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 ...

证券代码：000923 证券简称：河钢资源 公告编号：2025-21 河钢资源股份有限公司 一、会议召开情况 河钢资源股份有限公司第八届董事会第五次会议于 2025 年 6 月 19 日下午 2:30 在石家庄市体育南大街 385 号 1709 会议室以通讯方式召开，2025 年 6 月 14 日公司以电话、电子邮件及书面方式向全体董事发出会议通知。会议应到董 事 9 人，实到董事 9 人。本次会议由董事长王耀彬主持，监事和高管等相关人员 列席会议，会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、会议审议情况 1、审议通过《关于修订<总经理工作细则>的议案》； 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 全文详见巨潮资讯网（http://www.cninfo.com.cn）：《河钢资源股份有限 公司经理工作细则》。 第八届董事会第五次会议决议公告 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 性陈述或重大遗漏。 2、审议通过《关于修订<投资者关系管理制度>的议案》； 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 全文详 ...

河钢资源股份有限公司 证券代码：000923 证券简称：河钢资源 公告编号：2025-19 关于控股股东增持公司股份计划期限届满 暨实施完成的公告 股东河钢集团有限公司保证向公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 河钢资源股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日收到控股 股东河钢集团有限公司（以下简称"河钢集团"）出具的《河钢集团有限公司关 于增持河钢资源股份有限公司股份计划期限届满暨实施完成的告知函》，现将相 关情况公告如下： 一、增持计划的基本情况 1、增持主体：河钢集团有限公司，为公司控股股东。 2、增持主体已持有股份的数量、占公司总股本的比例：截至本次增持计划 实施前，河钢集团持有公司股份 225,780,299 股，占公司总股本的 34.59%。 3、增持主体在本次增持计划披露前 12 个月内未增持公司股份，亦未披露增 持计划。 4、增持主体在本次增持计划披露前6个月不存在减持公司股份情况。 二、增持计划的主要内容 1、增持目的：基于对公司价值的认可及未来持续稳定发展的信 ...

北京金诚同达律师事务所 关于河钢资源股份有限公司 控股股东增持公司股份计划的 专项核查意见 金证法意[2025]字 0618 第 0572 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 北京金诚同达律师事务所 关于河钢资源股份有限公司 控股股东增持公司股份计划的 专项核查意见 金证法意[2025]字 0618 第 0572 号 致：河钢资源股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受河钢资源股份有限公司 （以下简称"公司"）的委托，根据与公司签订的《聘请律师合同》，作为公司 控股股东（即河钢集团有限公司，以下简称"河钢集团"或"增持人"）增持公 司股份计划（以下简称"本次增持"）的特聘专项法律顾问，为本次增持提供法 律服务。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司收购管理办法（2025年修订）》（以下简称"《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（2025年修订）》 等相关法律、法规的规定，按照律师行业公认的业务标准、道德规范和勤勉 ...

证券代码：000923 证券简称：河钢资源 公告编号：2025-20 2024 年度权益分派实施公告 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 性陈述或重大遗漏。 河钢资源股份有限公司（以下简称"公司"）2024 年度利润分配方案已获得 公司 2025 年 5 月 15 日召开的 2024 年度股东大会审议通过,现将权益分派事宜 公告如下： 一、股东大会审议通过利润分配方案等情况 1、公司股东大会审议通过的 2024 年度利润分配方案的具体内容为：以总股 本 652,728,961 股为基数，向全体股东每 10 股派 5 元人民币现金（含税）， 共计派发现金红利 326,364,480.50 元，剩余未分配利润滚存至下年度；本年度 不送红股，不实施资本公积金转增股本方案。分配预案公布后至实施前，公司总 股本如因增发新股、股权激励行权、可转债转股等原因发生变动的，将按照现金 分红总额固定不变的原则，在利润分配实施公告中披露按公司最新总股本计算的 分配比例。 2、自利润分配方案披露至实施期间公司总股本未发生变化。 3、本次实施的利润分配方案与股东大会审议通过的方案一致。 河钢资 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].