新余钢铁股份有限公司 章 程 （2025 年 8 月修订） XINYU IRON & STEEL CO.,LTD. | 4 | | | --- | --- | | | 7.0 | | 第一章 | 总 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股 份 | 3 | | 第四章 | 股东和股东会 | 8 | | 第五章 | 党委 | 25 | | 第六章 | 董事会 | 27 | | 第七章 | 经理及其他高级管理人员 | 38 | | 第八章 | 财务会计制度、利润分配和审计 | 40 | | 第九章 | 通知和公告 | 45 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 47 | | 第十一章 | 修改章程 | 50 | | 第十二章 | 附 则 | 50 | 第一章 总 则 第一条 为规范新余钢铁股份有限公司（以下简称公司）的组织和行 为，全面贯彻落实"两个一以贯之"重要要求，坚持和加强党的全面领导。 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中 ...

第一条 为进一步建立健全新余钢铁股份有限公司董事及高级管理 人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共和 国公司法》、《上市公司治理准则》、《新余钢铁股份有限公司章程》及其 他有关规定，公司特设立董事会薪酬与考核委员会，并制定本工作细则。 第二条 薪酬与考核委员会是董事会按照有关规定设立的专门工 作机构，主要负责制定公司董事及经理人员的考核标准并进行考核；负 责制定、审查公司董事及经理人员的薪酬政策与方案，对董事会负责。 第三条 本细则所称董事是指在本公司支取薪酬的董事、独立董事， 高级管理人员是指董事会聘任的总经理、副总经理、财务总监、总法律 顾问、董事会秘书及《公司章程》规定的其他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由董事组成，其中独立董事占多数。 新余钢铁股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事 或者全体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员一名，由独立董事委员担任， 负责召集并主持委员会工作；主任委员在委员内选举，并报请董事会批 准产生。 第七 ...

第一条 为规范新余钢铁股份有限公司（"公司"）董事会提案管理，完 善公司内部控制，提高公司治理水平，并及时、详尽地进行信息披露，根据《公 司法》、《上市公司治理准则》、《上市公司独立董事管理办法》及《新余钢铁 股份有限公司章程》、《新余钢铁股份有限公司信息披露事务管理制度》等法律、 法规、规章的规定，制订本制度。 第二条 法律法规规定的公司提案人均有权在董事会召开前的规定时间内 提出提案，提案应由提案人签字盖章。如提案人为法人的，提案人应同时提供该 法人就该事项的有效决议。 第三条 公司所有拟提交董事会讨论的提案应先交董事会办公室登记备 案。董事会办公室负责本公司所有董事会提案的合规性审核。 新余钢铁股份有限公司 董事会会议提案工作制度 第九条 董事会决议表决情况应作充分披露，尤其涉及有董事投了反对或 1 弃权票的，应对投反对或弃权票的董事姓名、任职单位、提名人、提名人所持公 司股份比例及否决或弃权原因及对公司造成影响作充分披露。 第十条 董事会决议公告前，公司董事、高级管理人员、董事会办公室、 计划财务部及其他相关人员应做好提案的保密工作，不得泄露有关提案内容，不 得利用内幕信息买卖本公司股票，切实做好内幕 ...

新余钢铁股份有限公司 内幕信息知情人登记备案制度 第一章 总则 第一条 为完善公司内幕信息管理，做好内幕信息保密工作，有效防范和打击内幕交 易等证券违法违规行为，维护广大投资者利益，根据《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上 市公司内幕信息知情人登记管理制度》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 2 号——信息披露事务管理》《新余钢铁股份有限公司章程》 （以下简称"《公司章程》"）等法律法规及规范，制定本制度。 第二条 内幕信息的管理工作由董事会负责，董事会应当保证内幕信息知情人档案的 真实、准确和完整，并按照相关要求及时报送。董事长为主要责任人，董事会秘书组织实 施。当董事会秘书不能履行职责时，由证券事务代表代行董事会秘书的此项职责。 公司证券部是公司信息披露管理、投资者关系管理、内幕信息管理、登记、备案及披 露的日常办事机构，并负责公司内幕信息的监管工作。 第三条 对外报道、传送的文件、音像及光盘等涉及内幕信息及信息披露的内容的资 料，须经董事会或董事会秘书的审核同意，方可对外报道、传送。 第四 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Report Core View - Not explicitly stated in the provided content 3. Summary by Related Catalogs 3.1 Regional Scrap Steel Prices - Scrap steel prices in different regions (East China, Central, Northeast, South China, Southwest) from 2025/08/14 to 2025/08/20 are presented, with some price changes observed. For example, on 2025/08/20 in the Southwest region, the price was 2152, with a -1 month - on - month change [1][8] - The price of Shagang Heavy Three (tax - included) and Zhenjiang Hongtai Shearling (tax - excluded) from 2022 to 2025 shows a general downward trend [2][4] 3.2 Scrap Steel Consumption and Supply - Related Data - Short - process daily consumption data from 2022 to 2025 is provided, but the specific consumption values are presented in a graph - like form without clear figures [5] - Zhangjiagang scrap steel arrivals and the arrivals of 147 steel mills from 2019 - 2025 are presented in a graph - like form [6][9] - Steel mill scrap steel inventory data from 2019 - 2025 is presented in a graph - like form [10] 3.3 Market Profit - Related Data - The screw - scrap price difference in East China and Jiangsu electric furnace rebar profit from 2022 - 2025 are presented in a graph - like form [7]

8月18日，A股主要指数高开高走，沪指创10年新高。截至收盘，沪指涨0.85%，深证成指涨1.73%创 2023年4月以来新高，创业板指涨2.84%创2023年2月以来新高。全天成交额2.81万亿元，创2024年10月9 日以来新高；超4000股上涨。 | 代码 | 名称 | 现价 · | 涨跌 | 涨幅↓ | | --- | --- | --- | --- | --- | | 300426 | 华智数媒 | 11.57 | +1.93 | +20.02% | | 300133 | 华策影视 | 9.30 | +1.55 | +20.00% | | 300291 | 百纳千成 | 7.01 | +0.88 | +14.36% | | 002343 | 慈文传媒 | 8.70 | +0.79 | +9.99% | | 000892 | 欢瑞世纪 | 5.32 | +0.48 | +9.92% | | 300027 | 华谊兄弟 | 2.85 | +0.16 | +5.95% | | 300628 | 幸福蓝海 | 18.82 | +0.97 | +5.43% | | 603103 | 横店影视 | 17.26 ...

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline of 0.03% as of August 18, 2025, indicating mixed performance among constituent stocks, with a shift in investment logic from style-driven to stock-driven in the dividend sector [1] Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies selected for high cash dividend yields and stable dividends [1] - The index's constituent stocks include notable performers such as COFCO Sugar (600737) with three consecutive gains, and Shaanxi Natural Gas (002267) rising by 8.77% [1] - The National Enterprise Dividend ETF (159515) is currently priced at 1.15 yuan, indicating a consolidation phase [1] Group 2: Investment Trends - There is a growing trend of long-term funds increasing their allocation to high-dividend stocks, driven by insurance and AMC stake acquisitions since the beginning of the year [1] - High-quality stocks with stable dividend rates and return on equity (ROE) characteristics are expected to continue attracting specific style funds [1] - The top ten weighted stocks in the index account for 16.77% of the total index weight, with significant players including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4]

Investment Rating - The industry investment rating is Neutral, maintained [8] Core Viewpoints - The expectation for the recovery of steel profitability under the "anti-involution" trend is primarily driven by upstream iron ore concessions, contrasting with the previous cycle where concessions came from downstream [2][6] - The anticipated improvement in the steel industry's supply-demand balance could enhance long-term profitability, although there are ongoing doubts about the sustainability of this recovery [6][28] - The analysis indicates that the profit distribution within the industry chain has shifted significantly, with iron ore now having a stronger capacity to offer concessions, which could benefit the steel sector [7][29] Summary by Sections Demand and Supply Dynamics - Downstream demand has weakened, with apparent consumption of five major steel products increasing by 3.60% year-on-year but decreasing by 2.06% month-on-month [5] - Daily average pig iron production has slightly increased to 2.4066 million tons, with a year-on-year increase of 12.04% [5] - Total steel inventory has continued to accumulate, with a week-on-week increase of 3.01% but a year-on-year decrease of 18.13% [5] Price Trends - Recent price trends show Shanghai rebar dropping to 3,300 CNY/ton, a decrease of 30 CNY/ton, and hot-rolled steel at 3,430 CNY/ton, down 10 CNY/ton [5] - The estimated profit for rebar is 37 CNY/ton, while the profit based on a one-month lag in costs is 243 CNY/ton [5] Future Projections - The report projects that if the supply-demand gap improves by 50 million tons, the average price of rebar could increase by 164.87 CNY/ton [7] - A decrease in iron ore prices by 15 USD/ton could lead to a reduction in steel production costs by 210 CNY/ton [7] - The overall expectation is that iron ore price declines will primarily benefit the steel sector, with only a small portion passed on to downstream industries [7][29] Investment Opportunities - The report highlights four main investment lines: 1. Companies benefiting from cost reductions due to new capacities in iron and coke, such as Nanjing Steel and Baosteel [28] 2. Stocks with low price-to-book ratios that may see significant performance recovery, like New Steel and Fangda Special Steel [29] 3. Mergers and acquisitions under the state-owned enterprise reform initiative [29] 4. High-quality processing leaders and resource companies, particularly in the context of macroeconomic recovery expectations [29]

Investment Rating - The industry investment rating is maintained as "Buy" for key stocks in the steel sector [6]. Core Insights - The steel industry is entering a golden period in the capital market, characterized by capital surplus during the industrialization maturity phase. This phase is expected to enhance market valuations and profitability for leading companies [2][4]. - The report highlights a significant increase in profits for the black metal smelting and rolling industry, reaching 46.28 billion yuan, a year-on-year increase of 1370%, marking the highest growth rate among all industrial categories [2]. - The report emphasizes the importance of supply-side policies, particularly the "anti-involution" policy, which is expected to accelerate the reduction of excess supply and improve industry profitability [2][4]. Supply Analysis - Daily average pig iron production slightly increased to 2.407 million tons, with a marginal rise in long-process production [12]. - The capacity utilization rate for 247 sample steel mills is reported at 90.2%, reflecting a 0.2 percentage point increase from the previous period [18]. - The total inventory of five major steel products continues to accumulate, with a week-on-week increase of 3.0% [25]. Demand Analysis - Apparent consumption of five major steel products decreased by 1.7% week-on-week, indicating a seasonal decline in rebar demand, while hot-rolled demand showed improvement [41][52]. - The average weekly transaction volume for construction steel was 102,000 tons, down 1.1% from the previous week [43]. Price and Profit Analysis - The comprehensive steel price index increased slightly by 0.1% week-on-week, with the current index at 126.2 [72]. - The immediate gross profit margins for long-process rebar and hot-rolled products are reported as negative, indicating cost pressures despite slight price increases [72][74]. Key Stocks - Recommended stocks include: - Xinguang Steel (600782.SH) - Buy - Nanjing Steel (600282.SH) - Buy - Hualing Steel (000932.SZ) - Buy - Baosteel (600019.SH) - Buy - Jiuli Special Materials (002318.SZ) - Buy - Liugang (601003.SH) - Buy - Yongjin (603995.SH) - Buy - Changbao (002478.SZ) - Buy [9].

Investment Rating - The report maintains a recommendation for the steel industry, indicating a positive outlook for investment opportunities [6]. Core Viewpoints - The steel market is currently experiencing a seasonal downturn, with demand showing weakness due to high temperatures and rainfall affecting consumption [3]. - Despite stable production levels, there is potential for supply contraction in the coming week due to environmental regulations impacting steel production in certain regions [3]. - The report highlights a significant improvement in industry profitability in the first half of the year, driven by lower raw material prices and enhancements in production processes [4]. - The concept of "anti-involution" is expected to reshape the industry landscape, providing both short-term and long-term investment logic [4]. Industry Key Data Tracking Production Data - As of August 15, the total production of five major steel products reached 8.7163 million tons, with a week-on-week increase of 24,000 tons [2]. - The average daily pig iron output from 247 steel enterprises was 2.4066 million tons, reflecting a slight increase of 3,400 tons week-on-week [2]. Consumption Data - The total consumption of the five major steel products was 8.3102 million tons, showing a week-on-week decrease of 147,200 tons [2]. - The apparent consumption of rebar, wire rod, hot-rolled, cold-rolled, and medium plate experienced varied changes, with rebar consumption decreasing by 208,500 tons [2]. Inventory Situation - Total steel inventory reached 14.1597 million tons, with a week-on-week increase of 406,100 tons [2]. - Social inventory rose by 283,400 tons to 9.9084 million tons, while steel mill inventory increased by 122,700 tons to 4.2513 million tons [2]. Profitability Situation - The average pig iron cost for 114 steel mills was reported at 2,321 yuan per ton, with a week-on-week increase of 3 yuan [2]. - As of August 15, the gross profit per ton for rebar, hot-rolled, and cold-rolled products was +121 yuan, +151 yuan, and +59 yuan respectively, indicating a week-on-week decrease for rebar and hot-rolled products [2]. - Approximately 65.8% of the sampled steel enterprises were profitable, reflecting a week-on-week decline of 2.6 percentage points [2].