(一)股东大会召开的时间：2025年7月30日 证券代码：600808 证券简称：马钢股份 公告编号：2025-031 马鞍山钢铁股份有限公司 2025年第二次临时股东大会决议公告 马鞍山钢铁股份有限公司（"本公司"或"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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (二)股东大会召开的地点：安徽省马鞍山市九华西路8号马钢办公楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式符合《公司法》及《公司章程》的规定， 大会由公司董事长蒋育翔先生主持。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席7人； 2、公司在任监事3人，出席3人； 3、公司总经理、董事会秘书、副总经理出席本次大会； 4、公司聘请的北京市中伦(上海)律师事务所易菲凡女士、许乐先生出席了本次会议。本次股东大会的 点票监察员由安永华明会计师事务所(特殊普通合伙)担任，蒋昀初先生代表该所出席会议。 二、议案审议情况 (一)非累积投 ...

Market Overview - The overall market showed a mixed performance with the Shanghai Composite Index up by 0.17% while the Shenzhen Component Index fell by 0.77% [1] - More than 3,500 stocks declined across the two markets, indicating a significant downward trend [1] Industry Performance - Strong performing sectors included steel, oil and petrochemicals, and media, with the steel sector seeing a 63% profit increase among key enterprises in the first half of the year [2] - The oil and petrochemical sector benefited from macro policy support and seasonal demand, while the media sector was boosted by successful film releases and consumer promotion policies [2] - Weak performing sectors included electric equipment, computers, and automobiles, with the electric equipment sector facing disappointing earnings reports and price declines [2] Future Outlook - The A-share market is expected to see a combination of policy and industrial upgrades that may drive continuous rotation in market styles [3] - The cyclical sectors are anticipated to experience valuation recovery due to supportive policies and increased infrastructure investment [3]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 报告目录 报告正文 一、 强调"十五五"筹备，而非外部风险——经济循环最差的时候正在过去 基调变化 ：四月政治局开在对等关税冲击的初期，更加强调外部风险，通稿提及"外部冲击影响加大"、"要强化底线 思维，充分备足预案"、"统筹国内经济工作和国际经贸斗争"等。本次 7 月政治局更强调对"十五五"的筹备，有两整段 论述十五五的重要性与主要的指导思想，对上半年经济评价比较积极，通稿提及"主要经济指标表现良好"、"我国经济 展现强大活力和韧性"、"巩固拓展经济回升向好势头"等。 我们理解 ： 中国居民存款的"存"与"花"是最近几年的宏观核心矛盾——其决定了经济循环、货币政策、股债关系， 我们称之为"三支箭"。 参见报告《 看股做债 ➡ 股债反转 —— 居民存款搬家 " 三支箭 " 的研究脉络 》（ 20250727 ）。对于"三支箭"核心指标关系的梳 理，只要居民从"超额存"到"正常存"到"花"的趋势不逆转，我们基本可以判断—— 当下循环最差时正在过去、货币最 宽松时正在过去、债相对股性价比最优的时候正在过去。本次政治局会 ...

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人| 屠强 耿佩璇 摘要 高频跟踪：工业生产表现分化，基建开工有所回暖，港口货运量仍在上行。 【工业生产】工业生产表现分化。 本周，高炉开工率同比小幅回升，录得1.2%。化工链生产有所回落， 纯碱、PTA开工同比分别-3.3pct至-6.0%、-1.2pct至-1.0%。汽车半钢胎开工仍不及去年同期，同比-0.2pct 至-3.3%。 【建筑业开工】建筑业开工表现分化。 本周，全国粉磨开工率同比-3.9pct至-6.2%；水泥出货率仍在低 位，同比-2.6pct至-3.0%。沥青开工率有所回升，同比+1.0pct至0.3%。 【下游需求】地产成交有所回升，港口货运量仍在上行。 本周，全国新房日均成交面积偏弱，同比 +20pct至-6.1%。货运方面，与出口相关的港口货物吞吐量、集装箱吞吐量回升，同比分别+5.2pct至 13.3%、+6.3pct至11.5% ；但集运价格延续回落、环比-3.2%。人流出行强度小幅回升，全国迁徙规模指 数同比+0.4pct至17.8%。国内执行航班架次同比+0.7pct至2.5%。 1. 生产高频跟踪：工业生产表现分化，基 ...

研究当前经济形势、部署下半年经济工作的政治局会议于7月30日如期召开。该会议之所以万众瞩目， 因为这不仅为下半年经济政策的出台提供依据，还为下一个五年的经济发展提出了总体思路和框架。当 然，普罗大众关注的还是楼市、股市，以及各类商品的价格走势会怎样，对自己的生活经营活动或资产 配置会带来怎样的影响。本文对会议文件作简要解读。 下半年还会降息吗？ 利率是资金的价格，降息有利于稳楼市、稳股市。但不同于4月25日的政治局会议，这次政治局 会议没有提"适时降准降息"。那么，是否意味着下半年不会降准降息了？这倒未必，因为背景很 重要。4月25日的时候，美中的贸易战的激烈程度堪比上甘岭，这个时候需要降准降息来提振信 心，需要稳股市和楼市，且把稳股市放在第一位。如今呢？中美贸易谈判还在进行中，关税税率 比四月份大幅下降，上半年GDP增速达到5.3%， 上证综指已经反弹到了3600点，故没有必要在 这个时候发出强烈的逆周期调节信号 。 当然，会议提出" 货币政策要保持流动性充裕，促进社会综合融资成本下行。用好各项结构性货 币政策工具，加力支持科技创新、提振消费、小微企业、稳定外贸等"，其中有"综合融资成本下 行"，降低融资成 ...

Market Overview - A-shares experienced a decline in the afternoon but rebounded around 2 PM, with the overall market showing mixed performance, where the Shanghai Composite Index outperformed the Shenzhen market [1] - The market sentiment is characterized by both optimism and caution, with micro-cap stocks showing signs of a bubble while large-cap stocks appear undervalued [1][12] - Despite the lack of systemic risks due to policy and liquidity support, there is a need to digest valuation pressures in the short term, and the current pullback can be seen as a buying opportunity [1][14] Index Performance - The Shanghai Composite Index slightly increased by 0.17% to 3615.72 points, while the ChiNext Index fell by 1.62% to 2367.68 points [3] - The trading volume showed a slight increase, with a total turnover of 1.87 trillion yuan, up from 1.83 trillion yuan the previous day [3] - A total of 3559 stocks declined, with 9 hitting the daily limit down, while 1713 stocks rose, with 55 hitting the daily limit up [3] Sector Performance - The steel sector rose by over 2%, with companies like Baogang Group and Xining Special Steel hitting the daily limit up [5][6] - The oil and petrochemical sector also saw gains of nearly 2%, while traditional cyclical sectors benefited from industry discipline and capacity optimization expectations [8][9] - Conversely, the electric equipment sector fell by over 2%, with CATL dropping more than 5% [7][8] Investment Strategy - Investors are advised to adopt a "defensive + buying on dips" strategy, avoiding high-flying stocks without earnings support and focusing on sectors with high earnings certainty [14][16] - The market is expected to maintain a volatile pattern in the coming weeks, with investors waiting for mid-year performance reports and policy details to be released [1][15] - There is a notable shift in funds from technology growth sectors to dividend-paying sectors, indicating a defensive investment approach [9][12] Future Outlook - The market is likely to continue its slow upward trend, with adjustments expected to be limited [9][14] - The core contradiction in the market is highlighted by the significant inflow of foreign capital, while domestic speculative sentiment appears to be retreating [12] - The focus for the second half of the year will revolve around the effects of "anti-involution" policies and global liquidity changes, with potential opportunities in growth stocks if the Federal Reserve begins to cut rates [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Economic growth shows mixed trends with production indicators like power plant consumption and blast furnace operation rates having their own characteristics, while demand - side indicators such as new home sales and cement prices face challenges. Inflation presents a situation where CPI is affected by weakening pig prices and PPI is influenced by rising oil prices [3][4]. 3. Summary According to the Directory 3.1 Economic Growth: Cement Prices Near Previous Lows 3.1.1 Production: Power Plant Consumption Oscillates at a High Level - Power plant consumption is in a high - level oscillation. On July 29, the average daily consumption of 6 major power - generating groups was 88.21 tons, a 0.01% decrease from July 22. On July 22, the daily consumption of power plants in eight southern provinces was 218 tons, a 4.0% decrease from July 15. After rainfall, with the approaching of mid - dog days, power coal consumption is expected to maintain a high - level oscillation, and the daily consumption of power plants in eight coastal provinces is predicted to stay between 210 - 240 tons [6][17]. - Blast furnace operation rates remain at a high level. On July 25, the national blast furnace operation rate was 83.5%, unchanged from July 18, and the capacity utilization rate was 90.8%, a 0.1 - percentage - point decrease from July 18. The operation rate of blast furnaces in Tangshan steel mills was 92.0% on July 25, also unchanged from July 18. At current price levels, steel mills' profits are relatively good, so they are reluctant to reduce production even in the off - season [21]. - Tire operation rates are weakly stable. On July 24, the operation rate of all - steel truck tires was 65.0%, a 0.1 - percentage - point decrease from July 17, and the operation rate of semi - steel car tires was 75.9%, also a 0.1 - percentage - point decrease from July 17. The operation rate of weaving machines in the Jiangsu - Zhejiang region declined moderately. On July 24, the operation rate of polyester filament in the Jiangsu - Zhejiang region was 92.1%, an 0.8 - percentage - point decrease from July 17, and the operation rate of downstream weaving machines was 55.6%, a 0.2 - percentage - point decrease from July 17 [6][24]. 3.1.2 Demand: Cement Prices Near Previous Lows - New home sales in 30 cities turned negative month - on - month. From July 1 - 29, the average daily sales area of commercial housing in 30 large and medium - sized cities was 20.1 million square meters, a 31.4% decrease from June, an 18.8% decrease from July last year, a 34.7% decrease from July 2023, and a 52.9% decrease from July 2022. By region, sales areas in first - tier, second - tier, and third - tier cities decreased by 27.9%, 15.9%, and 12.3% year - on - year respectively [29]. - The car market's retail sales are steadily strong. In July, retail sales increased by 9% year - on - year, and wholesale sales increased by 17% year - on - year. Since February 2025, the industry replacement rate has been stable above 60%, becoming the main driving force for the passenger car market [31]. - Steel prices maintain resilience. On July 29, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 2.1%, 0.8%, 0.9%, and 0.9% respectively compared to July 22. Steel products have had inventory accumulation for two consecutive weeks. On July 25, the inventory of five major steel products was 9.271 million tons, a 50,000 - ton increase from July 18 [36]. - Cement prices are near previous lows. On July 29, the national cement price index decreased by 1.6% compared to July 22, with prices in the East China and Yangtze River regions dropping by 2.3% and 2.7% respectively. The national cement market continues to operate weakly with obvious regional differentiation [39]. - Glass prices have corrected. On July 29, the active futures contract price of glass was 1,182 yuan/ton, a 1.7% decrease from July 22. High inventory has dragged down prices [45]. - The container shipping freight index has declined for seven consecutive weeks. On July 25, the CCFI index decreased by 3.2% compared to July 18, and the SCFI index decreased by 3.3%. Except for the European route, the freight rates of the other three major ocean routes continued to fall [49]. 3.2 Inflation: Pig Prices Weaken 3.2.1 CPI: Pig Prices Weaken - Pig prices are weakening. On July 29, the average wholesale price of pork was 20.5 yuan/kg, a 1.2% decrease from July 22. Terminal consumption is suppressed by high temperatures, and the long - term supply is abundant. In July, the average wholesale price of pork was 20.6 yuan/kg, a 1.2% increase month - on - month and a 16.9% decrease year - on - year [56]. - The agricultural product price index oscillates weakly. On July 29, the agricultural product wholesale price index decreased by 0.04% compared to July 22. By variety, the price changes were in the order of eggs (up 5.1%) > fruits (up 1.7%) > mutton (up 0.9%) > vegetables (up 0.7%) > chicken (up 0.4%) > beef (down 0.02%) > pork (down 1.2%) [60]. 3.2.2 PPI: Oil Prices Rise - Oil prices are rising. On July 29, the spot prices of Brent and WTI crude oil were 71.6 and 69.2 dollars/barrel respectively, increasing by 2.2% and 6.0% compared to July 22. Concerns about crude oil supply support oil prices [63]. - Copper and aluminum prices are falling. On July 29, the prices of LME 3 - month copper and aluminum decreased by 0.9% and 1.2% respectively compared to July 22. Most industrial product prices increased in July, and the year - on - year decline of most industrial product prices narrowed [69][72].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, the convertible bond market declined with reduced trading volume, and the valuation increased compared to the previous day [1]. - The CSI Convertible Bond Index decreased by 0.08% compared to the previous day, while the Shanghai Composite Index rose by 0.17%, the Shenzhen Component Index decreased by 0.77%, the ChiNext Index decreased by 1.62%, the SSE 50 Index rose by 0.38%, and the CSI 1000 Index decreased by 0.82% [1]. - The large - cap value style was relatively dominant in the market. The large - cap growth index decreased by 0.48%, the large - cap value index rose by 0.84%, the mid - cap growth index decreased by 0.17%, the mid - cap value index rose by 0.51%, the small - cap growth index decreased by 0.76%, and the small - cap value index decreased by 0.27% [1]. - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 76.134 billion yuan, a 2.88% decrease compared to the previous day; the total trading volume of the Wind All - A Index was 1.870976 trillion yuan, a 2.28% increase compared to the previous day; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 52.9 billion yuan, and the yield of the 10 - year treasury bond decreased by 2.86bp to 1.72% [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index decreased by 0.08% compared to the previous day, while the Shanghai Composite Index rose by 0.17%, the Shenzhen Component Index decreased by 0.77%, the ChiNext Index decreased by 1.62%, the SSE 50 Index rose by 0.38%, and the CSI 1000 Index decreased by 0.82% [1]. - Market style: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.48%, the large - cap value index rose by 0.84%, the mid - cap growth index decreased by 0.17%, the mid - cap value index rose by 0.51%, the small - cap growth index decreased by 0.76%, and the small - cap value index decreased by 0.27% [1]. - Capital performance: The trading volume of the convertible bond market was 76.134 billion yuan, a 2.88% decrease compared to the previous day; the total trading volume of the Wind All - A Index was 1.870976 trillion yuan, a 2.28% increase compared to the previous day; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 52.9 billion yuan, and the yield of the 10 - year treasury bond decreased by 2.86bp to 1.72% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds remained the same. The weighted average closing price of convertible bonds was 126.79 yuan, a 0.05% decrease compared to the previous day. Among them, the closing price of equity - biased convertible bonds was 167.54 yuan, a 0.24% decrease; the closing price of debt - biased convertible bonds was 117.04 yuan, a 0.22% increase; the closing price of balanced convertible bonds was 124.96 yuan, a 0.08% increase [2]. - The proportion of high - price bonds above 130 yuan was 43.84%, remaining the same as the previous day; the range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 20.95%, a 0.65pct decrease compared to the previous day; there were 2 bonds with a closing price below 100 yuan. The median price was 128.43 yuan, a 0.19% increase compared to the previous day [2]. Convertible Bond Valuation - Valuation increased. The fitted conversion premium rate of 100 - yuan par value was 27.74%, a 0.18pct increase compared to the previous day; the overall weighted par value was 96.98 yuan, a 0.30% decrease compared to the previous day. The premium rate of equity - biased convertible bonds was 6.82%, a 0.29pct increase; the premium rate of debt - biased convertible bonds was 85.62%, a 0.25pct increase; the premium rate of balanced convertible bonds was 22.17%, a 0.05pct increase [2]. Industry Performance - In the A - share market, more than half of the underlying stock industry indices declined, with 16 industries falling. The top three industries with the largest declines were power equipment (-2.22%), computer (-1.59%), and automobile (-1.27%); the top three industries with the largest increases were steel (+2.05%), petroleum and petrochemical (+1.84%), and media (+1.00%) [3]. - In the convertible bond market, 18 industries declined. The top three industries with the largest declines were communication (-2.25%), automobile (-1.07%), and household appliances (-0.96%); the top three industries with the largest increases were building materials (+0.82%), textile and apparel (+0.79%), and building decoration (+0.42%) [3]. - Closing price: The large - cycle sector decreased by 0.04%, the manufacturing sector decreased by 0.57%, the technology sector decreased by 0.81%, the large - consumption sector increased by 0.04%, and the large - finance sector decreased by 0.18% [3]. - Conversion premium rate: The large - cycle sector increased by 0.063pct, the manufacturing sector increased by 1.1pct, the technology sector increased by 0.87pct, the large - consumption sector increased by 0.68pct, and the large - finance sector increased by 0.14pct [3]. - Conversion value: The large - cycle sector decreased by 0.14%, the manufacturing sector decreased by 1.22%, the technology sector decreased by 1.37%, the large - consumption sector remained unchanged, and the large - finance sector decreased by 0.71% [3]. - Pure - debt premium rate: The large - cycle sector decreased by 0.062pct, the manufacturing sector decreased by 0.72pct, the technology sector decreased by 1.2pct, the large - consumption sector increased by 0.054pct, and the large - finance sector decreased by 0.22pct [4]. Industry Rotation - The leading rising industries were steel, petroleum and petrochemical, and media. The daily increase of steel was 2.05%, petroleum and petrochemical was 1.84%, and media was 1.00%. In the convertible bond market, the corresponding daily changes were -0.10%, -0.06%, and -0.66% respectively [54].

Economic Overview - GDP growth for the first half of 2025 was 5.3%, exceeding the annual target, with the meeting noting "major economic indicators performing well" [1] - The IMF projects global economic growth to slow from 3.3% last year to 3% this year, posing external challenges to China's economy [1] Policy Direction - The meeting emphasized maintaining policy continuity and stability, with a focus on "steady employment, enterprises, markets, and expectations" [2] - No mention of "incremental policies," indicating a preference for stability over aggressive new measures [2] Fiscal and Monetary Policy - The focus is on effective execution of existing policies, including accelerating government bond issuance and improving fund utilization efficiency [3] - The fiscal deficit rate is set at 4%, the highest in history, with limited likelihood of additional fiscal tools being introduced this year [3] Consumer Spending - The meeting highlighted the importance of boosting consumption, with initiatives like a 300 billion yuan fund for trade-in programs and 138 billion yuan allocated for the third and fourth quarters [4] - Emphasis on both goods and service consumption to stimulate domestic demand [4] Market Stability - The meeting reiterated the need to stabilize foreign trade and investment, particularly in light of high tariffs imposed by the U.S. [6] - The external trade environment remains challenging, with potential tariff increases on exports to the U.S. [6] Real Estate and Capital Markets - Focus on high-quality urban renewal projects, with attention to potential policy changes in major cities regarding housing market restrictions [7] - The capital market is expected to maintain a stable upward trend, with continued support for equity markets [7] Investment Strategy - The report suggests that due to reduced likelihood of aggressive macro policy adjustments, funds may shift towards safer assets, with a focus on sectors like consumption and technology [7] - The consumption sector is anticipated to experience a rebound following recent policy announcements [7] Debt Market Outlook - The monetary policy stance remains unchanged, with a low probability of broad-based interest rate cuts, but potential targeted measures if new risks arise [8] - The bond market is expected to face limited risks, with conditions favorable for yield declines [8]

Core Viewpoint - The steel industry is expected to gradually emerge from the bottom as supply-side market clearing begins, and if supply policies are implemented, the pace of supply contraction will accelerate, leading to faster industry recovery [1][3]. Demand and Supply Analysis - Last week, the apparent consumption of five major steel products was 8.6813 million tons, a decrease of 19,800 tons week-on-week; construction materials consumption increased by 79,000 tons to 3.0078 million tons, while plate consumption decreased by 98,800 tons to 5.6735 million tons [1]. - Steel production last week was 8.6697 million tons, down 12,200 tons week-on-week; total inventory stood at 13.365 million tons, a decrease of 11,600 tons, maintaining the lowest level for the same period in recent years [1]. - The operating rate of 247 steel mills' blast furnaces was 83.46%, unchanged week-on-week; the capacity utilization rate was 90.81%, down 0.08 percentage points; electric furnace operating rate increased by 3.21 percentage points to 62.18%, with capacity utilization at 53.48%, up 1.31 percentage points [1]. Profitability Insights - The average simulated gross profit for rebar was 330.1 yuan per ton, an increase of 131.5 yuan per ton week-on-week; for hot-rolled coils, it was 244.1 yuan per ton, up 113.5 yuan per ton [2]. - The profitability rate of 247 steel companies was 63.64%, an increase of 3.47% week-on-week [2]. Future Outlook - Demand is expected to stabilize, with a gradual reduction in the negative impact of the real estate sector on steel demand; infrastructure and manufacturing sectors are anticipated to see steady growth [3]. - Steel exports from January to June maintained a year-on-year increase of 9.2% [3]. - Approximately 40% of steel companies are still experiencing losses, but market clearing has begun, indicating a gradual recovery from the bottom [3]. - The Ministry of Industry and Information Technology is set to introduce a plan to stabilize growth in key industries, which may accelerate supply contraction and industry recovery if implemented [3]. Long-term Industry Trends - The steel industry is expected to see increased concentration and a shift towards high-quality development, benefiting companies with product structure and cost advantages [3]. - Under stricter environmental regulations and carbon neutrality goals, leading companies will have enhanced competitive advantages and profitability [3].