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。 （股份編號：0347） 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 鞍 鋼 股 份 有 限 公 司（「 本公司 」）於 二 零 二 六 年 三 月 三 十 一 日 在《 中 國 證 券 報 》、《 證 券 時 報 》、《 上 海 證 券 報 》或 巨 潮 資 訊 網 （http://www.cninfo.com.cn）刊 登 的 以 下 公 告 全 文，僅 供 參 考。 鞍鋼股份有限公司 王 軍 承董事會命 執行董事兼董事長 中國遼寧省鞍山市 二零二六年三月三十日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- ...

Core Insights - The "14th Five-Year Plan" emphasizes high-quality development, domestic circulation, common prosperity, and the balance between development and security, with a focus on structural optimization and quality efficiency [1][2] Group 1: Economic Development - The GDP growth target is proposed based on situational assessments, highlighting a shift towards quality and structural improvements [1] - The plan prioritizes the establishment of a modern industrial system, reinforcing the manufacturing sector while promoting upgrades in traditional industries like steel and petrochemicals [1] - New emerging industries such as renewable energy, new materials, and smart connected vehicles are being cultivated, alongside future industries like quantum technology and 6G [1] Group 2: Demand Management - Consumption strategies are transitioning from short-term stimulation to long-term mechanisms, aiming to increase the resident consumption rate with a significant emphasis on service consumption [1] - Investment is shifting towards "effective investment," focusing on efficiency and precision, while encouraging private capital participation in major projects [1] Group 3: Institutional and Financial Reforms - The plan outlines a "dual reform" approach to ensure the coordinated development of state-owned and private enterprises, enhancing market-oriented resource allocation [2] - Financial reforms are aimed at building a strong financial system, improving central bank frameworks, and advancing the internationalization of the Renminbi [2] Group 4: Regional and Social Development - The strategy emphasizes the development of urban clusters and supports major economic provinces, enhancing urbanization quality and efficiency [2] - Rural revitalization focuses on food security, modern agriculture, and improving rural living conditions, promoting urban-rural integration [2] Group 5: Environmental and Safety Measures - The plan incorporates a national strategy for green transformation, aiming to increase the share of non-fossil energy to 25% and implement dual control on carbon emissions [2] - It also addresses safety by reinforcing food, energy, and cybersecurity, establishing mechanisms to mitigate financial and local debt risks [2]

Core Viewpoint - The article discusses the recent trends in industrial production, construction, and demand in China, highlighting the recovery in certain sectors while noting weaknesses in others. Group 1: Industrial Production - The blast furnace operating rate remains stable, with a week-on-week increase of 1.2% and a year-on-year stability at 1.5% [2] - Steel apparent consumption increased by 2.2% week-on-week but saw a year-on-year decline of 0.9 percentage points to 4.1% [2] - Steel social inventory decreased by 1.7% week-on-week [2] Group 2: Construction Industry - Cement production and demand have shown signs of recovery, with a week-on-week increase in grinding operating rate of 2.1% and a year-on-year increase of 2.6 percentage points to 14.1% [24] - Cement shipment rate increased by 7.3% week-on-week and a year-on-year increase of 0.2 percentage points to 0.8% [24] - Cement inventory ratio increased by 0.9% week-on-week and a year-on-year increase of 3 percentage points to 7.3% [24] Group 3: Demand Trends - National commodity housing transactions have improved, with a week-on-week increase of 14.8% in average daily transaction area for 30 major cities, and a year-on-year increase to 25.5% [48] - The average transaction area for first, second, and third-tier cities increased by 9.1%, 15.5%, and 20.7% respectively, with year-on-year increases of 25.3%, 63%, and 33% [48] - Freight volume remains resilient, with railway freight volume and highway truck traffic showing year-on-year declines of 3.2% and 1.2% respectively [60] Group 4: Price Trends - Agricultural product prices are generally weak, with pork, vegetables, and fruits showing week-on-week declines of 1.3%, 0.9%, and 0.7% respectively, while egg prices increased by 1.6% [102] - The overall industrial product price index decreased by 0.2% week-on-week, with energy and chemical prices increasing by 1.2% and metal prices decreasing by 0.6% [114]

Core Viewpoint - China Oriental Group (00581) reported a revenue of RMB 40.41 billion for the year 2025, reflecting a year-on-year decrease of 5.9%, while the profit attributable to equity holders increased by 50.9% to RMB 225 million [1] Financial Performance - Revenue for 2025 was RMB 40.41 billion, down 5.9% year-on-year [1] - Profit attributable to equity holders reached RMB 225 million, up 50.9% year-on-year [1] - Basic earnings per share were RMB 0.06 [1] - Proposed final dividend of HKD 0.02 per share and special dividend of HKD 0.05 per share [1] Industry Context - The steel industry faced continued weak demand for downstream products, leading to a decline in average selling prices of steel products [1] - Despite the challenges, the company's net profit grew due to several factors, including a decline in major raw material prices, which fell faster than steel product prices [1] - The company implemented lean management strategies, focusing on cost reduction, efficiency improvement, and management optimization [1] - There was an annual increase in the production and sales volume of steel products, contributing to an overall improvement in gross margins [1] Strategic Response - The company actively addressed macroeconomic fluctuations and deep industry adjustments through innovation-driven strategies, green transformation, and enhanced management [1] - The core operational strategy emphasizes high-quality development [1]

Core Viewpoint - China Oriental Group (00581.HK) reported a revenue of RMB 40.413 billion for the year ending December 31, 2025, representing a year-on-year decrease of 5.9% [1] Financial Performance - Gross profit reached RMB 2.493 billion, showing a significant year-on-year increase of 40.6% [1] - Profit attributable to equity holders was RMB 225 million, reflecting a year-on-year increase of 50.9% [1] - Basic earnings per share were RMB 0.06, with a proposed final dividend of HKD 0.02 per share and a special dividend of HKD 0.05 per share [1] Industry Context - The steel industry faced continued weak demand for downstream products, leading to a decline in average selling prices of steel products [1] - Despite the challenges, net profit for 2025 increased due to several factors, including: - A decline in major raw material prices, which fell faster than the prices of steel products [1] - Ongoing implementation of lean management strategies, including cost reduction, efficiency improvement, and management optimization [1] - An annual increase in the production and sales volume of steel products, contributing to overall gross profit improvement [1] Strategic Response - The company is actively addressing macroeconomic fluctuations and deep industry adjustments through core strategies focused on innovation, green transformation, enhanced management, and promoting high-quality development [1]

重 慶 鋼 鐵 股 份 有 限 公 司（「本公司」）根 據《上 海 證 券 交 易 所 上 市 公 司 自 律 監管指引第3號－行 業 信 息 披 露》相 關 規 定，現 將2025年年度經營數據公告 如 下： 單 位：萬 噸 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。 2025年年度經營數據公告 | 主要產品 | | 生產量 | 銷售量 | 平均售價 | | --- | --- | --- | --- | --- | | | | | | （元╱噸， | | | | | | 稅） 不 含 | | 中厚板 | | 228.56 | 226.55 | 3,418 | | 熱 | 卷 | 478.22 | 481.38 | 3,020 | | 鋼 | 坯 | 4.03 | 4.06 | 2,921 | | 合 | 計 | 710.81 | 711.99 | 3,146 | 承董事會命 ...

Report Industry Investment Ratings - Thread: ☆☆☆, indicating a relatively balanced short - term trend and poor operability on the current market [1] - Hot - rolled coil: ☆☆☆, suggesting a relatively balanced short - term trend and poor operability on the current market [1] - Iron ore: ☆☆☆, meaning a relatively balanced short - term trend and poor operability on the current market [1] - Coke: ★☆☆, representing a bullish tendency but with poor operability on the market [1] - Coking coal: ★★☆, indicating a clear upward trend and the market is fermenting [1] - Iron: ★☆★, not clearly defined in the given star - rating description [1] - Ferrosilicon: ★☆☆, showing a bullish tendency but with poor operability on the market [1] Core Views - The steel market is affected by macro - sentiment, with cost support under inflation expectations, and the rhythm may be volatile. The iron ore market is expected to be mainly volatile. Coke and coking coal prices may be prone to rise due to energy concerns from geopolitical conflicts. The silicon - manganese and ferrosilicon markets are also affected by various factors such as energy prices and demand [2][3][4] Summary by Related Catalogs Steel - The steel futures market strengthened today. Thread demand improved, production decreased, and inventory continued to decline. Hot - rolled coil demand improvement slowed, production increased, and inventory gradually decreased but pressure remained. Blast furnaces continued seasonal resumption, and iron - water production increased, but poor steel mill profits restricted further increase. From January - February data, real - estate investment decline narrowed, infrastructure and manufacturing investment growth increased, and steel exports declined from high levels. The spot supply - demand contradiction is not significant, and the market is mainly affected by macro - sentiment [2] Iron Ore - The iron ore futures market fluctuated today. Global shipments decreased significantly compared to the previous period and were weaker than the same period last year. Australian shipments declined due to a hurricane, while Brazilian and non - mainstream shipments increased. Domestic arrivals rebounded and were stronger than the same period last year. Terminal demand entered the peak season, iron - water production increased last week, and there is still room for resumption. Geopolitical conflicts bring uncertainty, and high oil prices provide cost support. The iron ore market is expected to be mainly volatile [3] Coke - Coke prices fluctuated during the day. Coking profits were average, and daily production increased slightly. Coke inventory increased slightly, and traders' purchasing willingness improved slightly. Carbon element supply is abundant, downstream iron - water production increased slightly, and steel profits improved slightly. Coke futures are at a premium, and coking coal futures are at a large premium to Mongolian coal. High Mongolian coal customs - clearance data still drags down the market. Geopolitical conflicts may make coke prices prone to rise [4] Coking Coal - Coking coal prices fluctuated widely during the day. Yesterday, the Mongolian coal customs - clearance volume was 1,230 vehicles. Coal mine production returned to a high level, weekly production decreased slightly, and spot auction transactions were good with rising prices mainly due to energy concerns. Terminal inventory increased significantly, and there was some restocking. Total coking coal inventory increased slightly, and production - end inventory decreased slightly. Carbon element supply is abundant, downstream iron - water production increased slightly, and steel profits improved slightly. Coke and coking coal futures premiums and high Mongolian coal customs - clearance data still drag down the market. Geopolitical conflicts may make coking coal prices prone to rise [6] Silicon - Manganese - Silicon - manganese prices fluctuated during the day. With rising energy prices, there is an expectation of increased manganese ore mining and transportation costs. Spot manganese ore transaction prices continued to rise, and port inventory increased slightly. Under the influence of typhoons, the inventory accumulation rate at ports is expected to decline. Iron - water production increased significantly on the demand side. Silicon - manganese supply decreased slightly, factory inventory decreased, and warehouse - receipt inventory increased slightly, with overall inventory decreasing [7] Ferrosilicon - Ferrosilicon prices were strongly volatile during the day. Lanthanum - carbon prices increased significantly, eroding some smelting profits. As spot prices followed the futures prices, Inner Mongolia and Ningxia in the main production areas turned profitable, and losses in other areas decreased. Iron - water production rebounded significantly on the demand side. Export demand remained at about 25,000 tons, with little marginal impact, and monthly export volume is expected to remain at about 35,000 tons in the medium - to - long term. Magnesium metal production remained at a high level, and secondary demand was relatively stable. Overall demand is still resilient. Ferrosilicon weekly supply decreased slightly, inventory decreased overall, and prices may be driven by silicon - manganese [8]

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 重 慶 鋼 鐵 股 份 有 限 公 司 匡 雲 龍 董 事 會 秘 書 中國重慶，2026 年 3 月 30 日 於 本 公 告 日 期 ， 本 公 司 的 董 事 為 ： 王 虎 祥 先 生 （ 執 行 董 事 ） 、 匡 雲 龍 先 生 （ 執 行 董 事 ） 、 陳 應 明 先 生 （ 執 行 董 事 ） 、 宋 德 安 先 生 （ 非 執 行 董 事 ） 、 林 長 春 先 生 （ 非 執 行 董 事 ） 、 周 平 先 生 （ 非 執 行 董 事 ） 、 盛 學 軍 先 生 （ 獨 立 非 執 行 董 事 ） 、 唐 萍 女 士 （ 獨 立 非 執 行 董 事 ） 及 郭 傑 斌 先 生 （ 獨 ...

1. Report Industry Investment Rating - The short - term rating for hot - rolled coils is "oscillating with a slight upward trend" [7] 2. Core View of the Report - Hot - rolled coils showed an oscillating and slightly upward trend on Monday. The market is in a pattern of increasing supply and demand and continuous inventory reduction. In the short term, it will mainly oscillate with a slight upward trend. In the medium term, it is necessary to focus on the recovery of manufacturing demand and steel mill复产. If demand continues to pick up and production is controlled, hot - rolled coils are expected to start a trend - based rebound; if demand is weak and复产 accelerates, the price will maintain an oscillating pattern [7] 3. Summary by Relevant Catalogs Market行情回顾 - **Futures price**: The main contract of hot - rolled coil futures reduced its open interest by 72,722 lots on Monday, with a trading volume of 283,214 lots, slightly increasing compared to the previous trading day. In terms of the daily moving average, it broke through the 5 - day moving average of around 3309 in the short term, was above the 30 - day moving average of 3261 in the medium term, and faced medium - term pressure around the 60 - day moving average of 3273 [1] - **Spot price**: The price of hot - rolled coils in the mainstream area of Shanghai was reported at 3300 yuan/ton, up 10 yuan from the previous trading day [2] - **Basis**: The basis between futures and spot was - 8 yuan [3] Fundamental Data - **Supply side**: The actual weekly output was 305.61 million tons, a week - on - week increase of 5.4 million tons. The output slightly rebounded, and steel mills' willingness to resume production increased marginally. If the price of hot - rolled coils continues to rebound and steel mills' profits are further repaired, the output may continue to rise; if demand falls short of expectations, steel mills are likely to tighten production again [4] - **Demand side**: The apparent consumption was 313.63 million tons, a week - on - week increase of 3.12 million tons. The demand improved month - on - month, but the increase was weaker than the output, indicating that the demand repair was still insufficient. If the production and sales data of industries such as automobiles and home appliances are good, the apparent demand is expected to further increase; if overseas demand is weak and domestic manufacturing starts less than expected, demand repair will be hindered [4] - **Inventory side**: The social inventory was 369.42 million tons, a week - on - week decrease of 6.91 million tons. The steel mill inventory was 83.85 million tons, a week - on - week decrease of 1.11 million tons. The total inventory was 453.27 million tons, a week - on - week decrease of 8.02 million tons. The overall inventory pressure was marginally relieved [4] - **Policy side**: The government proposed to issue 1.3 trillion yuan of ultra - long - term special treasury bonds and arrange 4.4 trillion yuan of special bonds, which boosted the medium - and long - term market confidence. However, the current manufacturing PMI is still in the contraction range, and it will take time for policies to be transmitted to the demand side of hot - rolled coils, and it is difficult to reverse the high - inventory situation in the short term [5] Market Driving Factor Analysis - **Bullish factors**: The total inventory is continuously decreasing, the de - stocking rhythm of social inventory is accelerating, the apparent demand is improving month - on - month, and the price of hot - rolled coils has bottom support. The manufacturing demand has stronger resilience than construction steel and has long - term fundamental support [6] - **Bearish factors**: The output has slightly increased, the supply side has expanded marginally. The demand repair amplitude is weaker than the output, and the supply - demand pattern is weaker than that of rebar. The total inventory is still at a high level, which restricts the price rebound height [6] Short - term View Summary - Hot - rolled coils oscillated with a slight upward trend on Monday. The funds accelerated the shift of positions for contract replacement, which is expected to be completed in the near future. The support below the 05 contract is around the 60 - day moving average. In the medium term, it is necessary to focus on the recovery of manufacturing demand and steel mill复产 [7]

【华宝期货】钢铁产业链周报 华宝期货 2026.3.30 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 目录 01 周度行情回顾 02 本周黑色行情预判 03 品种数据（成材、铁矿石、煤焦、铁合金） 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 01 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2026.3.27 | 2026.3.20 | 价格変动 | | 2026.3.27 | 2026.3.20 价格变动 | | | | 螺纹钢 | RB2605 | 3124 | 3123 | 1 0.03% | HRB400E: Φ20:汇总价格:上海 | 3220 | 3230 | -10 | -0.31% | | 热轧卷板 | HC2605 | 3299 | ...