entering its fourth year of a downward cycle in 2025. The effective demand has significantly decreased, particularly in the real estate sector, leading to a 42.9% drop in demand for steel used in real estate from 377 million tons in 2020 to 215 million tons in 2024 [6][18][25]. - The report anticipates a marginal rebound in the steel sector due to weakening costs and resilient demand, driven by a decline in coking coal prices and an expected increase in iron ore supply [6][37][45]. Demand and Cost Analysis - Weak demand is characterized by insufficient effective demand, making it easier to maintain volume than prices. The real estate sector's demand for steel has plummeted, contributing to a significant overall decline in steel prices [6][18][25]. - Strong costs are attributed to tight supply of raw materials like iron ore and coking coal, which have severely squeezed steel profits. The profit share of steel in the industrial chain has dropped to 16%, significantly below the historical average of 28% [6][31][34]. Supply-Side Strategies - The report discusses the "anti-involution" policy aimed at addressing excess capacity in the steel industry, which is expected to stabilize steel prices and improve profitability for steel companies. A potential reduction of 30 million tons in crude steel production in 2025 could lead to a price increase of 229 yuan per ton for rebar [6][8][37]. - Long-term capacity reduction is expected to be gradual, with approximately 20% of capacity facing compliance challenges, particularly among small private enterprises, which may face pressure to exit the market starting in 2026 [6][8][37]. Investment Opportunities - The report suggests focusing on leading companies in high-end steel products, such as Nanjing Steel, Hualing Steel, and Baosteel, which are expected to maintain profitability and enhance shareholder returns through capital expenditure and asset optimization [6][8][37]. - It also highlights the potential for recovery in valuation and performance for companies with low price-to-book ratios, such as New Steel and Fangda Special Steel, as well as opportunities in state-owned enterprise reforms and mergers and acquisitions [6][8][37].

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The "anti-involution" policy has driven an increase in steel prices, leading to a positive outlook for value recovery in the steel sector [3][4]. - The steel sector outperformed the broader market, with a weekly increase of 5.27%, compared to a 1.54% rise in the CSI 300 index [11]. - The report highlights that while the steel industry faces supply-demand imbalances, the implementation of "stability growth" policies is expected to support steel demand, particularly in real estate and infrastructure [4]. Summary by Sections Market Performance - The steel sector saw a weekly increase of 5.27%, outperforming the market, with specific segments like long products rising by 8.32% and flat products by 6.95% [3][11]. - The average daily pig iron production was 2.4085 million tons, showing a week-on-week decrease of 1.44 tons but a year-on-year increase of 1.41 tons [3][26]. Supply Data - As of July 4, the capacity utilization rate for blast furnaces was 90.3%, down 0.54 percentage points week-on-week, while electric furnace utilization was at 51.1%, down 3.45 percentage points [3][26]. - The total production of five major steel products reached 7.734 million tons, a week-on-week increase of 3.06 thousand tons [3][26]. Demand Data - The consumption of five major steel products increased to 8.853 million tons, a week-on-week rise of 5.41 thousand tons [3][35]. - The transaction volume of construction steel by mainstream traders was 107 thousand tons, up 0.81 thousand tons week-on-week, reflecting an increase of 8.23% [3][35]. Inventory Levels - Social inventory of five major steel products rose to 9.161 million tons, an increase of 9.62 thousand tons week-on-week, but down 29.01% year-on-year [3][42]. - Factory inventory decreased to 4.238 million tons, down 9.72 thousand tons week-on-week, and down 13.43% year-on-year [3][42]. Price Trends - The comprehensive index for ordinary steel increased to 3,390.0 CNY/ton, a week-on-week rise of 45.42 CNY/ton [3][49]. - The comprehensive index for special steel decreased to 6,576.5 CNY/ton, down 14.61 CNY/ton week-on-week [3][49]. Profitability - The profit per ton for rebar was 187 CNY, an increase of 42.0 CNY/ton week-on-week [3][58]. - The average iron water cost was 2,148 CNY/ton, with a week-on-week increase of 10.0 CNY/ton [3][58]. Investment Recommendations - The report suggests focusing on regional leaders with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and high-margin special steel producers [4].

General Principles - The purpose of the regulations is to improve the decision-making processes and responsibilities of the general manager and other senior management personnel, ensuring efficient operations and legal compliance [1][2] - The company has established positions for the general manager, deputy general managers, financial officer (chief accountant), and board secretary, with the general manager responsible for daily operations and reporting to the board [1][2] Duties and Appointment Procedures of Senior Management - Senior management must adhere to laws, regulations, and the company's articles of association, with specific obligations including avoiding conflicts of interest and ensuring the protection of company assets [1][3] - The appointment and dismissal of senior management are governed by a board appointment system, with the general manager and board secretary appointed by the board, while deputy general managers and financial officers are proposed by the general manager and decided by the board [1][2] Authority of the General Manager and Senior Management - The general manager has the authority to report to the board, implement approved plans, and manage the company's operations, while also having the right to propose matters for board meetings if deemed significant [2][3] - The deputy general manager and financial officer have defined responsibilities, including assisting the general manager and ensuring financial oversight [2][3] Responsibilities of the General Manager - The general manager is responsible for maintaining company assets, adhering to board decisions, implementing operational tasks, analyzing market information, and ensuring quality management [3][4] - Emphasis is placed on employee training, corporate culture, and health, as well as the importance of safety and environmental protection [4][5] Reporting and Meeting Procedures - The general manager must regularly report on significant matters to the board and is responsible for the accuracy of these reports [5][6] - Regular meetings are held to discuss major operational issues, with decisions made by the general manager if consensus cannot be reached [5][6] Performance Assessment and Accountability - The general manager's performance is linked to company results, with a system in place for assessment and rewards, requiring board approval for compensation plans [6][7] - In cases of resignation or dismissal, an audit must be conducted by a qualified accounting firm to assess the general manager's tenure [6][7] Miscellaneous Provisions - Any matters not covered by these regulations will be governed by relevant laws and the company's articles of association [7] - The board is responsible for interpreting these regulations, which take effect upon board approval [7]

Core Points - The document outlines the investor relations management system of Hebei Steel Resources Co., Ltd, aiming to enhance communication with investors and maximize company value and shareholder interests [1][2][3] Group 1: Principles and Objectives of Investor Relations Management - The basic principles of investor relations management include full disclosure of information, compliance with regulations, equal treatment of investors, honesty and integrity, efficiency, and interactive communication [2][3] - The objectives of investor relations management are to create a culture that respects investors, enhance understanding and recognition of the company, increase transparency, establish a stable investor base, and promote the maximization of overall company interests and shareholder wealth [3][4] Group 2: Content and Methods of Communication - The communication content with investors includes company development strategies, legal disclosures, operational management information, corporate culture, and other relevant information [3][4] - Various methods of communication include announcements, shareholder meetings, company websites, analyst meetings, one-on-one communications, site visits, and media interviews [4][5] Group 3: Organizational Structure and Responsibilities - The board secretary is responsible for investor relations management under the leadership of the board of directors, with the board office handling daily operations [9][10] - Key responsibilities include organizing investor relations activities, analyzing investor feedback, maintaining public relations, and ensuring compliance with disclosure regulations [10][11] Group 4: Information Disclosure and Confidentiality - The company must adhere to fair disclosure principles, ensuring that no undisclosed significant information is leaked during investor relations activities [6][8] - A system for collecting and managing investor information should be established, including maintaining records of investor relations activities and ensuring compliance with disclosure requirements [11][12]

河钢资源股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了加强河钢资源股份有限公司（以下简称"公司"）与投资者之 间的信息沟通，加深投资者对公司的了解和认同，促进公司诚信自律、规范运作， 提升公司的投资价值，实现公司价值最大化和股东利益最大化，根据《中华人民 共和国公司法》、《中华人民共和国证券法》、《中华人民共和国保守国家秘密 法》、《深圳证券交易所股票上市规则》、《上市公司投资者关系管理工作指引》 及其它有关法律、法规和规范性文件及《公司章程》、公司《信息披露管理制度》 的规定，结合本公司实际情况，特制定本制度。 第二条 投资者关系管理工作是指公司通过充分的信息披露与交流，加强与 投资者之间的沟通，促进投资者对公司的了解和认同，提升公司治理水平，实现 公司整体利益最大化和股东利益最大化，保护投资者合法权益的战略管理行为。 第二章 投资者关系管理的原则、目的 第三条 投资者关系管理的基本原则： (一) 充分披露信息原则。除相关规定强制的信息披露以外，在保守商业秘 密的前提下，公司将根据实际情况主动披露投资者关心的公司其他相关信息，以 客观、真实、准确、完整地介绍和反映公司实际状况； (二) 合规披 ...