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 就因本公告全部或任何部份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。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） 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條而作出。 茲 載 列 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「 公 司 」）在 上 海 證 券 交 易 所 網 頁 (www.sse.com.cn)刊 登 的《2025年 年 度 報 告》，以 供 參 閱。 馬鞍山鋼鐵股份有限公司 董事會 2026年3月25日 中國安徽省馬鞍山市 於 本 公 告 日 期，本 公 司 董 事 包 括：執 行 董 事 蔣 育 翔；職 工 董 事 唐 琪 明； 獨 立 非 執 行 董 事 管 炳 春、何 安 瑞、仇 聖 桃 及 曾 祥 飛。 马鞍山钢铁股份有限公司 2025 年年度报告 （股票代號 ...

2025年度主要經營數據公告 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 就因本公告全部或任何部份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。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 海外監管公告 承董事會命 馬鞍山鋼鐵股份有限公司 蔣育翔 董事長 2026年3月25日 中國安徽省馬鞍山市 於 本 公 告 日 期，本 公 司 董 事 包 括：執 行 董 事 蔣 育 翔；職 工 董 事 唐 琪 明； 獨 立 非 執 行 董 事 管 炳 春、何 安 瑞、仇 聖 桃 及 曾 祥 飛。 本公告乃根據香港聯合交易所有限公司證券上市規則之13.10B條而作出。 根 據 上 海 證 券 交 易 所 的 相 關 規 定，馬 鞍 山 鋼 鐵 股 份 有 限 公 司 現 將2025年 度 的 主 要 經 營 數 據 公 告 如 下： 單 位 ...

Core Viewpoint - The current oil price shock will not lead China into a "stagflation" scenario; improved inflation expectations will help catalyze the upward cycle of inventory, and the global energy transition and production security will accelerate capital goods exports from China, presenting opportunities in manufacturing and cyclical industries [6] Group 1: Impact of High Oil Prices on the Industry Chain - High oil prices affect the economic inflation center and rhythm significantly, primarily through industrial production and consumer prices [8] - The cost impact of high oil prices is most pronounced in transportation, chemicals, electricity, and construction, with the ability to transmit costs ranked as upstream > downstream > midstream [10] - High oil prices promote manufacturing price increases and inventory replenishment, with the petrochemical chain being the most benefited [17][19] Group 2: Review of Oil Price Shock Impact on A-shares - The oil price shocks from 2010-2012 and 2021-2022 had diverse impacts on A-shares, with four main mechanisms identified: 1) Rising oil prices boost resource prices and inventory replenishment, benefiting the oil chain and its substitutes [24] 2) Sustained high oil prices increase costs for oil-dependent industries, eroding profits [24] 3) Rising oil prices suppress export demand due to increased global manufacturing costs [24] 4) High oil prices trigger monetary tightening, negatively impacting stock market risk appetite [24] Group 3: Review of the 2010-2012 Oil Price Shock - During the 2010-2012 oil shock, the profitability of cyclical industries was negatively impacted by rising costs, particularly during high oil price plateau periods [27] - The manufacturing sector's profitability was less affected, with stable net profit margins in the machinery and electrical equipment sectors [29] - The consumer and technology sectors were generally less impacted by oil price shocks, although some downstream sectors like agriculture and textiles experienced declines [32][44] Group 4: Review of the 2021-2022 Oil Price Shock - The oil price shock during the 2021-2022 period had limited impact on the supply side, with oil prices rising initially but then declining significantly [40] - The cyclical industries showed resilience, with net profit margins remaining stable despite initial pressures from rising costs [41] - The consumer and technology sectors maintained low sensitivity to oil prices, although some sectors like agriculture and textiles faced challenges [44][49] Group 5: Industry Recommendations - Industries recommended for investment include petrochemicals, coal, and agricultural chemicals, which benefit from price differentials due to rising oil prices [4] - Capital goods sectors such as power equipment, new energy vehicles, and engineering machinery are expected to benefit from global energy transition and production security demands [4] - Industries likely to see inventory replenishment driven by price expectations include construction materials, steel, and chemicals [4]

特此公告。 马鞍山钢铁股份有限公司董事会 2026 年 3 月 25 日 马鞍山钢铁股份有限公司（"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。 根据上海证券交易所的相关规定，公司现将 2025 年度的主要经 营数据公告如下： 单位：万吨 | 主要产品 | 生产量 | 销售量 | 销售价格（元/吨） | | --- | --- | --- | --- | | 长材 | 942 | 943 | 3,123 | | 板材 | 979 | 986 | 3,671 | | 轮轴 | 25 | 25 | 11,093 | | 商品坯 | 98 | 98 | 4,561 | 股票代码：600808 股票简称：马钢股份 公告编号： 2026-006 马鞍山钢铁股份有限公司 2025 年度主要经营数据公告 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The economy shows signs of growth with steel starting to see a de - stocking inflection point, and inflation persists with oil prices remaining at a high level [2][3] 3. Summary by Directory 3.1 Economic Growth: Steel Shows a De - stocking Inflection Point 3.1.1 Production: Power Plant Daily Consumption Returns to the Same Level as Last Year - Power plant daily consumption has returned to last year's level. On March 24, the average daily consumption of 6 major power - generation groups was 79.0 tons, up 8.8% from March 17. On March 19, the daily consumption of power plants in eight southern provinces was 212.2 tons, up 12.5% from March 12 [5][12] - The blast furnace operating rate continues to rise. On March 20, the national blast furnace operating rate was 79.8%, up 1.4 percentage points from March 13; the capacity utilization rate was 85.6%, up 2.6 percentage points from March 13. The blast furnace operating rate of Tangshan steel mills was 93.4%, up 1.0 percentage point from March 13 [5][18] - The tire operating rate shows weak recovery. On March 19, the operating rate of all - steel tires for trucks was 70.7%, up 0.5 percentage points from March 12; the operating rate of semi - steel tires for cars was 78.3%, up 0.5 percentage points from March 12. The recovery slope of the loom operating rate in the Jiangsu and Zhejiang regions has slowed down [5][20] 3.1.2 Demand: Steel Shows a De - stocking Inflection Point - The sales volume of commercial housing in 30 cities is weaker than last year. From March 1 - 24, the average daily sales area of commercial housing in 30 large and medium - sized cities was 22.3 square meters, up 99.4% from February, down 9.3% from March last year, down 2.6% from March 2024, and down 55.1% from March 2023 [5][26] - The retail sales of the auto market are gradually warming up. In March, retail sales decreased by 21% year - on - year, and wholesale sales decreased by 20% year - on - year [5][30] - Steel prices are oscillating strongly. On March 24, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 1.2%, + 0.5%, + 0.6%, and + 0.3% respectively compared with March 17. Steel has shown a de - stocking inflection point, with the inventory of five major steel products on March 20 at 1411.0 tons, down 12.3 tons from March 13 [5][37] - Cement prices have risen in many places. On March 24, the national cement price index rose 0.4% compared with March 17, with prices in the East China and Yangtze River regions rising 0.8% and 1.5% respectively [5][38] - Glass prices are oscillating at the bottom. On March 24, the active glass futures contract price was 1067 yuan/ton, down 2.6% from March 17 [5][45] - The container shipping freight rate index has ended a three - week rise. On March 20, the CCFI index rose 4.5% compared with March 13, while the SCFI index fell 0.2% [5][49] 3.2 Inflation: Oil Prices Remain at a High Level 3.2.1 CPI: Pig Prices Fall to a Record Low - Pig prices have fallen to a record low. On March 24, the average wholesale price of pork was 16.0 yuan/kg, down 1.0% from March 17. The month - on - month decline has widened [5][54] - The downward slope of the agricultural product price index has slowed down. On March 24, the agricultural product wholesale price index fell 0.7% compared with March 17. By variety, chicken (+ 2.2%) > eggs (+ 2.0%) > beef (+ 0.3%) > fruits (flat) > mutton (- 0.2%) > vegetables (- 0.2%) > pork (- 1.0%) [5][61] 3.2.2 PPI: Oil Prices Remain at a High Level - Oil prices remain at a high level. On March 24, the spot prices of Brent and WTI crude oil were 111.3 and 92.4 dollars/barrel, up 7.5% and down 4.0% respectively compared with March 17 [5][65] - Copper and aluminum prices have fallen sharply. On March 24, the prices of LME 3 - month copper and aluminum fell 6.4% and 5.7% respectively compared with March 17 [5][70] - Most industrial product prices have turned to rise. Since March, most industrial product prices have risen month - on - month, and the year - on - year decline of most industrial product prices has converged [72]

Core Viewpoint - The article emphasizes the increasing volatility in the global commodity market since 2026, driven by geopolitical instability and rising supply risks, while domestic demand for commodities is expected to stabilize due to government policies aimed at efficiency and structural adjustments [1]. Group 1: Industrial Supply Optimization - The government report highlights the implementation of a dual control system for carbon emissions and the comprehensive rectification of "involution" competition, particularly affecting the steel and coal industries [2]. - In the steel sector, supply governance is shifting from merely reducing output to optimizing capacity, with carbon constraints becoming a key driver for this optimization [2]. - The steel industry is expected to transition towards a clearing phase, benefiting profit levels as carbon constraints tighten over time [2]. Group 2: Coal Industry Dynamics - The coal sector faces constraints on capacity utilization due to "involution" policies, limiting the elasticity of coal production, although large-scale capacity reduction is unlikely due to energy security concerns [3]. - Under the dual carbon goals, coal consumption will face increasing pressure from renewable energy alternatives, with coal power expected to enter a "peak zone" during the 14th Five-Year Plan [3]. - The projected compound annual growth rate (CAGR) for coal power generation during the 14th Five-Year Plan is -0.3%, indicating a slow decline with potential fluctuations due to weather conditions [3]. Group 3: Energy Security and Structure - The report sets a target for energy production capacity to reach 5.8 billion tons of standard coal by 2025, enhancing energy self-sufficiency [4]. - By 2025, China's primary energy production capacity is expected to reach 5.13 billion tons of standard coal, marking a 3.6% year-on-year increase, with natural gas and electricity generation growing at rates of 6.3% and 4.8%, respectively [4]. - Coal remains a cornerstone of China's energy system, with coal production expected to contribute approximately 3.46 billion tons of standard coal by 2025, despite a declining share [4]. Group 4: Food Security Measures - The government report outlines a shift in agricultural policy towards a balanced focus on quantity, capacity, and overall efficiency, emphasizing a comprehensive approach to food security [5]. - The target for grain production is set to stabilize at around 1.4 trillion jin, reflecting a commitment to absolute food supply security and basic self-sufficiency [6]. - Policies aim to address structural contradictions in grain and oil supply, including bolstering soybean production and expanding oilseed cultivation to reduce reliance on imports [6].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 3 月 25 日 钢材&铁矿石日报 专业研究·创造价值 利多因素趋弱，钢矿震荡回落 热轧卷板：主力期价震荡运行，录得 0.24%日跌幅，量增仓缩。目前来 看，供需双增局面下热卷基本面边际改善，叠加成本存有支撑，热卷价 格高位震荡，但需求存有隐忧，高库存局面后续走势需谨慎看待，关注 需求表现情况。 铁矿石：主力期价转弱下行，录得 1.83%日跌幅，量增仓缩。现阶 段，利多因素开始趋弱，矿市运行逻辑逐步回归产业端，而供需双增局 面下矿石基本面表现弱稳，高估值矿价再度承压偏弱运行，关注钢 ...

Group 1: Market Information - Spot prices: Shanghai Zhongtian rebar is 3210 yuan (-10), Beijing Jingye is 3170 yuan (-), Shanghai Angang hot-rolled coil is 3300 yuan (-), and Tianjin Hegang hot-rolled coil is 3240 yuan (+10) [4] Group 2: Market Analysis - Core view: The black sector declined today, with market sentiment easing. Spot trading was generally weak, and the futures market also declined. The production of the five major steel products continued to increase last week, with the growth rate of rebar slowing down and hot-rolled coil turning to production increase. The downstream construction site resumption and capital availability continued to improve, leading to an increase in the apparent demand for building materials and a reduction in rebar inventory. The export orders for hot-rolled coil were good, improving the supply and demand situation, but the overall inventory level was still high. The intensification of the conflict between the United States and Iran affected coal prices and international freight rates. The market rumor of relaxed iron ore imports led to a decline in the futures market. It is expected that the black sector may peak in the short term and maintain a volatile market [5] - Trading strategies: - Unilateral: Follow overseas sentiment and the raw material side to maintain a volatile trend [6] - Arbitrage: It is recommended to close the short position of the hot-rolled coil to coal ratio at a high price [6] - Options: It is recommended to wait and see [7] Group 3: Important Information - "15th Five-Year Plan" period: State Grid will accelerate the construction of pumped storage power stations, with a planned new installed capacity of over 30 million kilowatts. By 2030, the installed capacity of pumped storage in operation and under construction will exceed 120 million kilowatts, providing over 150 million kilowatts of power regulation capacity, a more than 70% increase compared to the end of the "14th Five-Year Plan" [8] - As of the end of February 2026: The cumulative installed power generation capacity in the country was 3.95 billion kilowatts, a year-on-year increase of 15.9%. Among them, the installed capacity of solar power generation was 1.23 billion kilowatts, a year-on-year increase of 33.2%; the installed capacity of wind power was 650 million kilowatts, a year-on-year increase of 22.8%. From January to February, the average utilization hours of power generation equipment in the country were 466 hours, a decrease of 39 hours compared to the same period last year [9] Group 4: Relevant Attachments - The report includes multiple figures showing the basis, spread, and profit of rebar and hot-rolled coil contracts, as well as the cash profit and cost of different steel products [13][15][17]

Core Viewpoint - The domestic steel industry is expected to recover in 2025, with significant profit growth and improved profitability metrics for companies like Nanjing Steel [4][12]. Group 1: Financial Performance - In 2025, Nanjing Steel achieved a net profit of 2.867 billion yuan, marking a 26.8% increase year-on-year, with a non-recurring net profit of 2.467 billion yuan, up 13.0% [9]. - The company's gross margin reached 14.1%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 4.8%, up 1.2 percentage points, exceeding the industry average by 2.9 percentage points [11]. - The average sales profit margin for key steel enterprises is projected to be 1.9% in 2025, reflecting a year-on-year increase of 1.13 percentage points [4]. Group 2: Market Dynamics - The average CSPI steel price index for 2025 is expected to be 93.19, a decline of 9.1% year-on-year, while the average price of 62% iron ore is projected at 102.43 USD/ton, with a 6.4% decrease [13]. - Coal prices have significantly decreased, with the average price of Anze coking coal at 1,411.11 yuan/ton, down 26.66%, and the price of coking coal at Rizhao Port at 1,472.24 yuan/ton, down 25.24% [13]. - The steel industry has seen a reduction in crude steel production to 961 million tons, a year-on-year decrease of 4.4%, and a decline in apparent consumption of crude steel by 7.1% [20]. Group 3: Strategic Shifts - Nanjing Steel has reduced its sales from the real estate and infrastructure sectors to only 10%, with over 70% of its products now sold to manufacturing sectors such as shipbuilding, automotive, and renewable energy [22]. - The steel industry is experiencing a shift where the proportion of steel used in manufacturing has surpassed that of construction, reaching 51% [20]. - The company has established stable partnerships with over 300 clients in more than 60 countries, with significant developments in the Middle East market [25].

Group 1: Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, it gives short - term views for different black commodities: steel (including rebar) - oscillating; iron ore - high - level oscillation; coking coal - oscillating operation; coke - oscillating operation; manganese silicon - oscillating; ferrosilicon - oscillating [1][3] Group 2: Core Views of the Report - For steel, the cost is pushed up by the Middle - East geopolitical conflict and the strengthening of coking coal price, but the weak demand, especially from the real - estate sector, leads to high inventory and suppresses the price. The short - term rebar futures is expected to oscillate narrowly [1]. - For iron ore, the supply from Australia is increasing while that from Brazil is slightly decreasing. After the lifting of environmental restrictions, steel mills are resuming production. With geopolitical factors raising cost expectations, the short - term iron ore futures is expected to continue high - level oscillation [1]. - For coking coal, the production of origin mines is stable, the upstream shipment is improving, and the terminal demand is rising. However, due to complex macro disturbances, the short - term coking coal futures is expected to oscillate [1]. - For coke, the strong coking coal price supports the coke price, and steel mills' increasing demand leads to a rise in coke price expectations. But considering complex macro factors, the short - term coke futures is expected to oscillate [1]. - For manganese silicon, the cost is the main support, with rising port manganese ore prices. There are "production - cut" rumors, and the demand and supply have a price gap. The short - term manganese silicon futures is expected to oscillate firmly [1]. - For ferrosilicon, the production profit is recovering, and the production is increasing. The demand from steel mills is rising, but the narrowing basis affects sales willingness. The short - term ferrosilicon futures is expected to oscillate [3]. Group 3: Summary According to the Directory 1. Research Views - **Steel**: The rebar futures 2605 closed at 3145 yuan/ton, down 9 yuan/ton (0.29%) with a decrease of 87,900 lots in positions. Spot prices were stable, and the national building materials trading volume was 93,500 tons. Cost increased, but demand was weak, and inventory was high [1]. - **Iron Ore**: The iron ore futures i2605 closed at 824 yuan/ton, up 5 yuan/ton (0.6%) with an increase of 4,000 lots in positions. The 47 - port arrival volume was 23.831 million tons, up 661,000 tons. Supply and demand factors were mixed [1]. - **Coking Coal**: The coking coal futures 2605 closed at 1249.5 yuan/ton, down 40 yuan/ton (3.1%) with a decrease of 45,887 lots in positions. Spot prices in some areas increased. Production was stable, and demand was rising [1]. - **Coke**: The coke futures 2605 closed at 1798 yuan/ton, down 49 yuan/ton (2.65%) with a decrease of 2,320 lots in positions. Spot prices were stable. The cost was rising, and demand from steel mills was increasing [1]. - **Manganese Silicon**: The manganese silicon futures closed at 6556 yuan/ton, down 0.43% with an increase of 1,558 lots in positions. The price of port manganese ore increased. The weekly production decreased by 0.74% to 196,200 tons [1]. - **Ferrosilicon**: The ferrosilicon futures closed at 6100 yuan/ton, up 0.2% with a decrease of 3,897 lots in positions. The production profit was recovering, and the weekly production increased by 7.19% to 104,400 tons. The inventory of 60 sample enterprises decreased by 1,770 tons to 59,400 tons [3]. 2. Daily Data Monitoring - **Contract Spreads and Basis**: The report provides the latest contract spreads (such as 5 - 10, 10 - 1) and basis data for various commodities, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, along with their环比 changes [4]. - **Profits and Spreads**: It also shows the latest profit data (such as rebar's disk profit, long - process profit, short - process profit) and cross - commodity spreads (such as coil - rebar spread, rebar - iron ore ratio, etc.) and their环比 changes [4]. 3. Chart Analysis - **3.1 Main Contract Prices**: There are charts showing the closing prices of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - **3.2 Main Contract Basis**: Charts display the basis of main contracts of various commodities over different contract periods from 2021 to 2026 [16][17][20][22]. - **3.3 Inter - period Contract Spreads**: There are charts presenting the spreads of different inter - period contracts (e.g., 05 - 10, 10 - 01) for various commodities from 2021 to 2026 [25][26][29][30][32][34][36]. - **3.4 Cross - commodity Contract Spreads**: Charts show cross - commodity spreads such as coil - rebar spread, rebar - iron ore ratio, etc., from 2021 to 2026 [37][38][39][40]. - **3.5 Rebar Profits**: There are charts showing the disk profit, long - process profit, and short - process profit of rebar from 2021 to 2026 [42][43][45]. 4. Black Research Team Members Introduction - Qiu Yuecheng, the assistant director of Everbright Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [47]. - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, has rich experience in the field of power coal [47]. - Liu Xi, a black researcher at Everbright Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [47]. - Zhang Chunjie, a black researcher at Everbright Futures Research Institute, has experience in investment trading strategies and spot - futures trading [48].