Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The market performance for the steel sector showed a 0.20% increase, outperforming the broader market, with specific segments like special steel and long products experiencing slight declines [2][10] - Supply conditions indicate a high furnace capacity utilization rate of 86.6%, with an increase of 1.10 percentage points week-on-week [2][25] - Demand for the five major steel products rose to 888.0 million tons, reflecting a week-on-week increase of 19.49 million tons, or 2.24% [2][34] - Social inventory of the five major steel products decreased by 23.33 million tons week-on-week, a decline of 1.65% [2][40] - The average price index for common steel increased to 3450.8 CNY/ton, with a slight week-on-week rise of 2.86 CNY/ton [2][47] Supply Summary - As of March 27, the average daily pig iron output was 2.3109 million tons, showing a week-on-week increase of 2.94 million tons [2][25] - The capacity utilization for electric furnaces reached 58.9%, up by 2.30 percentage points week-on-week [2][25] - The total production of the five major steel products was 743.9 million tons, a slight decrease of 0.21 million tons week-on-week [2][25] Demand Summary - The consumption of the five major steel products reached 888.0 million tons, with a week-on-week increase of 19.49 million tons [2][34] - The transaction volume of construction steel by mainstream traders was 95,000 tons, reflecting a minor increase of 0.01 million tons week-on-week [2][34] - The transaction area of commercial housing in 30 major cities increased to 208.8 million square meters, up by 39.2 million square meters week-on-week [34] Inventory Summary - Social inventory of the five major steel products stood at 1387.7 million tons, down by 23.33 million tons week-on-week [2][40] - Factory inventory for the five major steel products was 510.2 million tons, a decrease of 25.06 million tons week-on-week [2][40] Price & Profit Summary - The comprehensive index for common steel was 3450.8 CNY/ton, with a year-on-year decline of 3.14% [2][47] - The profit for rebar from blast furnaces was 55 CNY/ton, down by 4.0 CNY/ton week-on-week [2][54] - The average cost of pig iron was 2369 CNY/ton, with a week-on-week decrease of 11.0 CNY/ton [2][54] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) was 776 CNY/ton, with a week-on-week increase of 1.0 CNY/ton [2][70] - The price for main coking coal at Jingtang Port was 1720 CNY/ton, up by 120.0 CNY/ton week-on-week [2][70] - The price for first-grade metallurgical coke remained stable at 1715 CNY/ton [2][70] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and Shougang, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential growth [2][71]

Report Industry Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints of the Report - The steel industry is expected to see long - term improvement in supply - demand relations during the 15th Five - Year Plan period. In the short term, iron ore prices are expected to be strong due to factors such as the Iran situation and tightened iron ore procurement restrictions, strengthening the cost support for steel prices. With the long - term improvement in the supply - demand pattern, strengthened short - term cost support, and low sector valuation, the steel sector is expected to experience value restoration and has significant allocation value [3]. - Based on the judgment of the steel industry cycle, in an environment where PPI is at the bottom of the cycle, market liquidity is abundant, and risk premium is rising, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity from performance restoration and room for sector valuation increase from the improvement of the supply pattern. The industry still has medium - to long - term strategic investment opportunities, so the "Positive" rating for the industry is maintained [3]. Summary by Directory 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector rose 0.20% this week, outperforming the broader market. The CSI 300 index fell 1.41% to 4502.57. The top three sectors in terms of gains were basic chemicals (3.31%), non - ferrous metals (2.60%), and comprehensive (2.41%) [10]. - Among the sub - sectors, the special steel sector fell 0.53%, the long - product sector fell 0.24%, the plate sector fell 1.02%, the iron ore sector rose 7.48%, the steel consumables sector fell 0.31%, and the trading and distribution sector rose 1.37% [12][17]. - The top three stocks in the steel sector in terms of gains were Dazhong Mining (23.30%), Tunan Co., Ltd. (7.17%), and ST Hukel (4.18%) [15] 2. This Week's Core Data Supply - As of March 27, the daily average hot metal output was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) and a year - on - year decrease of 2.19% [25]. - As of March 27, the blast furnace capacity utilization rate of sample steel enterprises was 86.6%, a week - on - week increase of 1.10 percentage points [25]. - As of March 27, the electric furnace capacity utilization rate of sample steel enterprises was 58.9%, a week - on - week increase of 2.30 percentage points [25]. - As of March 27, the output of the five major steel products was 743.9 million tons, a week - on - week decrease of 0.21 million tons (0.03%) [25] Demand - As of March 27, the consumption of the five major steel products was 888.0 million tons, a week - on - week increase of 19.49 million tons (2.24%) [34]. - As of March 27, the trading volume of construction steel by mainstream traders was 9.5 million tons, a week - on - week increase of 0.01 million tons (0.14%) [34]. - As of March 22, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 2.088 million square meters, a week - on - week increase of 0.392 million square meters [34]. - As of March 29, the net financing of local government special bonds was 2.138 trillion yuan, a cumulative year - on - year decrease of 1.25% [34] Inventory - As of March 27, the social inventory of the five major steel products was 13.877 million tons, a week - on - week decrease of 0.2333 million tons (1.65%) and a year - on - year increase of 10.69% [40]. - As of March 27, the in - plant inventory of the five major steel products was 5.102 million tons, a week - on - week decrease of 0.2506 million tons (4.68%) and a year - on - year increase of 5.37% [40] Steel Prices - As of March 27, the general index of ordinary steel was 3450.8 yuan/ton, a week - on - week increase of 2.86 yuan/ton (0.08%) and a year - on - year decrease of 3.14% [47]. - As of March 27, the general index of special steel was 6632.9 yuan/ton, a week - on - week increase of 10.22 yuan/ton (0.15%) and a year - on - year decrease of 1.02% [47] Steel Mill Profits - As of March 27, the national average hot metal cost was 2369 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [54]. - As of March 27, the profit per ton of construction steel electric furnace at normal electricity price was - 85 yuan/ton, a week - on - week increase of 1.0 yuan/ton (1.16%) [54]. - As of March 27, the profit per ton of blast furnace for rebar was 55 yuan/ton, a week - on - week decrease of 4.0 yuan/ton (6.78%) [54]. - As of March 27, the profitability rate of 247 steel enterprises was 43.29%, a week - on - week increase of 0.9 percentage points [54] Futures - Spot Basis - As of March 27, the spot basis of hot - rolled coils was - 9 yuan/ton, a week - on - week increase of 8.0 yuan/ton [62]. - As of March 27, the spot basis of rebar was 96 yuan/ton, a week - on - week decrease of 11.0 yuan/ton [62]. - As of March 27, the spot basis of coke was - 115 yuan/ton, a week - on - week increase of 7.5 yuan/ton [62]. - As of March 27, the spot basis of coking coal was 29.5 yuan/ton, a week - on - week decrease of 41.0 yuan/ton [62]. - As of March 27, the spot basis of iron ore was - 26 yuan/ton, a week - on - week decrease of 8.5 yuan/ton [62] Raw Materials: Price and Profit - As of March 20, the spot price index of Australian powder ore (62% Fe) at Rizhao Port was 776 yuan/ton, a week - on - week increase of 1.0 yuan/ton [70]. - As of March 27, the ex - warehouse price of main coking coal at Jingtang Port was 1720 yuan/ton, a week - on - week increase of 120.0 yuan/ton [70]. - As of March 27, the ex - factory price of first - grade metallurgical coke was 1715 yuan/ton, unchanged from the previous week [70]. - As of March 27, the average profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17.0 yuan/ton [70]. - As of March 27, the price difference between hot metal and scrap steel was 13.5 yuan/ton, a week - on - week increase of 1.6 yuan/ton [70] 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profit attributable to shareholders, EPS, and P/E ratios of key listed companies such as Baoshan Iron & Steel Co., Ltd., Valin Steel Co., Ltd., and Nanjing Iron & Steel Co., Ltd. from 2024 to 2027 [71] Key Announcements of Listed Companies - Baodi Mining Co., Ltd. announced that several specific shareholders plan to reduce their shareholdings through centralized competitive bidding [72]. - Fangda Special Steel Co., Ltd. released its 2025 annual report, showing steel production, operating income, net profit, total assets, and net assets [73]. - Hainan Mining Co., Ltd. plans to repurchase and cancel some restricted stocks of the 2024 restricted stock incentive plan and adjust the repurchase price [73][74]. - Beijing Shougang Co., Ltd. announced the implementation results and share changes of its share repurchase [75] 4. This Week's Important Industry News - The Ministry of Finance will focus on expanding domestic demand, investing in people, and opening up and sharing, which is expected to boost steel demand and benefit steel prices [76]. - 14 provinces have announced 172 key steel industry projects, which boosts demand expectations and is beneficial to steel prices [76]. - The steel inventory has continued to decline, and the apparent demand has increased month - on - month, which supports steel prices [76]. - The steel industry reported a loss of 2.47 billion yuan from January to February, which reflects weak demand and poor profitability, suppressing market confidence and having a negative impact on steel prices [76]

福建三钢闽光股份有限公司 外部信息报送和使用管理制度（2026 年制定） 第二条 本制度的适用范围包括本公司及下设的各部门、分公司、全资或 控股子公司，公司的董事、高级管理人员及其他相关人员，公司对外报送信息涉 及的外部单位或个人。 本制度所称的信息，是指根据《中华人民共和国证券法》《上市公司信息披 露管理办法》《深圳证券交易所股票上市规则》等规定，涉及公司的经营、财务 或者对公司证券市场价格有重大影响的尚未公开的信息，包括但不限于定期报告、 临时报告、财务数据、正在策划或需要报批的重大事项以及其他内幕信息等。 本制度所称"定期报告"包括年度报告、半年度报告和季度报告。 第三条 公司的董事、高级管理人员及其他相关人员应当遵守信息披露相 关法律、法规、制度的要求，对公司定期报告、临时报告及重大事项履行必要的 报告、传递、编制、审议或审核和披露程序。 第四条 公司的董事、高级管理人员及其他相关人员在定期报告、临时报 告正式公开披露前以及在公司重大事项的筹划、洽谈期间负有保密义务，不得向 其他任何单位或个人泄露相关信息。一旦出现泄露，应当立即通知公司并督促其 1 公告，公司不予披露的，应当立即向深圳证券交易所报告。 ...

福建三钢闽光股份有限公司 可持续发展（ESG）管理制度（2026 年修订） 第一章 总则 第一条 为进一步加强福建三钢闽光股份有限公司（以下简称公司）可持续 发展（环境、社会和公司治理）管理，积极践行可持续发展理念，根据《中华人 民共和国公司法》《上市公司治理准则》《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 17 号——可持续发展报告（试行）》等有 关法律、法规、规章、规范性文件及《福建三钢闽光股份有限公司章程》（以下 简称《公司章程》）的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的公司可持续发展，是指公司在经营发展过程中应当履 行的环境（Environmental）、社会（Social）和公司治理（Governance）方面的 责任和义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理 的健全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策或经营活动 影响的组织或个人，包括股东（投资者）、债权人、职工、合作伙伴、客户、供 应商、社区组织和相关政府部门等。 第四条 公司应当按照本制度的要求，积极履行公司可持续发展职责，评估 公司可持续 ...

投资者关系管理制度(2026 年制定) 第一章 总 则 福建三钢闽光股份有限公司 第一条 为了规范福建三钢闽光股份有限公司（以下简称公司、本公司） 的投资者关系管理工作，加强公司与投资者和潜在投资者（以下合称投资者）之 间的有效沟通，建立公司与投资者特别是中小投资者的良好沟通平台，促进公司 完善治理，提高公司质量，切实保护投资者特别是中小投资者的合法权益，形成 公司与投资者之间长期、稳定、和谐的良性互动关系，特制定本制度以供有关各 方遵守。 第二条 根据《中华人民共和国公司法》《中华人民共和国证券法》、中国 证券监督管理委员会（以下简称中国证监会）发布的《上市公司投资者关系管理 工作指引》、深圳证券交易所发布的《深圳证券交易所股票上市规则》（以下简称 《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》（以下简称《自律监管指引第 1 号》）、《深圳证券交易所上市公司自 律监管指南第 1 号——业务办理》（以下简称《自律监管指南第 1 号》）及其他有 关法律、法规、规章、规范性文件和《福建三钢闽光股份有限公司章程》（以下 简称《公司章程》）的规定，结合本公司实际情况，制定本 ...

福建三钢闽光股份有限公司 会计师事务所选聘制度（2026 年修订） 第一章 总则 第一条 为规范福建三钢闽光股份有限公司（以下简称公司）选聘（含续聘、 改聘，下同）会计师事务所的行为，提升公司审计工作和财务信息的质量，切实 维护股东合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《国有企业、上市公司选聘会计师事务所管理办法》《上市公司独立董事管理办 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》等相关法律、法规、规章、规范性文件以及 《福建三钢闽光股份有限公司章程》（以下简称《公司章程》）的相关规定，结合 公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告以及出具内 部控制审计报告的行为。 公司聘任会计师事务所从事除前述公司财务会计报告审计、内部控制审计之 外的其他审计业务的，视重要性程度可以比照本制度组织实施。 第三条 公司聘用或解聘会计师事务所，应当经董事会审计委员会（以下简 称审计委员会）全体成员过半数同意后，提交董事会审 ...

福建三钢闽光股份有限公司 信息披露事务管理制度(2026 年制定) 第一章 总则 第一条 为规范福建三钢闽光股份有限公司（以下简称公司、本公司）信息 披露行为，加强信息披露事务管理，保护公司和投资者合法权益，依据《中华人 民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）、中国证券监督管理委员会（以下简称中国证监会）发布的《上市公 司信息披露管理办法》、深圳证券交易所（以下简称深交所）发布的《深圳证券 交易所股票上市规则》（以下简称《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》（以下简称《主板上市公司规范运 作》）、《深圳证券交易所上市公司自律监管指引第 5 号——信息披露事务管理》 （以下简称《自律监管指引第 5 号》）等有关法律、法规、规章、规范性文件以 及《福建三钢闽光股份有限公司章程》（以下简称《公司章程》）的有关规定，结 合公司实际，特制定本制度。 第二条 本制度所称"信息"是指公司已发生或者拟发生的可能对公司股票 及其衍生品种交易价格产生较大影响的事项以及证券监管部门、深交所要求披露 的信息。 本制度所称"披露"是指 ...

福建三钢闽光股份有限公司 内部问责制度（2026 年制定） 第一章 总则 第一条 为进一步完善福建三钢闽光股份有限公司（以下简称公司、本公 司）的法人治理结构，健全内部约束和责任追究机制，促进公司董事、高级管理 人员及其他相关人员恪尽职守，树立"有权必有责、履职要尽责、失职要问责" 的理念，提高规范运作水平，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督管理委员 会（以下简称中国证监会）福建监管局印发的《关于进一步建立健全辖区上市公 司证券违法违规行为内部问责机制的通知》（闽证监公司字[2013]14 号）、深圳 证券交易所发布的《深圳证券交易所股票上市规则》（以下简称《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》 （以下简称《主板上市公司规范运作》）等有关法律、法规、规章、规范性文件 以及《福建三钢闽光股份有限公司章程》（以下简称《公司章程》）等有关规定， 结合公司实际情况，特制定本制度。 第二条 公司董事会、高级管理人员应当按照《公司法》《证券法》《上市 规则》《主板上市公司规范运作》等有关法律 ...

证券代码：002110 证券简称：三钢闽光 公告编号：2026-009 福建三钢闽光股份有限公司 关于修改《可持续发展（ESG）管理制度》的公告 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。 福建三钢闽光股份有限公司（以下简称公司）于 2026 年 3 月 24 日召开了第九届董事会第二次会议，审议通过了《关于修 改<可持续发展（ESG）管理制度>的议案》。 根据中国证券监督管理委员会（以下简称中国证监会）发布 的《上市公司治理准则》（中国证监会公告〔2025〕5 号）、深圳 证券交易所发布的《深圳证券交易所股票上市规则（2025 年修 订）》（以下简称《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（2025 年修订）》（以 下简称《主板上市公司规范运作》）等有关法律、法规、规章和 规范性文件的规定，结合公司的实际情况，公司对现行的《福建 三钢闽光股份有限公司可持续发展（ESG）管理制度》（以下简称 《可持续发展（ESG）管理制度》）部分条款进行修改。 具体修改情况如下： 本次修改前的原文内容 本次修改后的内容 | ...

福建三钢闽光股份有限公司 重大信息内部报告制度（2026 年制定） 第一章 总则 第一条 为规范福建三钢闽光股份有限公司（以下简称公司、本公司）的重 大信息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，及 时、公平、真实、准确、全面、完整地披露信息，维护投资者的合法权益，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、中国证券监督管理委员会（以下简称中国证监会）发布的《上 市公司信息披露管理办法》、深圳证券交易所发布的《深圳证券交易所股票上市 规则》（以下简称《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》（以下简称《主板上市公司规范运作》）、《深圳证 券交易所上市公司自律监管指引第 5 号——信息披露事务管理》（以下简称《自 律监管指引第 5 号》）等有关法律、法规、规章、规范性文件以及《福建三钢闽 光股份有限公司章程》（以下简称《公司章程》）、《福建三钢闽光股份有限公司信 息披露事务管理制度》（以下简称《公司信息披露事务管理制度》）等制度的规定， 结合公司实际，制定本制度。 第二条 公司重大信息 ...