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： | | --- | --- | --- | --- | --- ...

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 ...

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 」）在 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 ） 刊 載 之 《 2 0 2 5 年 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，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 （ ...

Investment Rating - The investment rating for the steel industry is Neutral, maintained as of March 30, 2026 [9]. Core Insights - Since early March, the steel index has dropped by 14.9%, while rebar prices have increased by 30 CNY/ton. The profitability of sample steel companies has risen from 38.10% to 43.29%, an increase of 5.19 percentage points. This indicates that the recent decline in the steel sector is primarily due to valuation drops rather than significant changes in fundamentals, which have slightly improved [2][7]. - The market's valuation drop for the steel sector is attributed to the "US-Iran conflict" that began in early March, which has limited oil supply from the Middle East, potentially leading to price increases and inflation expectations that suppress global commodity demand. However, the impact on the steel sector is considered limited due to its domestic demand orientation and the sector being at a low valuation level [7]. Summary by Sections Demand and Supply - The demand for steel continues to recover, with the apparent consumption of steel products showing a slight increase compared to last year. The recovery is attributed to the later timing of the Spring Festival this year, affecting the availability of funds and labor for construction sites. The apparent consumption of steel products has been slightly lower than last year in the Gregorian calendar but higher in the lunar calendar [5]. - The production of steel has slightly decreased, with a daily average iron output rising to 2.31 million tons, reflecting a 2.94 thousand tons/day increase. The profitability of sample steel mills remains stable at 43.29%, with a slight increase of 0.87% [6]. Inventory and Pricing - Steel inventories have continued to decrease, with total inventory down by 2.61% compared to the previous period. The price of Shanghai rebar has fallen to 3,200 CNY/ton, while hot-rolled steel has risen to 3,280 CNY/ton [6]. - The recent geopolitical events, including airstrikes on Iranian steel plants, may lead to a tightening of steel supply in the Middle East, potentially increasing import demand [5]. Market Positioning - The steel sector is characterized as a low-position sector compared to other cyclical commodities, with prices, profitability, and equity positions at long-term lows. The report suggests that the recent panic-driven sell-off may lead to a rebound, as lower valuations imply better cost-effectiveness for the sector [7]. - The report emphasizes the importance of monitoring the recovery progress in demand, supply, and cost factors within the steel industry [7].

Chongqing Iron & Steel Company Limited （在中华人民共和国注册成立的股份有限公司） 2025 年年度经营数据公告 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。 证券代码：601005 股票简称：重庆钢铁 公告编号：2026-008 重庆钢铁股份有限公司 重庆钢铁股份有限公司董事会 2026 年 3 月 30 日 重庆钢铁股份有限公司根据《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》相关规定，现将 2025 年年度经营 数据公告如下： 特此公告。 1 单位：万吨 主要产品 生产量 销售量 平均售价 （元/吨，不含税） 中厚板 228.56 226.55 3,418 热卷 478.22 481.38 3,020 钢坯 4.03 4.06 2,921 合计 710.81 711.99 3,146 ...

Investment Rating - The steel sector is rated as having absolute value, with the CITIC Steel Index increasing by 0.2%, outperforming the market by 1.3% [1][11]. Core Insights - The steel industry is experiencing a stabilization at the bottom of its economic cycle, with a profit ratio of 43.3% among 247 surveyed steel mills, despite a current average loss of 30.6 yuan per ton due to high inventory levels and moderate demand [1][11]. - The iron ore inventory at ports remains high at approximately 180 million tons, with ongoing negotiations affecting market dynamics, while steel production is gradually recovering [1][11]. - The market for coking coal is showing positive short-term performance, with prices driven by seasonal demand rather than cost increases [3][13]. Summary by Sections Steel Industry Overview & Index Performance - The steel industry is currently facing mixed signals, with high iron ore inventories and slow recovery in steel production. The market is stabilizing after a macroeconomic downturn, with the CITIC Steel Index reflecting this trend [1][11]. Black Industry Chain Profitability - The profitability indicators show a stable bottom for the steel industry, with a significant portion of mills reporting profits despite challenging conditions [1][11]. Price Data Updates - The average price for hot-rolled coils is 3322 yuan per ton, with a slight increase from the previous week. Inventory levels are decreasing, but the pace of destocking is slow [2][12]. - Coking coal prices are stable, with various grades priced between 1210 and 1600 yuan per ton, indicating a balanced supply-demand scenario [3][13]. Supply and Demand Data Updates - The total inventory of imported iron ore at ports is reported at 170 million tons, with a slight decrease from the previous week. The daily average discharge volume is also declining, indicating a tightening supply [4][14]. - The coking coal market is expected to maintain a dual increase in supply and demand in the short term, reflecting a positive outlook for the sector [3][13].

Investment Rating - The steel industry is rated as having absolute value, with the CITIC Steel Index increasing by 0.2%, outperforming the market by 1.3% this week [1][11]. Core Insights - The steel industry is experiencing a stabilization at the bottom of its economic cycle, with a profit ratio of 43.3% among 247 surveyed steel mills, despite a current average loss of 30.6 yuan per ton due to high inventory levels and moderate terminal demand [1][11]. - The iron ore inventory at ports remains high at approximately 180 million tons, with ongoing negotiations between major players causing market fluctuations [1][11]. - The market for coking coal is showing positive short-term performance, with prices driven by seasonal demand rather than cost increases [3][13]. Summary by Sections Steel Industry Overview - The domestic hot-rolled coil market is showing strong price consolidation, with an average price of 3,322 yuan per ton, up 10 yuan from last week [2][12]. - Social inventory of hot-rolled coils decreased by 54,000 tons week-on-week but increased by 166,800 tons month-on-month, indicating a slow destocking process [2][12]. Coking Coal Market - Prices for main coking coal in Shanxi are reported at 1,329 yuan per ton for S2.8 and 1,580 yuan per ton for S0.45 [3][13]. - The total inventory of imported coking coal at 16 ports is 478.10 thousand tons, reflecting a decrease of 2.93 thousand tons [3][13]. Iron Ore Market - The price index for domestic iron concentrate has decreased, with the 66% concentrate price in Tangshan at 967 yuan per ton, down 3 yuan [4][14]. - The total inventory of imported iron ore at 45 ports is 170 million tons, down 980,900 tons from the previous week [4][14].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several companies within the sector [2][3]. Core Insights - The ongoing conflict in the Middle East is expected to prolong, leading to a strong price trend in the steel market. The raw material prices are likely to fluctuate due to the conflict, with potential supply constraints affecting mining operations [9][31]. - Steel production remains stable, with a notable decrease in total inventory, indicating a healthy demand-supply balance. The report anticipates that carbon reduction requirements will impose constraints on steel supply, which may lead to a recovery in steel company profits [9][31]. Summary by Sections Domestic Steel Market - As of March 27, the price of 20mm HRB400 rebar is 3200 CNY/ton, down 10 CNY/ton from the previous week. Other steel products show mixed price movements, with cold-rolled steel increasing by 10 CNY/ton to 3710 CNY/ton [14][15]. International Steel Market - In the U.S., hot-rolled steel prices are at 1120 USD/ton, down 2 USD/ton, while in Europe, prices are relatively stable with slight increases in some categories [26][28]. Raw Materials and Shipping Market - Domestic iron ore prices remain stable, while imported iron ore prices have seen slight declines. The report notes a decrease in scrap steel prices to 2150 CNY/ton [31][36]. Company Profit Forecasts and Valuations - The report provides profit forecasts for key companies, with several firms such as Hualing Steel, Baosteel, and Nanjing Steel receiving "Buy" recommendations based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [2][9].

Investment Rating - The report maintains a recommendation for the steel industry, indicating an improvement in supply and demand during the peak season, leading to a slight recovery in industry profitability [2][4]. Core Insights - The steel industry is experiencing a dual increase in supply and demand, with pig iron production rising above 2.3 million tons and consumption of the five major steel products reaching 8.8797 million tons, a week-on-week increase of 194,900 tons. This improvement in supply and demand has led to a rebound in steel prices and a slight expansion in corporate profitability. However, the overall demand recovery remains slow, resulting in inventory levels still under pressure compared to the same period last year, leading to cautious market sentiment [3][4]. - The report highlights that the upstream raw material-related stocks have performed relatively stable, while the prices of major steel products have shown slight fluctuations. The steel industry is currently in a phase of stable supply and demand, with a potential for recovery in industry prosperity as policies on both supply and demand sides are implemented [4][5]. Industry Data Tracking Production Data - As of March 27, the total production of the five major steel products was 8.3958 million tons, with a week-on-week decrease of 0.24 million tons. The average daily pig iron production from 247 steel enterprises was 2.3109 million tons, a week-on-week increase of 29,400 tons. The utilization rate of blast furnace capacity was 86.63%, and the operating rate was 81.03% [10][21]. Consumption Data - The total consumption of the five major steel products reached 8.8797 million tons, with week-on-week increases in rebar (+172,800 tons), wire rod (+73,000 tons), and hot-rolled products (+31,200 tons). However, cold-rolled and medium-thick plates saw decreases of 34,000 tons and 48,100 tons, respectively [10][21]. Inventory Situation - The total steel inventory was 18.9784 million tons, a week-on-week decrease of 483,900 tons. Social inventory accounted for 13.8769 million tons, down 23.33% week-on-week, while steel mill inventory was 5.1015 million tons, down 25.06% week-on-week [10][21]. Profitability - As of March 27, the profitability of various steel products was as follows: high furnace rebar (55 CNY/ton), building steel (electric furnace, -91 CNY/ton), hot-rolled sheets (16 CNY/ton), and cold-rolled sheets (-139 CNY/ton). Approximately 43.29% of the sampled steel enterprises were profitable [10][21].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - In terms of supply and demand, steel production continued to rise this week. Rebar production was similar to the same period last year, while hot-rolled coil production was at a low level. Construction steel demand recovered at a similar pace to last year, hot-rolled coil demand was weak, and cold-rolled coil and medium-thick plate demand were at the highest levels for the same period, showing strong demand resilience. Steel inventories decreased slightly and entered the destocking phase, but rebar inventories in East China were high, and the hot-rolled coil warehouse receipt volume was at the highest level for the same period. The overall fundamental contradictions in the steel market were not obvious, and the driving force was not strong. Pig iron production recovered significantly, supporting raw material demand. Geopolitical disturbances continued, and the problem of available iron ore resources remained unresolved, providing some support at the cost end [2]. - From the perspective of driving factors, the basis of rebar is bullish, while that of hot-rolled coil is bearish. Although steel mill profits are not high, they are generally acceptable, and there is an expectation of continued resumption of production, so the supply side will continue to increase. Real estate and infrastructure investment data are weak, while the demand for cold-rolled and medium-thick plates is strong, and the differentiation continues. The destocking slope driven by the overall demand recovery speed of steel in the later stage is crucial. At the same time, the raw material side is greatly affected by non-supply and demand disturbances, providing support. Currently, the black market still lacks strong driving forces, and the trading logic may shift to actual supply and demand in the later stage. It is advisable to sell spot steel at high prices or hedge at an appropriate time [2]. 3. Summary by Relevant Catalogs Steel Monthly Data - In December 2025, the monthly production of pig iron was 60720,000 tons, a year-on-year decrease of 9.9%; the cumulative production was 137,700,000 tons, a year-on-year decrease of 2.7%. The monthly production of crude steel was 68180,000 tons, a year-on-year decrease of 10.3%; the cumulative production was 160,340,000 tons, a year-on-year decrease of 3.6%. The monthly production of steel was 115,310,000 tons, a year-on-year decrease of 3.8%; the cumulative production was 221,190,000 tons, a year-on-year decrease of 1.1%. Steel imports were 370,000 tons, a year-on-year decrease of 33.5%; the cumulative imports were 830,000 tons, a year-on-year decrease of 21.7%. Steel exports were 7840,000 tons, a year-on-year decrease of 2.5%; the cumulative exports were 15,590,000 tons, a year-on-year decrease of 8.1% [4]. Five Major Steel Products Weekly Data - As of March 20, 2026, the weekly production of rebar was 2,033,300 tons, an increase of 80,300 tons, with a cumulative year-on-year decrease of 7%; consumption was 2,080,900 tons, an increase of 312,800 tons, with a cumulative year-on-year decrease of 10%; inventory was 8,894,100 tons, a decrease of 47,600 tons, a year-on-year increase of 6.26%. The weekly production of wire rod was 805,800 tons, an increase of 30,100 tons, with a cumulative year-on-year change of 0%; consumption was 850,000 tons, an increase of 155,700 tons, with a cumulative year-on-year decrease of 2%; inventory was 1,928,600 tons, a decrease of 40,900 tons, a year-on-year increase of 10%. The weekly production of hot-rolled coil was 3,002,100 tons, an increase of 49,500 tons, with a cumulative year-on-year decrease of 5%; consumption was 3,105,100 tons, an increase of 151,500 tons, with a cumulative year-on-year decrease of 5%; inventory was 4,612,900 tons, a decrease of 103,000 tons, a year-on-year increase of 13%. The weekly production of cold-rolled coil was 888,500 tons, an increase of 5,800 tons, with a cumulative year-on-year increase of 2.22%; consumption was 946,100 tons, an increase of 34,100 tons, with a cumulative year-on-year increase of 2.81%; inventory was 1,830,800 tons, a decrease of 57,600 tons, a year-on-year increase of 13.81%. The weekly production of medium-thick plate was 1,668,500 tons, an increase of 22,800 tons, with a cumulative year-on-year increase of 4.32%; consumption was 1,706,000 tons, an increase of 49,900 tons, with a cumulative year-on-year increase of 4.24%; inventory was 2,195,900 tons, a decrease of 37,500 tons, a year-on-year increase of 6.75%. The total weekly production of the five major steel products was 8,398,200 tons, an increase of 188,500 tons, with a cumulative year-on-year decrease of 2.86%; total consumption was 8,680,000 tons, an increase of 700,000 tons, with a cumulative year-on-year decrease of 3.24%; total inventory was 19,460,000 tons, a decrease of 286,600 tons, a year-on-year increase of 8.84% [5]. Steel Production Profit - On March 19, 2026, the profit of rebar from blast furnaces in East China was 110, a decrease of 18; the profit of rebar from electric furnaces using off-peak electricity was 31, a decrease of 2; the profit of rebar from electric furnaces using normal electricity was -90, a decrease of 2; the profit of hot-rolled coil from blast furnaces was 62, a decrease of 8. In North China, the profit of rebar from blast furnaces was 80, a decrease of 10; the profit of rebar from electric furnaces using off-peak electricity was 0, with no change; the profit of rebar from electric furnaces using normal electricity was -84, with no change; the profit of hot-rolled coil from blast furnaces was -34, an increase of 2. In Central China, the profit of rebar from blast furnaces was 175, with no change; the profit of rebar from electric furnaces using off-peak electricity was -10, with no change; the profit of rebar from electric furnaces using normal electricity was -142, with no change; the profit of hot-rolled coil from blast furnaces was 85, with no change [20]. Steel Demand - Since the beginning of this year, the cumulative year-on-year decrease in the commercial housing transaction area of 30 large and medium-sized cities compared with the same period last year was 19%, and the cumulative year-on-year increase in the land transaction area of 100 cities was 1.4% [27]. - In 2025, China's steel exports to Iran were only 270,000 tons, which can be ignored, but exports to the seven Gulf countries were about 14,000,000 tons, accounting for about 11.7% of China's total steel exports. Due to the de facto closure of the Strait of Hormuz, China's steel export orders and shipments to this region have been affected. Therefore, the war has a negative impact on China's steel exports in the short term, but if the war continues, the local steel shortage may need to be filled by China, which will form an indirect benefit. From January to February this year, steel exports decreased by 8% year-on-year [35]. Steel Inventory and Basis - The rebar basis rebounded slightly this week and was still slightly higher year-on-year. Currently, rebar production and apparent demand are similar to the same period last year, and there are price increases for certain specifications in some areas. This week, rebar entered the destocking phase, but the inventory in Hangzhou was still at the highest level for the same period, facing certain destocking pressure, and the room for the basis to strengthen was limited [49]. - The hot-rolled coil basis fluctuated at a low level this week. The hot-rolled coil inventory was high, and the warehouse receipts were at a high level for the same period, suppressing the basis. However, the basis has now fallen to a low level for the same period, and the room for further weakening is limited [53]. - The 5 - 10 month spread of rebar fluctuated little this week. During the destocking phase, the month spread tends to weaken. At the same time, the inventory level in Hangzhou is high, and the month spread may run weakly in the later stage [59]. - The 5 - 10 month spread of hot-rolled coil strengthened slightly, and the room for further strengthening is limited under the pressure of warehouse receipts and destocking [61].