新余钢铁股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 1 会议须知 为维护股东的合法权益，确保本次股东大会的正常秩序，根据公司章 程和股东大会议事规则的有关规定，特制定本须知。 一、股东大会会议具体程序方面的事宜由公司董秘室负责。 二、会议议案 3 二、出席本次大会的对象为股权登记日（2025 年 5 月 15 日）在册的 股东；现场登记时间为 2025 年 5 月 19 日。 三、出席会议的股东或股东代理人请于会议开始前半个小时内到达会 议地点，并携带本人有效身份证件、股票账户卡、授权委托书等原件，以 便验证入场。 四、股东参加股东大会应遵循本次大会议事规则，共同维护大会秩序， 依法享有发言权、质询权、表决权等各项权利。 五、本次股东大会安排股东发言时间不超过一小时，股东在大会上要 求发言，需向大会秘书处(董秘室)登记。发言顺序根据持股数量的多少和 登记次序确定。发言内容应围绕大会的主要议案。每位股东的发言时间不 超过五分钟。 本次股东大会采取现场投票与网络投票相结合的方式。股东以其所持 有的有表决权的股份数额行使表决权。对于非累积投票议案，股东每一股 份享有一票表决权，出席现场会议的股 ...

证券代码：600782 证券简称：新钢股份 公告编号：临2025-038 新余钢铁股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年5月16日（星期五） 15:00-16:00 会议问题征集：投资者可于2025年5月16日前访问网址 https://eseb.cn/1o4RSk7hJAI或使用微信扫描下方小程序码进行会 前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 一、 说明会类型 新余钢铁股份有限公司（以下简称"公司"）已于2025年4月22 日发布公司2024年年度报告，2025年4月26日发布公司2025年第一季 度报告，为便于广大投资者更全面深入地了解公司2024年度和2025 年第一季度的经营成果、财务状况，公司定于2025年5月16日（星期 五）15:00-16:00在"价值在线"（www.ir-online.cn）平台举办公 会议召开地点：价值在线（www. ...

Core Insights - The article discusses the current state and future prospects of the silicon steel industry, highlighting key players, their performance, and strategic developments in the sector [1][3][5]. Industry Overview - The silicon steel industry comprises numerous upstream companies involved in the production of silicon iron and industrial silicon, with major players including Junzheng Group, Ansteel, and New Steel Group [1]. - Midstream production includes companies like Baosteel, Shougang, Taiyuan Iron and Steel, and others, which are significant producers of silicon steel [1]. Company Performance - Baosteel is the world's leading producer of silicon steel, with a production capacity exceeding 4 million tons and a focus on high-value products [15][18]. - Shougang's revenue for the first three quarters of 2024 reached 819.7 billion yuan, with a gross margin of 3.74%, primarily from electrical steel products [13][14]. - Companies like Ansteel and Maanshan Steel are facing challenges, with negative ROE indicating operational inefficiencies and potential market issues [6][7]. Financial Metrics - Baosteel's EPS remains positive, reflecting strong profitability, while companies like Liugang and Chongqing Steel report negative EPS, indicating financial difficulties [7][9]. - The overall profit margin in the steel industry is under pressure, with a reported loss of 34.1 billion yuan in the black metal smelting and rolling industry for the first nine months of 2024 [7]. Market Capitalization - Baosteel's market capitalization stands at 148.32 billion yuan, showcasing its strong market position, while other companies like Baogang and Shougang have lower valuations due to performance issues [9][10]. Production Capacity and Developments - Baosteel's silicon steel production capacity includes 1 million tons per year of oriented silicon steel, leading the industry [15][18]. - Future projects include Shougang's new high-end non-oriented silicon steel production line, expected to produce 350,000 tons annually [18][20]. Strategic Planning - The industry is moving towards high-end, green, and intelligent production, with companies like Baosteel investing in smart manufacturing technologies [20][22]. - Future demand for oriented silicon steel is expected to grow due to the increasing market for high-efficiency transformers, driven by advancements in supercomputing centers [20][22].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Today, at 9 am, a news conference will be held to introduce "a package of financial policies to support market stability and expectation management," and it is expected that a series of favorable policies will be released [7]. - The short - term trend of soybean meal is weak, but the downside space is limited. The 09 contract has priced in some negative factors, and there is still trading time left. Attention should be paid to the May USDA supply - demand report, US trade negotiations, and US soybean weather [8]. - Industrial silicon is still bearish in the short term. High inventory pressures will cause futures prices to continue to test the cost line of upstream factories, and the strategy is to short on rallies [11]. - The spot price of polysilicon is expected to decline, and the short - term trend of the futures is weak. The supply - demand pattern is weak on both sides, and the price may have a short - term rebound in mid - to late May [12]. - The trend of styrene is weak. After the May Day holiday, the prices of crude oil and pure benzene declined, and the terminal orders of styrene decreased. Attention should be paid to shorting opportunities on the futures [13]. Summaries by Directory Pre - market Insights - There will be a news conference at 9 am today by the central bank, CSRC, etc. to introduce financial policies, and favorable policies are expected to be released [7]. Recommended by the Director - **Soybean Meal**: Short - term trend is weak, but the downside space is limited. Negative factors have been priced in, and the 09 contract still has trading time. Attention should be paid to relevant events [8]. - **Industrial Silicon**: Short - term bearish. High inventory, high weekly production, and weak downstream demand will lead to price declines. The strategy is to short on rallies [11]. - **Polysilicon**: Spot price is expected to decline, and the short - term futures trend is weak. The supply - demand pattern is weak on both sides, and there may be a short - term rebound in mid - to late May [12]. - **Styrene**: Trend is weak. After the holiday, the prices of crude oil and pure benzene declined, and the terminal orders decreased. Attention should be paid to shorting opportunities [13]. Commodity Research Morning Report - **Precious Metals**: Gold data is better than expected, and silver is oscillating downward. The trend intensity of gold is 1, and that of silver is - 1 [19][23]. - **Copper**: The spot price is firm, supporting the futures price. The trend intensity is 1 [25][27]. - **Aluminum and Alumina**: Aluminum has insufficient upward momentum, and alumina is consolidating at a low level. The trend intensity of aluminum is - 1, and that of alumina is 0 [28][30]. - **Zinc**: Oscillating. The trend intensity is 0 [31][32]. - **Lead**: Under short - term pressure. The trend intensity is - 1 [34]. - **Nickel and Stainless Steel**: Nickel prices are back in a narrow - range oscillation, and the downside and upside spaces are converging. The spot price of stainless steel has declined to repair the basis, and there is still support below. The trend intensity of both is 0 [36][38]. - **Tin**: The price weakened during the holiday. The trend intensity is - 1 [40][44]. - **Industrial Silicon and Polysilicon**: The weak state of industrial silicon continues, and the fundamentals of polysilicon are still weak. The trend intensity of both is - 1 [46][48]. - **Lithium Carbonate**: The supply - demand surplus continues, and the weak pattern may be difficult to change. The trend intensity is 0 [49][51]. - **Iron Ore**: The expectation is volatile, and the price is in a wide - range oscillation. The trend intensity is 0 [52][53]. - **Rebar and Hot - Rolled Coil**: The demand expectation is poor, and the prices are fluctuating at a low level. The trend intensity of both is 0 [56][60]. - **Silicon Ferrosilicon and Manganese Ferrosilicon**: The prices are dragged down by costs and are trending weakly. The trend intensity of both is - 1 [62][66]. - **Coke and Coking Coal**: Affected by policy expectations, the prices are oscillating at the bottom. The trend intensity of both is 0 [67][69]. - **Steam Coal**: There is a strong wait - and - see sentiment, and the price is oscillating weakly. The trend intensity is 0 [70][72]. - **Glass**: The price of the original sheet is stable. The trend intensity is 0 [73][74]. - **Para - Xylene, PTA, and MEG**: Para - xylene is in a positive carry trade for the monthly spread, and the processing margin is expanding. The strategy for PTA is to go long PTA and short SC, and for MEG, it is to go long PTA and short MEG [76][77].

2025 年 5 月 7 日 硅铁：成本拖累价格，硅铁走势偏弱 锰硅：成本拖累价格，锰硅走势偏弱 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 1、铁合金在线：5 月 6 日硅铁 72#：陕西 5400-5450（-50），宁夏 5450-5550，青海 5450-5550， 甘肃 5550-5600，内蒙 5450-5500；75#硅铁：陕西 6000-6100，宁夏 5900-6000，青海 5950-6000 （-50），甘肃 6000-6100（-50），内蒙 5950-6050（-50）（现金含税自然块出厂，元/吨）；硅铁 FOB：72#1060-1090，75#1120-1140（美元/吨，含税）。硅锰 6517#南北主流价格在 5600-5750 元 /吨区间。（现金出厂含税报价） 2、铁合金在线：新余钢铁 4 月 30 日硅铁定价 5950 元/吨承兑，较上一轮跌 200 元/吨，量 500 吨。云 南某钢厂敲定 75B 硅铁采购价为 5950 元/吨现金，量 ...

Core Points - Jiangsu Province has announced a list of 72 industrial enterprises that achieved advanced water efficiency standards, with 16 companies from Suzhou benefiting from a 20% water resource tax reduction for 2024 [1][2] Group 1: Policy and Implementation - The water resource tax reduction policy is part of Jiangsu Province's initiative to promote industrial water conservation [3] - The Suzhou Water Authority conducted a thorough review of the application materials to ensure compliance and authenticity before finalizing the list of eligible companies [1] Group 2: Company Achievements - The awarded companies span multiple key industries, including textiles, steel, paper, and building materials, with notable mentions such as Fenno-Group (China) Co., Ltd., which has received national recognition for water efficiency [2] - Fenno-Group's water consumption metrics are significantly below national standards, with their uncoated printing paper requiring only 7.76 cubic meters per ton, compared to the national advanced value of 20 cubic meters per ton [2] Group 3: Economic and Ecological Benefits - The 20% tax reduction is expected to yield substantial economic benefits for the companies involved, promoting both cost savings and water resource conservation [3] - The policy aims to create a win-win situation for economic and ecological benefits, encouraging more enterprises to adopt water-saving and environmentally friendly practices [3]

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 industry investment rating is Neutral, maintained [7]. Core Viewpoints - The steel industry is transitioning from valuation recovery to fundamental recovery, with the purchase and sale price difference being a key tracking clue [4]. - The expectation of production restrictions is driving black commodity prices to gradually strengthen since early April, which is favorable for the expansion of steel material purchase and sale price differences [4][7]. - The price of steel has been under pressure due to tariff and anti-dumping policies, leading to a decline in steel prices before the May Day holiday [4]. Summary by Relevant Sections Price Trends - From early April to now, the average prices of iron ore, metallurgical coke, rebar, and hot-rolled steel have decreased by 26, 72, 138, and 136 CNY/ton respectively [2]. - The purchase and sale price differences for rebar and hot-rolled steel have narrowed by 43 and 41 CNY/ton compared to the first quarter [2][7]. Production and Demand - The demand for construction steel has slightly declined as the pre-holiday replenishment effect weakens, with average daily transaction volumes for construction steel at 109,300 tons, down from the previous week [4]. - The average daily pig iron production of sample steel companies has risen to 2.4542 million tons, an increase of 10,700 tons compared to the previous period [4]. Inventory and Profitability - The total inventory of long products has decreased by 21.65% year-on-year, while plate inventory has decreased by 14.87% year-on-year [4]. - The estimated profit for rebar is 19 CNY/ton, while the profit based on lagging costs is 5 CNY/ton [4]. Future Outlook - In the second quarter of 2025, the purchase and sale price differences for steel are expected to expand due to the decline in long-term contract prices for coke and the expectation of production restrictions [5][7]. - The purchase and sale price differences for rebar and hot-rolled steel are projected to expand by 62 and 63 CNY/ton respectively if all steel companies adopt long-term contracts [7]. Investment Opportunities - The report suggests focusing on undervalued quality companies in the steel sector, such as Baosteel and Nanjing Steel, as well as companies with strong performance potential like Hualing Steel and New Steel [25].

增持（维持） 证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 钢铁 约束供给扩大消费 行情回顾（4.28-4.30）： 中信钢铁指数报收 1,528.72 点，下跌 0.52%，跑输沪深 300 指数 0.09pct，位列 30 个中信 一级板块涨跌幅榜第 16 位。 重点领域分析： 投资策略：受假期影响本周交易日有限，海外交易市场贵金属价格出现一定的调整，黑色商 品则依然震荡。根据财联社，宝钢回应近期钢铁市场传闻行业将限产 5000 万吨以应对近年 来市场供需结构的变化是大概率事件，但随后黑色商品价格表现平淡，行业内对今年限产落 实疑虑较大。由于过去在执行中存在一定的落实障碍，加之今年的监督和奖惩还缺少更多的 细节，市场抱有一定的疑虑是正常的。中国"内卷"很大原因是由于地方政府尤其青睐重资 产的制造业，一是因为投资规模大，对 GDP 拉动作用明显；二是因为增值税在生产环节征 收，跟生产规模直接挂钩；三是因为制造业不仅可以吸纳从农业部门转移出的低技能劳动力， 也可以带动第三产业发展，增加相关税收。因为绝大多数税收征收自企业，且多在生产环节 征收，所以过去地方政府重视企业 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 钢铁 约束供给扩大消费 行情回顾（4.28-4.30）： 中信钢铁指数报收 1,528.72 点，下跌 0.52%，跑输沪深 300 指数 0.09pct，位列 30 个中信 一级板块涨跌幅榜第 16 位。 重点领域分析： 投资策略：受假期影响本周交易日有限，海外交易市场贵金属价格出现一定的调整，黑色商 品则依然震荡。根据财联社，宝钢回应近期钢铁市场传闻行业将限产 5000 万吨以应对近年 来市场供需结构的变化是大概率事件，但随后黑色商品价格表现平淡，行业内对今年限产落 实疑虑较大。由于过去在执行中存在一定的落实障碍，加之今年的监督和奖惩还缺少更多的 细节，市场抱有一定的疑虑是正常的。中国"内卷"很大原因是由于地方政府尤其青睐重资 产的制造业，一是因为投资规模大，对 GDP 拉动作用明显；二是因为增值税在生产环节征 收，跟生产规模直接挂钩；三是因为制造业不仅可以吸纳从农业部门转移出的低技能劳动力， 也可以带动第三产业发展，增加相关税收。因为绝大多数税收征收自企业，且多在生产环节 征收，所以过去地方政府重视企业而相对轻视民生 ...