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 此乃中信泰富特鋼集團股份有限公司在二零二六年三月十六日登載 於中華人民共和國深圳證券交易所網站(www.szse.cn) 關於2025年 年度報告摘要。中信泰富特鋼集團股份有限公司為中國中信股份有 限公司的附屬公司。 中信泰富特钢集团股份有限公司 2025 年年度报告摘要 证券代码：000708 证券简称：中信特钢 公告编号：2026-008 中信泰富特钢集团股份有限公司 2025 年年度报告摘要 1 中信泰富特钢集团股份有限公司 2025 年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财 务状况及未来发展规划，投资者应当到证监会指定媒体仔细阅读年度报告全 文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 适用 □不适用 是否以公积金转增股本 公司经本次董事会 ...

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 此乃中信泰富特鋼集團股份有限公司在二零二六年三月十六日登載 於中華人民共和國深圳證券交易所網站(www.szse.cn) 關於2025年 年度報告。中信泰富特鋼集團股份有限公司為中國中信股份有限公 司的附屬公司。 中信泰富特钢集团股份有限公司 2025 年年度报告全文 中信泰富特钢集团股份有限公司 2025 年年度报告 2026 年 3 月 中信泰富特钢集团股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人钱刚、主管会计工作负责人倪幼美及会计机构负责人（会计 主管人员）吴斌声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实 ...

Core Viewpoint - The article discusses the significant impact of Trump's leadership style on business and government relations, highlighting his unique approach to negotiations and policy-making, particularly in the tech and defense sectors [1][5][9]. Group 1: Key Events and Policies - On December 3, 2025, NVIDIA's CEO Jensen Huang met with President Trump to discuss export control issues, leading to a policy shift that allowed the export of NVIDIA's H200 chips to China, with the U.S. government taking a 25% cut from sales [1]. - Trump's administration has been characterized by aggressive tariff policies affecting numerous countries, reshaping the business landscape for many companies [3][7]. - The acquisition of Paramount Pictures by Sky Dance Media was expedited after Paramount agreed to pay $16 million to settle a lawsuit with Trump, showcasing the intertwining of business and political interests [3]. Group 2: Business Community Reactions - Business leaders, particularly in the tech sector, have expressed support for Trump's policies, citing a favorable environment for investment and innovation [4]. - Despite some praise, a survey indicated a decline in overall confidence among executives, with optimism about their industries dropping from 61% to 47% within a year of Trump's policies, and concerns about tariffs being a major issue [4][6]. - Boeing's CEO publicly supported Trump, highlighting the administration's promotion of Boeing aircraft during international meetings [4]. Group 3: Leadership Style Characteristics - Trump's leadership is marked by a focus on one-on-one deals, unpredictability, and a tendency to prioritize deal frameworks over detailed negotiations [5][6]. - His approach has been described as a "quick fix" to bureaucratic inefficiencies, appealing to those frustrated with the slow pace of government [6][7]. - Trump's history in real estate has influenced his transactional mindset, which he applies to political negotiations, often seeking immediate benefits for the U.S. [6][9].

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 南京钢铁股份有限公司 关于 2025 年第四季度主要经营数据的公告 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。 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》的 相关规定，南京钢铁股份有限公司（以下简称公司）现将 2025 年第四季度的主 要经营数据公告如下： 一、公司主要财务数据 单位：元 币种：人民币 | 主要会计数据 | 2025年 | 2024年 | 本期比上年同期 增减（%） | 2023年 | | --- | --- | --- | --- | --- | | 营业收入 | 57,994,436,345.68 | 61,810,635,136.13 | -6.17 | 72,542,780,596.51 | | 利润总额 | 3,380,697,009.47 | 2,5 ...

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 此乃南京鋼鐵股份有限公司在二零二六年三月十六日中華人民共 和國上海證券交易所網站（www.sse.com.cn）關於 2025 年年度報 告摘要。南京鋼鐵股份有限公司為中國中信股份有限公司的附屬 公司。 南京钢铁股份有限公司2025 年年度报告摘要 公司代码：600282 公司简称：南钢股份 南京钢铁股份有限公司 2025 年年度报告摘要 1 南京钢铁股份有限公司2025 年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 http://www.sse.com.cn 网站仔细阅读年度报告全文。 2、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、立信会计师事务所（特殊普通合 ...

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 此乃南京鋼鐵股份有限公司在二零二六年三月十六日中華人民共 和國上海證券交易所網站（www.sse.com.cn）關於 2025 年年度報 告。南京鋼鐵股份有限公司為中國中信股份有限公司的附屬公 司。 南京钢铁股份有限公司2025 年年度报告 公司代码：600282 公司简称：南钢股份 南京钢铁股份有限公司 2025 年年度报告 1 / 283 南京钢铁股份有限公司2025 年年度报告 2 / 283 南京钢铁股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、 立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人黄一新、主管会计工作负责人梅家秀及会计机构负责人（会计主管人员）梅家 ...

Group 1: Macroeconomic Liquidity - The US dollar index continued to rise, and the degree of inversion in the China-US interest rate spread deepened, with inflation expectations also increasing [2][16] - Offshore US dollar liquidity has marginally tightened, while the domestic interbank funding situation remains balanced [2][23] Group 2: Market Trading Activity and Volatility - Market trading activity has decreased, with major indices experiencing increased volatility; sectors such as oil and petrochemicals, electric new energy, public utilities, and construction are above the 90th percentile in trading activity [3][28] - The volatility of major indices, including the CSI 300 and ChiNext, has continued to rise, with steel and military sectors also showing volatility above the 90th historical percentile [3][35] Group 3: Institutional Research - The banking, electronics, electric new energy, computing, and automotive sectors are leading in research activity, with banking and automotive sectors showing a month-on-month increase in research heat [4][46] Group 4: Analyst Forecasts - Analysts have simultaneously raised net profit forecasts for the entire A-share market for 2026/2027, with increases noted in sectors such as electric new energy, non-ferrous metals, construction, machinery, and pharmaceuticals [5][19] - The proportion of stocks with upward revisions in net profit forecasts for 2026/2027 has increased across the A-share market [5][17] Group 5: Northbound Trading Activity - Northbound trading activity has decreased, continuing to net sell A-shares, with a notable increase in the buy/sell ratio for electric new energy, electronics, and automotive sectors [6][32] - Northbound trading primarily net bought coal and oil and petrochemical sectors, while net selling occurred in electronics, computing, and chemicals [6][33] Group 6: Margin Financing Activity - Margin financing activity has slightly increased but remains at a low level, with net buying primarily in electric new energy, chemicals, and computing sectors [7][35] - The proportion of financing purchases has increased across most sectors, with net buying focused on mid-cap growth and mid/small-cap value stocks [7][38] Group 7: Active Equity Funds and ETFs - Active equity funds have increased their positions, particularly in military, machinery, and automotive sectors, while reducing positions in non-ferrous metals, oil and petrochemicals, and steel [9][45] - ETFs have continued to experience net redemptions, particularly in broad-based indices like CSI 500, CSI 300, and ChiNext, while sectors such as electric power and public utilities saw net inflows [9][52]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Steel: ★☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★★☆ [1] - Silicon Manganese: ★★☆ [1] - Ferrosilicon: ★★★ [1] Core Views of the Report - The steel market is expected to continue its volatile and slightly bullish trend in the short - term, with cost - side support and attention to the Iran situation and peak - season demand [1]. - The iron ore market is expected to be mainly volatile, affected by supply, demand, and external geopolitical conflicts [2]. - The coke market shows an overall abundant supply of carbon elements, and its price is affected by geopolitical conflicts and may be prone to rise and difficult to fall [3]. - The coking coal market has a similar situation to the coke market, with supply and demand factors and the impact of geopolitical conflicts on prices [5]. - The silicon manganese market is likely to have a bullish and volatile trend, influenced by cost - side factors and demand [6]. - The ferrosilicon market has certain resilience in demand and is likely to be bullish and volatile, with attention to geopolitical conflicts [7]. Summaries by Related Catalogs Steel - The steel futures market fluctuated today. The apparent demand for thread steel continued to pick up, production increased, and inventory accumulation slowed down. The demand for hot - rolled steel improved, production declined, and inventory remained high. The iron - water production decreased during the conference and will resume production quickly after the conference. The steel export volume decreased from its high level. The market is expected to be volatile and slightly bullish in the short - term [1]. Iron Ore - The iron ore futures market fluctuated today. The global shipping volume increased compared to the previous period and was stronger than the same period last year. The domestic arrival volume decreased significantly. The terminal demand recovered, and the steel mills' production was profitable. The market is expected to be mainly volatile [2]. Coke - The coke price fluctuated during the day. The coking profit was average, and the daily production hardly changed. The coke inventory changed little, and the traders' purchasing willingness improved slightly. The carbon - element supply was abundant, and the downstream iron - water production decreased significantly [3]. Coking Coal - The coking coal price fluctuated during the day. The Mongolian coal customs clearance volume was 1412 vehicles yesterday. The coal mine's resumption of work was good, the weekly production increased slightly, and the spot auction prices rose. The overall situation is similar to that of coke, and the price may be prone to rise and difficult to fall due to geopolitical conflicts [5]. Silicon Manganese - The silicon manganese price fluctuated during the day. International conflicts had a positive impact on the cost side through the impact on manganese ore shipping costs. The spot manganese ore transaction price continued to rise, and the port inventory decreased slightly. The demand side saw a significant decrease in iron - water production [6]. Ferrosilicon - The ferrosilicon price fluctuated during the day. Some main - producing areas turned profitable, and the loss of other areas decreased. The iron - water production remained at the off - season level, the export demand was above 30,000 tons, and the secondary demand was relatively stable. The supply decreased slightly, and the inventory increased [7].

Market Overview - On March 16, the A-share market experienced a slight fluctuation, with the Shanghai Composite Index finding support around 4048 points and closing at 4084.79 points, down 0.26%[3][9] - The Shenzhen Component Index rose by 0.19% to close at 14,307.58 points, while the ChiNext Index increased by 1.41%[9][10] - Total trading volume for both markets was 23,401 billion yuan, above the median of the past three years[4][16] Sector Performance - Semiconductor, passenger vehicles, shipping ports, and liquor industries performed well, while coal, steel, precious metals, and energy metals lagged behind[4][9] - Over 50% of stocks in the two markets saw gains, with notable increases in fisheries, sports, and shipping ports[9][12] Valuation Metrics - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.89 times and 48.94 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[4][16] Economic Outlook - The primary market pressure stems from overseas factors, particularly escalating tensions in the Middle East, which have led to global market volatility and concerns over "stagflation" due to rising oil prices[4][16] - The expectation of delayed interest rate cuts by the Federal Reserve and increased volatility in U.S. Treasury yields are putting pressure on high-valuation tech growth stocks globally[4][16] Policy Support - The central bank has indicated a flexible approach to using tools like reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity[4][16] - Support for the Central Huijin Investment Company to act as a stabilizing fund has bolstered market confidence in future trends[4][16] Investment Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[4][16] - Short-term investment opportunities are recommended in the semiconductor, passenger vehicle, shipping port, and consumer sectors[4][16]

证券代码：600282 证券简称：南钢股份 公告编号：临 2026-012 南京钢铁股份有限公司 关于 2025 年第四季度主要经营数据的公告 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。 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》的 相关规定，南京钢铁股份有限公司（以下简称公司）现将 2025 年第四季度的主 要经营数据公告如下： 一、公司主要财务数据 单位：元 币种：人民币 | 主要会计数据 | 2025年 | 2024年 | 本期比上年同期 增减（%） | 2023年 | | --- | --- | --- | --- | --- | | 营业收入 | 57,994,436,345.68 | 61,810,635,136.13 | -6.17 | 72,542,780,596.51 | | 利润总额 | 3,380,697,009.47 | 2,581,315,708.41 | 30.97 | 2,647,901,585.09 | | 归属于上市公司 股东的净利润 | 2,867,435,00 ...