香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示，概不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條作出。 茲載列重慶鋼鐵股份有限公司（「本公司」）於 2 0 2 5 年 8 月 2 8 日在上海 證券報及上海證券交易所網頁（www.ss e . c om. c n）（股票代碼：60 1 0 0 5） 及上海證券報刊載之《2 0 2 5 年半年度報告》。 承 董 事 會 命 重 慶 鋼 鐵 股 份 有 限 公 司 匡 雲 龍 董 事 會 秘 書 中國重慶，2025 年 8 月 27 日 於 本 公 告 日 期 ， 本 公 司 的 董 事 為 ： 王 虎 祥 先 生 （ 執 行 董 事 ） 、 孟 文 旺 先 生 （ 執 行 董 事 ...

Core Viewpoint - The successful trial operation and commissioning of the 2×1000 MW expansion project at the Guoneng Shenhua Jiangxi Jiujiang Power Plant marks a significant achievement in enhancing energy capacity and promoting green, low-carbon transformation in Jiangxi Province [1][2]. Group 1: Project Details - The project, located in Yanshawan Industrial Park, Jiujiang City, Jiangxi Province, is a key initiative under Jiangxi's "14th Five-Year" energy planning [2]. - The expansion includes the construction of two ultra-supercritical reheat coal-fired generating units, along with advanced environmental facilities for desulfurization, denitrification, and dust removal, meeting ultra-low emission standards [2]. Group 2: Performance Metrics - During the trial operation, the unit achieved an average load factor of 105%, with all key performance indicators, including automatic input rate and protection input rate, at 100% [2]. - Emission metrics for carbon dioxide, nitrogen oxides, and dust were all below national ultra-low emission standards, demonstrating the project's commitment to green and efficient operation [2]. Group 3: Future Impact - Upon completion, the total installed capacity of the Guoneng Shenhua Jiujiang Power Plant will reach 4 million kW, with an expected annual electricity generation exceeding 20 billion kWh [2]. - This capacity is anticipated to meet the growing electricity demand in Jiangxi Province and Jiujiang region, alleviating pressure on the power grid and supporting sustainable regional economic development [2].

Industry Outlook - The petrochemical industry is expected to maintain a stable operational status, driven by technological innovation and green low-carbon transformation [2] - The company is actively responding to national policies to enhance efficiency and reduce costs [2] Project Updates - The Jintang New Materials project is under construction, focusing on high-value areas such as new energy materials and advanced resins [3] - The project aims to extend the industrial chain and enhance raw material value [3] Financial Performance - The company reported a fair value change loss of approximately 200 million due to financial assets and liabilities [4] - The subsidiary Zhongjin Petrochemical incurred a loss of 600 million, primarily due to slow downstream demand recovery and oil price fluctuations [4] Depreciation and Shareholder Engagement - The total depreciation expense for the first half of the year was approximately 8.8 billion [4] - The company has completed three phases of share repurchase, totaling approximately 553 million shares and 6.988 billion in total amount [4] - The controlling shareholder has increased holdings by approximately 172 million shares, totaling about 1.693 billion [4] Core Competencies - The company operates across the entire petrochemical value chain, producing a wide range of products including new materials, organic chemicals, synthetic fibers, and synthetic resins [5]

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-049 宝山钢铁股份有限公司 2025 年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》"第七号——钢铁"要求，公司 2025 年半年度主要经营数 据公告如下： 一、公司亮点 - 1 - 经营业绩保持国内行业第一。公司积极应对市场下行风险，围绕 "坚持规划引领、创新驱动发展、变革激发活力、协同创造价值" 的经营总方针，深入推进产销研一体化实体化变革，充分发挥一 公司多基地优势。二季度实现利润总额 32.9 亿元，环比持平；上 半年实现利润总额 65.9 亿元，盈利能力保持行业前列。 坚持稳健经营，提升营运效率。强化营运资金管控，现金流状况 大幅改善，上半年公司经营活动现金流量净额 166.5 亿元，较上 年同期增加 190.1%。6 月末公司资产负债率 39.87%，保持稳健区 间，为抵御市场波动稳健经营保驾护航。 坚持技术创新。加大研发投入，上半年研发投入率 6. ...

Core Viewpoint - The article highlights the significant achievements in China's energy sector during the "14th Five-Year Plan" period, emphasizing high-quality development, increased renewable energy capacity, and advancements in energy technology and reform [4][18]. Group 1: Energy Supply and Consumption - During the first four years of the "14th Five-Year Plan," China's energy consumption increase reached 1.5 times that of the entire "13th Five-Year Plan," with projected new electricity consumption exceeding the annual consumption of the European Union [6][7]. - By 2024, national electricity generation is expected to surpass 10 trillion kilowatt-hours, accounting for one-third of global production, with total energy production equivalent to approximately 5 billion tons of standard coal, representing over one-fifth of global production [7]. Group 2: Renewable Energy Development - China has built the world's largest and fastest-growing renewable energy system, with the share of renewable energy generation capacity increasing from 40% to around 60%. Wind and solar power installations have each surpassed 100 million and 200 million kilowatts annually, achieving unprecedented growth [10]. - The proportion of non-fossil energy in national energy consumption has increased by 1 percentage point annually, expected to exceed the "14th Five-Year Plan" target of 20%, while coal's share decreases by 1 percentage point each year, enhancing the "green content" of economic development [11]. Group 3: Technological Innovation - The article notes that new energy technologies, such as those in renewable energy, lead globally, with over 40% of global patents in this field. Innovations in photovoltaic conversion efficiency and offshore wind turbine capacity continue to set world records [13][14]. - Major projects like the Baihetan Hydropower Station and the domestically developed third-generation nuclear power plants demonstrate China's hard power in technological innovation [15]. Group 4: Energy Reform and Market Development - The restructuring of the energy system and policy framework is accelerating, with the establishment of a national unified electricity market and the integration of coal and renewable energy into the market. The oil and gas sector is also moving towards a unified national network [20].

Overall Requirements - The document emphasizes the importance of establishing a unified national carbon market to effectively address climate change while promoting economic development [2] - The main goals include achieving comprehensive coverage of major industrial sectors by 2027 and establishing a robust carbon pricing mechanism by 2030 [2] National Carbon Emission Trading Market - The plan includes expanding the coverage of the national carbon emission trading market based on industry development, pollution reduction contributions, and carbon emission characteristics [3] - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 [3] - The document outlines the need for a balance between carbon emission control and energy security, as well as the gradual increase of paid quota distribution [3] Voluntary Greenhouse Gas Reduction Trading Market - The establishment of a comprehensive methodology for voluntary reduction projects is prioritized, focusing on areas with significant sustainable development benefits [5] - The document encourages the use of certified voluntary reduction amounts in various sectors, including government and enterprises, to offset carbon emissions [5] Enhancing Market Vitality - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [6] - The introduction of new trading participants, including individuals and financial institutions, is planned to diversify market engagement [6] - Strengthening market regulation and monitoring to prevent market manipulation and ensure fair trading practices is emphasized [6] Capacity Building for Carbon Market - A management system that aligns with the development stages of the national carbon market will be established to enhance oversight and operational efficiency [7] - The document stresses the importance of accurate carbon emission accounting and reporting, with a focus on developing national standards [7] - It highlights the need for rigorous verification processes for carbon emissions to ensure the credibility of reported data [7] Organizational Implementation Support - Local governments are tasked with leading the implementation of the carbon market initiatives, ensuring compliance and effective management of emission quotas [9] - The document calls for the development of legal frameworks to support carbon market operations and enhance regulatory enforcement [10] - International cooperation and dialogue on carbon market mechanisms are encouraged to align with global climate change efforts [10]

Group 1 - The core viewpoint is that China's energy sector has made significant progress and historical achievements during the "14th Five-Year Plan" period, with key indicators such as energy production capacity and the proportion of non-fossil energy expected to be met on schedule [1][2] - The "14th Five-Year Plan" is characterized by a more robust and resilient energy supply, with optimized resource allocation and improved energy infrastructure connecting various regions, enhancing energy security for over 1.4 billion people [1] - The plan emphasizes the fastest green and low-carbon transition, with renewable energy generation capacity increasing from 40% to around 60%, and significant annual additions in wind and solar power installations [2] Group 2 - The "14th Five-Year Plan" has seen major breakthroughs in energy technology innovation, with advancements in new energy technologies and oil and gas exploration reaching unprecedented depths [2] - The energy reform process has deepened, with coal, electricity, and new energy entering the market, and a national oil and gas network being established, alongside improvements in energy regulation and governance mechanisms [2]

Core Viewpoint - The Ministry of Ecology and Environment has announced the first central document regarding the national carbon market, outlining a long-term development roadmap and tasks for carbon market construction in China [1][2] Group 1: Carbon Market Development - The document emphasizes the need to expand the coverage of the mandatory carbon market based on industry development, pollution reduction contributions, data quality, and carbon emission characteristics [1] - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control of carbon emissions [1] - The allocation of quotas will shift from entirely free to a combination of free and paid, gradually increasing the proportion of paid allocations [1] Group 2: Voluntary Carbon Market and Financial Products - The development of a voluntary carbon market will be actively pursued, with a focus on establishing a comprehensive methodology for key areas such as ecosystem carbon sinks and methane reduction [1] - Financial institutions will be engaged to explore green financial products related to carbon emissions rights and verified voluntary reduction amounts, including policies for carbon pledges and carbon repurchase [1] Group 3: Regulatory Framework and Market Performance - Strict regulations will be enforced for carbon emission verification, and responsibilities for carbon accounting and reporting will be reinforced among key emission units [2] - The carbon market has developed a multi-level regulatory framework over four years, with the coverage of key industries expanding to include steel, cement, and aluminum, managing over 60% of national carbon emissions [2] - As of August 22, 2025, the cumulative trading volume of carbon emission rights reached 680 million tons, with a transaction value of 47.41 billion yuan [2]

Core Viewpoint - The article highlights the transformation of Ordos City into a significant energy and strategic resource base in China, focusing on technological innovation for green and low-carbon urban transformation [1] Group 1: Coal Industry Transformation - Ordos City has over 2.5 billion tons of coal reserves and produces more than 2 million tons of coal daily, supplying 25 provinces [1] - The region is advancing traditional energy industries towards high-end, intelligent, and green development, with 180 green mines and 215 intelligent mines established [2] - Intelligent coal mines in Inner Mongolia have an annual production capacity of 1.087 billion tons, with Ordos contributing two-thirds of this capacity, reaching 700 million tons [2] Group 2: New Energy Development - The zero-carbon industrial park in Ordos is focused on hydrogen energy, with vehicles that can refuel in 8 minutes and have a range exceeding 500 kilometers, emitting only pure water [3] - The new energy output value in Ordos is expected to exceed 20 billion yuan in 2024, doubling from previous figures, with exports of new energy products increasing by 63% to over 3.9 billion yuan [3] - Ordos has significant wind and solar energy potential, with an average of 3,000 hours of sunlight per year and a total potential of 140 million kilowatts, equivalent to the capacity of 6.2 Three Gorges dams [3] Group 3: Innovation and Talent Development - The first mercury-free PVC production line using the calcium carbide method has been established in Ordos, enhancing product purity to 99.99% and reducing mercury emissions by 120 tons annually [4] - Innovation platforms like the Ordos Carbon Neutral Research Institute support the development of new technologies and facilitate the transition from traditional energy to new energy demands [4] - Ordos has implemented talent policies that attract over 5,000 technical talents annually, aligning educational programs with industry needs [5]

Energy Consumption - During the "14th Five-Year Plan" period, China's energy consumption increment has reached 1.5 times that of the five-year increment during the "13th Five-Year Plan," with an expected new electricity consumption exceeding the annual electricity consumption of the EU [5] - In July, electricity consumption surpassed 1 trillion kilowatt-hours, equivalent to Japan's total annual electricity consumption [5] - In the eastern region, 40% of energy consumption comes from major energy transmission projects such as "West-to-East Electricity Transmission" and "North-to-South Coal Transport" [5] Green and Low-Carbon Transition - China has built the world's largest electric vehicle charging network, with 2 charging piles for every 5 electric vehicles [5] - The proportion of renewable energy generation capacity has increased from 40% to approximately 60% [5] - One-third of the total electricity consumed in society is green electricity, with significant contributions to global low-carbon transition by reducing carbon emissions by approximately 4.1 billion tons through exported wind and solar products [5] Renewable Energy Development - Distributed photovoltaic systems have seen new installations exceeding 400 million kilowatts, with 16 million kilowatts added in household photovoltaic systems, making over 7 million families "photovoltaic landlords" [5] - China holds over 40% of global new energy patents, continuously breaking world records in photovoltaic conversion efficiency and offshore wind turbine capacity [5] - The scale of new energy storage has reached the world's largest, with rapid development of smart microgrids and virtual power plants [5] Technological Innovation - Major projects such as the Baihetan Hydropower Station and the third-generation nuclear power "Hualong One" have been completed, showcasing China's technological innovation capabilities [5] - Oil and gas development has successfully reached depths of over 10,000 meters and advanced into deep-sea areas [5] Market Dynamics - The number of registered entities in the electricity market has reached 970,000, five times that of 2020 [6] - The majority of photovoltaic equipment manufacturing companies are private enterprises, with over 60% of wind turbine manufacturing companies also being private [6] - As of the end of July, the number of charging infrastructure units reached 16.696 million, ten times that at the end of the "13th Five-Year Plan," leading the world in scale [6]