Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

Meeting Overview - The meeting was held on May 15, 2025, with a total of 158 shareholders participating, representing 237,991,916 shares, which accounts for 36.4611% of the company's total voting shares [1] - The voting was conducted both on-site and through the Shenzhen Stock Exchange's online voting system [2] Voting Results - A total of 236,994,916 shares were voted in favor of the proposals, representing 99.5811% of the valid votes cast [2] - 895,600 shares were voted against, accounting for 0.3763% of the valid votes [2] - The abstention rate was 0.0426% [2] Small Shareholders' Participation - Among small shareholders, 157 participated, representing 5,348,417 shares, which is 0.8194% of the total voting shares [1] - Small shareholders voted 4,351,417 shares in favor, which is 1.8959% of the small shareholders' valid voting shares [2] Legal Compliance - The meeting's procedures complied with relevant laws, regulations, and the company's articles of association, as confirmed by legal opinions from Beijing Jincheng Tongda & Neal Law Firm [6]

证券代码：000923 证券简称：河钢资源 公告编号：2025-18 河钢资源股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议； 一、会议召开和出席情况 1、河钢资源股份有限公司（以下简称"公司"）2024年度股东大会会议通 知于2025年4月25日以公告形式发出。 2、会议召开方式：本次会议以现场投票与网络投票相结合的方式召开。 3、会议召开时间： 现场会议时间：2025年5月15日下午2:30起； 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月15日上 午9:15—9:25，9:30—11:30，下午1:00—3:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年5月15日上午 9:15－下午3:00。 4、现场会议地点：河北省石家庄市体育南大街385号1709会议室。 5、会议召集人：公司董事会。 6、会议主持人：公司董事长王耀彬先生。 7、股东出席情况 股东出席的总体情况： ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [3]. Core Insights - The report highlights that daily pig iron production remains high, with an average of 2.4564 million tons as of May 9, reflecting a week-on-week increase of 0.22 million tons and a year-on-year increase of 149,700 tons [5][6]. - The steel market has shown a positive performance, with the steel sector rising by 2.09%, outperforming the broader market [5][13]. - The report indicates a marginal improvement in downstream demand, supported by increased funding availability for construction projects, which is expected to bolster steel demand [6]. Summary by Sections 1. Market Performance - The steel sector increased by 2.09%, with sub-sectors such as special steel up by 3.41% and long products up by 1.90% [5][15]. - The average capacity utilization rate for blast furnaces was 92.1%, a week-on-week increase of 0.09 percentage points [28]. 2. Production Data - As of May 9, the total production of five major steel products was 7.64 million tons, a week-on-week decrease of 93,600 tons, or 1.21% [27]. - Daily pig iron production was reported at 2.4564 million tons, with a year-on-year increase of 6.49% [28]. 3. Consumption Data - The consumption of five major steel products was 8.452 million tons, a week-on-week decrease of 125,660 tons, or 12.94% [38]. - The transaction volume of construction steel by mainstream traders was 103,000 tons, down 8.58% week-on-week [38]. 4. Inventory Levels - Social inventory of five major steel products reached 10.33 million tons, a week-on-week increase of 93,500 tons, or 0.91% [46]. - Factory inventory of five major steel products was 4.43 million tons, a week-on-week increase of 19.62%, or 4.63% [46]. 5. Price Trends - The comprehensive index for ordinary steel was 3,453.7 yuan/ton, a week-on-week decrease of 37.38 yuan/ton, or 1.07% [52]. - The comprehensive index for special steel was 6,650.3 yuan/ton, with a slight week-on-week increase of 2.55 yuan/ton [52]. 6. Profitability - The average cost of pig iron was reported at 2,297 yuan/ton, with a week-on-week decrease of 6.0 yuan/ton [60]. - The profit per ton for rebar produced in blast furnaces was 90 yuan/ton, a week-on-week decrease of 38.0 yuan/ton [60]. 7. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle [6].

证券代码：000923 证券简称：河钢资源 公告编号：2025-17 河钢资源股份有限公司 关于举行 2024 年度暨 2025 年第一季度 网上业绩说明会的公告 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 性陈述或重大遗漏。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告 河钢资源股份有限公司 河钢资源股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在巨潮资 讯网（http://www.cninfo.com.cn/）披露《2024 年年度报告》及《2025 年第一 季度报告》。为便于广大投资者进一步了解公司 2024 年度及 2025 年一季度生产 经营情况，公司定于 2025 年 5 月 8 日（星期四）15：00 至 16:30 在中国证券报 中证网举行公司 2024 年度暨 2025 年第一季度网上业绩说明会。 本次业绩说明会将采用网络互动的形式举行，公司将通过文字直播方式回复 投资者提问，投资者可登录"中证路演中心（https://www.cs.com.cn/roadshow/）" 参与本次年度业绩说明会。 出席本次网上说明会的人员有：公司董 ...

Investment Rating - The investment rating for the steel industry is Neutral, maintained [7] Core Insights - The steel prices have been fluctuating within a range since Q4 2024, supported by low inventory levels, while the dual coke prices have weakened rapidly under expectations of supply easing, which has been a key factor for steel companies' rebound [2][4] - The industry is experiencing a decline in revenue, with a projected year-on-year decrease of 10.0% in 2024 and 10.3% in Q1 2025, alongside a quarter-on-quarter decrease of 4.8% [2][4] - Cost pressures are easing, with costs expected to decrease by 8.7% year-on-year in 2024 and 12.1% year-on-year in Q1 2025, along with a quarter-on-quarter decrease of 6.1% [2][4] - Profitability is showing signs of recovery, with a rebound in net profit in Q1 2025, turning from losses in the previous year [2][4] - The return on equity (ROE) is projected to drop to -1.63% in 2024 but is expected to rebound to 2.12% in Q1 2025 [2][4] Summary by Sections Cost Pressure Easing and Profitability Improvement - The steel price decline is driven by weak demand and easing cost pressures, leading to a projected revenue decline of 10.0% in 2024 and 10.3% in Q1 2025 [2][4] - The cost of production is expected to decrease, with a year-on-year decline of 8.7% in 2024 and 12.1% in Q1 2025, alongside a quarter-on-quarter decrease of 6.1% [2][4] - The industry is experiencing a significant recovery in profitability, with a projected gross profit increase of 30% year-on-year in Q1 2025 [2][4] Investment Strategy - The report suggests focusing on undervalued leading companies in the steel sector, such as Baosteel and Nanjing Steel, which are expected to enhance shareholder returns [4] - It also highlights the potential of quality new materials in sectors like military and automotive, indicating a favorable investment environment as the industry transitions from valuation recovery to fundamental recovery [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a revenue of 5.582 billion RMB in 2024, a year-on-year decrease of 4.86%, with a net profit attributable to shareholders of 566 million RMB, down 37.95% year-on-year [1][2]. - The copper phase II project commenced production at the end of 2024, which is expected to open up future growth opportunities for the company [1][4]. - The report predicts that iron ore prices may continue to be under pressure in 2025 due to an expected increase in global iron ore production capacity [3]. Summary by Sections Financial Performance - In 2024, the company reported iron ore production and sales of 9.005 million tons and 9.324 million tons, respectively, representing year-on-year growth of 60.16% and 32.54% [2]. - The average price of 62% iron ore fell to 109.44 USD/ton, a decrease of 10.31 USD/ton year-on-year, impacting profitability [2]. - The company's net profit for Q4 2024 was a loss of 11.43 million RMB, a significant decline compared to the previous year [1]. Future Projections - The company plans to increase its iron ore production and sales to 10 million tons in 2025 [3]. - The copper production and sales are expected to rise to 32,000 tons and 29,000 tons, respectively, in 2025 [4]. Valuation Metrics - The report adjusts the company's EPS forecasts for 2025-2027 to 1.26, 1.44, and 1.79 RMB, reflecting a downward revision of 12% and 13% for 2025 and 2026, respectively [5]. - The target price is set at 17.59 RMB, based on a PE ratio of 14.0X for 2025, which is an increase from the previous target price of 16.55 RMB [5][9].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a total revenue of 55.82 billion yuan in 2024, a year-on-year decrease of 4.86%, and a net profit attributable to shareholders of 5.66 billion yuan, down 37.95% year-on-year [7] - The iron ore business faced price declines due to a downturn in the steel industry, with an average selling price of approximately 417 yuan per ton, a decrease of 32.68% year-on-year [7] - The copper segment turned profitable, with a sales volume of 24.8 thousand tons in 2024, a year-on-year increase of 4.42%, and a gross margin of 18.47% [7] - The company has adjusted its profit forecasts for 2025 and 2026, lowering the expected net profit to 7.5 billion yuan and 9.59 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 61.98 billion yuan, with a year-on-year growth rate of 9.2% [5] - The expected net profit for 2025 is 750 million yuan, reflecting a year-on-year increase of 32.6% [5] - The company’s gross margin is projected to be 61.2% in 2025, with a return on equity (ROE) of 7.3% [5] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are forecasted to be 11, 9, and 7 respectively [7]

河钢股份、河钢资源、财达证券三家上市公司负责人还就公司经营情况、融资需求、舆情应对等话题与 联合调研组进行了交流沟通。 农行河北省分行党委书记、行长相阳介绍，农行河北省分行和河钢集团是战略合作伙伴，在现有合作基 础上双方在科技金融、绿色金融、数字金融等方面还有很大合作空间。同时在河钢集团资产证券化、并 购重组等方面也可以发挥农业银行的优势，为集团转型发展提供支撑。 （文章来源：新华财经） 新华财经石家庄4月27日电（记者刘桃熊）近日，在证监会上市司指导下，河北证监局联合河北省委金 融办、河北省国资委、新华社河北分社、农业银行河北省分行等单位，对河钢集团旗下河钢股份、河钢 资源、财达证券等上市公司开展联合走访调研。 河钢集团党委书记、董事长刘键表示，当前河钢集团"四大基地"优势已经逐渐显现，在加快高端化、智 能化、绿色化发展方面也取得新的成效。除了聚焦主责主业外，集团将在资本运作方面进一步发力，支 持上市公司更好发展。 河北证监局党委书记、局长童卫华表示，按照证监会部署，要凝聚各方力量支持上市公司做大做强。河 钢集团作为河北最大省属国企，为河北省经济社会发展作出重要贡献。在资本市场上，希望河钢集团进 一步支持上 ...