Core Insights - Since the beginning of the "14th Five-Year Plan," the energy consumption per unit of industrial added value in Liangshan has decreased by 31% [1] - The average annual growth rate of industrial added value in Liangshan from 2021 to 2024 is projected to be 10.6% [1] - The total profit of industrial enterprises in Liangshan has increased from 11.29 billion to 20.87 billion, with an average annual growth of 16.61% [1] Industrial Development - Liangshan has established 6 provincial-level green factories and has become home to the first steel enterprise in Sichuan to complete a full-process ultra-low emission transformation [1] - The industrial added value has successively surpassed 50 billion, 60 billion, and 70 billion, with the proportion of industrial output in GDP rising from 26.9% to 30.8% [1] - The number of large-scale industrial enterprises has reached 459, with 30 "specialized, refined, and innovative" enterprises [2] Technological Innovation - Liangshan has built 3 provincial key laboratories, 3 engineering technology research centers, and 21 enterprise technology centers, effectively breaking through the bottleneck of technology and industrial innovation integration [1] - Several technological achievements, such as 5N-level high-purity titanium and rare earth extraction processes, have reached international leading levels [1] Enterprise Cultivation - The region has added 2 billion-level enterprises and 12 ten-million-level enterprises, bringing the total to 4 and 20 respectively [2] - A total of 56 innovative small and medium-sized enterprises have been cultivated [2] Industrial Cluster Development - Major projects such as the 20,000-ton titanium and titanium alloy melting and forging facility and the 12,500-ton annual cathode copper refining project have accelerated construction or been completed [2] - These projects aim to fill gaps in the industrial chain, improve supply chain weaknesses, and enhance value chain levels [2] Smart and Green Transformation - Liangshan is focusing on high-end, intelligent, and green development, with the world's largest high-purity titanium ingot produced in the region [2] - The aerospace high-end manufacturing industrial park is under construction, and a local pharmaceutical company has ranked among China's top 100 pharmaceutical industries for 14 consecutive years [2] Support for Enterprises - Liangshan has established a high-standard service center for small and medium-sized enterprises, serving over 6,000 enterprises [2] - The region has supported 570 enterprises in enjoying over 17 billion kilowatt-hours of electricity benefits, helping to reduce electricity costs by approximately 2.7 billion [2] - The industrial output value of industrial parks has increased from 59 billion to 92.12 billion, representing a growth of 56.1% [2]

Market Overview - The Shanghai Composite Index rose by 0.34% on November 28, with 29 out of the sectors experiencing gains, led by the steel and agriculture sectors, both up by 1.59% [1] - The banking and coal sectors saw declines of 0.83% and 0.14%, respectively [1] Capital Flow - The net inflow of capital in the two markets was 10.84 billion yuan, with 19 sectors receiving net inflows [1] - The electronics sector had the highest net inflow of 3.423 billion yuan, increasing by 1.30%, followed by the non-ferrous metals sector, which saw a rise of 1.44% with a net inflow of 3.051 billion yuan [1] Steel Industry Performance - The steel industry increased by 1.59% with a net inflow of 350 million yuan, where 39 out of 44 stocks in the sector rose, and 2 stocks hit the daily limit [2] - The top three stocks with the highest net inflow were Dazhong Mining (140 million yuan), Changbao Co. (61.58 million yuan), and Baogang Group (33.86 million yuan) [2] - The stocks with the largest net outflows included Shagang Group (35.85 million yuan), Hesteel (26.41 million yuan), and Hangang (17.36 million yuan) [2] Steel Industry Capital Flow Rankings - The top stocks in terms of capital flow included: - Dazhong Mining: +10.00% with a turnover rate of 3.14% and a capital flow of 139.96 million yuan - Changbao Co.: +6.26% with a turnover rate of 13.83% and a capital flow of 61.58 million yuan - Baogang Group: +0.41% with a turnover rate of 1.37% and a capital flow of 33.86 million yuan [2][3]

Core Insights - The underwater pipeline steel industry is crucial for deep-sea oil and gas resource development, with increasing demand driven by the expansion of offshore oil fields into deeper waters [1][10] - The demand for underwater pipeline steel in China is projected to reach 700,000 tons in 2024, a year-on-year increase of 7.69%, and is expected to grow to 750,000 tons in 2025, with a 7.14% increase [1][10] - The market size of the underwater pipeline steel industry in China is anticipated to reach 5.5 billion yuan in 2024, up 10% year-on-year, and 6 billion yuan in 2025, reflecting a 9.09% increase [8] Industry Overview - Underwater pipeline steel is a high-performance steel material used for manufacturing underwater oil and gas transportation pipelines, characterized by high strength, toughness, corrosion resistance, and fatigue resistance [3][4] - The industry has evolved through four stages: reliance on imports, breakthrough in domestic production, full industry chain autonomy, and high-end development [4] Industry Chain - The upstream of the underwater pipeline steel industry includes core raw materials like iron ore, coal, and coke, which directly affect cost control [6] - The midstream is responsible for processing raw materials into various pipeline steel products that meet stringent environmental requirements [6] - The downstream application is primarily focused on major marine engineering projects, mainly in oil and gas development [6] Market Dynamics - The underwater pipeline steel market is dominated by large enterprises such as Baosteel, Hebei Steel, and Ansteel, which possess significant resources and technological advantages [10][11] - Smaller enterprises often focus on niche markets or customized services due to limitations in research and development capabilities [10] Development Trends - The underwater pipeline steel market is expected to continue growing due to increasing global energy demand and marine resource development [13] - Technological innovation will be a key driver, with a focus on new materials and processes to enhance product performance and quality [13] - Environmental sustainability will become increasingly important, with a shift towards eco-friendly production methods and materials [13]

股票代码：600010 股票简称：包钢股份 编号：（临）2025-076 债券代码：175793 债券简称：GC钢联01 内蒙古包钢钢联股份有限公司 公司拟委托包钢集团全资子公司乌海包钢矿业有限责任公司（简称乌海矿业）对公司炼铁厂白灰车间进 行管理，乌海矿业不收取委托管理费用。截止至2025年10月底，白灰作业部旧线固定资产原值约 3331.50万元，净值约1419.02万元。本次委托管理事项是为依托乌海矿业多年来从事灰石、灰粉白灰的 生产加工的经验，通过专业化管理实现产业协同，同时助力公司降低原料成本，稳定白灰产品质量，不 会导致公司合并报告范围变更，对公司当期生产经营不会产生重大影响。 本事项已经2025年第三次独立董事专门会议审议并取得了明确同意的意见。 议案表决结果：同意8票，弃权0票，反对0票。关联董事张昭、韩培信、王占成回避表决。 特此公告。 内蒙古包钢钢联股份有限公司董事会 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个别及连带责任。 一、董事会会议召开情况 内蒙古包钢钢联股份有限公司（以下简称"公司"）第七届董事会第三 ...

Core Viewpoint - The event commemorates the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, aiming to instill the spirit of resistance in steel enterprises through the stories of veterans [1][3]. Group 1: Event Overview - The event was held at Baogang Group and was co-hosted by various governmental bodies in Inner Mongolia [1]. - The purpose of the event is to ensure that the spirit of the anti-war effort is passed down through generations within the steel industry [1]. Group 2: Veteran Stories - Five veterans shared their experiences, highlighting themes of dedication to society and service [3]. - Yang Zhanzheng spoke about veterans' commitment to their communities, while Liu Xiaoyu recounted leading over a thousand veterans in emergency rescue efforts [3]. - Other veterans shared personal stories that emphasized patriotism and the enduring spirit of service, reinforcing the idea that military values persist beyond active duty [5]. Group 3: Impact on Employees - The stories shared by the veterans resonated deeply with Baogang employees, inspiring them to transform their emotional responses into motivation for their work [8]. - Employees expressed a commitment to embody the fighting spirit of the veterans in their daily tasks within the steel production environment [8].

全体独立董事对本次会议议案进行了审议，在充分沟通 基础上，经记名投票表决，形成如下决议： 一、审议通过《关于委托管理资产暨关联交易的议案》 我们认为本次委托管理事项是为依托乌海矿业多年来 从事灰石、灰粉白灰的生产加工的经验，通过专业化管理实 现产业协同，同时助力公司降低原料成本，稳定白灰产品质 量，不会导致公司合并报告范围变更，对公司当期生产经营 不会产生重大影响，不存在损害公司及中小股东利益的情形， 同意将该议案提交董事会审议。 内蒙古包钢钢联股份有限公司 2025 年第三次独立董事专门会议决议 表决结果：同意 4 票，反对 0 票，弃权 0 票。 内蒙古包钢钢联股份有限公司（以下简称"公司"）2025 年第三次独立董事专门会议会议于 2025 年 11 月 24 日以通 讯方式召开。本次会议由全体独立董事共同推举文守逊先生 担任会议召集人并主持会议，会议应参会独立董事 4 人，实 际参会独立董事 4 人。本次会议符合《上市公司独立董事管 理办法》《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 1 号——规范运作》及《公司独立 董事工作规则》等有关规定。 （本页以下无正文） 魏喆妍 ...

| | | 内蒙古包钢钢联股份有限公司 第七届董事会第三十九次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 内蒙古包钢钢联股份有限公司（以下简称"公司"）第七届 董事会第三十九次会议通知和议案等书面材料于 2025 年 11 月 18 日以专人及发送电子邮件方式送达各位董事，会议于 2025 年 11 月 27 日以通讯表决的方式召开。本次会议应参加表决董事 11 人，实际参加表决董事 11 人。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 议案表决结果：同意 8 票，弃权 0 票，反对 0 票。关联董事 张昭、韩培信、王占成回避表决。 特此公告。 内蒙古包钢钢联股份有限公司董事会 2025 年 11 月 27 日 二、会议审议情况 （一）会议审议通过了《关于委托管理资产暨关联交易的议 案》 公司拟委托包钢集团全资子公司乌海包钢矿业有限责任公 司（简称乌海矿业）对公司炼铁厂白灰车间进行管理，乌海矿业 不收取委托管理费用。截止至 2025 年 10 ...

Economic Growth - Liangshan Prefecture's GDP is projected to grow from 173.32 billion yuan in 2020 to 247.49 billion yuan in 2024, with three counties exceeding 20 billion yuan and eight counties exceeding 10 billion yuan in economic output [9][10] - The industrial added value of Liangshan is expected to grow at an average annual rate of 10.6% from 2021 to 2024, with the industrial output value increasing from 59 billion yuan to 92.12 billion yuan, a growth of 56.1% [9][10] - The clean energy installed capacity reached 52.45 million kilowatts, accounting for 42% of the province's total installed capacity [9] Industrial Development - Liangshan is implementing five major industrial chain enhancement actions, focusing on clean energy, strategic resources, aerospace, biomedicine, and digital intelligence [13] - The region has established a provincial-level high-tech zone and three provincial-level development zones, with significant projects in copper refining and steel production [12][13] - The region's industrial park output has seen the addition of two hundred billion-level enterprises and twelve ten-billion-level enterprises [9][12] Agricultural Advancements - Liangshan has developed a modern agricultural system with six hundred billion-level and eight ten-billion-level agricultural industry clusters, enhancing the quality and value of agricultural products [17][18] - The total arable land area in Liangshan is 8.67 million acres, accounting for 10.9% of the province's total, with high-standard farmland covering 50.07% of the arable land [16][17] - The region is promoting "grain and economic crops" planting to increase farmers' income, with successful examples in apple and silkworm industries [16][17] Cultural and Tourism Development - Liangshan is actively promoting cultural tourism, with 80 A-level tourist attractions and a focus on integrating cultural heritage with tourism [19][21] - The region has launched various cultural events and initiatives to enhance its tourism brand, aiming to make culture and tourism a strategic pillar industry by 2027 [20][22] - Liangshan's tourism saw a significant increase, with 70.27 million visitors in the first ten months of 2025, a year-on-year growth of 29.82% [10][21]

Core Viewpoint - The rare earth sector shows positive momentum with a slight increase in the China Rare Earth Industry Index, driven by confidence in long-term market trends and the strategic importance of rare earth resources [1] Group 1: Market Performance - As of November 27, 2025, the China Rare Earth Industry Index rose by 0.33%, with notable increases in stocks such as Fengyuan Co. (+3.15%), Keheng Co. (+3.13%), and Lingyi Technology (+2.74%) [1] - The fluctuation in rare earth product prices is influenced by supply and demand dynamics, with institutions expressing confidence in the sector's long-term development [1] Group 2: Policy Impact - The temporary suspension of export controls by China is expected to boost overseas demand for rare earth products, alleviating previous market concerns regarding the impact of these controls on demand and pricing [1] - The Ministry of Commerce announced a one-year pause on the export control measures that were set to be implemented on October 9, 2025, which is anticipated to enhance export channels and increase overseas demand significantly [1] Group 3: Industry Composition - As of October 31, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 61.61% of the index, including major players like Northern Rare Earth, Wolong Electric Drive, and Lingyi Technology [1]

Summary of Conference Call on Rare Earth Materials Industry Company and Industry Overview - The document discusses the rare earth materials industry, specifically focusing on Zhongxi Nonferrous Metals (formerly known as Guangsheng Nonferrous Metals) and its integration into the China Rare Earth Group [1][2][3]. Key Points and Arguments - **Company Name Change**: The renaming of Guangsheng Nonferrous Metals to Zhongxi Nonferrous Metals signifies a deeper integration of state-owned enterprises in the rare earth sector, reflecting a broader business scope that includes tungsten and copper [2][4]. - **Market Sentiment**: The name change and the transfer of 100% equity of Guangdong Rare Earth Group to China Rare Earth Group are expected to catalyze market sentiment, potentially driving the sector's performance in the coming months [2][4]. - **Asset Composition**: Zhongxi Nonferrous Metals has a comprehensive asset layout, including rare earth (Huaqi Company, New District Trade), tungsten (Shirenzhang, Hongling Tungsten Mine), and copper (Dabaoshan Copper Mine), forming a complete industrial chain from mining to smelting [1][4][5]. - **Production Capacity**: The total rare earth production capacity is expected to nearly double with the commissioning of the Zuo Gong Mine, while the smelting capacity at Fuyuan Company is also projected to increase [1][5]. - **Financial Performance**: Excluding the pressure from magnetic materials, Zhongxi's expected performance for the year is over 300 million RMB, with a valuation lower than its peers [1][5]. - **Valuation Comparison**: Zhongxi Nonferrous Metals has a price-to-earnings (PE) ratio of 60, compared to 120 for its peers, indicating significant room for valuation correction [1][6][7]. Additional Important Insights - **Market Dynamics**: The rare earth sector is experiencing a bullish trend due to several factors, including a 15% year-on-year increase in exports in October and a 20% increase in rare earth permanent magnet exports in Q3 [8][11]. - **Regulatory Environment**: The introduction of the "Rare Earth Management Regulations" and the "Total Control Management Measures for Rare Earth Mining" is expected to tighten supply and enhance the market's regulatory framework [11]. - **Supply Chain Concerns**: The anticipated closure of tin mines in Myanmar by the end of 2025 is expected to tighten supply, further supporting price increases in the rare earth sector [11]. Future Outlook - **Growth Potential**: Zhongxi Nonferrous Metals is projected to have a growth potential of 50%-100% in the short term due to favorable policies and supply-side reforms [3][9]. - **Comparative Analysis**: Baogang Co. and Northern Rare Earth are also highlighted as having significant upside potential, with Baogang expected to see a price increase of over 50% due to its valuation correction [10].