湖南华菱钢铁股份有限公司募集资金管理办法 （经 2025 年 11 月 20 日召开的公司 2025 年第三次临时股东会审议通过） 1 目的 为规范湖南华菱钢铁股份有限公司（以下简称"公司"）募集资金 使用与管理，切实保护股东的权益，依照《证券法》、《上市公司证 券发行管理办法》、深圳证券交易所《股票上市规则》、《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》、 《上市公司募集资金监管规则》等法律法规，结合公司实际情况，特 制定本办法。 2 范围 本办法适用于公司及控股子公司的募集资金管理。 3 定义 本办法所称募集资金是指：公司通过发行股票或者其他具有股权 性质的证券并向投资者募集并用于特定用途的资金，但不包括公司实 施股权激励计划募集的资金。 4 职责与权限 5.1 总则 5.1.1 公司应当审慎使用募集资金，保证募集资金的使用与招股 说明书或募集说明书的承诺相一致，不得随意改变募集资金的用途。 募集资金的使用应以合法、合规、追求效益为原则，做到周密计划、 精打细算、规划运作，正确把握投资时间和投资进度，正确处理好投 资金额、投入产出之间的关系，控制投资风险。 5.1.2 募集资 ...

（经 2025 年 11 月 20 日召开的公司 2025 年第三次临时股东会审议通过） 第一章 总 则 湖南华菱钢铁股份有限公司董事会议事规则 第一条 为规范公司董事会的召集与议事程序，提高议事效率， 保证董事会依法行使职权，根据《中华人民共和国公司法》《中华人 民共和国证券法》和《湖南华菱钢铁股份有限公司章程》（以下简称 《公司章程》）的有关规定，特制定本规则。 第二条 本规则仅是对董事会召集与议事的程序性规定，是对 《公司章程》中相关规定的细化，并不改变《公司章程》中的任何约 定。如本规则与《公司章程》中的任何有关规定相抵触或不一致，应 以《公司章程》的规定为准。 第三条 本规则自生效之日起，即成为规范公司董事会的组织与 行为，规范公司董事长、董事、董事会下设的各专门委员会和董事会 秘书的职权、职责、权利与义务的具有法律约束力的文件。 第二章 议事范围 第四条 公司董事会会议所议事项不应超过《公司章程》第一百 一十一条规定的董事会的职权范围。 第三章 会议的种类 第五条 董事会会议分为例行会议和临时会议。 第六条 董事会每年至少召开 2 次例行会议，分别在年度报告和 半年度报告披露前以现场开会方式召开。 ...

第四条 公司股东会会议所议事项不应超过《公司章程》第三十 九条规定的股东会的职权范围。 湖南华菱钢铁股份有限公司股东会议事规则 （经 2025 年 11 月 20 日召开的公司 2025 年第三次临时股东会审议通过） 第一章 总则 第一条 为了保护公司和股东的权益，规范公司股东会的召集、 召开及表决机制，保障公司所有股东公平、合法的行使股东权利及履 行股东义务，依照《公司法》和国家有关法律、行政法规以及《湖南 华菱钢铁股份有限公司章程》（以下简称《公司章程》），制定本《湖 南华菱钢铁股份有限公司股东会议事规则》（以下简称"本规则"）。 第二条 本规则仅是对公司股东会召集与议事的程序性规定，是 对《公司章程》中相关规定的细化，并不改变《公司章程》中的任何 约定。如本规则与《公司章程》中的任何有关规定相抵触或不一致， 应以《公司章程》的规定为准。 第三条 本规则自生效之日起，即成为规范公司股东会的组织与 行为、规范公司股东权利与义务的具有法律约束力的文件。 第二章 议事范围 第三章 会议的种类 第五条 股东会会议分为年度股东会或临时股东会； 第六条 年度股东会每年召开一次，并应于上一个会计年度完结 之后的 6 个 ...

股票简称：华菱钢铁 股票代码：000932 公告编号：2025-74 1、本次股东会未出现否决提案的情形。 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、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： 湖南华菱钢铁股份有限公司 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间 （1）现场会议召开时间：（1）2025 年 11 月 20 日（星期四）14:30。 （2）网络投票时间：2025 年 11 月 20 日。其中，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 11 月 20 日的交易时间，即 9:15-9:25， 9:30-11:30 和 13:00-15:00；通过互联网投票系统投票的具体时间为 2025 年 11 月 20 日上午 9:15 至下午 15:00 期间的任意时间。 2、现场会议召开地点：湖南省长沙市天心区湘府西路 222 号华菱钢铁 1106 会议室 3、会议召开方式：现场投票及网络投票相结合 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长李建宇先 ...

湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 湖南省长沙市芙蓉区建湘路 393 号 世茂环球金融中心 63 层 410007 Tel：0731 8295-3778 Fax：0731 8295-3779 http://www.qiyuan.com 湖南启元律师事务所 关于湖南华菱钢铁股份有限公司 2025 年第三次临时股东会之法律意见书 致：湖南华菱钢铁股份有限公司 湖南启元律师事务所（以下简称"本所"）受湖南华菱钢铁股份有限公司 （以下简称"公司"）委托，对公司 2025 年第三次临时股东会（以下简称 "本次股东会"）进行现场见证，并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东 会规则》"）等中国现行法律法规、规章和规范性文件以及《湖南华菱钢 铁股份有限公司章程》（以下简称"《公司章程》"）的相关规定，出具 本法律意见书。 为出具本法律意见书，本所指派本所律师列席了本次股东会，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会进行了现场 见证，并核查和验证了公司提供的与本次股东会有关的文件、资料和事实。 本所出具本法律意见 ...

Core Viewpoint - The steel industry is experiencing a recovery in profits due to unexpected demand from manufacturing and direct exports, alongside the implementation of "anti-involution" policies, leading to an increase in supply optimization expectations [1][2]. Group 1: Industry Performance - In Q1-Q3 2025, the SW steel index rose by 24.00%, ranking 17th among Shenwan industries, driven by improved manufacturing and export demand [1][2]. - From October 2025 to present, the SW steel index has continued to rise by 14.19%, ranking 4th among Shenwan industries [1][2]. - In Q3 2025, the profitability of the rebar sector turned positive, with a 102.59% increase in special steel profits year-on-year, while the gross profit margin rose to 7.59% and net profit margin increased to 2.19% [3]. Group 2: Policy and Structural Changes - The steel industry is focusing on differentiated production restrictions and classified management to promote high-value, low-carbon, and intelligent transformations, enhancing industry concentration and optimizing structural layout [3]. - Policies such as ultra-low emission upgrades and dual control of energy consumption are expected to drive capacity optimization and accelerate the elimination of outdated production capacity [3]. Group 3: Demand Drivers - The manufacturing sector, particularly in machine tools, excavators, and commercial vehicles, remains resilient, with direct exports showing significant year-on-year growth, supporting steel demand [3]. - The construction sector is experiencing weak new starts, but forward-looking indicators like sales and land acquisition are showing reduced declines, stabilizing demand for construction steel [3]. Group 4: Investment Recommendations - Steel capacity optimization is expected to be a key focus moving forward, with a push for differentiated management to support competitive enterprises [4]. - Attention is recommended for leading steel companies such as Hualing Steel, Baosteel, and Nanjing Steel, as well as flexible stocks like Fangda Special Steel and New Steel [4]. - The special steel sector is projected to benefit from downstream demand in automotive, nuclear power, and oil and gas extraction, with companies like Xianglou New Materials and Jiuli Special Materials highlighted for stable growth [4]. - In the raw materials sector, companies with clear non-ferrous resource increments, such as Dazhong Mining and Hebei Steel Resources, are recommended for investment [4].

Investment Rating - The report maintains a "Buy" rating for the steel industry, highlighting the potential for profit recovery and capacity optimization as key investment themes [4][5]. Core Insights - The steel sector has shown a significant recovery in profitability, with the SW Steel index rising by 24.00% in Q1-Q3 2025 and 14.19% from October 2025 to date, outperforming major indices [1][11]. - The report emphasizes the importance of differentiated production restrictions to promote industry consolidation and the transition towards high-value, low-carbon, and intelligent production methods [2][3]. - Manufacturing and direct export demand remain resilient, supporting steel consumption despite a weak construction sector [2]. Summary by Sections Steel Sector Performance - In Q1-Q3 2025, the steel sector's net profit saw a year-on-year increase of 747.63%, with a gross margin recovery to 7.59% and a net margin of 2.19% [17][21]. - The performance of the steel sector has been strong, with the SW Steel index ranking 4th among all sectors since October 2025 [1][11]. Supply-Side Policies - The introduction of differentiated production restrictions aims to eliminate inefficient capacity and enhance industry concentration [2][3]. - New policies are expected to drive the optimization of production capacity, with a focus on high-end, green, and intelligent manufacturing [3][51]. Demand-Side Dynamics - The manufacturing sector, particularly in machinery and commercial vehicles, continues to show strength, while direct exports have increased significantly, supporting steel demand [2][3]. - The construction sector remains weak, but early indicators suggest a stabilization in demand for construction steel [2]. Investment Recommendations - The report suggests focusing on leading steel companies that are well-positioned to benefit from policy support and capacity optimization, such as Hualing Steel, Baosteel, and Nanjing Steel [3][4]. - For special steel, companies benefiting from downstream demand in automotive and energy sectors are recommended, including Xianglou New Materials and Jiuli Special Materials [3]. - In the raw materials sector, companies with clear growth in non-ferrous resources, such as Dazhong Mining and Hebei Steel Resources, are highlighted [3].

Group 1 - The steel industry is expected to see improved profitability due to three main factors: declining raw material prices, supply-side adjustments, and resilient demand from manufacturing [3][5][9] - The West Simandou iron ore project is set to commence production in November 2025, significantly increasing iron ore supply and contributing to a downward trend in iron ore prices [3][71] - Government policies aimed at reducing overcapacity and promoting energy efficiency are expected to accelerate the exit of outdated production capacity, leading to a more optimized supply structure in the steel industry [3][16][10] Group 2 - Demand for steel is projected to stabilize in the construction sector, while manufacturing demand remains resilient, particularly for flat steel and special steel products [3][19][25] - The overall steel demand in China is forecasted to decline slightly, with total demand expected to be 9.05 billion tons in 2025, a decrease of 0.11% from 2024 [19][20] - The construction sector's share of steel demand is decreasing, while the manufacturing sector's share is increasing, indicating a shift in consumption patterns [3][19] Group 3 - The report highlights that the profitability of steel companies is recovering, with a stronger performance expected in flat steel compared to long steel products [3][85][82] - The average profit margin for steel companies is projected to improve as cost pressures ease, with a focus on companies with stable demand and low valuations [3][87][90] - Investment recommendations include focusing on companies like Baosteel, Nanjing Steel, and Hualing Steel, which are expected to benefit from the shift towards manufacturing [3][95][94]

Group 1 - Insurance capital has significantly increased its holdings in the stock market, with a total of 732 listed companies held, amounting to approximately 1,011.3 million shares, an increase of 120.25 million shares from the previous quarter [1] - The preference for high dividend and low valuation stocks is particularly notable, with significant increases in holdings for companies like Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hualing Steel [1] - Insurance capital has expanded its investments in sectors such as banking, steel, real estate, media, and automotive, showing a sustained interest in dividend-paying assets [1] Group 2 - The "slow bull" market in A-shares is positively influencing the investment ecosystem of insurance capital, with a focus on high dividend assets reflecting a pursuit of stable returns and long-term investment value recognition [2] - The S&P China A-Share Dividend Opportunities Index, which tracks 100 high dividend companies, has a current dividend yield of 5.18%, with a yield spread of 3.37 percentage points over the latest 10-year government bond yield [2] - The S&P A-Share Dividend Index has outperformed similar dividend indices this year, with a return of nearly 15% and an annualized Sharpe ratio of 1.91, indicating significant advantages [2][3] Group 3 - The S&P Dividend ETF (562060) has been included as a financing and securities lending target, enhancing trading strategies and liquidity, with an average trading volume of 49.38 million yuan over the last three trading days [4] - Recent market volatility has led to increased capital inflow into the S&P Dividend ETF, with a net inflow of 7.565 million yuan over five days and a total of over 120 million yuan in the last ten days [4] Group 4 - In the context of increasing macroeconomic uncertainty and pressure on fixed-income asset yields, dividend assets are becoming a crucial "defensive shield" and a "ballast" for returns [5] - As the domestic economy transitions to a high-quality development phase, the market's pricing focus is shifting from growth expectations to dividend returns, aligning with trends in mature markets [5] - The long-term allocation of capital and policy support for dividends are establishing a solid foundation for the sustainability of dividend strategies [5] Group 5 - The S&P A-Share Dividend Total Return Index has achieved a cumulative return of 2,596.59% from 2005 to September 2025, with an annualized return of 17.64% [7] - The market may be entering a consolidation phase after the overheated trading in the computing power sector, making the S&P Dividend ETF a valuable asset for a balanced investment strategy [7]

Core Viewpoint - Hualing Steel experienced a decline in stock price by 2.14% on November 18, with a current price of 5.95 CNY per share, despite a year-to-date increase of 45.80% [1] Group 1: Stock Performance - As of November 18, Hualing Steel's stock price is 5.95 CNY, with a market capitalization of 41.106 billion CNY [1] - The stock has seen a net outflow of 31.9889 million CNY in principal funds, with significant selling pressure [1] - Over the past five trading days, the stock has decreased by 1.82%, while it has increased by 8.58% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Hualing Steel reported operating revenue of 95.048 billion CNY, a year-on-year decrease of 14.88% [2] - The company achieved a net profit attributable to shareholders of 2.510 billion CNY, reflecting a year-on-year growth of 41.72% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hualing Steel is 84,200, a decrease of 6.78% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.27% to 82,063 shares [2] - Cumulatively, Hualing Steel has distributed 10.436 billion CNY in dividends since its A-share listing, with 3.934 billion CNY distributed in the last three years [3]